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VZ (VZN) investor relations material

VZ H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary27 Feb, 2026

Executive summary

  • Achieved strong business growth with continued inflow of new clients, reaching 259 FTEs on average in 2025 and targeting 281 FTEs in 2026.

  • Over 10,000 clients converted to platforms annually for the first time, with the client base growing by 12.7% to 94,433 and net new clients totaling 10,500.

  • Expanded presence in Germany and the UK, focusing on marketing, adviser training, and small IFA acquisitions.

  • VZ Finanzportal enhanced to provide top digital services and self-service functionalities.

  • Dividend proposed to increase from CHF 2.73 to CHF 2.95 per share, distributing 50% of net profit.

Financial highlights

  • Total revenues increased by 9.4% year-over-year to CHF 574.5 million in 2025.

  • Net profit rose 7.9% year-over-year to CHF 236.4 million, with a net profit margin of 41.2%.

  • EBIT grew 8.0% year-over-year to CHF 274.2 million, with an EBIT margin of 47.7%.

  • Assets under management (AuM) reached CHF 61.8 billion, up 16.6% year-over-year.

  • Net new money (NNM) totaled CHF 5.8 billion, up from CHF 5.14 billion in 2024.

Outlook and guidance

  • Long-term growth trajectory remains intact, with ongoing efforts to boost client inflow, consulting capacity, and platform usage.

  • Revenue and net profit growth expected to return to average levels of recent years in 2026, assuming stable financial markets.

  • Low interest rates expected to slow banking income growth in 1H 2026; net interest margin for 2026 anticipated to match 2H 2025, assuming stable SNB policy.

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Frequently asked questions

VZ Holding AG, headquartered in Zurich, Switzerland, offers a range of financial services through its subsidiaries in Switzerland and Germany. The company specializes in providing services such as retirement planning, real estate planning, tax consulting, succession planning, and portfolio management. Additionally, VZ Holding AG offers securities account management, mortgage and real estate valuation services, and invests in residential properties. The company also provides various insurance services and is involved in crypto-related business activities. Its services are accessible through the VZ Finanzportal, an online platform for managing financial transactions. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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