Meridian Capital — Annual Report · 2025 09 / 15
Financial Statements
Basis of preparation
The consolidated financial statements of Meridian Capital are prepared in accordance with Swiss GAAP FER. The statutory auditor issued an unqualified opinion on the 2025 financial year. As a FINMA-licensed manager of collective assets, Meridian Capital met its regulatory capital requirements throughout the year with a comfortable margin.
The balance sheet carries no financial debt. Settlement balances arising from fund subscriptions and redemptions are shown gross on both sides of the balance sheet; they unwind within days and represent no credit risk of their own.
Consolidated balance sheet
As at 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 408 | 386 |
| Receivables from fund settlements | 1384 | 1302 |
| Fees receivable | 132 | 118 |
| Financial investments | 246 | 221 |
| Property and intangible assets | 96 | 102 |
| Other assets | 74 | 67 |
| Total assets | 2340 | 2196 |
| Liabilities and equity | ||
| Payables from fund settlements | 1384 | 1302 |
| Accrued compensation | 214 | 196 |
| Other liabilities and provisions | 182 | 176 |
| Total liabilities | 1780 | 1674 |
| Shareholders’ equity | 560 | 522 |
| Total liabilities and equity | 2340 | 2196 |
Equity ratio of 24% of total assets. No financial debt at 31 December 2025 or 31 December 2024.
Consolidated cash flow statement
For the year ended 31 December
CHF in millions
| 2025 | 2024 | |
|---|---|---|
| Net profit | 132 | 118 |
| Depreciation and amortisation | 18 | 19 |
| Change in working capital and other | 8 | 1 |
| Cash flow from operating activities | 158 | 138 |
| Purchase of equipment and software | (14) | (11) |
| Seed capital invested in own funds (net) | (10) | (8) |
| Cash flow from investing activities | (24) | (19) |
| Dividends paid | (72) | (67) |
| Purchase of treasury shares (net) | (28) | (23) |
| Lease payments | (12) | (12) |
| Cash flow from financing activities | (112) | (102) |
| Net change in cash and cash equivalents | 22 | 17 |
| Cash and cash equivalents at 1 January | 386 | 369 |
| Cash and cash equivalents at 31 December | 408 | 386 |
Financing cash flow consists mostly of the dividend paid for the prior year.
Five-year overview
| Year | AUM (CHF bn) | Net new money (CHF bn) | Operating income (CHF M) | Net profit (CHF M) | Cost/income | Employees |
|---|---|---|---|---|---|---|
| 2021 | 41.2 | +2.2 | 428 | 104 | 63% | 588 |
| 2022 | 39.8 | (0.8) | 405 | 88 | 67% | 596 |
| 2023 | 43.5 | +1.4 | 421 | 96 | 66% | 610 |
| 2024 | 47.2 | +1.9 | 454 | 118 | 64% | 622 |
| 2025 | 52.4 | +3.6 | 486 | 132 | 61% | 640 |