VZ (VZN) H1 2025 earnings summary

Executive summary

• Achieved 9.9% year-over-year revenue growth to CHF 277.9 million in H1 2025, with net profit up 9.0% to CHF 112.0 million and a net profit margin of 40.3%, despite challenging market conditions and declining interest rates in Switzerland.

• Consulting capacity expanded to 259 FTEs, with plans to reach 281 FTEs in 2026, supporting strong client demand and business growth; annualized net new money per consulting FTE reached CHF 23.2 million.

• Gained 5,000 new platform client households, with platform usage increasing and 27.2% of clients using three or more platforms.

• International operations in Germany and the U.K. are growing as planned, with successful integration of smaller IFAs and effective marketing strategies.

• Digital platform VZ Finanzportal ranked first in mobile and e-banking by independent institutes.

Financial highlights

• Total revenues rose 9.9% year-over-year to CHF 277.9 million; consulting fees grew 15.0%, management fees on AUM up 15.0%, while banking income fell 9.3% due to a 28.8% drop in net interest business.

• EBIT rose 9.2% to CHF 130 million, with an EBIT margin of 46.8%.

• Net profit margin at 40.3%, slightly down from previous years due to declining interest business.

• Assets under management (AUM) grew 14.1% year-over-year to CHF 56.5 billion, driven by CHF 3 billion net new money.

• Personnel expenses increased 10.0% year-over-year; other operating expenses up 15.6%.

Outlook and guidance

• Consulting capacity to grow 7–9% annually, with continued focus on converting consulting clients to platform clients and expanding in Germany and the UK.

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

• Dividend payout ratio to remain at 50%, with dividends growing in line with profits.

• Ongoing digital development, including conversational banking and platform integration, to drive efficiency and client engagement.

• Full-year 2025 growth is projected to be below the long-term average due to declining net interest income.