Viel & Company: Operating Margin Up by 22.7%, but Net Income Grows More Slowly
Viel & Company announces its 2025 results, marked by a progression of its activities in a complex macroeconomic environment. The group records over 10% growth in revenue at constant exchange rates, driven by increased transaction volumes due to the repositioning of investor portfolios amid shifts in monetary policies and international trade tensions. However, the increase in net income is more limited compared to operating income.
Strong Revenue Growth Amidst Challenging Economic Conditions
Viel & Company publishes its 2025 results, marked by a progression of its activities in a continually complex macroeconomic context. The group reports consolidated revenue of 1,266.9 million euros, up by 7.4% at variable exchange rates and 10.7% at constant exchange rates.
This growth occurs in an environment characterized by the transition of monetary policies by major central banks and an intensification of international trade tensions, particularly related to the introduction of American tariff rates. These factors have led investors to reallocate their portfolios, supporting transaction volumes in the markets.
In this context, the various activities of the group contribute to growth. Compagnie Financière Tradition, specializing in professional intermediation, remains the main driver, while Bourse Direct continues its progression with an increase in the number of executed orders.
Significant Improvement in Operational Performance
The operational performance shows a significant improvement. The operating income at constant exchange rates reaches 236.6 million euros, up by 22.7% compared to 2024. The operating margin is set at 15.2%, compared to 13.0% a year earlier.
This momentum is, however, partially offset by several factors downstream of the income statement. The group records a negative impact from exchange rate effects of 8.3 million euros in 2025, whereas they were positive in the previous year.
Additionally, the financial result shows a loss of 8.5 million euros, compared to a gain of 7.1 million euros in 2024, mainly due to unfavorable exchange rate results and a decrease in interest income. The contribution from SwissLife Banque Privée also declines by 28.3%, a decrease of 5.1 million euros.
In this context, the consolidated net income grows by 10.5% at constant exchange rates to reach 178.4 million euros, a growth rate lower than that of the operating result.
Dividend Increase and Positive Outlook for 2026
The group will propose at the general assembly on June 3, 2026, the payment of a dividend of 0.54 euros per share, up by 14.9% compared to the previous year. The board of directors finalized the accounts on March 26, 2026.
Regarding the outlook, the professional intermediation activity has been progressing since the beginning of 2026 at constant exchange rates. The online trading activity benefits from a more volatile market context, while the level of interest income remains stable. SwissLife Banque Privée continues its development strategy.
