Cembra Money Bank (CMBN) investor relations material

Executive summary

• Net income increased by 5% to CHF 179.6 million in 2025, driven by efficiency gains, disciplined strategy execution, and growth in vehicle financing.

• Ordinary dividend per share increased by 8% to CHF 4.60, with an extraordinary dividend of CHF 1.00.

• Strategic focus on profitability and selective growth, with a shift toward secured assets and stable market share in a contracting market.

• Transformation initiatives included technology upgrades, new product launches, and regional network consolidation.

• CEO highlighted stable net interest margin and progress toward financial targets.

Financial highlights

• Net revenues declined by 1% to CHF 542.2 million, with net interest income down 2% to CHF 372.2 million.

• Cost/income ratio improved to 45.2% for the year (42.9% in H2), reflecting CHF 19 million in cost savings.

• Operating expenses fell to CHF 245.2 million, mainly from automation and infrastructure consolidation.

• Tier 1 capital ratio strong at 17.6%, above the midterm target.

• Earnings per share rose to CHF 6.13 from CHF 5.81 year-over-year.

Outlook and guidance

• ROE forecasted at around 15% for 2026, with stable loss performance and net interest margin.

• Cost/income ratio targeted at 39–41% for 2026, with further cost reductions of CHF 15–20 million anticipated.

• Net revenue growth expected to track Swiss GDP; dividend policy to grow in line with sustainable earnings.

• Management expects to contribute CHF 9.1 million to the pension plan in 2026.

• No significant business combinations or developments anticipated for 2026.