Dear shareholders,

In 2024, economic growth was generally resilient and overall market performance was relatively strong despite multiple challenges. For the financial sector, macro-economic conditions, including slower-than-expected interest rate cuts, proved somewhat supportive. At the same time, the operating environment remained complex, volatile and uncertain, reflecting heightened geopolitical tensions and the ongoing conflicts in Ukraine and the Middle East. 2024 was also a year that saw voters go to the polls in more than 60 countries around the world and generally vote for change. Global attention focused in particular on the outcome of the US presidential election and its economic implications for the wider world.

Alongside these developments, certain secular trends are continuing to shape our environment. Changing demographics, with the ageing of the global population, raise questions about how best to manage the financial, economic and social consequences of longevity, including new opportunities resulting from this trend. In the area of digitalisation and innovation, artificial intelligence (AI) has become more widely accessible to individuals and corporations alike. Significant investments are being made in data centres in response to the increased use of AI, which is in turn placing a greater burden on the power infrastructure – intensifying the need to harness alternative energy sources. In addition, climate change remains one of the most pressing issues of our time. With 2024 deemed the hottest year on record, the need to take immediate climate action to mitigate the most severe impacts of global warming is becoming ever more urgent.

Finding solutions to address today’s global challenges and secular trends will continue to shape the sustainability agenda of actors in the private and public sectors for the foreseeable future. At EFG, we believe that sustainability is ultimately about choosing the right path to balance economic, environmental and social interests. Our approach to sustainability and the respective progress are outlined in our Sustainability Report 2024.

As a global private banking group, our ultimate goal is to create value for our clients and other stakeholders and to deliver on our purpose of empowering entrepreneurial minds to create value – today and for the future. We believe that acting as a reliable partner and cultivating a relationship of trust with all of our stakeholders is more important than ever in uncertain times such as these.

2024 was another year of strong progress and performance for EFG, as we maintained our momentum and built on our strategic investments made in recent years, which are now starting to generate results.

We continued to successfully and consistently deliver against our 2023–2025 strategic plan, aimed at sustaining profitable growth and achieving scale. We delivered record IFRS net profit of CHF 321.6 million for the full year 2024 (+6% compared to 2023) and a return on tangible equity (RoTE) of 18.6%. Net asset inflows totalled CHF 10.1 billion in 2024, corresponding to a growth rate of 7.1% and demonstrating the high level of trust that clients place in EFG.

We maintained our disciplined approach to costs in 2024. However, the investments made in 2023 are already fully visible in our cost base, while the revenue benefits are expected to materialise over the next two years. The cost/income ratio was 72.9% at the end of 2024, compared to 73.3% at the end of 2023.

EFG has maintained its strong capital and liquidity positions that are well in excess of the regulatory minimum requirements. At the end of 2024, our CET1 capital ratio stood at 17.7% and our liquidity coverage ratio was 242%.

EFG has a progressive dividend policy and we plan to continue making attractive distributions to our shareholders, with a target payout ratio of around 50% of net profit. The payment of an ordinary dividend of CHF 0.60 per share (exempt from Swiss withholding tax) for the financial year 2024 will be proposed to the Annual General Meeting of 21 March 2025. This corresponds to an increase of 9% compared to the previous year.

Investing in our people and franchise

In 2024, we continued to make targeted investments in our people and franchise to generate additional growth in the current strategic cycle and beyond.

We continue to expand our talent base and client coverage and our position as an employer of choice. Our new CROs made a strong contribution to asset inflows in 2024 and we expect this trend to continue and to significantly accelerate our growth momentum.

We have also made additional investments in digitisation to further enhance the client experience and to drive our operational efficiency. Having enhanced our core systems and processes over the past few years, we are now focusing on further strengthening the connectivity between our CROs and clients and maintaining operational excellence. Enhancing our digital processes and operations automation will support the agility and scalability of our client-centric model in the future.

In addition to offering best-in-class client service and advice, we believe that responsible business conduct as well as a robust compliance and risk management culture are the foundations of our long-term success in the UHNWI and HNWI segments. Going forward, we will focus on continuously reinforcing both our operational and our financial resilience to maintain the trust of our stakeholders.

Serving our clients in over 40 locations worldwide, we understand the importance of a strong brand as a differentiating factor. In 2024, we continued our efforts to build one of the leading brands in the private banking industry and we intend to further shape and promote EFG’s brand profile across our key markets in the future. We also made further progress in elevating the bank’s positioning with external stakeholders and industry bodies.

2025 will mark the end of our current strategic cycle, and we look forward to updating the market on our 2026–2028 strategic plan later this year. Private banking and wealth management remains an attractive industry that continues to grow across geographies and segments.

We wish to take this opportunity to express our gratitude to our teams and colleagues around the globe for their hard work and dedication. We also want to thank you, our clients and shareholders, as well as all our other stakeholders, for your trust in EFG and your valued support.

Best regards

Chair and CEO message

This section contains 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" and “Cost/income ratio”. These alternative performance measures (APMs) should be regarded as complementary information to, and not as a substitute for, the IFRS performance measures. For definitions of APMs, together with reconciliations to the most directly reconcilable IFRS line items, please refer to the section headed “Alternative performance measures” of this Annual Report.