Vontobel Holding Ag · SIX:VONN
Vontobel — Q2 2025 Earnings Presentation
31 slides from Vontobel's earnings presentation, Jul 24, 2025
Slide 1: Half-year 2025 results
Christel Rendu de Lint Co-CEO Georg Schubiger Co-CEO Thomas Heinzl CFO Half-year 2025 results July 24, 2025
Slide 2: Agenda
Agenda Executing Financial Q&A on our priorities performance Christel Rendu de Lint Thomas Heinzl Georg Schubiger CFO Co-CEOs July 24, 2025 2
Slide 3: Executing on our priorities
Executing on our priorities
Slide 4: Market backdrop – Volatile equity recovery, lower Swiss yields and USD weakness
Market backdrop – Volatile equity recovery, lower Swiss yields and USD weakness Equity and bond markets Government bond yields FX rates MSCI ACWI, BBG Global Aggregate, Indexed 2Y and 10Y government bond yields, % Nominal broad effective FX rates, Indexed 140 6.0% 110 5.0% 105 4.0% 120 3.0% 100 2.0%
Slide 5: Half-year 2025 – Executing on our priorities
Half-year 2025 – Executing on our priorities Financial results Strategic progress Solid CHF 148 M PBT on resilient revenues, Captured fixed income flows in IC and launched despite lower rates and a weaker US dollar new products and solutions in growth areas AUM slightly higher at CHF 233 B on very s
Slide 6: Clear strategy and priorities for long-term growth
Clear strategy and priorities for long-term growth We are an active investment firm Our priorities leverage our core strengths serving two complementary client segments We deliver value to our clients Institutional through advice, active management and Clients customization Investment We grow profit
Slide 7: Investment Solutions – Strong progress through disciplined execution
Investment Solutions – Strong progress through disciplined execution Disciplined execution Strong FI performance and improving in Equities % of assets in 1st and 2nd quartiles1,2 Build on leading 97 94 Fixed Income capabilities 93 94 83 Realign and strengthen Equities 68 61 47 Expand private markets
Slide 8: Private Clients – Acceleration of strategic actions
Private Clients – Acceleration of strategic actions Strategic activation Continued strong inflows Net new money, annualized growth rate, % Expand and develop RM force 6.9% in key markets and segments 6.0% 5.6% 5.7% 6% Lead with investment-driven, 4.7% Target range client-first advice 4% Drive client
Slide 9: Institutional Clients – Still challenging, but recovering active industry context
Institutional Clients – Still challenging, but recovering active industry context Total fund market Active fund market Since 2022, passive represented bulk of ... but the active market is recovering … … and we are capturing flows flows …. Fund flows, Fixed Income and Equities, CHF B1 Growth vs indus
Slide 10: Institutional Clients – Sharpening and acceleration of strategic implementation
Institutional Clients – Sharpening and acceleration of strategic implementation Strategic activation Good momentum in Fixed Income Institutional Clients, AuM, CHF B Sharpen client coverage 111 111 109 Accelerate proven track records Equities 37 35 33 while activating new strategies Embed one global
Slide 11: Costs – Driving firm-wide efficiency gains
Costs – Driving firm-wide efficiency gains Disciplined execution The program is tracking to plan CHF M Technology stack streamlined into ~100 6 core platforms On track to insource ~80 ~45 contractors by year-end Gross ~60 Renegotiated savings ~340 vendor contracts exit rate ~45 ~40 Clear benefits Re
Slide 12: Targets – Delivering sustainable growth and shareholder value
Targets – Delivering sustainable growth and shareholder value Through-the-cycle growth Targets Assets under management, CHF B 1H 2025 FY24 Target1 +6% Growth Operating income –5.3% 8.6% 4 – 6% 244 229 233 220 199 204 207 Net new money 1.7% 1.3% 4 – 6% 165 171 Profitability Return on equity 10.2% 12.
Slide 13: Financial performance
Financial performance
Slide 14: Solid results with strong operational momentum and efficiency program offsetting macro headwinds
Solid results with strong operational momentum and efficiency program offsetting macro headwinds Highlights Profit before tax and net income development CHF M, YoY % − Resilient operating income given 173 –29 macro headwinds +21 –8 –8 Taxes –1 148 –15% 43 − Positive impact from efficiency 33 program
Slide 15: Assets under management higher on positive flows
Assets under management higher on positive flows Highlights Assets under management Net new money CHF B CHF B, Annualized growth rate % − Increase in AuM from net +2% Total 2.3 0.3 2.0 inflows, positive 2.0 11.4 233.3 229.1 performance and IHAG acquisition −9.1 110.8 109.3 − Strong Private Clients f
Slide 16: Operating income normalized against a strong prior-year comparable
Operating income normalized against a strong prior-year comparable Highlights By Category By Segment CHF M, YoY % CHF M, YoY % Constant –4% currency − Operating income resilient given macroeconomic –5% 728 728 headwinds 695 689 695 689 Net 63 53 44 –29% − USD weakness and lower rates interest IC 197
Slide 17: Operating margins reflect IC business mix shift and strong prior-year PC comparable
Operating margins reflect IC business mix shift and strong prior-year PC comparable Highlights Institutional Clients Private Clients bps bps − Private Clients margin –3 bps –14 bps normalization following strong 37 36 101 prior-year transactional 34 Trading Performance 90 revenues and NII developmen
Slide 18: IC margin development primarily driven by lower EM exposure
IC margin development primarily driven by lower EM exposure Emerging Markets share flattening out Fixed Income led the recovery, but Equities turned positive Q2 EM products share of Institutional Client AUM, % Institutional Client NNM by asset class, CHF B 21% CHF B 1H24 2H24 1H25 1Q25 2Q25 17% Equi
Slide 19: Lower costs across all categories due to efficiency program
Lower costs across all categories due to efficiency program Highlights Operating expenses Cost/income ratio CHF M, YoY % % Constant +1.0 pp − Lower costs from efficiency currency program –2% +1.8 pp 555 541 77.9% 76.1% 514 − Efficiency program delivered 73.2% < 72% with run rate savings of CHF 62 ta
Slide 20: Strong and liquid balance sheet
Strong and liquid balance sheet Highlights – balance sheet Balance sheet composition CHF B, 1H 20251 − Fully marked to market2 35.5 35.5 − Balance sheet increased by CHF 2.6 B, driven by other assets Due to Liquidity 2.7 1.9 (delivery versus payment) and higher customer deposits banks Due from 2.5 −
Slide 21: CET1 increased amid ongoing capital optimization program
CET1 increased amid ongoing capital optimization program Highlights Basel III capital ratios % of RWA − Continued strong capital 16.7% 16.1% 0.8% 0.5% position 0.2% 1.3% 0.8% − Conservative risk stance, once +50 bps net impact of Basel III Final and optimization 12% Vontobel again, proven effective
Slide 22: Continued track record of value and capital creation
Continued track record of value and capital creation Highlights Strong dividend track record − Positive value creation since 2014 13.8% Return on tangible equity Return on equity with strong dividend track record 10.2% Cost of equity2 9.1% 3.00 3.00 3.00 3.00 2.00 2.10 2.10 2.30 2.30 − ROE of 10.2%
Slide 23: Results summary
Results summary Highlights Key figures (CHF M) 1H 2025 2H 2024 1H 2024 ∆ (%)3 Assets under Management (B) 233 229 226 +2% Net New Money (B) 2.0 0.3 2.3 − Overall strong results, as lower costs mostly offset macro headwinds Operating income 689 695 728 –5% Operating expense 541 514 555 –2% − Costs do
Slide 24: Key messages
Key messages
Slide 25: Half-year 2025 – Executing on our priorities
Half-year 2025 – Executing on our priorities Financial results Strategic progress Solid CHF 148 M PBT on resilient revenues, Captured fixed income flows in IC and launched despite lower rates and a weaker US dollar new products and solutions in growth areas AUM slightly higher at CHF 233 B on very s
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Upcoming events
Upcoming events 9M Trading Update 2025 October 30, 2025 Full-year results 2025 February 6, 2026 Annual General Meeting 2026 April 14, 2026 Refer to the Vontobel Investor Relations website for details: www.vontobel.com/calendar July 24, 2025 28
Slide 29: Shareholder structure
Shareholder structure Vontobel families hold more than 50% of the share capital and are strongly committed to Vontobel Advontes AG 10.6% Vontrust AG 14.3% Shares in the Free float1 pooling agreement 49.1% 50.9% Vontobel Foundation 14.9% Pellegrinus Holding AG 4.7% Further shares of a family member 6
Slide 30: Income statement and AuM composition
Income statement and AuM composition Income statement Assets under management 1H 2025, % of total 1H 2025, % of total AuM 2% Other 9% 4% Other 6% Other1 5% 6% GBP Other markets 13% GBP 6% Liquid assets2 8% 12% 8% USD Focus APAC, Alternative LATAM, MEA3 9% EUR Institutional 4% 47% EUR 20% investments
Slide 31: Cautionary statement regarding forward-looking statements and disclaimer
Cautionary statement regarding forward-looking statements and disclaimer This document may contain projections or other forward-looking statements related to Vontobel that are subject to known and unknown risks, uncertainties, and other important factors. These projections and forward-looking statem