Leonteq : Analyst consensus vs actual results

COMPARISON OF CONSENSUS SUMMARY VS ACTUAL REPORTED RESULTS

Leonteq Investor [e-mail][phone]

On the day of the results publication, Leonteq AG is publishing a comparison of the consensus summary versus the actual reported results.

The consensus summary, which is based on estimates received from independent equity analysts between 29 January and 2 February 2021, is compared versus the actual reported results. All analysts publishing written reports about Leonteq, including Credit Suisse, Octavian, Research Partners, UBS, and Zürcher Kantonalbank, submitted their estimates. The consensus reflects the arithmetic mean of the estimates.

COMPARISON OF CONSENSUS SUMMARY VERSUS ACTUAL REPORTED RESULTS

Income statement

CHF million

H2 2020EH2 2020A

Net fee income Net trading results Net interest results Other ordinary income

134.2

121.6

(3.7)

8.7

(5.0)

(1.5)

1.1

2.2

Total operating income

126.8

131.0

Personnel expenses Other operating expenses Depreciation

(60.7)

(57.5)

Δ (9%) N/A (70%) 100% 3% (5%)

FY 2020EFY 2020A

346.9

334.6

(110.8)

(98.4)

(10.0)

(6.5)

Δ (4%) (11%) (35%)

FY 2021EFY 2022E

3.7

4.8

230.0

234.5

(124.0)

(120.9)

30% 2% (2%)

(22.1)

(23.4)

(16.0)

(16.7)

Changes to provisions

(0.5)

(1.6)

Total operating expenses Profit before taxes

(99.2)

(99.2)

27.6

Taxes

(1.7)

31.8 2.6

6% 4% 220% 0% 15% N/A

(45.2)

(46.4)

(32.3)

(33.0)

3.6

2.4

3% 2% (33%)

(197.9)

(197.9)

32.0

(1.0)

36.6 3.3

0% 14% N/A

(207.3)

(213.9)

Group net profit

25.9

34.4

33%

31.1

39.9

28%

62.9

78.4

Rating

#

Outperform/Buy Neutral/Market Perform/Hold Underperform/Sell

1 4 0

DISCLAIMER

This document issued by Leonteq AG (the "Company") serves for information purposes only and solely represents the views and opinions of the equity analysts and does not constitute or may not be understood to represent opinions, forecasts, predictions, advice or guidance by the Company or its management. The Company assumes no responsibility whatsoever for the accuracy or completeness of the information contained herein and accepts no liability with respect thereto. Neither the Company nor any of its affiliates or subsidiaries or their respective bodies, executives, employees and advisers assume any responsibility to prepare or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this press release or to adapt them to any change in events, conditions or circumstances, except as required by applicable law or regulation. This document does not constitute or form part of and should not be construed as, an offer (public or private) to sell or a solicitation of offers (public or private) to purchase or subscribe for shares or other securities of the Company or any of its affiliates or subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction, and may not be used for such purposes. No investment decision relating to securities of or relating to the Company or their affiliates should be made on the basis of this document. Copies of this document may not be made available (directly or indirectly) to any person in relation to whom the making available of the document is restricted or prohibited by law or sent to countries, or distributed in or from countries, to, in or from which this is restricted or prohibited by law.