VZ Holding AG

Above-average growth for VZ Group

VZ Holding AG / Key word(s): Annual Results VZ Holding AG: Above-average growth for VZ Group 29-Feb-2024 / 06:30 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement.

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

Above-average growth for VZ Group

Zug, 29 February 2024 – VZ Group increased its revenues by 14.8 percent to 463.8 million Swiss francs compared to 2022. Profit rose to 187.0 million francs, which corresponds to an increase of 23.5 percent. Giulio Vitarelli expects revenue and profit growth in the 2024 financial year to be in line with the long-term average. The Board of Directors will propose two additional members for election at the Annual General Meeting.

Profit increases by 23.5 percent
VZ Group’s business has developed well in 2023: Revenues rose from 403.9 million to 463.8 million francs. This corresponds to an increase of 14.8 percent. Fees from assets under management are the group’s most important revenue component. They rose by 7.4 percent, while banking income increased at an extraordinary rate, mainly thanks to higher interest rates. As expected, growth accentuated in the second half of the year due to the lower basis for comparison in the previous year.

Demand continues to rise
The rising demand follows a long-term trend based on demographic developments and is reinforced by the ongoing reforms to the Swiss pension system. In 2023, the group was able to further expand its consulting capacity and branch office network, resulting in an increased reach in the target segment. This is evident from the strong growth in consulting fees of 19.2 percent. VZ once again gained a net total of 8000 new clients for its platform services. Due to the challenging market environment, net new money was slightly lower than in the previous year (4.4 billion compared to 4.6 billion francs).