J P M O R G A N Europe Equity Research 21 July 2026 Julius Baer First Take 1H 26: Strong cost discipline and improved flows; remains a show-me story Our Take: Adjusted PBT in 1H 26 of CHF 814mn is 3% above Vara consensus CHF 791mn (JPMe CHF 784mn), while Adjusted Net Profit is 5% ahead at CHF 673mn vs. consensus CHF 642mn. Group AuM was slightly ahead at CHF 547bn vs. consensus CHF 546bn, increasing further from CHF 528bn at the end of Apr- 26. 1H Net new money was CHF 5.7bn (consensus CHF 5.2bn) or 2.2% an ...