Compagnie Financière Tradition (CFT) H2 2024 earnings summary

Executive summary

• Revenue including share of joint ventures rose 11.0% in constant currencies to CHF 1,133m, driven by increased trading volumes and organic growth across all regions and asset classes.

• EBITDA increased 19.7% to CHF 176.5m, with margin improving to 15.6%; net profit (Group share) up 27.0% to CHF 115.6m; basic EPS CHF 15.09.

• Productivity per broker improved 9.2% to CHF 876,000; effective tax rate reduced to 24%.

• Shareholders' equity before treasury shares reached CHF 555m; consolidated equity at year-end CHF 505.9m.

• Proposed dividend of CHF 6.75 per share, up 12.5%, payout ratio 45%, yield 3.4%.

Financial highlights

• Revenue up 11.0% year-over-year; operating profit up 23.2% to CHF 152m; EBITDA margin at 15.6%.

• Net profit (Group share) up 27.0% to CHF 115.6m; basic EPS CHF 15.09.

• Net financial income of CHF 2.7m, reversing a net financial expense of CHF 4.1m in 2023, aided by higher interest income.

• Effective tax rate improved to 24% from 26% year-over-year.

• Gross cash at CHF 611.7m; net cash position at CHF 305m; gross debt/EBITDA ratio ~1.5x.

Outlook and guidance

• Continued positive momentum into early 2025, with focus on organic growth, targeted recruitment, digitalization, and data analytics investments.

• Activity has grown since the start of 2025 compared to the same period last year at constant exchange rates.

• Ongoing investments in high-margin data and analytics business.

• Continued emphasis on balance sheet quality and strict cost management to ensure long-term resilience.