VZ (VZN) H2 2025 earnings summary

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.