Vz Holding Ag · SIX:VZN
Vz — H1 2026 Earnings Presentation
28 slides from Vz's earnings presentation, Aug 14, 2026
Slide 1: 1H 2026 Results and outlook
VZ Group 1H 2026 Results and outlook Appendix: company overview Zug, 14 August 2026 © VZ
Slide 2: Disclaimer
Disclaimer Forward-looking statements This publication originates from VZ Holding Ltd and/or its affiliated companies (hereinafter called «VZ»). This publication and the information contained herein are provided solely for information purposes and are not to be construed as a solicitation of an offe
Slide 3: Agenda
Agenda Inhalt 1. Facts and figures 2. Financials 3. Outlook 4. Appendix © VZ
Slide 4: Summary 1H 2026
Summary 1H 2026 Business development Financials • Strong growth supported by positive financial • Total revenues +13.9% yoy to CHF 316.5 million markets • Total expenses +10.4% yoy Sustained demand for consulting expertise - Personnel expenses +10.4% 5’100 new platform clients onboarded - Other
Slide 5: Revenues: +13.9% yoy
Revenues: +13.9% yoy in CHF million 316.5 296.6 23.2 272.2 277.9 23.2 Total revenues +13.9% yoy 252.9 21.7 48.0 239.5 20.4 • Consulting fees1 +6.8% 45.9 224.3 18.9 8.0 47.6 19.5 51.5 9.0 20.7 • Banking income from interest business, 18.4 52.4 7.5 19.6 commissions and trading activities 51.7 9.3 46.7
Slide 6: Banking income: Interest business stabilised
Banking income: Interest business stabilised in CHF million 60 Interest business -2.4% yoy 52.4 51.7 51.5 (+9.1% vs. 2H 2025) 50 46.7 47.6 45.9 48.0 Development depends on SNB’s interest rate decisions and balance sheet growth 40 Interest business: 22.7 7.2% of total revenues in 1H 2026 32.7 30.0 23
Slide 7: Evolution of balance sheet total and interest margin
Evolution of balance sheet total and interest margin in CHF million 12'000.00 0.02 1.07% 0.96% 0.90% 0.83% 0.60% 0.51% 0.53% 0.01 10'000.00 0 8'763 8'270 8'049 8'000.00 • Net interest margin peaked in 2H 2023 and -0.01 7'488 7'044 stabilised in 1H 2026 6'536 6'225 -0.02 6'000.00 -0.03 4'000.00 -0.04
Slide 8: Net profit: +17.7% yoy
Net profit: +17.7% yoy in CHF million 46.0 160 42.1% 42.7% 41.9% 41.7% 40.7% 40.3% 38.5% 41.0 140 131.9 124.4 36.0 120 116.3 112.0 • Net profit margin at 41.7% vs. 40.3% 31.0 102.8 100 100.7 • Long-term net profit margin target: 38% 86.3 26.0 80 21.0 60 16.0 40 11.0 Net profit 20 6.0 Net profit marg
Slide 9: Financial Consulting: NNM per FTE above 5y average
Financial Consulting: NNM per FTE above 5y average Capacity growth Consulting revenues Net new money (NNM) in FTE (average per calendar year) in CHF million 43.8 in CHF million 5'831 5’831 303 43.8 38.6 5'141 5’141 281 37.3 38.6 4'804 4’804 259 37.3 4'602 4’602 4'367 4’367 237 31.3 220 31.3 2’824 20
Slide 10: Wealth Management: AuM +19.8%
Wealth Management: AuM +19.8% in CHF million 30.06.24 31.12.24 30.06.25 31.12.25 30.06.26 yoy AuM total 49’573 53’051 56’545 61’834 67’716 +19.8% • PM mandates 31’357 34’004 36’329 40’727 45’501 +25.2% Share of total AuM 63.3% 64.1% 64.2% 65.9% 67.2% • Others1 18’216 19’047 20’216 21’107 22’215 +9.9
Slide 11: Platform usage among WM clients
Platform usage among WM clients WM clients 1 platform per client 3+ platforms per client Share of WM clients who use 1 platform only, in Share of WM clients who use 3+ platforms, in % 101'154 % of total WM clients, CH clients only of total WM clients, CH clients only 93'433 87'905 82'902 Mid-term ta
Slide 12: Client Satisfaction: Outstanding Net Promoter Score (NPS)
Client Satisfaction: Outstanding Net Promoter Score (NPS) Client feedback 01.01.-30.06.2026 Consulting clients Wealth management clients NPS methodology1 NPS: 80.4 12.9% NPS: 85.6 11.0% • Score based on a 0-10 scale 1.7% 3.4% answering the question ‘how likely is it that you would recommend VZ?’ (10
Slide 13: Branch offices
Branch offices Switzerland Germany #: 43 #: 6 England/United Kingdom #: 5 branch office satellite new branch/satellite office planned © VZ 12
Slide 14: Agenda
Agenda Inhalt 1. Facts and figures 2. Financials 3. Outlook 4. Appendix © VZ
Slide 15: Income statement
Income statement in CHF million 1H 24 2H 24 1H 25 2H 25 1H 26 yoy Consulting fees 18.6 20.0 21.2 22.6 22.6 +6.7% Management fees: on AuM 159.3 173.1 183.2 198.9 216.6 +18.2% other 16.9 17.9 17.9 19.6 20.7 +15.3% Banking income 52.4 51.5 47.6 45.9 48.0 +0.8% Insurance result 5.4 9.3 7.5 9.0 8.0 +7.4%
Slide 16: Personnel expenses
Personnel expenses in CHF million 160 37.7% 37.5% 37.5% 36.9% • Personnel expenses +10.4% yoy 40.0 35.7% 36.4% 140 35.2% • Personnel development 120 115.1 30.0 30.06.25 31.12.25 30.06.26 109.5 104.3 FTE1 1’621.9 1’716.9 1’794.3 100 94.9 95.8 84.6 85.6 20.0 • 2H 2025: +95.0 FTE 80 1H 2026: +77.4 FTE
Slide 17: Other operating expenses
Other operating expenses in CHF million 12.2% 10.1% 10.6% 10.4% 11.2% 9.8% 11.0% • Other operating expenses +12.2% yoy Premises expenses +16.2% 34.9 34.9 (excl. IFRS 16 effects: +15.3%) 31.1 Marketing expenses +4.0% 4.0 29.1 General administrative expenses (incl. IT) 28.4 27.3 26.9 3.5 +14.7%
Slide 18: EBIT
EBIT in CHF million 200 49.2% 49.6% 48.6% 48.4% 180 45.1% 47.1% 46.8% 0.500 160 153.2 0.400 144.2 • EBIT +17.8% yoy 140 134.9 130.0 • Long-term EBIT margin target: 44% 0.300 117.8 119.0 120 101.1 100 0.200 0.100 80 60 0.000 40 EBIT 20 -0.100 EBIT margin (EBIT/revenues) 0 -0.200 1H23 2H23 1H24 2H24 1
Slide 19: Balance sheet
Balance sheet in CHF million 30.06.25 31.12.25 30.06.26 Cash & cash equivalents 1’918.8 1’663.5 1’707.0 • Balance sheet growth +6.0% ytd Short-term investments 346.4 424.5 394.5 • Customer deposits growth +4.3% ytd Swiss prime residential mortgages 4’473.0 4’858.6 5’208.0 • Future balance sheet grow
Slide 20: Equity and payout ratios, treasury shares
Equity and payout ratios, treasury shares in CHF million Payout ratios 2023 2024 2025 Equity ratios 30.06.25 31.12.25 30.06.26 Net Profit 187.0 219.1 236.4 Total equity 1’061.3 1’182.9 1’207.3 Retained earnings 98.5 111.5 120.2 Equity ratio1 13.2% 14.3% 13.8% Dividend VZ Holding 88.5 107.6 116.2 Com
Slide 21: Agenda
Agenda Inhalt 1. Facts and figures 2. Financials 3. Outlook 4. Appendix © VZ
Slide 22: Outlook
Outlook Business development Financials • Long-term growth story unchanged • Similar overall growth rate expected in 2H 2026 as in 1H 2026, provided stable financial markets • Continuous work on increasing new client inflow, consulting capacity, client conversion and • Net interest margin 2026 expec
Slide 23: Agenda
Agenda Inhalt 1. Facts and figures 2. Financials 3. Outlook 4. Appendix © VZ
Slide 24: What does VZ do?
What does VZ do? … and solid Target clients… … seek expert advice… implementation • Homeowners, 50+ • Retirement planning 1 Portfolio management • Employees on (employees)/ succession Discretionary mandates management level planning (entrepreneurs) Advisory mandates • Entrepreneurs • Estate plan
Slide 25: VZ Finanzportal
VZ Finanzportal Digital cockpit for VZ-clients covering all financial needs of a private household for free: • Overview of total assets and liabilities (balance sheet) • E-banking (payments, cc/dc, FX, crypto, trading, custody) • Asset management/mandates • 2nd/3rd pillar pension funds • Real estate
Slide 26: Strong brand recognition
Strong brand recognition Brand associated with expertise, quality and independence Periodical Books Seminars Media coverage Online/Newsletters © VZ 25
Slide 27: Long track record of organic growth and profitability
Long track record of organic growth and profitability in CHF million Total revenues1 Net profit1 600 600 500 500 400 400 300 300 200 200 100 100 0 0 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 1 1993–2003 according to SWISS GAAP; 2004-2025 ac
Slide 28: VZ Holding Ltd
VZ Holding Ltd Adriano Pavone Petra Märk Head Media Relations Head Investor Relations Telephone: +41 44 207 25 22 Telephone : +41 44 207 26 32 E-mail: adriano.pavone@vzch.com E-mail: petra.maerk@vzch.com www.vermoegenszentrum.ch © VZ