Meridian Capital — Annual Report · 2025 08 / 15
Financial Results
Growing without letting go
Operating income at Meridian Capital rose 7% to CHF 486 million. Management fees of CHF 402 million tracked higher average asset levels, while performance fees of CHF 54 million reflect a year in which five of six flagship strategies beat their benchmark.
Costs grew more slowly than income. At CHF 296 million, operating expenses rose just 6%, and the cost/income ratio improved from 64% to 61% — on the way to our ambition of below 60%. Net profit reached CHF 132 million, up 12%.
With no financial debt and strong cash generation, the firm can invest in new initiatives and reward shareholders at the same time: the Board proposes a dividend of CHF 5.20 per share, a payout ratio of 60%.
Results at a glance
Operating income mix
Operating income 2023–2025 by source, in CHF millions.
Consolidated income statement
For the year ended 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Operating income | ||
| Management fees | 402 | 378 |
| Performance fees | 54 | 48 |
| Other operating income | 30 | 28 |
| Total operating income | 486 | 454 |
| Operating expenses | ||
| Personnel expenses | (218) | (206) |
| Other operating expenses | (78) | (74) |
| Total operating expenses | (296) | (280) |
| Operating profit | 190 | 174 |
| Financial result net | 6 | 4 |
| Income taxes | (64) | (60) |
| Net profit | 132 | 118 |
Figures are prepared in accordance with Swiss GAAP FER and audited. The effective tax rate reflects the cantonal mix of activities.
Dividend history
| Year | Dividend per share | Payout ratio | Increase |
|---|---|---|---|
| 2021 | CHF 3.90 | 57% | — |
| 2022 | CHF 4.10 | 71% | +5.1% |
| 2023 | CHF 4.40 | 70% | +7.3% |
| 2024 | CHF 4.70 | 61% | +6.8% |
| 2025 | CHF 5.20 (proposed) | 60% | +10.6% |
| Five-year total | CHF 22.30 | — | — |