EFG International’s entrepreneurial CRO model is compounding cross-border client assets, while rate-driven margin pressure leaves a potentially attractive entry point at CHF 16 against a CHF 25.96 probability-weighted five-year value.
Overview
EFG International is a Zurich-headquartered Swiss private-banking and wealth-management group serving HNWIs, UHNWIs, independent asset managers and family offices through more than 40 locations. It earns fee and commission income from AuM mandates and advice, net interest income from Lombard and mortgage lending and treasury, and trading and FX income. Its entrepreneurial CRO model, open architecture and Swiss capital backing differentiate it from larger universal banks and established wealth-management peers. H1 2026 operating income was CHF 856.5 million, up 7% year on year on an underlying comparison, while record IFRS net profit reached CHF 184.6 million, up 5%. Revenue-generating AuM was CHF 196.3 billion at June-end and total AuM exceeded CHF 200 billion after Quilvest closed July 21. NNA of CHF 5.7 billion equated to 6.2% annualized growth, above the 4–6% target. **The key near-term offset is margin compression:** revenue margin fell to 91 bps as rates eased. Management reaffirmed 2026–2028 targets, including 15% net profit CAGR and approximately 68% cost/income by 2028. At CHF 16, the stock trades at 17.9x–18.2x trailing earnings and yields about 4%; the report’s five-year weighted value is CHF 25.96.