Efg International Ag · SIX:EFGN
Efg International — H1 2025 Earnings Presentation
43 slides from Efg International's earnings presentation, Jul 23, 2025
Slide 1: Half-year 2025 results presentation
Half-year 2025 results presentation 23 July 2025 Zurich
Slide 2: Important Legal Disclaimer
Important Legal Disclaimer This document has been prepared by EFG International AG (“EFG”) solely for use by In view of these uncertainties, readers are cautioned not to place undue reliance on you for general information only and does not contain and is not to be taken as these forward-looking stat
Slide 3: Highlights
01 Highlights Giorgio Pradelli Chief Executive Officer
Slide 4: Consistent performance and progress toward 2025 ambition
Consistent performance and progress toward 2025 ambition 6.5% 5.4 NNA growth rate Strong growth momentum above target range, illustrating continuously strong business development despite volatile and uncertain market NNA, in CHF billion environment Organic growth complemented by strategic acquis
Slide 5: Financial performance
02 Financial performance Dimitris Politis Chief Financial Officer & Deputy CEO
Slide 6: Record profitability of CHF 221.2 mn in 1H 2025
Record profitability of CHF 221.2 mn in 1H 2025 Consistent delivery towards financial targets Key highlights Evolution of IFRS net profit in CHF mn Reported net profit up 36%, net profit 221.2 +36% adjusted for insurance recovery grew 8% year on year 45.4 Continued to create operating leverage 1
Slide 7: Continued growth momentum and resilient topline
Continued growth momentum and resilient topline Business development Profitability Capital & Liquidity NNA 15% Gross capital +6.5% Revenue growth +290 bps growth generation 7%* vs. 1H24 Revenue Cost-income ratio, Total capital 104 bps 66.7% 20.6% margin down -1.7 pp* ratio 97 bps* 71.2%* vs. FY 2024
Slide 8: Financials summary
Financials summary 1H25 1H24 Variation vs. 1H24 Revenue-generating AuM (bn) 162.3 159.3 +1.9% Net new assets (bn) 5.4 5.2 +3.8% Net new assets growth rate (%) 6.5% 7.3% -0.8 pp Revenue margin (bps) 104 97 +7 bps Operating income (in CHF mn) 853.9 743.8 +14.8% Operating expenses (in CHF mn) 573.6 549
Slide 9: Financials summary
Financials summary 1H25 2H24 1H24 Revenue-generating AuM (bn) 162.3 165.5 159.3 Net new assets (bn) 5.4 4.9 5.2 Net new assets growth rate (%) 6.5% 6.2% 7.3% Revenue margin (bps) 104 95 97 Operating income (in CHF mn) 853.9 755.1 743.8 Operating expenses (in CHF mn) 573.6 558.5 549.4 Operating profi
Slide 10: Consistent delivery in 2023-2025 business cycle
Consistent delivery in 2023-2025 business cycle Net new asset growth Cost/income ratio NNA growth in % Evolution CIR in % 4-6% per 69% annum 7.3 71.2* 6.2 6.5 72.6 73.4 66.7 1H24 2H24 1H25 1H24 2H24 1H25 Revenue margin Return on tangible equity Evolution RoAuM in bps Evolution RoTE in % 85 bps 15-18
Slide 11: Annualised NNA growth of 6.5% in 1H 2025
Annualised NNA growth of 6.5% in 1H 2025 - Growth supported by both new and existing CROs AuM evolution NNA growth levers Revenue-generating AuM evolution in CHF bn Existing CROs in CHF bn 3.1 5.4 ~173 165.5 1.8 (11.7) 162.3 0.8 0.7 1H23 1H24 1H25 New CROs1 in CHF bn Dec 24 NNA Market FX Jun 25 Pro
Slide 12: Strong performance across all regions
Strong performance across all regions Regional business development AuM breakdown NNA Growth Revenue-generating AuM RoAuM* CHF 5.4 bn (in %) CHF 162.3 bn (in bps) Switzerland & Switzerland & Italy region Switzerland & 1.0 4.6% continued to grow in target range 43.5 125 Italy Italy supported by new
Slide 13: Normalised CRO hiring momentum
Normalised CRO hiring momentum CRO evolution CRO additions AuM per CRO # of CROs # of new CROs AuM per CRO (excl. Shaw and Partners) in CHF mn 693 35 703 694 223 238 Shaw and 238 19 16 348 Partners CROs 328 Signed & 316 313 321 17 470 465 456 approved 29 29 18 2023 2024 1H25 1H24 2H24 1H25 2021 2022
Slide 14: Stronger and resilient operating income
Stronger and resilient operating income Increasing operating income Key highlights Operating income in CHF mn Net commission income up 11% year on year, benefitting from higher management fees on 104/ 97 bps 95 bps 97 bps* the back of higher average AuM vs. 1H24. Commission margin increased by 1 b
Slide 15: Revenue margin drivers
Revenue margin drivers Revenue margin evolution Impact from currencies Impact from interest rates in bps – excl. life insurance portfolio & insurance recovery Impact on cost-income ratio Interest rate sensitivity 1 for a 100 bps from +/-10% variation in exchange decrease in interest rates rates vs.
Slide 16: Commissions driving the sustainable improvement in revenues
Commissions driving the sustainable improvement in revenues Commission margin Key highlights and developments (in bps) 45 43 44 Mandate penetration reached a new high of 40 41 64%, driving improvement in recurring 44 12 9 8 10 10 41 revenues 33 32 33 33 34 Non-recurring Recurring Increased share
Slide 17: Increase in operating expenses reflects growth investments
Increase in operating expenses reflects growth investments Cost-to-income ratio improves to 71.2%* Increase in personnel expenses reflects growth investment Key highlights Operating expenses in CHF mn Strategic investments from 2023 /2024 now fully impacting 1H25 operating expense line: strategic
Slide 18: Active cost management – Simplicity program to exceed target
Active cost management – Simplicity program to exceed target Evolution of Simplicity program Key highlights in CHF mn Ongoing rigorous cost management efforts 66 m Key areas of effort: 60 m Current level ‒ Regionalization and centralisation of key of execution processes across Risk, Finance, Ope
Slide 19: Strong balance sheet – Diligently de-risking
Strong balance sheet – Diligently de-risking Balance Sheet highlights Key metrics in CHF bn 30 Jun 2025 31 Dec 2024 37.6 37.6 CET1 capital ratio (%) 17.1% 17.7% Assets bn bn Liabilities & Equity Total capital ratio (%) 20.6% 21.5% RWAs (CHF bn) 9.9 bn 9.3 bn Cash & banks 0.9 Due to banks 7.3 Leverag
Slide 20: Strong profitability drives capital generation
Strong profitability drives capital generation Evolution CET1 capital ratio Gross capital generation 2.9% Net capital generation 0.4% Total Capital 21.5 Total Capital Ratio 2.9 20.6 20.6 Ratio 3.8 3.2 (1.4) 3.5 CET1 Capital 17.7 (1.1) (0.7) 17.4 CET1 Capital Ratio (0.3) 17.1 Ratio Enhanced return to
Slide 21: Recent acquisitions of Cité Gestion and Investment Services Group (ISG)
03 Recent acquisitions of Cité Gestion and Investment Services Group (ISG) Dimitris Politis Chief Financial Officer & Deputy CEO
Slide 22: Assessment criteria for accretive M&A opportunities
Assessment criteria for accretive M&A opportunities 1 Acquire market share and/or capabilities in strategic markets where we are already present and realise synergies Key 2 Ensure transactions with strong cultural fit and assessment complementary organisational elements parameters 3 Consider transac
Slide 23: Cité Gestion at a glance
Cité Gestion at a glance Company description Strategic growth trajectory 16% AuM, in CHF bn CAGR Pure-play Swiss wealth manager with primary focus on client 2016-24 service excellence; presence across key wealth management 7.5 hubs in Switzerland (Geneva, Lausanne, Lugano, Zurich) AuM of CHF 7.5
Slide 24: Investment Services Group (ISG) at a glance
Investment Services Group (ISG) at a glance Company description Strategic growth trajectory Assets, in NZD bn ISG is a leading Auckland-based investment firm managing +27% assets across its wealth management, funds management and investment platform divisions; seven offices across 7.1 New Zealand
Slide 25: Confident on delivery in 2025
Confident on delivery in 2025 2025 Financial targets Entering the last 6 months of the 2023-2025 strategic cycle, with record financial results NNA growth 4-6% p.a. Revenue margin Business development 85 bps Priorities for 2H 2025 Revenue margin protection Strict cost and efficiency management
Slide 26: Outlook and Priorities
04 Outlook and Priorities Giorgio Pradelli Chief Executive Officer
Slide 27: We expect the complex market conditions to persist
We expect the complex market conditions to persist Elevated market Structural USD Interest rate volatility weakness cycle in % 950 35 1.0000 7 30 0.9500 900 5 25 0.9000 850 20 3 0.8500 800 15 1 0.8000 10 750 0.7500 -1 5 700 0 0.7000 -3 Dec 24 Jun 25 Dec 22 Jun 25 Dec 20 Jun 25 MSCI World CFE-VIX EUR
Slide 28: Continuous focus on our strategic priorities while mindful of challenges ahead
Continuous focus on our strategic priorities while we are mindful of challenges ahead External factors affecting performance Strategic priorities Continue to deliver strong organic Elevated market Client activity growth volatility dependent on market developments Increasing share of higher-value
Slide 29: EFG on track to exceed 2025 ambition
EFG on track to exceed 2025 ambition 2023 - 2025 2023 - 2025 Sustaining profitable growth, Consistent execution and 2019 - 2022 achieving scale delivery Strong track record of profitable growth 12.7% 24.4% 6.8% 13.4% 15-18% RoTE 221 ~15% 176** p.a. ~21% p.a. 206 202 100 115 94 Net profit (CHF mn) 20
Slide 30: Well placed for continued sustainable and profitable growth
Well placed for continued sustainable and profitable growth Record profit and consistent On track to exceed Committed to delivering strong growth momentum 2025 ambition strong performance in 2026–2028 strategic cycle Investor Day in Zurich on 25 November 2025 to update about future strategic directi
Slide 31: Thank you for your attention.
Thank you for your attention. 23 July 2025 Page 31
Slide 32: EFG International I Half-year 2025 results 23 July 2025 Page 32
EFG International I Half-year 2025 results 23 July 2025 Page 32
Slide 33: Appendix
05 Appendix
Slide 34: Income statement (IFRS)
Income statement (IFRS) In CHF mn 1H25 2H24 1H24 2H23 1H23 Net interest income 182.0 200.7 182.5 262.6 249.4 Net banking fee & commission income 362.4 341.5 325.5 293.0 294.2 Net other income 309.5 212.8 235.8 150.3 181.2 Operating income 853.9 755.1 743.8 705.9 724.8 Personnel expenses (424.4) (402
Slide 35: Balance sheet highlights
Balance sheet highlights In CHF mn 31 Dec 2024 30 Jun 2025 Cash & banks 8,595 7,313 Treasury bills 1,550 1,414 Derivatives 1,550 996 Financial instruments 9,475 8,163 Loans 17,925 18,302 Goodwill & intangibles 192 191 Other 1,313 1,218 Total assets 40,600 37,596 Due to banks 1,052 855 Due to custome
Slide 36: AuM evolution
AuM evolution AuM by asset class AuM by asset class in % FY 2024 in % 1H 2025 Other Other Hedge funds Hedge funds 6% Cash & Deposits 6% 2% 2% Cash & Deposits Loans 22% Loans 19% 11% 11% Structured Structured products 3% products 3% CHF 165.5 bn CHF 162.3 bn 23% 23% 33% Bonds Bonds 33% Equities Equit
Slide 37: Segmental analysis 1H25
Segmental analysis 1H25 Continental Investment Global Performance summary Switzerland Europe & Americas UK Asia Pacific & Wealth Markets & Corporate Elimination Total (in CHF mn) & Italy Middle East Solutions Treasury Segment revenues 235.3 115.0 62.2 87.6 105.3 61.6 91.9 95.0 - 853.9 Segment expens
Slide 38: Segmental analysis 1H24
Segmental analysis 1H24 Continental Investment Global Performance summary Switzerland Europe & Americas UK Asia Pacific & Wealth Markets & Corporate Elimination Total (in CHF mn) & Italy Middle East Solutions Treasury Segment revenues 236.7 133.0 64.3 104.0 96.1 62.2 12.7 34.8 - 743.8 Segment expens
Slide 39: Segmental analysis 2H24
Segmental analysis 2H24 Continental Investment Global Performance summary Switzerland Europe & Americas UK Asia Pacific & Wealth Markets & Corporate Elimination Total (in CHF mn) & Italy Middle East Solutions Treasury Segment revenues 217.0 123.0 64.5 89.6 100.1 62.8 82.1 16.0 - 755.1 Segment expens
Slide 40: Update on Life Insurance Exposures (I)
Update on Life Insurance Exposures (I) Outright portfolio Death Life insurance related portfolios benefits Net Cashflow Year received (USD mn) Legacy exposures acquired more than 15 years ago (USD mn) Outright portfolio carried at fair value (marked-to-model, Level 3) for IFRS accounts – small s
Slide 41: Update on Life Insurance Exposures (II)
Update on Life Insurance Exposures (II) Direct holding of life insurance policies for Death benefit: CHF 367.3 mn 74 insureds (2024: 88) of an average age of Carrying value: CHF 256.5 mn Outright 95.4 years portfolio 1H 2025 premium: CHF 33.6 mn Life expectancy: 3.3 years Operating incom
Slide 42: Financial calendar 2025 / 2026
Financial calendar 2025 / 2026 Event Date Investor Day / 10M business update 2025 25 November 2025 Full-year 2025 financial results 18 February 2026 EFG International I Half-year 2025 results 23 July 2025 Page 42
Slide 43: Contacts
Contacts INVESTORS MEDIA Investor Relations Corporate Communications Jens Brueckner Daniela Haesler Head of Investor Relations Head of Corporate Communications Phone +41 44 226 1799 Phone +41 44 226 1804 jens.brueckner@efginternational.com daniela.haesler@efginternational.com EFG International AG Bl