VZ Holding AG: VZ Group reports yet another good year of growth

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

VZ Group reports yet another good year of growth

Zug, 28 February 2025 – In 2024, VZ Group increased its revenues by 13.2 percent year-on-year to 525.1 million Swiss francs. Profit rose by 17.1 percent from 187.0 to 219.1 million francs. CEO Giulio Vitarelli expects lower growth in 2025 compared to the long-term average.

Profit up 17.1 percent
VZ Group’s business continued to develop favourably, thanks in part to the strong financial markets. Revenues rose by 13.2 percent from 463.8 to 525.1 million Swiss francs. Revenues from assets under management are the most important component. They increased by 16.3 percent, making the largest contribution to growth. Banking income grew by only 5.6 percent in 2024. As a result of the policy rate cuts, it even contracted slightly in the second half of the year. Profit rose by 17.1 percent from 187.0 to 219.1 million francs.

13 percent more platform clients
Demand for financial advice remains high. During the year under review, VZ Group once again completed more consultancy projects, which was reflected in a 3.5 percent increase in consulting fees. Through these projects, the group was able to win a net total of around 9600 clients for its platform services. The total number of platform clients thereby increased by 13.0 percent. As a result, net new money rose significantly over the past 12 months from 4.4 to 5.1 billion francs, and assets under management grew by 18.2 percent year-on-year to 53.1 billion francs.

Low-risk balance sheet and higher dividends
During the reporting year, total assets grew from 6.5 to 7.5 billion francs, mainly thanks to the additional clients. The capitalisation remains as solid as ever: the core capital ratio (CET1 ratio) is 25.4 percent and continues to be above the industry average. VZ Holding Ltd aims to distribute 50 percent of the annual profit to the shareholders. The Board of Directors will therefore propose to the Annual General Meeting to increase the dividend from 2.24 to 2.73 francs per share.

Business outlook 
«Every indicator suggests that demand for consultancy services as well as client conversion to our platforms will continue to grow at a similar pace to previous years, and we plan to expand our consulting capacity in line with demand», says Giulio Vitarelli, Chief Executive Officer. «Lower interest rates will weigh on banking income in the current year. We therefore expect slower overall growth compared to the long-term average, assuming stable financial markets.»

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: www.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 International Financial Reporting Standards (IFRS). These alternative performance measures are listed on page 202 of the Annual Report 2024.

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, 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)	2024	2023
Total revenues	525’081	463’842
Total expenses	271’176	244’922
Operating profit (EBIT)	253’905	218’920
Net profit	219’078	187’022

 

Balance sheets (CHF '000)	31.12.2024	31.12.2023
Total assets	7'488’143	6'535’708
Equity	1'061’623	926’117
Net cash	950’688	844’035

 

Equity key figures	31.12.2024	31.12.2023
Equity ratio	14.2 %	14.2 %
Common equity tier 1 capital ratio (CET 1)	25.4 %	26.0 %1
Total eligible capital ratio (T1 & T2)	25.4 %	26.0 %1
1 Retrospectively adjusted from 26.2% to 26.0%, as additional irrevocable loan commitments were included in the calculation.

 

Funds under management (CHF million)	31.12.2024	31.12.2023
Assets under management	53’051	44’887

 

Employees	31.12.2024	31.12.2023
Full-time equivalents (FTE)	1’567.9	1'390.7