VZ Holding (VZN) investor relations material

Executive summary

• Revenue grew 9.9% year-over-year to CHF 277.9 million in 1H 2025, with net profit up 9.0% to CHF 112.0 million, driven by strong client inflow and consulting demand.

• Added 5,000 new wealth management households, with platform clients rising 13.4% to 88,000 and AUM up 14.1% to CHF 56.5 billion.

• Consulting capacity grew 9.3% to 259 FTEs, with annualized net new money per consulting FTE at CHF 23.2 million.

• Maintained high client satisfaction, with NPS scores above 70 for both consultant and wealth management segments.

• Expansion in Germany and the UK showed effective marketing and integration strategies.

Financial highlights

• EBIT margin at 46.8% and net profit margin at 40.3%, both above industry average.

• Management fees on AUM and consulting fees grew 15% year-over-year; trading result increased 33.7%, offsetting a 28.8% decline in net interest business.

• Personnel expenses rose 10% to CHF 104.3 million, with a personnel expense ratio of 37.5%; other operating expenses increased 15.6%.

• Diluted EPS rose to CHF 2.82 from CHF 2.59 year-over-year.

• Assets under management reached CHF 56.5 billion, up from CHF 53.1 billion at end-2024.

Outlook and guidance

• Consulting capacity to increase by 7–9% annually; platform usage per client and branch network expansion remain key growth drivers.

• Net interest business expected to decline further in 2H 2025 and H1 2026, with a return to long-term growth anticipated in H2 2026.

• Top and bottom-line growth for 2025 expected to be below long-term average, with a return to growth potential in H2 2026 and beyond.

• Dividend payout ratio to remain at 50% for 2025 and beyond, with dividend growth in line with profit growth.

• Strategic initiatives in Germany and the UK to expand consulting and marketing reach.