CEO Holger Laubenthal commented: “In 2025, we made further tangible progress in executing our strategy and improved our financial performance. Strategy execution remained disciplined, with a clear focus on customer value, efficiency and portfolio quality. Despite a lower interest rate environment, we successfully maintained a stable net interest margin. These measures drove profitability, with key metrics moving steadily towards our financial targets.”
Net interest margin at 5.5%
Net financing receivables amounted to CHF6.584billion, down 1% year-on-year. Auto leases and loans increased by 3% to CHF3.281billion driven by leveraging the updated platform and process automation, while personal loans declined by 6% to CHF2.147billion, driven by selective underwriting and disciplined pricing. Credit card financing receivables rose by 1% to CHF1.026billion and the BNPL portfolio decreased by 17% to CHF131million in line with the planned focus on core activities and on profitability.
Net revenues amounted to CHF542.2million, a decrease of 2%. Net interest income declined 2% to CHF372.2million. Lower interest expense partially offset lower interest income and resulted in a net interest margin of 5.5%. Commission and fee income remained unchanged at CHF170.0million. Credit cards contributed CHF89.4million (-2%) and BNPL CHF40.1million (+0%). The share of net revenues generated from commission and fee income remained stable at 31%.
Cost/income ratio significantly improved to 45.2%
Total operating expenses fell by CHF 19.3 million, or 7%, to CHF245.2million, reflecting the benefits of initiatives related to operational excellence and their impact on business efficiency. Personnel expenses declined by 10% to CHF121.1million. General and administrative expenses decreased by 4% to CHF124.1million, supported by lower spending on professional services and marketing expenses. Information technology costs increased by 4% to CHF52.6million, while depreciation and amortisation decreased by 31% to CHF18.5million, following the full write-off of intangible assets. As a result, the cost/income ratio improved significantly to 45.2% (2024: 48.1%).
Continued solid loss performance
Provisions for losses on financing receivables amounted to CHF73.6million, in line with the prior year. The loss rate remained unchanged at 1.1%, reflecting consistent underwriting and active portfolio management. Metrics relating to over 30 days past due balances and the non performing loan ratio are shown as 3.5% and 1.9% respectively. Cembra continues to manage the portfolio with a disciplined balance between risk and return.
Further diversified funding portfolio
The Group’s funding portfolio decreased by 1% to CHF 6.4 billion, following the trend in assets. The share of deposits continued to increase to 56% (2024: 55%) and the weighted average duration decreased to 2.2 years (2024: 2.5 years). The end-of-period funding cost decreased by 20 basis points to 1.33% (31 December 2024: 1.53%). In 2025, the introduction of the covered bond programme further enhanced funding diversification and supports funding flexibility and margin stability.
Strong capital base and increased dividend payout
Cembra remains very well capitalised, with a strong Tier 1 capital ratio of 17.6% (31 December 2024: 17.9%). Shareholders’ equity increased to CHF1.345billion, up 5%. Given Cembra’s financial performance and as part of the Group’s active capital management, the Board of Directors will recommend an ordinary dividend per share of CHF 4.60 (+8%) and a CHF 1.00 extraordinary dividend per share from excess capital at the General Meeting on 24 April 2026.
Strategic initiatives progressing as planned
During 2025, Cembra continued to implement strategic initiatives to further enhance customer value and productivity. The new leasing platform was successfully established and the transfer of all auto loans and leasing contracts was completed. In the credit cards business, Cembra launched additional features and insurance offerings available through the Cembra app and expanded its co branded partnerships. Personal loan and leasing customers were also onboarded on the Cembra app, which increases access to this tool with comprehensive services and high security standards for more than 600k enrolled users. The technology and services hub in Riga, Latvia, was further scaled, and targeted investments in technology, automation and digital services supported efficiency gains.
Christoph Glaser succeeds Pascal Perritaz as new Chief Financial Officer
Cembra announces the appointment of Christoph Glaser as Chief Financial Officer (CFO) and member of the Management Board, effective 1 March 2026. He succeeds Pascal Perritaz, who has decided to embark on a new professional chapter after eight successful years as CFO.
Christoph Glaser brings more than 20 years of experience in senior finance, risk management and operational leadership roles in international companies. Most recently, he served as Chief Financial and Operations Officer of PATRIZIA SE, a listed global real asset investment firm. Prior to that, he held the role of Chief Financial Officer at PPF’s Home Credit Group and occupied various senior leadership positions at GE, primarily across its global consumer finance and banking operations. Christoph Glaser holds master degrees from both Humboldt University Berlin and Freie Universität Berlin and has completed multiple executive education programmes throughout his career.
During his tenure at Cembra, Pascal Perritaz was instrumental in shaping and executing the company’s strategy, strengthening capital discipline and supporting sustainable performance and long-term value creation for shareholders. He will ensure a seamless transition during the handover period.
Holger Laubenthal, CEO, commented: “I am very pleased to welcome Christoph Glaser to Cembra. His deep expertise in finance, risk management and operations, combined with a strong understanding of consumer finance, will be highly valuable as we continue to execute our strategy and create long-term value. At the same time, I would like to sincerely thank Pascal Perritaz for his outstanding performance and significant contributions over the past eight years. He has made a lasting impact on Cembra. I wish him all the very best for the future.”
Outlook
For the 2026 financial year, Cembra expects net revenue growth in line with Swiss GDP growth, a broadly unchanged loss performance and with cost reductions of CHF 15-20 million a further improvement in the cost/income ratio towards the 39% target. Based on these developments, Cembra expects an increase in net income and an improvement of the ROE to around 15% (previously ≥15%).
All documents (investor presentation, audited 2025 consolidated financial statements and this media release) are available at www.cembra.ch/investors.
About Cembra
Cembra is a leading Swiss provider of innovative financing and payment solutions. The product range includes personal loans and auto leases and loans, credit cards, the insurance made available in this context, invoice financing and savings products.
Across the business lines Lending and Payments, Cembra serves over 2 million customers in Switzerland and employs more than 800 people from about 40 countries. Headquartered in Zurich, Cembra operates across Switzerland through a network of hubs and online distribution channels, as well as through credit card partners, independent intermediaries and car dealers.
Cembra has been listed as an independent Swiss bank on the SIX Swiss Exchange since 2013. The company is rated A- by Standard & Poor's and is recognised for its strong sustainability performance by leading ESG rating agencies.
