Valiant Continues to Succeed and Expand in 2025

At the 2028 General Meeting, Markus Gygax intends to step down as Chairman of the Board of Directors. The current CEO, Ewald Burgener, will be proposed as a member in 2027 and Chairman in 2028.

With a group profit of CHF 154.7 million, Valiant records an increase of 2.9 percent compared to the previous year, achieving the highest group profit in its history. Business success amounts to CHF 225.5 million (-3.4 percent). Considering the very strong previous year's result, business income only decreases by 0.4 percent to CHF 549.5 million. "We have successfully launched the new strategic period and have already been able to further develop our offering in the first year of our strategy 'Valiant 2029'. I am very satisfied with the 2025 annual result. It shows that our customers trust us even in a dynamic and challenging environment. We continue to pursue our vision of simplifying our customers' financial lives," says Valiant CEO Ewald Burgener.

Development of Loans and Customer Deposits Mortgage financing increases by 1.6 percent. To further increase profitability, Valiant actively manages its lending portfolio. Overall, lending to customers grows by 0.7 percent to CHF 30.4 billion. Customer deposits increase by 1.6 percent, amounting to CHF 22.8 billion. The depot assets increase by 13.0 percent.

Solid Interest Business Despite Turbulent Interest Environment Despite the zero interest environment, net interest income records a 0.1 percent increase, amounting to CHF 396.3 million. The high interest margin of 1.09 percent and active balance sheet management are decisive factors.

Commission and Service Business Income from commission and service business increases by 6.0 percent, amounting to CHF 98.6 million. In securities and investment business, commission revenue increases by 12.2 percent. This change is due to the 'Valiant 2029' strategy, which emphasizes income diversification. Additionally, positive developments in financial markets contribute. Other service business results in a slight decline of 0.5 percent, despite customers benefiting from the free Purple Set since March 2025.

Success in Trading Business and Other Ordinary Income The trading business records income of CHF 41.0 million (-18.6 percent). This reduction results from declining interest rates in the Euro zone and lower trading volumes. Other ordinary income increases by 10.1 percent to CHF 13.6 million, particularly due to higher income from participations.

Business Expenses Business expenses remain stable compared to the previous year with a slight increase of 0.4 percent to CHF 301.3 million. Personnel expenses increase due to higher employment and salary sum increases by 1.0 percent. Material expenses, including expenses for renewing core banking software, decrease by 0.2 percent despite investments in digitalization and offering development.

Strengthening Reserves for General Banking Risks Due to the positive development, Valiant strengthens reserves for general banking risks with a total of CHF 35 million, thereby strengthening its equity and significantly exceeding regulatory requirements with a capital ratio of 17.2 percent. Valiant is convinced that solid capitalization is in the interests of both customers and investors. The capital ratio exceeds the internally defined range of 15 to 17 percent for the first time.

Valiant shares buyback Valiant exceeds the self-defined capital band upper limit of 17.2 percent. Therefore, the Board of Directors has resolved a share buyback program for a maximum of CHF 75 million over three years. The program is to begin after the 2026 General Meeting and last until 2029. The exact starting point and detailed modalities will be announced later. Throughout the program's duration, Valiant aims to hold the capital ratio within the defined target range of 15 to 17 percent. Accordingly, share buybacks will depend on capital ratio development and group profits over the next years.

Further Increase in Dividends At the General Meeting on May 13, 2026, the Board of Directors proposes another dividend increase by 20 cents to CHF 6.00 per share.

Increase in Profitability Valiant has successfully started the new strategy 'Valiant 2029'. The overarching goals are simplicity and profitability. As part of the 'Increase Efficiency' initiative, Valiant has launched a program to enhance operational efficiency. The aim is to strengthen the company's long-term stability and competitiveness. Under this program, cost savings of at least CHF 15 million are intended, in both personnel and material expenses. This will result in a reduction of 80 full-time positions, implemented gradually over the next two years, primarily through natural fluctuation. "To continue succeeding in the future, we must improve our efficiency. Today we act from a position of strength, creating room for future growth. This ensures Valiant's long-term future," says Ewald Burgener.

Top Savings Account with Attractive Preferential Interest Rate Savers will also benefit from a preferential interest rate in 2026. Anyone transferring new money to Valiant by May 31, 2026, can enjoy an interest rate of 1.01 percent until the end of February 2027. The Top Savings Account can be opened from February 10, 2026.

Ewald Burgener to Succeed Markus Gygax in 2028 Markus Gygax, Chairman of the Board of Directors, intends not to stand for re-election at the 2028 General Meeting. Ewald Burgener, CEO of Valiant, is expected to succeed him at that time. To avoid potential conflicts of interest between the positions of CEO and Chairman, Ewald Burgener will relinquish his role as CEO following the 2027 General Meeting and be proposed for election as a regular member of the Board for a one-year cooling-off period. This solution was coordinated with the Financial Market Supervisory Authority FINMA and caters to good corporate governance and the bank's interests. The succession planning for the CEO from May 2027 will be addressed promptly and determined by the Board during the current year.

Outlook Valiant anticipates a slightly higher group profit for the current year.

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