Ad hoc announcement pursuant to Art. 53 LR
Source: VZ Holding Ltd / SIX: VZN / ISIN:
CH0528751586
VZ Group increases revenues by 9.9 percent
Zug, 15 August 2025 – VZ Group increased its revenues in the first half of 2025 by 9.9 percent to 277.9 million Swiss francs. Net profit grew by 9.0 percent to 112.0 million francs. Giulio Vitarelli, CEO, expects growth in the 2025 financial year to be below the long-term average due to lower interest rates.
9,9 percent higher revenues
In a challenging environment, VZ Group’s business continued to perform well. Revenues grew by 9.9 percent from 252.9 to 277.9 million francs. All revenue components increased, except for net interest income. As expected, it declined significantly compared with the first half of 2024, falling by 28.8 percent from 32.7 to 23.3 million francs. Profit rose by 9.0 percent from 102.8 to 112.0 million francs.
Demand remains strong
More and more people are recognising the value of sound advice for their retirement or estate planning, which led to a 13.8 percent increase in consulting fees to 21.2 million francs in the first half of the year. Subsequently, some 5000 new clients implemented the results of a consulting project using one of our platforms. Net new money reached 3.0 billion francs, and assets under management grew by 14.1 percent to 56.5 billion francs year-over-year.
Robust balance sheet
Over the first half of the year, the balance sheet grew by 500 million francs from 7.5 to 8.0 billion francs. This growth was almost entirely attributable to additional client deposits. The combined common capital ratio reached 28.4 percent. This ratio is higher than at the end of 2024 because it has been calculated in accordance with Basel III Final for the first time. The new requirements reward our balance sheet’s low-risk structure.
Outlook
«We expect that demand for our services will continue to grow in line with the average of recent years. As a result of lower interest rates, we project a temporary decline in the revenue growth rate in the second half of the year compared with the first half», says Giulio Vitarelli, Chairman of VZ Group’s Executive Board. «As announced in March, overall growth for the 2025 financial year will therefore be below the long-term average. These projections are based on the assumption that the financial markets will remain stable.»
Half-year report
The detailed half-year report as well as an investor presentation can be downloaded from the investor relations section on VZ Group’s website: vzch.com/investors
Conference call
Media representatives and analysts are invited to discuss VZ Group’s results in one of today’s teleconferences hosted by Giulio Vitarelli (Chairman of the Executive Board) and Rafael Pfaffen (Chief Financial Officer). For details, please get in touch with Adriano Pavone or Petra Märk:
Contacts
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Adriano Pavone
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Petra Märk
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Head Media Communications
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Head Investor Relations
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Phone +41 44 207 25 22
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Phone +41 44 207 26 32
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Mail adriano.pavone@vzch.com
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Mail petra.maerk@vzch.com
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Alternative performance measures
To measure its performance, VZ Group uses key figures that are not defined under International Financial Reporting Standards (IFRS). These alternative performance measures are listed on page 33 of the half-year report 2025.
VZ Group
VZ is an independent Swiss financial service company, and VZ Holding Ltd’s shares are listed on the SIX Swiss Exchange. Asset management, pension and estate planning for individuals as well as insurance and pension fund management for companies are VZ Group’s core services. VZ Holding is headquartered in Zug, and VZ has more than 40 branch offices in Switzerland, Germany and England.
Forward-looking statements
This press release contains forward-looking statements that involve known and unknown risks, uncertainties or other factors that may cause the actual results to be materially different from any future results implied by such statements. Against the background of these uncertainties, readers should not rely on such forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
Key figures
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Income statement
(CHF '000)
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1H 2025
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2H 2024
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1H 2024
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Total Revenues
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277’931
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272’204
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252’877
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Total Expenses
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147’952
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137’334
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133’842
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Operating profit (EBIT)
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129’979
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134’870
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119’035
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Net profit
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112’041
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116’248
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102’830
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Balance sheets
(CHF '000)
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30.06.2025
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31.12.2024
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30.06.2024
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Total assets
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8’049’183
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7’488’143
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7'044’352
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Equity
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1’061’304
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1’061’623
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957’178
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Net cash
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920’227
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950’688
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844’263
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Equity key figures
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30.06.2025
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31.12.2024
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30.06.2024
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Equity ratio
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13.2%
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14.2%
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13.6%
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Common equity capital (CET1) ratio combined
1
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28.4%
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25.4%
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25.0%
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Total eligible capital ratio combined
1
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28.4%
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25.4%
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25.0%
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1 The common equity capital and total capital ratios as at 30 June 2025 are now calculated in accordance with Basel III Final. Details can be found on pages 30 and 31 of the 2025 half-year report. The previous year's figures remain unchanged and comply with the regulatory requirements applicable at that time.
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Assets under management
(CHF million)
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30.06.2025
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31.12.2024
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30.06.2024
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Assets under management
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56’545
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53’051
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49’573
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Employees
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30.06.2025
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31.12.2024
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30.06.2024
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Full-time equivalents (FTE)
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1’621.9
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1’567.9
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1'451.3
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