Banque Cantonale Vaudoise · SIX:BCVN
Banque Cantonale Vaudoise — H1 2026 Earnings Presentation
32 slides from Banque Cantonale Vaudoise's earnings presentation, Aug 20, 2026
Slide 1: Half-Year 2026 Results
Half-Year 2026 Results Investors’ and analysts’ presentation 20 August 2026
Slide 2: Disclaimer
Disclaimer Waiver of liability. While we make every reasonable effort to use reliable information, we make no representation or warranty of any kind that all information contained in this document is accurate or complete. We disclaim all liability or responsibility for any loss, damage or injury tha
Slide 3: Agenda
Agenda Introduction H1 2026 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 3 Half-Year 2026 Results
Slide 4: Key messages
Key messages Continued growth in business volumes across all business sectors Revenues up 2% to CHF 593m in a low-interest-rate environment, underlining BCV’s well-diversified revenue streams Tight control of operating expenses + depreciation and amortization – up by just 1% Solid H1 net profit of C
Slide 5: H1 2026 key figures
H1 2026 key figures CHF (rounded), unaudited figures Revenues Operating profit Net profit 593m 263m 225m +2% +5% +5% Total assets AuM 63.3bn 141.8bn +3% +6% 5 Half-Year 2026 Results
Slide 6: Main business trends
Main business trends CHF millions (rounded), unaudited figures Mortgage loans Sight deposits1, 2 AuM +2% -1% +6% 35,577 36,333 14,892 14,786 134,110 141,775 31 Dec. 30 Jun. 31 Dec. 30 Jun. 31 Dec. 30 Jun. 2025 2026 2025 2026 2025 2026 Other loans Other client deposits2 Net new money +3% +5% +2,399 6
Slide 7: Very solid financial and ESG ratings
Very solid financial and ESG ratings Financial ratings SD/D CC CCC- CCC CCC+ B- B B+ BB- BB BB+ BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA • Very solid financial ratings reaffirmed: BCV is one of the best- rated banks in the world without an explicit government guarantee C Ca Caa3 Caa2 Caa1 B3 B2 B1 Ba3 B
Slide 8: Retail Banking
Retail Banking CHF millions (rounded)1 Mortgage loans Customer deposits • Sustained steady rise in mortgage loans in a still- dynamic real-estate market +2% +3% 11,541 11,813 12,579 12,947 • Continuing cash inflows from retail customers • Revenues and operating profit down, reflecting 31 Dec. 30 Jun
Slide 9: Corporate Banking
Corporate Banking CHF millions (rounded)1 Loans/off-balance-sheet Customer deposits • SMEs commitments – Loans up 2% +1% -9% 12,037 – Almost 93% of total Covid-19 bridge loans 21,517 21,810 11,010 paid off (83% by customers, 8% by the regional loan guarantee cooperative) – Deposits stable • Real-est
Slide 10: Wealth Management
Wealth Management CHF millions (rounded)1 AuM Mortgage loans • AuM higher, mainly on positive market performance, increasing traction in discretionary +7% +1% management accounts, and NNM inflows from 103,272 9,182 9,290 institutional clients 96,541 • Ongoing growth in mortgage lending in a dynamic
Slide 11: Trading
Trading CHF millions (rounded)1 Revenues Operating profit • Forex trading up – forex accounted for close to 60% of overall Trading revenues +2% 0% 35 36 22 22 • Ongoing strong expansion in structured product volumes H1 H1 H1 H1 • Revenues up and operating profit stable 2025 2026 2025 2026 Revenues t
Slide 12: Agenda
Agenda Introduction H1 2026 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 12 Half-Year 2026 Results
Slide 13: Income statement
Income statement CHF millions (rounded), unaudited figures H1 2025 H1 2026 Change Total income from ordinary banking operations 579 593 +14 +2% Operating expenses -282 -287 +5 +2% Depreciation & amortization of fixed assets and -42 -40 -2 -5% impairment on equity investments Other provisions and los
Slide 14: Total income from banking operations – focus on NII
Total income from banking operations – focus on NII CHF millions (rounded), unaudited figures Total income from ordinary banking operations • Commissions & fees – Up, on favorable market conditions • Trading – Up, on balance-sheet 579 593 +14 +2% management 268 268 Net interest income (NII) 0 0% • O
Slide 15: Total income from banking operations – focus on BSM
Total income from banking operations – focus on BSM CHF millions (rounded), unaudited figures Total income from ordinary banking operations • Commissions & fees – Up, on favorable market conditions • Trading – Up, on balance-sheet 579 593 +14 +2% management 268 268 Net interest income (NII) 0 0% • O
Slide 16: Operating expenses, depreciation and amortization
Operating expenses, depreciation and amortization CHF millions (rounded), unaudited figures 324 327 +3 +1% 199 201 Personnel costs +2 +1% • Personnel costs – Slightly up due to salary increases • Other operating expenses – Up, 84 87 Other operating expenses +3 +3% primarily reflecting IT (infrastruc
Slide 17: Headcount
Headcount Full-time equivalents at period-end 2,083 2,085 +2 0% 225 230 Subsidiaries +5 +2% 1,857 1,855 Parent company -2 -0% 31 Dec. 30 Jun. 2025 2026 17 Half-Year 2026 Results
Slide 18: Assets
Assets CHF billions (rounded), unaudited figures 63.3 +1.7 +3% 61.6 8.5 Cash and equivalents -0.2 -2% 8.7 Due from banks and reverse +0.3 +49% 1.0 0.7 repo agreements 6.6 Loans and advances to customers +0.2 +3% • Loans and advances to customers – 6.4 Up across most segments 35.6 36.3 Mortgage loans
Slide 19: Liabilities and equity
Liabilities and equity CHF billions (rounded), unaudited figures 63.3 +1.7 +3% 61.6 5.0 Due to banks -0.4 -7% 5.4 39.4 Customer deposits +1.1 +3% • Customer deposits – Up, mainly from 38.3 retail-banking, wealth management, and institutional clients • Bonds and mortgage-backed bonds – 11.8 Bonds and
Slide 20: Assets under management
Assets under management CHF billions (rounded) Assets under management • AuM up CHF 7.7bn (+5.7%) to CHF 141.8bn +5.7% – +CHF 5.3bn from market 141.8 134.1 +5.3 performance (or +3.9% of AuM) +2.4 8.8 Piguet 8.2 Galland – +CHF 2.4bn from net new money 125.9 133.0 (or +1.8% of AuM) BCV 31 Dec. Net new
Slide 21: Capital ratios
Capital ratios CHF billions (rounded) Risk-weighted assets and CET1 ratio • CET1 ratio down 34 bps to 17.6% RWAs CET1 ratio FINMA minimum target – -50 bps due to higher business Common Equity Tier 1 Leverage ratio Minimum requirement volumes 17.6% 17.9% 18.0% 17.6% – +20 bps, due to recognition of 1
Slide 22: Liquidity Coverage Ratio (LCR)
Liquidity Coverage Ratio (LCR) CHF billions (rounded) HQLAs1 LCR Minimum requirement • LCR edged up 0.2 points vs. H2 2025 Net cash outflows1 133.4% 132.9% 133.1% 129.5% 127.4% 129.0% • HQLA increased by CHF 0.3bn and net cash outflows by CHF 0.2bn 100% • Composition of the Bank’s HQLAs: – 45%: cash
Slide 23: Net Stable Funding Ratio (NSFR)
Net Stable Funding Ratio (NSFR) CHF billions (rounded) Available stable funding (ASF)1 NSFR Minimum requirement • NSFR decreased by 0.6 points from Required stable funding (RSF)1 31 December 2025: – Required stable funding grew by 120.4% 119.5% 122.0% 120.5% 119.9% CHF 1.1bn 118.3% – Available stabl
Slide 24: Agenda
Agenda Introduction H1 2026 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 24 Half-Year 2026 Results
Slide 25: Swiss and Vaud GDP growth
Swiss and Vaud GDP growth In % Swiss GDP1 Vaud GDP2 • Fundamentals of the Swiss economy are still strong: BCV’s internal estimate at – Steady population growth July 2026 underpinned by robust 7.0 6.9 immigration 6.0 5.9 – Low unemployment rate (3.0% on average in Switzerland) 5.0 – Inflation rate wi
Slide 26: Real estate in Vaud
Real estate in Vaud Transaction prices in Vaud (Base of 100 in June 2016) • Ongoing rise in Vaud real-estate Apartments Single-family homes transaction prices: 160 – Apartments: Up 4.2% YoY, up 150 +6.7% 2.6% YTD 140 +4.2% – Single-family homes: Up 6.7% 130 YoY, up 3.3% YTD 120 110 100 • Prices supp
Slide 27: Appendices
Appendices 27 Half-Year 2026 Results
Slide 28: Income statement
Income statement CHF millions (rounded), unaudited figures H1 2026 H1 2025 Abs. change Change as % Interest and discount income 342.2 376.0 -33.8 -9 Interest and dividend income from financial investments 37.8 31.1 +6.7 +22 Interest expense -115.1 -142.0 -26.9 -19 Net interest income before loan imp
Slide 29: Balance sheet
Balance sheet CHF millions (rounded), unaudited figures 30 Jun. 2026 31 Dec. 2025 Abs. change Change as % Cash and cash equivalents 8,504 8,699 -195 -2 Due from banks 995 667 +328 +49 Reverse repurchase agreements 0 0 0 N/A Loans and advances to customers 6,577 6,357 +220 +3 Mortgage loans 36,333 35
Slide 30: Key performance indicators
Key performance indicators 31 Dec. 31 Dec. 31 Dec. 31 Dec. 30 Jun. 2022 2023 2024 2025 2026 Impaired loans/ 0.4% 0.3% 0.3% 0.3% 0.3% credit exposure Customer deposits/ 105% 96% 94% 91% 92% loans to customers Asset quality and balance Liquidity Coverage Ratio (LCR) 129% 129% 129% 133% 133% sheet stru
Slide 31: BCV share
BCV share Per share (CHF) Stock price (CHF) Operating profit EPS BCV SPI Index (rebased) 3.0 3.0 3.1 140 2.9 2.9 2.6 2.6 2.5 2.5 2.6 130 120 118.40 110 100 0 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 1 Jan. 2026 31 Mar. 2026 30 Jun. 2026 Key figures 31 Dec. 31 Dec. 31 Dec. 31 Dec. 30 Jun. 2022 2023 20
Slide 32: Calendar
Calendar 12 February 2026 30 April 2026 20 August 2026 25 February 2027 Full-year 2025 Annual Shareholders’ Half-year 2026 Full-year 2026 results Meeting in Lausanne results results 13 April 2027 13 May 2027 19 August 2027 Publication of the Annual Shareholders’ Half-year 2027 2026 annual and Meetin
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