Cembra Money Bank (CMBN) investor relations material

Executive summary

• Net income rose 6% year-over-year to CHF 92.3 million in H1 2026, driven by operational efficiencies, strict cost discipline, and a 9% reduction in operating expenses.

• Net financing receivables increased 2% to CHF 6.7 billion, with growth in personal loans, auto leasing, and credit cards.

• Cost/income ratio improved to 43.5% from 47.6% year-over-year.

• Return on equity reached 14.1%, up from 13.8% year-over-year.

• Announced acquisition of Santander's Swiss auto financing business, expected to close in November 2026, adding scale and partner relationships, and to be EPS accretive from 2027.

Financial highlights

• Net revenues stable at CHF 267.2 million despite lower maximum interest rates and a softened macro environment.

• Net interest margin held steady at 5.4%.

• Operating expenses declined 9% to CHF 116.3 million, with FTEs dropping and project costs lower.

• Provision for losses increased to CHF 36.2 million, loss rate at 1.1%.

• Tier 1 capital ratio at 17.7%, above the mid-term target.

Outlook and guidance

• Full-year 2026 guidance confirmed, with organic net revenue growth expected in line with GDP.

• Cost/income ratio targeted below 43% for 2026, with H2 below 40% excluding transaction costs.

• ROE expected around 14%, including a temporary 1pp reduction from acquisition integration costs.

• Loss rate expected slightly above mid-term guidance due to one-off accounting from the acquisition.

• Dividend policy unchanged, with at least CHF 4.60 per share for 2026.