Vontobel Holding Ag · SIX:VONN
Vontobel — FY2025 Earnings Presentation
34 slides from Vontobel's earnings presentation, Feb 6, 2026
Slide 1: Full-year 2025 results
Christel Rendu de Lint Co-CEO Georg Schubiger Co-CEO Jan Marxfeld Ad Interim CFO Full-year 2025 results February 6, 2026
Slide 2: Agenda
Agenda Executing Financial Q&A on our priorities performance Christel Rendu de Lint Jan Marxfeld Georg Schubiger Ad Interim CFO Co-CEOs February 6, 2026 2
Slide 3: Executing on our priorities
Executing on our priorities
Slide 4: Full-year 2025 – A successful year for Vontobel
Full-year 2025 – A successful year for Vontobel Financial results Strategic progress Significant net profit growth (+5% to CHF 280 M) Integrated the Quantitative Boutique and divested despite lower rates and a weaker US dollar cosmofunding to concentrate on core growth areas CHF 241 B AuM on strong
Slide 5: Market backdrop – Dual headwinds of lower interest rates and a weaker US dollar
Market backdrop – Dual headwinds of lower interest rates and a weaker US dollar 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 160 6.0% 110 5.0% 140 105 4.0% 3.0% 120 100
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 Clients management and customization Investment We grow profit
Slide 7: Private Clients – Continued strong performance
Private Clients – Continued strong performance Strong growth Small lending book Strict market focus Comprising Swiss mortgages and liquid Lombard >75% of assets in developed and western markets Net new money growth, % 5.6% 5.7% 4.7% 5.2% Loans, in % of Private Clients AuM Other markets Operating inc
Slide 8: Institutional Clients – Driving growth through disciplined execution
Institutional Clients – Driving growth through disciplined execution Accelerating commercial traction Winning with large institutions Effective distribution capabilities of strong track record funds Active fund market growth vs industry peers1,2 Jan 2025 to Nov 2025, % Firm A +16% Credit Opportuniti
Slide 9: Investment Solutions – Combined NNM growth of 6.7% across 4 out of 6 boutiques
Investment Solutions – Combined NNM growth of 6.7% across 4 out of 6 boutiques Growth in 4 out of 6 boutiques Supported by strong performance Continued momentum in Fixed Income % of assets in 1st and 2nd quartiles1,2 AuM, CHF B3 Equities Quality Growth 103 111 109 1Y 70 3Y 82 30 Conviction Equities
Slide 10: Investment Solutions – NNM growth of 6.7% across four boutiques
Quality Growth Investment Solutions – NNM growth of 6.7% across four boutiques Conviction Equities TwentyFour AM Fixed Income Boutique Multi Asset Boutique Quantitative Investment Conviction Equities Boutique TwentyFour Asset Management Manages concentrated and fundamentally +5.0% Fixed Income speci
Slide 11: Investment Solutions – Quality Growth is an attractive diversifier
Quality Growth Investment Solutions – Quality Growth is an attractive diversifier Conviction Equities TwentyFour AM Fixed Income Boutique Multi Asset Boutique Quantitative Investment An attractive diversifier delivering stable returns Robust quality investment style − Quality Growth style consistent
Slide 12: Investment Solutions – Quantitative Boutique will be integrated
Quality Growth Investment Solutions – Quantitative Boutique will be integrated Conviction Equities TwentyFour AM Fixed Income Boutique Multi Asset Boutique Quantitative Investment Quantitative Boutique will be integrated Investment Solutions − Integrating the Quantitative Investment boutique Equitie
Slide 13: Structured Solutions – Leading platform for tailored investment products
Quality Growth Structured Solutions – Leading platform for tailored investment products Investment Solutions Conviction Equities TwentyFour AM Fixed Income Boutique Multi Asset Boutique Quantitative Investment Structured Solutions Investment products at scale Digital and scalable Capturing client de
Slide 14: Efficiency – Delivering on our goals
Efficiency – Delivering on our goals CHF 100 M program ahead of plan Improving firm-wide efficiency Clear benefits Gross savings exit rate, CHF M Cost/income ratio, adjusted1, % 100 78.2% − Retaining strategic flexibility 84 80 − Driving long-term value creation 73.5% − Releasing resources for growt
Slide 15: Targets – Delivering sustainable growth and shareholder value
Targets – Delivering sustainable growth and shareholder value Through-the-cycle growth Targets Assets under management, CHF B 2024 2025 Target1 +6% Growth Operating income 8.6% 0.6% 4 – 6% 244 241 Through- 229 220 the-cycle 199 204 207 Net new money 1.3% 1.8% 4 – 6% 165 171 Profitability Return on e
Slide 16: Financial performance
Financial performance
Slide 17: Strong financial results
Strong financial results Highlights Profit before tax and net income development CHF M, YoY % − Higher operating income despite +33 364 +3% 354 –34 interest rate and FX headwinds +41 –2 –27 83 Taxes 88 − Efficiency program enabling lower costs while investing for growth Group Interest rate CHF +74 M
Slide 18: Assets under management higher
Assets under management higher Highlights Assets under management Net new money CHF B CHF B, Annualized growth rate % − Higher AuM from positive +5% Total 2.6 4.2 performance, NNM and the 17.6 240.7 229.1 4.2 IHAG client book acquisition −10.1 108.7 110.8 − Strong Private Clients flows 5.8 +5.2% acr
Slide 19: Operating income higher despite significant FX and interest rate headwinds
Operating income higher despite significant FX and interest rate headwinds Highlights By Category By Segment CHF M, YoY % CHF M, YoY % Constant +3% currency − Significant headwinds from USD weakness and lower +1% Swiss rates 1,423 1,432 1,423 1,432 Net 81 –30% 115 interest 370 –7% − PC operating inc
Slide 20: Private Clients margin – Offsetting NII compression from lower rates
Private Clients margin – Offsetting NII compression from lower rates Highlights Private Clients operating margin Revenue management yielding stability bps Recurring margin, bps − Structured Solutions margin –5 bps reflecting continued successful 94 96 capture of strong client demand 91 Trading (Stru
Slide 21: Institutional Clients margin – Flows margin accretive
Institutional Clients margin – Flows margin accretive Margin reflects shift out of EM Post EM shift – Flows accretive on pricing discipline and attractive offering Institutional Clients margin EM share of AuM has flattened out Gross flows have turned margin accretive bps Emerging Markets (EM) share
Slide 22: Efficiency program delivering tangible financial benefits
Efficiency program delivering tangible financial benefits Highlights Operating expenses Cost/income ratio CHF M, YoY % % Constant –1.7 pp currency − C/I ratio improved further to 74.2% (72.9% adjusted for cost- 0% –0.5 pp to-achieve and IHAG client book 1,069 1,068 74.7% integration costs) 74.2% < 7
Slide 23: Strong and liquid balance sheet with conservative risk management
Strong and liquid balance sheet with conservative risk management Strong and liquid balance sheet Balance sheet composition CHF B, FY 20252 − Fully marked to market1 34.7 34.7 − Balance sheet increased by CHF 1.9 B, driven by higher client Due to Liquidity 3.0 2.1 activity and higher customer deposi
Slide 24: Strong capital position and generation
Strong capital position and generation Highlights Very strong capital position Highly CET1 capital accretive − Very strong capital position 23.8% 24.4% 19.7% 18.7% − Maintained proven AT1 5.1% 20.9% 4.7% 3.6% 6.6% conservative risk stance 4.8% 1.4% 0.6% − Capital efficient business Vontobel CET1 tar
Slide 25: Record tangible equity generation and continued attractive dividend
Record tangible equity generation and continued attractive dividend Highlights Record tangible equity per share growth 201% Cumulative TBVPS growth incl. dividends (%) − Record tangible book value per share growth, up +15% YoY Dividend per share TBV generated per share − Positive value creation sinc
Slide 26: Results summary
Results summary Highlights Key figures (CHF M) 2023 2024 2025 YoY ∆ (%) Assets under Management (B) 207 229 241 +5% Net New Money (B) -3.5 2.6 4.2 − Strong financial results Operating income 1,310 1,423 1,432 +1% − Positive flows and higher AuM Operating expense 1,042 1,069 1,068 0% of which one-off
Slide 27: Key messages
Key messages
Slide 28: Full-year 2025 – A successful year for Vontobel
Full-year 2025 – A successful year for Vontobel Financial results Strategic progress Significant net profit growth (+5% to CHF 280 M) Integrated the Quantitative Boutique and divested despite lower rates and a weaker US dollar cosmofunding to concentrate on core growth areas CHF 241 B AuM on strong
Slide 29: Q&A
Q&A
Slide 30: Appendix
Appendix
Slide 31: Income statement and AuM composition
Income statement and AuM composition Income statement Assets under management FY 2025, % of total FY 2025, % of total AuM 2% Other 8% 5% Other 8% Other1 7% 6% GBP Other markets 14% 8% GBP 6% Liquid assets2 11% 9% USD Focus APAC, Institutional Alternative 4% 10% EUR LATAM, MEA3 45% EUR 19% investment
Slide 32: 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 33: Upcoming events
Upcoming events Annual General Meeting 2026 April 14, 2026 3M Trading Update 2026 April 23, 2026 Half-year results 2026 July 24, 2026 Refer to the Vontobel Investor Relations website for details: www.vontobel.com/calendar February 6, 2026 33
Slide 34: 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