Credit Suisse Group AG Q2 2026 Earnings Recap

CSG’s half-year results were largely in line with expectations, reflected by a neutral market response. Revenue growth and margin stability balanced cautious inventory build-up and ongoing investments, with no clear catalysts to move the share price.

Key Takeaways

• Revenue increased 17% to EUR 3.3 billion, driven by a 27% rise in the Defence Systems segment.
• Operating EBIT grew 13% to EUR 784 million, maintaining a margin of 24.1%, consistent with top peers in European defense.
• Total backlog and pipeline hit a record EUR 46 billion, supporting long-term revenue visibility.
• Net leverage ended at 1.6x, within the company’s financial framework; cash conversion remained strong at 86%.
• Net working capital rose to 40% of revenue due to a substantial build in inventory to support record order backlog.