Valiant
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Valiant (VATN) investor relations material

Valiant Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Achieved a record consolidated profit of CHF 154.7 million, up 2.9% year-over-year, despite a turbulent market and zero interest rate environment since summer.

  • Successfully implemented the first year of a new strategy focused on simplicity, efficiency, and sustainability, including the launch of an efficiency programme targeting long-term competitiveness.

  • Board approved a share buyback program of up to CHF 75 million over three years, starting after the 2026 AGM, and proposed a dividend increase to CHF 6.00 per share.

  • Leadership transition planned: CEO to become Chair of the Board in 2028, with a new CEO to be announced in 2026 and a one-year cooling-off period.

  • Operational efficiency program aims for CHF 15 million in cost savings and elimination of 80 jobs through digitalization over two years.

Financial highlights

  • Consolidated profit rose 2.9% year-over-year to CHF 154.7 million, with operating result down 3.4% to CHF 225.5 million and operating income slightly down by 0.4% to CHF 549.5 million.

  • Net result from interest operations grew 0.1% to CHF 396.3 million, and net interest margin remained high at 1.09% despite SNB rate cuts.

  • Commission business and services income grew 6.0% to CHF 98.6 million, with securities trading and investment business up 12.2%.

  • Trading activities income fell 18.6% to CHF 41.0 million due to lower trading volumes and eurozone interest rates.

  • Customer deposits increased 1.6% to CHF 22.8 billion; loans up 0.7% to CHF 30.4 billion.

Outlook and guidance

  • Plans to launch new products, including Sparkonto Top with a preferential rate and a virtual debit card.

  • Consolidated profit is expected to be slightly higher in the current year.

  • Continued focus on employee development and sustainability, including electrification of business vehicles.

How will efficiency program impact future growth
Explain share buyback's capital ratio management
Rationale for CEO's cooling-off period before Chair
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Frequently asked questions

Valiant Holding AG is a Swiss financial services company providing a range of banking services for individuals, small businesses, and corporate clients. The company offers traditional banking products, including savings and checking accounts, personal and commercial loans, mortgages, and investment advisory services. Valiant focuses on serving customers across Switzerland, emphasizing personalized service and digital banking options for enhanced convenience. Additionally, Valiant provides wealth management and financial planning solutions. The company is headquartered in Lucerne, Switzerland, and its shares are listed on the SIX Swiss Exchange.

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