Interim Management Statement for the first four months of 2026*

Ad hoc announcement pursuant to Art. 53 LR

Record operating income, driven by all-time high assets under management and exceptional client activity.

• Assets under management grew to a record CHF 528 billion, driven by strong equity market performance and net new money inflows of CHF 3 billion
• Gross margin increased to 90 basis points (bp), compared to an underlying^** level of 80 bp in H2 2025, reflecting exceptionally high activity-driven income
• Operating leverage improved further, with adjusted cost/income ratio improving to 62% (H2 2025, underlying: 67%) and adjusted pre-tax profit margin rising to 32 bp (H2 2025, underlying: 26 bp)
• Group’s balance sheet remains highly liquid and capital position strong, with further improved CET1 capital ratio of 18.1% (end 2025: 17.4%), significantly above minimum requirements

• Executive Board further strengthened with appointments of Thomas Frauenlob, Co-Head Region Western Markets & Switzerland, and Rajesh Manwani, Co-Head Global Products & Solutions

Stefan Bollinger, CEO of Julius Baer, said: “In the first four months of 2026, we delivered the strongest start to the year in Julius Baer Group’s history in terms of operating income, while operating leverage improved further. This overall strong performance was driven by record-high assets under management, exceptionally strong client activity, and sustained cost discipline. This performance is a testament to the strength of our franchise and the quality of our independent, personalised advice as we help clients navigate highly volatile markets in unpredictable times.”

“At the same time, we continued to make solid progress on our strategic and operational priorities, keeping us firmly on track to achieve our medium-term targets.”

Record-high assets under management
Assets under management (AuM) reached a record CHF 528 billion, reflecting a 1% increase since year-end 2025. This growth was driven by positive market performance and net new money inflows of CHF 3.0 billion, which together more than offset the negative impact of a further appreciation of the Swiss franc. Monthly average AuM increased to CHF 520 billion (H2 2025: CHF 507 billion). The annualised net new money pace of 1.7% (H2 2025: 2.7%) was impacted by the continued implementation of the Group’s comprehensively revised risk and compliance framework, heightened uncertainty linked to the ongoing conflict in the Middle East, and a pause in client releveraging.

Meanwhile, talent acquisition showed positive momentum, with more than 30 relationship managers (RMs) onboarded in the first four months of 2026, and recruitment discussions with close to 50 further candidates in an advanced stage. Supported by the continued success in attracting high-calibre professionals and the increased focus on improving organic growth, the Group reconfirms its net new money target of 4–5% by 2028.

Activity-driven income drives strong gross margin and cost/income ratio result
The adjusted gross margin increased by 10 bp to 90 bp (H2 2025, underlying: 80 bp), driven by a significant rise in client activity. Activity-driven income was particularly strong during the first three months of the year, before easing notably in April.

The contribution to the gross margin from the different revenue components developed as follows:

• Recurring income (within net commission and fee income): 37 bp (H2 2025: 37 bp).
• Interest-driven income: 23 bp (H2 2025: 24 bp), as the increase in the contribution from net interest income to 5 bp (H2 2025: 2 bp) was balanced by a decrease in the contribution from treasury swap income to 18 bp (H2 2025: 22 bp).
• Activity-driven income: 29 bp (H2 2025: 20 bp), of which 11 bp (H2 2025: 10 bp) from the non-recurring revenues within net commission and fee income, and 18 bp (H2 2025: 10 bp) from net income from financial instruments measured at FVTPL (excluding treasury swap income).

The Group continues to focus on embedding cost discipline across all levels of the organisation, reinforcing efficiency in day-to-day operations. The implementation of the CHF 130 million gross run-rate efficiency improvements targeted by end-2028 remains on track.

On the back of the strong activity-driven gross margin performance and continued cost discipline, the adjusted CIR improved to 62% (H2 2025, underlying: 67%) while the adjusted pre-tax profit margin rose to 32 bp (H2 2025, underlying: 26 bp).

Strongly capitalised
Reflecting the strong profitability in the first four months of 2026, the build-up of CET1 capital continued apace, with the CET1 capital ratio improving to 18.1% compared to 17.4% at end-2025. Following the redemption of Additional Tier 1 (AT1) capital instruments with an aggregate nominal amount of USD 350 million in March 2026, the Group’s total capital ratio stood at 24.0% (end-2025: 24.7%), and the tier 1 leverage ratio amounted to 4.8% (end-2025: 4.9%)^***.

At these levels, the Group’s CET1 and total capital ratios remained well above its internal floors of 11% and 15% respectively and significantly exceeded the corresponding regulatory requirements of 8.4% and 12.6%. Furthermore, the tier 1 leverage ratio stood substantially above the regulatory minimum of 3.0%.

Executive Board further strengthened
The Group has appointed Thomas Frauenlob, Co-Head Region Western Markets & Switzerland, based in Zurich, and Rajesh Manwani, Co-Head Global Products & Solutions, based in Singapore, to its Executive Board (ExB) effective 1 June 2026. This change further strengthens the ExB, balancing Group functions with frontline and product representation – reflecting the Group's pivot to growth. In this context, the Group General Counsel function, held by Christoph Hiestand, will not be part of the ExB going forward, but will continue to report directly to the CEO with no change in day-to-day responsibilities.

Outlook
Following the softening in client activity observed in April, the Group does not currently anticipate a return to the exceptionally high levels of client activity seen in the first quarter of 2026 in the coming months. However, the strong overall performance in the opening months – supported by the absence of significant one-off effects – positions the Group to deliver an IFRS net profit for the first half of 2026 that is substantially higher than in the first half of 2025.

Q&A webcast
Following the publication of today’s Interim Management Statement for the first four months of 2026, Julius Baer CEO Stefan Bollinger and CFO Evie Kostakis will hold a question-and-answer session with analysts at 8.15 a.m. (CEST). The webcast can be followed live, and will remain available, via www.juliusbaer.com/webcast.
 

Important dates

• 21 July 2026: Publication and presentation of 2026 half-year results
• 23 November 2026: Publication of Interim Management Statement for first ten months of 2026

Contacts

Media Relations, tel. +41 (0) 58 888 8888
Investor Relations, tel. +41 (0) 58 888 5256

About Julius Baer
Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. In all we do, we are inspired by our purpose: creating value beyond wealth. At the end of April 2026, assets under management amounted to CHF 528 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.

Julius Baer is present in around 25 countries and 60 locations. Headquartered in Zurich, we have offices in key locations including Abu Dhabi, Bangkok, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Lisbon, London, Luxembourg, Madrid, Mexico City, Milan, Monaco, Mumbai, Santiago de Chile, Shanghai, Singapore, Tel Aviv, and Tokyo. Our client-centric approach, our objective advice based on the Julius Baer open product platform, our solid financial base, and our entrepreneurial management culture make us the international reference in wealth management.

For more information, visit our website at www.juliusbaer.com

Cautionary statement regarding forward-looking statements
This media release by Julius Baer Group Ltd. (‘the Company’) includes forward-looking statements that reflect the Company’s intentions, beliefs or current expectations and projections about the Company’s future results of operations, financial condition, liquidity, performance, prospects, strategies, opportunities and the industries in which it operates. Forward-looking statements involve all matters that are not historical facts. The Company has tried to identify those forward-looking statements by using the words ‘may’, ‘will’, ‘would’, ‘should’, ‘expect’, ‘intend’, ‘estimate’, ‘anticipate’, ‘project’, ‘believe’, ‘seek’, ‘plan’, ‘predict’, ‘continue’ and similar expressions. Such statements are made on the basis of assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause the Company’s actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic conditions in Switzerland, the European Union and elsewhere, and the Company’s ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance or achievements to differ materially. In view of these uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. The Company and its subsidiaries, and their directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in the Company’s expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Alternative Performance Measures
This Interim Management Statement and other communication to investors contain certain financial measures of historical and future performance and financial position that are not defined or specified by International Financial Reporting Standards (IFRS). Management believes that these alternative performance measures (APMs) provide useful information regarding the Group’s financial and operating performance. These APMs should be regarded as complementary information to, and not as a substitute for, the IFRS results.

Adjusted results are derived by excluding from the IFRS financial results the impact on operating income or on operating expenses related to acquisitions or divestments of businesses or participations (i.e. M&A transactions) as well as the taxes on those respective items. The M&A-related adjustments can represent inter alia items such as gain or loss on disposal; recycling of currency translation adjustments; amortisation of acquired customer relationships; goodwill impairment charges; M&A-related restructuring costs (examples of which include employee termination benefits that relate directly to the restructuring; contract termination costs; onerous contract provisions; consulting fees that relate directly to the restructuring; expected costs from when operations cease until final disposal); fees paid to advisers on the planning, execution, or financing of M&A transactions; integration-related IT or other general expenses; additional provisions set up for litigation or the recovered amount from the seller.