Liechtensteinische Landesbank (LLBN) investor relations material

Executive summary

• Net profit reached CHF 91.0 million in H1 2025, up 0.9% year-over-year, with EPS at CHF 2.99 (+1.5%) and business volume at CHF 117.2 billion (+3.3%).

• Client assets under management surpassed CHF 100 billion for the first time, driven by organic growth and the ZKB Österreich acquisition.

• Operating income rose 10.5% to CHF 312.8 million, supported by higher fee, commission, and trading income.

• Strategic focus on growth, efficiency, and sustainability under the ACT-26 strategy, with continued investment in digitalisation and operational excellence.

• Both main market divisions contributed to net new money inflow of CHF 1.4 billion.

Financial highlights

• Net new money totaled CHF 1.4 billion (+2.9% annualised), while net new loans declined by CHF 239 million (-2.9%).

• Cost-income ratio increased to 65.7% (+0.5 pp), reflecting integration costs and within the strategic target range.

• Net interest income before expected credit losses rose 20% year-over-year to CHF 110.1 million, but after credit losses fell 6.8% to CHF 63.1 million due to lower rates.

• Net fee and commission income grew 23% to CHF 126.3 million, with both portfolio- and transaction-based streams contributing.

• Operating expenses increased 15.5% to CHF 204.6 million, mainly due to ZKB Österreich integration and related one-time costs.

Outlook and guidance

• Full-year 2025 result expected to be lower than 2024, mainly due to lower interest rates and one-time integration costs.

• Targets net new money growth above 3% p.a. and net new loans above 3% p.a.; cost-income ratio goal set at 65% by 2026.

• On track for net zero CO2 by 2040 and maintaining a Tier 1 ratio above 16%.

• Ongoing geopolitical and economic uncertainties anticipated to persist.

• Business model described as diversified and robust, with a clear, forward-looking strategy.