Vontobel (VONN) Q4 2025 earnings summary

Executive summary

• Net profit increased 5% year-over-year to CHF 280 million, reflecting strong performance despite lower interest rates and a weaker US dollar.

• Assets under management rose to CHF 241 billion, driven by strong inflows from private and institutional clients and integration of IHAG Private Bank clients.

• Strategic progress included integrating the Quantitative Investment boutique, divesting cosmofunding, and completing the integration of Privatbank IHAG Zürich AG.

• Efficiency program ahead of plan, with over 80% of targeted CHF 100 million savings already achieved, structurally improving the cost/income ratio.

• Shareholder agreement renewed for 10 years, reinforcing long-term commitment.

Financial highlights

• Operating income increased to CHF 1,432 million (+1% YoY), with group net profit at CHF 280 million (+5% YoY) and pre-tax profit at CHF 364 million.

• Cost/income ratio improved to 74.2% (adjusted 72.9%), reflecting efficiency gains.

• Return on equity stable at 12.2%, and tangible book value per share rose 15% to CHF 33.86.

• Basic earnings per share increased to CHF 4.99 (+5% YoY).

• Dividend of CHF 3.00 per share proposed, with a payout ratio of 60%.

Outlook and guidance

• Efficiency program to be completed by end of 2026, targeting CHF 100 million in savings and further cost structure improvements.

• Committed to maintaining a cost-income ratio below 72% and a CET1 ratio above 12%.

• Continued focus on organic and selective inorganic growth, especially in key European and Asian markets.

• Board proposes maintaining an attractive dividend policy.