VIEL & Cie (VIL) H1 2025 earnings summary

Executive summary

• Consolidated revenue grew 9.9% at constant exchange rates to €653.5 million in H1 2025, reflecting strong business momentum across all segments, though SwissLife Banque Privée saw a decline.

• Operating income rose 25.9% to €103.7 million, with net income up 7.5% to €95.6 million.

• Net income attributable to the group increased 6.4% to €69.2 million.

• Operating income including associates reached €124.8 million, up 15.6% year-over-year.

Financial highlights

• Revenue: €653.5 million (+9.9% at constant FX); operating income: €103.7 million (+25.9%).

• Net income: €95.6 million (+7.5%); net income attributable to the group: €69.2 million (+6.4%).

• Operating margin improved to 15.9% from 13.8% year-over-year.

• Financial result turned negative at -€2.2 million, mainly due to FX losses.

• Equity at June 30, 2025: €709.9 million.

Outlook and guidance

• Focus remains on organic growth, investment in hybrid brokerage, and data analytics.

• Bourse Direct expects continued strong activity amid market volatility; interest income remains high but tracks rate trends.

• SwissLife Banque Privée anticipated to improve performance in H2 2025.

• Cost management and balance sheet strength are strategic priorities.