EFG International (EFGN) H2 2025 earnings summary

Executive summary

• Achieved record net profit of CHF 325 million in 2025, driven by 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%, fueled by CHF 11.3 billion net new assets and acquisitions.

• Operating profit rose 26% to CHF 493 million, with record operating income and resilient revenue margin.

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

• Continued de-risking and resolution of legacy matters, including a CHF 59.5 million legal provision offset by insurance recovery.

Financial highlights

• Operating income increased 11% year-over-year to CHF 1,669 million, with revenue margin at 98 bps (up from 96 bps in 2024).

• IFRS net profit reached CHF 325 million, the highest on record.

• Cost/income ratio improved to 69.8%, below the 70% threshold.

• Return on tangible equity was 18.2%, above the target range.

• Basic earnings per share increased to CHF 1.03.

Outlook and guidance

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

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

• Focus on integrating recent acquisitions, margin protection, and continued M&A to complement organic growth.

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

• Committed to double-digit net profit growth (~15%) and maintaining high capital ratios.