Good financial year for VZ Group

Ad hoc announcement pursuant to Art. 53 LR
Source: VZ Holding AG / SIX: VZN / ISIN: CH0528751586

Good financial year for VZ Group

Zug, 27 February 2026 – VZ Group increased its revenues by 9.4 percent compared to the previous year to 574.5 million Swiss francs. Profit rose by 7.9 percent from 219.1 to 236.4 million francs. Giulio Vitarelli, Chairman of the Executive Board, expects revenue and net profit growth to return to the average of recent years in 2026.

Revenue +9.4 percent, profit +7.9 percent
VZ Group’s business continued to perform well in this environment. Revenues rose by 9.4 percent from 525.1 million to 574.5 million francs. Revenue from assets under management – the most important revenue component – even grew by 15 percent to 382.1 million francs. As expected, only banking income declined, falling by 10.1 percent because of lower interest rates. Overall, VZ Group recorded profit growth of 7.9 percent, with net profit rising from 219.1 million to 236.4 million francs.

Rising demand
In 2025, more private individuals and companies sought advice from VZ, which was reflected in a 13.4 percent increase in consulting fees. On a net basis, around 10.500 new clients opted for at least one of VZ Group’s platforms. Compared with the previous year, the client base grew by 12.7 percent to 94.433 clients. This increase is reflected in net new money, which rose from 5.1 billion to 5.8 billion francs. Assets under management grew by 16.6 percent year-on-year to 61.8 billion francs, creating a solid foundation for further revenue development.

Low-risk balance sheet and higher dividend
The new Basel III Final regulations reward the balance sheet’s low-risk structure, as reflected in the high combined common capital ratio of 28.4 percent. Since the end of 2024, the balance sheet has grown from 7.5 billion to 8.3 billion francs, thanks primarily to new clients. The Board of Directors proposes to the general meeting a dividend increase from 2.73 to 2.95 francs per share. This means that 50 percent of the net profit will be distributed to shareholders.

Board of Directors now has six members
After more than 30 years on the Board of Directors of VZ Holding AG, Dr Albrecht Langhart has decided not to stand for re-election at the annual general meeting on 27 March 2026. The other six directors are all standing for re-election. Matthias Reinhart, Chairman of the Board of Directors: «The Board of Directors thanks Albrecht Langhart for his commitment and expertise in guiding the development of our company from a small start-up in 1993 to its current size.»

Business outlook
«We expect demand for our expertise to continue to grow as in previous years. However, as interest income will remain low for the time being, growth in banking income will continue to be slowed down in the first half of the year», says Giulio Vitarelli, Chief Executive Officer. «Provided that the financial markets remain stable, growth in total revenues and net profit will return to the average level of recent years.»

Annual report
The detailed annual report as well as an investor presentation can be downloaded from the investor relations section on VZ Group’s website: vzch.com/reports  

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

Adriano Pavone	Petra Märk
Head Media Communications	Head Investor Relations
Phone +41 44 207 25 22	Phone +41 44 207 26 32
Mail adriano.pavone@vzch.com	Mail petra.maerk@vzch.com

Alternative performance measures
To measure its performance, VZ Group uses key figures that are not defined under IFRS Accounting Standards (IFRS). These alternative performance measures are listed on page 207 of the Annual 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 more than 40 branch offices in Switzerland, Germany and the UK.

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, performance, or achievements expressed or 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
 

Income statements (CHF '000)	2025	2024
Total revenues	574’477	525’081
Total expenses	300’240	271’176
Operating profit (EBIT)	274’237	253’905
Net profit	236’438	219’078

 

Balance sheets (CHF '000)	31.12.2025	31.12.2024
Total assets	8’270’247	7'488’143
Equity	1’182’923	1'061’623
Net cash	1’064’613	950’688

 

Equity key figures	31.12.2025	31.12. 2024
Equity ratio	14.3 %	14.2 %
Common equity tier 1 (CET1) capital ratio combined1	28.4 %	25.4 %
Total eligible capital ratio combined1	28.4 %	25.4 %
1 The common equity capital and total capital ratios as at 31 December 2025 are now calculated in accordance with Basel III Final. Details can be found on pages 117 and 118 of the 2025 annual report. The previous year's figures remain unchanged and comply with the regulatory requirements applicable at that time.

 

Funds under management (CHF million)	31.12.2025	31.12.2024
Assets under management	61’834	53’051

 

Employees	31.12.2025	31.12.2024
Full-time equivalents (FTE)	1'716.9	1’567.9