Cembra Money Bank Ag · SIX:CMBN
Cembra Money Bank — H1 2025 Earnings Presentation
36 slides from Cembra Money Bank's earnings presentation, Jul 24, 2025
Slide 1: Half-year 2025 results
Half-year 2025 results Holger Laubenthal, CEO Pascal Perritaz, CFO Volker Gloe, CRO 24 July 2025
Slide 2: Key messages
Key messages On track to deliver 2026 financial targets 1 Continued successful strategy execution resulted in 11% increase in net income Performance driven by significant progress in efficiency programmes and favourable 2 developments in loss performance and funding costs Revenues and assets stable,
Slide 3: Agenda
Agenda 1. H1 2025 highlights Holger Laubenthal 2. H1 2025 financial results Pascal Perritaz, Volker Gloe 3. Strategy execution and outlook Holger Laubenthal Appendix 3 24 July 2025 Half-year 2025 results C e m bra
Slide 4: H1 2025 performance Net income +11%
H1 2025 highlights H1 2025 performance Net income +11% Highlights Net income Net financing receivables Net revenues in CHF m in CHF m in CHF m • Net income +11% to +11% 0% Net interest income Commission and fees CHF 87.2 million 0% 268.0 267.3 • Net revenues and net 87.2 84.4 83.0 -2% 6,625 6,623 fi
Slide 5: Products and markets
H1 2025 highlights Products and markets Selective growth with continued focus on profitability Lending Payments Personal loans Auto loans and leases Credit cards Buy now pay later (BNPL) • Net financing receivables -3% • Net financing receivables • Net financing receivables +2% • Strong focus on pro
Slide 6: Strategic transformation continued in H1 2025
H1 2025 highlights Strategic transformation continued in H1 2025 Digitisation and analytics drive accelerated productivity increases Product innovation Customer analytics Fraud prevention Auto platform Monthly personal loans volume - illustrative Q1 2024 Q2 2025 Data field Rules AI reads application
Slide 7: Agenda
Agenda 1. H1 2025 highlights Holger Laubenthal 2. H1 2025 financial results Pascal Perritaz, Volker Gloe 3. Strategy execution and outlook Holger Laubenthal Appendix 7 24 July 2025 Half-year 2025 results C e m bra
Slide 8: P&L: Increase in net income driven by lower losses and reduced operating expenses
H1 2025 financial results P&L Increase in net income driven by lower losses and reduced operating expenses In CHF m H1 2025 H1 2024 as % Interest income 231.4 236.6 -2 Comments Interest expense -47.1 -52.9 -11 1 Lower interest income following the 4 BNPL fees +2% as a result of continued Net interes
Slide 9: Net financing receivables and yield development
H1 2025 financial results Net financing receivables and yield development Risk-adjusted pricing measures favourably impacting yield In CHF m Net financing receivables Personal loans Auto leases and loans Credit cards Net financing receivables Net financing receivables Net financing receivables 0% +2
Slide 10: Net interest income
H1 2025 financial results Net interest income Net interest margin up 0.1pp to 5.4% Net interest income (NII) Comments In CHF m +0.4% • NIM impact from lower volume driven 183.6 184.3 by selective growth in personal loans, with assets stabilising in Q2 2025 -4.3 5.9 -6.8 5.8 • Pricing impact from pas
Slide 11: Provision for losses
H1 2025 financial results Provision for losses Continued solid loss performance Loss rate1 NPL2 and delinquencies (as %) Metric H1 24 H1 25 NPL development 4% 30+ days past due 2.4% 4.0% reported 1.1 Lending 1.0 1.0 1.0 1.0 Non-performing loans 0.8% 1.8% 3% 0.9 0.9 0.9 adjusted3 0.7 0.7 30+ days pas
Slide 12: Operating expenses
H1 2025 financial results Operating expenses On track to achieve FY 2025 cost/income ratio of ≤ 45% In CHF m H1 2025 H1 2024 as % Comments Compensation and benefits 1 62.5 71.3 -12 1 Decrease driven by lower FTE and lower 4 Decrease due to full amortisation at the Professional services restructuring
Slide 13: Operating expenses trend
H1 2025 financial results Operating expenses trend Efficiency gains expected to drive cost/income ratio down to target Realised efficiency gains from transformation Operating expenses trend New Auto platform launched in Q1 2024 CHF m - 35-40 indexed 257 263 265 100 Processing time -47% in Auto (time
Slide 14: Balance sheet
H1 2025 financial results Balance sheet Net financing receivables stable In CHF m Assets 30.06.25 31.12.24 as % Comments Cash and equivalents 743 793 -6 1 Trends in net financing receivables: 2 Continued increase of retail deposits Financing receivables1 6,791 6,783 0 ▪ Personal loans -3% reflecting
Slide 15: Funding
H1 2025 financial results Funding Further diversified, with retail funding growing Funding mix Funding instruments In CHF m1 6,790 6,429 6,503 150 1 - AT1 subordinated One issuance with perpetual term at 2.9566%1 1 250 150 250 150 250 Non-deposits – 42% 2 3 2,230 2,080 2,230 2 - Convertible bond One
Slide 16: Capital position
H1 2025 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 17.9% 87 17.7% 6 6,286 192 1,112 1,091 6,088 -62 -4 31.12.2024 Net income Dividend 1 Other assets and 30.06.2025 31 Dec 2024 Impact from Basel Impact from 30 Jun
Slide 17: Lending – portfolio rebalancing
H1 2025 financial results Lending – portfolio rebalancing Improving return driven by portfolio steering towards higher quality asset portfolio Lending assets and return Quality of 2025 new business 2025 monthly asset development Comments Net financing receivables (Lending) CHF m New business volumes
Slide 18: Payments – revenue growth expected
H1 2025 financial results Payments – revenue growth expected Several innovations launched and strong pipeline Credit cards BNPL Transaction volume: share change Billing volume: share change -2% -13% • B2B partnerships performing Migration 6% 1% well • Decline in H1 explained portfolio Portfolio 16%
Slide 19: Agenda
Agenda 1. H1 2025 highlights Holger Laubenthal 2. H1 2025 financial results Pascal Perritaz, Volker Gloe 3. Strategy execution and outlook Holger Laubenthal Appendix 19 24 July 2025 Half-year 2025 results C e m bra
Slide 20: Review strategy execution
Strategy execution and outlook Review strategy execution Continued progress Strategic initiatives H1 2025 Financial targets achievement 2023 KPI Targets 2022-261 H1 2025 Cembra’s • Continued volume-price-risk optimisation 2024 DNA • Launched covered bond programme Financing receivables 1–3% p.a. / +
Slide 21: Outlook
Strategy execution and outlook Outlook Further leverage momentum to achieve 2026 targets Outlook 20251 Financial targets until 20262 Clear priorities for the second half • Lending: Focus on profitable growth across both auto and personal loans ROE Tier 1 capital ratio Dividend per share businesses •
Slide 22: Agenda
Agenda 1. H1 2025 highlights Holger Laubenthal 2. H1 2025 financial results Pascal Perritaz, Volker Gloe 3. Outlook Holger Laubenthal Appendix 22 24 July 2025 Half-year 2025 results C e m bra
Slide 23: Macroeconomic outlook
Appendix Macroeconomic outlook Swiss economy expected to remain 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 10 6 8.4 5.3 Switzerland 8 Eurozone 2.0
Slide 24: Market positions
Appendix Market positions Serving >2 million customers across the business lines Lending and Payments Lending Payment Personal loans: 35% market share Auto business: 18% market share Credit cards: 12% market share BNPL: 30-40% market share 30 June 2025, personal loans market 30 June 2025, leasing re
Slide 25: 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 26: H1 2025 segment results
Appendix H1 2025 segment results In CHF m H1 2025 Lending as % Payments as % Group Comments Year-on-year Year-on-year 1 Lending net income at CHF 57.0m (+35%) driven by higher net Interest income 179.6 -1 51.8 -6 231.4 revenues, lower provision for losses and lower operating expenses (-. Interest ex
Slide 27: Profitability by source
Appendix Profitability by source Strong increase of return on financing receivables Return on financing receivables 2.2% 2.3% 2.6% + Net revenues Net interest income 5.1% 5.3% 5.4% Commission and fees 2.5% 2.4% 2.4% Provision for losses -0.7% -1.0% -0.9% Costs - Operating expense -4.0% -3.9% -3.8% T
Slide 28: Auto Covered Bond programme
Appendix Auto Covered Bond programme Launch of a new programme using established covered bond structure Highlights Key features of the Auto Covered Bond programme • On 24 July, Cembra Money Bank AG successfully launched its inaugural Auto Covered Bond Issuer Cembra Money Bank AG under its newly esta
Slide 29: Dividends
Appendix Dividends About CHF 1.2 billion dividends paid out since the IPO in 2013 Dividends CHF per share Extraordinary dividend from excess capital 4.45 4.25 3.95 4.00 3.75 3.75 3.75 3.85 3.55 3.35 3.10 • 69% average payout ratio since 2.85 the IPO • Dividend for 2025 of at least CHF 4.25 64 66 66
Slide 30: Sustainability
Appendix Sustainability Strong external recognition, and commitment to further improve Sustainability performance Selected targets External recognition • In 2024, lowered scope 1+2 emissions by 42%, Reduce Scope 1+2 carbon through 100% renewable electric power, E lowered carbon emissions from heatin
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Net revenues (CHF m) 394 396 439 480 497 487 509 516 550 267 Net income (CHF m) 144 145 154 159 153 161 169 158 170 87 Cost/income ratio (%) 42.5 42.4 44.0 48.3 49.8 50.6% 50.6% 50.9% 48.1% 47.6% 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% ~18,000 registered 8% 22% private shareholders EU 10% 55% Switzerland 20% 76% 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 19 February 2026 Full-year results 2025 24-25 July 2025 Roadshow Zurich 19 March 2026 Annual Report 2025 17 September 2025 Investora conference, Zurich 24 April 2026 Annual