Vontobel (VONN) investor relations material

Executive summary

• Net profit increased 5% year-over-year to CHF 280 million, reflecting strong performance despite lower interest rates and a weaker US dollar.

• Assets under management rose to CHF 241 billion, driven by strong inflows from private and institutional clients and integration of IHAG Private Bank clients.

• Strategic progress included integrating Quantitative Investment/Boutique and divesting cosmofunding to focus on core growth areas.

• Efficiency program ahead of plan, structurally improving the cost-income ratio and redeploying resources to growth areas.

• Maintained a strong capital position with a 19.7% CET1 ratio, supporting a proposed CHF 3.00 dividend.

Financial highlights

• Operating income increased to CHF 1,432 million (+1% YoY), with group net profit at CHF 280 million (+5% YoY) and pre-tax profit at CHF 364 million.

• Cost/income ratio improved to 74.2% (adjusted 72.9%), reflecting efficiency gains.

• Return on equity was 12.2%, and tangible book value per share grew 15% YoY to CHF 33.86.

• Basic earnings per share increased to CHF 4.99 (+5% YoY).

• Dividend of CHF 3.00 per share proposed, payout ratio at 60%.

Outlook and guidance

• Efficiency program to be completed by end of 2026, targeting CHF 100 million in savings and further cost structure improvements.

• Cost-income ratio target below 72%; currently at 74.2%, adjusted to 72.9%.

• Continued focus on organic and selective inorganic growth, especially in key European and Asian markets.

• Board proposes maintaining attractive dividend policy.