Vontobel Holding Ag · SIX:VONN
Vontobel — H1 2026 Earnings Presentation
29 slides from Vontobel's earnings presentation, Jul 24, 2026
Slide 1: Half-year 2026 results
Christel Rendu de Lint Co-CEO Georg Schubiger Co-CEO Jan Marxfeld Ad Interim CFO Half-year 2026 results July 24, 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 July 24, 2026 2
Slide 3: Executing on our priorities
Executing on our priorities
Slide 4: Half-year 2026 – Solid results across the board
Half-year 2026 – Solid results across the board Financial results Strategic progress Record profit of CHF 216 million with Embedded quantitative and AI investment clear operating leverage and all-time high AuM capabilities and expanding solutions offering Revenues, efficiency, profitability and capi
Slide 5: Market backdrop – Higher equity prices, stable yields and currencies vs 2H 2025
Market backdrop – Higher equity prices, stable yields and currencies vs 2H 2025 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 140 5.0% 110 4.0% 105 120 3.0% 2.0% 100 100
Slide 6: Distinct positioning, deliberate strategy and clear priorities for long-term growth
Distinct positioning, deliberate strategy and clear 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 custom
Slide 7: Investment Solutions – Launched Vontobel Solutions to scale customization for IC clients
Investment Solutions – Launched Vontobel Solutions to scale customization for IC clients CLIENT VONTOBEL SOLUTIONS SCALABLE OUTCOME Goals Purpose-built portfolio Custom, repeatable − Objectives − Full Vontobel capabilities − One architecture − Constraints − Asset class expertise − Reusable blocks −
Slide 8: Institutional Clients – Commercial momentum visible in flows, margins and revenues
Institutional Clients – Commercial momentum visible in flows, margins and revenues Key success factors Most of AuM growing Winning on Fixed Income above target and market AuM, CHF B, % of total NNM Comprehensive engagement to 111 113 annualized 109 address specific client needs growth, % 103 7.4% 26
Slide 9: Private Clients – Scaling a proven model for future growth
Private Clients – Scaling a proven model for future growth Strong growth Key success factors Focused expansion in core markets Operating income, CHF M Investment-led, not credit-led +32% Los 664 Angeles 564 of which: office 502 258 Structured More than 90% of AuM 180 opened in 127 Solutions in devel
Slide 10: Costs – Structurally improved cost efficiency and discipline
Costs – Structurally improved cost efficiency and discipline Efficiency program ahead of plan Clear operating leverage Gross savings exit rate, CHF M Cost/income ratio, adjusted1, % 116 78.2% 100 73.5% 72.9% 84 Target 80 < 72% 66.4% 45 40 2024 2025 2026 2023 2024 2025 1H26 Targeted Achieved (as of 1
Slide 11: Targets – Ahead across growth, profitability and capital
Targets – Ahead across growth, profitability and capital Shareholder value creation Targets Cumulative growth in tangible book value per share incl. dividends since 31.12.2011, % 1H 2026 FY25 Target1 227 Growth Operating income 23.6% 0.6% 4 – 6% Through- 201 the-cycle Net new money 2.1% 1.8% 4 – 6%
Slide 12: Financial performance
Financial performance
Slide 13: Record financial results with clear operating leverage
Record financial results with clear operating leverage Highlights Profit before tax and net income development CHF M, YoY % − Record net profit reaching +191 CHF 216 M (+87%) +23 273 –46 − Strong revenue growth –13 –30 57 +84% − Clear operating leverage Net lower costs excl. 148 variable compensatio
Slide 14: All-time high assets under management and improving flows
All-time high assets under management and improving flows Highlights Assets under management Net new money CHF B CHF B, Annualized growth rate % − Record AuM supported by +5% Total 2.0 2.2 2.5 NNM, FX and market 7.9 252.2 240.7 2.5 1.1 performance − Strong Private Clients flows 112.5 108.7 across al
Slide 15: Revenue growth across all categories and both client units
Revenue growth across all categories and both client units Highlights By Category By Segment CHF M, YoY % CHF M, YoY % Constant +29% currency − Growth across all revenue lines +24% and in both Client Units 852 852 55 +24% − Lower funding costs 743 743 190 +2% 689 37 689 Net 44 184 − Record assets un
Slide 16: Higher margins across both client segments
Higher margins across both client segments Highlights Institutional Clients Private Clients bps1 bps − Institutional Clients margin +1 bps +17 bps benefiting from successes in 34 34 35 104 higher-margin businesses, 94 including Fixed Income 87 Trading 40 − Private Clients margin (Structured 30 22 So
Slide 17: Operating leverage from revenue growth and cost discipline
Operating leverage from revenue growth and cost discipline Highlights Operating expenses Cost/income ratio CHF M, YoY % % Constant –12.1 pp currency − Strong operating leverage +7% –10.0 pp − Efficiency program cumulative 579 77.9% 541 527 exit rate savings of CHF 116 M < 72% − Costs excluding varia
Slide 18: 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, 1H 20262 − Fully marked to market1 38.3 38.3 − Balance sheet increased by CHF 3.6 B, driven mainly by higher Due to Liquidity 2.8 2.5 client activity and seasonally high
Slide 19: Strong capital position and generation
Strong capital position and generation Highlights Basel III capital ratios % of RWA, CHF M, CHF B 28.1% − Very strong capital position 24.4% 4.9% − CET1 increased to CHF 1.5 B on continued capital accretion 21.0% 4.7% 23.2% AT1 4.3% 19.7% − RWA declined to CHF 6.5 B on lower structured solutions 16.
Slide 20: Through-the-cycle value creation and attractive shareholder returns
Through-the-cycle value creation and attractive shareholder returns Highlights Continued tangible equity per share growth 227% Cumulative TBVPS growth incl. dividends (%) − Continued tangible book value per share growth, up 8% in 1H 2026 Dividend per share TBV generated per share − Positive value cr
Slide 21: Results summary
Results summary Highlights Key figures (CHF M) 1H25 2H25 1H26 ∆ (%)3 Assets under Management (B) 233 241 252 +5% Net New Money (B) 2.0 2.2 2.5 − Record financial results Operating income 689 743 852 +24% − All-time high assets under management Operating expense 541 527 579 +7% of which one-offs1 9.9
Slide 22: Key messages
Key messages
Slide 23: Half-year 2026 – Solid results across the board
Half-year 2026 – Solid results across the board Financial results Strategic progress Record profit of CHF 216 million with Embedded quantitative and AI investment clear operating leverage and all-time high AuM capabilities and expanding solutions offering Revenues, efficiency, profitability and capi
Slide 24: Q&A
Q&A
Slide 25: Appendix
Appendix
Slide 26: Income statement and AuM composition
Income statement and AuM composition Income statement Assets under management 1H 2026, % of total 1H 2026, % of total AuM 2% Other 8% 5% Other1 8% Other 9% 4% GBP Other markets 14% 7% GBP 5% Liquid assets2 7% USD 10% Alternative Focus APAC, EUR Institutional 4% LATAM, MEA3 10% 45% EUR 19% investment
Slide 27: 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 28: Upcoming events
Upcoming events 9M Trading Update 2026 October 29, 2026 Full-year results 2026 February 10, 2027 Refer to the Vontobel Investor Relations website for details: www.vontobel.com/calendar July 24, 2026 28
Slide 29: Cautionary statement regarding forward-looking statements and disclaimer
Cautionary statement regarding forward-looking statements and disclaimer This document is for information purposes only and nothing contained in this document should constitute a solicitation, or offer, or recommendation, to buy or sell any investment instruments, to effect any transactions, or to c