Cembra Money Bank Ag · SIX:CMBN
Cembra Money Bank — H1 2026 Earnings Presentation
36 slides from Cembra Money Bank's earnings presentation, Jul 23, 2026
Slide 1: H1 2026 results and acquisition of Swiss auto financing business of Santander
H1 2026 results and acquisition of Swiss auto financing business of Santander Holger Laubenthal, CEO Christoph Glaser, CFO Volker Gloe, CRO 23 July 2026
Slide 2: Key messages
Key messages 1 Net income +6% driven by further efficiency gains 2 Net financing receivables up 2%, supported by targeted growth in personal loans, auto & cards 3 Net revenues stable despite lower maximum interest rates and softened macro environment 4 Cost/income significantly improved to 43.5%, an
Slide 3: Agenda
Agenda 1. H1 2026 highlights Holger Laubenthal 2. H1 2026 financial results Christoph Glaser, Volker Gloe 3. Acquisition Holger Laubenthal, Christoph Glaser 4. Outlook Holger Laubenthal Appendix 3 23 July 2026 Half-year 2026 results C e m bra
Slide 4: H1 2026 performance: Earnings growth driven by further efficiency gains
H1 2026 highlights H1 2026 performance Earnings growth driven by further efficiency gains Highlights Net income Net financing receivables Net revenues in CHF m in CHF m in CHF m • Net income +6% to CHF 92.3 Net interest income million +6% +2% Commission and fees 0% • Net financing receivables +2% 26
Slide 5: Products and markets
H1 2026 highlights Products and markets Targeted growth with continued focus on profitability Lending Payments Personal loans Auto loans and leases Credit cards Buy now pay later (BNPL) • Volume rebound as growth • Net financing receivables • Net financing receivables +2% • Focus on profitability Ce
Slide 6: Operational highlights H1 2026
H1 2026 highlights Operational highlights H1 2026 Product innovation and further improved customer processes Customer interaction Auto platform Product innovation AI adoption Q4 2025 Q2 2026 130% AI Straight-through contracts • Increased adoption rate of • Increasing straight-through • 2-click in-ap
Slide 7: Agenda
Agenda 1. H1 2026 highlights Holger Laubenthal 2. H1 2026 financial results Christoph Glaser, Volker Gloe 3. Acquisition Holger Laubenthal, Christoph Glaser 4. Outlook Holger Laubenthal Appendix 7 23 July 2026 Half-year 2026 results C e m bra
Slide 8: P&L: Increase in net income from higher operating efficiency
H1 2026 financial results P&L Increase in net income from higher operating efficiency In CHF m H1 2026 H1 2025 as % Interest income 225.2 231.4 -3 Comments Interest expense -40.9 -47.1 -13 1 Lower funding cost offsetting effect from 4 BNPL with revenue enhancement Net interest income 1 184.3 184.3 0
Slide 9: Net financing receivables and yield development
H1 2026 financial results Net financing receivables and yield development Growth in personal loans, auto and cards In CHF m Net financing receivables Personal loans Auto leases and loans Credit cards Net financing receivables Net financing receivables Net financing receivables +2% +1% +2% 3,258 3,28
Slide 10: Net interest income
H1 2026 financial results Net interest income Net interest margin stable at 5.4% Net interest income (NII) Comments In CHF m 0% • Pricing impact following the 184.3 184.3 reduction of the maximum interest 0.3 rate since 1 January 2026 fully -5.7 6.2 offset by lower interest expense -0.8 • Interest i
Slide 11: Provision for losses
H1 2026 financial results Provision for losses Continued solid loss performance in line with guided levels Loss rate1 NPL2 and delinquencies as % Metric 31.12.25 30.06.26 NPL development 30+ days past due 3.6% 3.3% 4% Lending reported Non-performing loans 1.9% 1.7% adjusted3 3% 30+ days past due 3.3
Slide 12: Operating expenses
H1 2026 financial results Operating expenses Continued strict cost discipline In CHF m H1 2026 H1 2025 as % Comments Compensation and benefits 1 60.9 62.5 -3 1 Lower FTE 5 Lower project-related investments and Professional services 2 9.9 11.2 -12 external service costs Marketing 4.6 4.7 -1 2 Reduced
Slide 13: Operating expenses trend
H1 2026 financial results Operating expenses trend Visible benefits from the transformation Group Employees (FTE) Operating expenses trend FTE Nearshoring Switzerland CHF m, pre transaction CHF 263 265 15+ m -8% 245 900 877 -8% 805 800 744 228 - 230 700 600 500 FY 2023 FY 2024 FY 2025 Personnel (C&B
Slide 14: Balance sheet
H1 2026 financial results Balance sheet Net financing receivables +2% In CHF m Assets 30.06.26 31.12.25 as % Comments Cash and equivalents 1 495 781 -37 1 The stable funding profile resulted in 3 Reduced liquidity balances lowered Financing receivables1 6,840 6,755 1 lower liquidity requirements in
Slide 15: Funding
H1 2026 financial results Funding Further diversified, with retail funding growing Funding mix Funding instruments In CHF m1 6,503 6,394 6,300 250 150 150 150 1 - AT1 subordinated One issuance with perpetual term at 2.9566%1 250 250 Non-deposits – 43% 2,080 1,830 1,860 2 - Convertible bond One issua
Slide 16: Capital position
H1 2026 financial results Capital position Tier 1 capital ratio of 17.7% Tier 1 capital walk Risk-weighted assets (RWA) In CHF m In CHF m 17.6% 92 17.7% 92 6,354 1,123 1,102 6,262 -67 -3 31.12.2025 Net income Dividend 1 Other assets and 30.06.2026 31 Dec 2025 Impact from movement 30 Jun 2026 (US GAA
Slide 17: Agenda
Agenda 1. H1 2026 highlights Holger Laubenthal 2. H1 2026 financial results Christoph Glaser, Volker Gloe 3. Acquisition Holger Laubenthal, Christoph Glaser 4. Outlook Holger Laubenthal Appendix 17 23 July 2026 Half-year 2026 results C e m bra
Slide 18: Acquisition of Swiss Auto financing business from Santander
Acquisition of Swiss Auto financing business from Santander Acquisition of Swiss Auto financing business from Santander Strategically compelling transaction with attractive financial returns Transaction highlights Sustainable financial impact ✓ Strengthening our position in auto financing through ac
Slide 19: Strategic rationale
Acquisition of Swiss Auto financing business from Santander Strategic rationale Strengthening auto financing business through scale and diversification Adding scale and diversification through complementary products Increase of Swiss leasing market share from 18% to approx. 22% 30 June 2026 post acq
Slide 20: Financial implications
Acquisition of Swiss Auto financing business from Santander Financial implications EPS accretive from 2027 and ROE increase of 25bps by 2028 expected EPS accretive by 2027 Purchase price allocation and financing Risk profile EPS accretion Assets CHF m % Net financing receivables Secured Unsecuritise
Slide 21: Agenda
Agenda 1. H1 2026 highlights Holger Laubenthal 2. H1 2026 financial results Christoph Glaser, Volker Gloe 3. Acquisition Holger Laubenthal, Christoph Glaser 4. Outlook Holger Laubenthal Appendix 21 23 July 2026 Half-year 2026 results C e m bra
Slide 22: Outlook
Outlook Outlook Priorities for 20261 Outlook 2026 Cembra’s • Continuously calibrate risk/volume/price for DNA sustainable profitability focus • Organic net revenues expected to grow in line with GDP • Loss performance slightly above the mid-term guidance of around 1%, Operational • Automation in per
Slide 23: Agenda
Agenda 1. H1 2026 highlights Holger Laubenthal 2. H1 2026 financial results Christoph Glaser, Volker Gloe 3. Acquisition Holger Laubenthal, Christoph Glaser 4. Outlook Holger Laubenthal Appendix 23 23 July 2026 Half-year 2026 results C e m bra
Slide 24: Macroeconomic outlook
Appendix Macroeconomic outlook Swiss economy remains resilient GDP in Switzerland Swiss vs. Eurozone CPI Inflation CHF interest rates Swiss unemployment rate Change vs. previous period as % End-of-period 3-year swap rates as % As %, average per year 6 5.5 4 3.5 5 Switzerland 3 Eurozone 2.0 5 4 1.69
Slide 25: Market positions
Appendix Market positions Serving >2 million customers across the business lines Lending and Payments Lending Payment Personal loans: 34% market share Auto business: 18% market share Credit cards: 12% market share BNPL: 30-40% market share 30 June 2026, personal loans market 30 June 2026, leasing re
Slide 26: Strategic programmes
Appendix Strategy 2022 – 20261 Reimagining Cembra Key messages Strategic ambition We will leverage technology to deliver the most intuitive customer solutions in consumer finance Cembra’s We will draw on the strengths of our world-class credit factory and our leadership Core DNA in selected markets
Slide 27: H1 2026 segment results
Appendix H1 2026 segment results In CHF m H1 2026 Lending as % Payments as % Group Comments Year-on-year Year-on-year 1 Lending net income increased by 1% to CHF 57.8 million, as lower Interest income 173.1 -4 52.1 0 225.2 operating expenses offset lower net revenues and higher provision for losses.
Slide 28: Profitability by source
Appendix Profitability by source Strong increase of return on financing receivables Return on financing receivables 2.3% 2.6% 2.7% + Net revenues Net interest income 5.3% 5.4% 5.4% Commission and fees 2.4% 2.4% 2.4% Provision for losses -1.0% -0.9% -1.1% Costs - Operating expense -3.9% -3.8% -3.4% T
Slide 29: Dividends
Appendix Dividends Stable or increasing payouts, and active management of capital Dividends CHF per share Extraordinary dividend from excess capital 5.60 4.45 4.60 • 69% average payout ratio since 4.25 3.85 3.95 4.00 the IPO 3.75 3.75 3.75 3.45 3.55 3.35 • Active capital management: 3.10 2.85 payout
Slide 30: Sustainability
Appendix Sustainability Strong external recognition, and commitment to further improve Sustainability performance Selected targets External recognition • In 2025, successfully achieved scope 1+2 Reduce Scope 1+2 emissions by Low ESG risk emissions reduction target by 75% (basis 75% by 2025 (basis: 2
Slide 31: History
Appendix History Foundation –“Banque Launched credit Launched First public IPO at SIX Launched eny Finance Launched Updated Acquisition Rolled out commerciale et agricole cards through savings Auto ABS Swiss FNAC cards transaction IKEA cards strategy of Byjuno partner- E. Uldry & Cie” in Fribourg Mi
Slide 32: Glossary of key figures
Appendix Glossary of key figures including alternative performance measures To measure its performance, Cembra uses some key figures that are not defined under US GAAP. This glossary provides definitions of alternative performance measures (APM) and other key figures Key figures (including APM) Defi
Slide 33: Key figures over 10 years
Appendix Key figures over 10 years US GAAP 2017 2018 2019 2020 2021 2022 2023 2024 2025 H1 2026 Net revenues (CHF m) 396 439 480 497 487 509 516 550 542 267 Net income (CHF m) 145 154 159 153 161 169 158 170 180 92 Cost/income ratio (%) 42.4 44.0 48.3 49.8 50.6% 50.6% 50.9% 48.1% 45.2% 43.5% Net fin
Slide 34: The Cembra share
Appendix The Cembra share Shareholder structure Institutional owners by domicile1 Based on nominal share capital of CHF 30m, as % Others Own shares UK 7% 2% 8% ~20,000 registered 24% EU private shareholders 10% 55% Switzerland 20% 74% US incl. CND ~1,100 institutional investors Main investors and in
Slide 35: Cautionary statement regarding forward-looking statements
Appendix Cautionary statement regarding forward-looking statements This presentation by Cembra Money Bank AG (“the Group”) includes forward-looking statements that reflect the Group’s intentions, beliefs or current expectations and projections about the Group’s future results of operations, financia
Slide 36: Calendar and further information
Calendar and further information Visit us at www.cembra.ch/investors Corporate events Investor conferences, roadshows and calls 23 July 2026 Half-year results 2026 24 July 2026 Roadshow Zurich Early December 2026 Investor Day 2026 15 September 2026 Octavian investor lunch, Zürich 18 February 2027 Fu