Notes on the consolidated financial statement

1 Interest income

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Discount income	5,294	7,320	–2,026	–27.7
Loan commissions with the character of interest	473	569	–96	–16.9
Interest income from banks	15,581	50,885	–35,304	–69.4
Interest income from customers	119,544	160,718	–41,174	–25.6
Interest income from financial instruments measured at amortised cost	41,010	42,943	–1,933	–4.5
Interest income from financial liabilities	39	10	29	290.0
Total interest income from financial instruments at amortised cost	181,941	262,445	–80,504	–30.7
Interest-rate instruments	–41	239	–280	–117.2
Forward components from foreign currency contracts¹	95,253	94,138	1,115	1.2
Hedge accounting	0	5	–5	–100.0
Total other interest income¹	95,212	94,382	830	0.9
Total interest income¹	277,153	356,827	–79,674	–22.3
Interest expenses on amounts due to banks	336	1,337	–1,001	–74.9
Interest expenses on amounts due to customers	130,665	200,375	–69,710	–34.8
Interest expenses on medium-term notes	446	471	–25	–5.3
Interest expenses on debentures issued	948	1,603	–655	–40.9
Interest expenses from financial assets	22	11	11	100.0
Interest expenses on right-of-use assets	206	274	–68	–24.8
Total interest expenses using the effective interest method	132,623	204,071	–71,448	–35.0

Total net interest income¹	144,530	152,756	–8,226	–5.4

Fair-value hedges
Movements arising from hedges	35	–465	500	107.5
Micro fair-value hedges	35	–465	500	107.5
Movements in underlying transactions	–35	470	–505	–107.4
Micro fair-value hedges	–35	470	–505	–107.4
Total hedge accounting²	0	5	–5	–100.0

1Changes to presentation (note 3 and principles underlying financial statement reporting). The prior-year comparative figures were increased accordingly by CHF 50.5 million and reduced in income from trading activities (note 3).

2Hedge ineffectiveness, disclosed in the income statement: further details in note 37.

2 Income from commission business and services

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Commission income from credit business	1,074	1,412	–338	–23.9
Asset management and investment business	63,817	60,361	3,456	5.7
Brokerage fees	31,350	27,661	3,689	13.3
Securities account fees	15,299	17,836	–2,537	–14.2
Fund management fees	30,159	32,043	–1,884	–5.9
Fiduciary commissions	2,039	2,710	–671	–24.8
Other commission and service income	19,014	16,947	2,067	12.2
Total income from commission business and services	162,752	158,970	3,782	2.4
Brokerage expenses	1,136	1,284	–148	–11.5
Other commission and services-related expenses	19,975	20,597	–622	–3.0
Total expenses from commission business and services	21,111	21,881	–770	–3.5
Total net income from commission business and services	141,641	137,089	4,552	3.3

The following table shows which components are included within the earnings position “Asset management and investment business”.

in CHF 1,000	2025	2024	Variance absolute	Variance in %

Fees for securities settlement	16,999	9,415	7,584	80.6
Administration commissions	30,794	32,305	–1,511	–4.7
Management fees	7,666	7,371	295	4.0
Brokerage fees	16,838	18,511	–1,673	–9.0
Securities account fees	3,296	3,201	95	3.0
Administration fees	2,994	3,222	–228	–7.1
All-in fees	13,346	16,447	–3,101	–18.9
Miscellaneous fees	2,678	2,194	484	22.1
Asset management and investment business	63,817	60,361	3,456	5.7

3 Income from trading activities

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Securities trading¹	–2,577	–1,853	–724	–39.1
Foreign currency²	36,184	31,435	4,749	15.1
Banknotes, precious metals and other	1,323	1,277	46	3.6
Total income from trading activities	34,930	30,859	4,071	13.2

1The income from derivatives for risk minimisation (except for interest rate derivatives) is included in this position.

2Changes to presentation (note 1 and principles underlying financial statement reporting). The prior-year comparative figures were reduced accordingly by CHF 50.5 million and increased in interest income (note 1).

4 Income from financial instruments

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Income from financial instruments at fair value	11,298	4,807	6,491	135.0
Income from financial instruments at amortised cost	–6	261	–267	–102.3
Total income from financial instruments	11,292	5,068	6,224	122.8

Income from financial instruments at fair value
Income from FVTPL assets	805	–4,314	5,119	118.7
Interest income from FVTPL financial instruments	0	–39	39	100.0
Dividend income from FVTPL financial instruments	3,532	2,869	663	23.1
Dividend income from FVTOCI financial instruments	6,961	6,291	670	10.7
thereof from FVTOCI financial instruments sold	51	19	32	168.4
Total	11,298	4,807	6,491	135.0

Income from financial instruments at amortised cost
Realised gains/losses on financial instruments at amortised cost	–6	261	–267	–102.3
Total	–6	261	–267	–102.3

5 Other income

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Income from real estate	49	106	–57	–53.8
Income from associates and joint venture	330	–1	331	n.a.
Miscellaneous other income¹	5,945	5,062	883	17.4
Miscellaneous other expenses	–1,400	–405	–995	–245.7
Total other income	4,924	4,762	162	3.4

1Includes in 2025 CHF 4.6 million and in 2024 CHF 4.4 million from third-party reimbursements (note 7, professional fees).

6 Personnel expenses

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Salaries and wages	142,585	152,494	–9,909	–6.5
Social contributions required by law	13,200	12,640	560	4.4
Contributions to pension plans / defined-benefit plans	13,069	14,125	–1,056	–7.5
Contributions to pension plans / defined-contribution plans	2,554	2,630	–76	–2.9
Other personnel expenses	4,428	3,960	468	11.8
Capitalised personnel expenses¹	–3,005	–2,515	–490	–19.5
Total personnel expenses²	172,831	183,334	–10,503	–5.7

1In accordance with IAS 38, a portion of internally generated intangible assets such as software is capitalised. The amount that can be capitalised is reduced accordingly in personnel expenses.

2Includes in 2024 CHF 5.0 million restructuring costs.

7 General and administrative expenses

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Occupancy expenses	2,801	3,221	–420	–13.0
Insurance	807	901	–94	–10.4
Professional fees	12,803	21,825	–9,022	–41.3
Financial information procurement	9,268	9,309	–41	–0.4
Telecommunication and postage	1,190	1,392	–202	–14.5
IT systems	35,728	34,078	1,650	4.8
Marketing and public relations	4,943	4,554	389	8.5
Capital taxes	739	750	–11	–1.5
Other general and administrative expenses	9,435	9,518	–83	–0.9
Total general and administrative expenses¹	77,714	85,548	–7,834	–9.2

Fees invoiced by the audit firm	2,526	2,505	21	0.8
thereof the audit of the annual financial statements	760	780	–20	–2.6
thereof other audit or assurance services	1,246	1,445	–199	–13.8
thereof tax advisory services	173	52	121	232.7
thereof other services	347	228	119	52.2

1Includes in 2024 CHF 0.4 million restructuring costs.

8 Depreciation of property, equipment and intangible assets

in CHF 1,000	Note	2025	2024	Variance absolute	Variance in %
Depreciation and amortisation of property and equipment¹	22	12,261	15,278	–3,017	–19.7
Depreciation and amortisation of intangible assets	23	16,916	21,680	–4,764	–22.0
Total depreciation and amortisation		29,177	36,958	–7,781	–21.1

1Includes in 2024 CHF 1.9 million restructuring costs.

9 Valuation allowances, provisions and losses

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Decrease/increase credit allowances¹	–167	724	–891	–123.1
Legal and litigation risks	296	701	–405	–57.8
Other provisions and losses	957	1,001	–44	–4.4
Total valuation allowances, provisions and losses	1,086	2,426	–1,340	–55.2

1Including currency effects.

10a Taxes on income

in CHF 1,000	2025	2024
Domestic¹
Current taxes	2,009	6,289
Deferred taxes	214	–3,521

Foreign
Current taxes	6,666	133
Deferred taxes	601	896

Total current taxes	8,675	6,422
Total deferred taxes	815	–2,625
Total taxes on income	9,490	3,797

1From January 1, 2025, due to changes in Liechtenstein regulations, only Liechtenstein will be considered “domestic.” Until December 31, 2024, Switzerland was included.

The Group’s effective payments for domestic and foreign income taxes amounted to CHF 7.7 million in 2025 (previous year: CHF 6.6 million).

Statement of taxes on income

All expected obligations from taxes on income for the reporting period are recognised in the financial statements. They are calculated in accordance with the tax laws applicable in the respective countries. The deferred tax liabilities arising from the different valuations between the financial statements prepared for tax purposes and the values used for consolidation purposes are recognised at the following tax rates:

	2025	2024
Liechtenstein	12.5%	12.5%
Switzerland	19.5%	19.6%
Luxembourg	23.9%	24.9%
British Virgin Islands	0.0%	0.0%
Singapore	17.0%	17.0%
Hong Kong	16.5%	16.5%

The pre-tax net income and the differences between the tax expense in accordance with the income statement and the tax expense based on an assumed average tax rate of 14 per cent (previous year: 15 per cent) are composed as follows:

in CHF 1,000	2025	2024
Income before income tax
Domestic	12,878	4,738
Foreign	43,631	17,530
Taxes on income using an assumed average charge	7,911	3,340

Reasons for increased/decreased taxable income
Effect on tax free income / effect on non taxable expenses¹	–612	–974
Difference between actual and assumed tax rates	–222	1,363
Lower tax charges as a result of changes in laws or taxation agreements	–17	0
Taxes on income unrelated to accounting period	2,430	68
Total income tax	9,490	3,797

1In 2024, adjustment compared to the published 2024 annual report: reclassification of TCHF 845 from «Previously unrecognized tax losses now utilised» to «Effect on tax free income / effect on non taxable expenses».

10b Deferred tax assets and liabilities

in CHF 1,000	Balance at the beginning of the financial year	Changes affecting the income statement	Changes affecting the other comprehensive income	Changes in scope of consolidation/ acquisitions	Total 2025
Deferred tax assets
Property, equipment and intangible assets	7,573	340			7,913
Valuation allowances for credit risks	0				0
Tax loss carry-forwards¹	5,674	–864			4,810
Defined-benefit pension plans	1,875	292	–2,330		–163
Financial instruments	39	149	27		215
Other	399	–20			379
Total deferred tax assets	15,560	–103	–2,303	0	13,154
Offsetting	–645	–166	542	0	–269
Total deferred tax assets after offsetting	14,915	–269	–1,761	0	12,885

Deferred tax liabilities
Property, equipment and intangible assets	476	–476			0
Financial instruments	50		0		50
Financial instruments directly offset within shareholders’ equity	–63		–17		–80
Valuation allowances for credit risks	13	10			23
Other	2,492	1,187			3,679
Total deferred tax liabilities	2,968	721	–17	0	3,672
Offsetting	–645	–166	542	0	–269
Total deferred tax liabilities after offsetting	2,323	555	525	0	3,403

1Where the realisation of tax benefits is considered probable, there is an obligation to capitalise. Offsetting only applies if the deferred tax assets and liabilities relate to the same tax authority.

in CHF 1,000	Balance at the beginning of the financial year	Changes affecting the income statement	Changes affecting the other comprehensive income	Changes in scope of consolidation/ acquisitions	Total 2024
Deferred tax assets
Property, equipment and intangible assets	7,013	560			7,573
Valuation allowances for credit risks	704	–704			0
Tax loss carry-forwards¹	4,186	1,488			5,674
Defined-benefit pension plans	1,916	395	–436		1,875
Financial instruments	48	–9	0		39
Other	484	–85			399
Total deferred tax assets	14,351	1,645	–436	0	15,560
Offsetting	–2,519	1,397	477	0	–645
Total deferred tax assets after offsetting	11,832	3,042	41	0	14,915

Deferred tax liabilities
Property, equipment and intangible assets	1,017	–541			476
Financial instruments	59	–9	0		50
Financial instruments directly offset within shareholders’ equity	10		–73		–63
Valuation allowances for credit risks	19	–6			13
Other	2,916	–424			2,492
Total deferred tax liabilities	4,021	–980	–73	0	2,968
Offsetting	–2,519	1,397	477	0	–645
Total deferred tax liabilities after offsetting	1,502	417	404	0	2,323

1Where the realisation of tax benefits is considered probable, there is an obligation to capitalise. Offsetting only applies if the deferred tax assets and liabilities relate to the same tax authority.

The deferred taxes are due to temporary differences resulting from different valuations between the IFRS and statutory financial statements.

in CHF 1,000	2025	2024
Loss carry-forwards not reflected in the balance sheet expire as follows:
Within 1 year	0	0
Within 1 to 5 years	0	0
Within 5 to 10 years	0	0
No expiration	0	0
Total	0	0

10c Tax assets and liabilities

in CHF 1,000	Note	31.12.2025	31.12.2024
Tax assets
Amounts receivable arising on current taxes on income		234	157
Deferred tax assets	10b	12,885	14,915
Total tax assets		13,119	15,072

Tax liabilities
Liabilities arising on current taxes on income		6,204	5,251
Deferred tax liabilities	10b	3,403	2,323
Total tax liabilities		9,607	7,574

10d Tax effects on other comprehensive income

in CHF 1,000			31.12.2025
	Amount before tax	Tax yield / tax expenses	Amount net of tax
Changes in foreign-currency translation differences	–8,360	0	–8,360
Foreign-currency translation difference transferred to the income statement from shareholders’ equity	–1,113	0	–1,113
Changes in value of FVTOCI financial instruments	28,080	10	28,090
Actuarial gains/losses from defined-benefit pension plans	17,124	–2,330	14,794
Total comprehensive income in shareholders’ equity	35,731	–2,320	33,411

			31.12.2024
Changes in foreign-currency translation differences	5,575	0	5,575
Foreign-currency translation difference transferred to the income statement from shareholders’ equity	0	0	0
Changes in value of FVTOCI financial instruments	11,013	73	11,086
Actuarial gains/losses from defined-benefit pension plans	2,308	–436	1,872
Total comprehensive income in shareholders’ equity	18,896	–363	18,533

11 Earnings per share

	31.12.2025	31.12.2024
Consolidated earnings per share of VP Bank Ltd, Vaduz
Group net income (in CHF 1,000)¹	47,019	18,471
Weighted average of registered shares A issued	6,015,000	6,015,000
Weighted average of registered shares B issued	6,004,167	6,004,167
Less weighted average number of treasury shares A	349,221	391,173
Less weighted average number of treasury shares B	352,598	352,784
Weighted average number of registered shares A (undiluted)	5,665,779	5,623,827
Weighted average number of registered shares B (undiluted)	5,651,569	5,651,383
Total weighted average number of shares (registered shares A)	6,230,936	6,188,965
Undiluted consolidated earnings per registered share A (in CHF)	7.55	2.98
Undiluted consolidated earnings per registered share B (in CHF)	0.75	0.30

Diluted consolidated earnings per share of VP Bank Ltd, Vaduz
Group net income (in CHF 1,000)¹	47,019	18,471
Dilution effect number of registered shares A²	28,315	24,178
Number of shares used to compute the fully diluted consolidated net income	6,259,251	6,213,143
Diluted consolidated earnings per registered share A (in CHF)	7.51	2.97
Diluted consolidated earnings per registered share B (in CHF)	0.75	0.30

1Based on the group net income attributable to shareholders of VP Bank Ltd, Vaduz.

2The dilution effect results from outstanding management stock-ownership plans (Note 43).

12 Dividend

	2025	2024
Approved and paid dividend of VP Bank Ltd, Vaduz¹
Dividend (in CHF 1,000) for the financial year 2024 (2023)	26,462	33,077
Dividend per registered share A (in CHF	4.00	5.00
Dividend per registered share B (in CHF)	0.40	0.50
Payout ratio (in %)²	134.0	69.5

Proposed dividend to be approved by the annual general meeting of VP Bank Ltd, Vaduz (not reflected as a liability as of 31 December)
Dividend (in CHF 1,000) for the financial year 2025	26,462
Dividend per registered share A (in CHF)	4.00
Dividend per registered share B (in CHF)	0.40
Payout ratio (in %)²	53.0

1Including treasury shares.

2Dividend per registered share A / group net income per registered share A.

13 Cash and cash equivalents

in CHF 1,000	31.12.2025	31.12.2024
Cash on hand	14,282	13,330
At-sight balances with national and central banks	1,333,892	891,888
Expected credit loss	–18	–19
Total cash and cash equivalents	1,348,156	905,199

14 Receivables arising from money market papers

in CHF 1,000	31.12.2025	31.12.2024
Money market paper (qualifying for refinancing purposes)	157,422	171,755
Expected credit loss	–8	–6
Total receivables arising from money market papers	157,414	171,749

15 Due from banks and customers

in CHF 1,000	Note	31.12.2025	31.12.2024
By type of exposure
Due from banks – at-sight balances		616,778	394,894
Due from banks – term balances		129,856	455,815
Valuation allowances for credit risks	16	–13	–28
Due from banks		746,621	850,681

Mortgage receivables		3,660,906	3,727,549
Other receivables		2,281,553	2,238,711
Valuation allowances for credit risks	16	–16,739	–25,008
Due from customers		5,925,720	5,941,252

Total due from banks and customers		6,672,341	6,791,933

Due from customers by type of collateral
Mortgage collateral		3,703,114	3,732,694
Other collateral		2,098,478	2,148,981
Without collateral		140,867	84,585
Subtotal		5,942,459	5,966,260
Valuation allowances for credit risks		–16,739	–25,008
Total due from customers		5,925,720	5,941,252

16 Allowances for credit risk

The detailed information on credit risk is disclosed in the section Risk Management of VP Bank Group.

17 Trading portfolios

in CHF 1,000	31.12.2025	31.12.2024
Debt securities valued at fair value
Total	0	0

Equity securities / investment-fund units valued at fair value
Total	0	0
Other	578	372
Total trading portfolios	578	372

18 Derivative financial instruments

in CHF 1,000	Positive replacement values	Negative replacement values	Contract volumes
Interest-rate instruments
Swaps		158	7,000
Total interest-rate instruments 31.12.2025	0	158	7,000

Foreign currencies
Forward contracts	2,821	1,862	288,038
Combined interest-rate/currency swaps	12,331	11,465	4,581,435
Options (OTC)	6,003	6,003	450,215
Total foreign currencies 31.12.2025	21,155	19,330	5,319,688

Equity securities/indices
Options (OTC)	2,429	2,429	160,061
Total equity securities/indices 31.12.2025	2,429	2,429	160,061

Precious metals
Forward contracts	19	20	2,232
Swaps	875		5,163
Options (OTC)	432	432	19,228
Total precious metals 31.12.2025	1,326	452	26,623

Total derivative financial instruments 31.12.2025	24,910	22,369	5,513,372

The fair value for derivative financial instruments without market value is determined using recognised models. These valuation models take account of the relevant parameters such as contract specifications, the market price of the underlying security, the yield curve and volatility.

in CHF 1,000	Positive replacement values	Negative replacement values	Contract volumes
Interest-rate instruments
Swaps		413	22,000
Total interest-rate instruments 31.12.2024	0	413	22,000

Foreign currencies
Forward contracts	10,341	1,214	353,867
Combined interest-rate/currency swaps	69,211	10,038	3,561,846
Options (OTC)	5,898	5,901	508,250
Total foreign currencies 31.12.2024	85,450	17,153	4,423,963

Equity securities/indices
Options (OTC)	734	723	98,802
Total equity securities/indices 31.12.2024	734	723	98,802

Precious metals
Forward contracts	308	70	16,600
Options (OTC)	356	356	24,917
Total precious metals 31.12.2024	664	426	41,517

Total derivative financial instruments 31.12.2024	86,848	18,715	4,586,282

19 Financial instruments at fair value

in CHF 1,000	31.12.2025	31.12.2024
Debt instruments
Non-exchange-listed	1	1
Total	1	1

Equity shares / investment fund units
Exchange-listed	4,986	7,826
Non-exchange-listed	41,444	44,102
Total	46,430	51,928

Equity shares, through other comprehensive income (FVTOCI)
Exchange-listed	190,896	138,830
Non-exchange-listed	1,604	1,915
Total	192,500	140,745

Structured products
Exchange-listed	276	316
Total	276	316

Total financial instruments at fair value	239,207	192,990

The fair value of non-exchange-listed financial instruments is determined only on the basis of external traders’ quotes or pricing models which are based on prices and interest rates in an observable, active and liquid market. Management is satisfied that the prices determined on the basis of these techniques represent the best value calculated at the date of the financial statements for the balance sheet as well as the valuation entries in the income statement that depend on them.

20 Financial instruments at amortised cost

in CHF 1,000	31.12.2025	31.12.2024
Debt instruments
Exchange-listed	2,028,730	2,228,165
Expected credit loss	–758	–911
Total financial instruments at amortised cost	2,027,972	2,227,254

21 Investment in associates and joint venture

in CHF 1,000	2025	2024
Balance on 01.01.2025	22	23
Additions/disposals	6,108	0
Share of profit/loss	330	–1
Balance on 31.12.2025	6,460	22


Details of companies reflected in the consolidation using the equity method
Name	Registered office	Activity	Share capital	Capital held in %
				31.12.2025	31.12.2024
Embla Fund Management AG	Vaduz	Fund Management	CHF 125,000	40
Data Info Services AG (liquidation November 2025)	Vaduz	Procurement, trade and exchange of goods and services	CHF 50,000	0	50

22 Property and equipment

in CHF 1,000	Right of use assets¹	Bank buildings	Other real estate	Furniture and equipment	IT systems	Total 2025
Acquisition cost
Balance on 01.01.2025	35,161	199,596	3,400	24,147	9,687	271,990
Additions	419	2,223	402	223	596	3,863
Disposals/derecognitions²	–2,165			–1,025	–1,487	–4,677
Foreign-currency translation	–814			–545	–76	–1,435
Other adjustments	0			–5		–5
Balance on 31.12.2025	32,601	201,819	3,802	22,795	8,720	269,736

Accumulated depreciation and amortisation
Balance on 01.01.2025	–22,363	–153,889	–880	–20,117	–8,233	–205,481
Depreciation and amortisation	–4,226	–5,364		–1,560	–1,111	–12,261
Valuation allowances	0					0
Disposals/derecognitions²	2,165			1,025	1,487	4,677
Foreign-currency translation	398			392	66	856
Other adjustments	0			–30		–30
Balance on 31.12.2025	–24,026	–159,253	–880	–20,290	–7,791	–212,239

Net book values on 31.12.2025	8,575	42,566	2,922	2,505	929	57,497

1Total in accordance with the table below.

2Includes derecognitions of fully depreciated property, plant and equipment.

in CHF 1,000	Right of use assets¹	Bank buildings	Other real estate	Furniture and equipment	IT systems	Total 2024
Acquisition cost
Balance on 01.01.2024	35,073	198,155	3,366	23,458	11,037	271,088
Additions	945	1,441	34	480	93	2,993
Disposals/derecognitions²	–1,367			–102	–1,490	–2,959
Foreign-currency translation	510			311	47	868
Balance on 31.12.2024	35,161	199,596	3,400	24,147	9,687	271,990

Accumulated depreciation and amortisation
Balance on 01.01.2024	–18,309	–148,299	–31	–17,827	–8,166	–192,631
Depreciation and amortisation	–4,592	–5,590	–8	–1,680	–1,516	–13,386
Valuation allowances³	–592		–841	–459		–1,892
Disposals/derecognitions²	1,367			102	1,490	2,959
Foreign-currency translation	–237			–219	–41	–497
Other adjustments	0			–34		–34
Balance on 31.12.2024	–22,363	–153,889	–880	–20,117	–8,233	–205,481

Net book values on 31.12.2024	12,798	45,707	2,520	4,030	1,454	66,509

1Total in accordance with the table below.

2Includes derecognitions of fully depreciated property, plant and equipment.

3CHF 1.9 million restructuring costs (see Consolidated annual report of VP Bank Group).

Right of use assets

in CHF 1,000	Buildings and premises	Motor vehicles	Total 2025
Acquisition cost
Balance on 01.01.2025	33,046	2,115	35,161
Additions	200	219	419
Disposals/derecognitions	–814	–1,351	–2,165
Foreign-currency translation	–814	0	–814
Balance on 31.12.2025	31,618	983	32,601

Accumulated depreciation and amortisation
Balance on 01.01.2025	–20,688	–1,675	–22,363
Depreciation and amortisation	–4,018	–208	–4,226
Valuation allowances	0	0	0
Disposals/derecognitions	814	1,351	2,165
Foreign-currency translation	398	0	398
Balance on 31.12.2025	–23,494	–532	–24,026

Net book values on 31.12.2025	8,124	451	8,575

in CHF 1,000	Buildings and premises	Motor vehicles	Total 2024
Acquisition cost
Balance on 01.01.2024	33,136	1,937	35,073
Additions	727	218	945
Disposals/derecognitions	–1,327	–40	–1,367
Foreign-currency translation	510	0	510
Balance on 31.12.2024	33,046	2,115	35,161

Accumulated depreciation and amortisation
Balance on 01.01.2024	–16,831	–1,478	–18,309
Depreciation and amortisation	–4,353	–239	–4,592
Valuation allowances	–592	0	–592
Disposals/derecognitions	1,327	40	1,367
Foreign-currency translation	–239	2	–237
Balance on 31.12.2024	–20,688	–1,675	–22,363

Net book values on 31.12.2024	12,358	440	12,798

Additional information regarding property and equipment

in CHF 1,000	2025	2024
Fire insurance value of real estate	177,400	176,500
Fire insurance value of other property and equipment	27,675	26,450
Fair value of other real estate	2,922	2,520

There is no property, plant and equipment from financial leasing.

23 Goodwill and other intangible assets

in CHF 1,000	Software	Customer relationships	Goodwill	Total 2025
Acquisition cost
Balance on 01.01.2025	241,314	56,720	53,670	351,704
Additions	12,747			12,747
Disposals/derecognitions	–1,781			–1,781
Foreign-currency translation	–554			–554
Balance on 31.12.2025	251,726	56,720	53,670	362,116

Accumulated amortisation
Balance on 01.01.2025	–195,639	–51,123	–35,302	–282,064
Depreciation and amortisation	–15,712	–1,204		–16,916
Impairment				0
Disposals/derecognitions	1,781			1,781
Foreign-currency translation	514			514
Balance on 31.12.2025	–209,056	–52,327	–35,302	–296,685

Net book values on 31.12.2025	42,670	4,393	18,368	65,431

in CHF 1,000	Software	Customer relationships	Goodwill	Total 2024
Acquisition cost
Balance on 01.01.2024	236,095	56,720	53,670	346,485
Additions	13,132			13,132
Disposals/derecognitions	–8,224			–8,224
Foreign-currency translation	311			311
Balance on 31.12.2024	241,314	56,720	53,670	351,704

Accumulated amortisation
Balance on 01.01.2024	–186,483	–46,514	–35,302	–268,299
Depreciation and amortisation	–17,071	–4,609		–21,680
Impairment				0
Disposals/derecognitions	8,224			8,224
Foreign-currency translation	–309			–309
Balance on 31.12.2024	–195,639	–51,123	–35,302	–282,064

Net book values on 31.12.2024	45,675	5,597	18,368	69,640

No other intangible assets with an indefinite useful life are capitalised in the consolidated balance sheet of VP Bank Group.

Goodwill impairment test

The goodwill of CHF 18.4 million results from the existing goodwill of CHF 10.8 million from the acquisition of VP Bank (Luxembourg) SA in 2001, which is allocated to the cash-generating unit (CGU) VP Bank (Luxembourg) SA. Since 2019, there has been further goodwill of CHF 6.8 million from the acquisition of the Luxembourg private banking activities of Catella Bank by VP Bank (Luxembourg) SA. Further goodwill of CHF 0.8 million was added in the 2021 financial year from the acquisition of the client business of Öhman Bank S.A., which has its registered office in Luxembourg. Both instances of goodwill are also allocated to the CGU VP Bank (Luxembourg) SA.

The determination of the realisable amount in connection with the impairment test in the 2025 financial year was based on the fair value (Level 3) less costs to sell. The carrying value of existing goodwill as well as intangible assets is tested using the market multiples method from comparable listed enterprises or from comparable transactions. The multiple used is the so-called goodwill multiple, which is defined as the ratio of the difference between the market capitalisation and the carrying value of equity capital to the existing assets under management and is used for the valuation of companies in the wealth management sector. The realisable amount exceeded the carrying value (posted equity capital plus carrying value of acquired intangible assets after deferred taxes plus carrying value of goodwill) of the CGU to such an extent that an impairment of goodwill could be considered unlikely. An additional calculation of the realisable amount, based on the value in use, as well as a sensitivity analysis was therefore waived.

24 Other assets

in CHF 1,000	31.12.2025	31.12.2024
Value-added taxes and other tax receivables	7,104	7,696
Prepaid retirement pension contributions¹	1,302	0
Settlement accounts	14,046	56,454
Miscellaneous other assets	2,455	1,976
Total other assets	24,907	66,126

1Note 40.

25 Medium-term notes

in CHF 1,000 Maturity	0–0.9999 % Interest rate	1–1.9999 % Interest rate	2–2.9999 % Interest rate	3–3.9999 % Interest rate	4–4.9999 % Interest rate	Total
2026	13,288	1,913	47	9	13	15,270
2027	33,657	4,395	146	800	0	38,998
2028	1,878	4,415	200	0	0	6,493
2029	486	10,152	0	0	0	10,638
2030	937	826	0	0	0	1,763
2031	596	40	93	0	0	729
2032	117	790	0	0	0	907
2033	0	0	0	0	0	0
2034	0	20	0	0	0	20
2035	308	0	0	0	0	308
Total 31.12.2025	51,267	22,550	485	809	13	75,125
Total 31.12.2024	23,414	22,789	1,280	1,943	64	49,491

The average payment of interest as at 31 December 2025 was 0.7 per cent (previous year: 0.9 per cent).

26 Debentures, VP Bank Ltd, Vaduz

					in CHF 1,000
Year of issue	ISIN	Interest rate in %	Currency	Maturity	Nominal amount	Total 31.12.2025	Total 31.12.2024
2019	CH0461238880	0.600	CHF	29.11.2029	155,000	154,989	154,987
Total					155,000	154,989	154,987

Issued debt instruments are recorded at fair value plus transaction costs upon initial recognition. Fair value corresponds to the consideration received. They are subsequently accounted for at amortised cost. In this process, the market yield method (0.60 per cent debenture 2029) is applied in order to amortise the difference between the issuance price and redemption value over the duration of the debentures.

27 Other liabilities

in CHF 1,000	31.12.2025	31.12.2024
Value-added taxes and other tax payables	9,238	10,322
Accrued retirement pension contributions¹	0	13,617
Other long-term employee benefits¹	3,229	3,193
Settlement accounts	31,266	67,453
Miscellaneous other liabilities²	13,965	17,967
Total other liabilities	57,698	112,552

1Note 40.

2Other miscellaneous liabilities and lease liabilities (note 32).

28 Provisions

in CHF 1,000	Default risk	Legal and litigation risks	Other provisions	Restructuring- provisions	Total 2025
Carrying value at the beginning of the financial year	434	693	1,673	4,141	6,941
Utilisation in accordance with purpose		–406	–1,020	–1,998	–3,424
New provisions charged to income statement	115	329		23	467
Provisions releases to income statement	–448	–32	–211	–1,342	–2,033
Foreign-currency translation differences and other adjustments	–37	–1	–32	–125	–195
Carrying value at the end of the financial year	64	583	410	699	1,756

Maturity of provisions
within one year					1,756
over one year					0

in CHF 1,000	Default risk	Legal and litigation risks	Other provisions	Restructuring- provisions	Total 2024
Carrying value at the beginning of the financial year	252	357	1,770	0	2,379
Utilisation in accordance with purpose		–365	–19	–1,182	–1,566
New provisions charged to income statement	578	701	5	5,453	6,737
Provisions releases to income statement	–414		–100	–249	–763
Foreign-currency translation differences and other adjustments	18		17	119	154
Carrying value at the end of the financial year	434	693	1,673	4,141	6,941

Maturity of provisions
within one year					3,872
over one year					3,069

29 Share capital

	31.12.2025		31.12.2024
	No. of shares	Nominal CHF	No. of shares	Nominal CHF
Registered shares A of CHF 10.00 nominal value	6,015,000	60,150,000	6,015,000	60,150,000
Registered shares B of CHF 1.00 nominal value	6,004,167	6,004,167	6,004,167	6,004,167
Total share capital		66,154,167		66,154,167

All shares are fully paid up.

30 Treasury shares

	31.12.2025		31.12.2024
	No. of shares	in CHF 1,000	No. of shares	in CHF 1,000
Registered shares A at the beginning of the financial year	375,460	39,432	416,615	43,755
Purchases	0	0	0	0
Sales	–42,045	–4,416	–41,155	–4,323
Balance of registered shares A as of balance sheet date	333,415	35,016	375,460	39,432

Registered shares B at the beginning of the financial year	353,169	5,477	352,169	5,469
Purchases	975	8	1,000	8
Sales	–1,900	–16	0	0
Balance of registered shares B as of balance sheet date	352,244	5,469	353,169	5,477

31 Assets pledged or assigned to secure own liabilities and assets subject to retention of title

	31.12.2025		31.12.2024
in CHF 1,000	Market value	Actual liability	Market value	Actual liability
Securities	759,457	0	753,095	0
Money market papers	0	0	0	0
Other	4,218	1,391	4,024	1,578
Total pledged assets	763,675	1,391	757,119	1,578

The assets are pledged for repo limits with national and central banks, for stock exchange deposits and to secure the business activities of the foreign organisations in accordance with local legal requirements. Assets pledged or assigned as part of lending or repo transactions are not included in the above list. They are shown in the table “Lending transactions and repurchase agreements with securities” (Note 44).

32 Leasing

The Group rents various office and warehouse buildings, as well as vehicles. Rental agreements are usually concluded for fixed periods of two to eight years, but options to extend may be included.

Leases in the balance sheet

in CHF 1,000	31.12.2025	31.12.2024	Variance absolute	Variance in %
Property and equipment
Right of use – buildings and premises	8,124	12,358	–4,234	–34.3
Right of use – motor vehicles	451	440	11	2.5
Total assets	8,575	12,798	–4,223	–33.0

Remaining duration of up to 1 year	4,618	4,998	–380	–7.6
Remaining duration of 1 to 5 years	4,943	9,858	–4,915	–49.9
Remaining duration of over 5 years	0	0	0	0.0
Total lease liabilities	9,561	14,856	–5,295	–35.6

Leases in the income statement

in CHF 1,000	2025	2024	Variance absolute	Variance in %
Net interest income
Interest expense on lease liabilities	206	274	–68	–24.8

Expenses relating to leases of low-value assets	379	694	–315	–45.4
Depreciation of property and equipment
Depreciation and impairment on right-of-use assets	4,226	5,184	–958	–18.5

33 Litigation

As part of its ordinary banking activities, VP Bank Group is involved in various legal proceedings. The legal and regulatory environment in which VP Bank Group operates involves significant litigation, compliance, reputational and other risks in connection with legal disputes and regulatory proceedings. The impact of these proceedings on the financial strength and/or profitability of VP Bank Group is dependent on the status of the proceedings and their outcome. VP Bank Group employs the relevant processes, reports and committees to monitor and manage these risks. It also establishes provisions for ongoing and threatened proceedings if the probability that such proceedings will entail a financial loss is judged to be greater than the probability of this not being the case. In isolated cases in which the amount cannot be reliably estimated, for instance because of the early stage or the complexity of the proceedings or other factors, no provision is established, but contingent liabilities may be created. The risks described below are not necessarily the only ones to which VP Bank Group is exposed. Additional risks which are presently unknown or risks and proceedings which are currently considered insignificant may equally impact the future course of business, operating results and the outlook of VP Bank Group.

In the case before the High Court of Justice in London, the court served a civil suit on VP Bank (Switzerland) Ltd at the beginning of 2020. VP Bank Ltd is also named as a defendant and was notified of the action in March 2020. The main defendant is a former governing body of a foreign pension fund. The latter is said to have acted unlawfully in its role by accepting distribution remunerations for investment funds. The action names more than 40 defendants, among them various other banks and individuals that processed payments or paid distribution remunerations. VP Bank Ltd and VP Bank (Switzerland) Ltd are accused of a violation of due diligence obligations. They are also accused of involvement in the processing of questionable third-party fees and commissions of at least USD 46 million, meaning they would have to assume non-contractual collective liability for the damages incurred. VP Bank Group is disputing the accusations and the place of jurisdiction. Two defendant banks in Switzerland successfully challenged the UK jurisdiction.

VP Bank Group considers the risk of outflow of funds to be small in the above case, which is why no provision has been formed.

34 Balance sheet per currency

in CHF 1,000	CHF	USD	EUR	Other	Total 2025
Assets
Cash and cash equivalents	1,125,175	536	218,784	3,661	1,348,156
Receivables arising from money market papers		71,486		85,928	157,414
Due from banks	13,844	216,754	154,553	361,470	746,621
Due from customers	4,517,601	536,867	578,703	292,549	5,925,720
Trading portfolios				578	578
Derivative financial instruments	13,612	9,564	5	1,729	24,910
Financial instruments at fair value	105,125	14,326	112,795	6,961	239,207
Financial instruments at amortised cost	545,375	809,150	647,154	26,293	2,027,972
Investment in associates and joint venture	6,460				6,460
Property and equipment	54,210	3,287			57,497
Intangible assets	65,334	97			65,431
Tax receivables			234		234
Deferred tax assets	12,885				12,885
Accrued receivables and prepaid expenses	19,180	10,220	8,381	1,400	39,181
Other assets	18,909	1,064	3,473	1,461	24,907
Total assets 31.12.2025	6,497,710	1,673,351	1,724,082	782,030	10,677,173

Liabilities and shareholders’ equity
Due to banks	400,898	48,506	33,586	34,024	517,014
Due to customers – savings and deposits	397,791		712		398,503
Due to customers – other liabilities	2,436,036	2,876,562	1,982,960	926,838	8,222,396
Derivative financial instruments	11,227	9,420	7	1,715	22,369
Medium-term notes	73,066	921	1,138		75,125
Debenture issues	154,989				154,989
Tax liabilities	5,881			323	6,204
Deferred tax liabilities	3,403				3,403
Accrued liabilities and deferred items	28,951	5,451	3,925	3,276	41,603
Other liabilities	26,339	23,058	6,831	1,470	57,698
Provisions	1,469	16	254	17	1,756
Total liabilities	3,540,050	2,963,934	2,029,413	967,663	9,501,060
Total shareholders’ equity	1,110,447	60,441		5,225	1,176,113
Total liabilities and shareholders’ equity 31.12.2025	4,650,497	3,024,375	2,029,413	972,888	10,677,173

in CHF 1,000	CHF	USD	EUR	Other	Total 2024
Assets
Cash and cash equivalents	734,046	506	166,612	4,035	905,199
Receivables arising from money market papers		72,944		98,805	171,749
Due from banks	133,570	318,832	167,562	230,717	850,681
Due from customers	4,575,615	585,194	511,303	269,140	5,941,252
Trading portfolios				372	372
Derivative financial instruments	74,606	9,934	102	2,206	86,848
Financial instruments at fair value	81,518	13,758	92,941	4,773	192,990
Financial instruments at amortised cost	545,089	976,892	679,215	26,058	2,227,254
Investment in associates and joint venture	22				22
Property and equipment	61,478	5,031			66,509
Intangible assets	69,434	206			69,640
Tax receivables			157		157
Deferred tax assets	14,866			49	14,915
Accrued receivables and prepaid expenses	18,850	13,225	7,918	1,890	41,883
Other assets	28,880	32,774	3,994	478	66,126
Total assets 31.12.2024	6,337,974	2,029,296	1,629,804	638,523	10,635,597

Liabilities and shareholders’ equity
Due to banks	120,255	16,775	6,547	33,275	176,852
Due to customers – savings and deposits	379,486		724		380,210
Due to customers – other liabilities	2,344,933	3,397,969	1,890,105	935,277	8,568,284
Derivative financial instruments	9,370	6,396	100	2,849	18,715
Medium-term notes	45,496	2,139	1,856		49,491
Debenture issues	154,987				154,987
Tax liabilities	5,187			64	5,251
Deferred tax liabilities	2,323				2,323
Accrued liabilities and deferred items	24,611	11,971	3,085	3,530	43,197
Other liabilities	38,372	54,658	17,447	2,075	112,552
Provisions	4,446	346	288	1,861	6,941
Total liabilities	3,129,466	3,490,254	1,920,152	978,931	9,518,803
Total shareholders’ equity	1,039,494	71,380	0	5,920	1,116,794
Total liabilities and shareholders’ equity 31.12.2024	4,168,960	3,561,634	1,920,152	984,851	10,635,597

35 Maturity structure of assets and liabilities

				Due within
in CHF 1,000	At sight	Callable	1 year	1 to 5 years	Over 5 years	Total 2025
Assets
Cash and cash equivalents	1,346,765	1,391				1,348,156
Receivables arising from money market papers			157,414			157,414
Due from banks	616,778		129,843			746,621
Due from customers	457,440	29,636	4,226,753	961,654	250,237	5,925,720
Trading portfolios	578					578
Derivative financial instruments¹	24,910					24,910
Financial instruments at fair value	239,207					239,207
Financial instruments at amortised cost			296,317	1,306,177	425,478	2,027,972
Investment in associates and joint venture					6,460	6,460
Property and equipment	57,497					57,497
Intangible assets	65,431					65,431
Tax receivables	234					234
Deferred tax assets				12,885		12,885
Accrued receivables and prepaid expenses	39,181					39,181
Other assets	23,492	1,415				24,907
Total assets 31.12.2025	2,871,513	32,442	4,810,327	2,280,716	682,175	10,677,173

Liabilities
Due to banks	287,014		230,000			517,014
Due to customers – savings and deposits		398,503				398,503
Due to customers – other liabilities	3,655,380	2,163,728	2,397,845	5,443		8,222,396
Derivative financial instruments¹	22,369					22,369
Medium-term notes			15,233	57,915	1,977	75,125
Debenture issues				154,989		154,989
Tax liabilities	6,204					6,204
Deferred tax liabilities				3,403		3,403
Accrued liabilities and deferred items	41,603					41,603
Other liabilities²	48,529		4,458	4,711		57,698
Provisions	1,756					1,756
Total liabilities 31.12.2025	4,062,855	2,562,231	2,647,536	226,461	1,977	9,501,060

1Derivative positions are reported «at sight» as this conservatively reflects the nature of these trading activities. The carrying amount corresponds to the fair value. Management believes that this best represents the cash flows that would have to be paid if these positions had to be settled or closed out.

2Note 32.

				Due within
in CHF 1,000	At sight	Callable	1 year	1 to 5 years	Over 5 years	Total 2024
Assets
Cash and cash equivalents	903,621	1,578				905,199
Receivables arising from money market papers			171,749			171,749
Due from banks	394,894		455,787			850,681
Due from customers	317,959	17,467	4,185,438	1,122,294	298,094	5,941,252
Trading portfolios	372					372
Derivative financial instruments¹	86,848					86,848
Financial instruments at fair value	192,990					192,990
Financial instruments at amortised cost			345,132	1,407,858	474,264	2,227,254
Investment in associates and joint venture					22	22
Property and equipment	66,509					66,509
Intangible assets	69,640					69,640
Tax receivables	157					157
Deferred tax assets	49			14,866		14,915
Accrued receivables and prepaid expenses	41,883					41,883
Other assets	65,017	1,109				66,126
Total assets 31.12.2024	2,139,939	20,154	5,158,106	2,545,018	772,380	10,635,597

Liabilities
Due to banks	176,852					176,852
Due to customers – savings and deposits		380,210				380,210
Due to customers – other liabilities	3,546,841	2,138,191	2,883,252			8,568,284
Derivative financial instruments¹	18,715					18,715
Medium-term notes			9,781	38,133	1,577	49,491
Debenture issues				154,987		154,987
Tax liabilities	5,251					5,251
Deferred tax liabilities				2,323		2,323
Accrued liabilities and deferred items	43,197					43,197
Other liabilities²	98,363		4,679	9,510		112,552
Provisions	3,872			3,069		6,941
Total liabilities 31.12.2024	3,893,091	2,518,401	2,897,712	208,022	1,577	9,518,803

1Derivative positions are reported «at sight» as this conservatively reflects the nature of these trading activities. The carrying amount corresponds to the fair value. Management believes that this best represents the cash flows that would have to be paid if these positions had to be settled or closed out.

2Note 32. Adjustment of maturities compared to the published 2024 annual report: at sight from 111,988 to 98,363; due within 1 year from 297 to 4,679; due within 1 to 5 years from 267 to 9,510.

36 Classification of assets by country or groups of countries

	31.12.2025		31.12.2024
	in CHF 1,000	Proportion in %	in CHF 1,000	Proportion in %
Liechtenstein and Switzerland	6,236,633	58.4	6,147,398	57.8
Rest of Europe	2,080,720	19.5	2,008,668	18.9
North America	1,034,515	9.7	1,120,701	10.5
Other countries	1,325,305	12.4	1,358,830	12.8
Total assets	10,677,173	100.0	10,635,597	100.0

The breakdown is based on the domicile principle of the counterparties. The diversified collateral mainly in connection with lombard loans is not taken into account.

37 Financial instruments

Fair value of financial instruments

The following table shows the fair values of financial instruments based on the valuation methods and assumptions set out below. This table is presented because not all financial instruments are disclosed at their fair values in the consolidated financial statements. The fair value equates to the price at the date of measurement which could be realised from the sale of the asset, or which must be settled for the transfer of the liability, in an orderly transaction between market participants.

in CHF million	Carrying value 31.12.2025	Fair Value 31.12.2025	Variance	Carrying value 31.12.2024	Fair Value 31.12.2024	Variance
Assets
Cash and cash equivalents	1,348	1,348	0	905	905	0
Receivables arising from money market papers	157	157	0	172	172	0
Due from banks	747	747	0	851	851	0
Due from customers	5,926	5,992	66	5,941	6,020	79
Trading portfolios	1	1	0	0	0	0
Derivative financial instruments	25	25	0	87	87	0
Financial instruments at fair value	239	239	0	193	193	0
of which designated on initial recognition	0	0	0	0	0	0
of which mandatory under IFRS 9	47	47	0	52	52	0
of which recognised in other comprehensive income with no effect on net income	193	193	0	141	141	0
Financial instruments at amortised cost	2,028	2,018	–10	2,227	2,182	–45
Subtotal			56			34

Liabilities
Due to banks	517	517	0	177	177	0
Due to customers	8,621	8,561	60	8,948	8,905	43
Derivative financial instruments	22	22	0	19	19	0
Medium-term notes	75	76	–1	49	50	–1
Debentures issued	155	152	3	155	150	5
Subtotal			62			47

Total variance			118			81

The following valuation methods are used to determine the fair value of on-balance-sheet financial instruments:

Cash and cash equivalents, money market papers

For the balance sheet items “Cash and cash equivalents” and “Receivables arising from money market papers”, which do not have a published market value on a recognised stock exchange or on a representative market, the fair value corresponds to the amount payable at the balance sheet date.

Due from/to banks and customers, medium-term notes, bonds

In determining the fair value of amounts due from banks, due from customers (including mortgage receivables and due to customers in the form of savings and deposits), as well as of medium-term notes and bonds with a fixed maturity or a refinancing profile, the net present value method is applied (discounting of cash flows with swap rates corresponding to the respective term). For products whose interest or payment flows cannot be determined in advance, replicating portfolios are used.

Trading portfolios, trading portfolios pledged as collateral, financial instruments at fair value

Fair value corresponds to market value for the majority of these financial instruments. The fair value of non-exchange-listed financial instruments (in particular for structured credit notes) is determined only on the basis of external traders’ quotes or pricing models which are based on prices and interest rates in an observable, active and liquid market.

Derivative financial instruments

For the majority of the positive and negative replacement values (see Note 18), the fair value equates to the market value. The fair value for derivative instruments without market value is determined using uniform models. These valuation models take account of the relevant parameters such as contract specifications, the market price of the underlying security, the yield curve and volatility.

Fair value hedges (Interest rate hedges)

in CHF 1,000 31.12.2025	Nominal value of hedging instruments		Book value of hedging instruments		Balance sheet position under which hedging instruments are disclosed
			Assets	Liabilities
Interest-rate swaps		7,000	0	111	Derivative financial instruments

Change in value of the hedging instrument used as the basis for recognising hedge ineffectiveness for the period¹					35

1Ineffectiveness mainly results from variations in duration, such as due to different interest rates, interest payment dates or due dates of transactions.

in CHF 1,000 31.12.2024	Nominal value of hedging instruments		Book value of hedging instruments		Balance sheet position under which hedging instruments are disclosed
			Assets	Liabilities
Interest-rate swaps		22,000	0	301	Derivative financial instruments

Change in value of the hedging instrument used as the basis for recognising hedge ineffectiveness for the period¹					–465

1Ineffectiveness mainly results from variations in duration, such as due to different interest rates, interest payment dates or due dates of transactions.

in CHF 1,000 31.12.2025	Book value of underlying transactions		Accumulated valuation adjustments, included in the book value of the underlying transactions		Balance sheet position under which underlying transactions are disclosed
	Assets	Liabilities	Assets	Liabilities
Client receivables	7,062	0	62	0	Due from customers
of which active hedge relationships	7,062	0	62	0	Due from customers
of which closed hedge relationships (client receivables)	0	0	0	0	Due from customers

in CHF 1,000 31.12.2024	Book value of underlying transactions		Accumulated valuation adjustments, included in the book value of the underlying transactions		Balance sheet position under which underlying transactions are disclosed
	Assets	Liabilities	Assets	Liabilities
Client receivables	22,111	0	111	0	Due from customers
of which active hedge relationships	22,111	0	111	0	Due from customers
of which closed hedge relationships (client receivables)	0	0	0	0	Due from customers

Maturity profile of interest rate swaps

	Due within
in CHF million	1 year	1 to 5 years	Over 5 years	Total 2025
Fair value hedges
Hedging of interest-rate risk
Interest-rate swaps	0	7	0	7

in CHF million	Due within
	1 year	1 to 5 years	Over 5 years	Total 2024
Fair value hedges
Hedging of interest-rate risk
Interest-rate swaps	15	7	0	22

Valuation methods for financial instruments

The fair value of listed securities held in trading portfolios or as financial instruments, as well as that of listed derivatives and other financial instruments with quotes established in an active market, is determined on the basis of current market value (Level 1). Valuation methods or pricing models are used to determine the fair value of financial instruments if no direct market prices are available. If possible, the underlying assumptions are based on observed market prices or other market indicators as at the balance sheet date (Level 2). For most of the derivatives traded over the counter, as well as for other financial instruments that are not traded in an active market, fair value is determined by means of valuation methods or pricing models. Among the most frequently applied of those methods and models are discounted-cash-flow-based forward pricing and swap models, as well as options pricing models such as the Black-Scholes model or derivations thereof. The fair values arrived at on the basis of these methods and models are influenced to a significant degree by the choice of the specific valuation model and the underlying assumptions applied, for example the amounts and time sequence of future cash flows, discount rates, volatilities and/or credit risks.

If neither current market prices nor valuation methods/models based on observable market data can be drawn on for the purpose of determining fair value, then valuation methods or pricing models supported by realistic assumptions derived from actual market data are used (Level 3). Level 3 principally includes investment funds or items for which a reliable net asset value is not published at least on a quarterly basis. The fair value of these positions is, as a rule, computed on the basis of external estimates by experts in relation to the level of the future payout of the fund units, or equates to the acquisition cost of the securities less any applicable valuation haircuts.

Valuation methods for financial instruments

in CHF million at fair value	Quoted market prices, Level 1	Valuation methods based on market data, Level 2	Valuation methods with assumptions based on market data, Level 3	Total 31.12.2025
Assets
Cash and cash equivalents	1,348			1,348
Receivables arising from money market papers	157			157
Due from banks		747		747
Due from customers		5,992		5,992
Trading portfolios	1			1
Derivative financial instruments		25		25
Financial instruments at fair value	192	47		239
Financial instruments at amortised cost	2,018			2,018

Liabilities
Due to banks		517		517
Due to customers		8,561		8,561
Derivative financial instruments		22		22
Medium-term notes		76		76
Debentures issued	152			152

There were no reclassifications in the 2025 financial year.

in CHF million at fair value	Quoted market prices, Level 1	Valuation methods based on market data, Level 2	Valuation methods with assumptions based on market data, Level 3	Total 31.12.2024
Assets
Cash and cash equivalents	905			905
Receivables arising from money market papers	172			172
Due from banks		851		851
Due from customers		6,020		6,020
Trading portfolios	0			0
Derivative financial instruments		87		87
Financial instruments at fair value	141	52		193
Financial instruments at amortised cost	2,182			2,182

Liabilities
Due to banks		177		177
Due to customers		8,905		8,905
Derivative financial instruments		19		19
Medium-term notes		50		50
Debentures issued	150			150

Level 3 financial instruments in CHF million	2025	2024
Balance sheet
Holdings at the beginning of the year	0.0	4.4
Investments	0.0	0.0
Disposals	0.0	0.0
Losses recognised in the income statement	0.0	–4.4
Total book value at balance sheet date	0.0	0.0

Income on holdings at balance sheet date
Unrealised losses recognised in income from financial instruments	0.0	–4.4
Unrealised losses recognised as other comprehensive income	0.0	0.0
Unrealised gains recognised in income from financial instruments	0.0	0.0
Unrealised gains recognised as other comprehensive income	0.0	0.0

No deferred day 1 profit or loss (difference between the transaction price and the fair value calculated on the transaction day) was reported for Level 3 positions as of 31 December 2025 or 31 December 2024.

Sensitivity of fair values of Level 3 financial instruments

Changes in the net asset values of investment funds lead to corresponding changes in the fair values of these financial instruments. A realistic change in the basic assumptions or estimated values has no material impact on the statement of income, other comprehensive income or the shareholders’ equity of VP Bank Group.

Netting agreements

In order to reduce the credit risks in connection with financial derivatives, repurchase and reverse repurchase agreements as well as securities lending and borrowing transactions, VP Bank Group enters into global offsetting agreements or similar arrangements (netting agreements) with its counterparties. These include ISDA Master Netting Agreements, Global Master Securities Lending Agreements and Global Master Repurchasing Agreements. Using netting agreements, VP Bank Group can protect itself against losses arising from possible insolvency proceedings or other circumstances in which the counterparty is unable to meet its obligations. In such cases, netting agreements stipulate the immediate offsetting and/or settlement of all financial instruments falling under the related agreement. In principle, the entitlement to offsetting exists only when a default in payment or other circumstances occur which are not expected in the ordinary course of business. Financial instruments falling under a netting agreement do not meet the set-off requirements for balance sheet purposes, which is why the carrying values of the related financial instruments are not netted in the balance sheet.

Netting agreements

31.12.2025	Balance sheet netting			Netting potential
in CHF 1,000	Amount prior to balance sheet netting	Balance sheet netting	Carrying value	Financial liabilities	Collateral received	Assets after taking account of netting potential
Financial assets
Reverse repurchase transactions			0			0
Positive replacement values	24,910		24,910	11,168		13,742
Total assets	24,910	0	24,910	11,168	0	13,742

31.12.2025	Balance sheet netting			Netting potential
in CHF 1,000	Amount prior to balance sheet netting	Balance sheet netting	Carrying value	Financial assets	Collateral provided	Liabilities after taking account of netting potential
Financial liabilities
Repurchase transactions	229,998		229,998		230,284	0
Negative replacement values	22,369		22,369	11,168	4,998	6,203
Total liabilities	252,367	0	252,367	11,168	235,282	6,203

31.12.2024	Balance sheet netting			Netting potential
in CHF 1,000	Amount prior to balance sheet netting	Balance sheet netting	Carrying value	Financial assets	Collateral provided¹	Assets after taking account of netting potential¹
Financial assets
Reverse repurchase transactions			0			0
Positive replacement values¹	86,848		86,848	11,348	2,325	73,175
Total assets	86,848	0	86,848	11,348	2,325	73,175

1Adjustment compared to the published 2024 annual report due to a change in presentation: Collateral received from 0 to 2,325 and netting potential from 75,500 to 73,175.

31.12.2024	Balance sheet netting			Netting potential
in CHF 1,000	Amount prior to balance sheet netting	Balance sheet netting	Carrying value	Financial assets	Collateral provided	Liabilities after taking account of netting potential
Financial liabilities
Repurchase transactions			0			0
Negative replacement values	18,715		18,715	11,348	3,511	3,856
Total liabilities	18,715	0	18,715	11,348	3,511	3,856

38 Scope of consolidation

Company	Registered office	Base currency	Capital	Group share of equity
VP Bank Ltd	Vaduz	CHF	66,154,167	100%
VP Fund Solutions (Liechtenstein) AG	Vaduz	CHF	1,000,000	100%
VP Wealth Management (Hong Kong) Ltd (wind down)	Hong Kong	HKD	43,000,000	100%
VP Bank (Luxembourg) SA	Luxembourg	CHF	20,000,000	100%
VP Fund Solutions (Luxembourg) SA	Luxembourg	CHF	5,000,000	100%
VP Bank (Switzerland) Ltd	Zurich	CHF	20,000,000	100%
VP Bank (BVI) Ltd	Tortola	USD	10,000,000	100%

Shareholdings removed from the scope of consolidation
none
Joint venture companies removed from the scope of consolidation
Data Info Services AG, Vaduz (liquidation November 2025)
Joint venture companies
none
Companies integrated during the financial year
none
Shareholdings accounted for the first time in accordance with the equity method
Embla Fund Management AG, Vaduz
Asset transfer during the financial year
none
Changes within the scope of consolidation
none

39 Business transactions with related companies and persons

Related companies and persons include the Members of the Board of Directors and Group Executive Management as well as their close relatives and companies in which these persons either hold a majority interest or have a significant influence as a result of their role as a Member of the Board of Directors and/or Executive Board.

in CHF 1,000	2025	2024
Remuneration of the members of the Board of Directors^{1, 2}
Remuneration due in the short term	1,111	1,165
Share-based payment³	371	373

Remuneration of the members of Group Executive Management²
Remuneration due in the short term	3,922	3,889
Post-employment benefits	383	664
Other long-term remuneration due	214	0
Remuneration due upon termination of contract of employment	0	0
Share-based payments⁴	1,070	0

1Social security contributions on the remuneration of the members of the Board of Directors are not included.

2Expense allowances are not included.

3The shares are not subject to a holding period (Notes 42 and 43).

4Performance and restricted shares with conditional rights to subscribe to VP Bank registered shares A.

VP Bank Group also remunerates related parties within the scope of customary intermediary services and purchased advisory services. Such compensation is in line with standard market conditions. The total amount of these remunerations and professional fees was CHF 0.2 million in 2025 (previous year: CHF 0.6 million). As at 31 December 2025, the Board of Directors, Group Executive Management, persons closely associated with them (excluding qualifying parties) as well as the pension funds held 24,798 registered shares A of VP Bank Ltd, Vaduz (previous year: 23,696 registered shares A).

Loans to related companies and persons developed as follows (from an effective date perspective):

in CHF 1,000	2025	2024
Mortgages and loans at the beginning of the financial year	0	0
Additions	1,800	0
Repayments	0	0
Mortgages and loans at the end of the financial year	1,800	0

Loans to Members of the Board of Directors and of Group Executive Management developed as follows (from an effective date perspective):

in CHF 1,000	2025	2024
Mortgages and loans at the beginning of the financial year	6,251	4,884
Additions	2,769	2,117
Repayments	–1,417	–750
Mortgages and loans at the end of the financial year	7,603	6,251

In principle, the same conditions apply to the Members of the Board of Directors and Group Executive Management as to all other employees. They correspond to the market conditions excluding a credit margin. Loans to related companies and persons are transacted at customary market conditions. A guarantee in the amount of CHF 53.963 million (previous year: CHF 54.427 million) was issued for a related person. The securing of the guarantee is significantly above the usual market requirements.

40 Retirement pension plans

Benefits after termination of employment

The Group maintains a number of pension plans in the Principality of Liechtenstein and abroad for employees meeting the criteria for admission to the pension plans. Among these are both defined-benefit and defined-contribution plans which insure most employees against the effects of death, invalidity and retirement. In addition, there are schemes for service anniversaries which qualify as other long-term employee benefits.

Defined-contribution pension plans

The Group offers defined-contribution pension plans to those employees who meet the appropriate admission criteria. The company is obligated to transfer a predetermined percentage of the annual salary to the pension plans. For certain plans, the employees are also obligated to make contributions. These contributions are typically deducted by the employer from the salary each month and also passed on to the pension plans. Apart from the payment of contributions and the transfer of employee contributions, there are presently no further obligations incumbent on the employer.

The employer contributions to contribution-defined pension plans for the 2025 financial year amounted to CHF 2.6 million (previous year: CHF 2.6 million).

Defined-benefit pension plans

The Group finances defined-benefit pension plans for employees who meet the admission criteria. The most significant of such plans are located in the Principality of Liechtenstein and in Switzerland.

For employees in the Principality of Liechtenstein and Switzerland, the Group operates several pension plans with fixed, predefined admission criteria. The largest of the plans is operated using an autonomous foundation, the remaining plans are handled using collective foundations of insurance companies. In these foundations, the assets available to meet the pension obligations are segregated out.

For the pension plans which are operated using collective foundations, there are pension commissions which comprise an equal number of representatives. The Foundation Board of the autonomous pension plan is also made up of an equal number of employer and employee representatives. On the basis of the law and the rules of the pension fund, the Foundation Board is obligated to act solely in the interests of the Foundation and of the beneficiaries (current actively insured employees and pensioners). Thus, in this plan, the employer cannot himself determine pension benefits and their financing, but resolutions are taken on an equal representation basis. The Foundation Board is responsible for setting the investment strategy, for changes to the rules of the pension fund and, in particular, also for determining how pension benefits are to be financed.

Retirement benefits in this plan are based upon the balance of accumulated capital savings. Annual savings credits and interest (no negative interest is possible) are added to the employee’s capital savings account. Upon retirement, the insured person has the option between a lifetime pension which includes a reversionary spouse’s pension, or the payment of a capital sum.

In addition to retirement benefits, employee benefits also include an invalidity pension, a partner pension and an orphan’s pension. These are computed as a percentage of the insured annual salary. An insured person can also purchase additional benefits to improve his/her pension situation up to a maximum allowed under the pension rules. Upon termination of employment, the accumulated savings capital is transferred to the pension plan of the new employer or to a vested benefits scheme. This form of employment benefit can lead to a situation where pension payments may vary significantly between the various years.

The minimum provisions of the Law on Occupational Pension Plans (BPVG) or the Federal Act on Occupational Old Age, Survivors’ and Invalidity Pension Provision (OPA) and their implementing provisions are to be observed in determining employee benefits. The minimum insurable salary and the minimum savings credits are laid down in the BPVG. The OPA includes more extensive stipulations.

As a result of the form of the pension plan and the legal provisions of the BPVG and OPA respectively, the employer is exposed to actuarial risks, the most significant of which are investment risk, interest rate risk, invalidity risk and longevity risk. The employee and employer contributions are laid down by the Foundation Boards. In this regard, the employer must bear, at a minimum, half of all contributions. In the event of a funding deficit, restructuring contributions to eliminate the funding deficit may be demanded both from the employer and employees.

The latest actuarial valuation of the current value of the defined-benefit obligations and service costs was carried out as of 31 December 2025 by independent actuaries using the projected unit credit method. The fair value of plan assets as of 31 December 2025 was determined based upon information available at the time of preparation of the annual financial statements.

In 2025, the autonomous foundation announced an adjustment to the conversion rates, which resulted in a past service cost of CHF 1.751 million.

The most significant assumptions underlying the actuarial computations may be summarised as follows:


	31.12.2025	31.12.2024
Discount rate	1.15%	0.97%
Rate of future salary increases	1.00%	1.00%
Rate of future pension increases	0.00%	0.00%
Lump sum payments at retirement	55.00%	55.00%
Actuarial fundamentals	BVG 2020 generation- tables	BVG 2020 generation- tables
Life expectancy at the age of 65, in years

Year of birth	1960	1959
men	23.07	22.95
women	24.81	24.70

Year of birth	1980	1979
men	25.27	25.17
women	26.76	26.67

The amounts recognised in the income statement and in equity capital can be summarised as follows:

Pension costs


in CHF 1,000	2025	2024
Pension expenses recognised in income statement
Service cost
current service cost	11,020	10,434
past service cost incl. effects from curtailments	1,751	3,395
plan settlements	0	0
Net interest expenses	47	56
Administrative costs	251	240
Total pension expenses of the period	13,069	14,125

Revaluation components recognised in comprehensive income
Actuarial gains/losses
Result of changes to demographic assumptions	0	–4,141
Result of changes to financial assumptions	–5,475	14,151
Experience adjustments	4,049	1,949
Return on plan assets (excluding amounts in net interest expenses)	–23,235	–14,267
Changes in asset ceiling	7,537	0
Total expenses recognised in comprehensive income	–17,124	–2,308
Total pension cost	–4,055	11,817

The development of the pension liabilities and pension assets can be summarised as follows:

Movement in current value of defined-benefit obligations

in CHF 1,000	2025	2024
Present value of defined-benefit obligations at the beginning of the financial year	372,563	355,310
Current service cost	11,020	10,434
Employee contributions	6,900	7,584
Interest expenses on present value of pension obligations	3,476	5,226
Actuarial gains/losses	–1,426	11,959
(Gains)/losses from curtailment	0	–324
Transfer of assets through compensation	1,751	3,719
Pension payments financed by plan assets	–16,270	–21,345
Balance at the end of the financial year	378,014	372,563

Movement in plan assets

in CHF 1,000	2025	2024
Plan assets at the beginning of the financial year	358,946	342,263
Employee contributions	6,900	7,584
Employer contributions	10,865	11,247
Interest income on plan assets	3,429	5,170
Return on plan assets (excluding amounts under interest income)	23,235	14,267
Pension payments financed by plan assets	–16,270	–21,345
Administrative costs	–251	–240
Balance at the end of the financial year	386,854	358,946

The net position from pension liabilities recognised in the balance sheet can be summarised as follows:

Net position of pension obligations recognised in the balance sheet

in CHF 1,000	31.12.2025	31.12.2024
Present value of pension obligations financed through a fund	378,014	372,563
Market value of plan assets	–386,854	–358,946
Lack / excess of funding	–8,840	13,617
Present value of pension obligations not financed through a fund	0	0
Unrecognised assets	7,538	0
Active deferral of pension costs	1,302	0
Recognised pension obligations	0	13,617

In the case of the autonomous pension plan, the Foundation Council issues investment guidelines for the investment of the plan’s assets which contain the tactical asset allocation and the benchmarks for comparing the results with those of the general investment universe. The plan assets are well diversified and, in addition, the legal provisions of the BPVG are to be observed. In the case of collective foundations, the Foundation’s Board of Trustees of the collective foundation issues the investment guidelines. The Foundation’s Board of Trustees reviews on an ongoing basis whether the investment strategy chosen is appropriate to cover the pension benefits and whether the risk budget corresponds to the demographic structure. Compliance with investment guidelines and the investment performance of investment advisors are also subject to ongoing review.

Plan assets primarily consist of the following categories of securities:

in CHF 1,000	31.12.2025	31.12.2024
Equity shares	165,149	130,167
thereof quoted market prices (Level 1)	165,149	130,167
Bonds	112,039	132,138
thereof quoted market prices (Level 1)	112,039	132,138
Alternative financial investments	25,605	40,065
thereof quoted market prices (Level 1)	8,145	9,479
Real estate	44,381	27,268
thereof quoted market prices (Level 1)	16,589	15,654
Qualifying insurance papers	9,390	10,104
Cash equivalents	29,727	24,304
Other financial investments	563	–5,100
Total	386,854	358,946
thereof quoted market prices (Level 1)	301,922	287,438

The pension funds hold no shares in VP Bank Ltd, Vaduz. In 2025, a gain of CHF 26.7 million was recorded on the assets (previous year: CHF 19.4 million). The expected employer contribution for 2026 amounts to CHF 11.0 million.

The defined benefit obligations are divided between active insured, vested leavers and pensioners as follows, resulting in the following term of the obligations:

in CHF 1,000	31.12.2025	31.12.2024
Current actively insured employees	282,747	277,666
Pensioners	95,267	94,897
Total	378,014	372,563

The term of the obligations amounts to approximately 12.0 years (previous year: 12.2 years).

Presented in the following table are the sensitivities for the most important factors in the computation of the current value of pension obligations. Due to the expected interest volatility in CHF, sensitivities are stated as 25 basis points. Sensitivities relating to lump sum payments at retirement are stated at 500 basis points. Sensitivities are shown for changes in life expectancy at +/– 1 year. In each case, only the assumption stated is changed, all other assumptions remaining unchanged.

Changes in the current value of defined-benefit obligations

in CHF 1,000	31.12.2025		31.12.2024
Variance	0.25%	–0.25%	0.25%	–0.25%
Discount rate	–10,063	10,676	–10,007	10,504
Interest on pension capital accounts	2,691	–2,619	2,623	–2,724
Rate of future salary increases	1,580	–1,558	1,385	–1,546
Pension indexation (pensions cannot be reduced)	6,106	0	5,915	0

Variance	5.00%	–5.00%	5.00%	–5.00%
Lump sum payments at retirement	–1,811	1,866	–1,887	1,780

Variance	+1 year	–1 year	+1 year	–1 year
Life expectancy	6,462	–6,455	6,414	–6,575

Other employee benefits paid in the long term

in CHF 1,000	2025	2024
Balance at the beginning of the financial year	3,193	3,065
Expenses financial year	432	453
Employee payments	–390	–327
Exchange differences	–6	2
Balance at the end of the financial year	3,229	3,193

Other employee benefits payable in the long term exist in the form of long service awards. Analogously to the defined-benefit pension plans, actuarial calculations have been performed and accrued expenses have been recognised for these benefits. The Group introduced a uniform regulation for the calculation of benefits from long service awards for most Group employees. For some employees abroad, separate regulations apply. These regulations qualify as plans for other employee benefits payable in the long term.

41 Significant foreign exchange rates

The following exchange rates were used for the most important currencies:

	Year-end rates		Annual average rates
	31.12.2025	31.12.2024	2025	2024
USD/CHF	0.7923	0.9063	0.83052	0.88071
EUR/CHF	0.9304	0.9384	0.93706	0.95263
SGD/CHF	0.6162	0.6643	0.63527	0.65892
HKD/CHF	0.1018	0.1167	0.10653	0.11286
GBP/CHF	1.0654	1.1350	1.09396	1.12532

42 Employee stock-ownership plan

The stock-ownership plan enables employees to subscribe annually to a defined number of bearer shares of VP Bank Ltd, Vaduz, at a preferential price subject to a three-year restriction on selling these shares. Upon expiration of the sales restriction period, or at the time of resignation from VP Bank Group, the related shares become freely available. As the employees are therefore ultimately able to take up the shares at any time and in full, the expense arising from the employee stock-ownership plans is recorded in full at the time of their respective allocation. Half of the number of registered shares A to be subscribed is based on length of service and is proportional to the amount of the annual fixed salary, whereby fixed salary components in excess of CHF 120,000 and variable salary components are not taken into account. The purchase price is determined annually in relation to the market value of the bearer shares on SIX Swiss Exchange (ex-dividend). The shares issued in this manner derive either from share holdings of VP Bank Group or must be purchased for this purpose over the exchange. The expense thereby incurred is charged directly to personnel costs. A total of 22,381 shares (previous year: 21,169 shares) were subscribed at a preferential price in 2025. Share issue expenses in 2025 were CHF 0.9 million (previous year: CHF 1.0 million). There is no stock-ownership plan for the Board of Directors. Its members, however, receive a part of their compensation in the form of equity shares which are not subject to any lock-up period (Note 39). A management stock-ownership plan exists for Group Executive Management and other key managers (Note 43). VP Bank Ltd has defined lock-up periods for the Board of Directors, Group Executive Management and selected key managers and employees, during which it is prohibited to trade in the shares of VP Bank.

43 Management stock-ownership plan

A long-term and value-oriented compensation model is in place for Group Executive Management, the Executive Board and selected key managers. Details can be found in the Compensation Report.

Regardless of the actual cash flow, management stock-ownership plans are recognised in the financial year to which they economically belong. For deferred share and cash plans, the expense for the entire vesting period is estimated, updated and recognised pro rata temporis over this period in personnel expenses.

The total amount of variable compensation is determined within a range known as the “value share” and is based primarily on the net profit of VP Bank Group. The Board of Directors makes a facts-based assessment of the total amount of variable compensation and can adapt the amount. In times of adverse operating conditions, the overall amount of variable compensation is reduced accordingly and can even amount to zero. This takes into consideration the multi-annual, risk-adjusted profitability of VP Bank Group (cf. graph below), the sustainable level of profitability, capital costs and therefore takes account of current and future risks.

Calculation of risk-adjusted profit

The sum of provisions for variable compensation must be affordable on aggregate. Never should VP Bank Group or any individual Group subsidiary fall into financial difficulties as a result. The impact on the Group’s equity situation is taken into consideration in this process.

In accordance with the model approved by the Board of Directors on 11 December 2025, the compensation payable to Group Executive Management consists of the following components:

A fixed base salary; this is contractually agreed between the Board of Directors and individual members. In addition to the base salary, VP Bank pays proportionate contributions to the management insurance scheme and the pension fund.
A Restricted Share Plan (RSP); this is a long-term, variable management participation in the form of registered shares A of VP Bank Ltd. and serves as a long-term commitment in the form of shares. The RSP is paid out over the five-year plan period, one-fifth per year in the form of VP Bank registered shares A. After transfer, these remain blocked for a further year. Until the transfer of ownership, the Board of Directors reserves the right to reduce or suspend the allocated entitlements in the event of defined events and in extraordinary situations. The RSP accounts for 50 per cent of the total variable performance-related compensation.
A Cash Deferral Plan (CDP); this is a long-term management equity-participation programme in the form of cash distributions. The payout is distributed pro rata over five years. Until the relevant time of transfer of payout, the Board of Directors reserves the right to reduce or suspend the allocated vested cash benefits in the case of defined occurrences and in extraordinary situations. The share of the cash deferral makes up 10 per cent of total variable performance-related compensation.
An immediate cash compensation (STI); the share of this amounts to 40 per cent of total variable performance-related compensation.

The Board of Directors determines the planning parameters of the variable profit-sharing (RSP) and their amount annually. The target share of total compensation varies in accordance with function and market customs.

In order to comply with regulatory requirements, a Restricted Share Plan (RSP) may also be used in individual justified cases to implement special retention measures, to compensate for loss of benefits at previous employers or for any severance payments.

In the following table (management stock-ownership plan), in harmony with the compensation principles described above, all share plans operated at VP Bank are shown, and not just the share plans that affect management.

Instruments of variable compensation

Management stock-ownership plan (LTI)

Number	2025	2024	Variance in %
Balance of entitlements at the beginning of the year	24,178	26,107	–7.4
New entitlements	18,495	14,525	27.3
Changes in entitlements as a result of allocation	–15,045	–15,034	–0.1
Changes in entitlements as a result of expiration	–23	89	–125.8
Changes in entitlements as a result of changes in factors	710	–1,509	147.1
Balance of calculated entitlements at the end of the year	28,315	24,178	17.1

in CHF 1,000	2025	2024	Variance in %
Personnel expenses recorded over vesting period for allocated management sharing plan	1,476	1,587	–7.0
Fair value of management sharing plan at date of allocation¹	1,246	1,406	–11.4

Personnel expenses for management sharing plan for reporting period	1,551	1,224	26.7
Accrual for management sharing plan in equity at the end of the year	2,344	2,269	3.3

1The fair value is calculated using the direct method from the number of registered shares A allocated multiplied by the closing price of the registered shares A on the day before the allocation.

44 Consolidated off-balance-sheet transactions

in CHF 1,000	31.12.2025	31.12.2024
Contingent liabilities
Credit guarantees and similar	9,107	16,683
Performance guarantees and similar	85,576	87,555
Total contingent liabilities	94,683	104,238

Credit risks
Irrevocable facilities granted	77,508	168,420
Total credit risks	77,508	168,420

Fiduciary transactions
Fiduciary deposits¹	346,293	532,192
Total fiduciary transactions	346,293	532,192

Exposure to credit risk on loan commitments and financial guarantee contracts	–63	–434

1Investments made by Group companies in their own name, but for the account and at the risk of clients, with banks outside the reporting entity.

Maturity structure

	Maturing within
in CHF 1,000	At sight	1 year	1 to 5 years	Over 5 years	Total
31.12.2025
Contingent liabilities	8,846	21,923	5,976	57,938	94,683
Credit risks	18,334	40,724	10,111	8,339	77,508

31.12.2024
Contingent liabilities	13,575	22,030	10,321	58,312	104,238
Credit risks	2,721	112,744	28,150	24,805	168,420

Securities lending and repurchase agreements

in CHF 1,000	31.12.2025	31.12.2024
Accounts receivable arising from cash deposits in connection with securities borrowing and reverse-repurchase transactions	0	0
Accounts payable arising from cash deposits in connection with securities borrowing and reverse-repurchase transactions	229,998	0
Securities lent out within the scope of securities lending or delivered as collateral within the scope of securities borrowing activities, as well as securities in own portfolio transferred within the framework of repurchase transactions	589,254	300,493
of which securities where the unlimited right to sell on or pledge has been granted	456,237	212,656
Securities received as collateral within the scope of securities lending or borrowed within the scope of securities borrowing activities, as well as received under reverse repurchase transactions, where the unlimited right to resell or repledge has been granted	356,003	293,850
of which securities which have been resold or repledged	133,017	87,837

These transactions are carried out at conditions that are customary for securities lending and borrowing activities as well as for transactions in which the bank acts as an intermediary.

45 Client assets

in CHF million	31.12.2025	31.12.2024	Variance absolute	Variance in %
Analysis of client assets under management
Assets in self-administered investment funds	13,588.4	12,520.0	1,068.4	8.5
Assets in discretionary asset management accounts	5,446.4	4,484.7	961.7	21.4
Other client assets under management	34,648.8	33,744.5	904.3	2.7
Total client assets under management (including amounts counted twice)	53,683.6	50,749.2	2,934.4	5.8
of which amounts counted twice	2,436.5	1,879.7	556.8	29.6

Change of assets under management
Total client assets under management (including amounts counted twice) at the beginning of the financial year	50,749.2	46,351.9	4,397.3	9.5
of which net new money	1,157.1	463.6	693.4	149.6
of which change in market value	1,777.3	3,933.7	–2,156.3	–54.8
Total client assets under management (including amounts counted twice) as of balance sheet date	53,683.6	50,749.2	2,934.4	5.8

Custody assets	4,657.0	5,645.2	–988.2	–17.5

Total client assets
Total client assets under management (including amounts counted twice)	53,683.6	50,749.2	2,934.4	5.8
Custody assets	4,657.0	5,645.2	–988.2	–17.5
Total client assets	58,340.6	56,394.3	1,946.2	3.5

Net new money	1,157.1	463.6	693.4	149.6

Calculation method

Client assets under management are all client assets managed or held for investment purposes for which investment advisory and wealth management services are provided. This generally includes all liabilities to clients, fiduciary time deposits and all valued portfolio holdings. The calculation is based according to the guidelines issued by the Liechtenstein government on the Banking Accounting Ordinance (FL-BankO). (Art. 98, table P) and the internal guidelines of VP Bank Group.

Assets in self-administered funds

This item includes the assets of all managed and administered investment funds of VP Bank Group.

Assets in discretionary asset management accounts

The calculation of assets in discretionary asset management accounts includes securities, book-entry securities, precious metals, fiduciary investments placed with third parties at market value as well as client deposits. The information includes assets deposited with Group companies as well as assets deposited with third parties for which Group companies have a management mandate.

Other client assets under management

The calculation of other client assets under management includes securities, book-entry securities, precious metals, fiduciary investments placed with third parties at market value as well as client deposits. The information relates to assets for which an administrative or advisory mandate is exercised.

Amounts counted twice

This position includes fund units from self-managed funds held in client securities accounts with a wealth management mandate, and the other client securities accounts.

Net new money inflow/outflow

This item consists of the acquisition of new clients, client departures and the inflow or outflow of client funds. Performance-related changes in assets such as price changes, interest and dividend payments as well as interest charged to clients are not considered inflows or outflows. Acquisitions and disposals are reported separately and do not represent an inflow or outflow in net new money. If the service provided changes and assets under management are therefore reclassified as custody assets or vice versa, this is recognised as an outflow or inflow in net new money. In 2025, reclassifications of CHF 0 (2024: CHF 498.4 million) are included in net new money. Excluded from this practice is, for example, regulatory blocking by the supervisory authorities. Such reclassifications are not recognised in net new money but under other effects.

Custody assets

Assets held exclusively for transaction and safekeeping purposes for which VP Bank Group limits itself to safekeeping and encashment.