Full-year results presentation 2025

Full-year 2025 results presentation

Zurich, Switzerland 18 February 2026

01

Highlights

Giorgio Pradelli

Chief Executive Officer

493million

Operating profit, in CHF

+26%

Strong NNA complemented by M&A and disciplined execution led to record operating performance

11.3billion

Net new assets, in CHF

6.8%1

• Strong organic growth with further acceleration in 2H complemented by M&A activity

• Significant increase in operating profit and strong operating leverage

• Continuous commitment and progress in de-risking

• Excluding exceptional items, net profit was CHF 339.3 million (+6%)

0.65

Proposed DPS, in CHF

+8%

+1%

325million

IFRS net profit, in CHF

1 Net new asset growth rate p.a

Consistent delivery of sustainable and profitable growth

Record profit of CHF 325.2 mn in FY 2025

Evolution of IFRS net profit in CHF mn

RoTE

(in %)

6.8%

13.4%

18.2%

19%

p.a.

30%

p.a.

339.3*

325

2019

2020

2021

2022

2023

2024

2025

* Excluding exceptional items (insurance recovery, legal provision)

02

Financial performance

Dimitris Politis

Chief Financial Officer & Deputy CEO

Concluding the 2023-2025 business cycle with record profits

Record profit of CHF 325.2 mn in FY 2025

Evolution of IFRS net profit in CHF mn

+19% p.a.

Key highlights

Topline growth

31%

Revenues (in CHF mn)

8%

94

+30% p.a.

339.3* +6%

325

322

303

115

202

206

2019 2022 2025

Efficiency improved

CIR (in %)

EPS** (in CHF)

RoTE

(in %)

2019

0.32

2020

0.39

2021

0.62

2022

0.60

2023

0.94

2024 2025

1.00

1.03

2019 2022 2025

0.65

EPS/DPS growth

18.6%

18.2%

18.2%

0.45

EPS / DPS (in CHF)

0.30

DPS EPS

8.2%

13.0%

13.4%

6.8%

* Excluding exceptional items (insurance recovery, legal provision)

** Basic EPS

2019 2022 2025

Strong operating performance continues in 2025

Business development

+6.8%

NNA

growth

98 bps

95 bps*

Revenue margin

+79 CROs

Hired, signed & approved in 2025

185.0

Revenue-generating AuM, in CHF bn

Profitability

11% Revenue growth

8%* vs. 2024

69.8%

72.2%*

Cost-income ratio, down -3.1 pp

vs. FY 2024

325.2 mn

339.3 mn*

Net profit in CHF, up 1%/6%* vs. 2024

18.2%/

19.0%*

Return on tangible Equity, in %

Capital & Liquidity

+510 bps

Gross capital generation

14.0%**

CET1 capital ratio (Basel 3 Final fully adopted)

270%

LCR

0.65

Dividend per share in CHF, up 8%

* excluding exceptional items (insurance recovery, legal provision)

** for details please refer to EFG International's Basel III Pillar 3 disclosures, section 2.1 and 2.2

Strong momentum in the last two months of 2025 -2025 IFRS net profit impacted by exceptional items

2025 IFRS net profit drivers (in CHF mn)

384.7

+6%

Key highlights

• Profitability accelerated in the last two months of the year, adding in excess of CHF 60 mn net profit (excl. litigation provision)

• Exit run rates (for revenue margin and profit) higher than communicated in November 2025

  Jul-Oct

  2025

  1H25

  ~320

  45.4

  ~100

175.8

45.4

175.8

(59.5)

Jul-Dec 2025

325.2 339.3 321.6

Investor Day

• Exceptional items impacted P&L by CHF 14 mn

  • Provision for legacy litigation case in December 2025: CHF 59.5 mn after tax impact (CHF 72.3 mn before tax)

  • Insurance recovery of CHF 45.4 mn in 1H25

• FY 2025 profitability (excl. exceptionals) at CHF 339.3 mn, up 6% yoy

10M25

2025 net profit excl. litigation provision

Litigation provision (after tax)

Reported 2025 IFRS

net profit

2025

net profit excl. exceptionals items

Reported 2024 IFRS

net profit

• Limited contribution of life insurance in 2025 profits (compared to 2024)

Investments and transformation at the early part of the 2023-2025 business cycle are now paying off - Ending the cycle with strong profit momentum

Operating profit (excl. exceptionals) in CHF mn

438.6

+18%

+15%

295.0

372.8 391.0

13.5

Key highlights

• Core private banking business posted the strongest growth in operating profit during this business cycle, up +18% yoy

• Consistent strong business development

  172.6 179.1

  13.8 10.4

  286.6

  5.3

  40.6

  +8%

  31.8

  • Turning business growth into bottom-line expansion:

    • Revenue margin resilience

    • Cost discipline, with savings exceeding initial targets

  • Acquisitions with negative contribution in FY 2025 profitability - expected to start delivering results already in 2026

    2019

    2020

    2021

    2022

    2023

    2024 2025

  • Life Insurance portfolio with positive (yet volatile) impact over the years - muted contribution expected going forward,

Note: operating profit growth rate excl. contribution of life insurance

following de-risking actions

Financials summary

2025 2024 Variation vs. 2024

Financials summary

2H25 1H25 2H24 1H24

4-6%

per annum

Exceeding growth and profitability targets in 2023-25 business cycle

Net new asset growth (NNA)

NNA growth in %

Cost/income ratio (CIR)

Evolution CIR in %

2025 financial targets

76.0

73.3

72.9

69.8

69%

85 bps

2022

2023

2024

2025

2022 2023

2024

2025

Revenue margin (RoAuM)

Evolution RoAuM in bps

Return on tangible equity (RoTE)

15-18%

Evolution RoTE in %

2022

2023

2024

2025

2022 2023

2024

2025

Delivered on 2025 financial targets

Capital management framework

1 Figure shows dividend proposed for 2025 (CHF 0.65 per share) over 2025 EPS (CHF 1.03 per share)

2 excluding exceptional items (insurance recovery, legal provision)

NNA growth of 6.8% in FY 2025 -

Growth supported by both new and existing CROs

AuM evolution

Revenue-generating AuM evolution in CHF bn

NNA growth levers

Existing CROs in CHF bn

11.3

9.0

(11.7) (0.7)

11.7

1.1 1.2

4.0

2023 2024 2025

New CROs1 in CHF bn

Dec 24

NNA Market FX Reclassification Acquisitions

Dec 25

• NNA growth at 6.8% for 2025, exceeding target range of 4-6%, the highest since the global financial crisis

• AuM increased by 12% in 2025, reflecting strong NNA, positive market performance, substantial negative FX movements and contribution from recent acquisitions

• Recent acquisitions of Cité Gestion and ISG added CHF 11.7 bn in AuM

  8.9

2023 2024 2025

1 CROs hired in the respective period and the 2 preceding periods, i.e. since 01 January 2023 for FY 2025

Strong business development across all regions

Regional business development AuM breakdown

Switzerland & Italy

Asia Pacific

Continental Europe & Middle East

UK

Americas

Other (incl. EFGAM Funds)

NNA

CHF 11.3 bn

Growth (in %)

4.2%

8.5%

5.2%

4.3%

16.3%

2.8%

• Switzerland & Italy region continued to grow within the target range driven by new (Gstaad, St. Moritz, Cité Gestion) and existing locations

• Asia Pacific region with continued strong growth across all locations

• The UK region grew in the target range

• Americas with continued strong double-digit NNA growth

• EFGAM Funds accelerated positive NNA performance during FY 2025

  Revenue-generating AuM

  CHF 185.0 bn

  53.9

  43.9

  30.6

  24.6

  22.9

  9.0

  Switzerland & Italy

  Asia Pacific

  Continental Europe & Middle East

  UK

  Americas

  Other (incl. EFGAM Funds)

  RoAuM*

  1.9

  3.2

  1.6

  1.0

  3.3

  0.3

  (in bps)

  120

  73

  95

  89

  77

  53

  *Including Global Markets & Treasury contribution

  
  
  

  Continued hiring momentum

  CRO evolution

  # of CROs

  693 703 763

  223 238 Shaw and Partners 470 465	238
  	458

  67

  CRO additions

  # of new CROs

  51

26

79

28

CROs

Signed & approved

AuM per CRO

AuM per CRO (excl. Shaw and Partners, ISG) in CHF mn

363*

2023 2024 2025

2023 2024 2025

2021

2022 2023 2024

2025

Note: excluding Shaw and Partners

Note: excluding Shaw and Partners, ISG and CROs hired in the last 12 months of the respective period

• Total number of CROs increased to 763 CROs (up 8.5% year-on-year)

• Recent acquisitions of Cité Gestion and ISG added 67 CROs

• Continued performance management process applied

• Strategic hiring opportunity in 2023/2024 triggered from market dislocation

• Return to normalised hiring momentum in 2024 / 2025 (50-70 CROs per year)

• Performance management process in place for new and existing CROs

• AuM per CRO (excl. Cité Gestion) increased by 4% year on year

  *Excl. Cité Gestion

  
  
  

  Top line is growing and revenue mix is improving

  Operating income in CHF mn

  Income from insurance recovery
  
  Net other income excl. treasury swap income Treasury swap income
  
  Net interest income
  
  

  98/95

  bps*

  Net commission income
  
  

  96

  bps

  
  
  
  
  

  RoAuM (in bps)

  Average revenue-generating AuM (in CHF bn)

  vs. 2024

  Key highlights

• Net commission income up 17% year on year, driven by higher average AuM vs. FY 2024 and a commission margin increase by 3 bps vs. last year, supported by higher mandate penetration (up to 67%) and currency hedges (2 bps)

• Interest-related income (NII and Treasury swap activity) was slightly down versus 2024, absorbing the drop in interest rates

  156.0

  bn

  1,499

  20 bps

  9 bps

  25 bps

  1,669

  782

170.4

bn

55

3 bps

19 bps

11 bps

19 bps

+11%/+8%*

• Increase in net other income was driven by high levels of client activity in foreign exchange and metals transactions while the contribution of the life insurance portfolio was muted (1 bps vs. 2 bps in FY 2024)

  +17%

• Insurance recovery of CHF 54.5 mn is included in net other income

43 bps

2024 2025

46 bps

• Growth translating into revenue resilience and increased profitability: starting AuM CHF 185 bn vs. CHF 170 bn average in 2025

EFG International | Full-year 2025 results

* excl. positive net contribution from previously announced insurance recovery

** combined variation for NII and Treasury swap income

18 February 2026

Page 18

Resilient revenue margin

Revenue margin evolution

in bps - excl. exceptionals

Key highlights

• Interest-related income is stabilising, Sensitivity to interest rates is now muted

  Net interest income
  
  Net other income excl. treasury swap income
  
  

  Impact from interest rates

  Net commission income Treasury swap income
  
  Life insurance income
  
  

  Interest rate sensitivity1 for a 100 bps interest rate decrease

  in CHF mn

  97 93 97 93

  17

43

43

44

43

29

bps

Interest-related income: 30 bps

28

bps

36

bps

34

bps

4 2 85

-36

USD

GBP EUR CHF

Expected impact in 2026:

~1 bp in revenue margin

8

43

10

12

1 Full annual impact on revenues, static simulation, assuming no change in client behavior; as of 31 Dec 2025

Operating expenses reflect business growth, active cost management and the impact from recent acquisitions

Operating expenses in CHF mn

3,114

FTEs

72.9%*

CIR

3,225/

3,037+

69.8%

1,176

vs. 2024

vs. 2024 (excl. acquisitions)

Key highlights

• Headline costs growth of 6% includes expenses related to the acquisitions of Cité Gestion and ISG, where synergies will start materialising in 2026

• Costs up 3.7% on a like-for-like basis (excl. acquisition costs)

• FTEs and salary costs down year on year

• Higher variable compensation as a result of increased revenues

  835

1,108

5*

11**

15**

Sensitivity to currencies

Impact on CIR from

+/-10% variation in exchange rates vs. CHF

2024 2025

+/-2.0%

* Excludes CHF 5.0 mn of depreciation expenses related to tangible assets previously classified as held for sale related to prior years. See Alternative Performance Measures

** Cost impact of recent acquisitions

+/-0.4%

USD/CHF EUR/CHF