Banque Cantonale Vaudoise · SIX:BCVN
Banque Cantonale Vaudoise — FY2025 Earnings Presentation
33 slides from Banque Cantonale Vaudoise's earnings presentation, Feb 12, 2026
Slide 1: Full-Year 2025 Results
Full-Year 2025 Results Investors’ and analysts’ presentation 12 February 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 FY 2025 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 3 Full-Year 2025 Results
Slide 4: Key messages
Key messages Ongoing growth in volumes across all business lines Revenues stable at CHF 1.15bn, despite a less favorable interest-rate environment, underlining BCV’s well-diversified revenue streams Solid net profit of CHF 430m, off 2% following two record years1 Proposed dividend of CHF 4.40, repre
Slide 5: FY 2025 key figures
FY 2025 key figures CHF (rounded) Revenues Operating profit Net profit 1.15bn 503m 430m 0% -2% -2% Total assets AuM 61.6bn 134.1bn +2% +8% 5 Full-Year 2025 Results
Slide 6: Main business trends
Main business trends CHF millions (rounded) Mortgage loans Sight deposits1, 2 AuM +4% +9% +8% 34'207 35'577 14'892 134'110 13'705 124'164 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 2024 2025 2024 2025 2024 2025 Other loans Other client deposits2 Net new money +7% -3% +3,814 6'357 23'968 23'365
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 dynamic real-estate market +5% +4% 10'981 11'560 12'088 12'626 • Continuing cash inflows from retail customers • Revenues and operating profit up: 31 Dec. 31 Dec. 31 Dec. 31 Dec. 20
Slide 9: Corporate Banking
Corporate Banking CHF millions (rounded)1 Loans/off-balance-sheet Customer deposits • SMEs commitments – Loans and off-balance-sheet commitments up +5% 0% 4% 20'618 21'644 12'116 12'130 – More than 90% of total Covid-19 bridge loans paid off – Deposits down 4% • Real-estate firms – Mortgages up 2% 3
Slide 10: Wealth Management
Wealth Management CHF millions (rounded)1 AuM Mortgage loans • AuM higher, mainly on positive market performance and NNM from institutional and +9% +4% Swiss private banking clients 96'451 8'760 9'122 88'702 • Ongoing growth in mortgage lending 31 Dec. 31 Dec. 31 Dec. 31 Dec. • Revenues and operatin
Slide 11: Trading
Trading CHF millions (rounded)1 Revenues Operating profit • Forex trading up – forex accounted for more than 60% of overall Trading revenues +12% +24% 66 39 59 32 • Strong expansion in structured product volumes • Revenues and operating profit sharply up FY FY FY FY 2024 2025 2024 2025 Revenues time
Slide 12: Agenda
Agenda Introduction FY 2025 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 12 Full-Year 2025 Results
Slide 13: Income statement
Income statement CHF millions (rounded) FY 2024 FY 2025 Change Total income from ordinary banking operations 1,155 1,150 -5 0% Operating expenses -557 -560 +3 +1% Depreciation & amortization of fixed assets and -82 -82 0 0% impairment on equity investments Other provisions and losses -2 -6 +4 +202%
Slide 14: Total income from banking operations – focus on NII
Total income from banking operations – focus on NII CHF millions (rounded) Total income from ordinary banking operations 1,155 -5 0% 1,150 • Commissions & fees – Up, on favorable market conditions and high 554 526 Net interest income (NII) -28 -5% banking transaction volumes • Trading income stable
Slide 15: Total income from banking operations – focus on BSM
Total income from banking operations – focus on BSM CHF millions (rounded) Total income from ordinary banking operations 1,155 -5 0% 1,150 • Commissions & fees – Up, on favorable market conditions and high 554 526 Net interest income (NII) -28 -5% banking transaction volumes • Trading income stable
Slide 16: Operating expenses, depreciation and amortization
Operating expenses, depreciation and amortization CHF millions (rounded) 639 641 +2 0% 387 393 Personnel costs +6 +2% • Personnel costs – Slightly up 170 166 Other operating expenses -4 -2% • Other operating expenses – Down, on insourcing of IT hosting 82 82 Depreciation & amortization 0 0% • Deprec
Slide 17: Headcount
Headcount Full-time equivalents at period-end 2,089 2,083 -6 -0% 227 225 Subsidiaries -2 -1% 1'863 1'857 Parent company -6 -0% • Parent company headcount stable 2024 2025 17 Full-Year 2025 Results
Slide 18: Assets
Assets CHF billions (rounded) 61.6 +1.0 +2% 60.6 8.7 Cash and equivalents -1.9 -18% 10.6 Due from banks and reverse 0.7 -0.4 -41% repo agreements 1.1 6.4 Loans and advances to customers +0.4 +7% • Loans and advances to customers – 6.0 Up in SMEs and public sector 35.6 Mortgage loans +1.4 +4% • Mortg
Slide 19: Liabilities and equity
Liabilities and equity CHF billions (rounded) 61.6 +1.0 +2% 60.6 5.4 Due to banks -1.8 -26% 7.2 38.3 Customer deposits +0.6 +2% • Customer deposits – Up 37.7 • Bonds and mortgage-backed bonds – 11.1 Bonds and mortgage-backed bonds +1.7 +18% Three bond issues and ongoing 9.4 increase in loans from Sw
Slide 20: Assets under management
Assets under management CHF billions (rounded) Assets under management +8.0% • AuM up CHF 9.9bn (+8.0%) to 134.1 CHF 134.1bn 124.2 +6.1 8.2 Piguet 7.7 +3.8 Galland – +CHF 6.1bn market performance (or +4.9% of AuM) 116.4 125.9 BCV – +CHF 3.8bn net new money (or +3.1% of AuM) 31 Dec. Net new Performan
Slide 21: Capital ratios
Capital ratios CHF billions (rounded) Risk-weighted assets and CET1 ratio RWAs CET1 ratio FINMA minimum target Common Equity Tier 1 Leverage ratio 17.9% 18.0% 17.6% 17.2% 16.8% • CET1 ratio up 120 bps to 18.0% 14.0% – +140 bps due to regulatory 13.0% changes (final Basel III) – -20 bps due to higher
Slide 22: Liquidity ratio (LCR)
Liquidity ratio (LCR) CHF billions (rounded) HQLAs1 LCR Minimum requirement Net cash outflows1 132.1% 133.4% 132.9% 129.5% 127.4% 129.0% • LCR edged down 0.5 point vs. H2 2025 100% • HQLA dropped by CHF 0.3bn, while net cash outflows were down CHF 0.2bn 15.1 • Composition of the Bank’s HQLAs: 12.5 1
Slide 23: Net Stable Funding Ratio (NSFR)
Net Stable Funding Ratio (NSFR) CHF billions (rounded) Available stable funding (ASF)1 NSFR Minimum requirement Required stable funding (RSF)1 122.6% 122.0% 120.4% 119.5% 120.5% 118.3% 100% • NSFR decreased by 1.5 point from 30 June 2025: required stable funding grew faster (+CHF 1.1bn) 42.9 than av
Slide 24: 2025 dividend (paid in 2026)
2025 dividend (paid in 2026) CHF per share Distribution range 4.40 4.40 4.30 • Proposal at 2026 AGM: ordinary dividend payout of CHF 4.40 per share – Total payout: CHF 379m 3.80 3.70 – 88% of 2025 net profit 3.60 3.60 3.50 3.30 3.30 3.30 • If approved by the AGM, the dividend 3.20 3.20 3.20 3.20 3.2
Slide 25: Agenda
Agenda Introduction FY 2025 financial results Conclusion Pascal Kiener, CEO Thomas W. Paulsen, CFO Pascal Kiener, CEO 25 Full-Year 2025 Results
Slide 26: Swiss and Vaud GDP growth
Swiss and Vaud GDP growth In % Swiss GDP1 Vaud GDP2 Estimate at • Fundamentals of the Swiss economy January 2026 are still strong: 7.0 6.9 – Steady population growth underpinned by robust 6.0 5.9 immigration 5.0 – Low unemployment rate (2.8%1 on average in Switzerland) 4.0 3.5 – Inflation rate back
Slide 27: Real estate in Vaud
Real estate in Vaud Transaction prices in Vaud (Base of 100 in Dec. 2015) • Ongoing rise in Vaud real-estate Apartments Single-family homes transaction prices: 160 150 – Apartments: Up 4.3% YoY +7,0% 140 – Single-family homes: Up 7.0% YoY +4,3% 130 120 110 • Prices supported by low interest rates, 1
Slide 28: Annexes
Annexes 28 Full-Year 2025 Results
Slide 29: Income statement
Income statement CHF millions (rounded) FY 2025 FY 2024 Abs. change Change as % Interest and discount income 713.3 968.8 -255.6 -26 Interest and dividend income from financial investments 66.0 50.7 +15.3 +30 Interest expense -250.3 -464.5 -214.2 -46 Net interest income before loan impairment charges
Slide 30: Balance sheet
Balance sheet CHF millions (rounded) 31 Dec. 2025 31 Dec. 2024 Abs. change Change as % Cash and cash equivalents 8,699 10,614 -1,915 -18 Due from banks 667 1,139 -472 -41 Reverse repurchase agreements 0 0 0 N/A Loans and advances to customers 6,357 5,959 +398 +7 Mortgage loans 35,577 34,207 +1,370 +
Slide 31: Key performance indicators
Key performance indicators 2021 2022 2023 2024 2025 Impaired loans/ 0.4% 0.4% 0.3% 0.3% 0.3% credit exposure Customer deposits/ Asset quality 107% 105% 96% 94% 91% loans to customers and balance sheet structure Liquidity Coverage Ratio (LCR) 157% 129% 129% 129% 133% Interest margin 0.86% 0.79% 1.01%
Slide 32: BCV share
BCV share Per share (CHF) Stock price (CHF) Operating profit EPS BCV SPI Index (rebased) 6.3 6.0 5.8 105 5.2 5.5 5.0 5.1 5.0 100.40 100 4.4 4.5 95 90 85 80 0 2021 2022 2023 2024 2025 1 Jan. 2025 30 Jun. 2025 31 Dec. 2025 Key figures 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 2021 2022 2023 2024 2025 Nu
Slide 33: Calendar
Calendar 12 February 2026 31 March 2026 30 April 2026 5 May 2026 Full-year 2025 Publication of the Annual Ex-dividend date1 results 2025 annual and Shareholders’ sustainability reports Meeting in Lausanne 6 May 2026 7 May 2026 20 August 2026 Dividend record Dividend payment1 Half-year 2026 date1 res
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