EFG International (EFGN) H2 2025 earnings summary

Executive summary

• Achieved record net profit of CHF 325 million in 2025, up 1% YoY, with strong organic growth, M&A activity, and disciplined execution, marking the end of a highly profitable 2023–2025 cycle.

• Assets under management reached an all-time high of CHF 185 billion, up 12%, driven by CHF 11.3 billion net new assets (6.8% growth, highest since 2007) and acquisitions.

• Operating profit rose 26% YoY to CHF 493 million, with IFRS net profit at CHF 325 million and adjusted net profit at CHF 339.3 million (+6% YoY).

• Proposed record dividend of CHF 0.65 per share, up 8%, marking five consecutive years of increases.

• Continued de-risking legacy exposures, including life insurance and litigation, while maintaining strong capital and liquidity positions.

Financial highlights

• Operating income increased 11% YoY to CHF 1,669 million, with net profit at CHF 325 million, EPS at CHF 1.03, and return on tangible equity at 18.2%.

• Revenue margin rose to 98 bps (up from 96 bps), with cost-to-income ratio improved to 69.8%.

• Dividend per share increased for the fifth consecutive year.

• CET1 capital ratio at 14%, LCR at 270%, and loan-to-deposit ratio at 58%.

• Operating expenses rose 6% YoY, with 2.4 percentage points due to acquisitions.

Outlook and guidance

• Entering 2026–2028 cycle with targets: 4–6% NNA growth, revenue margin >85 bps, cost-to-income ratio at 68%, and 20% return on tangible equity.

• Strategic investments and cost measures expected to deliver CHF 70–80 million in savings by end-2028.

• Focus on integrating acquisitions, margin defense, and leveraging technology for efficiency.

• Confident in delivering double-digit net profit growth (~15%) and meeting 2028 financial targets.

• Anticipates macroeconomic headwinds in 2026, including lower USD and interest rates.