As early as the beginning of December, derivatives specialist Leonteq had announced that it would report losses for the 2025 financial year. Felix Oegerli has now been presented as the successor to Chairman Christopher Chambers, who will not stand for re-election.

The Zurich-based company generated lower commission and service income as well as a weaker trading result last year.

Operating income fell by 28 percent to 172,3 million francs. This compares with lower costs of 205,0 million francs, representing a decline of 11 percent, according to a statement released on Thursday. The decrease was attributed to lower personnel expenses and reduced net provisions.

Underlying operating expenses developed better than guidance, declining by 16 percent to 193,8 million francs, the company added.

As a result, Leonteq reported a loss before taxes of 21,5 million francs and a consolidated net loss of 21,9 million francs.

No Dividend

In light of the loss, no dividend will be distributed to shareholders for the past financial year. However, the company indicated that excess capital is expected to be returned to shareholders via a share buyback starting in early 2027.

«2025 was marked by mixed developments,» said CEO Christian Spieler. «Challenging market conditions and lower activity from our historical partners weighed on our revenues, and we closed the year with an unsatisfactory result. The after-effects of legacy issues continued to impact our business.»

Strategic Priorities

The CEO nevertheless pointed to improved momentum in the second half of the year. Commission and service income increased compared with the first six months, and most positive hedging contributions were reversed in the second half due to lower realized market volatility.

Leonteq plans to execute its strategic priorities in a disciplined manner. These include the continued rollout of a new generation of AMCs (Actively Managed Certificates), which are expected to generate additional recurring revenues. The company is also focusing on its retail flow business in Switzerland and, following approval by Germany’s BaFin regulator, in Germany, where the launch is planned for the second quarter of 2026.

Management expects a positive result before taxes for both the first half and the full year 2026. It also anticipates achieving its medium-term targets by 2028.

Felix Oegerli to Become New Chairman

The Board of Directors has nominated Felix Oegerli (pictured below) as its next Chairman. He will be proposed for election at the Annual General Meeting on April 1, 2026.

Felix Oegerli. (Image: SFP)

Oegerli served for eleven years until May 2025 as Head of Trading, Sales and Capital Markets at Zürcher Kantonalbank (ZKB). From 2009 to 2014, he was Head of Cash Collateral Trading & Management, responsible for liquidity management, short-term interest rates and prime finance at the cantonal bank.

Prior to joining ZKB, Oegerli was CEO of International Financial Business Solutions, a software company specializing in securities financing and collateral management that he founded in 1999.

At the beginning of his career, he spent 21 years at UBS, where he held positions including Global Head of Prime Brokerage and Deputy Global Head of Securities Lending and Repo.