Julius Baer Gruppe AG (CHF) reported Q4 2023 revenue of CHF 605.1 million, flat QoQ but down 39.1% YoY. The quarter delivered a negative operating result of CHF -22.0 million and a net loss of CHF -38.9 million, translating to an EPS of -CHF 0.19. EBITDA was modest at CHF 3.85 million, with an EBITDA margin of about 0.64% and an operating margin of -3.64%, underscoring a challenging environment for fee-based revenue amid margin pressure. On the balance sheet and cash flow front, the firm shows substantial liquidity (cash and cash equivalents of CHF 16.22 billion) and negative net debt (-CHF 2.93 billion), yet cash flow from operations remained negative (CHF -2.23 billion) driven by large working capital outflows and other non-cash items, resulting in negative free cash flow of CHF -2.289 billion for the period. The combination of a softer revenue base, elevated operating costs, and working capital dynamics raises questions about near-term profitability, even as the balance sheet remains robust from a liquidity and leverage perspective. Without explicit management guidance in the dataset, the outlook hinges on AUM/net new money momentum, cost discipline, and resilience of fee-based revenues in a cautious market environment.