Valiant (VATN) investor relations material

Executive summary

• 9M operating income was CHF 415,175 thousand, up 1.0% YoY; operating result was CHF 171,238 thousand, up 0.2%, and consolidated profit rose 5.4% to CHF 114,151 thousand.

Financial highlights

• Gross interest result fell 1.7% YoY to CHF 300.4m; net interest result declined 1.3% to CHF 292,748 thousand.

• Commission and services result rose 10.2% to CHF 79,349 thousand, while trading result declined 5.6% to CHF 29,244 thousand.

• Other ordinary result increased 20.6% to CHF 13.8m; income from participations rose 20.0% to CHF 12,241 thousand.

• Operating expenses rose 1.8% to CHF 228,734 thousand; personnel expenses increased 5.4%, while general and administrative expenses declined 2.7%.

Key financial ratios and metrics

• Total assets at 30 September 2026 were CHF 39,063,230 thousand, up 3.1% from year-end 2025; equity rose 1.4% to CHF 2,801,775 thousand.

• Mortgage loans increased 2.9% to CHF 29,986,014 thousand; loans to customers grew 2.5% to CHF 31.1bn from year-end 2025.

• Customer deposits rose 2.5% from year-end to CHF 23,148,275 thousand.

• Total capital ratio was 17.0%, above regulatory requirements and at the upper end of the 15–17% internal target range; headcount was 1,036.9 FTEs, down 14.8 from year-end.