- Net profit grew by 36% year on year to a record CHF 221.2 million¹ in 1H25, including a CHF 45.4 million net contribution from previously announced insurance recovery, demonstrating further progress in resolving legacy issues (CHF 175.8 million net profit excluding the contribution from insurance recovery; +8% year on year)
- Net new assets² totalled CHF 5.4 billion, corresponding to an annualised growth rate of 6.5%, above EFG’s target range of 4-6%
- Assets under management totalled CHF 162.3 billion at end-June 2025, down 2% from CHF 165.5 billion at end-2024, reflecting strong inflows and positive market performance, which were more than offset by CHF 11.7 billion of negative foreign exchange impacts
- Including the Cité Gestion and Investment Services Group (ISG) acquisitions, pro-forma assets under management totalled approximately CHF 173 billion at end-June 2025
- Cost/income ratio improved to 66.7% (71.2% excluding insurance recovery), compared to 72.6%³ in 1H24 and 72.9%³ for the full year 2024
- Revenue margin was 104 basis points for 1H25 (97 basis points excluding insurance recovery), compared to 97 basis points in 1H24 and 95 basis points in 2H24
- 35 Client Relationship Officers (CROs) hired, signed or under offer in 1H25
- Continued de-risking with significantly reduced life insurance exposure at end-June 2025 after the divestment of the synthetic portfolio and the sale of approximately 22% of the outright portfolio
- Return on tangible equity was 24.4% in 1H25 (19.4% excluding insurance recovery), exceeding EFG’s target range of 15-18% and improved compared to 18.6% for the full year 2024
- Strong capital and liquidity position maintained, with a CET1 Ratio of 17.1%, a Total Capital Ratio of 20.6% (post adoption of Basel 3 Final rules) and a Liquidity Coverage Ratio of 255%
Giorgio Pradelli, CEO of EFG International:
“We delivered a strong performance in the first half of 2025, with another record net profit and a net new asset growth rate above our target range. This strong result reflects the consistent and successful delivery of our strategy which builds on organic growth complemented by strategic acquisitions. Over the last 18 months, we have attracted over CHF 15 billion of net new assets and are adding more than CHF 10 billion to our asset base through the announced acquisitions.
At the same time, we are mindful of the challenges ahead, in particular the structural weakness of the US dollar and the expected interest rate cuts. However, with our well-diversified business model and offering, we are well positioned to generate further sustainable and profitable growth. We remain confident about our ability to exceed our 2025 ambition.
As our current strategic cycle draws to a close, we look forward to updating investors and other stakeholders about EFG’s strategy and financial targets for the next cycle at our Investor Day on 25 November 2025.”
Maintaining growth momentum with net new assets of CHF 5.4 billion and an annualised growth rate of 6.5%
EFG attracted net new assets of CHF 5.4 billion in the first half of 2025, corresponding to an annualised net new asset growth rate of 6.5%, above EFG’s target range of 4 6%. All of EFG’s business regions recorded net inflows during the first six months of 2025. The split of net new assets generation between new and existing CROs was more balanced in the first half of 2025, with new CROs contributing approximately two-thirds and existing CROs contributing a third of net new assets.
The Asia Pacific Region generated CHF 1.8 billion of net new assets, followed by the Latin America Region with CHF 1.4 billion and by the Switzerland & Italy Region with CHF 1.0 billion. The UK Region and the Continental Europe & Middle East Region both recorded inflows of CHF 0.6 billion. EFGAM funds experienced inflows of CHF 0.1 billion in the first half of the year.
Revenue-generating assets under management totalled CHF 162.3 billion at end-June 2025, down by 2% compared to CHF 165.5 billion at end-2024. This decrease reflects strong net new assets of CHF 5.4 billion, negative foreign exchange impacts of CHF 11.7 billion primarily due to the significant weakening of the US dollar, and favourable market performance of CHF 3.1 billion.
Assets under management on a pro forma basis totalled approximately CHF 173 billion, including the assets managed by Cité Gestion (CHF 7.5 billion at end-2024) and ISG (CHF 3.4 billion) (closing of both transactions still pending).
Record profit and continued revenue growth
In the first half of 2025, EFG’s operating income rose by 15% compared to the first half 2024 to CHF 853.9 million, reflecting higher net banking fee and commission income and substantially higher net other income, mainly driven by the positive contribution from insurance recovery, as well as stable net interest income.
Based on average revenue-generating assets under management of CHF 164.5 billion in the first half of 2025 (CHF 152.7 billion in 1H24 and CHF 159.7 billion in 2H24), the reported revenue margin was 104 basis points (97 basis points excluding insurance recovery), compared to 97 basis points in the first half of 2024 and 95 basis points in the second half of 2024. The life insurance portfolio contributed 2 basis points to operating income in the period.
Net banking fee and commission income rose by 11% to CHF 362.4 million in the first half of 2025. This increase reflects higher average revenue-generating assets under management and higher levels of client activity compared to the first half of 2024. The increase was also supported by significantly higher mandate penetration of 64% by end-June 2025 (58% end-1H24 and 62% end-2024), demonstrating substantial progress towards EFG’s target range of 65%-70% (by end-2025).
Net other income grew by 31% to CHF 309.5 million in the first half of 2025. This increase was mainly driven by the contribution from insurance recovery and sustained, high volumes of foreign exchange transactions by clients within the period, as well as the contribution from treasury swap activity (CHF 69 million vs CHF 65 million in 1H24).
EFG’s net interest income of CHF 182.0 million in the first half of 2025 was stable compared to the prior-year period. Including income from treasury swap activity, total interest-related income grew by 2% compared to the first half of 2024. This development reflects the impact of the re-investment of our investment portfolio at higher nominal interest rates, interest rate cuts, and increased client leverage.
EFG’s operating expenses increased by 4% to CHF 573.6 million in the first half of 2025 compared to the same period of 2024. Personnel expenses rose by 8% year on year to CHF 424.4 million, reflecting significant investments in talent and client coverage in recent years, which are now fully reflected in EFG’s cost base, and higher variable compensation accruals in part due to higher revenues. As a result of EFG’s disciplined approach to cost, other expenses decreased by 4% to CHF 149.2 million, including legal and litigation expenses (CHF 13.9 million) relating to a previously disclosed legacy civil matter for which the trial began in March 2025 in the UK.
The cost/income ratio improved to 66.7% (71.2% excluding insurance recovery) in the first half of 2025 from 72.6%³ in the first half of 2024 and from 72.9%³ for the full year 2024.
The significant appreciation of the Swiss franc in the second quarter of 2025 against most currencies, in particular the US dollar, has impacted EFG’s cost/income ratio by 0.9 percentage points4. This includes currency hedging strategies, which are in place for the remainder of 2025. Without hedging strategies, the cost/income ratio would have been impacted by 1.7 percentage points.
Operating profit increased by 44% to CHF 280.3 million in the first half of 2025 compared to the prior-year period.
EFG achieved a profit before tax of CHF 270.1 million for the first half of 2025 (+40% compared to 1H24) after provisions (CHF 4.6 million) and an impairment charge for credit losses (CHF 5.6 million).
EFG generated a record net profit of CHF 221.2 million for the first half of 2025 (+36% compared to the first half of 2024), after income tax expenses (CHF 48.9 million). Excluding the contribution of CHF 45.4 million from the previously announced insurance recovery, EFG’s net profit for the first half of 2025 was CHF 175.8 million (+8% compared to 1H24 and +10% compared to 2H24).
Return on tangible equity was 24,4% (19.4% excluding insurance recovery), exceeding EFG’s target range of 15-18% and improved compared to 19.2% in the first half of 2024 and 18.6% in 2024.
Continued de-risking and progress in resolving legacy issues
De-risking and resolving legacy issues have been an integral part of EFG’s strategy of sustainable and profitable growth. In the first six months of 2025, EFG made further progress against these priorities.
As previously announced, EFG has significantly reduced its life insurance exposure in the first half of 2025. In February 2025, it divested its synthetic life insurance portfolio and, in May/June 2025, it sold approximately 22% of its portfolio of directly held life insurance policies, through two transactions. Following these transactions, the current carrying value of EFG’s life insurance exposure decreased to CHF 256.5 million from CHF 363.9 million at end-2024.
As previously communicated, in May 2025, EFG reached an insurance settlement relating to losses incurred in the context of the 22 February 2023 announcement of a final settlement of multi-jurisdictional legal proceedings with a Taiwanese insurance company. This settlement contributed CHF 45.4 million to EFG’s net profit in the first half of 2025. The settlement demonstrates that EFG is working prudently and persistently to resolve legacy issues.
In this context and as previously disclosed, EFG is currently involved in civil proceedings in the UK related to events between 1995 and 2012. The trial commenced in March 2025 and is expected to conclude in the first half of 2026. As one of over 30 defendants, EFG is vigorously defending itself and believes it has strong defences. For further details on this legacy civil matter, see note 18 in the Notes to the condensed consolidated interim financial statements of EFG International’s Half-Year Report 2025.
Hiring in line with EFG’s ambition
In the first half of 2025, 18 new CROs joined EFG and the bank has already agreed or made offers to hire an additional 17 CROs who had not yet joined the bank by end-June 2025 (excluding Shaw and Partners). This compares with EFG’s expectation to hire an average of 50-70 CROs per year.
At end-June 2025, EFG’s total number of CROs worldwide was 694, compared to 703 CROs at end-2024.
As a result of the substantial weakening of the US dollar, the average CRO portfolio size decreased to CHF 328 million at end-June 2025, compared to CHF 348 million at end-2024 (excluding Shaw and Partners and CROs hired in the last 12 months of the respective period).
Maintained strong capital and liquidity positions
EFG maintained its strong capital and liquidity positions in the first half of 2025. At end-June 2025, EFG’s Common Equity Tier 1 (CET1) Ratio was 17.1%, compared to 17.7% at end-2024, and its Total Capital Ratio was 20.6%, compared to 21.5% at end-2024. This development was driven by strong gross capital generation of 290 basis points, offset by share buybacks, dividend payments, foreign exchange effects and impact by higher risk weighted assets and the adoption of Basel 3 Final in Switzerland.
The Liquidity Coverage Ratio improved to 255%, compared to 242% at end-2024.
Share buyback
The Board of Directors of EFG International has decided to repurchase up to 9 million EFG shares by 31 July 2026 to fund variable deferred share-based employee compensation. The purchase will be executed through open market purchases made in a market-sensitive manner by a third party.
Acquisition of Cité Gestion (Geneva) and Investment Services Group (Auckland)
EFG pursues an organic growth strategy, complemented by opportunities to make value-adding acquisitions in markets where it is already present. EFG’s capital-light business model consistently generates surplus capital, enabling it to deploy capital for value-accretive acquisitions or to return excess capital to shareholders.
In the first six months of 2025, EFG was able to announce the acquisition of Geneva-based Cité Gestion (CHF 7.5 billion AuM at end-2024) to further expand its presence in its Swiss home market. The transaction is subject to regulatory approval and is expected to close in the second half of 2025.
In addition, EFG’s Australian subsidiary Shaw and Partners announced the acquisition of ISG (CHF 3.4 billion assets) in New Zealand to enhance its footprint in Asia Pacific, one of the key growth regions globally. The transaction has been approved by the regulator and is expected to close in the next few weeks.
Outlook and priorities
Despite persistent headwinds and ongoing geopolitical uncertainty, the global economy demonstrated resilience in the first half of 2025, and elevated market volatility contributed positively to EFG’s top-line performance. In view of the ongoing complex operating environment, EFG continues to adopt a cautious stance regarding the market outlook for the second half of 2025 and beyond.
EFG is working on mitigating the impact of the structural weakening of the US dollar as well as the expected interest rate cuts in the US and the Eurozone in order to protect its top line. EFG will continue to focus on delivering organic growth, on further increasing the share of higher-value products and services to further support net commission income, and on preserving net interest income. In addition, EFG will continue to apply strict cost discipline to further increase efficiency.
EFG expects to deliver annual cost savings of CHF 66 million in the period from 2023 to 2025 compared to its 2021 cost base, up from the previously announced annual cost savings of CHF 60 million. By end-June EFG has achieved CHF 63 million.
While EFG is mindful of the challenges ahead, it remains confident about its ability to exceed its 2023-2025 ambition.
Financial calendar
25 November 2025: Investor Day and 10-month trading update
18 February 2026: Full-Year results 2025
20 March 2026: Annual General Meeting 2026
1 All financial figures in this media release are unaudited.
2 Alternative performance measures and Reconciliations: This media release and other communications to investors contain certain financial measures of historical and future performance and financial position that are not defined or specified by IFRS, such as "net new assets", "Assets under Management", "operating profit", "cost/income ratio", “liquidity coverage ratio”, “loan/deposit ratio”. These alternative performance measures (APMs) should be regarded as complementary information to, and not as a substitute for the IFRS performance measures. The definitions of APM used in this media release and other communications to investors, together with reconciliations to the most directly reconcilable IFRS line items, are provided in the "Alternative performance measures" section in the Half-year Report 2025 available at efginternational.com/half-year-report-2025.
3 Excludes CHF 5.0 million of depreciation expenses related to tangible assets previously classified as held for sale related to prior years. See alternative performance measures.
4 Calculation based on constant exchange rates compared to the first half of 2024.
