Cembra: 4% bottom-line miss...

研报英文原文证据摘录

Cembra: 4% bottom-line miss...

Deutsche Bank

Research

Rating Company Date

Hold Cembra 23 July 2026

Results

Europe

Switzerland

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (CHF) 89.95

CMBN.S CMBN SW SWX CMBN

Price Target (CHF) 95.00

Banks

52-week range (CHF) 104.60 - 88.95

4% bottom-line miss...

Valuation & Risks

Miriam Killian

… on the back of flat revenue developments and slightly higher provisions Research Analyst

Cembra reported its 1H26 results this morning with net income increasing 6% YoY +49-69-910-62169

but remaining 4% below consensus, as flat revenues and slightly-higher-than

Benjamin Goy

expected provisions could not be offset by solid cost delivery. The miss was driven Research Analyst

by fee income and net interest income both coming in below expectations, while +49-69-910-31946

net financing receivables increased 1% YoY and exceeded consensus by 1%. The

Marlene Eibensteiner

main news was the acquisition of a substantial part of Santander's Swiss auto

Research Analyst

financing business. Excluding the transaction, FY26 guidance was reiterated.

+49-69-910-46423

Including transaction-related effects, management now expects ROE of around

14%, a cost/income ratio below 43%, a Tier 1 ratio of around 17% and DPS of at least

CHF4.60. Conference call at 8.30am CET.

1H26 results: net interest income (-), fees (-), costs (=), loan losses (-)

Net interest income was 1% below consensus and flat YoY, with lower funding cost

offsetting the effect from reduction of maximum interest rate since January 1,

2026. Fee income was 4% below consensus (flat YoY) driven by lower-than-

anticipated contributions from the credit cards and BNPL lines. Operating expenses

decreased 9% YoY, developing in line with consensus expectations and resulting in