EFG International AG

Annual Report • Feb 18, 2025

Annual Report

2024

EFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich ("EFG Group", "EFG", "we"). EFG International's registered shares (EFGN) are listed on the SIX Swiss Exchange.

As a leading Swiss private bank, EFG has a presence in major financial centres and growth markets. It has strong roots in Switzerland, with Zurich, Geneva and Lugano serving as hubs for clients as well as the governance and operations of the bank. EFG International serves clients in over 40 locations worldwide, with a network spanning Europe, Asia Pacific, the Americas and the Middle East.

An entrepreneurial spirit shapes our bank, enabling us to provide comprehensive advice, develop handson solutions and build trusted, long-lasting client relationships. We are a financial partner who offers security, financial stability and reliability.

Key figures

Assets under Management in CHF billion Net new assets in CHF billion EFG International Operating income, in CHF million 1,498.9 1,430.7 Operating expense, in CHF million 1,107.9 1,057.9 IFRS net profit, in CHF million 321.6 303.2 Cost/income ratio1 , in % 72.9 73.3 Balance sheet Capital Assets under Management and Net new assets1 Assets under Management1 142.2 165.5 2023 2024 10.1

6.2

in CHF million

2023 2024

Balance sheet
Total assets, in CHF billion	40.6	38.6
Shareholders' equity, in CHF billion	2.0	1.9
LCR, in %	242	230
Capital
Regulatory capital, in CHF billion	2.0	1.8
CET1 Ratio, in %	17.7	17.0
Total Capital Ratio, in %	21.5	21
Assets under Management and Net new assets1
Assets under Management1 , in CHF billion	165.5	142.2
Assets under Administration, in CHF billion	29.4	24.5
Net new assets, in CHF billion	10.1	6.2
Net new assets growth rate, in %	7.1	4.4
Employees
Number of employees (full-time equivalents)	3,114	3,025
Number of Client Relationship Officers (headcount)	703	693
Share information
Shares outstanding, in millions	312.7	312.3
Market capitalisation at 31 December,
in CHF million	3,940	3,259
Dividend per share, in CHF	0.60	0.55
Earnings per share, in CHF (basic)	1.00	0.94
Rating
Moody's	Long term: A3

Fitch Long term: A

2024 2023

Assets under Management, Net new assets and Cost/income ratio are alternative performance measures. See definitions at end of Annual Report.

Content

Chair and CEO message	6
About EFG	9
Financial review	27
Corporate governance	31
Compensation report	67
Risk & capital management	87
Consolidated financial statements	105
Parent company financial statements	221
Alternative performance measures	235

Chair and CEO message

Dear shareholders,

In 2024, economic growth was generally resilient and overall market performance was relatively strong despite multiple challenges. For the financial sector, macro-economic conditions, including slower-thanexpected interest rate cuts, proved somewhat supportive. At the same time, the operating environment remained complex, volatile and uncertain, reflecting heightened geopolitical tensions and the ongoing conflicts in Ukraine and the Middle East. 2024 was also a year that saw voters go to the polls in more than 60 countries around the world and generally vote for change. Global attention focused in particular on the outcome of the US presidential election and its economic implications for the wider world.

Alongside these developments, certain secular trends are continuing to shape our environment. Changing demographics, with the ageing of the global population, raise questions about how best to manage the financial, economic and social consequences of longevity, including new opportunities resulting from this trend. In the area of digitalisation and innovation, artificial intelligence (AI) has become more widely accessible to individuals and corporations alike. Significant investments are being made in data centres in response to the increased use of AI, which is in turn placing a greater burden on the power infrastructure – intensifying the need to harness alternative energy sources. In addition, climate change remains one of the most pressing issues of our time. With 2024 deemed the hottest year on record, the need to take immediate climate action to mitigate the most severe impacts of global warming is becoming ever more urgent.

2024 was a year of strong progress for EFG International. We remain well ahead in the execution of our 2023–2025 strategic plan.

Finding solutions to address today's global challenges and secular trends will continue to shape the sustainability agenda of actors in the private and public sectors for the foreseeable future. At EFG, we believe that sustainability is ultimately about choosing the right path to balance economic, environmental and social interests. Our approach to sustainability and the respective progress are outlined in our Sustainability Report 2024.

As a global private banking group, our ultimate goal is to create value for our clients and other stakeholders and to deliver on our purpose of empowering entrepreneurial minds to create value – today and for the future. We believe that acting as a reliable partner and cultivating a relationship of trust with all of our stakeholders is more important than ever in uncertain times such as these.

2024 was another year of strong progress and performance for EFG, as we maintained our momentum and built on our strategic investments made in recent years, which are now starting to generate results.

We continued to successfully and consistently deliver against our 2023–2025 strategic plan, aimed at sustaining profitable growth and achieving scale. We delivered record IFRS net profit of CHF 321.6 million for the full year 2024 (+6% compared to 2023) and a return on tangible equity (RoTE) of 18.6%. Net asset inflows totalled CHF 10.1 billion in 2024, corresponding to a growth rate of 7.1% and demonstrating the high level of trust that clients place in EFG.

We maintained our disciplined approach to costs in 2024. However, the investments made in 2023 are already fully visible in our cost base, while the revenue benefits are expected to materialise over the next two years. The cost/income ratio was 72.9% at the end of 2024, compared to 73.3% at the end of 2023

EFG has maintained its strong capital and liquidity positions that are well in excess of the regulatory minimum requirements. At the end of 2024, our CET1 capital ratio stood at 17.7% and our liquidity coverage ratio was 242%.

EFG has a progressive dividend policy and we plan to continue making attractive distributions to our shareholders, with a target payout ratio of around 50% of net profit. The payment of an ordinary dividend of CHF 0.60 per share (exempt from Swiss withholding tax) for the financial year 2024 will be proposed to the Annual General Meeting of 21 March 2025. This corresponds to an increase of 9% compared to the previous year.

Investing in our people and franchise

In 2024, we continued to make targeted investments in our people and franchise to generate additional growth in the current strategic cycle and beyond.

We continue to expand our talent base and client coverage and our position as an employer of choice. Our new CROs made a strong contribution to asset inflows in 2024 and we expect this trend to continue and to significantly accelerate our growth momentum.

Alexander Classen, Chair (left), Giorgio Pradelli, CEO (right)

Chair and CEO message

We have also made additional investments in digitisation to further enhance the client experience and to drive our operational efficiency. Having enhanced our core systems and processes over the past few years, we are now focusing on further strengthening the connectivity between our CROs and clients and maintaining operational excellence. Enhancing our digital processes and operations automation will support the agility and scalability of our client-centric model in the future.

In addition to offering best-in-class client service and advice, we believe that responsible business conduct as well as a robust compliance and risk management culture are the foundations of our long-term success in the UHNWI and HNWI segments. Going forward, we will focus on continuously reinforcing both our operational and our financial resilience to maintain the trust of our stakeholders.

Serving our clients in over 40 locations worldwide, we understand the importance of a strong brand as a differentiating factor. In 2024, we continued our efforts to build one of the leading brands in the private banking industry and we intend to further shape and promote EFG's brand profile across our key markets in the future. We also made further progress in elevating the bank's positioning with external stakeholders and industry bodies.

2025 will mark the end of our current strategic cycle, and we look forward to updating the market on our 2026–2028 strategic plan later this year. Private banking and wealth management remains an attractive industry that continues to grow across geographies and segments.

We wish to take this opportunity to express our gratitude to our teams and colleagues around the globe for their hard work and dedication. We also want to thank you, our clients and shareholders, as well as all our other stakeholders, for your trust in EFG and your valued support.

Best regards,

Alexander Classen Giorgio Pradelli

Chair of the Board Chief Executive Officer

Chair and CEO message

This section contains certain financial measures of historical and future performance and financial position that are not defined or specified by IFRS, such as "net new assets", "Assets under Management" and "Cost/income ratio". These alternative performance measures (APMs) should be regarded as complementary information to, and not as a substitute for, the IFRS performance measures. For definitions of APMs, together with reconciliations to the most directly reconcilable IFRS line items, please refer to the section headed "Alternative performance measures" of this Annual Report.

About EFG

Delivering bespoke financial
solutions on a global scale	12
Strategy & value proposition	16
Local experts – globally	20
Sustainability at EFG	22

Value creation model

This model is based on the IFRS Foundation's blueprint and shows how we generate sustained value through our business activities and interaction with our stakeholders, covering both financial and non-financial aspects.

Input1

Intellectual capital

• · Client-centric model
• Open product architecture
• IT platforms and partnerships
• Policies, directives and controls
• EFG brand value and reputation

Drivers of value

Our Purpose

Empowering entrepreneurial minds to create value – today and for the future

Human capital

• Employees' skills and expertise (3,114 FTEs)
• Global and diverse teams (70 nationalities)
• Learning and development opportunities

Financial capital

• Financial capital from investors (CHF 2.0 billion of shareholders' equity)
• Deposits and savings (CHF 31.3 billion of client deposits)
• Client Assets under Management (CHF 165.5 billion of Assets under Management)

- Financial capital from inv

Social and natural capital

• Stable political environment in our home market of Switzerland
• ESG-related products
• Engagement and participation in industry networks
• Climate action, environmental resources and carbon footprint

Output1

Clients and prospects

• Long-term client relationships
• Impartial advice
• · Strong compliance culture and prudent risk management
• Content innovation and digital acceleration

Our brand proposition

"Bringing entrepreneurial thinking to Swiss private banking"

Employees

• Employer of choice (hired 73 new Client Relationship Officers in 2024, voluntary staff turnover rate of 5.8%)
• Diverse, equitable and inclusive environment (41% women in the workforce)
• Empowering and fostering talents (average of 18 hours of training conducted per employee, graduate training programme)

Our corporate values

• Accountable
• Hands-on
• Passionate
• Solution-driven
• · Partnership-oriented

Shareholders and investors

• Total dividend paid to shareholders CHF 165.3 million for the financial year 2023
• CHF 681 million increase in total market capitalisation primarily through share price appreciation in 2024
• CHF 19.6 million of interest paid to AT1 holders in 2024
• CHF 17.9 billion of loans outstanding

Our 2023 - 2025 ambition

"Sustaining profitable growth, achieving scale"

Society and the environment

• Tax contributions and goods and services procured from local small- and medium-sized enterprises (SMEs)
• CHF 2.74 billion of AuM in investment products/ services with a dedicated ESG focus²
• Employee volunteering and donations
• · Strategic climate-related measures

Our approach to sustainability

All figures as of end-2024 unless otherwise stated.
This compares with a total of CHF 25.4 billion of Assets under Management (AuM) invested in our New Capital business line of products as well as our discretionary managed assets.

Delivering bespoke financial solutions on a global scale

As a global private banking group, EFG's strategy builds on its core strengths – effectively combining local know-how in a global network, strong client focus and a comprehensive and impartial product and service offering. A strong risk management and regulatory compliance framework are a prerequisite to generating profitable and sustainable growth for the benefit of our stakeholders.

EFG serves its clients through five business regions, which are supported by two global divisions specialising in investment solutions and capital market products and services. EFG's business regions and global divisions work together closely to provide clients with financial solutions that are tailored to their individual needs and designed to deliver on their financial objectives.

Organisational set-up

Switzerland & Italy

EFG's Switzerland & Italy Region offers comprehensive financial solutions to private clients and independent asset managers (IAMs), focusing on both offshore and onshore target markets. Through its presences in Zurich, Geneva, Lugano, Gstaad, St. Moritz, Lausanne, Locarno, Chiasso, Istanbul, Vaduz and Tel Aviv, EFG primarily serves high-networth and ultra-high-net-worth clients as well as institutional clients and IAMs, leveraging its distinctive entrepreneurial business and client-centric approach. EFG's Switzerland & Italy Region provides best-in-class wealth management services and investment solutions, complemented by credit and financing solutions.

Continental Europe & Middle East

Offering comprehensive wealth and investment services to private clients and independent asset managers, EFG leverages its global network of experts and tailored local capabilities and know-how in the region to fully capture opportunity and achieve growth. EFG's private banking network and brand span across Europe and the Middle East with a presence in Luxembourg, Monaco, Greece and Portugal, as well as in Dubai and Bahrain.

Asia Pacific

Primed to capture the tremendous wealth creation and wealth transfer opportunities in the Asia Pacific Region, EFG has a presence in Hong Kong and Singapore as well as a representative office in Shanghai. EFG offers tailor-made solutions, including investment finance and wealth planning, to high-net-worth clients and independent asset managers in the region, focusing on both onshore and offshore target markets. In the Australian onshore market, EFG serves clients through Shaw and Partners.

UK

EFG in the UK has a strong presence in London and, with a Jersey branch, is strategically well positioned to attract global wealth. Leveraging its expertise in advisory and discretionary portfolio management, real estate financing and wealth planning solutions and the global Investment Solutions division, EFG offers personalised onshore and offshore private banking services to wealthy UK and international clients.

Latin America

EFG's Latin America business represents an extraordinary opportunity to access the dynamic and rapidly growing markets of the region by delivering first-class financial solutions and fostering strong, enduring long-term relationships with clients in this flourishing part of the world. With a presence in Miami, the main wealth management centre for international clients in Latin America, as well as through our booking centres in Switzerland, the Bahamas and on the Cayman Islands, EFG is one of the few global private banks to offer a comprehensive range of private banking, US broker-dealer and custody services to private clients and independent asset managers in the region.

Investment Solutions

EFG's Investment Solutions provides a broad range of services globally, including advisory and discretionary solutions – ranging from equity and fixed-income portfolios to multiasset strategies, liquid alternatives, private markets and structured products. These services are further complemented by EFG's in-house expertise via its proprietary fund platform, EFG New Capital, which serves both EFG clients and is also distributed externally to institutional and wholesale clients. Investment Solutions also provides credit solutions, wealth planning, and trust and funds services. Its products, solutions and services are developed in close collaboration with the private banking business and are complemented by selected third-party products.

Global Markets

The Global Markets division operates EFG's global trading business which spans its main regions. It supplies 24-hour execution services for Client Relationship Officers, as well as selected direct trading floor access to certain private clients, institutional clients and independent asset managers. Products covered are equities, fixed income, foreign exchange, precious metals, securities lending, derivatives, structured products and bespoke solutions.

Global Divisions

Investment Solutions & Global Markets support our Private Banking business units

Our five private banking business regions are supported by two global divisions with a comprehensive product and service offering.

Investment Solutions

• Discretionary Solutions
• Advisory Solutions
• Investment Funds
• Investment Finance and Real Estate
  Finance Solutions
• Wealth Solutions

Global Markets

• 24-hour execution services for CROs, Independent Asset Managers (IAM) and Direct Access Clients (DAC)
• Equities, fixed income, foreign exchange, derivatives and structured products

Strategy & value proposition

We are a leading Swiss private bank renowned for its client centricity. Our distinguished Client Relationship Officer (CRO) model enables us to deliver superior and tailored service and advice. It combines personalisation and geographic proximity to our clients with a global perspective, efficiency and scale. As a family-controlled, publicly listed and professionally managed global boutique, we can truly focus on long-term, multi-generational wealth creation and provide impartial advice to our clients.

Our 2023—2025 strategic plan: focused on growth through scale and efficiency

EFG is a leading Swiss private bank with a strong capital position and a highly liquid balance sheet. With CHF 165.5 billion of Assets under Management as of the end of 2024, a distinctive entrepreneurial approach, our pool of talent, a truly global network and deep investment expertise, we are well positioned to benefit from the expected wealth creation across different geographies and client segments.

Based on our unique value proposition and resilient business model, our 2023—2025 strategic plan focuses on sustaining profitable growth and achieving scale. Following the 2019—2022 strategic cycle, where we laid strong foundations for growth, we believe there is significant potential to further grow our business, generate scale and operational leverage.

Based on these ambitions, we have defined the following five strategic priorities that are also reflected in our financial targets for 2025:

• Maintain growth momentum by delivering first-class solutions and advice to clients
• Expand operating leverage to consistently increase profitability
• Strong capital generation, translating into attractive dividend distributions
• Continued transformation and digital acceleration to constantly meet client needs
• Drive performance, based on robust risk and compliance framework

Our strong organic capital generation and our solid capital position enable us to fund our organic growth and further support a transparent and progressive dividend policy. We aim to continue distributing 50% of our underlying net profit to shareholders as dividend payments. Our capital management framework for 2023—2025 includes a management floor of 12% CET1 capital ratio and the possibility of additional capital distributions if the CET1 capital ratio exceeds 15%, subject to market conditions, M&A opportunities, and regulatory development.

While our capital-light operating model allows us to achieve strong organic growth, we will continue to consider accretive and culturally fit acquisition opportunities with the aim to accelerate market share gains and/or acquire capabilities in strategic markets where we are already present.

Growth levers: what drives our strategy

Our 2025 ambition ultimately aims at creating value for our stakeholders, most notably our clients, our shareholders and our employees. To deliver this, we are continuing to focus on two important drivers: firstly, our client-centric approach based on our unique CRO model allowing us to build long-term relationships, something we aim to further preserve and cultivate. Secondly, we continue to promote and implement a simplicity mindset across our organisation with the goal to streamline processes, increase automation and achieve operational excellence.

Furthermore, we have defined three key levers that will help accelerate our growth momentum and differentiate us in the market:

Content innovation: We aim to offer and deliver first-class investment and wealth solutions to meet the ever-evolving needs of our clients, including the next generation, and in extraordinary quality.

Digital acceleration: We will accelerate the deployment of our digital capabilities to further improve the experience of our clients, our Client Relationship Officers and enable all our colleagues to provide world-class service in an efficient manner.

People: People are EFG's most important asset and the recent success in onboarding new talent reflects our reputation as an employer of choice and confirms that our CRO model is considered competitive and attractive in the industry. We aim to attract, develop and retain talented individuals with the skills and experience needed to serve our most demanding clients around the globe. We strive to provide an inclusive working environment in which all our employees are valued and can thrive equally.

We believe that responsible business and a strong foundation are essential to achieving long-term success. We continuously invest in our financial and operational resilience, building on our solid balance sheet, and robust compliance and risk management frameworks.

About EFG

Growth initiatives across our five business regions

In line with our 2023—2025 strategic plan that is aimed at capturing significant growth opportunities in selected markets, we initiated a number of targeted initiatives across EFG's business regions to further develop our market presence.

To strengthen our client proximity, we opened new offices in Tel Aviv and Panama in 2023, in Gstaad and St. Moritz in 2024, and Istanbul at the beginning of 2025. We continued to expand our talent base and client coverage with 71 new CROs joining EFG in 2024 to nurture our growth ambitions across regions. EFG also made additional investments in digitisation to further enhance the client experience and to drive its operational efficiency.

Our Switzerland & Italy Region strategy builds on the following drivers:

• Strengthen talent base and client coverage by attracting new talent and exploiting their full potential
• Accelerate and develop EFG's independent asset managers (IAMs) platform through continuous enhancement of the dedicated offering
• Foster new business opportunities such as our recently opened offices in Gstaad, St. Moritz, Tel Aviv and Istanbul
• Expand our wealth management offering and investment solutions as well as the credit and financing solutions
• Expand and optimise the advisory and discretionary mandates

Our Continental Europe & Middle East Region strategy builds on the following key pillars:

• Expanding our Middle East business with the Gulf Cooperation Council and Levant as key markets
• Accelerate growth into Europe, capitalising on the two key hubs in Luxembourg and Monaco and benefitting from our unique position in Portugal
• Broaden our credit offering, with a particular focus on Sharia and custody services for local Middle East securities

Within the UK Region, our ambition is to significantly and substantially grow our AuM and financial footprint by leveraging the following:

• Increase market share by utilising the investments made in enhancing our advisory and credit propositions and the development of our independent asset managers platform
• Focus on growing the books of the new CRO hires
• Accelerate Jersey branch growth through its simplified client engagement model.
• Streamline client journeys end-to-end to improve operational leverage as we increase the scale of the business

In the Asia Pacific Region, our strategy will focus on three growth levers:

• Continue to focus on strategic CRO hiring in attractive markets and client segments
• Grow existing business in Hong Kong and Singapore through a refined credit offering, increased penetration of higher margin and income-generating products and a roll-out of the digital trade execution platform for clients and IAMs
• Fully realise synergies from the Shaw and Partners acquisition and thereby increase the scale of the business through our Singapore hub

Within the Latin America Region, we focus on a multifaceted approach to capitalise on the region's unique opportunities:

• Continue to hire strong talent and grow our CRO team
• Digitise and enhance our offering platform
• Customized Wealth Management solutions: tailoring services to meet the specific needs of Latin American clients, with a focus on personalisation and local expertise
• Expansion through strategic partnerships and alliances: collaboration with local financial institutions and businesses to leverage regional knowledge and networks
• Strengthen local presence: ensuring multijurisdictional service in the USA, Switzerland, Bahamas and Cayman Islands as well as local proximity through the offices in Miami and the existing network of offices in Panama, Peru, Colombia, Brazil and Uruguay

Our locations

Key booking centre EFG locations

Switzerland

Zurich (headquarters)
Chiasso
Geneva
Gstaad
Lausanne
Locarno
Lugano
St. Moritz

Europe

Birmingham

Athens

Istanbul
Jersey
Limassol
Lisbon
London
Luxembourg
Monaco
Nicosia
Ombersley
Porto
Shrewsbury
Vaduz

Asia Pacific

Adelaide Brisbane Canberra Hong Kong Melbourne Perth Shanghai Singapore Sydney

Americas

Bogotá
Grand Cayman
Lima
Miami
Montevideo
Nassau
Panama City
Portland
Punta del Este
Rio de Janeiro
São Paulo

Middle East

Bahrain Dubai Tel Aviv

Our approach to sustainability

EFG believes that sustainability is fundamentally about choosing the right path to balance economic, environmental and social interests. We are also convinced that responsible business conduct is essential to achieve sustainable and profitable growth and to create value for all our stakeholders. We strive to apply the highest standards of ethical conduct in every aspect of our work globally, which is crucial to achieve long-term success.

Our strategy is designed to integrate sustainability aspects and sustainability priorities into our business model and to meet client interest for sustainable finance. The strategy is based on two main pillars: our responsibility as an asset allocator on behalf of our clients and our responsibility as a firm.

As a global private banking group, we are committed to being a reliable and resilient financial partner to our clients, offering them superior service and advice as well as firstclass investment, wealth and credit solutions. We aim to meet our clients' individual needs and expectations – including those of the next generation. At the same time, as an asset allocator, we partner with our clients to direct assets towards transformative technologies and companies that support innovation and sustainable development. We do so by providing greater transparency around investment opportunities as well as by integrating ESG criteria and ESGrelated risk considerations into our investment process and continuously expanding our ESG investment offering. In this way, we are supporting global efforts to realise the UN Sustainable Development Goals (SDGs).

As a firm, we aim to be an employer of choice that attracts, develops and retains talented professionals. We are committed to providing an inclusive working environment in which all our employees are valued equally and can reach their full potential. As an integral part of society, we are committed to serving the interests of the communities in which we live and work and to helping protect the environment.

For further information, see our Sustainability Report 2024: www.efginternational.com/sustainability

Sustainability Framework

Our responsibility as an asset allocator

Allocating capital on behalf of our clients to help drive sustainable development

Our responsibility as a firm

Striving to meet the expectations of all our stakeholders and strengthening our sustainable business model

Our advisory capabilities

Responsible investing

ESG-related research and expertise

Commitment to our people

Our social commitments

Commitment to the environment

Responsible business conduct

Corporate governance

Business Code of Conduct

Corporate values

Code of Ethics

The EFG Sustainability Framework aims to create long-term value for our clients, employees and society as a whole to ensure the prosperity of future generations.

About EFG

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Financial review

Financial review

In a complex operating environment, with increased volatility and heightened geopolitical tensions, EFG successfully and consistently delivered against its 2023-2025 strategic plan.

In 2024, EFG grew its topline, delivered another record¹ net profit of CHF 321.6 million and significantly accelerated its net new asset² growth momentum.

Operating income

EFG's operating income rose by 5% year on year to a record CHF 1,498.9 million in 2024, as significantly higher net banking fee and commission income and net other income more than compensated for lower net interest income.

Net banking fee and commission income increased by 14% to CHF 667.0 million, reflecting higher average revenue-generating Assets under Management, a significant increase in mandate penetration and higher client activity compared to 2023.

Net other income rose by 35% to CHF 448.6 million in 2024. This significant increase was driven by the larger volume of foreign exchange transactions by clients and a higher contribution from interest rates swaps compared to the previous year. In contrast, income from EFG's life insurance portfolio decreased year on year.

EFG's net interest income declined by 25% year on year to CHF 383.2 million in 2024. This development reflects the interest rates cuts by all major Central Banks in 2024, as well as increased cost of deposits due to the competitive market environment, especially in the first part of the year. Despite these developments, net interest income increased in the second half of the year compared to the first half due to higher loan balances, optimised deposit pricing as well as the benefits of the gradual reinvestment of EFG's investment portfolio.

Based on average revenue-generating Assets under Management of CHF 156.0 billion in 2024, the revenue margin for 2024 was 96 basis points compared to 99 basis points in 2023.

Operating expenses

EFG's operating expenses increased by 5% to CHF 1,107.9 million in 2024 compared to 2023. Personnel expenses rose by 4% year on year to CHF 796.5 million, reflecting significant investments in talent and client coverage in 2023, which are now fully reflected in EFG's cost base. Other expenses increased by 6% to CHF 311.4 million due to higher depreciation of tangible assets compared to the previous year (including the impact of the reclassification of a tangible

EFG delivered another record profit and accelerated its growth momentum.

asset previously classified as held for sale) and higher legal and litigation expenses mainly relating to a previously disclosed legacy matter4 .

The cost/income ratio improved to 72.9%³ in 2024 from 73.3% in 2023.

At end-2024, the number of employees was 3,114 (full-time equivalents), compared to 3,025 at end-2023.

Operating profit and net profit

Operating profit increased by 5% to CHF 391.0 million compared to the previous year. After provisions (CHF 5.2 million), impairment of intangible assets (CHF 2.3 million), impairment charge for credit losses (CHF 2.1 million), EFG generated a profit before tax of CHF 381.4 million for 2024 (+14% compared to 2023).

After income tax expenses (CHF 59.8 million), EFG generated a record¹ net profit of CHF 321.6 million for 2024 (+6% compared to 2023)

Return on tangible equity was 18.6%, compared to 18.2% in 2023, and was above EFG's target range of 15—18%.

Net new assets and Assets under Management

Net new assets totalled CHF 10.1 billion in 2024, corresponding to a net new asset growth rate of 7.1%, exceeding EFG's target range of 4—6%. CROs who joined EFG in 2023 and 2024 contributed significantly to total net new assets.

The Asia Pacific Region generated CHF 4.3 billion of net new assets, with strong performance across all locations, mainly driven by new CROs. The Switzerland & Italy Region recorded inflows of CHF 2.3 billion, followed by the Latin America Region with CHF 1.6 billion, the Continental Europe & Middle East Region with CHF 1.5 billion and the UK Region with CHF 1.2 billion. EFGAM funds experienced outflows of CHF 0.8 billion.

Revenue-generating Assets under Management increased by 16% year on year and totalled CHF 165.5 billion at end-2024. This significant increase compared to CHF 142.2 billion at end-2023 was driven by strong net new assets of CHF 10.1 billion, positive foreign exchange impacts of CHF 6.3 billion and favourable market performance of CHF 7.0 billion.

CRO development and productivity

Following significant investments throughout 2023 to expand EFG's talent base and client coverage to build scale and accelerate growth, the hiring momentum normalised in 2024. In total, 73 new CROs joined EFG in 2024, in line with EFG's expectation to hire an average of 50-70 CROs per year. By end-2024, EFG's total number of CROs worldwide was 703 compared to 693 CROs at end-2023.

The average CRO portfolio size increased to CHF 348 million at end-2024, compared to CHF 321 million at end-2023 (excluding Shaw and Partners (which has a different business model) and CROs hired in the last 12 months of the respective period). Advisory and discretionary mandate penetration was 62% compared to 56% in 2023. This development demonstrates the significant progress made towards EFG's target range of 65%—70% (by end-2025).

Balance sheet

At end-2024, total assets were CHF 40.6 billion, compared to CHF 38.6 billion at end-2023. This increase reflects the higher customer deposits and higher level of structured products outstanding, which were invested in loans and advances to customers.

The Liquidity Coverage Ratio at end-2024 was 242% compared to 230%, at end-2023, and the loan/deposit ratio was 52% compared to 49% at end-2023.

Shareholders' equity totalled CHF 2.0 billion at end-2024, compared to CHF 1.9 billion at end-2023. This increase

incorporates the profit generated for the year and the favourable impact from exchange rates on the equity of subsidiaries less the dividend paid out in the reporting year and share buybacks.

At end-2024, EFG's Common Equity Tier 1 (CET1) Ratio was 17.7%, compared to 17.0% at end-2023. Its Total Capital Ratio was 21.5%, compared to 21.0% at end-2023. This increase was driven by the strong gross capital generation of 510 basis points, partially offset by dividend payments and share buybacks. Risk-weighted assets totalled CHF 9.3 billion at end-2024, compared to CHF 8.6 billion at end-2023. Effective 01 January 2025, the ratios were 40 basis points lower due to the adoption of Basel 3 Final in Switzerland.

Ordinary dividend

For the financial year 2024, the payment of an ordinary dividend of CHF 0.60 per share will be proposed to the Annual General Meeting of 21 March 2025. This corresponds to an increase of 9% compared to the prior year. This is the fourth consecutive increase in the distribution to shareholders and is a testament to EFG's commitment to a progressive dividend policy. The dividend is the highest ever in EFG's history and will once again be exempt from Swiss withholding tax.

Ratings

EFG International and EFG Bank are rated by the rating agencies Fitch and Moody's. The current ratings are as follows:

EFG International

Fitch: Long-term issuer default rating of A and short-term issuer default rating of F1 with stable outlook.

Moody's: Long-term issuer rating of A3 and short-term bank deposit rating of P1 with stable outlook.

EFG Bank

Fitch: Long-term issuer default rating of A and short-term issuer default rating of F1 with stable outlook. Moody's: Long-term bank deposit rating of Aa3 and shortterm bank deposit rating of P1 with stable outlook.

• 1 IFRS net profit for 2016 of CHF 339.3 million was positively impacted by non-operating effects related to the BSI acquisition, specifically the "bargain purchase on business acquisition" of CHF 530.8 million. The bargain purchase on business acquisition reflects the difference between what EFG assessed to be the final purchase price for BSI of CHF 783.9 million, compared to the fair value of the net assets acquired on 31 October 2016 of CHF 1,314.7 million.
• 2 This section contains certain financial measures of historical and future performance and financial position that are not defined or specified by IFRS, such as "net new assets", "Assets under Management", "operating profit", "cost/income ratio", "liquidity coverage ratio" and "loan/deposit ratio". These alternative performance measures (APMs) should be regarded as complementary information to, and not as a substitute for the IFRS performance measures. For definitions of these APMs, please refer to the "Alternative performance measures" section of the Annual Report of EFG International AG.
• 3 Excludes CHF 5.0 million of depreciation expenses related to tangible assets previously classified as held for sale related to prior years.
• 4 For further details see note 33 in the Notes to the consolidated financial statements of EFG International's Annual Report 2024.

Organisation of EFG International &
Group entities	33
Capital structure	33
Shareholders and their rights	36
Board of Directors	39
Executive Committee	53
Delineation of areas of responsibility between the Board and the Executive Committee	61
Other information	62
Change of control and defence measures	63
Auditors	64
Information policy	65

Robust corporate governance ensures that a company is managed efficiently and effectively in the interests of all stakeholders. It pursues a balanced relationship between leadership, control, and transparency. EFG International aims to achieve good corporate governance based on leading national and international standards whilst always respecting the rights of shareholders to the highest degree. EFG International ensures transparency by properly disclosing company information. This part of the Annual Report provides key information with regard to EFG International's governing bodies and corporate governance practices within the company.

EFG International operates under clear separation of responsibilities between the Board of Directors and the Executive Committee in full compliance with Swiss banking law. The responsibilities of both bodies are clearly defined in the Articles of Association and the Organisational and Management Regulations of EFG International AG (these documents are available on EFG International's website: www.efginternational.com/articlesofassociation and www.efginternational.com/internalregulations).

EFG International governing bodies

As a publicly listed Swiss company, EFG International AG is subject to and complies with the Corporate Governance Directive and its annex and commentary, issued by SIX Swiss Exchange AG (SIX). The information provided in this section adheres to the Corporate Governance Directive (dated 29 June 2022 and entered into force on 01 January 2023), the SIX guidelines revised on 01 January 2023 and the recommendations of the "Swiss Code of Best Practice for Corporate Governance" of the Swiss Business Federation, economiesuisse, as last amended in 2023 as well as its appendix 1, "Recommendations on compensation for Board of Directors and Executive Board", which address transparency with respect to the compensation of the members of the Board of Directors and the Executive Committee. Furthermore, EFG International AG complies with the statutory Swiss compensation regulation as per the Swiss Code of Obligations (CO), and the FINMA Circular 2017/01 Corporate Governance – Banks entered into force in July 2018 (version as of 01 January 2020). The following information corresponds to the situation as at 31 December 2024, unless indicated otherwise.

If information required by the Corporate Governance Directive is published in the notes to the financial statements or in the compensation report, a reference indicating the corresponding section of the notes or page number is given.

1. Organisation of EFG International & Group entities

1.1 Operational structure of EFG International

EFG International AG ("Company") is a holding company domiciled in Zurich, organised under the laws of Switzerland in accordance with Art. 620 et seq. of the Swiss Code of Obligations. It manages a global private banking group offering private banking and asset management services. EFG International's group of private banking businesses operates in more than 40 locations worldwide.

EFG International is organised in the following business segments: Switzerland & Italy, Continental Europe & Middle East, Asia Pacific, United Kingdom, Americas, Investment & Wealth Solutions, and Global Markets & Treasury. Further information can be found in note 44 'Segmental Reporting' to the consolidated financial statements. The functional organisation of EFG International AG is outlined on page 32.

1.2 Group entities

The main consolidated entities are listed in note 51 on page 203 (Shares in subsidiary undertakings) to the consolidated financial statements. Within the EFG International Group, only EFG International AG is a listed company.

The registered shares of EFG International AG are traded on the main standard of SIX in Zurich (security no. 002226822; ISIN CH0022268228, symbol EFGN). The Company's market capitalisation of total shares listed was CHF 4.11 billion on 31 December 2024.

Details about significant shareholders can be found in section 3.1.

2. Capital structure

2.1 Capital

2.1.1 Share capital

The outstanding share capital amounts to CHF 156,343,855.50 consisting of 312,687,711 registered shares with a nominal value of CHF 0.50 each; the shares are fully paid-in (for details about the changes in share capital, please refer to the table in section 2.3.2). For details about authorised capital (capital band) and conditional capital, see section 2.2.1 and 2.2.2 below.

Further information on the share capital can be found in note 36 to the consolidated financial statements.

2.1.2 Participation capital

EFG International has not issued any participation capital.

2.2 Authorised and conditional capital

2.2.1 Authorised capital/Capital band

As at 31 December 2024, the share capital may be changed in a range between CHF 109,720,229 and CHF 202,565,727 (capital band).

The Board of Directors is authorised, at any time until 21 April 2028, to increase the share capital by no more than CHF 46,422,749.00 by issuing no more than 92,845,498 fully paid-in registered shares (equating 29.7% of the total share capital issued as at 31 December 2024) with a nominal value of CHF 0.50 each or by way of an equivalent increase of the nominal value of the issued shares. Partial increases are permissible. The Board of Directors is authorised to determine the issue price, the date of the dividend entitlement and the type of contribution (including, without limitation, contribution in kind, offsetting and conversion of reserves) for any shares issued via the capital band.

In the event of a capital increase, the Board of Directors is authorised to exclude subscription rights in favour of third parties (including other group companies) if the shares are to be used for:

• (i) The acquisition of companies or of participations in companies through an exchange of shares
• (ii) The financing or refinancing of the acquisition of companies or of participations in companies, or
• (iii) The participation of members of the Board of Directors, members of the Executive Committee, other officers or employees at all levels of EFG International and its group companies

Furthermore, the Board of Directors is authorised, at any time until 21 April 2028, to reduce the share capital by no more than CHF 46,422,749.00 by cancelling no more than 92,845,498 fully paid-in registered shares with a nominal value of CHF 0.50 each (equating 29.7% of the total share capital issued as at 31 December 2024) or by reducing the nominal value of the issued shares accordingly. Partial reduction is permissible.

2.2.2 Conditional capital

As at 31 December 2024, the share capital may be increased by no more than CHF 2,694,709.50 (or up to 1.7% of total share capital issued as at 31 December 2024) by issuing no more than 5,389,419 fully paid-in registered shares with a par value of CHF 0.50 each through the exercise of options

(including existing or future restricted stock units) granted to employees at all levels of EFG International and its group companies. The pre-emptive rights and the advance subscription rights of the shareholders are excluded in favour of the holders of the restricted stock units. The conditions for the allocation and the exercise of the option rights and similar rights are determined by the Board of Directors. The shares may be issued at a price below the market price.

The share capital may further be increased by no more than CHF 10,000,000 (or up to 6.4% of total share capital issued as at 31 December 2024) by issuing no more than 20,000,000 fully paid-in registered shares with a nominal value of CHF 0.50 each through the exercise of conversion and/or option rights granted in connection with the issuance of newly issued convertible debentures, debentures with option rights or other financing instruments by EFG International AG or one of its subsidiaries. The preferential subscription rights of the shareholders are excluded in favour of the holders of conversion and/or option rights.

The Board of Directors may limit or withdraw the right of the shareholders to subscribe in priority to convertible debentures, debentures with option rights or similar financing instruments when they are issued, if any of the following applies:

• An issue by a firm underwriting by a consortium of banks with subsequent offering to the public without preferential subscription rights seems to be the most appropriate form of issue at the time, particularly in terms of the conditions or the time plan of the issue
• The financing instruments with conversion and/or option rights are issued in connection with the financing or refinancing of the acquisition of an enterprise or parts of an enterprise or with participations or new investments of the Company

If advance subscription rights are denied by the Board of Directors, the following applies:

• Conversion rights may be exercised only for up to seven years and option rights only for up to four years from the date of the respective issuance
• The respective financing instruments must be issued at the relevant market conditions

Waived conversion and/or option rights lapse unless the Board of Directors determines otherwise.

2.3 Changes in capital structure

2.3.1 Share capital increase by use of conditional capital

In the context of the equity incentive plan for employees (Employee Equity Incentive Plan) of EFG International (see also section 6.2.1 of the compensation report and note 52 to the consolidated financial statements), the Company has started in 2013 issuing its conditional share capital to provide registered shares for exercised options and restricted stock units to employees.

In 2024, EFG International AG issued a total of 401,755 registered shares with a nominal value of CHF 0.50 each at a total nominal amount of CHF 200,877.50 for restricted stock units exercised by employees of EFG International.

The movements (creation of additional conditional capital and exercise of conditional capital for restricted stock units exercised in 2024) are summarised in the table below:

	Number of shares	CHF
Conditional capital as at 31 December 2023	25,791,174	12,895,587.00
Additional conditional capital created in 2024	0	0
Less: shares issued during 2024 via conditional capital (RSUs exercise)	(401,755)	(200,877.50)
Remaining conditional capital as at 31 December 2024	25,389,419	12,694,709.50

In 2023, EFG International AG issued a total of 2,800,961 registered shares with a nominal value of CHF 0.50 each at a total nominal amount of CHF 1,400,480.50 for restricted stock units exercised by employees of EFG International.

In 2022, EFG International AG issued a total of 3,963,976 registered shares with a nominal value of CHF 0.50 each at a total nominal amount of CHF 1,981,988 for restricted stock units exercised by employees of EFG International.

In 2021, EFG International AG issued a total of 2,722,165 registered shares with a nominal value of CHF 0.50 each at a total nominal amount of CHF 1,361,082.50 for restricted stock units exercised by employees of EFG International.

2.3.2 Ordinary share capital increase and increase by use of authorised capital

In 2024, EFG International AG did not carry out an ordinary capital increase nor a capital increase out of authorised capital respectively by using the capital band.

Details of the movements in share capital (conditional and authorised capital) during 2024 are shown in the table below:

Share capital (registered shares EFG International)	Number of shares	CHF
Shares issued as at 31 December 2023	312,285,956	156,142,978.00
Shares issued via authorised capital/capital band in 2024	0	0
Shares issued during 2024 via conditional capital (restricted stock units exercise)	401,755	200,877,50
Total shares issued as at 31 December 2024	312,687,711	156,343,855.50

In 2023, EFG International AG did not issue any registered shares out of authorised capital (capital band) or via ordinary capital increase.

In June 2022, the Company issued 1,600,000 registered shares with a nominal value of CHF 0.50 each at a total nominal amount of CHF 800,000 out of authorised capital for shares granted to EFG International Group's employees (and members of the Board of Directors) and restricted stock units exercised by employees (and members of the Board of Directors) of EFG International in connection with the equity incentive plan.

On 19 November 2021, EFG International issued 2,972,969 registered shares with a nominal value of CHF 0.50 each out of authorised capital to finance the acquisition of the

remaining minority stake of 25% in the shares of the subsidiary Shaw and Partners Ltd.

2.4 Shares and participation certificates

Shares Number of shares

As at 31 December 2024:

Registered shares of CHF 0.50 nominal value 312,687,711

All registered shares are fully paid-in and entitled to dividends. Each share carries one vote. There are no preferential rights or similar rights attached to the shares.

2.5 Profit-sharing certificates

There are no profit-sharing certificates outstanding.

2.6 Convertible bonds and warrants/options

Apart from the amounts disclosed in note 52 to the consolidated financial statements, EFG International has not issued options or conversion rights.

3. Shareholders and their rights

3.1 Significant shareholders

2,747 shareholders were recorded as at 31 December 2024 in EFG International's share register (i.e., shareholders with voting rights), representing 75.4% (previous year: 69.6%) of the total issued share capital. The shares of unrecorded shareholders (dispo) amounted to 24.6% (previous year: 30.4%).

Ownership interests in companies domiciled in Switzerland whose shares are listed at least partly in Switzerland must be notified both to the issuer company and to SIX when the holder's voting rights reach, increase above or fall below certain thresholds. These notification thresholds are 3%, 5%, 10%, 15%, 20%, 25%, 33.33%, 50% and 66.66% of voting rights. The legal basis for the disclosure of shareholdings is, in particular, set out in the Financial Market Infrastructure Act (Art. 120 ff. FMIA) and in its implementing provisions, the Financial Market Infrastructure Ordinance-FINMA (Art. 10 ff. FMIO-FINMA) and the Financial Market Infrastructure

Ordinance (FMIO). The Rules of the SIX Disclosure Office include organisational and procedural provisions on proceedings before the SIX Disclosure Office.

All notifications received by EFG International AG in 2024 and published on the SIX Disclosure Office's electronic publication platform can be found at https://www.ser-ag.com/en/resources/notificationsmarket-participants/significant-shareholders.html#/ (Issuer: EFG International).

The shareholding structure of EFG International is shown in the following table:

As at 31 December 2024	Number of registered shares	Percentage of voting rights
EFG Bank European Financial Group SA1, 3, 5	140,421,406	44.9%
BTGP-BSI Limited2, 3	54,068,057	17.3%
Belleview SA 4, 5	10,775,862	3.4%
The Capital Group Companies, Inc 6	10,224,204	3.3%
Other shareholders 7	97,198,182	31.1%
Total	312,687,711	100.0%

• 1 EFG Bank European Financial Group SA is controlled by Latsis family interests through several intermediate holding companies. For details of the shareholder's ownership structure, please refer to the shareholding disclosure notification cited in note 3 below.
• 2 BTGP-BSI Limited is a subsidiary of Banco BTG Pactual SA, Rio de Janeiro, a bank listed on the B3 São Paulo Stock Exchange in Brazil. For details of the shareholder's ownership structure, please refer to the shareholding disclosure notification cited in note 3 below. The total number of shares includes 9.3% of the EFG International registered shares that were transferred to an Escrow Agent based on an escrow agreement between EFG International, BTGP-BSI Limited and Bratschi AG (Escrow Agent). For details, please refer to the shareholding disclosure notification cited in note 3 below.
• 3 By virtue of an agreement dated 31 October 2016 among EFG Bank European Financial Group SA, BTGP-BSI Limited and Banco BTG Pactual SA, Latsis family interests and the beneficial owners of the shares of BTGP-BSI Limited form a group of shareholders within the meaning of Art. 120 et seq. of the Financial Market Infrastructure Act (FMIA). This agreement contains, among others, a right of first offer in case of a private sale of EFG International registered shares held by BTG Pactual, and an undertaking of EFG Bank European Financial Group SA to vote with its shares in EFG International in favour of two board candidates nominated by BTG Pactual SA (or one board candidate in case the total shareholding in EFG International controlled by BTG Pactual S.A. represents less than 25% of EFG International's issued share capital at the time). For further details on the agreement, the members of the shareholder group and the reported combined sale and purchase positions pursuant to Art.120 FMIA and its implementing ordinances, please refer to the most recent shareholding disclosure notification published on 28 December 2024 at https://www.ser-ag.com/en/resources/notifications-market-participants/significant-shareholders.html#/ (Issuer: EFG International).
• 4 Beneficial owner is Mr Boris Collardi. For details, please refer to the shareholding disclosure notification cited in note 5 below.
• 5 Latsis family interests and Mr Boris Collardi form a group of shareholders within the meaning of Art. 120 et seq. of the Financial Market Infrastructure Act (FMIA) by virtue of an agreement to, among others, coordinate a potential sale of shares. This shareholder group is separate and independent from the shareholder group referred to under note 3 above. For further details on the members of the shareholder group, the agreement and the reported combined position pursuant to Art. 120 FMIA and its implementing ordinances, please refer to the most recent shareholding disclosure notification published on 07 May 2022 at https://www.ser-ag.com/en/resources/notifications-marketparticipants/significant-shareholders.html#/ (Issuer: EFG International).
• 6 See shareholding disclosure notification published on 24 April 2021 at https://www.ser-ag.com/en/resources/notifications-marketparticipants/significant-shareholders.html#/ (Issuer: EFG International).
• 7 Including registered shares held by EFG International. For details on treasury shares, see note 36 to the consolidated financial statements. No other shareholders have notified a shareholding of 3% or more of the voting rights of EFG International pursuant to Art.120 FMIA.

3.2 Cross-shareholdings

EFG International has not entered any cross-shareholdings that exceed 5% of the capital shareholdings or voting rights on either side.

3.3 Registration in the share register

There is no statutory rule on the deadline for registering shareholders in connection with the attendance of the General Meeting. However, for organisational reasons, no shareholders will be entered into the share register during the period beginning approximately 15 days prior to a General Meeting and ending immediately after the closing of the General Meeting.

3.4 Limitations on transferability and nominee registrations

EFG International AG's shares are freely transferable, without any limitation, provided that the buyers expressly declare themselves to have acquired the shares concerned in their own name and for their own account, that there is no agreement in place on the redemption or the return of corresponding shares, that they bear the economic risk associated with the shares and comply with the disclosure requirement stipulated by the FMIA. Transfers of intermediated shares, including the granting of security interests, are subject to the Swiss Intermediated Securities Act. The transfer of uncertificated shares is affected by a corresponding entry in the books of a bank or depositary institution following an assignment by the selling shareholder and notification of such assignment to the Company by the bank or depositary institution. The transferee must file a share registration form in order to be registered in the Company's share register as a shareholder with voting rights. Failing such registration, the transferee may not vote at or participate in any General Meeting but may still receive dividends and other rights with financial value.

The uncertificated shares may only be transferred with the assistance of the bank that administers the book entries of such shares for the account of the transferring shareholder. Further, shares may only be pledged to the bank that administers the book entries of such shares for the account of the pledging shareholder; in such case,

See www.efginternational.com/articlesofassociation

the Company needs to be notified. According to the Articles of Association1 , a person having acquired shares will be recorded in the Company's share register as a shareholder with voting rights upon request.

Persons not expressly declaring themselves to be holding shares for their own account in their application for entry in the share register (nominees) shall be entered in the share register with voting rights without further enquiry up to a maximum of 2% of the outstanding share capital available at the time (see Art. 6 of the Articles of Association1 ). Above this limit, registered shares held by nominees shall be entered in the share register with voting rights only if the nominee in question discloses the names, addresses and shareholdings of the persons for whose account the nominee is holding 0.5% or more of the outstanding share capital available at the time and provided that the disclosure requirements stipulated by FMIA are respected.

Legal entities or partnerships or other associations or joint ownership arrangements which are linked through capital ownership or voting rights, through common management or in like manner, as well as individuals, legal entities, or partnerships (especially syndicates) which act in concert with the intent to evade the entry restriction are considered as one shareholder or nominee. Amendments to the provisions in the Articles of Association governing the transferability and nominee registration would require an according resolution of the General Meeting with the quorum set forth in Art. 25 of the Articles of Association1 or any higher statutory quorum.

The Board of Directors is authorised to issue regulations to implement the above provisions.

3.5 Voting right restrictions and representation

Persons who acquired registered shares will, upon application, be entered in the share register without limitation as shareholders with voting power, provided they expressly declare themselves to have acquired the shares concerned in their own name and for their own account, that there is no agreement in place on the redemption or the return of corresponding shares, that they bear the economic risk associated with the shares and comply with the disclosure requirement stipulated by FMIA (for details,

please refer to Art. 6 of the Articles of Association1 and see also section 3.4 above).

According to Art. 23 of the Articles of Association1 , shareholders can exercise their voting rights either by themselves or appoint a third party authorised in writing or the independent proxy to vote on their behalf. Such representatives need not to be shareholders. Amendments to the provisions governing voting rights and representation would require an according resolution of the General Meeting with the quorum set forth in Art. 25 of the Articles of Association1 or any higher statutory quorum. All shareholders receive with the invitation to the General Meeting a proxy appointment form for the appointment of the independent proxy and for the instruction of the independent proxy on how to cast the votes regarding each agenda item and additional ad hoc motions.

EFG International offers to its shareholders the possibility to exercise their voting rights prior to the General Meeting via an online platform by empowering and instructing the independent proxy to vote. The votes will be cast by the independent proxy at the General Meeting. Voting at the General Meeting usually takes place in electronic form via televoting devices. The televoting devices allow a timely and accurate result delivery during the General Meeting.

3.6 Statutory quorums

No statutory quorums other than those defined by Swiss corporate law and the Swiss Federal Merger Act apply.

3.7 Convocation of general meetings

The statutory rules on the convocation of General Meetings correspond with legal provisions. Accordingly, a General Meeting is summoned at least 20 days before the date of the meeting by notice published in the "Swiss Official Gazette of Commerce" and by letter or e-mail sent to the addresses of the shareholders entered in the share register.

With regards to shareholders' rights to convene a meeting, the statutory rules provide that shareholders who represent together at least 5 % of the share capital or the voting rights may request that a General Meeting be convened.

3.8 Agenda

The Board of Directors announces the agenda for the General Meeting. Based on the current Articles of Associations, shareholders representing shares with a nominal value of at least 0.5% of the share capital or voting rights will be able to request that items of business and/or motions be included in the convention notice until at the latest 40 days prior to the date of the General Meeting. Such request must be in writing and must state the relevant motions.

4. Board of Directors

4.1 Elections and terms of office

According to Art. 26 of the Articles of Association1 , the Board of Directors shall consist of at least five members, who are individually elected by the General Meeting of shareholders for a one-year term ending with the closure of the following Annual General Meeting. Re-election is possible without restrictions regarding the number of terms. Please refer to the table in section 4.2 for each initial date of election. The term of all current members of the Board of Directors will expire at the closure of the upcoming Annual General Meeting in March 2025.

In compliance with the statutory law, the General Meeting of shareholders also elects the Chair of the Board of Directors and all members of the Remuneration and Nomination Committee individually and on an annual basis (see Art. 17 of the Articles of Association1 ).

4.2 Composition

The Board of Directors comprises members with an appropriate mix of skills, experience and personal attributes that allow the members individually and the Board collectively to discharge their responsibilities and duties effectively and efficiently under the law and regulations. The Board of Directors is composed of individuals holding or having held leading roles in international or Swiss organisations and with wide ranging professional expertise in key areas including the management of client-facing businesses, finance, audit, and risk management. Diversity

See www.efginternational.com/articlesofassociation

in culture, experience, and opinion as well as gender diversity are important aspects of the Board composition.

The Board of Directors currently comprises twelve members, all of whom are non-executive directors. The Board of Directors of EFG Bank AG (EFG Bank) is composed of the same members as the Board of Directors of EFG International AG.

No member of the Board held a management position in EFG International over the last three years.

No member of the Board of Directors (neither as an individual nor as a representative of a third party) has any significant business connection with EFG International or any of its subsidiaries.

An overview of the Board and the Board-delegated Committees' memberships in 2024 is presented in the table below:

Board-delegated Committees

	Board member since	Independence	Acquisition Committee	Credit Committee	Risk Committee	Remuneration and Nomination Committee	Audit Committee
Alexander Classen (Chair)	2022	Independent	Member	–	–	Chair1	–
Emmanuel L. Bussetil	2005		Chair	–	–	Member	Member
Boris F.J. Collardi	2022		Member	–	–	Member	–
Prasanna Gopalakrishnan2	2024	Independent	–	–	Member2	–	–
Roberto Isolani	2016		–	Member	Member	Member	–
John S. Latsis	2018		–	Member	–	–	–
Maria Leistner	2023	Independent	–	–	Member	–	Member
Philip J. Lofts	2023	Independent	–	Member	Chair	Member3	Member
Carlo M. Lombardini	2020	Independent	–	Chair	Member	–	–
Périclès Petalas	2005		Member	–	Member	–	–
Stuart M. Robertson	2018	Independent	–	–	Member	–	Chair
Yok Tak A. Yip	2020	Independent	–	–	–	–	–
Freiherr Bernd-A. von Maltzan4	2013	Independent	Member4	Member4	Member4	Chair4	–

• 1 Appointed as the Chair of the Remuneration and Nomination Committee on 22 March 2024.
• Elected as a member of the Board of Directors at the Ordinary General Meeting on 22 March 2024. Member of the Risk Committee as from the same date.
• Elected as a member of the Remuneration and Nomination Committee at the Ordinary General Meeting on 22 March 2024.
• 4 Stepped down as a member of the Board of Directors at the Ordinary General Meeting on 22 March 2024. He also stepped down as the Chair of the Remuneration and Nomination Committee, and as a member of the Acquisition, Credit and Risk Committees as from the same date.

4.3 Independence

According to the Organisational and Management Regulations, one third of the members of the Board of Directors shall be independent.

The Board of Directors has applied the independence criteria as per the definition of the FINMA Circular 17/01 (Corporate Governance – Banks). These criteria have also been incorporated into EFG International's Organisational and Management Regulations that state that a member of the Board of Directors is deemed independent if he/she:

• Does not hold and/or over the last two years has not held any position in the Group other than being a member of the Board or one of its committees

• Is not (or has not been over the last two years) in charge of the external audit of the Group, the Company or any of its direct or indirect subsidiaries

• Does not maintain a business relationship with the Group, the Company or any of its direct or indirect subsidiaries in a way or to an extent – in view of their nature and scope – that may create a conflict of interest

• Is not a qualified participant as defined under Swiss Banking and Stock Exchange Act, i.e., a person directly or indirectly holding 10% or more of the share capital or voting rights of the Company, or has similar influence through other means, nor represents such a participant.

4.4 Role & responsibilities

The Board of Directors of EFG International is ultimately responsible for the supervision of the management of EFG International. The Board of Directors sets the strategic direction of EFG International and monitors its implementation. Based on recommendations by the Chief Executive Officer, the Board of Directors decides on EFG International's strategy whilst also assuming the responsibility of supervising and monitoring the businesses. The day-to-day management operations are delegated by the Board of Directors to the Executive Committee. Further details about the powers and responsibilities of the Board of Directors can be found in the Organisational and Management Regulations1 .

4.5 Organisational structure

The internal organisational structure of the Board of Directors is laid down in the Organisational and Management Regulations1 . The Board of Directors meets as often as business requires, but at least four times a year, normally once every quarter. Members of the Executive Committee, managerial staff and external advisers may be called upon to attend Board of Directors' meetings. In order to make a binding decision, at least 50% of the members of the Board of Directors must be present. The Board of Directors takes decisions by a majority of the members present. In the event of a tie, the Chair does not have a casting vote. The composition of the Board of Directors and its committees is disclosed in the table in section 4.2 above. The Board of Directors met eleven times in 2024 (five ordinary meetings and six ad hoc topical meetings). Ordinary meetings typically last six to seven hours. For further details, please refer to the following table:

	Attendance
Members in 2024	Meeting & Call	%
Alexander Classen (Chair)*	11/11	100%
Emmanuel L. Bussetil	10/11	91%
Boris F.J. Collardi	10/11	91%
Prasanna Gopalakrishnan*1	8/9	89%
Roberto Isolani	11/11	100%
John S. Latsis	11/11	100%
Maria Leistner*	10/11	91%
Philip J. Lofts*	9/11	82%
Carlo M. Lombardini*	11/11	100%
Périclès Petalas	11/11	100%
Stuart M. Robertson*	11/11	100%
Yok Tak A. Yip*	10/11	91%
Freiherr Bernd-A. von Maltzan*2	1/2	50%

• * Independent Director
• Member as of the Annual General Meeting on 22 March 2024
• Member until the Annual General Meeting on 22 March 2024

The Board of Directors has established an Audit Committee, a Risk Committee, a Remuneration and Nomination Committee, a Credit Committee, and an Acquisition Committee in line with the Organisational and Management Regulations1 .

Audit Committee

The Audit Committee is established as a committee of the Board of Directors. Its primary function is to assist the Board of Directors in fulfilling its oversight responsibilities of EFG International with regard to:

• The financial, business and sustainability reporting processes, including the selection and application of appropriate accounting policies
• The integrated internal control systems for financial reporting as well as the internal controls of areas beyond financial reporting
• EFG International's tax risks
• The internal and external audit processes

The Audit Committee shall consist of at least three members of the Board of Directors. The Chair and other members of the Audit Committee must all be members of the Board of Directors and are appointed by the latter.

See www.efginternational.com/internalregulations

The Chair and the majority of the Audit Committee members must be independent as defined in paragraph 2.1.c. of the Organisational and Management Regulations1 .

The Audit Committee meets as often as business requires, but at least four times a year, as well as for the review of the financial statements and related reports before these are approved by the Board of Directors and/or made publicly available by EFG International or sent to regulatory/tax authorities.

Ordinary meetings typically last four to five hours and are also attended by members of the executive management responsible for areas supervised by the Audit Committee.

The minutes of the Audit Committee are reviewed by the Board of Directors at its ordinary meetings. In addition, the Chair of the Audit Committee provides a report to the Board of Directors at its ordinary meetings.

In 2024, the Audit Committee met eight times (six ordinary meetings, and two ad hoc topical meetings). For further details, please refer to the table below:

	Attendance
Members in 2024	Meeting & Call	%
Stuart M. Robertson (Chair)*	8/8	100%
Emmanuel L. Bussetil	7/8	88%
Maria Leistner*	8/8	100%
Philip J. Lofts*	7/8	88%

^* Independent Director

Risk Committee

The Risk Committee is the primary advisory committee to the Board of Directors on matters relating to risk and compliance. The Risk Committee advises, reviews, and acts as an expert for the Board of Directors on the overall current and future risk appetite and oversees executive management's implementation of the risk management framework. In addition, it monitors the risk profile and reports on the state of risk culture in EFG International and interacts with and oversees the performance of the Chief Risk Officer and the Head of Legal & Compliance.

The Risk Committee shall consist of at least three members. The Chair and other members of the Risk Committee must all be members of the Board of Directors and are appointed by the latter. The Chair and the majority of the entire Risk

Committee must be independent as defined in paragraph 2.1.c. of the Organisational and Management Regulations1

The Risk Committee meets as often as business requires, but at least four times a year. Ordinary meetings typically last six to seven hours and are attended by members of the executive management responsible for risk management.

The minutes of the Risk Committee are reviewed by the Board of Directors at its ordinary meetings. In addition, a report from the Chair of the Risk Committee is given to the Board of Directors at its ordinary meetings.

In 2024, the Risk Committee met eight times (four ordinary meetings and four ad hoc topical meetings). For further details, please refer to the following table:

	Attendance
Members in 2024	Meeting & Call	%
Philip J. Lofts (Chair)*	8/8	100%
Prasanna Gopalakrishnan*1	6/6	100%
Roberto Isolani	8/8	100%
Maria Leistner*	8/8	100%
Carlo M. Lombardini*	8 /8	100%
Périclès Petalas	8/8	100%
Stuart M. Robertson*	8/8	100%
Freiherr Bernd-A. von Maltzan*2	2/2	100%

• * Independent Director
• Member as of 22 March 2024
• Member until the Annual General Meeting on 22 March 2024

Credit Committee

The Credit Committee is established as a committee of the Board of Directors. Its primary function is to examine and approve or recommend to the Board of Directors, within the risk appetite defined by the Board of Directors, credits or limits granted by subsidiaries to clients, exceeding certain thresholds also defined by the Board of Directors.

The Credit Committee shall consist of at least three members of the Board of Directors who are appointed by the latter.

The Credit Committee meets as often as business requires. Ordinary meetings typically last one hour and are also attended by members of the executive management responsible for the area.

See www.efginternational.com/internalregulations

The minutes of the Credit Committee are reviewed by the Board of Directors at its ordinary meetings. In addition, the Chair of the Credit Committee provides a report to the Board of Directors at its ordinary meetings.

In 2024, the Credit Committee met ten times (four ordinary meetings and six ad hoc topical meetings). For further details, see the table below:

	Attendance
Members in 2024	Meeting & Call	%
Carlo M. Lombardini (Chair)*	10/10	100%
Roberto Isolani	10/10	100%
John S. Latsis	10/10	100%
Philip J. Lofts*	10/10	100%
Freiherr Bernd-A. von Maltzan*1	3/3	100%

• * Independent Director
• Member until the Annual General Meeting on 22 March 2024

Remuneration and Nomination Committee

The Remuneration and Nomination Committee is established as a committee of the Board of Directors.

Its primary function is to assist the Board of Directors in fulfilling its governance responsibilities, with regards to remuneration and nomination-related aspects.

For remuneration, this includes:

• Establishing the general remuneration policy and strategy of EFG International
• Reviewing annually the remuneration of members of the Board of Directors and the Executive Committee of EFG International and making a recommendation to the Board of Directors thereupon
• Approving annually the remuneration of principal executives of the Group
• Any other remuneration tasks conferred to it by the Board of Directors from time to time

In addition, the Remuneration and Nomination Committee reviews and assesses the nomination of new members to the Board of Directors and the Executive Committee, as well as the nomination of the heads of the key control functions – Audit, Compliance and Risk – and the Regional Business Heads and makes a recommendation to the Board of Directors thereupon.

For more details about competences and responsibilities of the Remuneration and Nomination Committee, please see the compensation report, Art. 30 of the Articles of Association1 and section 2.10 of the Organisational and Management Regulations2

The shareholders elect the individual members of the Remuneration and Nomination Committee for a one-year term ending with the closure of the following Annual General Meeting with the possibility of being re-elected (see Art. 17 of the Articles of Association1 ).

The Remuneration and Nomination Committee shall consist of at least three members of the Board of Directors. The Chair and other members of the Remuneration and Nomination Committee must all be members of the Board.

The Remuneration and Nomination Committee meets annually in the first quarter to review fixed and variable compensation proposals. Additional meetings can be held when necessary. Meetings typically last two hours and are attended by the Chief Executive Officer and the Global Head of Human Resources.

The minutes of the Remuneration and Nomination Committee are reviewed by the entire Board of Directors. In addition, a report by the Chair of the Remuneration and Nomination Committee is given to the Board of Directors at its ordinary meetings.

In 2024, the Remuneration and Nomination Committee met eight times (five ordinary meetings and three ad hoc topical meetings). For further details, please refer to the following table:

	Attendance
Members in 2024	Meeting & Call	%
Alexander Classen (Chair)*1	8/8	100%
Emmanuel L. Bussetil	8/8	100%
Boris F.J. Collardi	8/8	100%
Roberto Isolani	8/8	100%
Philip J. Lofts*2	8/8	100%
Freiherr Bernd-A. von Maltzan (Chair)*3	3/3	100%

• * Independent Director
• Chair as of 22 March 2024
• 2 Member as of the Annual General Meeting on 22 March 2024
• Member (and Chair) until the Annual General Meeting on 22 March 2024

See www.efginternational.com/articlesofassociation

See www.efginternational.com/internalregulations

Acquisition Committee

The Acquisition Committee is established as a committee of the Board of Directors. Its primary function is to examine and approve or recommend to the Board of Directors all acquisitions or disposals of companies or businesses proposed by management in accordance with the acquisition policy approved by the Board of Directors.

The Acquisition Committee has the authority to approve all investments or divestments up to certain thresholds and criteria which are defined in the acquisition policy. Above these thresholds, only the Board of Directors may approve acquisitions or divestments, and the Acquisition Committee will submit a recommendation to the Board of Directors.

The Acquisition Committee shall consist of at least three members of the Board of Directors and are appointed by the latter.

The Acquisition Committee meets on an ad hoc basis throughout the year in order to review specific transactions or to receive an update from the Chief Executive Officer and the Chief Financial Officer regarding the status of negotiations with various acquisition targets or divestments.

Meetings vary in length from one to three hours and can be attended by members of the management or external advisers.

The minutes of the Acquisition Committee are reviewed by the entire Board of Directors at its meetings. In addition, a report from the Chair of the Acquisition Committee is given to the Board of Directors at its ordinary meetings.

In 2024, the Acquisition Committee met six times. For further details, please see the table below:

	Attendance
Members in 2024	Meeting & Call	%
Emmanuel L. Bussetil (Chair)	6/6	100%
Alexander Classen*	6/6	100%
Boris F.J. Collardi	6/6	100%
Périclès Petalas	6/6	100%
Freiherr Bernd-A. von Maltzan*1	1/1	100%

^* Independent Director

Information on the members of the Board of Directors

4.6 Provisions on the number of permitted external mandates in the Articles of Association

In accordance with Art. 626 para. 2 point 1 CO, the number of permitted external mandates of the members of the Board of Directors is outlined in Art. 37 of the Articles of Association1 . The members of the Board of Directors may each have up to 20 mandates in entities with an economic purpose, of which a maximum of five may be in listed companies. Additionally, a member of the Board of Directors may perform up to ten mandates in associations, charitable institutions as well as welfare and pension institutions.

Several mandates in legal entities under common control or under the control of the same beneficial owner are deemed one mandate.

4.7 External mandates and vested interests

Please refer to the information provided in the biographies of each member of the Board of Directors in section 4.8 below, where the mandates in governing and supervising bodies of organisations, institutions and foundations with an economic purpose and further significant activities are mentioned.

4.8 Biographies

The following biographies provide information on the mandates, memberships, activities, and functions as required by the SIX Swiss Exchange Corporate Governance Directive (situation as at 31 December 2024).

Mandates in other EFG entities mentioned in the following biographies include all mandates in entities directly or indirectly controlled by EFG International.

Member until the Annual General Meeting on 22 March 2024

See www.efginternational.com/articlesofassociation

Alexander Classen

Chair of the Board of Directors Chair of the Remuneration and Nomination Committee Member of the Acquisition Committee

Year of birth and nationality

1962 I Swiss

Professional history and education

Alexander Classen is an acknowledged leader in the international wealth management industry with a strong track record in delivering growth and repositioning mandates. He has extensive industry experience and has worked for renowned global organisations in various leadership positions for more than 30 years.

He served as CEO & Country Head Switzerland of HSBC Private Bank (Suisse) SA from 2018 to September 2022. Prior to that, he was Managing Partner at Bedrock, a global investment and advisory firm based in Geneva. From 2011 to 2015, Alexander Classen held the position of CEO of Coutts International. Additionally, he spent four years with Morgan Stanley International as Head of Private Wealth Management EMEA and he ran Goldman Sachs Bank AG Zurich as General Manager from 2000 to 2006. For Pictet, where Alexander Classen started his career as a portfolio manager and private banker in 1985, he acted as local CEO in Singapore from 1995 to 2000.

Alexander Classen holds a degree in business administration from the University of Geneva.

Mandates in other EFG entities

Chair of the Board, EFG Bank AG

External mandates

Chair of the Board, GIRLSMUSTHAVE ITALY S.R.L

Emmanuel L. Bussetil

Member of the Board of Directors Chair of the Acquisition Committee Member of the Audit Committee Member of the Remuneration and Nomination Committee

Year of birth and nationality

1951 I British

Professional history and education

Mr Bussetil joined the Latsis Group of companies in 1982 as Chief Internal Auditor and, since then, he has held a number of executive and non-executive positions for other principal commercial holding and operating companies controlled by Latsis Family Interests. Prior to that, he was an Audit Manager at Pricewaterhouse in the United Kingdom, where he was employed from 1976 to 1982.

Mr Bussetil received his GCSE A-Levels in mathematics and physics in 1970. He attended the Thames Polytechnic London, UK, and obtained his Higher National Diploma in mathematics, statistics and computing in 1972. His professional training was undertaken as an Articled Clerk at Dolby Summerskill, Liverpool (1972-1973), and at Morland and Partners, Liverpool (1974-1976). From 1976 to 2023 he was a member of the Institute of Chartered Accountants of England and Wales.

Mandates in other EFG entities

Member of the Board, EFG Bank AG

External mandates

Member of the Board, European Financial Group EFG (Luxembourg) SA

Member of the Board, EFG Consolidated Holdings SA Member of the Board, EFG European Financial Group Ltd.

Member of the Board, Consolidated Lamda Holdings SA

Member of the Board, SETE Holdings Sarl

Member of the Board, Ophelia International Investments SA

Member of the Board, Gestron Asset Management SA

Member of the Board, Pronia Health SICAR

Member of the Board, Hellinikon Global I SA

Member of the Board, Lamda Development S.A1

Member of the Board, John S. Latsis Public Benefit Foundation

Listed company

Boris F.J. Collardi

Member of the Board of Directors Member of the Acquisition Committee Member of the Remuneration and Nomination Committee

Year of birth and nationality

1974 I Swiss and Italian

Professional history and education

Mr Collardi is a recognised leader in the global wealth management industry. In 2009, Mr Collardi was named CEO of Julius Baer, which he led to become the reference in global wealth management, the third-largest wealth management group in Switzerland and among the top ten in the world. In 2018, Mr Collardi joined the Pictet Group to become one of the seven managing partners where he further developed the bank's international wealth management activities. Mr Collardi started his career at Credit Suisse in Geneva almost three decades ago. In his earlier years, Mr Collardi gained broad international experience covering several executive positions in wealth management mainly in Europe and also in Asia, where he spent five years, gaining a deep understanding of the business and the opportunities for the wealth management industry. Mr Collardi was on the Board Committee of the Swiss Bankers Association for over a decade.

Mandates in other EFG entities

Member of the Board, EFG Bank AG Chair of EFG Regional Asia Advisory Board Member of the Board, EFG Bank (Monaco) SAM

External mandates

Member of the Board, European Financial Group EFG (Luxembourg) SA

Member of the Board, EFG Bank European Financial Group SA Member of the Advisory Board, The Longevity Suite Member of the Advisory Board, Roboze SpA Member of the Advisory Board, Luxurynsight SAS Chair of the Advisory Board, Footbao.world AG Chair of the Advisory Board, Diplomatici SpA Member of the Foundation Board, International Institute for Management Development (IMD) Member of the Strategic Advisory Board, Ecole Polytechnique Fédérale de Lausanne (EPFL)

Member of the Board, Paulo Coelho & Christina Oiticica

Ambassador US Lecce Soccer Team

Philantropic Foundation

Prasanna Gopalakrishnan

Member of the Board of Directors Member of the Risk Committee

Year of birth and nationality

1970 I American

Professional history and education

Ms Prasanna Gopalakrishnan is a recognised digital and cyber expert. She is a senior executive with more than 25 years of experience and a strong track record of driving innovation and digital transformation.

In October 2024, Ms Gopalakrishnan joined Automatic Data Processing, Inc. where she serves as Global Chief Product and AI Officer. Prior to that, she was Group Chief Technology Officer at Sky Group from September 2021 to September 2024.

From 2018 to 2021, Ms Gopalakrishnan served as Chief Information Officer in the Consumer Digital Banking business at Bank of America and prior to that she spent three years as Chief Digital & Information Officer at Boston Private.

Previously, Ms Gopalakrishnan also held senior positions at Harvard University, Fidelity Investments and Thomson Reuters.

Prasanna Gopalakrishnan holds a Master of Business Administration (MBA) in General Management and Finance from Northeastern University in Boston Massachusetts, USA, and a bachelor's degree in engineering from the Birla Institute of Technology & Science, India.

Mandates in other EFG entities

Member of the Board, EFG Bank AG

External mandates

Chief Product and AI Officer, Automatic Data Processing, Inc1

Listed company

Roberto Isolani

Member of the Board of Directors Member of the Risk Committee Member of the Credit Committee Member of the Remuneration and Nomination Committee

Year of birth and nationality

1964 I Italian

Professional history and education

Mr Isolani is a Managing Partner of BTG Pactual. Before joining BTG Pactual in 2010, he worked for 17 years at UBS where he last held the position of Joint Head of Global Capital Markets and had joint responsibility for the Client Services Group, the Fixed Income and FX global salesforces at UBS. He jointly headed a marketing team of over 1,000 staff. Mr Isolani was also a member of UBS Investment Bank's Board.

Mr Isolani joined UBS (formerly SBC) in 1992 and spent ten years in Fixed Income, in Derivatives Marketing and DCM before being promoted to Head of European DCM in 2000. He transferred to IBD in 2002, moving to Italy as Co-Head of Italian Investment Banking. He moved back to London in 2007 to become Global Head of DCM, before assuming his latest responsibilities at the beginning of 2009.

During his career, Mr Isolani held a number of executive and Board roles in regulated and unregulated Italian UBS entities. He was notably a member of the Board of Directors of Banca Monte dei Paschi di Siena S.p.A. from 2014 to 2017, and Deputy Chair (from 2015 to 2017).

Mr Isolani graduated from the University of Rome, La Sapienza, cum laude in 1989 and was a lecturer at the university before going on to work at IMI and Cofiri and then joining UBS.

Mandates in other EFG entities

Member of the Board, EFG Bank AG Member of EFG Regional Asia Advisory Board

Maria Leistner

Member of the Board of Directors Member of the Audit Committee Member of the Risk Committee

Year of birth and nationality

1966 I Bulgarian, French and British

Professional history and education

Ms Leistner is a seasoned professional with vast experience in senior roles in legal and compliance functions in the financial industry. Most recently, she served as Group Chief Legal Officer and a member of the Executive Board of Quintet Private Bank, Luxembourg, where she oversaw the compliance, legal and data protection functions.

Between 2016 and 2019, she held senior positions at UBS in Zurich – including serving as General Counsel Global Wealth Management. Prior to that, Maria Leistner spent over ten years at Credit Suisse in various senior roles, including as General Counsel International Wealth Management in Zurich, and General Counsel EMEA and Co-General Counsel for the Investment Bank, in London.

She is a qualified solicitor in England and Wales and an attorney in New York and practiced in major English and American law firms before entering the banking industry.

Mandates in other EFG entities

Member of the Board, EFG Bank AG Member of the Board, EFG Bank (Luxembourg) SA

External mandates

Member of the Board, Crypto Finance AG Member of the Board of Trustees, Switzerland for UNHCR Member of the Board, ENGin, non-profit

Dr John S. Latsis

Member of the Board of Directors Member of the Credit Committee

Year of birth and nationality

1977 I British

Professional history and education

Dr Latsis is the Managing Director of Gestron Services SA and is Chair of Gestron Asset Management. He is also an active member on a number of committees and Boards of Directors.

During his distinguished career, Dr Latsis has gathered extensive academic experience; he holds a bachelor's degree from the University of Oxford, a master's degree from the London School of Economics, a PhD from the University of Cambridge and is a member of the Higher Education Academy of the United Kingdom. He held academic positions at the Universities of Reading, Oxford, and Harvard during a 13-year academic career.

Dr Latsis has published more than 25 articles, chapters and edited books and remains an active research scholar.

Mandates in other EFG entities

Member of the Board, EFG Bank AG Member of the Board, EFG Capital Holdings Corp Member of EFG Regional Advisory Board for Latin America

External mandates

Managing Director, Gestron Services SA Member of the Board, EFG Bank European Financial Group SA Chair of the Board, Gestron Asset Management SA Member of the Board, La Tour Holding SA Member of the Board, Monas S.A.M Member of the Board, International Latsis Foundation Chair of the Board, Independent Social Research Foundation Member of the Board of Trustees, Friends of Europe

Philip J. Lofts

Member of the Board of Directors Chair of the Risk Committee Member of the Audit Committee Member of the Credit Committee Member of the Remuneration and Nomination Committee

Year of birth and nationality

1962 I British

Professional history and education

Mr Lofts is a proven risk management expert and a recognised leader in the international banking industry with more than four decades of experience. He spent over 35 years at UBS Group in a variety of executive and management roles including being a member of the Group Executive Board from 2008 to 2015 and lately serving as a Non-Executive Director of UBS Americas Holdings LLC, a position that he stepped down from on 31 March 2023.

Previously, he served as the Group Chief Risk Officer from 2008 to 2010 and 2012 to 2015 and as the CEO of UBS Group Americas in 2011. Prior to joining the Group Executive Board, he held a number of senior risk management roles in the Investment Bank and at Group level. He has gained international experience from working and living in Europe, Asia and the USA.

Mandates in other EFG entities

Member of the Board, EFG Bank AG

External mandates

Member of the Board, Mina Asset Management Ltd.

Carlo M. Lombardini

Member of the Board of Directors Chair of the Credit Committee Member of the Risk Committee

Year of birth and nationality

1964 I Swiss and Italian

Professional history and education

Mr Lombardini is a proven specialist in the field of banking law, having worked as a lawyer with Poncet Turrettini in Geneva, where he served as a partner since 1990. In addition, he has extensive experience in the academic sector, having held various academic positions, including from 2010 to 2014 as a lecturer in banking law at the University of Lausanne and from 2014 onwards as an associate professor at the law faculty.

Throughout his distinguished career, Mr Lombardini also published numerous books and academic articles concerning various banking law topics and discussions regarding the financial services industry.

Mr Lombardini has held several board memberships, where he served as an active member of the audit and risk committees and later as Chair of such committees.

Mandates in other EFG entities

Member of the Board, EFG Bank AG

External mandates

Member of the Board, Crédit Agricole Next Bank (Suisse) SA

Périclès Petalas

Member of the Board of Directors Member of the Acquisition Committee Member of the Risk Committee

Year of birth and nationality

1943 I Swiss

Professional history and education

Since 1997, Dr Petalas has been the Chief Executive Officer of EFG Bank European Financial Group SA, Geneva. Prior to this position, he was Senior Vice President and General Secretary of Banque de Dépôts, Geneva. Previously, he worked for Union Bank of Switzerland in Zurich (1978–1980) and Petrola International, Athens (1977–1978).

Dr Petalas obtained a diploma (1968) and a doctorate (1971) in theoretical physics at the Swiss Federal Institute of Technology in Zurich. He also received a post-graduate degree in industrial and management engineering from the same institute in 1977.

Mandates in other EFG entities

Member of the Board, EFG Bank AG

External mandates

Chief Executive Officer, EFG Bank European Financial Group SA Member of the Board, European Financial Group EFG (Luxembourg) SA

Stuart M. Robertson

Member of the Board of Directors Chair of the Audit Committee Member of the Risk Committee

Year of birth and nationality

1955 I Swiss and British

Professional history and education

Mr Robertson has over 30 years' experience in the Swiss financial services sector in both audit and consulting and has a profound understanding of the Swiss and international regulatory and accounting landscape. Throughout his career, Mr Robertson has advised and audited many global institutions and managed numerous complex projects in the areas of growth, M&A, strategy and transformation, performance, as well as risk and regulatory topics. Mr Robertson worked at KPMG for over 30 years, where he held various leadership positions and managed teams of up to 200 people. Laterally, he was a member of the Board of Directors. In addition, he held the role of Global Lead Partner serving a large Swiss financial institution.

Mr Robertson is a member of the Institute of Chartered Accountants of Scotland and of ExpertSuisse. He holds a Master of Arts (Hons) degree from the University of St. Andrews and a Diploma in Accounting from Heriot-Watt University.

Mandates in other EFG entities

Member of the Board, EFG Bank AG

External mandates

Member of the Board of Overseers, Reinet Investments S.C.A., Luxembourg 1

Member of the Board of Trustees, Guatemala Association Central America, Charity

Yok Tak Amy Yip

Member of the Board of Directors

Year of birth and nationality

1951 I Chinese

Professional history and education

Ms Yip has a deep understanding of the Asian private banking industry, having worked for more than 40 years in various leadership and managerial roles for global players in the region. Since 2011, she has been a founding partner of RAYS Capital Partners, an investment management company specialising in Asian capital markets.

Prior to this, Ms Yip worked at DBS Bank in Hong Kong, where she served as Chief Executive Officer from 2006 to 2010. Before joining DBS Bank, Ms Yip held various senior roles within the Hong Kong Monetary Authority (1996-2006). Since starting her career in 1975 at American Express in Hong Kong, Ms Yip has worked for a number of leading global financial institutions such as J.P. Morgan, Citibank, and Rothschild Asset Management.

Ms Yip holds an MBA from Harvard Business School, a Master of Counselling from Monash University and a Bachelor of Arts in Asian History from Brown University, USA.

Mandates in other EFG entities

Member of the Board, EFG Bank AG Member of EFG Regional Asia Advisory Board

External mandates

Founding Partner, RAYS Capital Partners Member of the Board, Prudential Plc1 Member of the Board, TP ICAP Group Plc1 Member of the Board, AIG Insurance Hong Kong Ltd. Member of the Board, Fidelity Foundation, Charity

Listed company

Listed company

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4.9 Changes to the Board of Directors in 2024

Members who did not stand for re-election

Freiherr Bernd-Albrecht von Maltzan

Freiherr Bernd-Albrecht von Maltzan is a German citizen and was born in 1949.

Mr von Maltzan was a member of the Board of Directors of EFG International AG and EFG Bank AG from 01 January 2013 to 22 March 2024 when he stepped down.

Before joining the Board of EFG International, Mr von Maltzan was with Deutsche Bank, where he held a variety of senior positions, including Global Head Trading & Sales DB Group in Frankfurt (1993–1995), Divisional Board Member and Global Head Private Banking in Frankfurt (1996–2002), followed by Divisional Board Member and Vice-Chair Private Wealth Management in Frankfurt, and from which he retired in 2012.

Mr von Maltzan studied economics at the universities in Munich and Bonn and holds a doctorate in business administration from the University of Bonn.

4.10 Proposed changes to the Board of Directors in 2025

Members not standing for re-election at the Annual General Meeting on 21 March 2025

• Prasanna Gopalakrishnan
• Périclès P. Petalas
• Stuart M. Robertson
• Yok Tak Amy Yip

Proposed new members of the Board of Directors for election at the Annual General Meeting on 21 March 2025

Yvonne Bettkober

Yvonne Bettkober is a recognised expert in digital transformation, organisational development and strategy operationalisation. She is a seasoned executive with more than 18 years of cross-continent experience in enterprise transformation, sales and business development within the technology and automotive industries.

Yvonne Bettkober has been Head of Group Organisational Development & Transformation at Volkswagen Group since April 2023. She is also Head of Transformation and a member of the Extended Management Board of CARIAD and serves as a member of the Board of Directors of CV VC AG, a global blockchain tech venture capital firm. She previously served as General Manager and CEO of Amazon Web Services in Switzerland and Austria and performed a number of senior roles at Microsoft.

Yvonne Bettkober holds a Master of Science in Telecommunications Engineering from the Technische Universtät Berlin and an MBA in Corporate Strategy from the University of Warwick, UK, ESSEC Business School in Cergy, France, and the University of Mannheim, Germany.

Luisa Delgado

Luisa Delgado has 30 years of global executive experience in FMCG, Luxury, IT and Banking, and is an experienced nonexecutive Board and Committee Chair and Director in global Luxury and Retail. She was CEO of Milan listed global luxury eyewear leader Safilo Group until March 2018, and before that an Executive Board member at SAP SE.

Previously, she was over 21 years at Procter & Gamble, last as local CEO of Nordic, and before that as regional Chief HR Officer of Western Europe, and she also held other local and regional management positions in the UK, Belgium and Portugal, where she started as a trainee. She is now the Chair of the Board of Directors of SWAROVSKI International Holding, Non-Executive Director of the Supervisory Board of INGKA HOLDING BV (IKEA) since 2012, the Telia Company in Sweden, Fortum in Finland, and Chair of the Nomination and Remuneration Committee of DIA group in Spain. She just exited the role of Vice-Chair of Barclays Bank (Suisse) SA to be able to join the Board of Directors of EFG International on 01 September 2025.

She is also active in Private Equity investments as senior advisor and co-investor, e.g. as Lead Operating Director at Schleich GmbH, and independent investor & coentrepreneur.

Luisa Delgado is a member of the INSEAD Corporate Governance Council and a sought-after Mentor at Chair Mentors International CMi for start-ups and for first-time Board Directors. She holds a licence en droit from the University of Geneva, a LLM from Kings College of the University of London, a postgraduate Diploma of European Studies of the University Lusiada of Lisbon, and the FT Non-Executive Director Diploma.

Luisa Delgado's proposed election to the Board of Directors is subject to regulatory approval.

Wanda Eriksen

Wanda Eriksen has many years of experience as a professional board member and in-depth expertise in the areas of finance and accounting, risk management and auditing, as well as regulatory developments.

She has been President of the Board of Directors of the Swiss Federal Audit Oversight Authority (FAOA) since 2018 and has served on its Board since 2016. Wanda Eriksen is also a member of the Board of Directors of AXA Switzerland, where she chairs the Audit Committee, and was recently proposed for election to the Board of Directors of Cembra AG. She is currently Chair of the Audit Committee and a member of the Risk Committee of the Supervisory Board of J.P. Morgan SE (Frankfurt), a role she will exit prior to joining the Board of Directors of EFG International.

She was previously an audit partner at PwC, where she began her career in New York and spent over 20 years in Zurich.

Wanda Eriksen holds a Master's in Accounting from the University of Illinois, US, and is a Swiss Certified Accountant and a US Certified Public Accountant (CPA).

Konstantinos Tsiveriotis

Konstantinos Tsiveriotis is a senior executive with over 30 years of experience in global markets, with extensive expertise in portfolio management, derivative products, liability management and private banking. Since April 2022, he is Managing Director/CEO and member of the Board of Gestron Asset Management in Luxembourg, as well as a member of the senior management and Board of the European Financial Group EFG Luxembourg.

Prior to that, Konstantinos Tsiveriotis was CEO of Eurobank Private Bank Luxembourg for eight years, after holding various senior positions at the Eurobank Group South-Eastern Europe and at Deutsche Bank in New York. He started his career on Wall Street in 1992, where he worked for 13 years in derivatives and trading, and also codeveloped a widely used convertible bond valuation method.

Konstantinos Tsiveriotis holds a PhD in Chemical Engineering from the Massachusetts Institute Technology (MIT) and is a graduate of INSEAD's International Directors Programme. He has published in the areas of derivatives pricing, behavioural finance, nonlinear dynamic and scientific computing.

Konstantinos Tsiveriotis' proposed election to the Board of Directors is subject to regulatory approval.

5. Executive Committee

5.1 Composition, organisation, and functional responsibilities

EFG International's Executive Committee is organised as a single structure reporting to the Chief Executive Officer.

The Executive Committee comprises at least four members. Members of the Executive Committee are appointed by the

Board of Directors upon recommendation by the Chief Executive Officer.

Various support services or control units report either directly to the Chief Executive Officer or to a member of the Executive Committee.

As at 31 December 2024, the Executive Committee comprised the following members:

Members	Function	Member of the Committee since
Piergiorgio Pradelli	Chief Executive Officer	June 2012
Ioanna Archimandriti1	Global Head of Human Resources ("Chief People Officer")	December 2024
Vassiliki Dimitrakopoulou	Global Head of Legal & Compliance	November 2022
Enrico Piotto	Chief Risk Officer	June 2021
Dimitris Politis	Chief Financial Officer & Deputy CEO	January 2018
Andre Portelli	Head of Investment Solutions	February 2024
Demis Stucki2	Chief Operating Officer	December 2024

Ioanna Archimandriti was appointed as member of the Executive Committee effective 01 December 2024.

The titles and brief functional descriptions for members of the Executive Committee are set forth as follows:

Chief Executive Officer

The Chief Executive Officer of EFG International is responsible to the Board of Directors for the overall management and performance of EFG International. He manages the implementation and development of strategic and operational plans as approved by the Board of Directors. He represents EFG International towards third parties, including regulators, and is responsible (together with the Board of Directors and other senior executives) for the prudent management and regulation-compliant operation of the organisation.

Furthermore, the Chief Executive Officer chairs the Executive Committee and the Global Business Committee and directly oversees the Global Private Banking COO, Corporate Affairs functions and Strategic Planning & Transformation.

Deputy Chief Executive Officer

The Deputy Chief Executive Officer has a direct reporting line to the Chief Executive Officer of EFG International. He supports the Chief Executive Officer with the day-to-day

management of EFG International and he can take over his responsibilities in case of absence.

Global Head of Human Resources ("Chief People Officer")

The Global Head of Human Resources assumes business responsibility for all HR functions, human capital management and the development and implementation of people and HR strategies for EFG International worldwide.

Global Head of Legal & Compliance

The Global Head of Legal & Compliance is responsible for the oversight, coordination, and supervision of all compliance risks and all legal matters of the Group as well as for Regulatory Affairs. She also supervises the Compliance and Legal activities deployed in all entities of EFG International.

Chief Operating Officer

The Chief Operating Officer assumes business responsibility for the management, coordination, supervision and control of the entire Operations, IT functions, Digital and Information Security as well as for Client Administration & General Services. He is also responsible for the cost management programme across the organisation, for

Demis Stucki was appointed as Chief Operating Officer and member of the Executive Committee effective 01 December 2024. Martin Freiermuth, former Chief Operating Officer, stepped down as of the same date.

further improving EFG's operational efficiency and for driving the bank's digitalisation efforts.

Chief Financial Officer

The Chief Financial Officer is responsible for all financial, tax and prudential regulation matters of EFG International as well as other business or control areas allocated to the position. He ensures transparent and timely financial reporting for internal and regulatory purposes as well as public reporting in line with legal and regulatory requirements and industry best practices.

The Chief Financial Officer has the oversight of liquidity and capital management within the general regulations and guidelines set by the Board of Directors, EFG International's Board-delegated Audit and Risk Committees, and by FINMA and other regulators in jurisdictions where EFG International operates. The Chief Financial Officer oversees and monitors business performance, strategic acquisitions and EFG International Group's relationship with rating agencies.

He also has primary responsibility for the Financial Reporting, Litigations and Investor Relations functions. In addition, he supervises the activities of Global Markets & Treasury.

Chief Risk Officer

The Chief Risk Officer is accountable for overseeing and enabling EFG International's efficient and effective risk governance. The Chief Risk Officer is accountable to the Executive Committee, the Board of Directors, the Risk Committee, and the Credit Committee for enabling the business to balance risk and reward. In the same regard, he is responsible for coordinating the risk management approach for financial and operational risks and for assessing and causing mitigating actions to significant market, regulatory, and technological threats to EFG International's capital and earnings. The responsibilities include managing, identifying, evaluating, reporting, and overseeing EFG International's risks externally and internally to ensure a functioning internal control system.

Head of Investment Solutions

The Head of Investment Solutions is responsible for EFG International's global investment activities (including EFG Bank), covering all discretionary and advisory mandates, segregated managed accounts, structured solutions, credit structuring, research, and all funds managed by EFG International's Asset Management division1 .

5.2 Information on the members of the Executive Committee

Provisions on the number of permitted external mandates in the Articles of Association

In accordance with Art. 626 para. 2 point 1 CO, the number of permitted external mandates of the members of the Executive Committee are outlined in Art. 37 of the Articles of Association2 . The members of the Executive Committee may upon approval by the Board of Directors or the Remuneration and Nomination Committee each have up to three external mandates in entities with an economic purpose of which a maximum of one may be in a listed company. Additionally, a member of the Executive Committee may perform up to ten mandates in associations, charitable institutions as well as welfare and pension institutions.

Several mandates in legal entities under common control or under the control of the same beneficial owner are deemed one mandate.

External mandates and vested interests

Please refer to the information provided in the biographies of each member of the Executive Committee below, where the mandates in governing, advisory and supervising bodies of organisations, institutions and foundations with an economic purpose and further significant activities are mentioned.

Biographies

The following biographies provide information on the mandates, memberships activities and functions of the members of the Executive Committee as required by the SIX Swiss Exchange Corporate Governance Directive (situation as at 31 December 2024).

As of 01 January 2025 the function was extended to Investment & Client Solutions covering Wealth Planning, and Wealth Solutions (Trust and Funds) services.

See www.efginternational.com/articlesofassociation

Chief Executive Officer Appointed as a member June 2012

Year of birth and nationality 1967 I Swiss and Italian

Piergiorgio Pradelli

Professional history and education

Piergiorgio Pradelli is the CEO of EFG International and EFG Bank since 01 January 2018. He is also Chair of EFG International and EFG Bank Executive Committees, as well as of EFG International's Global Business Committee. He further holds several non-executive Board positions in other entities directly or indirectly controlled by EFG International.

Prior to his appointment as CEO, Mr Pradelli held the role of Deputy CEO and CFO at EFG International and EFG Bank since January 2014 and June 2012, respectively. Before joining EFG International, he was Head of International Operations at Eurobank Ergasias SA and a member of the Executive Committee, from 2006 until 2012. Prior to this, he served as Deputy Finance Director in London for EFG Bank European Financial Group SA, from 2003 to 2006, participating in major EFG Bank European Financial Group SA restructuring and strategic initiatives, notably the initial public offering of EFG International in 2005.

Mr Pradelli started his career at Deutsche Bank, working in a number of senior management positions including Head of Private & Business Banking in Italy and Head of Business Development for the Private Clients and Asset Management Group in Frankfurt and London from 1991 until 2003.

Giorgio Pradelli is the Chair of the Association of Swiss Asset and Wealth Management Banks (VAV/ABG), a member of the Board of Directors of the Swiss Bankers Association (SBA), and of the Swiss American Chamber of Commerce in Zurich.

He holds a degree in economics and business administration from the University of Turin, Italy.

Ioanna Archimandriti Global Head of Human Resources ("Chief People Officer")

Appointed as a member December 2024 Year of birth and nationality 1969 I Greek

Professional history and education

Ioanna Archimandriti has been Global Head of Human Resources ("Chief People Officer") since 01 May 2021, a position that she previously held on an interim basis from January 2021. She was also appointed as a member of the Executive Committees of EFG International and EFG Bank, effective 01 December 2024 in addition to serving as a member of EFG International's Global Business Committee since 01 November 2022.

Ioanna Archimandriti joined EFG in 2016 and successfully led several Group-wide transformation programmes as Head of Transformation and Chief of Staff to the CEO. Since her appointment as Global Head of Human Resources in 2021, she has transformed the global HR function to become a trusted strategic partner to the business and to support EFG's ambition to become an employer of choice.

Before joining EFG, Ioanna Archimandriti spent 17 years at Eurobank, Greece, as Head of Transformation and held various other senior strategy and governance roles. Prior to that, she worked as an investment banker at Brean Murray & Co. in New York for six years.

Ioanna Archimandriti holds a Law degree from the National and Kapodistrian University of Athens, an LL.M in Corporate Law from New York University and an MBA from Athens University of Economics and Business.

She is admitted to the New York Bar.

Vassiliki Dimitrakopoulou Global Head of Legal & Compliance

Appointed as a member November 2022 Year of birth and nationality 1968 I Greek

Vassiliki Dimitrakopoulou is Global Head of Legal & Compliance of EFG International and EFG Bank and has been a member of the respective Executive Committees since 01 November 2022. She is also a member of EFG International's Global Business Committee and holds nonexecutive Board positions in other entities directly or indirectly controlled by EFG International.

Prior to serving as interim Global Head of Legal & Compliance from 01 April to 31 October 2022, she held the positions of Deputy Group General Counsel (Legal International) and Group Head of Regulatory Affairs.

Before joining EFG International in 2016, she served in various senior roles at EFG Group from 1992, including as Head of the International Legal Division and as Deputy Legal Counsel at Eurobank.

She holds a Law degree from the University of Athens and an LL.M in Banking Law from King's College London. She is admitted to the Athens Bar.

Demis Stucki Chief Operating Officer

Appointed as a member December 2024 Year of birth and nationality 1978 I Swiss

Professional history and education

Demis Stucki was appointed as Chief Operating Officer and as a member of the Executive Committees of EFG International and EFG Bank, effective as of 01 December 2024. He is also a member of EFG International's Global Business Committee.

In his role as COO and reporting directly to CEO Giorgio Pradelli, Demis Stucki oversees the entire Operations and IT functions and is responsible for further increasing operating leverage across EFG global operations and accelerating digital transformation.

Demis Stucki has been Global Private Banking COO since 2021 with responsibility for leading and managing the first line of defence and the Business Development departments, including the Product Management and Pricing teams. Previously, he served as Private Banking COO and Chief of Staff for Private Banking Switzerland and Italy for four years. Before that, he spent eight years in Asia, including as Head of Risk Management for EFG Bank in Singapore and as Chief Risk Officer and Head of Credit, Finance and Risk Management for BSI.

Demis Stucki is Chair of the Swiss American Chamber of Commerce – Ticino Chapter.

He holds a master's degree in economics (Finance) from USI, Università della Svizzera Italiana.

Dimitris Politis Chief Financial Officer & Deputy CEO

Appointed as a member January 2018 Year of birth and nationality 1971 I Greek

Enrico Piotto Chief Risk Officer

Appointed as a member June 2021 Year of birth and nationality 1972 I Swiss and Italian

Professional history and education

Dimitris Politis is the Chief Financial Officer of EFG International and EFG Bank and he is a member of the respective Executive Committees. Effective 01 March 2022, Mr Politis has been appointed Deputy CEO. He is also a member of EFG International's Global Business Committee and holds several non-executive positions in other entities directly or indirectly controlled by EFG International.

As Chief Financial Officer, Mr Politis' responsibilities encompass the Financial Reporting, Litigations and Investor Relations functions. In addition, he oversees the activities of Global Markets & Treasury.

Prior to joining EFG, he held the role of Chief Financial Officer at SETE SA (Geneva) and was also responsible for the oversight of strategic investments in the organisation's corporate entities, including EFG International. Mr Politis has been with the EFG Group since 1999, when he first joined EFG Eurobank Ergasias SA, where he was a member of the senior management team and involved in key strategic decisions and initiatives.

Before joining SETE SA in 2013, he last held the role of General Manager, Head of Strategy, and Investor Relations.

Mr Politis started his career in 1995 at the Charles River Associates management consulting firm in Boston, MA (USA).

He holds an MBA degree from INSEAD in France, as well as a master's degree in Science from the Massachusetts Institute of Technology in Boston (Technology & Policy Program) and a bachelor's degree in Aeronautical Engineering from Imperial College in London.

Professional history and education

Enrico Piotto is Chief Risk Officer of EFG International and EFG Bank and a member of the respective Executive Committees. He is also a member of EFG International's Global Business Committee and holds non-executive Board positions in some entities directly or indirectly controlled by EFG International.

Before joining EFG, he served as Head of Lending for Wealth Management Europe at Deutsche Bank from 2018. From 2003 to 2018, Enrico Piotto held various senior roles at UBS AG, including Chief Risk Officer for Wealth Management Europe, Emerging Markets and Global Head of Wealth Management Transaction Decisions.

Mr Piotto is a member of the Board of Directors of the Swiss Risk Association.

He holds a PhD in Nuclear Physics from the University of Milan and an MA in Physics from the University of Padua.

He holds a master of business administration in International Economics and Business Studies from the Leopold-Franzens University of Innsbruck.

Andre Portelli Head of Investment Solutions Appointed as a member February 2024 Year of birth and nationality 1976 I Maltese

Professional history and education

Andre Portelli is the Head of Investment Solutions1 of EFG International and EFG Bank and has been a member of the respective Executive Committees, since February 2024. He is also a member of EFG International's Global Business Committee and holds some non-executive Board positions in entities directly or indirectly controlled by EFG International.

Andre Portelli is a senior banking executive with more than 20 years of experience in private banking and investment banking. Prior to joining EFG, he was Global Co-Head Investments and Global Head Strategic Solutions Group and Private Markets at Barclays Private Bank since 2017.

From 2010 to 2017, he held various senior roles at UBS, including Head of Private Solutions, EMEA, UBS Investment Bank. Prior to that, he worked for Nomura and Lehman Brothers in UK, the UAE and Switzerland.

He holds a master's degree in International Economics & Management, Money, Banking & Finance from the Bocconi University Business School, Milan.

5.3 Changes to the Executive Committee in 2024

Martin Freiermuth

Martin Freiermuth was the Chief Operating Officer of EFG International and EFG Bank AG and a member of the respective Executive Committees from August 2020 to 01 December 2024, when he stepped down.

Prior to joining EFG, he was with Banque Internationale à Luxembourg, where he worked from 2014, first as Group Head Products & Solutions and from October 2018 as Group Head Products & Markets and member of the Executive Committee. He also served as a member of the Boards of Directors for IWI International Wealth Insurer in Luxembourg between 2015 and 2016 and for the Luxembourg Stock Exchange between 2019 and 2020.

Before this, Martin Freiermuth worked at Bank Vontobel AG in Zurich for more than ten years from 2002 to 2013. He joined Vontobel as Head Credit & Counterparty Risk and later became a member of the Executive Committee Private Banking, first as Head Private Banking Services and later Head PB Wealth Management Services.

He holds a PhD in economics from the University of St. Gallen as well as a European Master Diploma of the Community of European Management Schools (CEMS).

As of 01 January 2025 Head of Investment & Client Solutions.

Global Business Committee (GBC)

5.3.1 Composition, organisation, and functional responsibilities

In 2018, EFG International's Executive Committee established the Global Business Committee (GBC), with an advisory role in assessing and validating business

strategies, key business aspects and priorities as well as in analysing industry trends and issues.

The Global Business Committee consists of the members of EFG International's Executive Committee and of the regional Heads and selected senior managers. As at 31 December 2024, the Global Business Committee comprised the following members in addition to the members of the Executive Committee (see section 5.1):

Members*	Function	Member of the Committee since
Mozamil Afzal	Group Chief Investment Officer	February 2024
Christian Berchem	Head of UK Region	December 2023
Albert Chiu	Head of Asia Pacific Region	July 2018
Sir Anthony Cooke-Yarborough	Private Banking Chair	July 2018
Kurt Haueter	Head of Global Markets & Treasury	January 2020
Sanjin Mohorovic	Head of Latin America Region	July 2021
Franco Polloni	Head of Switzerland & Italy Region	July 2018
Patrick Ramsey	Head of Continental Europe & Middle East Region	January 2021
Alain Zimmermann	Global Chief Marketing & Branding Officer	May 2024

^* The biographies of the members of the Global Business Committee are available on the EFG International website https://www.efginternational.com/about/organization/global-business-committee.html

The titles and brief functional descriptions of the members of the Global Business Committee are set forth as follows:

Group Chief Investment Officer Mozamil Afzal Year of birth and nationality 1968 I British

As part of his global role, Mozamil Afzal is Chair of EFG's Global Asset Allocation Committee and oversees EFG's Asset Management activities. He is also Chief Executive Officer (CEO) of EFG Asset Management UK.

Head of UK Region Christian Berchem Year of birth and nationality 1965 I British, Canadian and German

The Head of UK region assumes regional business responsibility for the private banking activities of EFG International in the United Kingdom and Jersey, and has governance oversight of the Cyprus subsidiary.

Head of Asia Pacific Region Albert Chiu Year of birth and nationality 1965 I Hong Kong

The Head of Asia Pacific Region assumes regional business responsibility for the private banking activities of EFG International in the Asia Pacific region.

Private Banking Chair Sir Anthony Cooke-Yarborough Year of birth and nationality 1956 I British

The Private Banking Chair works with Regional Business Heads and their Heads of Private Banking to generate profitable and sustainable growth globally. This includes coordination of functions to support business with Ultra High Net Worth clients, as well as recruitment and development of Client Relationship Officers.

Head of Global Markets and Treasury Kurt Haueter Year of birth and nationality 1972 I Swiss

Head of Latin America Region Sanjin Mohorovic Year of birth and nationality 1976 I Swiss and Croatian

The Head of Global Markets & Treasury assumes business responsibility for trading and execution in all asset classes on the financial markets as well as treasury and balance sheet management for EFG International worldwide.

The Head of Latin America Region assumes regional business responsibility for the private banking activities of EFG International in the Americas, consisting mostly of Latin American clients.

Patrick Ramsey

1969 I Swiss

Head of Switzerland & Italy Region Franco Polloni Year of birth and nationality 1965 I Swiss

Head of Continental Europe & Middle East Region

Year of birth and nationality

The Head of Continental Europe & Middle East Region assumes regional business responsibility for the private banking activities of EFG International in Continental Europe as well as in the Middle East region.

The Head of Switzerland & Italy Region assumes regional business responsibility for the private banking activities of EFG International in Switzerland, Italy, Liechtenstein, Israel and Turkey. The latter as of beginning of 2025. Furthermore, he is responsible for the Independent Asset Managers activities of EFG Bank in Switzerland and their coordination within the Group.

Global Chief Marketing & Branding Officer

Alain Zimmermann Year of birth and nationality 1967 I French

The Global Chief Marketing & Branding Officer develops and manages client-centric marketing strategies to drive engagement and to further promote EFG's brand awareness and positioning across all markets and target audiences. He also oversees the Corporate Communications function, managing EFG International's equity story and ensuring consistent corporate messaging.

6. Delineation of areas of responsibility between the Board and the Executive Committee

As indicated in section 4.4 above, the Board of Directors of EFG International is ultimately responsible for supervision of the management of EFG International. The Board of Directors sets the strategic direction of EFG International and monitors its implementation. Details of the powers and responsibilities of the Board of Directors can be found in the Organisational and Management Regulations1 .

The Board of Directors has delegated the operational management of EFG International to the Chief Executive Officer and the Executive Committee. Members of the Executive Committee, under the responsibility of the Chief Executive Officer and the control of the Board of Directors, manage the operations of EFG International, pursuant to applicable internal regulations and report thereon to the Board of Directors on a regular basis.

EFG International Executive Committee

The Executive Committee is responsible for the implementation of EFG International's overall strategy, within the respective parameters established by the Board of Directors, and is accountable for all operational and organisational matters as well as for the operating results. The Executive Committee is responsible for the day-to-day activities of the Group. Consistent with strategy set by the Board of Directors, the Executive Committee is responsible for implementing business strategies, risk management systems, risk culture, processes, and controls for managing the risks – both financial and non-financial – to which EFG International is exposed and concerning which it is responsible for complying with laws, regulations, and internal policies.

Details of the powers and responsibilities of the Executive Committee can be found in the Organisational and Management Regulations1 .

Organisational details of the Executive Committee can be found in section 5.

Information and control instruments vis-à-vis the Executive Committee

The Board of Directors supervises the management of EFG International through various meetings with management, including meetings of the Board of Directors and its committees. The Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, and the Head of Investment Solutions (and other members of the Executive Committee depending on the topics under review) attend the Board of Directors meetings during the year and are available to answer questions from the Board of Directors. The Chief Executive Officer provides a written report to the Board of Directors at each ordinary meeting, summarising developments in the business. The Chief Executive Officer is also readily available to answer questions from the Board of Directors.

In addition, the Chief Financial Officer reports on the financial results and the Head of Investment Solutions and the Chief Operating Officer on their respective areas to the Board of Directors at each ordinary meeting. Additional reporting to the Board of Directors includes financial and risk reporting, business reporting, business proposals, approvals, staff matters, credit approvals, reports from the various Board-delegated committees, a report on claims and litigations and any other business matters. Members of the management responsible for the finance and accounting functions, including the Chief Financial Officer, attend the Audit Committee meetings and are available to answer questions from the committee relating to the financial statements.

The Global Head of Legal & Compliance attends the Risk Committee meetings and is available to answer questions relating to compliance issues.

See www.efginternational.com/internalregulations

The Chief Risk Officer provides oversight of all major areas of risk within EFG International. He also provides an update on the overall key risk aspects of EFG International at each regular meeting of the Risk Committee and provides an annual written risk assessment to the Audit Committee. Please also see the information about risk management on page 87 Risk & Capital Management.

Internal Audit

Internal audit services are provided to EFG International by the Audit Services Department (ASD) which is governed by an internal audit charter duly approved by the Audit Committee. In accordance with the Organisational and Management Regulations1 and the Internal Audit Charter, the mission of the internal audit is to support the Board of Directors in their statutory responsibility for ensuring that the operations of EFG International are conducted according to the highest standards by providing an independent, objective assurance function and by advising on best practice. ASD provides copies of all internal audit reports to the external auditors and maintains dialogue with the external auditors to share risk issues arising from their respective audits. Through a systematic and disciplined approach, the internal audit supports EFG International in accomplishing its objectives by evaluating the effectiveness of risk management, control and governance processes and making recommendations for improvement. To ensure independence, the internal audit reports directly to the Audit Committee, which reports on its activities to the Board of Directors. The Chief Internal Auditor has, for the purpose of performing his duties, the right of unlimited access to all information, premises, resources, and people necessary for the performance of internal audits.

7. Other information

7.1 Management contracts

EFG International and its subsidiaries have not entered management contracts with third parties.

7.2 Compensation, shareholdings, and loans of the members of the Board of Directors and the Executive Committee

In application of Art. 716a para. 1 point 8 and Art. 734 et seq. CO, the Board of Directors issued a compensation report for the year ended 31 December 2024 (see page 67 onwards). The compensation report includes all compensation directly or indirectly paid to current members of the Board of Directors and of the Executive Committee, as well as any direct or indirect remuneration to former members of the Board of Directors and of the Executive Committee in connection with their prior functions. The compensation report also discloses the loans and credits granted directly or indirectly by the Company to the members of the Board of Directors and the Executive Committee as well as loans, credits, and remuneration to closely related parties thereof, which are not granted at market conditions.

Details about the remuneration framework for members of the Board of Directors and the compensation framework for Executive Committee members can be found in sections 4 and 5 of the compensation report.

In addition to the aforementioned information, further details on the compensation and compensation-related elements granted to the members of the Board of Directors and of the Executive Committee can be found in the following provisions of the Articles of Association2 :

• Art. 17 and Art. 18 of the Articles of Association defining the mechanism for the approval of the compensation of the Board of Directors and the Executive Committee by the General Meeting of shareholders
• Art. 30 of the Articles of Association describing the authorities and the procedure of determining the form and amount of compensation for members of the Board of Directors and the Executive Committee
• Art. 32 and Art. 33 of the Articles of Association determining the basic principles and elements of the compensation for members of the Board of Directors and the Executive Committee
• Art. 34 of the Articles of Association determining the available additional amount for payments to members of the Executive Committee appointed after the vote on pay at the General Meeting of shareholders

See www.efginternational.com/internalregulations

See www.efginternational.com/articlesofassociation

• Art. 35 of the Articles of Association on the principles applicable to performance-related variable compensation and to the allocation of equity securities or restricted stock units as part of the Company's shareholding programmes for members of the Executive Committee
• Art. 35a of the Articles of Association on the principles applicable to variable compensation for members of the Board of Directors
• Art. 36 of the Articles of Association containing the rules on pension benefits not based on occupational pension schemes
• Art. 36a of the Articles of Association describes the principles for granting loans and credit to the members of the Board and the Executive Committee

Details about the compensation paid to the members of the Board of Directors and the Executive Committee in 2024 and 2023 can be found on page 77 onwards of the compensation report.

Details about the shareholdings of the members of the Board of Directors and the Executive Committee, can be found on section 7.5 and section 8.3 of the compensation report or in the financial statements of EFG International, note 22.

7.3 Quiet periods (blackout periods)

All employees and members of the Board of Directors as well as their immediate family members are prohibited from entering into personal investment transactions in EFG International securities as well as exercising restricted stock units or options or, as the case may be, other benefits or instruments from 01 December (with respect to the annual results) and 15 June (with respect to the semi-annual results) each year until 24 hours after the day of the announcement or publication of the annual or semi-annual results of EFG International. This prohibition is extended to the board members of the (direct and indirect) parent companies of EFG International and any other person to the extent that they are identified as likely to receive insider information in relation to the annual or semi-annual results of EFG International.

In addition, the functions in charge of the preparation of the financial information (annual and semi-annual results as well as related management information) and the members of the Executive Committee and Global Business Committee are prohibited from entering into personal

investment transactions in EFG International securities as well as exercising restricted stock units or options or, as the case may be, other benefits or instruments from 15 November (with respect to the annual results) and 01 June each year (with respect to the semi-annual results) until 24 hours after the day of the announcement or publication of the annual or semi-annual results of EFG International.

Extraordinary blackout periods may be imposed if EFG International becomes aware of significant developments that have not yet been disclosed to the public.

8. Change of control and defence measures

8.1 Duty to make an offer

EFG International has not taken any defence measures against takeover attempts. Therefore, there are no statutory rules on "opting up" and "opting out". The Articles of Association contain no provision which would rule out the obligation of an acquirer of shares exceeding the threshold of 33.33% of the voting rights to proceed with a public purchase offer (opting-out provision pursuant to Art. 125 FMIA) or which would increase such threshold to 49% of the voting rights (opting-up provision pursuant to Art. 135 para. 1 FMIA).

8.2 Clauses on change of control

Options and restricted stock units granted to employees would become exercisable during the extended offer period granted by the offeror upon a mandatory or a voluntary tender offer that becomes unconditional according to the FMIA. In the event that more than 90% of EFG International registered shares are acquired by a company listed on a recognised stock exchange, options or restricted stock units become exercisable or the outstanding options can be exchanged prior to the start of the exercise period by replacing the options or restricted stock units with options to acquire shares of the successor company (Successor Options) at terms and conditions which will result in such Successor Options being in all other material aspects identical to those that apply to options or restricted stock units.

9. Auditors

9.1 Duration of mandate and term of office of Head Auditor

PricewaterhouseCoopers SA (PwC), Geneva, was appointed as statutory auditor and group auditor of EFG International on 08 September 2005, when EFG International was incorporated. The shareholders must confirm the appointment of the auditors on an annual basis at the General Meeting.

Mr Alex Astolfi became lead audit partner on 29 April 2022.

9.2 Auditing fees

During the 2024 financial year, external auditors received fees totalling CHF 5.398 million for the audits of EFG International and its subsidiaries.

9.3 Additional fees

For additional audit-related services covering topics such as accounting, controls reporting as well as compliance, external auditors received fees totalling CHF 1.123 million during the 2024 financial year from EFG International.

For additional consulting-related services comprising legal, IT, tax, and other project-related counselling, EFG International Group paid external auditors fees totalling CHF 0.211 million during the 2024 financial year.

9.4 Supervisory and control instruments vis-à-vis the auditors

The Audit Committee, on behalf of the Board of Directors, monitors the qualification, performance and remuneration of the statutory external auditors ("Auditors") in order to satisfy itself as to their independence. Among others, the Audit Committee confers with EFG International's Auditors on the effectiveness of the internal control system in view of the risk profile of EFG International.

The Auditors report annually to the Audit Committee the recurring and non-recurring fees they receive for professional services provided throughout the EFG International Group. On a quarterly basis, the Auditors

report to the Audit Committee the approved mandates throughout the EFG International Group for conducting permissible non-audit/non-recurring services and how these compare to the approved fees for audit/recurring services. Additionally, the Auditors assure the Audit Committee on an annual basis as to whether they comply with the rules of the EFG International Group's External Auditor Independence Policy and their internal rules regarding auditor independence.

The Auditors report to the Audit Committee on areas where critical accounting estimates/judgements are made by management, on alternative treatments of financial information discussed with management, corrected and uncorrected misstatements, and other significant written communication between the Auditors and management.

The Audit Committee meets regularly with the lead audit partners, at least four times per year. In addition, the Chair of the Audit Committee discusses with the lead audit partners the audit work performed, their main conclusions and potential important issues that arose during the audit.

The Chair of the Audit Committee briefs the Board of Directors on the Audit Committee's contacts and discussions with the Auditors.

The Auditors have direct access to the Audit Committee at all times.

10. Information policy

EFG International regularly informs its shareholders and the public by means of Annual and Half-Year Reports, compensation reports, Pillar III disclosures as well as media releases and presentations as needed. The documents are available, in electronic form at: www.efginternational.com/financial-reporting www.efginternational.com/investors www.efginternational.com/press-releases

Interested parties can subscribe to the e-mail service to receive free and timely notifications of potentially pricesensitive facts and media releases: www.efginternational.com/newsalert

These releases are also published on the EFG International website at the same time as they are sent to the subscribers, and are available online for several years at: www.efginternational.com/press-releases

Additional corporate information, such as documents related to General Meetings, Articles of Association and Organisational and Management Regulations, can be found at: www.efginternational.com/agm www.efginternational.com/articlesofassociation www.efginternational.com/internalregulations

Financial calendar dates

Important dates:

21 March 2025: Annual General Meeting, Zurich

25 March 2025: Ex-dividend date 26 March 2025 Record date

27 March 2025: Dividend payment date

23 July 2025: Publication of half-year results 2024

The financial calendar of upcoming events relevant to shareholders, analysts, the media, and other interested parties can be found on our investor relations website at: www.efginternational.com/investors

The Company's notices are published in the Swiss Official Gazette of Commerce (SOGC).

Address and Contact

EFG INTERNATIONAL AG Bleicherweg 8 – PO Box 6012 8022 ZURICH Tel. +41 44 226 1850 www.efginternational.com

Investor Relations

Jens Brueckner, Head of Investor Relations Tel. +41 44 226 1799 investorrelations@efginternational.com

Compensation report

Total remuneration approach	68
2024 AGM approved compensation	68
Performance awards	69
Remuneration framework for members of the Board of Directors	71
Compensation framework for Executive Committee members	73
General remuneration framework for all employees	75
2024 Board of Directors compensation	77
2024 Total remuneration for the Executive Committee members	81
Compensation paid to former Board of Directors and Executive
Committee members	84
Auditors' report	85

Compensation report

The Company's compensation is governed by the Swiss Code of Obligations, the Articles of Association (AoA) and the Company's Organisational and Management Regulations (O&MR). All internal regulations mentioned in this report are available on our website www.efginternational.com.

1. Total remuneration approach

1.1 Total remuneration principles

EFG International Group uses a total remuneration approach which includes fixed and variable remuneration as well as statutory and non-statutory benefits. Furthermore, the following principles govern this approach:

• Total remuneration must support the development and implementation of business plans; it must be funded out of business results, and includes a substantial riskadjusted variable component for profit generators.
• EFG International Group is known for its distinctive Client Relationship Officer (CRO) remuneration model and this shall remain a core part of how the bank operates.
• Total remuneration supports meritocracy; remuneration follows function and not hierarchy and is based on factual assessments of individual contributions to the short- and longer-term sustainable success of EFG International Group.

– In calibrating total remuneration levels, market competitiveness within specific functions or business units takes priority over internal comparability across functions or business units.

2. 2024 AGM approved compensation

At the 2024 Annual General Meeting (AGM), shareholders approved the aggregate maximum fixed compensation of the Board of Directors of CHF 4.6 million for the term of office from the 2024 AGM to the closure of the 2025 AGM. This includes fixed compensation, social charges and pension scheme contributions.

At the 2024 AGM, shareholders approved a maximum aggregate fixed compensation amount of CHF 9.5 million for the members of the Executive Committee for the business year 2024. This includes fixed compensation, social charges and pension scheme contributions.

At the 2024 AGM, the shareholders approved an aggregate maximum variable compensation amount of CHF 8,832,000 for the members of the Executive Committee based on the performance in the business year 2023.

2024 Annual General Meeting approved compensation Amount (CHF) Fixed compensation Board of Directors to be paid and awarded for the term of office from the 2024 Annual General Meeting to the 2025 Annual General Meeting 4,600,000 Fixed compensation Executive Committee to be paid and awarded in the business year 2024 9,500,000 Variable compensation Executive Committee to be paid and awarded in 2024 based on the 8,832,000

3. Performance awards

performance in the business year 2023

EFG International Group distinguishes between performance awards for non-CROs, CROs and US Financial Advisors.

3.1 Performance award bonus pool for non-CROs

Our performance award bonus pool funding framework for non-CROs is based on EFG International Group and business unit performance, including achievements against a set of performance targets. In addition, we take into consideration the Company's risk profile and culture and the extent to which operational risks and audit issues have been identified and resolved.

The funding of the non-CRO performance award bonus pool is an ongoing process throughout the year. The size of the pool is dependent on the financial performance of the EFG International Group in the current year, for which purpose profit sustainability and risk adjustments are considered via the concept of economic profit.

3.1.1 Adjustment for qualitative performance – Business development

Business development adjustments result from relative performance versus peers, and peformance versus specific commercial targets.

3.1.2 Adjustment for qualitative performance – Risk & Conduct

Assessment with respect to regulatory compliance and risk (such as legal, compliance, reputational and operational risk) as well as alignment with the Company's values.

3.1.3 Executive Committee performance award bonus pool

In October 2022, the Bank announced as part of its 2023-2025 Strategic Plan, the following financial targets, in the context of which the performance of the Executive Committee is being assessed:

Financial targets 2025

NNA growth	4-6% p.a.1
Revenue margin	85bps
Cost/income ratio	69%
RoTE	15-18%
IFRS net profit growth	~15% per annum

1 Compound Annual Growth Rate (CAGR) over the period 2023-2025

Depending on the specific function, key performance indicators for the Executive Committee include business development and financial performance criteria (revenues, cost management, profitability) where applicable. Additional criteria include non-financial assessments (leadership & people, compliance regulatory risk management and

Compensation report

conduct), with the respective weighting varying depending on the function.

3.1.4 Determination of regional and functional performance award bonus pools

The regional and functional performance award bonus pools determination process is based on quantitative and qualitative assessments as well as review of relative performance by the Group CEO and is submitted to the Remuneration & Nomination Committee for noting.

The allocation of the performance award bonus pool is linked to relative regional business performance and reflects headcount and employee location. For all non-CROs in the business as well as for global function, support function and control function employees, quantitative and qualitative assessments covering risk management, conduct adherence to EFG's corporate values are considered.

3.1.5 Final Group performance award bonus pool for non-CROs

The Remuneration & Nomination Committee considers the recommendation with respect to the factors outlined above and verifies that it is in line with EFG International Group's strategy and its total remuneration principles to create sustainable shareholder value and support the growth of the Group. The Committee may alter the recommendation of the Group CEO (upwards or downwards, including recommending a bonus pool of nil), before making its final recommendation to the Board of Directors.

3.2 Performance award approach for Client Relationship Officers (CROs)

EFG International generally only hires experienced bankers for the role of CROs who bring with them previous business development experience in this area.

The Group is known for its distinctive CRO remuneration approach which rewards CROs based on net contribution, taking into account the Group's risk management framework, individual conduct in line with EFG International's corporate values besides growth potential. The CROs are required to provide top quality service and advice to clients. The CROs are made stakeholders in the business in line with EFG International's entrepreneurial approach within the strict boundaries of EFG International Group's risk management framework and guidelines. CROs have the possibility to build their own team (Client Service Officers and Junior CROs) and benefit from EFG's open architecture approach.

The performance award approach for CROs therefore includes all revenues and related costs attributable to them. Bona fide operational errors leading to losses are deducted from their net contribution. Losses arising from operational errors, serious mistakes, or non-compliance with internal or external regulations or applicable laws, as well as the violation of the EFG International Group's values directly reduce performance awards in line with the CRO risk score card and the yearly conduct assessment.

3.3 Compensation approach for US Financial Advisors

In line with US market practice, the compensation of Financial Advisors consists of revenue and product focused pay-out and is delivered monthly. Part of the Financial Advisors' compensation is deferred over three years and may be reduced in case of unfavourable risk and conduct

assessments. The Financial Advisor CRO model is effectively a 100% variable compensation approach.

1. Remuneration framework for members of the Board of Directors

The Board of Directors is responsible for the remuneration strategy and approves such remuneration, as recommended by the Remuneration & Nomination Committee, following the principles set forth in the Articles of Association (AoA) Art. 30 and Art. 32-35.

As determined in the AoA, EFG International's Organisational and Management Regulations and the Terms of Reference of the Remuneration & Nomination Committee, the Remuneration & Nomination Committee has the following key responsibilities, in the name and on behalf of the Board of Directors:

– With regard to remuneration:

To determine the remuneration strategy of EFG International and its subsidiaries.

To ensure that decisions made by the Board of Directors in respect of remuneration (in particular general salary increases and bonuses) are complied with and to approve the remuneration.

To make recommendations to the Board of Directors with regards to the remuneration of the members of the Board of Directors and Executive Committee within the limits set by the General Meeting of Shareholders.

To approve the remuneration of senior executives of the Company and its subsidiaries, including management incentive plans, in particular plans using equity. To ensure that the policy regarding bonuses and other variable compensation elements of employee remuneration is not in conflict with client interests. Finally, it ensures together with the Risk Committee that the remuneration framework is in line with the Group's risk management framework and encourages risk awareness across the organisation.

– With regard to nomination of Board of Directors members:

To propose the composition, size and skills of the Board of Directors in order to adequately discharge their responsibilities and duties; the plans for the succession of the members of the Board of Directors; the selection criteria and processes for the identification and submission to the Board of Directors of suitable candidates to become members of the Board of Directors for election by the General Meeting of Shareholders; and the external directorships and other positions held by any person being considered for the appointment to the

Board of Directors or any new appointment for existing members of the Board of Directors (Article 2.10.a of the Organisational and Management Regulations).

EFG International's Remuneration & Nomination Committee consists of five Board of Directors members, who are elected annually by the shareholders at the Annual General Meeting (AGM).

Among the responsibilities described above, the Remuneration & Nomination Committee, on behalf of the Board of Directors, annually:

• Reviews and approves EFG International's remuneration policies and processes
• Reviews the performance award bonus determination and proposes the final performance award bonus pool to the Board of Directors for approval
• Reviews and approves the remuneration of Heads of Control Functions jointly with the Risk or Audit Committee
• Establishes performance targets, evaluates performance and proposes the compensation for EFG International's CEO to the Board of Directors
• Together with EFG International's CEO, reviews performance targets and performance assessments and proposes base salaries and the annual performance award for the other members of the Executive Committee
• Proposes the compensation approach for the Board of Directors for approval by the Board of Directors
• Together with the Board of Directors, proposes the maximum aggregate amounts of compensation for the Board of Directors and for the Executive Committee for submission for approval by the AGM

EFG International Group's Remuneration & Nomination Committee currently comprises the following members of the Board of Directors who were individually elected by the 2024 General Meeting for a term of office of one year:

• Alexander Classen (Chair)
• Emmanuel L. Bussetil
• Boris Collardi
• Roberto Isolani
• Philip J. Lofts

The former member and Chair of the Remuneration & Nomination Committee Freiherr Bernd-A. von Maltzan stepped down as Chair and member of the Remuneration & Nomination Committee of EFG International and EFG Bank at the 2024 General Meeting.

The Remuneration & Nomination Committee meets at least once a year. In 2024, the Remuneration & Nomination

Compensation report

Committee held eight meetings with a participation rate of 100%.

The minutes of the Remuneration & Nomination Committee meetings are sent to all Board of Directors members.

EFG International Group's Remuneration & Nomination Committee reviews annually and recommends to the Board of Directors the form and amount of the compensation of the members of the Board of Directors and any additional compensation to be paid for service as chair, for service on committees of the Board of Directors and for service as a chair of a committee (article 30 paragraph 2 of the Articles of Association).

In line with article 32 of the Articles of Association of EFG International Group, the compensation of the members of the Board of Directors consists of a fixed base fee paid in cash and/or awarded in deferred equity or equity-linked instruments with a multi-year vesting period. The compensation of the members of the Board of Directors is intended to recognise the responsibility and governance nature of their role, to attract and retain qualified individuals and to ensure alignment with shareholders' interests.

4.1. 2024 compensation framework for Board of Directors members

Those members of the Board of Directors who receive compensation, receive a fixed base board fee and a fee for serving on each of the Board Committees. Remuneration for chairship of a board-delegated committee is higher than for a simple membership, considering the greater responsibility and time required to perform the respective chairing role. Fixed base board fees are delivered in cash and/or deferred equity instruments – shares – which are subject to a vesting/blocking period over three years.

Members of the Board of Directors have the right to waive their fees. Members of the Board of Directors are not eligible for performance awards and meeting attendance fees. Board of Directors members may not receive severance payments in any form.

No benchmarks were conducted for the Board of Directors compensation in 2024.

(i) Compensation governance

	Compensation proposal by	Approval body
Chair of the Board of Directors	Remuneration & Nomination Committee	Remuneration & Nomination Committee as delegate of the Board of Directors1
Board of Directors members	Remuneration & Nomination Committee	Remuneration & Nomination Committee as delegate of the Board of Directors1
Group CEO	Chair of the Board of Directors and Remuneration & Nomination Committee	Remuneration & Nomination Committee as delegate of the Board of Directors1, 2
Other Executive Committee members	Group CEO and Remuneration & Nomination Committee	Remuneration & Nomination Committee as delegate of the Board of Directors1

¹ Aggregate compensation for the Executive Committee and aggregate remuneration for the Board of Directors are subject to shareholder approval.

² Group CEO compensation is treated "In Camera" with only the Remuneration & Nomination Committee members attending.

5. Compensation framework for Executive Committee members

The overview below illustrates the compensation elements, pay mix and features for Executive Committee members.

5.1. 2024 compensation framework for Executive Committee members

Executive Committee members' base salary is reviewed annually by EFG International's Remuneration & Nomination Committee. The CEO's annual base salary for 2024 was CHF 1.79 million.

Each year, the AGM approves separately the proposals of the Board of Directors on the aggregate maximum amounts of the fixed base salary paid in cash of the Executive Committee members for the current calendar year plus a

reserve for new hires and promotions into the Executive Committee. Refer to Articles of Association articles 18 and 33.

With respect to awarded variable compensation for the business performance of one year, a maximum of 40% is paid in the form of cash and at least 60% is deferred until the end of year three in the form of shares. In 2023, variable compensation in the form of a LTIP was granted (please refer to section 6.2.2.).

Compensation report

5.2. Executive Committee employment contracts and severance terms

Performance award caps	 Cap of 40% of performance award in cash
Delivery and deferrals	 At least 60% of annual performance awards are at risk of forfeiture for three years  Alignment with shareholders through equity incentive plan (EIP)
Contract terms	 No severance payments  Twelve-month notice period
Other safeguards	 N/A

The employment contracts of our Executive Committee members are subject to a twelve-month notice period (the notice period was prolonged by six months compared to previous years to strengthen EFG International Group's retention position). Neither severance payments nor supplemental pension scheme contributions are part of these employment contracts. For Executive Committee members leaving EFG International Group as good leavers (as defined in the EIP), a performance bonus may be awarded, calculated based on three years' previous average bonus payments and subject to shareholder approval.

5.3. Benchmarking for the Group CEO and other Executive Committee members

EFG International Group regularly benchmarks the total compensation of its Executive Committee functions and its CEO to its peer group. For 2023 and 2024, benchmarking with Radford McLagan included the following peers:

Julius Baer	Lombard Odier
Pictet	UBP
Vontobel

This list of competitors is extended by regional competitors for benchmarking other functions in the different regional businesses. In addition to the benchmarking, EFG International Group worked with Aon / Radford McLagan on other mandates in 2024.

6. General remuneration framework for all employees

6.1. Remuneration elements for all employees

6.1.1. Total remuneration

EFG International Group's approach to compensation focuses on total remuneration, consisting of total compensation as well as total benefits. The Remuneration & Nomination Committee regularly reviews the EFG International's remuneration principles and framework to ensure EFG International Group remains competitive and aligned with stakeholders' interest.

Fixed compensation development, e.g. base salaries, follows relevant labour markets in line with the type of business and function to ensure we offer our employees competitive base salaries. Therefore, salary increases are a direct result of functional promotions, performance, conduct, overall responsibility and skill set.

In principle, employees of EFG International Group are eligible for an annual performance award, depending on the performance of EFG International Group, the employee's organisational unit, individual performance and conduct assessment. Performance awards may be reduced for conduct and risk in case of adverse assessment.

6.1.2. Total benefits

Besides the statutory benefits, EFG International Group offers all employees retirement benefits and health insurance, where such is local market practice. Benefits and contributions vary and follow local market practice.

6.2. EFG International Group's deferred compensation plans

6.2.1. Equity incentive plan (EIP)

To align employees' objectives with the company's longterm sustainable goals, risk framework and culture, EFG International Group defers delivery of part of the annual performance awards. Deferred compensation is mainly provided via the equity-based instrument RSUs (restricted stock units)/shares in the form of the equity incentive plan (EIP) and to a lesser extent via deferred cash. EFG International Group uses a deferral regime of up to three years. In case of death or disability, accelerated vesting applies.

For Executive Committee members, Senior Managers with global responsibility and material risk takers (MRTs) as defined by local regulators, a three-year cliff vesting deferral regime is in place.

6.2.2. Long-term incentive plan

In 2023 EFG International launched a long-term incentive plan (LTIP) for members of the Executive Committee, Global Business Committee and other Senior Managers with a prospective three-year performance period (2023-2025). The plan is meant to further align management's interests and ambitions with those of the shareholders through increased stock-based remuneration, and to honour valuable employees as well as to incentivise long-lasting employment relationships.

The LTIP grants 9 million EFG International shares via restricted stock units (RSUs) and shares in the base case scenario for all targets. Subject to meeting minimum thresholds by the end of the three-year performance period, the award will be within 55% to 150% of the base case allocation, corresponding to the percentage achievement of each target, and any reduction due to risk and conduct aspects. If for a specific target the minimum threshold is not achieved, the respective grant is forfeited. If all minimum targets are achieved, the final award will amount to between 4,950,000 and 13,500,000 RSUs/shares.

The RSUs/shares are allocated in two tranches over the three-year performance period. For employees, an initial allocation was granted at the beginning of the performance period in 2023. If the targets are not achieved, no further RSUs/shares will be allocated and the grant of the initial allocation is forfeited. For Executive Committee members, for formal reasons, the envisaged maximum award (i.e. 150% of the base case scenario) was allocated at the beginning of the performance period with special restrictions and forfeiture terms, resulting in an equal treatment of, and equal incentive, for all participants of the LTIP. In total, 4.6 million of RSUs were granted in 2023.

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6.3. Other variable compensation components

To support recruiting and retention at senior levels, EFG International Group may offer certain other compensation elements, such as:

• Buy-out payments to compensate employees for deferred performance awards with their former employer, which were forfeited as a result of joining EFG International. We strictly follow a like-to-like approach in such cases with respect to deferral periods and instruments in which such awards were made as far as our employee incentive plans allows us
• Retention awards made to employees to induce them to stay and support the implementation of critical projects, such as divestments or reorganisations. Such awards may be delivered partially in a deferred form
• On a limited basis, guarantees may be required to attract individuals with certain skills and experience – these incentives follow our standard equity-based deferral rules and are in principle limited to the first year of employment
• Award grants to employees hired in the second half of the business year to replace performance awards which they would have earned at their former employers but lose by joining EFG International. Such awards are delivered as part of the normal performance award in terms of timing as well as using our standard equity-based deferral rules

Severance payments may occur in line with regulatory requirements, local market practice and local social plans negotiated with our local social partners.

7. 2024 Board of Directors compensation

7.1. Chair of the Board of Directors compensation

The Chair's total compensation for the term from AGM to AGM is contractually fixed without any variable component. For the current period from the 2024 AGM to the 2025 AGM, the compensation of Alexander Classen amounts to CHF 1.32 million (annualised from AGM to AGM), excluding social charges and pension scheme contributions. The Chair's

fixed compensation consists of a cash payment of CHF 1.27 million and a deferred equity award of CHF 50,000 in the form of shares which vest over three years.

Compensation of the Chair of the Board of Directors (audited)

		Fixed compensation (1)		Social charges (3)	Total
		Cash	Shares
Name and function	AGM to AGM (year)	CHF	CHF (2)	CHF	CHF
Alexander Classen, Chair	2024 to 2025	1,270,000	50,000	260,708	1,580,708
	2023 to 2024	1,270,000	50,000	261,540	1,581,540

• 1 Gross fixed compensation including the Chair of the Board of Directors' contribution for social charges
• 2 The amount represents the value of shares awarded during the period. For the valuation of the shares, refer to note 52 of the consolidated financial statements.
• 3 2024 to 2025: estimation; employer social charges of CHF 260,708 include an amount of CHF 157,183 of pension contributions. 2023 to 2024: employer social charges of CHF 261,540 include an amount of CHF 157,183 of pension contributions.

7.2. Remuneration details and additional information for Board of Directors members (audited)

		Fixed compensation (1)		Social charges (3)	Total
		Cash	Shares
Name and function	AGM to AGM (year)	CHF	CHF (2)	CHF	CHF
Emmanuel L. Bussetil, member (4)	2024 to 2025				-
Elimanuel L. Busselli, member (4)	2023 to 2024				_
Paris Callardi mambar	2024 to 2025	200,000		46,052	246,052
Boris Collardi, member	2023 to 2024	200,000		46,178	246,178
Dunan una Camalaluriale na una manala un	2024 to 2025	125,000	50,000	30,835	205,835
Prasanna Gopalakrishnan, member	2023 to 2024				-
Debeute leeleni meeseben	2024 to 2025	175,001	50,000	45,365	270,366
Roberto Isolani, member	2023 to 2024	175,001	50,000	45,365	270,366
John C. Lateis, mamber (/)	2024 to 2025				-
John S. Latsis, member (4)	2023 to 2024				_
AA	2024 to 2025	183,349	50,000	39,304	272,653
Maria Leistner, member**	2023 to 2024	167,168	50,000	39,304	256,472
5122 11 6 1 444	2024 to 2025	255,001	50,000	64,866	369,867
Philip J. Lofts, member***	2023 to 2024	230,001	50,000	58,762	338,763
Carlo M. Lombardini, mombor	2024 to 2025	270,001	50,000	79,676	399,677
Carlo M. Lombardini, member	2023 to 2024	270,001	50,000	71,648	391,649
Dárielàs Detalas member (/)	2024 to 2025				-
Périclès Petalas, member (4)	2023 to 2024				_
Cture at M. Delegates a green bout ***	2024 to 2025	205,001	50,000	52,017	307,018
Stuart M. Robertson, member****	2023 to 2024	236,660	50,000	51,059	337,719
Freiherr Bernd-A. von Maltzan,	2024 to 2025				-
member****	2023 to 2024	297,600	50,000	15,651	363,251
Val. Tal. A. Via mambar*	2024 to 2025	216,763	50,000	7,996	274,759
Yok Tak A. Yip, member*	2023 to 2024	218,750	50,000	7,996	276,746
Total	2024 to 2025	1,630,117	350,000	366,110	2,346,227
Total	2023 to 2024	1,795,181	350,000	335,963	2,481,144

Elected at AGM 2024

Notes:

• Gross fixed compensation including board members' contributions for social charges
• The amount represents the value of shares awarded during the period. For the valuation of the shares, refer to note 52 of the consolidated financial statements.
• 2024 to 2025: estimation; employer social charges of CHF 366,110 include an amount of CHF 221,059 of pension contributions. 2023 to 2024: employer social charges of CHF 335,963 include an amount of CHF 225,235 of pension contributions.
• No compensation has been paid to this member of the Board of Directors.

78

Elected at AGM 2023. Includes Luxembourg subsidiary Board of Directors' fees.

Elected at AGM 2023

For AGM 2023 to AGM 2024 period: Includes UK subsidiary Board of Directors' fees.

^***** Stepped down at AGM 2024. Includes Luxembourg subsidiary Board of Directors' fees

^****** Includes additional fee for membership to the EFG Advisory Board for Asia

7.3. Total payments to Board of Directors members (audited)

		Fixed compensation (1)		Social charges (3)	Total (4)
		Cash	Shares
Board of Directors	AGM to AGM (year)	CHF	CHF (2)	CHF	CHF
Total to all Board of Directors	2024 to 2025	2,900,117	400,000	626,818	3,926,935
members	2023 to 2024	3,065,182	400,000	597,502	4,062,684

Notes:

• 1 Gross fixed compensation including Board of Directors members' contributions for social charges
• 2 The amount represents the value of shares awarded during the period. For the valuation of the shares, refer to note 52 of the consolidated financial statements.
• 3 2024 to 2025: estimation; employer social charges of CHF 626,818 include an amount of CHF 378,241 of pension contributions. 2023 to 2024: employer social charges of CHF 597,502 include an amount of CHF 382,418 of pension contributions.
• 4 At the AGM 2024, the shareholders have approved a maximum fixed compensation of CHF 4,600,000 for all members of the Board of Directors for their term of office from AGM 2024 to AGM 2025. The table above shows that the expected total fixed compensation paid to the members of the Board of Directors has not exceeded the amount approved by the shareholders.

7.4. Remuneration framework for Board of Directors members

	Amount		Amount
	AGM 2023 to AGM 2024		AGM 2024 to AGM 2025		Pay mix		Delivery
Function	CHF	CHF	CHF	CHF	AGM to AGM Grant year		Year 1	Year 2	Year 3
Members:
					50,000
Base amount	150,000		150,000		shares		16,666	16,666	16,668
					100,000 cash	100,000
Additional committee fees	Member	Chair	Member	Chair
Audit Committee	25,000	55,000	25,000	55,000
Risk Committee	25,000	55,000	25,000	55,000	100% cash	100%
Other, per committee	25,000	15,000	25,000	15,000

7.5. Shares and deferred compensation of Board of Directors members (audited)

					2024			2023
				2024	Total		2023	Total
			2024	Unvested	outstanding	2023	Unvested	outstanding
	Shares	Shares	Vested	shares/	shares/	Vested	shares/	shares/
	2024	2023	RSUs	RSUs	RSUs	RSUs	RSUs	RSUs
Board of Directors
Alexander Classen, Chair	62,874	57,008		1,436	1,436		2,870	2,870
Susanne Brandenberger1	N/A	N/A	N/A	N/A	N/A		3,570	3,570
Emmanuel L. Bussetil
Boris Collardi	10,775,8622	10,775,8622
Prasanna Gopalakrishnan3	4,432
Roberto Isolani	93,719	86,996		12,963	12,963		14,143	14,143
Steven M. Jacobs1	N/A	N/A	N/A	N/A	N/A	3,801	7,180	10,981
John S. Latsis	140,421,4064	140,421,4064
Maria Leistner5	10,006	5,574
Philip Lofts5	2,321			10,185	10,185		6,963	6,963
Carlo M. Lombardini	16,283	10,880		973	973	9,773	3,570	13,343
Périclès Petalas
Stuart M. Robertson	30,618	25,215	5,427	973	6,400	3,801	3,570	7,371
Freiherr Bernd-A. von Maltzan6	N/A	33,229		973	973	3,801	3,570	7,371
Yok Tak A. Yip	7,873	2,776	10,856	12,963	23,819	9,230	14,143	23,373
Total Board of Directors	151,425,394	151,418,946	16,283	40,466	56,749	30,406	59,579	89,985

• 1 Stepped down at AGM 2023
• 2 Total number of shares beneficial owner Boris Collardi
• 3 Elected at AGM 2024
• 4 Total number of shares controlled by Latsis family interests
• 5 Elected at AGM 2023
• 6 Stepped down at AGM 2024

7.6. Loans granted to Board of Directors members and related parties of Board of Directors members (audited)

In line with article 36a of the Articles of Association of EFG International Group, loans and credits to members of the Board of Directors may be provided at market conditions or generally applicable employee conditions. The total amount of such loans may not exceed CHF 3 million for unsecured loans and credits and not exceed CHF 20 million for secured loans and credits per Board of Director member.

At the end of 2024, there were no loans to members of the Board of Directors outstanding (end of 2023: nil).

There were no loans and credits to related parties of members of the Board of Directors outstanding at the end of 2024 (2023: nil).

8. 2024 Total remuneration for the Executive Committee members

8.1. Total remuneration for Executive Committee members 2024 and 2023 (audited)

								Total
	Fixed			Total variable			Total other	compen sation (incl. other	Social charges &	Total
	compen sation (1)	Variable compensation (2)		compen sation (4)	Other compensation		compen sation	compen sation)	other benefits (5)	remunera tion
	Cash	Cash bonus	Shares (3)		Cash	Shares
Year	CHF	CHF	CHF	CHF	CHF	CHF	CHF	CHF	CHF	CHF
Total Executive Committee (6, 7, 8)
2024	5,659,179	4,733,200	7,099,800	11,833,000	612,705	968,402	1,581,107	19,073,286		1,834,112 20,907,398
2023	4,678,748	3,160,000	4,740,000	7,900,000	98,875		91,218	12,669,966	1,422,812	14,092,778
Of which highest paid: Piergiorgio Pradelli, CEO EFG International (9,10)
2024	1,791,601	2,000,000	3,000,000	5,000,000				6,791,601	603,745	7,395,346
2023	1,580,801	1,360,000	2,040,000	3,400,000				4,980,801	495,932	5,476,733

• 1 Gross compensation including employees' contributions for social charges.
• 2 2024: subject to approval by the shareholders at the AGM 2025.
• 3 2024: the amount represents the value of the deferred variable compensation to be awarded in 2025. For specific valuation of the employee equity incentive plan, refer to note 52 of the consolidated financial statements.
• 4 Not including LTIP: under the LTIP (see further details in section 6.2.2. of the Compensation Report), 1,550,000 RSUs have been allocated to the Executive Committee in 2023 (CHF 14,012,000 at grant date value under the base case scenario representing 100%) to be awarded in 2026 covering a three-year performance period starting in 2023 (actual compensation subject to achieving performance targets and vesting over a 3 year period until 2028). The CEO has been allocated 500,000 RSUs (CHF 4,520,000). Due to formal reasons, for the participating members of the Executive Committee including the CEO, the currently envisaged maximum award was allocated at the start of the LTIP (150% of the allocation in the base case scenario). In addition, in 2023, RSUs have been awarded to members of the senior management, which have been promoted to the Executive Committee in 2024 or for then vacant Executive Committee positions, which have been occupied in 2024. This increases the amount of RSUs held by members of the Executive Committee in 2024 to 2,000,000 (CHF 18,080,000 at grant date value under the base case scenario representing 100%).
• 5 Including employer social charges. 2024: total benefits of the Executive Committee of CHF 1,834,112 include an amount of CHF 697,821 of pension contributions. 2023: total benefits of the Executive Committee of CHF 1,422,812 include an amount of CHF 541,761 of pension contributions.
• 6 Including members of the Executive Committee who joined and left in 2024/2023. For those members, the compensation disclosed represents the amounts received as Executive Committee members.
• 7 2024: the AGM 2024 has approved a maximum aggregate fixed compensation for all members of the Executive Committee for the business year 2024 of CHF 9,500,000. The table above shows that the total fixed compensation paid to the members of the Executive Committee in 2024 has not exceeded that amount.
• 8 2023 and 2024: other compensation for the Executive Committee includes replacements of forfeited variable compensation to members of the Executive Committee who joined in 2020, 2021 and 2024.
• 9 Social charges and other benefits for the CEO include health care coverage.
• 10 The CEO's performance is assessed against the financial targets and in line with key performance indicators for the Executive Committee (as laid out under 3.1.3). The Remuneration & Nomination Committee recognises the crucial role played by the CEO in building a strong management team and achieving the strategic plan 2023-2025. Taking into consideration market standards and his successful and long term leadership, the Remuneration & Nomination Committee (as delegate of the Board of Directors) has increased his fixed and variable compensation.

8.2. Total compensation for Executive Committee members for 2022 to 2024

Fixed compensation (1)		Variable compensation (2)		Total variable compensation (4)	Total compensation	Number of ExCo members (5)
	Cash	Cash bonus	Shares (3)
Year	CHF	CHF	CHF	CHF	CHF
	Total Executive Committee (5)
2024	5,659,179	4,733,200	7,099,800	11,833,000	17,492,179	8
2023	4,678,748	3,160,000	4,740,000	7,900,000	12,578,748	7
2022	4,901,647	2,392,000	5,208,674	7,600,674	12,502,321	7

• 1 Gross compensation Including employees' contributions for social charges.
• 2 2024: subject to approval by the shareholders at the AGM 2025.
• 3 2024: the amount represents the value of deferred variable compensation to be awarded in 2025. For specific valuation of the Employee equity incentive plan, refer to note 52 of the consolidated financial statements.
• 4 Not including LTIP: under the LTIP (see further details in section 6.2.2. of the Compensation Report), 1,550,000 RSUs have been allocated to the Executive Committee in 2023 (CHF 14,012,000 at grant date value under the base case scenario representing 100%) to be awarded in 2026 covering a three-year performance period starting in 2023 (actual compensation subject to achieving performance targets and vesting over a 3 year period until 2028). The CEO has been allocated 500,000 RSUs (CHF 4,520,000). Due to formal reasons, for the participating members of the Executive Committee including the CEO, the currently envisaged maximum award was allocated at the start of the LTIP (150% of the allocation in the base case scenario). In addition, in 2023, RSUs have been awarded to members of the senior management, which have been promoted to the Executive Committee in 2024 or for then vacant Executive Committee positions, which have been occupied in 2024. This increases the amount of RSUs held by members of the Executive Committee in 2024 to 2,000,000 (CHF 18,080,000 at grant date value under the base case scenario representing 100%).
• 5 Including members of the Executive Committee who joined and left in 2024/2023/2022. For those members, the compensation disclosed represents the amounts received as Executive Committee members.

8.3. Shares and deferred compensation of Executive Committee members (audited)

					2024			2023
				2024	Total		2023	Total
			2024	Unvested	outstanding	2023	Unvested	outstanding
	Shares	Shares	Vested	shares/	shares/	Vested	shares/	shares/
	2024	2023	RSUs	RSUs (5)	RSUs (5)	RSUs	RSUs	RSUs
Executive Committee
Piergiorgio Pradelli	695,976	1,182,183					135,084	135,084
Ioanna Archimandriti1				157,060	157,060
Vassiliki Dimitrakopoulou	127,763	64,033		37,045	37,045	20,397	46,425	66,822
Martin Freiermuth2	N/A	169,595					2,568	2,568
Enrico Piotto	103,443	70,610		149,215	149,215		127,503	127,503
Dimitris Politis	361,921	383,557					61,913	61,913
Andre Portelli3				85,349	85,349
Harald Reczek4	N/A	N/A		N/A	N/A
Demis Stucki1				141,490	141,490
Total Executive Committee	1,289,103	1,869,978	–	570,159	570,159	20,397	373,493	393,890

• 1 Executive Committee members since 01 December 2024
• 2 Executive Committee member until 30 November 2024
• 3 Executive Committee member since 01 February 2024
• 4 Stepped down effective as at 01 February 2023
• 5 Not including LTIP: under the LTIP (see further details in section 6.2.2. of the Compensation Report), 1,550,000 RSUs have been allocated to the Executive Committee in 2023 (CHF 14,012,000 at grant date value under the base case scenario representing 100%) to be awarded in 2026 covering a three-year performance period starting in 2023 (actual compensation subject to achieving performance targets and vesting over a 3 year period until 2028). The CEO has been allocated 500,000 RSUs (CHF 4,520,000). Due to formal reasons, for the participating members of the Executive Committee including the CEO, the currently envisaged maximum award was allocated at the start of the LTIP (150% of the allocation in the base case scenario). In addition, in 2023, RSUs have been awarded to members of the senior management, which have been promoted to the Executive Committee in 2024 or for then vacant Executive Committee positions, which have been occupied in 2024. This increases the amount of RSUs held by members of the Executive Committee in 2024 to 2,000,000 (CHF 18,080,000 at grant date value under the base case scenario representing 100%).

8.4. Loans granted to Executive Committee members and related parties of Executive Committee members (audited)

In line with article 36a of the Articles of Association of EFG International Group, loans and credits to members of the Executive Committee may be provided at market conditions or generally applicable employee conditions. The total amount of such loans may not exceed CHF 3 million for unsecured loans and credits and not exceed CHF 20 million for secured loans and credits per member of the Executive Committee.

There were no loans and credits to members of the Executive Committee outstanding at the end of 2024 (2023: nil).

There were no loans and credits to related parties of members of the Executive Committee outstanding at the end of 2024 (2023: nil).

9. Compensation paid to former Board of Directors and Executive Committee members (audited)

Former	Year	Compensation CHF	Benefits/ Social charges CHF	Total
	AGM 2024 to AGM 2025			–
Board of Directors members	AGM 2023 to AGM 2024			–
Executive Committee members	2024	1,216,867	174,781	1,391,648
	2023	48,500	9,358	57,858

10. External mandates of the Board of Directors and Executive Committee members

Details about the external mandates of the members of the Board of Directors and the Executive Committee can be found in the corporate governance section of the Annual Report, sections 4.8. (page 44) and 5.2. (page 54).

Report of the statutory auditor

to the General Meeting of EFG International AG, Zürich

Opinion

We have audited the compensation report of EFG International AG (the Company) for the year ended 31 December 2024. The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) in the tables marked 'audited' on pages 68 to 84 of the compensation report.

In our opinion, the information pursuant to article 734a-734f CO in the accompanying compensation report complies with Swiss law and the Company's articles of association.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor's responsibilities for the audit of the compensation report' section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the tables marked 'audited' in the compensation report, the consolidated financial statements, the financial statements and our auditor's reports thereon.

Our opinion on the compensation report does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the compensation report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the audited financial information in the compensation report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors' responsibilities for the compensation report

The Board of Directors is responsible for the preparation of a compensation report in accordance with the provisions of Swiss law and the Company's articles of association, and for such internal control as the Board of Directors determines is necessary to enable the preparation of a compensation report that is free from material misstatement, whether due to fraud or error. It is also charged with structuring the remuneration principles and specifying the individual remuneration components.

Auditor's responsibilities for the audit of the compensation report

Our objectives are to obtain reasonable assurance about whether the information pursuant to article 734a-734f CO is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this compensation report.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement in the compensation report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.

We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

PricewaterhouseCoopers SA

Alex Astolfi Omar Grossi

Auditor in charge

Licensed audit expert Licensed audit expert

Geneva, 18 February 2025

Risk governance	88
Risk management framework	88
Risk appetite framework	90
Risk categories	91
Capital management	102

The [Audited] signpost displayed at the beginning of a section or paragraph, indicates that those items have been audited.

The following symbol indicates the end of the audited section.

Risk management

EFG International offers private banking and asset management services as well as financial products with a focus on high-net-worth individuals. In pursuing its business objectives, it is exposed to risks, which may have an impact on its financial, business, social or other objectives.

A strong risk management framework is fundamental to the sustainable management of the business. EFG International is committed to actively managing and mitigating risks specific to its private banking and institutional clients, being particularly alert to compliance and operational risks, including financial crime risks, fraud risks and conduct risks.

EFG International monitors legacy risks in connection with its nostro life insurance investment portfolio and litigation cases relating to discontinued businesses.

1. Risk governance

[Audited] EFG International is committed to maintaining a strong risk management framework in its day-to-day business activities and decision-making processes across the organisation. The Executive Committee has established the following committees to ensure that the risk governance processes at EFG International are robust and sound. Each of these committees are chaired by a member of the Executive Committee:

• Executive Credit Committee
• Asset & Liability Management Committee
• Financial Risk Committee (FinRisk)
• Operational, Regulatory & Compliance Committee
• Group Product Committee
• Information Security Committee
• Client Acceptance Committee

The EFG International risk management framework sets out the overall governance of risks. Responsibilities of involved stakeholders in the management of risks are clearly defined, as well as terms of reference for its risk and compliance functions.

The EFG International risk management framework is underpinned by the EFG International risk appetite framework, which focuses on the approach to risk capacity, risk appetite, risk limits and indicators, documenting the level of risk that EFG International is prepared to accept.

2. Risk management framework

The risk management framework comprises people, policies and processes, and systems and controls designed to ensure that risks are appropriately identified, assessed, measured, monitored and reported, as well as mitigated on an ongoing basis.

For EFG International, the risk management framework:

• Ensures all employees understand and control exposure to risks taken
• Ensures that risk exposures are in line with risk capacity and defined risk appetite and strategy
• Ensures that key controls over business risks are functioning effectively
• Supports the successful implementation of the business strategy
• Protects clients from potential risks, such as unsuitable products or excess concentrations
• Contributes to the orderly functioning and sound reputation in the markets in which EFG International operates
• Ensures independent risk oversight over risk and control processes
• Assures that the risk management systems put in place are adequate with regard to the institution's profile and strategy

The EFG International risk management framework is deployed across the following dimensions:

• Approach to risk management
• Risk culture
• Three lines of defence model
• Committees and functions

The Board of Directors and its delegated Risk Committee are informed about risk exposures on a quarterly basis through the regular risk reporting process, while the Executive Committee is informed on a monthly basis.

2.1.1 Approach to risk management

EFG International has developed a multidimensional approach to risk management based on the following measures:

• Independent Risk Control and Compliance functions with clearly defined objectives
• A comprehensive and prioritised list of risk categories (risk taxonomy)
• A defined risk strategy and risk appetite

• A coherent and comprehensive set of policies, directives and procedures to govern risk management, including compliance

• The first and second line of defence role of the Executive Committee and its delegated committees to manage risks in alignment with the risk strategy and risk appetite

• The supervisory oversight of the Board of Directors which oversees the effectiveness of the risk management framework and provides oversight and advisory support through the Risk, the Audit and the Credit Committees

The objectives of risk management are to:

• Provide transparency on the risks EFG International incurs
• Provide independent risk oversight and check that risks are appropriately assessed and managed
• Enable better management of the risk-return trade-off
• Support the Board of Directors in defining an appropriate risk appetite and strategy in line with available risk capacity and ensure the actual risk exposure profile remains within these constraints
• Ensure that key controls over business risks are functioning effectively

2.1.2 Risk culture, core values and ethical standards

EFG International believes that the right behaviour is key for sound risk management, and that this is guided by the risk culture of the organisation which is viewed as a core component of effective risk management.

EFG International approaches risk culture along four dimensions, in line with Financial Stability Board principles:

• Tone from the top: The Board of Directors, Executive Committee and senior management set the risk culture, core values and ethical standards; their actions and behaviour reflect the risk culture that is expected throughout EFG International and is communicated through formal and informal channels, with the aim that all stakeholders also share EFG International's risk culture, core values and ethical standards
• Accountability: The risk management framework and the related risk policies and directives clearly assign accountability for risk management and decision-making to functions and specific unit heads
• Effective communication and challenge: The corporate culture promotes open communication and promotes effective challenge in the decision-making process; this is supported by independent Risk Control, Compliance and Internal Audit
• Incentives: Financial and non-financial incentives are monitored to ensure they do not encourage excessive risk-taking

The risk awareness and culture programme, which promotes the above-mentioned principles, is focused on the following activities:

• Embedding the risk management and risk appetite frameworks across EFG International
• Comprehensive training in risk and compliance topics
• Consistent application of the client relationship officer's risk scorecard (composed by the risk assessment, the control results, the losses and the KRI figures) to foster a risk-conscious and compliant culture and reduce operational risks

2.1.3 Three lines of defence model

EFG International manages its risks in accordance with a three lines of defence model.

The three lines of defence model delineates the key responsibilities for the business, Risk and Compliance functions and Internal Audit to ensure that the organisation has a coherent and comprehensive approach to risk management and monitoring.

EFG International's interpretation of the three lines of defence model is in line with industry practice, and the model is operated both centrally and in the business units. This ensures that the material activities and processes are subject to risk management, oversight and assurance.

3. Risk appetite framework

The risk appetite framework is complementary to the risk management framework and sets the overall approach to risk appetite, documenting the level of risk that EFG International is prepared to incur for the achievement of strategic objectives and in line with the available risk capacity. It includes:

• Risk capacity
• Risk appetite statement
• Risk metric and limit framework
• Cascading and embedding process to business units
• Responsibilities of the (Group and local) bodies overseeing the implementation and monitoring of the risk appetite framework
• Risk appetite process, including the escalation of the risk metrics exceeding their predetermined thresholds

The risk appetite framework is linked to the risk limit system and is influenced by the overarching available risk capacity, the risk management framework and the strategic business objectives.

3.1.1 Risk capacity

The risk capacity is the maximum level of risk EFG International can assume before breaching EFG International's strategic targets and risk appetite. In determining the risk capacity, EFG International takes into account the constraints determined by regulatory capital and liquidity requirements and law enforcement agencies. Risk capacity defines an outer boundary within which EFG International must operate.

Risk appetite and risk capacity are aligned through the annual budget and planning process. EFG International holds appropriate capital and liquidity buffers to accommodate circumstances where exposures extend beyond EFG International's risk appetite. This protects EFG International from the financial and/or reputational consequences that might be associated with a breach of its risk capacity or rating ambition.

3.1.2 Risk appetite statement

The risk appetite statement comprises the qualitative component of EFG International's risk appetite. It comprises a set of statements describing the level of risk that EFG International is prepared to accept in each risk category to achieve its strategic business objectives.

The risk appetite statement is aligned with the business strategy of EFG International. The risk appetite statement is operationalised through the risk appetite metrics and the limit framework.

3.1.3 Risk metrics

The quantitative component of risk appetite contains measures (i.e. metrics) that describe the quantum of risk to which EFG International is exposed.

The metrics are compared to trigger levels (i.e. thresholds), which can be either limits or warning indicators. The metrics are selected, and thresholds are calibrated in accordance with the risk appetite statement, which in turn reflects the business strategy.

Risk metrics can be set at EFG International Board of Directors aggregated level or, if deemed appropriate, at EFG International Executive Committee level.

3.1.4 Limits framework

The delegated committees of EFG International Executive Committee review risk limits and indicators and the related trigger levels for EFG Bank at a global and business unit level.

The EFG International Executive Committee reviews and recommends the Board global thresholds to the Risk Committee for its review and recommendation for approval by the EFG International Board of Directors.

3.1.5 Cascading and embedding process

The risk appetite framework, risk appetite statement, risk metrics and related thresholds are defined at EFG International level and are binding for all EFG International business units and local and foreign entities, as set out in the risk management framework.

The EFG International Executive Committee allocates, according to cascading and embedding rules, the limits and risk thresholds to the various local entities.

In this way, EFG International appropriately identifies, limits and monitors the risks associated with its local business activities and measures and reports local risk appetite according to consolidated supervision rules.

3.1.6 Risk appetite process

This process is composed of four main pillars: annual review, off-cycle adjustments, reporting and escalation. The risk appetite statements and metrics are reviewed annually by the respective competent bodies. If needed, off-cycle adjustments of existing metrics and thresholds are also undertaken. The regular reporting is performed on a monthly and quarterly basis while escalations are reported immediately to the respective committees.

4. Risk categories

The risk categories of EFG International are defined in the risk taxonomy included in the risk management framework and are described in the related risk policies and general directives.

EFG International's risk categories establish a common denominator on risks across EFG International and thereby enable alignment across business units, geographies and functions.

Strategic and business risk

Strategic and business risk is the risk of loss arising from changes in the business environment and from adverse business decisions or improper implementation of decisions. The business and strategic risk includes the following risk categories:

• Client portfolio risk: The risk inherent in client portfolios in general as well as the risk of a reduction in assets under management and/or loss of client relationships as a result of other risk types, e.g. performance, reputation, operational risks, compliance, etc.
• Strategic risk and governance: The risk of the enterprise or particular business areas making inappropriate strategic choices, or being unable to successfully implement selected strategies or related plans and decisions, which may result in a deviation from business plans and strategies
• Competitive risk: The risk of an inability to create or maintain a sustainable competitive advantage in a given market or markets
• Project risk: The risk of damage or loss resulting from an acquisition and/or subsequent post-merger integration or any other large-scale project the institution is undertaking
• Human resources risk: The risk arising from inadequate or insufficient human resource performance and/or staffing or key people (including client relationship officers) leaving EFG International

The business and strategic risk management strategy approved by the Board of Directors is defined as follows:

• Whilst the nature of EFG International business entails a certain level of earnings volatility, this is monitored and controlled to remain consistent, safeguarding EFG International's financial performance and reputation, also under severe stress conditions
• EFG International limits earnings volatility by focusing on the core business activities in line with business strategy
• EFG International monitors client investment portfolios in order to avoid excessive risk concentrations across portfolios and inadequate performance with potential negative implications on clients' assets under management and thereby its own reputation and revenue base
• EFG International monitors concentrations of clients and assets under management across its client relationship officers and will investigate potential actions when these concentrations exceed the defined thresholds, in order to mitigate key person risk
• EFG International actively manages the cost base, balancing the target of a healthy cost-income ratio with ensuring adequate resourcing and infrastructure

– EFG International actively manages the risks arising through the integration of any acquired or merged entity and for potential further mergers and acquisitions

Compliance risk

Compliance risk is defined as the risk of legal or regulatory sanctions, material financial loss, or loss of reputation which EFG International may suffer as a result of its failure to comply with laws, regulations, rules, self-regulatory organisation standards, generally accepted practices, and codes of conduct applicable to all its activities.

Compliance risk is identified, assessed, measured, monitored, reported and mitigated by the Compliance function, in alignment with the roles and responsibilities defined in EFG International's risk management framework. The Compliance function reports to the Group Head of Legal & Compliance.

Changes in the regulatory environment are monitored, and directives and procedures are adapted as required. In line with these evolving regulations, EFG International continuously invests in its people, processes, systems and controls to ensure effective compliance risk management.

EFG International's Compliance function is centrally managed from Switzerland, with local compliance officers situated in all the organisation's booking centres and other entities around the world. A compliance risk policy is in place, complemented by a comprehensive set of directives and procedures and ongoing training sessions for all staff to ensure they maintain appropriate knowledge of compliance risks and understand their roles and responsibilities in mitigating these risks. Group Compliance maintains a common platform of tools and processes to ensure the consistent application of compliance guidelines across the organisation.

Compliance risk in EFG International is mitigated through the three lines of defence model, outlined in detail in the risk management framework.

In mitigating compliance risks that it is exposed to, EFG International takes into account the size, structure, nature and diversity of its business and services/product offerings. EFG International is committed to a sound and effective compliance risk management framework, as being the core foundation for a sustainable financial institution, protecting EFG International from loss or reputational damage. It supports the way EFG International conducts business both for its clients and its shareholders and is a prerequisite for

long-term and sustainable growth, in line with shareholders' expectations.

A major focus of regulators around the world is the fight against money laundering and terrorist-financing which could expose EFG International to enforcement actions, criminal proceedings and high reputational risks. A proper and timely mitigation and avoidance of AML/CFT risks is a prerequisite to the guarantee of irreproachable business activity required by the Swiss regulator.

AML/CFT risk refers to risks associated with the firm being exposed to money-laundering or terrorist financing schemes, which include (1) laundering money deriving from AML predicate offenses/criminal misconduct and (2) using legitimate or illegitimate assets to finance terrorism and/or terrorist activities.

International sanction risks refer generally to the risk associated with the firm (1) providing services to individuals or entities targeted by applicable sanction regimes or located in countries under embargo-like applicable sanctions, (2) being used to service this category of clients and/or to make economic resources available to them and (3) being used to circumvent the implementation of applicable sanction regimes.

EFG International has in place comprehensive directives on anti-money-laundering, know your customer, as well as on international sanctions, anti-bribery and corruption, to prevent, detect and report such risks. Through dedicated monitoring and quality assessment programmes and applications, EFG International Compliance monitors compliance with such directives across the Group.

EFG International has defined a set of standards governing the cross-border services it offers and has developed country-specific manuals for the major markets it serves. A mandatory staff training programme is in place to ensure adherence to the standards and compliance with the country manuals. They are complemented by a tax compliance framework, the purpose of which is to prevent the unlawful acceptance of untaxed assets. Those frameworks are continuously enhanced to comply with new regulatory updates or developments.

Conduct and regulatory compliance risk refers to the risk that EFG International fails to abide by the letter and spirit of all applicable laws, regulations, regulatory expectations, and standards of conduct applicable to its activities, and, as a consequence, incurs regulatory censure and sanctions, reputational damage, and faces litigation risk. Conduct and

regulatory compliance risk arises from: i) breaching duties towards customers; ii) failing to detect, monitor or prevent inappropriate market abuse, and failing to abide by appropriate market conduct requirements; iii) failing to properly manage cross-border risk and complying with rules applicable to cross border activities; iv) failing to perform appropriate oversight over Independent Asset Managers and Business Introducers; v) failing to appropriately identify and properly manage conflicts of interests; and vi) failing to identify and implement, in a timely manner, regulatory developments concerning conduct and regulatory compliance risk management.

Legal risk

Legal risk is the risk to the firm's profitability arising from changes in legislation and/or as a result of legal actions against the institution. Any change in the legal environment can constitute a challenge for EFG International in its relations with competent authorities, clients and counterparties in Switzerland and globally.

Group Head of Legal & Compliance and Group Head of Litigation and Investigations ensure that EFG International adequately manages and controls its legal risks. This includes supervising and giving strategic direction to all outside counsel advising EFG International on civil, regulatory and enforcement matters.

Group Head of Legal & Compliance is responsible for providing legal advice to EFG International's management as well as handling client complaints, litigations and assisting federal and local authorities in their criminal and administrative investigations.

Group Head of Litigation and Investigations has principal responsibility for overseeing and advising EFG International's management on significant civil litigation and all government enforcement matters involving EFG International globally.

Operational risk

Operational risk refers to the risk of loss resulting from the inappropriateness or failure of internal procedures, people or systems, or from external events. This includes legal risk, but not strategic risk or reputational risk. Operational risk is an inherent part of the day-to-day activities and is therefore a risk common to all EFG International's activities.

EFG International aims at mitigating operational risk to a level appropriate and commensurate with the size, structure, nature and complexity of its service and product

offerings, thus adequately protecting its assets, clients and its shareholders' interests.

EFG International's Board of Directors and senior management strive to set the operational risk culture through, among other things, the definition of the overall operational risk tolerance of the organisation (expressed in quantitative thresholds and qualitative statements), which is embedded in the organisation's risk management practices. The supervision of operational risk at the Board of Directors level is under the overall responsibility of the Board Risk Committee, while the internal control framework is overseen by the Audit Committee.

EFG International and its local business entities design and implement internal controls and monitoring mechanisms in order to mitigate key operational risks that EFG International inherently runs in conducting its business.

While the primary responsibility for managing operational risk lies with EFG International's business entities and business lines (first line of defence), the development, implementation and oversight of the operational risk policy of EFG International forms part of the objectives of the Operational Risk function (second line of defence) of EFG International. It ensures that EFG International has an appropriate operational risk management framework and programme in place for identifying, assessing, mitigating, monitoring and reporting operational risk.

EFG International's Operational Risk function is a global function that reports to the Chief Risk Officer. It works in collaboration with operational risk officers of the local business entities, regional risk officers within EFG International, as well as certain centralised EFG International functions that also undertake operational risk oversight for their respective area of responsibility. These functions include the Chief Financial Officer and the Group Head of Legal & Compliance.

Main measures applied by the Operational Risk function are:

• Assessment and monitoring of key operational risks
• Monitoring of key risk indicators
• Collection, analysis and reporting of operational risk events and losses
• Consolidated operational risk reporting
• Follow-up of actions taken to remedy key operational risk-related control issues
• Establishment of an operational risk awareness programme
• Independent internal control monitoring, testing and oversight

EFG International continuously invests in business continuity management and more broadly operational resilience to ensure the continuity of critical functions in the event of a major disruptive event. Business continuity management encompasses backup operating facilities and IT disaster recovery plans, which are in place throughout EFG International.

The management of information security risk, including technology, cybersecurity, data protection and third-party risks, is an essential component of operational resilience. As such, it is strongly interconnected with the Bank's business continuity management. The management of cybersecurity and data protection risks is aligned with international standards and applicable regulations. Efforts are sustained to ensure ex ante and ex post controls are fully functional to protect the Bank against evolving and highly sophisticated attacks. EFG International's focus is on:

• Data loss prevention
• Access rights, application and infrastructure security (including vulnerability management)
• Third-party management
• Appropriate IT and process governance to prevent and respond to threats

EFG International establishes operational risk transfer mechanisms when necessary; in particular, all entities of EFG International are covered by insurance to hedge potential low-frequency high-impact events. EFG International administers centrally for all its subsidiaries three layers of insurance cover, namely comprehensive crime insurance, professional indemnity insurance and directors' and officers' liability insurance. Other form of insurance such as general insurance are managed locally.

Outsourcing risk

Risks related to outsourcing are managed by the entities that outsource a function, process or a service and the Global Chief Operating Officer procurement function maintains the list of all EFG International's critical outsourcing activities, drives the annual Group-wide risk assessment cycle for critical outsourcing and collects the annual risk assessments from all local procurement functions or from the contract owners. Finally, it reviews the annual risk assessments on a yearly basis. Acting as second line of defence, the Operational Risk function provides independent review and challenge of the annual risk assessment and also provides advisory input in risk and control matters.

EFG International has also entered into specific agreements with a Swiss fintech company to manage all the material

aspects of the structured notes issuance programme. While EFG International relies on the organisation, expertise and processes, documented and regularly reviewed by reputable independent third parties, it has implemented and continuously evaluates additional oversight controls to mitigate the outsourcing risk with this service provider.

Model risk

Model risk is the risk that arises from decisions based on the incorrect selection, implementation or usage of models. The following principles are applied in establishing appropriate governance and supervision:

• EFG International has an established definition of a model and maintains a model inventory
• EFG International has implemented an effective governance framework, procedures and controls to manage model risks
• EFG International has implemented a robust model development and implementation process and ensures appropriate use of models
• EFG International undertakes appropriate model validation and independent review activities to ensure sound model performance and greater understanding of model uncertainties

EFG International has developed a series of models and methodologies to measure and to quantify the risks of different portfolios and potential risk sensitivities and concentrations. These models are periodically reviewed by the independent Risk Model Validation function, involving model risk tiering and are subject to regulatory requirements, as well as the internal general directive on model risk. The Risk Model Validation function reports to the Chief Risk Officer.

The validation has the primary objective to test whether models perform as expected, produce results comparable with actual events and values and reflect best-in-practice approaches. Validation includes checks to ensure models are performing adequately, whether additional examination is required and whether they need to be adjusted or even redeveloped. Results are presented to the relevant governance body and, as required, to regulators.

Market risk

[Audited] EFG International is exposed to market risk, which mainly arises from foreign exchange, interest rate and credit spread volatility.

EFG International implements different risk management strategies to eliminate or reduce market risk exposures. Risks being hedged through derivative financial instruments are typically changes in interest rates and foreign currency rates. Specific risk management strategies are defined for both the banking and trading book.

Banking book

The market risk strategy at balance sheet level approved by the Board of Directors is defined as follows:

• EFG International manages interest rate risk in line with predefined interest rate limits and risk appetite to generate profits for the benefit of EFG International
• EFG International manages foreign exchange risk in order to control its impact on annual results
• EFG International generates income primarily through taking liquidity, interest rate and credit spread risk, and only incurs non-material FX risk in the banking book
• EFG International limits the extent of concentrations in its investment portfolios

Market risks related to the balance sheet structure are managed by the Asset & Liability Management Committee and monitored by the Financial Risk Committee, in accordance with the principles and the risk appetite defined in the market risk policy, which defines the organisational structure, responsibilities, limit systems and maximum acceptable risk set by the Board of Directors. The centralised Enterprise Risk function, reporting to the Chief Risk Officer, ensures that EFG International has an appropriate market risk management framework in place for identifying, assessing, mitigating, monitoring and reporting risks under its responsibility. EFG International has a market risk management process in place that includes stress tests, which are undertaken regularly as part of the risk monitoring and reporting requirements established within EFG International risk appetite framework.

VaR calculation and sensitivity analysis are complemented by stress tests, which identify the potential impact of extreme market scenarios on EFG International's equity and income statements. These stress tests simulate both exceptional movements in prices or rates, and drastic deteriorations in market correlations.

Stress tests provide an indication of the potential size of losses that could arise in extreme conditions. The stress tests include:

• Risk factor stress testing, where stress movements are applied to each risk category
• Ad hoc stress testing, which includes applying possible stress events to specific positions or regions

Interest rate risk in the banking book refers to the current and prospective risk to the Bank's capital and earnings arising from adverse movements in interest rates that affect EFG International's balance sheet positions. EFG International manages the interest rate risk exposure in accordance with risk appetite based on the impact of various interest rate stress scenarios on both the economic value of equity and the interest income sensitivity. The interest rate risk assessment includes risks deriving from assets, liabilities and off-balance-sheet transactions, considering behavioural assumptions. Interest rate risk qualitative and quantitative information are reported in the Pillar 3 report for transparency purposes.

Foreign exchange risk arises from exposure to changes in the exchange rate of foreign currencies versus the reference currency. EFG International uses value at risk (VaR), sensitivity analysis and stress tests as methodologies to monitor and manage foreign exchange risk, both on balance sheet (FX translation risk) and on expected revenues and costs (FX transaction risk).

For foreign exchange rate risk, the sensitivity measurement covers in particular:

• The mismatch between on- and off-balance-sheet positions denominated in foreign currencies
• The forecasted earnings that are originated by positions in foreign currencies

EFG International holds investment portfolios to diversify balance sheet assets and to optimise any excess liquidity. Investment activities are organised within Treasury and are under the supervision of the Asset & Liability Management Committee and of the Financial Risk Committee. The centralised Market Risk function monitors on a daily basis the risk exposures of the investment portfolio and reports to the Chief Risk Officer.

EFG International investment portfolios carry interest and credit spread exposure on governments, governmentrelated entities, multilateral development banks, banking institutions and, to a lesser extent, corporate names.

To mitigate the credit spread exposure, minimum country and issuer rating standards and concentration limits have been determined. In addition, VaR, interest rate, credit spread sensitivities and stress metrics, as well as P&L limits are computed and monitored at stand-alone portfolio level and on a combined portfolio basis.

EFG International is also exposed to market risk in relation to its holding of life insurance policies, related to interest

rate risk (refer to the insurance risk section), which has been hedged through derivative financial instruments.

Trading book

The trading book market risk strategy approved by the Board of Directors is defined as follows:

• EFG International's trading activities are designed to ensure that we can effectively serve client needs
• In addition to execution-only services on behalf of clients, EFG International takes market risks in the form of forex principal trading where beneficial for its clients, principal trading on its own accounts to deliver a return to the Group as well as its structured products business
• EFG International has limited risk appetite for higher-risk activities in the fixed-income, interest rate futures and equity sector where risk-return justifies this risk and where there is sufficient expertise in the Front Office and risk organisation to exploit opportunities without becoming exposed to undue risk.

EFG International carries out trading operations both for its clients and on its own account with daily monitoring. The trading activities are organised in different trading desks: forex delta, forex forwards, forex options, precious metals and fixed income managed by expert traders.

The market risk carried by proprietary trading primarily relates to position risk which derives from the fact that any fluctuations in interest rate, credit, foreign exchange rates, equity prices or implied volatilities can cause a change in EFG International's profits.

The centralised Group Market Risk function monitors on a daily basis the risk exposures of the trading portfolio and reports to the Chief Risk Officer.

All trading positions are valued at market value using market prices, data and parameters published by recognised stock exchanges or financial data providers. On an intra-day or daily basis, the risk measurement systems support the computation and analysis of: (i) the mark-to-market of the positions exposed to risk; (ii) the daily and cumulative monthly and year-to-date P&L; (iii) the various risk metrics (incl. sensitivities – Greeks stress test, VaR, concentration risk) and (iv) the regulatory and economic capital requirements. Daily risk reports are produced assessing compliance with nominal and sensitivity limits and stop loss limits.

Insurance risk

EFG International is exposed to insurance risk in relation to its holding of life insurance policies. The major risk factors

are counterparty risk, longevity risk and increase in the cost of insurance. The risk of increase in interest rates has been mitigated using interest rate hedging strategies.

EFG International assesses those risks using internal models to calculate the fair value of each life insurance policy and through independent estimations done by external service providers as far as the estimation of life expectancies and forecasted premium payments are concerned, in conjunction with management judgements. Management engages with experts and specialists of relevant fields to obtain a sound basis for obtaining an informed view to exercise its judgement on valuation-related assumptions. Moreover, scenario analyses are done to calculate the sensitivity of the life insurance portfolio to increases in life expectancies, in premium payments, in the credit worthiness of the insurance companies and in interest rates. Finally, management judgement is applied to these models and scenarios.

Credit risk

[Audited] Credit risk is defined as the risk of loss resulting from the failure of EFG International's borrowers and other counterparties to fulfil their contractual obligations and that collateral provided does not cover EFG International's claims.

EFG International incurs credit risk from traditional onbalance sheet products (such as loans, securities repurchase agreements or Islamic finance), where the credit exposure is the full notional value including any unpaid interest, other fees and/or commodity trade price differentials, but also derivatives, where the credit equivalent exposure covers both actual exposure (as a function of prevailing market prices) and potential exposures (i.e. an add-on for volatility of market price) or other guarantees issued (contingent liabilities). This also includes settlement risks related to a counterparty that does not honour its contractual commitment to deliver cash, securities or other financial assets.

The credit risk arises not only from EFG International's clients lending operations, but also from its treasury and global market activities.

Client credit risk

The client credit risk management strategy approved by the Board of Directors is defined as follows:

– EFG International targets specific lending activities and incurs credit risk only in areas where it knows the rules and regulations and market standards.

• EFG International concentrates on the core credit offerings of lombard lending and real estate financing
• For lombard lending, the bank's main strategy is to focus on diversified and liquid collateral portfolios. On a case by case basis, EFG International may accept also higher concentrated pools and single asset loans in selective cases, if the risk-return profile is justified.
• EFG International is willing to provide lombard lending and real estate financing suitable for private banking clients with an established private banking relationship and lodged funds commensurate with the credit that is extended.
• For real estate financing, the bank's main strategic focus is on residential mortgages, but EFG International is willing to engage in commercial real estate financing and real estate development in select cases and select locations, if the risk-return profile is justified. The key considerations include EFG market presence and knowledge, regulatory, tax establishment and licensing requirements, collateral perfection and timely enforceability.
• EFG International focuses on providing a wide range of products and services to assist clients to achieve their private and professional goals over the long term; and offering regionally adapted products and services to serve the clients' needs, including monetisation of assets and wealth preservation. For new or existing private banking clients with a level of AuM that is insufficient to meet the criteria for financing, a credit facility may be provided so long as a clear timetable to meet all requirements within twelve months of the disbursement of the loan facility is agreed with the client

A basic feature of the credit approval process is a separation between the firm's business origination and credit risk management activities.

Credit facilities are granted according to delegated credit approval authorities, depending on pre-defined risk criteria, and on collateral and size parameters. The approval competencies for large exposures and exposures with increased risk profiles are centralised in Group Credit located in Switzerland, and are carried out in compliance with local regulatory and legal requirements of the individual international business units.

EFG International's internal grading system assigns each client credit exposure to one of ten grading categories. The underwriting and credit review process which includes the borrower's repayment ability and the value, quality, liquidity and diversification of the collateral, the credit policies in

place and the general collateralised nature of the loans ensure that EFG International's loan book is of high quality.

For debt securities and other bills, external ratings or their equivalents are used by EFG International for managing the credit risk exposures.

The supervision of the credit risk framework at the Group Board of Directors level is under the responsibility of the Board's Group Credit Committee.

The Group Executive Credit Committee oversees the Group's global credit portfolio, which ensures that EFG International has an appropriate client credit management framework, credit programmes, credit system and credit underwriting and monitoring processes and standards in place.

For real estate financing, the bank's main strategic focus is on residential mortgages lending in its defined core mortgage markets, and to a limited extent commercial properties. A comprehensive financial affordability and detailed collateral analysis is an essential part of the underwriting process. The bank in general also aims to establish a long-term Private Banking AuM business case with its mortgage lending clients. For selective cases, EFG International is willing to engage in commercial real estate financing and real estate development lending as long as the creditworthiness, the detailed credit terms, the strength of the collateral as well as the Private Banking AuM business case including the overall risk-return profile justify it.

Credit risk mitigation

To qualify as collateral for a lombard loan, a client's securities portfolio must generally be well diversified with different haircuts applied depending on the asset class and collateral risk profile. Additional haircuts are applied if the loan and the collateral are not in the same currency or diversification criteria are not fully met.

Credit exposures against approved limits and pledged collateral are regularly monitored. Financial collateral is valued where possible on a daily basis, but may be valued more frequently, if particular portfolios and severe market conditions so dictate it.

Derivatives

EFG International maintains strict monitoring of credit risk exposure induced by over-the-counter and exchangetraded derivatives against limits granted. Credit risk exposure is computed as the sum of the mark-to-market of the transactions and the potential future exposure

calculated through dedicated add-on factors applied to the notional amount of the transactions. For highly active trading clients, additional monitoring and limit setting on notional and stress test levels applied. Regular stress testing under severe simulated market conditions is implemented as part of the bank's regular credit risk reporting.

EFG International has signed risk-mitigating agreements with its most important financial institutions' counterparties.

Credit-related commitments

Credit-related commitments include the following:

• Guarantees and standby letters of credit; these carry similar credit risks as loans but are a contingent liability only without immediate cash funding.
• Credit commitments; these represent either unused portions of contractually committed authorisations for credit lines until the final contractual maturity unless no event of default applies or fully drawn loans where the bank is committed loan funding until the final contractual maturity as long as no event of default applies.

EFG International is potentially exposed to losses in an amount equal to the total commitments after application of any recovery rates. However, credit commitments are granted contingent to some extent upon clients maintaining specific credit standards which are contractually defined.

For all of the above, Group-wide standards apply regarding approval credit competences, standard collateral requirements and system-driven monitoring procedures.

Counterparty and country risks

Country risk encompasses sovereign default risk and transfer risk. Sovereign default risk is the risk that the government of a sovereign nation fails to honour its debt obligations. Transfer risk is the risk that foreign obligations cannot be serviced due to restrictions on the obligor's access to foreign exchange. Country risk management serves to prepare the bank for systemic events that raise the probability of sovereign default and of transfer risk events.

The counterparty and country risk management strategy approved by the Board of Directors is defined as follows:

• EFG International actively manages and monitors the credit portfolio and consciously accepts concentrations in certain sectors, countries and clients/counterparties

• EFG International engages and maintains relationships with counterparties that either have an explicit

• Investment Grade rating or are non-rated, but fulfil comparable criteria

• EFG International accepts a speculative rating of countries and counterparties within the lending, repo and trading portfolio activities on a limited basis
• EFG International targets collateralised transactions when interacting with counterparties
• EFG International is willing to take exposures across countries, but focused on its target regions

Management of exposure to financial institutions is based on a system of counterparty limits coordinated at the EFG International level, and also subject to pre-approved country limits. The limits are set and monitored by the Country & Counterparty Credit (Sub) Committee.

The principal aim of the Country & Counterparty Risk function, reporting to the Chief Risk Officer, is to ensure that EFG International has an appropriate country and counterparty risk management framework in place for identifying, assessing, mitigating, monitoring and reporting risks under its responsibility.

Liquidity risk

[Audited] Liquidity risks arise when financing activities are difficult or expensive as a result of liquidity crises on the markets or reputational issues. They also arise when it is difficult to meet own commitments in a timely manner due to a lack of very liquid assets. Liquidity risk has a twofold dimension: funding risk and asset liquidity risk. The two liquidity risk types are connected, as asset liquidity risk could directly increase funding risk, if EFG International is not any more able to raise sufficient liquidity if necessary.

In accordance with the risk appetite framework approved by the Board of Directors, the liquidity risk strategies are defined as follows:

• EFG International holds sufficient liquid assets that it could survive a sustained and severe run on its deposit base, without any recourse to mitigating actions beyond liquidating those assets, and without breaching regulatory liquidity limits
• EFG International funds the balance sheet primarily from customer deposits, using capital markets opportunistically, without being subject to funding concentration, due to a small number of funding sources or clients.

EFG International manages liquidity risk in such a way as to ensure that ample liquidity is available to meet commitments to customers, both in demand for loans and repayments of deposits and to satisfy EFG International's

own cash flow needs within all of its business entities. EFG International's client deposit base, capital and liquidity reserves position and conservative gapping policy, when funding client loans, ensure that EFG International runs only limited liquidity risks.

EFG International's liquidity risk management process is carried out by the Asset & Liability Management Committee and monitored by the Financial Risk Committee, in accordance with the principles and the risk appetite defined in the liquidity risk policy, which defines the organisational structure, responsibilities, limit systems and maximum acceptable risk set by the Board of Directors.

Liquidity is managed by the Treasury function, which ensures the ongoing process of sourcing new funds, in the case of a lack of liquidity, or the investing of funds, if there is an excess of liquidity. Main subsidiaries/regions have their own local Treasury departments, regulated by the Group Treasury function. The Treasury function reports to the Head of Global Markets & Treasury.

The Enterprise Risk function, reporting to the Chief Risk Officer, ensures that EFG International has an appropriate liquidity risk management framework in place for identifying, assessing, mitigating, monitoring and reporting risks under its responsibility.

EFG International aims to avoid concentrations of its funding sources. It observes its current liquidity situation and determines the pricing of its assets and credit business through the liquidity transfer pricing model. The liquidity risk management process also includes EFG International's contingency funding plans.

EFG International has a liquidity management process in place that includes contingency funding plans and stress tests, which are undertaken regularly to highlight EFG International's liquidity profile in adverse conditions and analysing intra-day and topical liquidity stress scenarios. This process is part of the risk monitoring and reporting requirements established within EFG International's risk appetite framework.

Liquidity risk mitigation

The liquidity risk management process includes:

– Day-to-day funding, managed by monitoring future cash flows to ensure that requirements can be met. This includes replenishment of funds as they mature or are borrowed by customers

• Maintaining a portfolio of highly marketable assets that can easily be liquidated as protection against any unforeseen interruption to cash flow
• Monitoring balance sheet liquidity ratios against internal and regulatory requirements
• Managing the concentration and profile of funding

EFG International aims to avoid concentrations of its funding facilities. It continuously observes its current liquidity situation and determines the pricing of its assets and credit business through the liquidity transfer pricing model. The liquidity risk management process also includes EFG International's contingency funding plans. The contingency measures include, among other actions, the activation of repo transactions with prime counterparties, the liquidation of marketable securities and/or drawdowns on lines of credit (liquidity shortage financing) with the Swiss National Bank.

Overall, EFG International, through its business units, enjoys a favourable funding base with stable and diversified customer deposits, which provide the vast majority of EFG International's total funding. The surplus of stable customer deposits over loans and other funding resources are invested or placed with central banks by EFG International's Treasury in compliance with the local regulatory requirements and internal guidelines.

EFG International manages the liquidity and funding risks on an integrated basis. The liquidity positions of the business units are monitored and managed daily. Internal limits are more conservative than the regulatory minimum levels, as required by EFG International's risk appetite framework and liquidity risk policy.

The overall level of liquidity exposure and corresponding limits are tightly monitored by means of specific risk metrics approved by the Board of Directors and in line with EFG International's overall committed level of risk appetite. Sources of liquidity are regularly assessed in terms of diversification by currency, geography, provider, term and product.

Liquidity transfer pricing model

EFG International's liquidity transfer pricing model supports the management of the balance sheet structure and the measurement of risk-adjusted profitability, taking into account liquidity risk, maturity transformation and interest rate risk. The liquidity allocation mechanism credits providers of funds for the benefit of liquidity and charges users of funds.

Customers' loans are charged for the usage of liquidity, based on the liquidity risk embedded in business activities. Short- and long-term loans receive differentiated charges for the cost of liquidity.

Liquidity adjustments are made for loans that have the same duration, but due to differing liquidity attributes are not of the same value or cost.

Customers' deposits are credited for liquidity based on their likelihood of withdrawal. As a general rule, sticky money, such as term deposits, is less likely to be withdrawn and, therefore, receives larger credit than volatile money, such as demand deposits, savings and transaction accounts, which is more likely to be withdrawn at any time.

Reputational risk

Reputational risk is defined as the risk of an activity performed by an entity of EFG International or its representatives impairing its image in the community or public confidence, and that this will result in the loss of business and/or legal action or potential regulatory sanction. Typically, it is a result of other risk categories.

EFG International considers its reputation to be among its most important assets and is committed to protecting it. Reputational risk for EFG International inherently arises from:

• Potential non-compliance with increasingly complex regulatory requirements
• Potential non-compliance with anti-money-laundering regulatory requirements
• Its dealings with politically exposed persons or other clients with prominent public profiles
• Its involvement in transactions executed on behalf of clients other than standard investment products
• Potential major incidents in the area of IT security and data confidentiality
• Potential misconduct by its employees
• Any other potential negative internal or external event arising from other risk categories (e.g. in case of financial risk arising from a significant downturn on bonds, equities markets or a particular housing market speculative bubble, etc.)

EFG International manages these potential reputational risks by preventing the occurrence of adverse events where possible or responding to them with timely, proactive stakeholder communication.

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Sustainabilty and emerging risks

EFG International aims to prevent or manage emerging risks; they can be new risks or they can even be familiar risks that become apparent in new or unfamiliar conditions. Their sources can be natural or human, and often are both.

Emerging risks may arise from environmental, social and governance (ESG) aspects affecting other risk categories, or may include new technologies, for example, artificial intelligence and as well as economic, regulatory or political change.

EFG International monitors, via regular risk assessments, emerging risks that could create potential reputational risks and impact future income generation capacity:

• EFG International closely monitors developments in new technologies like artificial intelligence and cyber as well as economic, regulatory or political changes
• EFG International strives to ensure that current and potential clients perceive EFG International as a responsible institution on environmental, social and governance aspects

Environmental and social challenges are a source of both opportunities and risks, and the financial industry has a crucial role to play in addressing these topics. Since 2021, EFG International has been refining the sustainability strategy and has established the Sustainability Advisory Board (see section dedicated to sustainability governance) to oversee and monitor progress in implementing this strategy across the organisation.

Assessing and managing ESG-related risks is a key component of this new strategy. EFG International defined a specific risk appetite statement as part of the overarching risk appetite framework, underscoring the commitment to positioning EFG International as an ESG-focused financial institution. In line with international guiding principles, EFG International also launched an ESG risk management process to identify and manage potential adverse impacts that EFG International operations could have on the environment and society, as well as any associated reputational consequences or other risks affecting EFG International and its clients. We expect to continue to adapt to the evolving ESG-related regulations. We will continue to focus on enhancing and expanding our ESG capabilities and improving our approach, data collection and tools.

In 2023 the Board of Directors defined specific metrics to monitor progress in this area. These include:

• i) A reduction of greenhouse gas (GHG) emissions from our own operations;
• ii) An increase in female representation in senior management (in percentage terms);
• iii) A dedicated ESG focus on the volume of Assets under Management in sustainable investment products.

As pointed out in the Sustainability Report 2024, EFG International has committed to five strategic climaterelated measures in the areas of sustainable finance and greenhouse gas (GHG) reduction. The publication of our Sustainability Report fulfils one of these strategic climaterelated measures.

EFG International has set a specific target to reduce those emissions by 50% by 2030 and to achieve net zero emissions by 2050. Furthermore, EFG International is implementing a GHG reduction trajectory for its own assets and expanding its responsible investment offering to enable clients to invest in assets that help the transition to a more regenerative economy.

Regarding climate risks in particular, EFG International is focusing its attention on further embedding climate-related aspects in its risks management framework. EFG International is further embedding climate-related financial risks affecting the known risk categories (credit, market, liquidity, business and operational risks), also integrating financed emissions from our main portfolios.

EFG International has enhanced its climate-related risk monitoring activities and is continuously strengthening its internal control framework and operational capabilities to define appropriate metrics for assessing climate-related risks. In this regard, in line with regulatory requirements and expectations, EFG International is monitoring a set of climate-related risk metrics at single entity and at Group level for key portfolios (loans, own investments and securities in assets under management) via dedicated dashboards that enable the organisation to assess the main exposures and track key risk indicators pertaining to the mentioned financial risks.

Risk & Capital Management

5. Capital management

[Audited] The Group's objectives when managing regulatory capital are to comply with the capital requirements set by regulators of the jurisdictions in which the Group entities operate and to safeguard the Group's ability to continue as a going concern.

Capital adequacy

Capital adequacy and the use of regulatory capital are continually monitored and reported by the Group's management, using the framework developed by the Bank for International Settlements (BIS). The regulatory capital requirement of the Group is ultimately determined by the rules implemented by the Swiss banking regulator, the Swiss Financial Market Supervisory Authority (FINMA).

For 2024, the Group reports regulatory capital using IFRS Accounting Standard as a basis. This is also the basis the Group uses to report to the FINMA. The Group will publish the Basel III Pillar 3 Disclosures for the year ended 31 December 2024 on the Group website by 30 April 2025.

The Group's eligible capital comprises two tiers:

– Tier 1 capital: share capital (net of any book value of treasury shares), non-controlling interests arising on consolidation from interests in permanent shareholders' equity, retained earnings, additional equity components and reserves created by appropriations of retained earnings. The book value of acquisition-related intangible assets net of acquisition-related liabilities is deducted in arriving at Tier 1 capital.

• Tier 2 capital: subordinated loans and unrealised gains arising on the fair valuation of financial instruments at fair value through other comprehensive income.
• Additional Tier 1 capital comprises USD 400.0 million of perpetual, unsecured deeply subordinated notes qualifying as Additional Tier 1 capital issued in January 2021.

Risk-weighted assets are determined according to specified requirements which reflect the varying levels of risk attached to assets and off-balance-sheet exposures, and include amounts in respect of credit risk, market risk, non-counterparty-related risk, settlement risk, and operational risk.

The following table summarises the composition of regulatory capital and the ratios of the Group for the years ended 31 December 2024 and 2023.

	Basel III
	31 December 2024	31 December 2023
	Unaudited	Unaudited
	CHF millions	CHF millions
Tier 1 capital
Share capital	149.7	150.9
Share premium / Capital reserves	1,882.9	1,932.9
Other reserves and Retained earnings	(5.4)	(217.7)
Additional equity components	351.0	351.0
Total equity	2,378.2	2,217.1
Less: Proposed dividend on Ordinary Shares	(179.6)	(166.0)
Less: Pro rata distribution to Additional Tier 1 holders	(14.9)	(13.8)
Less: Equity components included in Additional Tier 1	(351.0)	(351.0)
Less: Other, including Goodwill and intangible assets	(183.8)	(221.1)
Common Equity Tier 1 (CET1)	1,648.9	1,465.2
Additional Tier 1	351.0	351.0
Total qualifying Tier 1 capital	1,999.9	1,816.2
Tier 2 capital
Additional adjustments
Total regulatory capital	1,999.9	1,816.2
Risk-weighted assets
Credit risk including settlement risk and credit value adjustment	6,198.9	5,941.0
Market risk*	579.6	364.9
Operational risk*	2,540.5	2,332.4
Total risk-weighted assets	9,319.0	8,638.3
	31 December 2024	31 December 2023
	Unaudited	Unaudited
	CHF millions	CHF millions
	%	%
Basel III – CET1 Ratio
(after deducting proposed dividend on Ordinary Shares)	17.7	17.0
Basel III – Total Capital Ratio
(after deducting proposed dividend on Ordinary Shares)	21.5	21.0

^* Risk-weighted figure calculated by taking 12.5 times the capital adequacy requirement

Risk & Capital Management

In addition to the existing requirement for the Group to hold eligible capital proportionate to risk-weighted assets, the Group is required to report the leverage ratio. This is a non-risk-based metric, defined as the ratio between 'total

qualifying Tier 1 capital' and total exposure. Total exposure includes balance sheet and off-balance-sheet exposures. The Basel Committee on Banking Supervision defined the requirements at 3%.

		Basel III
	31 December 2024	31 December 2023
	Unaudited	Unaudited
	CHF millions	CHF millions
On-balance sheet exposure (excluding derivatives and other adjustments)	40,402.0	38,364.8
Derivative exposures (including add-ons)	873.0	269.8
Securities financing transactions	28.3	13.8
Other off-balance sheet exposures	200.9	212.5
Total exposure	41,504.2	38,860.9
Total qualifying Tier 1 capital	1,999.9	1,816.2
Basel III – Leverage Ratio	4.8%	4.7%

The Groups CET1 and Total Capital ratios increased by 0.5% and 0.2% respectively, primarily due to the retained profits for the year.

Consolidated financial statements

EFG International for the year ended 31 December 2024

Consolidated income statement	106
Consolidated statement of comprehensive income	107
Consolidated balance sheet	108
Consolidated statement of changes in equity	109
Consolidated cash flow statement	111
Notes to the consolidated financial statements	114
Report on the audit of the consolidated financial statements	213

Consolidated income statement for the year ended 31 December 2024

		Year ended 31 December 2024	Year ended 31 December 2023
	Note	CHF millions	CHF millions
Interest and discount income		1,461.3	1,389.4
Interest expense		(1,078.0)	(877.4)
Net interest income	4	383.3	512.0
Banking fee and commission income		902.6	793.2
Banking fee and commission expense		(235.6)	(206.0)
Net banking fee and commission income	5	667.0	587.2
Dividend income		2.2	2.8
Income from foreign exchange activities	6	323.2	254.8
Fair value gains less losses on financial instruments measured at fair value	7	98.7	72.8
Gains less losses on disposal of investment securities		(0.1)	(0.3)
Other operating income	8	24.6	1.4
Net other income		448.6	331.5
Operating income		1,498.9	1,430.7
Operating expenses	9	(1,107.9)	(1,057.9)
Impairment of intangible assets	11	(2.3)	(23.6)
Provisions	32	(5.2)	(9.3)
Loss allowances expense	12	(2.1)	(6.7)
Profit before tax		381.4	333.2
Income tax expense	13	(59.8)	(30.0)
Net profit for the year attributable to equity holders of the Group		321.6	303.2
		Year ended	Year ended
		31 December 2024	31 December 2023
	Note	CHF	CHF
Earnings per ordinary share
Basic	14	1.00	0.94
Diluted	14	0.95	0.91

The notes on pages 114 to 211 form an integral part of these consolidated financial statements.

Consolidated statement of comprehensive income for the year ended 31 December 2024

Year ended 31 December 2024

Year ended 31 December 2023

	Note	CHF millions	CHF millions
Net profit for the year		321.6	303.2
Other comprehensive income
Items that may be reclassified subsequently to the income statement:
Adjustment on reclassification of investments			166.6
Tax effect of adjustment on reclassification of investments			(6.4)
Foreign exchange gains/(losses) on net investments in foreign operations, with no tax
effect		4.6	(3.0)
Currency translation differences, with no tax effect		64.6	(111.8)
Net losses on investments in debt instruments measured at fair value through other
comprehensive income, with tax effect		(1.0)
Tax effect on net losses on investments in debt instruments measured at fair value
through other comprehensive income		0.2
Net (losses)/gains on cash flow hedges effective portion of changes in fair value, with
no tax effect	19	(5.1)	11.9
Net gains on cash flow hedges reclassified to the income statement, with no tax effect	19	(11.9)
Items that will not be reclassified to the income statement:
Retirement benefit losses	35	(1.0)	(28.7)
Tax effect on retirement benefit losses	26	0.2	5.6
Total other comprehensive income for the year, net of tax		50.6	34.2
Total comprehensive income for the year attributable to equity holders of the Group		372.2	337.4

Consolidated balance sheet at 31 December 2024

		31 December 2024	31 December 2023
	Note	CHF millions	CHF millions
Assets
Cash and balances with central banks	15	5,871.2	4,726.9
Treasury bills and other eligible bills	17	1,550.0	2,340.6
Due from other banks	18	2,723.7	2,617.6
Derivative financial instruments	19	1,549.9	1,574.3
Financial assets at fair value through profit and loss	20	1,445.5	1,363.6
Investment securities	21	8,029.1	8,489.8
Loans and advances to customers	22	17,925.3	16,019.1
Property, plant and equipment	23	359.8	299.9
Intangible assets	24	192.2	203.5
Deferred income tax assets	26	40.0	73.9
Other assets	27	912.8	876.7
Total assets		40,599.5	38,585.9
Liabilities
Due to other banks	28	1,052.4	943.0
Due to customers	29	31,306.0	30,056.5
Derivative financial instruments	19	1,400.4	1,570.3
Financial liabilities at fair value through profit and loss	30	171.5	173.9
Financial liabilities at amortised cost	31	3,417.5	2,807.8
Current income tax liabilities		6.6	13.0
Deferred income tax liabilities	26	15.8	16.4
Provisions	32	188.1	134.4
Other liabilities	34	663.0	653.5
Total liabilities		38,221.3	36,368.8
Equity
Share capital	36	149.7	150.9
Share premium		1,882.9	1,932.9
Other reserves	37	29.2	(52.8)
Retained earnings		(34.6)	(164.9)
Total shareholders' equity		2,027.2	1,866.1
Additional equity components	38	351.0	351.0
Total equity		2,378.2	2,217.1
Total equity and liabilities		40,599.5	38,585.9

The notes on pages 114 to 211 form an integral part of these consolidated financial statements.

Consolidated statement of changes in equity for the year ended 31 December 2024

			Attributable to owners of the Group
						Total share	Additional	Non
		Share	Share	Other	Retained	holder's	equity	controlling	Total
CHF millions	Note	capital	premium	reserves	earnings	equity	components	interests	equity
Balance at 01 January 2023		151.3	1,971.4	(94.9)	(314.3)	1,713.5	351.0		0.8 2,065.3
Net profit for the year					303.2	303.2			303.2
Adjustment on reclassification of investments				166.6		166.6			166.6
Tax effect of adjustment on reclassification of
investments				(6.4)		(6.4)			(6.4)
Foreign exchange losses on net investments
in foreign operations, with no tax effect				(3.0)		(3.0)			(3.0)
Currency translation differences,
with no tax effect				(111.9)		(111.9)		0.1	(111.8)
Net gains on cash flow hedges, with no tax
effect	19			11.9		11.9			11.9
Retirement benefit losses	35			(28.7)		(28.7)			(28.7)
Tax effect on retirement benefit losses	26			5.6		5.6			5.6
Total comprehensive
income for the year		–	–	34.1	303.2	337.3	–	0.1	337.4
Ordinary shares repurchased	36	(4.0)	(72.6)			(76.6)			(76.6)
Dividend paid on ordinary shares	39				(136.7)	(136.7)			(136.7)
Distribution to additional equity components	38				(20.4)	(20.4)			(20.4)
Dividend paid on non-controlling interests						–		(0.9)	(0.9)
Equity-settled share-based plan expensed
in the income statement	52			51.9		51.9			51.9
Employee equity incentive plans exercised	52	3.6	34.1	(43.9)	6.2	0.0			0.0
Other movements					(2.9)	(2.9)			(2.9)
Balance at 31 December 2023		150.9	1,932.9	(52.8)	(164.9)	1,866.1	351.0		– 2,217.1

Consolidated statement of changes in equity for the year ended 31 December 2024 continued

	Attributable to owners of the Group
						Additional	Non
	Share	Share	Other	Retained		equity	controlling Total
Note	capital	premium	reserves	earnings	equity	components	interests equity
	150.9	1,932.9	(52.8)	(164.9)	1,866.1	351.0	– 2,217.1
				321.6	321.6		321.6
			4.6		4.6		4.6
			64.6		64.6		64.6
			(1.0)		(1.0)		(1.0)
			0.2		0.2		0.2
19			(5.1)		(5.1)		(5.1)
19			(11.9)		(11.9)		(11.9)
35			(1.0)		(1.0)		(1.0)
26			0.2		0.2		0.2
	–	–	50.6	321.6	372.2	–	– 372.2
36	(4.4)	(100.7)			(105.1)		(105.1)
39				(165.3)	(165.3)		(165.3)
							(19.6)
							78.9
							0.0
							– 2,378.2
	Foreign exchange gains on net investments in other comprehensive income, with tax effect Net gains on cash flow hedges reclassified to Distribution to additional equity components 38 52 52	3.2 149.7	50.7 1,882.9	78.9 (47.5) 29.2	(19.6) (6.4) (34.6)	Total share (19.6) 78.9 0.0 2,027.2	holder's 351.0

Consolidated cash flow statement for the year ended 31 December 2024

	Note	Year ended 31 December 2024 CHF millions	Year ended 31 December 2023 CHF millions
Cash flows from operating activities
Interest received		1,463.0	1,361.9
Interest paid		(1,098.9)	(819.7)
Banking fee and commission received		899.6	792.3
Banking fee and commission paid		(233.3)	(205.3)
Dividend received		2.2	2.8
Net trading income	6	323.2	254.8
Other operating income receipts/(payments)	8	24.6	1.3
Staff costs paid		(748.3)	(688.4)
Other operating expenses paid		(261.6)	(212.7)
Income tax paid		(31.7)	(31.5)
Cash flows from operating activities before changes
in operating assets and liabilities		338.8	455.5
Changes in operating assets and liabilities
Net (increase)/decrease in treasury bills		(141.2)	447.2
Net decrease/(increase) in due from other banks (> 90 days)		20.6	(71.9)
Net (increase)/decrease in derivative financial instruments		(172.4)	118.3
Net (increase)/decrease in loans and advances to customers		(1,455.8)	404.9
Net decrease/(increase) in other assets		(7.9)	(77.5)
Net increase in due to other banks		85.9	36.6
Net increase/(decrease) in due to customers		575.4	(3,124.1)
Issuance of financial liabilities at amortised cost and fair value		5,383.9	4,230.6
Redemption of financial liabilities at amortised cost and fair value		(5,052.2)	(5,116.5)
Net increase in other liabilities		27.8	52.8
Net cash flows from operating activities		(397.1)	(2,644.1)
Cash flows from investing activities
Purchase of securities		(3,410.9)	(2,697.6)
Proceeds from redemption/sale of securities		3,943.3	1,508.5
Purchase of property, plant and equipment	23	(23.1)	(0.5)
Purchase of intangible assets	24	(25.3)	(25.7)
Net cash flows generated from/(used in) investing activities		484.0	(1,215.3)

Consolidated cash flow statement for the year ended 31 December 2024 continued

		Year ended	Year ended
		31 December 2024	31 December 2023
	Note	CHF millions	CHF millions
Cash flows from financing activities
Dividend paid on ordinary shares	39	(165.3)	(136.7)
Ordinary shares repurchased		(105.1)	(76.6)
Additional equity components distributions	38	(19.6)	(20.4)
Debt issued	31	369.1
Principal element of lease payments		(38.0)	(30.9)
Transactions with non-controlling interests			(0.9)
Net cash flows from financing activities		41.1	(265.5)
Effect of exchange rate changes on cash and cash equivalents		205.5	(85.1)
Net change in cash and cash equivalents		333.5	(4,210.0)
Cash and cash equivalents at beginning of period	16	8,876.1	13,086.1
Net change in cash and cash equivalents		333.5	(4,210.0)
Cash and cash equivalents	16	9,209.6	8,876.1

The notes on pages 114 to 211 form an integral part of these consolidated financial statements.

Notes to the consolidated financial statements

2	Principal accounting policies	116
3	Critical accounting estimates and judgements in applying
	accounting policies	117
	Income statement notes	118
4	Net interest income	118
5	Net banking fee and commission income	119
6	Income from foreign exchange activities	120
7	Fair value gains less losses on financial instruments
	measured at fair value	121
8	Other operating income	121
9	Operating expenses	122
	10 Staff costs	123
	11 Impairment of intangible assets	124
	12 Loss allowances expense	124
	13 Income tax expense	125
	14 Basic and diluted earnings per ordinary share	127
	Balance sheet notes	128
	15 Cash and balances with central banks	128
	16 Cash and cash equivalents	129
	17 Treasury bills and other eligible bills	130
	18 Due from other banks	131
	19 Derivative financial instruments	133
	20 Financial assets at fair value through profit and loss	138
	21 Investment securities	141
	22 Loans and advances to customers	144
	23 Property, plant and equipment	151
	24 Intangible assets	152
	25 Intangible assets – impairment tests	153
	26 Deferred income tax assets and liabilities	154
	27 Other assets	157
	28 Due to other banks	157
	29 Due to customers	158
	30 Financial liabilities at fair value through profit and loss	158
	31 Financial liabilities at amortised cost	159
	32 Provisions	160

1 General information 116

33 Contingent liabilities	161
34 Other liabilities	164
35 Retirement benefit obligations	164
36 Share capital	170
37 Other reserves	171
38 Additional equity components	172
39 Dividends	173
40 Securities repurchase and reverse purchase agreements	174
41 Credit risk	174
42 Market risk	180
43 Liquidity risk	182
Segmental reporting	183
44 Segmental reporting	183
45 Analysis of Swiss and foreign income and expenses	186
46 Analysis of Swiss and foreign assets, liabilities and
shareholders' equity	187
Off-balance-sheet notes	188
47 Off-balance-sheet items	188
48 Fiduciary transactions	188
Additional information	189
49 Valuation of financial assets and liabilities	189
50 Offsetting	201
51 Shares in subsidiary undertakings	203
52 Employee equity incentive plans	204
53 Related party transactions	205
54 Key management compensation	207
55 Assets under Management and Assets under Administration	208
56 Events occurring after the reporting period	209
57 Swiss banking law requirements	209

1. General information

EFG International AG and its subsidiaries (hereinafter collectively referred to as 'EFG International Group' or 'The Group') are a leading global private banking group, offering private banking, wealth management and asset management services. The Group's principal places of business are in Australia, Bahamas, the Cayman Islands, Channel Islands, Dubai, Hong Kong, Liechtenstein, Luxembourg, Monaco, Singapore, Switzerland, the United Kingdom, and the United States of America. Across the whole Group, the number of employees (FTEs) at 31 December 2024 was 3,114 (31 December 2023: 3,025) and the average for the year was 3,070 (2023: 2,927).

EFG International AG is a limited liability company and is incorporated and domiciled in Switzerland. The Group is listed on the SIX Swiss Exchange with its registered office at Bleicherweg 8, 8022 Zurich. For details of significant shareholders, refer to note 13 of the Parent Company Financial Statements.

These consolidated financial statements were approved for issue by the Board of Directors on 18 February 2025.

2. Principal accounting policies

The principal accounting policies and accounting judgements applied in the preparation of the consolidated financial statements have been disclosed below and as part of the notes to the consolidated financial statements where appropriate. These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Basis of preparation

These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Standards Interpretations Committee (IFRS Interpretations Committee) interpretations issued and effective for the year ended 31 December 2024. These consolidated financial statements are subject to the approval of the shareholders.

Following a full review of the consolidated annual report, the information presented has been streamlined and reorganised to enhance readability, leading to the creation of the new section "Risk and Capital management".

Disclosures marked as audited in the "Risk Management report" section of this annual report form an integral part of these financial statements. These disclosures relate to

requirements under IFRS 7, Financial Instruments: Disclosures, and IAS 1, Presentation of Financial Statements, and are not repeated in this section.

The consolidated financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value.

The Group's presentation currency is the Swiss franc (CHF), being the functional currency of the parent company and of its major operating subsidiary, EFG Bank AG.

The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2023.

New and amended standards adopted by the Group:

The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 01 January 2024:

• Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments Disclosures – Supplier Finance Arrangements".
• Amendments to IAS 1 "Presentation of Financial Statements – Non-current Liabilities with Covenants".
• Amendments to IFRS 16 "Leases Lease Liability in a Sale and Leaseback".

These standards and amendments do not have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

New and amended standards not yet adopted:

Certain new accounting standards and interpretations have been published that are not mandatory for the reporting period ended 31 December 2024, and have not been early adopted by the Group.

In April 2024, the IASB issued a new standard, IFRS 18 "Presentation and Disclosure in Financial Statements". The new standard will be effective for reporting periods beginning on or after 01 January 2027. IFRS 18 introduces a defined structure of the income statement, disclosures related to the income statement, and enhanced guidance on the principles of aggregation and disaggregation which focus on grouping items based on their shared characteristics.

In May 2024, the IASB issued targeted amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7. The new amendments

will be effective for reporting periods beginning on or after 01 January 2026.

These amendments clarify the date of recognition and derecognition of some financial assets and liabilities, add new guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion, add new disclosures for certain instruments with contractual terms that can change cash flows, and update the disclosures for equity instruments designated at fair value through other comprehensive income.

The Group is assessing the impact of the new requirements on its financial statements and disclosures.

(b) Consolidation

(i) Subsidiaries

Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. The Group applies the acquisition method of accounting to record business combinations. The cost of an acquisition is measured at the fair value of the assets acquired, equity instruments or liabilities undertaken at the date of acquisition including those resulting from contingent consideration arrangements. Costs related to the acquisition are expensed as incurred. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement.

Unrealised losses are also eliminated, but considered an impairment indicator of the asset transferred. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group.

A listing of the Company's main subsidiaries is set out in note 51.

(ii) Non-controlling interests

The Group treats transactions with non-controlling interests that do not result in loss of control as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

(iii) Disposal of subsidiaries

When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount

recognised in the income statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to the income statement.

(c) Foreign currencies

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in CHF, which is the Group's presentation currency, as the functional currency of the parent company and of its major operating subsidiary, EFG Bank AG.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Year-end exchange rates and average exchange rates for translation of foreign denominated subsidiaries for the main currencies are as follows:

	2024	2024	2023	2023
	Closing	Average	Closing	Average
	rate	rate	rate	rate
USD	0.9060	0.8808	0.8380	0.8988
GBP	1.1351	1.1255	1.0655	1.1174
EUR	0.9412	0.9528	0.9260	0.9718

3. Critical accounting estimates and judgements in applying accounting policies

In the process of applying accounting policies, the Group's management makes various judgements, estimates and assumptions that may affect the reported amounts of assets and liabilities recognised in the financial statements in future periods. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The different judgements, estimates and assumptions are disclosed in the notes.

Income statement notes

4. Net interest income

Accounting principles

Interest income and expenses are recognised for all interest-bearing instruments on an accrual basis, using the effective interest method. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument, but does not consider future credit losses. The calculation includes all amounts paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and any other premiums or discounts. Negative interest on assets is recorded as an interest expense, and negative interest on liabilities is recorded as interest income. For financial assets at amortised cost or debt instruments at fair value through other comprehensive income classified in Stage 3 for expected credit loss purposes, the original effective interest rate is applied to the amortised cost of the asset rather than to the gross carrying amount.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Banks and customers	1,174.9	1,122.9
Investment securities	222.8	192.3
Treasury bills and other eligible bills	63.6	74.2
Total interest and discount income	1,461.3	1,389.4
Banks and customers	(930.8)	(771.7)
Financial liabilities at amortised cost	(142.6)	(101.7)
Lease liabilities	(4.6)	(4.0)
Total interest expense	(1,078.0)	(877.4)
Net interest income	383.3	512.0

5. Net banking fee and commission income

Accounting principle

Fees and commissions are recognised on an accrual basis.

The Group generates fees and commission income from services provided over time (such as portfolio management and advisory services) or when the Group delivers a specific transaction at a point in time (such as brokerage services). The Group recognises fees earned on transaction-based arrangements at a point in time when the service has been fully provided to the customer. Where the contract requires services to be provided over time, income is recognised on a systematic basis over the life of the agreement.

Except for certain portfolio management and advisory fees, all fees are generated at a fixed price. Portfolio management and advisory fees can be variable depending on the size of the customer portfolio and the Group's performance as fund manager. Variable fees are recognised when the performance benchmark has been met and when collectability is assured. The Group acts as principal in the majority of contracts with customers. When the Group acts as agent (in certain brokerage, custody and retrocession arrangements), it recognises income net of fees payable to other parties in the arrangement.

Fee income generated from providing a service that does not result in the recognition of a financial instrument is presented within banking fees and commission income. Fees generated from the acquisition, issue or disposal of a financial instrument are presented in the income statement in line with the balance sheet classification of that financial instrument.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Advisory and management fees	436.0	396.7
Brokerage fees	309.4	253.2
Commission and fee income on other services	157.2	143.3
Banking fee and commission income	902.6	793.2
Commission and fee expenses on other services	(235.6)	(206.0)
Banking fee and commission expense	(235.6)	(206.0)
Net banking fee and commission income	667.0	587.2

6. Income from foreign exchange activities

Accounting principle

At the balance sheet date, all monetary assets, including those at fair value through comprehensive income, and monetary liabilities denominated in foreign currencies are translated into the functional currency using closing exchange rates. Translation differences are reported in Income from foreign exchange activities. Non-monetary items measured at historical cost are translated at the exchange rate on the date of the transaction.

Treasury foreign exchange forward and swap transactions are derivative financial instruments measured at fair value through profit or loss, further information can be found in note 19 derivative financial instruments. Their change in valuation primarily reflects an interest rate differential between two currencies.

Client margins on currency and metals operations arise when the bank acts as principal in buying and selling foreign currencies from and to clients. Any margin earned arising from the difference between the purchase and sale price is recognised as part of the gains or losses on financial instruments. This margin is recognised in profit and loss upon trade completion.

Global markets operations are primarily derivative transactions executed by the bank's global markets unit, such as spot foreign exchange trades, balance sheet position management and related risk management activities are accounted for at fair value through profit or loss, with any resulting gains or losses including realised and unrealised changes in fair value being recognised in profit or loss as they arise, reflecting the bank's role as principal in these trading activities.

	31 December 2024 CHF millions	31 December 2023 CHF millions*
Treasury forwards and swap income	144.4	90.3
Client margins on currency and metals operations	119.9	106.1
Global markets operations	59.1	52.6
Other	(0.2)	5.8
Income from foreign exchange activities	323.2	254.8

^* The comparative information has been restated to align to the current year presentation, amended from prior years.

7. Fair value gains less losses on financial instruments measured at fair value

Accounting principles and details of changes in the valuation of level 3 assets are set out in note 49.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Financial instruments measured at fair value
Life insurance securities	54.7	70.3
Debt securities	25.2	1.1
Equity securities	18.8	1.4
Fair value gains less losses on financial instruments measured at fair value	98.7	72.8

8. Other operating income

	31 December 2024 CHF millions	31 December 2023 CHF millions
Other profits	30.3	9.9
Other losses	(5.7)	(8.5)
Other operating income	24.6	1.4

9. Operating expenses

	Note	31 December 2024 CHF millions	31 December 2023 CHF millions
Staff costs	10	(796.5)	(764.8)
Professional services		(31.6)	(39.1)
Advertising and marketing		(14.9)	(13.0)
Administrative expenses		(90.0)	(86.6)
Depreciation of property, plant and equipment	23	(13.9)	(11.5)
Depreciation of property, plant and equipment previously classified
as held for sale (see below)		(5.0)
Depreciation of right-of-use assets	23	(37.0)	(33.9)
Amortisation of intangible assets
Computer software and licences	24	(23.9)	(23.6)
Other intangible assets	24	(9.5)	(9.6)
Legal and litigation expenses		(38.4)	(26.6)
Non-income taxes		(18.1)	(19.4)
Insurance costs		(8.0)	(8.5)
Other		(21.1)	(21.3)
Operating expenses		(1,107.9)	(1,057.9)

On 09 June 2024, a local referendum voted against the purchase of a building owned by EFG by the Canton of Ticino. As a result, the carrying value of the building was reclassified from Other assets held for sale to Property, plant and equipment. The carrying value was reduced as if the building had never been recognised as held for sale, incurring an additional depreciation charge of

CHF 5.0 million presented under Depreciation of property, plant and equipment previously classified as held for sale.

Legal and litigation expenses above have increased in 2024 primarily due to to a civil claim where the Group incurred CHF 30.8 million (2023: CHF 4.1 million) of legal and litigation expenses preparing for a trial scheduled to commence in March 2025. See note 33 b) (ii) for further details.

10. Staff costs

Accounting principles

Short-term employee benefits

The Group recognises short-term compensated absences and approved bonuses as a liability and an expense.

Share-based compensation

The Group operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of the options or restricted stock units is recognised as an expense over the vesting period for options or restricted stock units granted under the plan.

	Note	31 December 2024 CHF millions	31 December 2023 CHF millions
Wages, salaries and staff bonuses		(599.9)	(590.9)
Social security costs		(61.6)	(59.9)
Pension costs
Retirement benefits	35	(19.6)	(21.3)
Other net pension costs		(21.5)	(16.2)
Employee equity incentive plans	52	(78.9)	(51.9)
Other		(15.0)	(24.6)
Staff costs		(796.5)	(764.8)

As at 31 December 2024, the number of full-time equivalent employees (FTEs) of the Group was 3,114 (2023: 3,025) and the average for the year was 3,070 (2023: 2,927).

In the year ended 31 December 2024, the Group made a change of accounting estimate for staff bonus accruals, introducing a new input in its estimate for annual cash bonuses payable. This estimate considers that the bonus can be forfeited until payment date, which is typically in March of the following year. The Group introduced an estimated forfeiture rate, which is based on historical data, and calculates the accrual considering the service period until payment date.

As a result, the Group accrues for the estimated expense from the beginning of the service period, being either 01 January or the joining date of the employee, to the

payment date. The estimated impact is a deferral of bonus expenses to 31 December 2024 of approximately CHF 29.1 million.

In 2023, the Group made significant investments to expand, and recruited 141 Client Relationship Officers, and numerous other senior hires. These recruitments involved guaranteeing cash and restricted stock unit bonuses. The cash bonuses are to be paid in 2025 and later, and are subject to clawback arrangements by the Group in the event the employee leaves before certain dates. As a result, these bonuses are accrued for in the income statement over the period from the start date of the employee to the later of the payment date or the end of the clawback period. In the year ended 31 December 2024, the Group has recognised an expense of CHF 17.9 million for such bonuses (CHF 9.2 million in the year ended 31 December 2023).

11. Impairment of intangible assets

	31 December 2024 CHF millions	31 December 2023 CHF millions
Computer software, licenses and others	(2.3)	(23.6)
Impairment of intangible assets	(2.3)	(23.6)

Total impairment of intangible assets amounts to CHF 2.3 million for the year ended 31 December 2024 (2023: CHF 23.6 million). For the year ended 31 December 2023, the charge arose primarily from the decision to implement a new e-Banking solution, the carrying value of the existing e-Banking solution had been written down with no remaining recoverable amount (CHF 16.2 million write-off).

The asset previously belonged to the Corporate segment.

12. Loss allowances expense

For accounting principles and basis for calculating expected credit losses, see note 41.

Loss allowances expense includes all expected credit losses movements with an income statement impact:

	31 December 2024 CHF millions	31 December 2023 CHF millions
Change in loss allowance on due from other banks		(0.1)
Change in loss allowance on lombard loans	1.7	(4.0)
Change in loss allowance on other loans	(1.1)	0.1
Change in loss allowance on mortgages	(2.9)	(3.0)
Change in loss allowance on Treasury bills	0.1
Change in loss allowance on investment securities (at amortised cost)	(0.2)	0.1
Change in loss allowance on off-balance sheet items	0.3	0.2
Total loss allowance expense	(2.1)	(6.7)

13. Income tax expense

Accounting principles

Current tax expense comprises income tax payable on profits, based on the applicable tax law in each jurisdiction, and is recognised as an expense in the period in which profits arise.

Deferred income tax is provided, using the liability method, on all temporary differences arising between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. The expected effective tax rates are used to determine deferred income tax. The principal temporary differences arise from intangible amortisation, pension obligations, and revaluation of certain financial assets and liabilities.

Deferred tax assets are only recognised to the extent that it is probable that they will crystallise in the future. Deferred tax relating to changes in fair values of financial assets classified as 'Investment securities', which is taken directly to the 'Statement of other comprehensive income', is charged or credited directly to other comprehensive income and for debt instruments is subsequently recognised in the income statement together with the deferred gain or loss on disposal.

Accounting judgement

The Group is subject to income taxes in various jurisdictions. Estimates are required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

Significant estimates are required to determine the current and deferred tax assets and liabilities. A deferred tax asset is recognised for the carry forward of unused tax losses to the extent that it is probable that future taxable profits will be available and used against these losses. To the extent that it is not probable that taxable profit will be available against which unused tax losses can be utilised, the deferred tax asset is not recognised.

	Note	31 December 2024 CHF millions	31 December 2023 CHF millions
Current tax expense		(26.7)	(25.1)
Deferred income tax expense	26	(33.1)	(4.9)
Income tax expense		(59.8)	(30.0)

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The tax on the Group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate of the Group, as follows:

	31 December 2024	31 December 2023
	CHF millions	CHF millions
Operating profit before tax	381.4	333.2
Tax at the weighted average applicable rate of 19% (2023: 19%)	(72.5)	(63.3)
Tax effect of:
Unrecognised tax losses carried forward for the year		(3.3)
Profit not subject to tax	2.9	10.3
Additional prior year tax losses recognised	8.5	22.6
(Increase)/release of prior years tax provisions	(1.9)	1.7
Other differences	3.2	2.0
Total income tax expense	(59.8)	(30.0)

The weighted average tax rate of 19% (2023: 19%) is based on the operating entities' local tax rates relative to the taxable income in these jurisdictions.

The Group is subject to the global minimum top-up tax under OECD Pillar Two legislation as annual consolidated revenues exceeds EUR 750 million (CHF 705.9 million). This tax reform aims to ensure that large multinational groups pay taxes at a minimum rate of at least 15% on income arising in each jurisdiction in which they operate by applying a system of top-up taxes. There are three mechanisms under Pillar Two rules that countries can adopt: the Income Inclusion Rule (IIR), the Undertaxed Profit Rule (UPR) and a Qualified Domestic Minimum Top-up Tax (QDMTT).

In Switzerland, where the ultimate parent entity is located, the Federal Council will phase in the implementation of Pillar Two. Specifically, from 01 January 2024, Switzerland levies a QDMTT on Swiss profits of Swiss corporations and Swiss permanent establishments of international groups. The Swiss Federal Council confirmed the implementation date for the IIR as 01 January 2025, while the implementation of the UPR is on hold for the time being.

In the year ended 31 December 2024, in the other Group locations, either no Pillar Two rules have been adopted, or the QDMTT rules only, with the exception of Greece, Italy, Liechtenstein, Luxembourg, Portugal and United Kingdom which adopted, both the QDMTT and IIR from 01 January 2024.

In future years when all rules are implemented and phased in, an impact is expected on the Group's expected tax rate due to additional taxes on profits in the Cayman Islands and Bahamas, amongst other locations. In summary, based on the current assessment, the application of the Pillar Two legislation has an incremental impact on the 2024 tax charge of approximately CHF 0.4 million, however when fully enacted over the next two to three years is expected to increase the Group's effective tax rate by 1 to 2 percentage points.

The Group has applied the IAS 12 exception to recognising and disclosing information about deferred tax accounting for the impacts of the top-up taxes and accounts for them as current tax when incurred. In this respect, no significant Pillar Two impact has been estimated by the Group for 2024. As a result, no deferred tax asset or liability has been recorded.

14. Basic and diluted earnings per ordinary share

	31 December 2024 CHF millions	31 December 2023 CHF millions
Net profit for the year attributable to equity holders of the Group	321.6	303.2
Estimated distribution on additional equity components	(19.9)	(18.4)
Net profit for the year attributable to ordinary shareholders	301.7	284.8
Weighted average number of ordinary shares ('000s of shares)	301,220	303,138
Basic earnings per ordinary share (CHF)	1.00	0.94
Diluted-weighted average number of ordinary shares ('000s of shares)	316,806	311,668
Diluted earnings per ordinary share (CHF)	0.95	0.91

Basic earnings per ordinary share is calculated by dividing the net profit attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year, excluding the average number of ordinary shares owned by the Group amounting to 11,083,073 (2023: 8,083,336).

For the purpose of the calculation of earnings per ordinary share, net profit for the period attributable to ordinary shareholders has been adjusted by an estimated accrued distribution of 5.5% p.a. on the additional equity components.

Diluted earnings per ordinary share is calculated by adjusting the weighted average number of ordinary shares outstanding for the dilutive impact of 15.6 million ordinary shares projected to be issued related to the employee equity incentive plan (2023: 8.5 million shares). The restricted stock units as part of the employee equity incentive plan have the effect of increasing the dilutedweighted average number of ordinary shares of the Group in periods when the Group has profits attributable to ordinary shareholders.

For information regarding the EFG International equity incentive plan, see note 52.

Balance sheet notes

15. Cash and balances with central banks

	31 December 2024 CHF millions	31 December 2023 CHF millions
Cash in hand	36.7	42.8
Balances with central banks	5,834.5	4,684.1
Cash and balances with central banks	5,871.2	4,726.9

The table below presents the aggregate changes in gross carrying values and loss allowances for Balances with central banks:

Balances with central banks - Gross

carrying value	Stage 1 CHF millions	Stage 2 CHF millions	Stage 3 CHF millions	Total CHF millions
At 01 January 2023	9,487.6	–	–	9,487.6
Financial assets derecognised during the
period other than write-offs	(6,270.1)			(6,270.1)
New financial assets originated
or purchased	1,549.5			1,549.5
Exchange differences	(40.1)			(40.1)
At 31 December 2023	4,726.9	–	–	4,726.9
Financial assets derecognised during the
period other than write-offs	(4,713.9)			(4,713.9)
New financial assets originated
or purchased	5,763.6			5,763.6
Exchange differences	94.6			94.6
At 31 December 2024	5,871.2	–	–	5,871.2

Balances with central banks - Loss
allowance	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime
	ECL	ECL	ECL	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	–	–	–	–
Movements with P&L impact
Other movements with no P&L impact				–
At 31 December 2023	–	–	–	–
Movements with P&L impact
Other movements with no P&L impact				–
At 31 December 2024	–	–	–	–

There were no purchased credit-impaired balances during the reporting period, nor were the terms of any contracts modified. In addition, no amounts were written off in the period.

16. Cash and cash equivalents

Accounting principle

Cash and cash equivalents include cash in hand, deposits held at call with banks, short-term deposits and other shortterm highly liquid investments with original maturities of less than 90 days maturity.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Cash and balances with central banks	5,871.2	4,726.9
Treasury bills and other eligible bills	1,047.2	1,979.1
Due from other banks – at sight	1,015.8	876.5
Due from other banks – at term	1,275.4	1,293.6
Cash and cash equivalents with less than 90 days maturity	9,209.6	8,876.1

17. Treasury bills and other eligible bills

	31 December 2024 CHF millions	31 December 2023 CHF millions
Treasury bills - with maturity of less than 90 days	1,047.2	1,979.1
Treasury bills - with maturity of more than 90 days	502.8	361.6
Gross treasury bills and other eligible bills	1,550.0	2,340.7
Less: Loss allowance on treasury bills and other eligible bills	–	(0.1)
Treasury bills and other eligible bills	1,550.0	2,340.6
Pledged treasury bills with central banks and clearing system companies	–	–

The table below presents the aggregate changes in gross carrying values and loss allowances for Treasury and other eligible bills held at amortised cost:

Treasury bills and other eligible bills -

Gross carrying value	Stage 1	Stage 2	Stage 3	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	3,055.5	–	–	3,055.5
Financial assets derecognised during the
period other than write-offs	(2,664.6)			(2,664.6)
New financial assets originated or
purchased	2,290.4			2,290.4
Amounts transferred to Investment
securities	(335.5)			(335.5)
Exchange differences	(5.1)			(5.1)
At 31 December 2023	2,340.7	–	–	2,340.7
Financial assets derecognised during the
period other than write-offs	(2,340.6)			(2,340.6)
New financial assets originated or
purchased	1,549.9			1,549.9
At 31 December 2024	1,550.0	–	–	1,550.0

Treasury bills and other eligible bills - Loss
allowance	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime
	ECL	ECL	ECL	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	–	–	–	–
Movement with P&L impact
New financial assets originated or
purchased	0.1			0.1
At 31 December 2023	0.1	–	–	0.1
Movement with P&L impact				–
Financial assets derecognised during the
period	(0.1)			(0.1)
At 31 December 2024	–	–	–	–

There were no purchased credit-impaired balances during the reporting period, nor were the terms of any contracts modified. In addition, no amounts were written off in the period.

18. Due from other banks

	31 December 2024 CHF millions	31 December 2023 CHF millions
At sight	1,015.8	876.5
At term – with maturity of less than 90 days	1,275.4	1,293.6
At term – with maturity of more than 90 days	432.6	447.6
Gross due from other banks	2,723.8	2,617.7
Less: Loss allowance on due from other banks	(0.1)	(0.1)
Due from other banks	2,723.7	2,617.6
Pledged due from other banks	587.6	680.7

The table below presents the aggregate changes in gross carrying values and loss allowances for Due from other banks:

Due from other banks - Gross carrying value	Stage 1	Stage 2	Stage 3	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	2,095.9	–	–	2,095.9
Financial assets derecognised during the
period other than write-off	(1,299.2)			(1,299.2)
New financial assets originated
or purchased	1,919.9			1,919.9
Changes in interest accrual	(6.2)			(6.2)
Exchange differences	(92.7)			(92.7)
At 31 December 2023	2,617.7	–	–	2,617.7
Financial assets derecognised during the
period other than write-off	(1,725.8)			(1,725.8)
New financial assets originated
or purchased	1,787.4			1,787.4
Changes in interest accrual	1.6			1.6
Exchange differences	42.9			42.9
At 31 December 2024	2,723.8	–	–	2,723.8
Due from other banks - Loss allowance	Stage 1	Stage 2	Stage 3
	12-month	Lifetime	Lifetime
	ECL	ECL	ECL	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	–	–	–	–
Movements with P&L impact
New financial assets originated or purchased	0.1			0.1
Changes in PD/LGDs/EADs				–
At 31 December 2023	0.1	–	–	0.1
Movements with P&L impact
New financial assets originated or purchased	0.1			0.1
Financial assets derecognised during the period	(0.1)			(0.1)
At 31 December 2024	0.1	–	–	0.1

19. Derivative financial instruments

Accounting principle

Derivative financial instruments are initially recognised in the balance sheet at fair value on the date on which the derivative contract is entered into and are subsequently remeasured at their fair value. Fair values are obtained from quoted market prices, including recent market transactions, discounted cash flow models and option pricing models, as appropriate. Certain derivatives embedded in other financial instruments, such as the option in a structured product, are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit and loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement, unless the Group chooses to designate the hybrid contracts at fair value through profit and loss.

When the Group applies hedge accounting, the Group documents, at the inception of the transaction, the relationship between hedged items and hedging instruments, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, at hedge inception and on an ongoing basis (as well as upon a significant change in the circumstances affecting the hedge effectiveness requirements) of whether a hedging relationship meets the hedge effectiveness requirements.

The Group will discontinue hedge accounting in the following scenarios:

• When the Group determines that a hedging relationship no longer meets the risk management objective
• When the hedging instrument expires or is sold or terminated
• When there is no longer an economic relationship between the hedge item and the hedging instrument or the effect of credit risk starts to dominate the value changes that result from that economic relationship

The below summarises the different treatment of derivatives (whether or not hedge accounting is applied):

(i) Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item, for which the effective interest method is used, is amortised to the income statement over the period to maturity.

(ii) Derivatives that do not qualify for hedge accounting

Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised immediately in the income statement.

(iiI) Cash flow hedge

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gains and losses relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are recycled to the income statement in the periods when the hedged items affect profit or loss.

19.1 Derivatives

Credit risk in derivatives is driven by the potential cost to replace the forward or swap contracts if counterparties fail to perform their contractual obligations and collateral provided does not cover EFG International's claims. This risk is monitored on a regular basis with reference to the current fair value, a collateral margin applied to a proportion of the notional amount of the contracts and the liquidity of the market.

To control the level of credit risk taken, EFG International assesses counterparties using the same techniques as for its lending activities. Credit risk on index, interest rate and bond futures and other quoted derivatives is negligible because futures contracts are collateralised by cash or marketable securities, and changes in their value are settled daily. The counterparty credit risk related to derivatives with

banks, corporates and financial institutions and the counterparty credit risk related to securities lending and borrowing as well as repo activities are mitigated by applying daily collateral exchange and operating under international ISDA/ CSA or GMRA/ GMSLA agreements.

The notional amounts of financial instruments provide a basis for comparison, but do not indicate the amount of future cash flows, or the current fair value of the underlying instruments. Accordingly, they do not indicate EFG International's exposure to credit or price risks. The derivative instruments become favourable (assets) or unfavourable (liabilities) as a result of fluctuations in market interest rates, credit spreads or foreign exchange rates, relative to their terms.

The fair values of derivative instruments held are set out in the following table:

	31 December 2024		31 December 2023
	Fair values	Fair values	Fair values	Fair values
	Assets	Liabilities	Assets	Liabilities
	CHF millions	CHF millions	CHF millions	CHF millions
Derivatives held for trading
Currency and precious metal derivatives
Forward contracts	61.9	41.6	43.2	56.2
Currency swaps	847.1	740.1	915.4	979.8
OTC currency options	107.6	147.5	90.4	85.4
	1,016.6	929.2	1,049.0	1,121.4
Interest rate derivatives
Interest rate swaps	20.2	14.7	33.0	13.3
OTC interest rate options	0.9	18.9	0.8	2.3
Interest rate futures	5.2	0.4	0.1	11.7
	26.3	34.0	33.9	27.3
Other derivatives
Equity options and index futures	399.9	413.3	352.0	392.8
Credit default swaps	5.3	7.2	6.8	6.8
Total return swaps	23.7		24.3
Commodity options and futures	4.0	4.0	3.7	3.7
	432.9	424.5	386.8	403.3
Total derivative assets/liabilities held
for trading	1,475.8	1,387.7	1,469.7	1,552.0
Derivatives held for hedging
Derivatives designated as fair value hedges
Cross currency swap				0.1
Interest rate swaps	74.1	7.6	104.6	6.3
	74.1	7.6	104.6	6.4
Derivatives designated as cash flow hedges
Forward contracts		5.1		11.9
	–	5.1	–	11.9
Total derivative assets/liabilities held
for hedging	74.1	12.7	104.6	18.3
Total derivative assets/liabilities	1,549.9	1,400.4	1,574.3	1,570.3

19.2 Hedge accounting

Fair value hedge

The Group applies hedge accounting under IFRS 9 to interest rate risk on fixed rate bonds (fair value hedge). The Group holds a portfolio of long dated fixed rate bonds and therefore is exposed to changes in fair value due to movements in market interest rates. The Group manages the risk exposure by entering into cross currency swaps and interest rate swaps that pay fixed rates matching the coupons of the bonds and receive floating interest rates.

Only the interest rate element is hedged and therefore other risks, such as credit risk, are managed but not hedged by the Group. The interest rate risk component is determined as the change in fair value of the long-term fixed rate bond arising solely from changes of the interest rate environment. Such changes are usually the largest component of the overall changes in fair value.

This strategy is designated as a fair value hedge and its effectiveness is assessed by comparing changes in the fair value of the bonds attributable to changes in the

benchmark rate of interest with changes in the fair value of the interest rate swaps.

The Group enters into these transactions on a 'package basis', i.e. enters into the swap at the same time as purchasing the bond and structures the swap so that the principal terms of the swap exactly match those of the bond.

Cash flow hedge

The Group hedges the expected foreign exchange cash flows from commission and interest income, designating foreign exchange derivatives as hedging instruments and the expected profit and loss cash flows (i.e., highly probable forecasted commission and interest revenues transactions) as hedged items.

The cash flows relating to a portion of gross commission and interest revenues originating from foreign currencies flows are subject to variation in market foreign exchange rates versus the Group's reference currency and this could affect the cash flows booked in the income statement.

31 December 2024

	Notional amount of hedging instrument CHF millions	Fair value of assets CHF millions	Fair value liabilities CHF millions	Balance sheet line item	Change in fair value used for hedge ineffectiveness CHF millions
Fair value hedge
Interest rate swaps	1,698.5	74.1	7.6	Derivatives	(40.2)
Cash flow hedge
Forward contracts	312.2		5.1	Derivatives	(17.1)
Total hedging item	2,010.7	74.1	12.7		(57.3)
	Carrying amount of hedged assets CHF millions	Carrying amount of hedged liabilities CHF millions	Fair value adjustments on the hedged item CHF millions	Balance sheet line item	Change in fair value for hedge ineffectiveness CHF millions
Fair value hedge
Fixed rate bonds	1,596.6			(73.6) Investment securities	40.2
Total hedged item	1,596.6	–	(73.6)		40.2
			31 December 2023
	Notional amount of hedging instrument CHF millions	Fair value of assets CHF millions	Fair value liabilities CHF millions	Balance sheet line item	Change in fair value for hedge ineffectiveness CHF millions
Fair value hedge
Cross currency swaps			0.1	Derivatives	0.1
Interest rate swaps	1,434.2	104.6	6.3	Derivatives	(39.8)
Cash flow hedge
Forward contracts	245.4		11.9	Derivatives	11.9
Total hedging item	1,679.6	104.6	18.3		(27.8)
			Fair value adjustments on	Balance sheet	Change in fair value for hedge
	Carrying amount of hedged assets CHF millions	Carrying amount of hedged liabilities CHF millions	the hedged item CHF millions	line item	ineffectiveness CHF millions
Fair value hedge Fixed rate bonds	1,522.0			(122.0) Investment securities	39.8

20. Financial assets at fair value through profit and loss

Accounting judgement

Unquoted life insurance policies are measured at fair value, following the guidance of IFRS 13. The market for life insurance policies is illiquid and in the absence of market observable valuations for portfolios of similar characteristics, EFG International Group had to exercise judgement in determining the fair value of these assets. The Group has adopted an Income Approach for determining the fair value. The Income Approach risk adjusts future cash flows and then discounts these using a risk-free rate. The key risk adjustments made in the fair value measurement include longevity risk (including the risk of statistical volatility) and risk of change in cost of insurance. The valuation is highly sensitive to longevity risk and risk of change in cost of insurance (premium increase risk), and as a result the Group discloses sensitivities to these. Management judgement is applied to the estimation of future premium streams and cost of insurance, and the outcome of disputes with insurers involving significant increases in premiums.

		31 December 2024	31 December 2023
		CHF millions	CHF millions
Issued by non-public issuers:	Banks	232.3	141.5
Issued by non-public issuers:	Corporates and other	768.7	684.4
Issued by other issuers:	US life insurance companies	444.5	537.7
Total		1,445.5	1,363.6
The movement in the account is as follows:
		31 December 2024	31 December 2023
		CHF millions	CHF millions
At 01 January		1,363.6	1,457.5
Additions		501.4	295.0
Disposals (sale and maturity)		(215.3)	(150.4)
Accrued interest		(0.4)
Net (losses)/gains from changes in fair value		(157.5)	(127.6)
Exchange differences		(46.3)	(110.9)
At 31 December		1,445.5	1,363.6

Pledged assets

The Group has pledged financial investment securities as collateral for CHF 11.1 million (2023: CHF 7.2 million) related to the Group's role as collateral provider in relation to structured products issued by a subsidiary.

The Group has pledged financial investment securities issued by US life insurance companies as collateral for CHF 85.5 million (2023: CHF 114.4 million) related to the Group's financial liabilities at fair value through profit and loss. See note 30.

Life insurance related assets

The Group holds the following life insurance related financial assets and liabilities as at 31 December 2024:

		31 December 2024
Classification		31 December 2024 Number of insureds	31 December 2024 Average age Years	Average life expectancy Years	31 December 2024 Net death benefits CHF millions	31 December 2024 Fair value CHF millions
Financial asset at fair value through profit and loss	Physical policies	118	93.9	3.6	738.5	444.5
Derivative financial
instruments	Synthetic policies	44	92.9	4.1	44.8	23.7
Financial liabilities designated at fair value	Synthetic policies	(38)	(91.8)	(4.0)	(170.2)	(104.3)
Total					613.1	363.9

Classification		31 December 2023 Number of insureds	31 December 2023 Average age Years	31 December 2023 Average life expectancy Years	31 December 2023 Net death benefits CHF millions	31 December 2023 Fair value CHF millions
Financial asset at fair value through profit and loss	Physical policies	160	93.5	3.6	938.8	537.7
Derivative financial
instruments	Synthetic policies	50	92.4	4.4	47.1	24.3
Financial liabilities designated at
fair value	Synthetic policies	(43)	(91.1)	(4.1)	(201.9)	(131.0)
Total					784.0	431.0

The Group holds US-issued life insurance policies, paying periodic premiums to maintain the policy. If premiums are unpaid, the policy lapses, resulting in a full write-down. Upon the insured's death, the Group receives a lump sum benefit. The key risks are longevity, premium changes, counterparty credit risk, and interest rate risk.

The policies are valued at fair value using models with unobservable inputs, classified as level 3. Cash flows are based on management's judgement, informed by external experts and regular reviews. Actuarial assumptions and cost of insurance estimates are critical, and the Group relies on expert actuaries and legal advisors to minimize risk.

Key Assumptions:

(i) Longevity Assumptions: Based on the Valuation Basic Table (VBT) adjusted for individual medical characteristics by underwriters. Premium estimates are provided by independent specialists and reviewed regularly.

• (ii) Premium Streams and Cost of Insurance: Best estimate cash flows are complex and critical, relying on external trends and legal outcomes. Management has challenged premium increases and set their own estimates, but the outcome of ongoing legal actions could materially affect results.
• (iii) Counterparty Credit Risk: The Group assesses default risk using a credit-rating-based approach but believes US carriers are highly regulated, ensuring policyholder protection.
• (iv) Interest Rate Risk: Discount rates are applied using a risk-adjusted, term-matched US Treasury curve.

Sensitivities

The sensitivity to the fair value of the Group's life insurance related assets and liabilities held at fair value are included below:

		Discount Factor		Longevity		Premium Estimates
		–1%		+1% –3 months +3 months		–5%	+5%
		CHF	CHF	CHF	CHF	CHF	CHF
		millions	millions	millions	millions	millions	millions
Life settlement sensitivities
Financial assets at fair value	Physical policies	23.3	(16.9)	16.3	(11.1)	11.3	(6.5)
Derivative financial instruments	Synthetic policies	0.8	(0.7)	0.2	(0.3)
Financial liabilities designated at fair value	Synthetic policies	(3.9)	3.6	(3.4)	3.4
Profit and loss sensitivity		20.2	(14.0)	13.1	(8.0)	11.3	(6.5)

The assumptions related to premiums and cost of insurance take the market participants' view on the merits of the ongoing legal cases of the Group and other plaintiffs into account. The development and ultimate resolution of these proceedings have an impact on the Group's fair value

assumptions by a potential loss of CHF 57.0 million (2023: CHF 53.7 million).

The impact of counterparty credit risk for a two-notch downgrade would be CHF 1.3 million (2023: CHF 1.6 million) decrease in fair value.

21. Investment securities

Accounting principles are set out in note 49.

		31 December 2024 CHF millions	31 December 2023 CHF millions
Debt securities	Amortised cost	7,496.9	8,490.2
Debt securities	Fair value through other comprehensive income	532.8
Gross investment securities		8,029.7	8,490.2
Less: Loss allowance on investment
securities at amortised cost		(0.6)	(0.4)
Investment securities		8,029.1	8,489.8

The following table presents the split by issuer and respective loss allowances (ECL):

	31 December 2024		31 December 2023
	Gross amount CHF millions	Loss allowance CHF millions	Gross amount CHF millions	Loss allowance CHF millions
Government	5,085.5	0.3	5,649.3	0.2
Banks	2,750.8	0.2	2,667.8	0.2
Other issuers	193.4	0.1	173.1
Total	8,029.7	0.6	8,490.2	0.4

The table below presents the aggregate changes in gross carrying values and loss allowances for investment securities:

Investment Securities - Carrying value	Stage 1 CHF millions	Stage 2 CHF millions	Stage 3 CHF millions	Total CHF millions
At 01 January 2023	7,669.8	–	–	7,669.8
Financial assets derecognised during the
period other than write-offs	(1,358.1)			(1,358.1)
New financial assets originated or
purchased	2,402.6			2,402.6
Increase in carrying value due to
reclassification of investments	166.6			166.6
Amounts transferred from Treasury bills	335.5			335.5
Amounts transferred to Other assets	(216.4)			(216.4)
Changes in interest accrual	12.2			12.2
Exchange differences	(522.0)			(522.0)
At 31 December 2023	8,490.2	–	–	8,490.2
Financial assets derecognised during the
period other than write-offs	(3,728.0)			(3,728.0)
New financial assets originated or
purchased	2,909.5			2,909.5
Changes in interest accrual	105.8			105.8
Exchange differences	252.2			252.2
At 31 December 2024	8,029.7	–	–	8,029.7

Investment Securities - Loss allowance	Stage 1 12-month ECL CHF millions	Stage 2 Lifetime ECL CHF millions	Stage 3 Lifetime ECL CHF millions	Total CHF millions
At 01 January 2023	0.5	–	–	0.5
Movements with P&L impact New financial assets originated or
purchased Changes in PD/LGDs/EADs	0.1 (0.2)			0.1 (0.2)
At 31 December 2023	0.4	–	–	0.4
Movements with P&L impact
Financial assets derecognised during
the period	(0.1)			(0.1)
New financial assets originated or
purchased	0.4			0.4
Changes in PD/LGDs/EADs	(0.1)			(0.1)
Total net P&L charge during the period	0.2	–	–	0.2
At 31 December 2024	0.6	–	–	0.6

22. Loans and advances to customers

Accounting judgement

The measurement of the expected credit loss allowance is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses). Explanation of the inputs, assumptions and estimation techniques used in measuring the expected credit losses are further detailed in note 41 "Credit risk exposure", which also sets out the key sensitivities of the expected credit losses to changes in these elements.

A number of significant judgements are also required in applying the accounting requirements for measuring the expected credit losses, such as:

• Determining the criteria for significant increase in credit risk
• Choosing appropriate models and assumptions for the measurement of expected credit losses
• Establishing the number and relative weightings of forward-looking scenarios for each type of product and the associated expected credit losses
• Establishing groups of similar financial assets for the purposes of measuring the expected credit losses

		31 December 2024 CHF millions	31 December 2023 CHF millions
(i) Mortgage loans	Gross	5,818.4	5,373.4
	Loss allowance	(11.9)	(9.0)
(ii) Lombard loans	Gross	11,955.8	10,494.1
	Loss allowance	(5.8)	(5.4)
(iii) Other loans	Gross	173.7	169.7
	Loss allowance	(4.9)	(3.7)
Total loans and advances to customers		17,925.3	16,019.1

The other loans include CHF 42.2 million (2023: CHF 27.6 million) of loans made with no collateral and CHF 63.0 million (2023: CHF 71.3 million) of loans where the collateral value is below the value of the loan.

The uncollateralised portion of these loans is classified as 'unsecured'; however, they are within the approved unsecured lending limits for the customers.

(i) Mortgage Loans

The table below presents the aggregate changes in gross carrying values and loss allowances for Mortgage loans:

Mortgage loans - Gross carrying value	Stage 1 CHF millions	Stage 2 CHF millions	Stage 3 CHF millions	Total CHF millions
At 01 January 2023	5,059.1	384.0	223.2	5,666.3
Transfers:
Transfer from Stage 1 to Stage 2	(165.4)	165.4		–
Transfer from Stage 1 to Stage 3	(114.8)		114.8	–
Transfer from Stage 2 to Stage 3		(38.9)	38.9	–
Financial assets derecognised during the
period other than write-offs	(908.3)	(120.7)	(70.0)	(1,099.0)
New financial assets originated
or purchased	998.6			998.6
Net change of exposure	(87.2)	39.0	13.8	(34.4)
Exchange differences	(128.4)	(17.0)	(12.7)	(158.1)
At 31 December 2023	4,653.6	411.8	308.0	5,373.4
Transfers:
Transfer from Stage 1 to Stage 2	(329.3)	329.3		–
Transfer from Stage 1 to Stage 3	(73.7)		73.7	–
Transfer from Stage 2 to Stage 1	150.1	(150.1)		–
Transfer from Stage 2 to Stage 3		(39.3)	39.3	–
Transfer from Stage 3 to Stage 1	2.4		(2.4)	–
Transfer from Stage 3 to Stage 2		2.3	(2.3)	–
Financial assets derecognised during the
period other than write-offs	(698.6)	(122.9)	(146.0)	(967.5)
New financial assets originated
or purchased	1,322.6			1,322.6
Net change of exposure	(142.4)	41.4	8.0	(93.0)
Exchange differences	149.7	22.3	10.9	182.9
At 31 December 2024	5,034.4	494.8	289.2	5,818.4

Mortgage loans - Loss allowance	Stage 1 12-month	Stage 2 Lifetime	Stage 3 Lifetime
	ECL	ECL	ECL CHF millions	Total CHF millions
	CHF millions	CHF millions
At 01 January 2023	0.5	0.3	5.2	6.0
Movements with P&L impact
New financial assets originated or
purchased	0.3			0.3
Financial assets derecognised during
the period		(0.1)	(1.8)	(1.9)
Changes in PD/LGDs/EADs	0.2	0.5	4.4	5.1
Unwind of discount			(0.1)	(0.1)
Exchange differences			(0.4)	(0.4)
Total net P&L charge during the period	0.5	0.4	2.1	3.0
Other movements with no P&L impact
Write-offs				–
At 31 December 2023	1.0	0.7	7.3	9.0
Movements with P&L impact
Transfers:
Transfer from Stage 2 to Stage 1	0.2	(0.2)		–
Transfer from Stage 2 to Stage 3		(0.1)	0.1	–
New financial assets originated or
purchased	0.2			0.2
Financial assets derecognised during
the period	(0.1)	(0.1)	(2.1)	(2.3)
Changes in PD/LGDs/EADs	(0.3)	0.2	4.3	4.2
Unwind of discount	(0.1)	(0.1)		(0.2)
Exchange differences			1.0	1.0
Total net P&L charge during the period	(0.3)	–	3.2	2.9
Other movements with no P&L impact
Write-offs				–
At 31 December 2024	0.7	0.7	10.5	11.9

There were no purchased credit-impaired balances during the reporting period, nor were the terms of any contracts modified.

(ii) Lombard loans

The table below presents the aggregate changes in gross carrying values and loss allowances for Lombard loans:

Lombard loans - Gross carrying value	Stage 1 CHF millions	Stage 2 CHF millions	Stage 3 CHF millions	Total CHF millions
At 01 January 2023	10,891.6	34.5	15.8	10,941.9
Transfers:
Transfer from Stage 1 to Stage 2	(12.3)	12.3		–
Transfer from Stage 1 to Stage 3	(3.0)		3.0	–
Financial assets derecognised during the
period other than write-offs	(2,504.3)	(24.0)	(13.1)	(2,541.4)
New financial assets originated
or purchased	3,172.8			3,172.8
Net change of exposure	(688.1)	(1.2)	83.3	(606.0)
Changes in interest accrual	24.5			24.5
Write-offs			(1.8)	(1.8)
Exchange differences	(492.4)	(1.0)	(2.5)	(495.9)
At 31 December 2023	10,388.8	20.6	84.7	10,494.1
Transfers:
Transfer from Stage 1 to Stage 2	(42.5)	42.5		–
Transfer from Stage 1 to Stage 3	(1.9)		1.9	–
Transfer from Stage 2 to Stage 1	3.0	(3.0)		–
Financial assets derecognised during the
period other than write-offs	(2,423.9)	(1.8)	(0.9)	(2,426.6)
New financial assets originated
or purchased	2,757.6			2,757.6
Net change of exposure	858.6	(41.7)	(79.3)	737.6
Reversal of write-offs			2.1	2.1
Exchange differences	390.4	0.5	0.1	391.0
At 31 December 2024	11,930.1	17.1	8.6	11,955.8

Lombard loans - Loss allowance	Stage 1 12-month	Stage 2 Lifetime	Stage 3 Lifetime
	ECL	ECL	ECL	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	0.1	0.3	2.8	3.2
Movements with P&L impact
New financial assets originated or
purchased	0.3			0.3
Financial assets derecognised during the
period	(0.1)	(0.1)	(0.3)	(0.5)
Changes in PD/LGDs/EADs	(0.1)	0.4	4.1	4.4
Exchange differences			(0.2)	(0.2)
Total net P&L charge during the period	0.1	0.3	3.6	4.0
Other movements with no P&L impact Write-offs			(1.8)	(1.8)
At 31 December 2023	0.2	0.6	4.6	5.4
Movements with P&L impact
Transfers:
Transfer from Stage 2 to Stage 1	0.1	(0.1)		–
New financial assets originated or
purchased				–
Financial assets derecognised during the
period		(0.2)	(0.1)	(0.3)
Changes in PD/LGDs/EADs	(0.2)	0.7	(2.0)	(1.5)
Unwind of discount	(0.1)			(0.1)
Exchange differences		0.1	0.1	0.2
Total net P&L charge during the period	(0.2)	0.5	(2.0)	(1.7)
Other movements with no P&L impact
Reversal of write-offs			2.1	2.1
At 31 December 2024	–	1.1	4.7	5.8

There were no purchased credit-impaired balances during the reporting period, nor were the terms of any contracts modified.

(iii) Other loans

The table below presents the aggregate changes in gross carrying values and loss allowances for Other loans (which include commercial loans and unsecured overdrafts):

Other loans - Gross carrying value	Stage 1	Stage 2	Stage 3	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	142.4	1.0	10.7	154.1
Transfers:
Transfer from Stage 1 to Stage 3	(0.1)		0.1	–
Transfer from Stage 2 to Stage 3		(0.6)	0.6	–
Financial assets derecognised during the
period other than write-offs	(20.2)	(0.1)	(11.4)	(31.7)
New financial assets originated
or purchased	26.5			26.5
Net change of exposure	20.4	0.5	5.5	26.4
Write-offs			(1.4)	(1.4)
Exchange differences	(4.0)		(0.2)	(4.2)
At 31 December 2023	165.0	0.8	3.9	169.7
Transfers:
Transfer from Stage 1 to Stage 3	(3.0)		3.0	–
Transfer from Stage 2 to Stage 1	0.1	(0.1)		–
Transfer from Stage 2 to Stage 3		(0.3)	0.3	–
Transfer from Stage 3 to Stage 1	1.3		(1.3)	–
Financial assets derecognised during the
period other than write-offs	(55.1)	(0.2)	(0.8)	(56.1)
New financial assets originated
or purchased	45.5			45.5
Net change of exposure	9.1	1.4	2.6	13.1
Write-offs				–
Exchange differences	1.1	0.1	0.3	1.5
At 31 December 2024	164.0	1.7	8.0	173.7

Other loans - Loss allowance	Stage 1 12-month	Stage 2 Lifetime	Stage 3 Lifetime
	ECL	ECL	ECL	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	1.8	–	3.2	5.0
Movements with P&L impact
Financial assets derecognised during the
period	(0.1)		(0.3)	(0.4)
New financial assets originated or
purchased				–
Changes in PD/LGDs/EADs	(0.1)		0.8	0.7
Exchange differences	(0.1)		(0.1)	(0.2)
Total net P&L charge during the period	(0.3)	–	0.4	0.1
Other movements with no P&L impact
Reclassification of loans collateralised by
real estate				–
Write-offs			(1.4)	(1.4)
At 31 December 2023	1.5	–	2.2	3.7
Movements with P&L impact
Transfers:
Transfer from Stage 3 to Stage 1	0.5		(0.5)	–
Financial assets derecognised during the
period			(0.1)	(0.1)
New financial assets originated or
purchased	0.1			0.1
Changes in PD/LGDs/EADs	(0.4)	0.2	1.2	1.0
Exchange differences			0.2	0.2
Total net P&L charge during the period	(0.3)	0.2	1.4	1.2
Other movements with no P&L impact
Write-offs				–
At 31 December 2024	1.2	0.2	3.6	4.9

There were no purchased credit-impaired balances during the reporting period, nor were the terms of any contracts modified.

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23. Property, plant and equipment

Accounting principles

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated using the straight-line method to write down the cost of property, plant and equipment, to their residual values over their estimated useful life as follows:

• Buildings own use: 50 years
• Buildings and leasehold improvements: 5–20 years
• Computer hardware: 3–10 years
• Furniture, equipment and motor vehicles: 3–10 years
• Artwork: no depreciation, tested for impairment
• Right-of-use assets: over the non-cancellable period for which the Group has the right to use an asset, including optional periods when the Group is reasonably certain to exercise an option to extend (or not to terminate) a lease

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in net other income in the income statement.

The Group primarily leases office premises, as well as IT equipment. Rental contracts vary from fixed periods of six months to 15 years.

The Group recognises lease liabilities in relation to leases. These liabilities are measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at the date of entering the lease.

The remeasurements to the lease liabilities are recognised as adjustments to the related right-of-use assets immediately after the date of initial application. Right-of-use assets are measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the balance sheet.

	Note	Land and buildings CHF millions	Other tangible assets CHF millions	Right-of-use assets CHF millions	Total CHF millions
Year ended 31 December 2023
Opening net book amount		69.7	47.7	194.3	311.7
Additions		0.5	12.0		12.5
New leases and modification of leases				29.3	29.3
Depreciation charge for the year	9	(2.1)	(9.4)	(33.9)	(45.4)
Exchange differences			(1.1)	(7.1)	(8.2)
At 31 December 2023		68.1	49.2	182.6	299.9
Year ended 31 December 2024
Opening net book amount		68.1	49.2	182.6	299.9
Additions		5.9	17.2		23.1
New leases and modification of leases				30.7	30.7
Depreciation charge for the year	9	(8.4)	(10.5)	(37.0)	(55.9)
Reclassification from other assets held for sale		56.4			56.4
Exchange differences			1.6	4.0	5.6
At 31 December 2024		122.0	57.5	180.3	359.8

Other tangible assets include leasehold improvements, furniture, equipment, motor vehicles and computer hardware. The right-of-use assets relate to office premises of CHF 180.3 million (2023: CHF 182.6 million).

A building previously classified as held for sale has been reclassified as Property, plant and equipment in 2024.

24. Intangible assets

Accounting principles

The intangible assets include the following categories:

(i) Computer software, licences and others

Amortisation is calculated using the straight-line method over a 3 to 10 year basis. The acquisition cost of software, licences and other assets capitalised is on the basis of the cost to acquire and bring into use the specific software, licenses and other assets.

(ii) Acquisition-related intangibles

Customer relationships - amortisation is calculated on the basis of a 13 to 14 year useful life. The remaining life is reviewed periodically for reasonableness.

Brand name – amortisation is calculated on the basis of a 15-year useful life. The remaining life is reviewed periodically for reasonableness.

(iii) Goodwill

Goodwill represents the excess of the consideration over the fair value of the Group's share of the net identifiable assets of the acquired undertaking at the date of acquisition. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

		Computer			Total
		software, licences and others	Acquisition-related intangible assets	Goodwill	intangible assets
	Note	CHF millions	CHF millions	CHF millions	CHF millions
Year ended 31 December 2023
Opening net book amount		107.5	85.2	46.4	239.1
Acquisitions/disposals of intangible assets		25.7			25.7
Amortisation of intangible assets	9	(23.6)	(9.6)		(33.2)
Impairment of intangible assets	11	(23.6)			(23.6)
Exchange differences and other movements		1.3	(2.2)	(3.6)	(4.5)
Closing net book value		87.3	73.4	42.8	203.5
Year ended 31 December 2024
Opening net book amount		87.3	73.4	42.8	203.5
Acquisitions/disposals of intangible assets		25.3			25.3
Amortisation of intangible assets	9	(23.9)	(9.5)		(33.4)
Impairment of intangible assets	11	(2.3)			(2.3)
Exchange differences and other movements		(0.8)	(0.1)		(0.9)
Closing net book value		85.6	63.8	42.8	192.2

Acquisition-related intangible assets mainly include client relationships intangible assets for CHF 56.9 million (2023: CHF 66.1 million), brand names intangibles for

CHF 3.0 million (2023: CHF 3.4 million) and other for CHF 3.9 million (2023: CHF 3.9 million). Other intangible assets are mainly related to rights to lease.

25. Intangible assets – impairment tests

Accounting judgement

EFG International Group tests at least annually whether goodwill has suffered impairment in accordance with the accounting policy. The recoverable amounts of cash-generating units are the higher of the assets' value in use and fair value less costs of disposal which are determined on the basis of the best information available on the amount that could be obtained from the disposal of the assets in an arm's-length transaction, after deduction of the costs of disposal. The value in use is determined by using a discounted cash flow calculation based on the estimated future operating cash flows of the asset. An impairment is recorded when the carrying amount exceeds the recoverable amount.

The Group's goodwill is reviewed for impairment by comparing the carrying amount of each cash-generating units (CGU) to which goodwill is allocated to its recoverable amount.

Where the carrying values have been compared to recoverable amounts using the 'Value in use' approach, the riskadjusted discount rates used are based on observable market long-term government bond yields (15 years) for the relevant currencies plus a risk premium of 4.7% to 6.5% (2023: 3.6% to 5.3%). The risk premiums were determined using capital asset pricing models and are based on capital market data as of the date of impairment test. A period of five years is used for cash flow projections, with a discounted

terminal value added. The terminal value is calculated by using the year 5 cashflows and growth rates, discounted into perpetuity, as detailed in the following table.

Where the carrying values have been compared to 'Fair value less costs to sell', the fair value has been calculated using a price-earnings (P/E) approach based on similar transactions for comparable listed companies. The revenue basis for the P/E approach is based on expected future revenues.

The carrying amounts of goodwill and intangible assets at 31 December 2024 allocated to each cash-generating unit are as follows:

				31 December 2024
Segment	Cash-generating unit	Discount rate/ Growth rate	Period	Intangible assets CHF millions	Goodwill CHF millions	Total CHF millions
Value in use
Asia	Shaw and Partners	9.4%/2.3%	5 years	14.5	22.8	37.3
BSI Group	Various	9.4%/–8.8%	5.8 years	44.6		44.6
Fair value less costs to sell		P/E
Continental Europe	Monaco	12.7×			18.2	18.2
Other
Various	Other CGUs			4.7	1.8	6.5
Total carrying values				63.8	42.8	106.6

Total carrying values				73.4	42.8	116.2
Various	Other CGUs			4.8	1.8	6.6
Other
Continental Europe	Monaco	12.3×			17.9	17.9
Fair value less costs to sell		P/E
BSI Group	Various	9.5%/–8.8%	6.8 years	52.0		52.0
Asia	Shaw and Partners	7.8%/2.3%	5 years	16.6	23.1	39.7
Value in use
Segment	Cash-generating unit	Discount rate/ Growth rate	Period	assets CHF millions	Goodwill CHF millions	Total CHF millions
				Intangible
				31 December 2023

The Group considers that no reasonable possible change in a key assumption will result in an impairment of goodwill of any of the cash-generating units.

26. Deferred income tax assets and liabilities

Accounting policies are set out in note 13. Deferred income taxes are calculated under the liability method on all temporary differences, using the expected effective local applicable rate. Deferred income tax assets and liabilities comprise the following:

	31 December 2024 CHF millions	31 December 2023 CHF millions
Deferred income tax assets	40.0	73.9
Deferred income tax liabilities	(15.8)	(16.4)
Net deferred income tax	24.2	57.5

The movement on the net deferred income tax account is as follows:

	31 December 2024 CHF millions	31 December 2023 CHF millions
At 01 January	57.5	62.7
Deferred income tax expense for the period in the income statement (note 13)	(33.1)	(4.9)
Financial assets at fair value through other comprehensive income	0.2	(6.4)
Change in retirement benefit obligations	0.2	5.6
Exchange differences	(0.6)	0.5
At 31 December	24.2	57.5

Deferred income tax assets and liabilities are attributable to the following items:

	31 December 2024	31 December 2023
	CHF millions	CHF millions
Deferred tax assets
Tax losses carried forward	27.9	63.0
Provisions not yet deductible for local tax	17.3	15.9
Retirement benefit obligation not applicable for local tax	6.5	7.8
Other differences between local tax rules and accounting standards	9.4	3.5
Effect of deferred tax netting	(21.1)	(16.3)
Deferred income tax assets	40.0	73.9
Deferred tax liabilities
Arising from acquisition of intangible assets	(13.5)	(16.2)
Valuation of financial assets not reflected in local tax accounts	(19.0)	(16.3)
Sundry differences between local tax rules and accounting standards	(4.4)	(0.2)
Effect of deferred tax netting	21.1	16.3
Deferred income tax liabilities	(15.8)	(16.4)
Net deferred income tax	24.2	57.5

Certain entities within the Group have recognised deferred income tax assets, despite having incurred losses in 2023 or 2024, on the basis that such losses are considered to be temporary in nature.

The relevant entities have already returned to profitability or are expected to do so in the near future. The deferred income tax (expense)/income in the income statement comprises the following temporary differences:

	31 December 2024 CHF millions	31 December 2023 CHF millions
Utilisation of tax losses carried forward	(38.8)	(30.0)
Creation of deferred tax assets on tax losses carried forwards	2.8	28.9
Deferred tax liabilities related to intangible assets	2.6	0.4
Other temporary differences	0.3	(4.2)
Deferred income tax (expense)/Income (note 13)	(33.1)	(4.9)

The Group has deferred tax assets related to tax losses carried forward of CHF 27.9 million (2023: CHF 63.0 million) as a result of Group companies with tax losses of CHF 136.8 million (2023: CHF 306.6 million) to carry forward against

future taxable income. These tax losses will expire as summarised below:

	31 December 2024		Carried forward losses	Expiry in 1–3 years	Expiry in 4–7 years	Expiry after 7 years
	CHF millions	Tax rate	CHF millions	CHF millions	CHF millions	CHF millions
EFG Bank AG, Switzerland	17.4	18.3%	95.3	95.3
EFG Bank (Luxembourg) SA,
Luxembourg	9.6	25.0%	38.3			38.3
EFG Bank (Luxembourg) SA,
Portugal Branch	0.6	27.7%	2.1			2.1
EFG Asset Management
(Americas) Corp.	0.3	25.0%	1.1			1.1
Total	27.9		136.8	95.3	–	41.5
			Carried forward	Expiry in	Expiry in	Expiry
	31 December 2023 CHF millions	Tax rate	losses CHF millions	1–3 years CHF millions	4–7 years CHF millions	after 7 years CHF millions
EFG Bank AG, Switzerland	38.7	18.5%	209.2	209.2
EFG Bank (Luxembourg) SA,
Luxembourg	23.8	25.0%	95.5			95.5
EFG Bank (Luxembourg) SA,
Portugal Branch	0.5	27.7%	1.9			1.9
Total	63.0		306.6	209.2	–	97.4

The Group has unused tax losses for which no deferred tax asset is recognised as follows:

	31 December 2024 CHF millions	Expiry in 1–3 years CHF millions	Expiry in 4–7 years CHF millions	Expiry after 7 years CHF millions
EFG Bank AG*	102.1		102.1
BSI Bank Ltd, Singapore	13.5			13.5
EFG Bank (Luxembourg) SA, Portugal Branch	5.0		5.0
EFG Bank (Luxembourg) SA, Luxembourg **	1.6			1.6
EFG Asset Management (Americas) Corp.	1.2			1.2
BSI SA, Switzerland	0.4		0.4
BSI Trust Corporation (Malta) Ltd	0.1			0.1
Total	123.9	–	107.5	16.4

^* Including Swiss and foreign branches (Singapore, Hong Kong, Cayman, Guernsey and Bahrain branches).

^** Taxed as a single fiscal unit with EFG Investment (Luxembourg) SA.

	31 December 2023 CHF millions	Expiry in 1–3 years CHF millions	Expiry in 4–7 years CHF millions	Expiry after 7 years CHF millions
EFG Bank AG, Switzerland	76.6	76.6
EFG Bank AG, Hong Kong Branch	49.4			49.4
EFG Bank (Luxembourg) SA, Portugal Branch	5.0		2.7	2.3
EFG Bank (Luxembourg) SA, Luxembourg **	0.2			0.2
Total	131.2	76.6	2.7	51.9

27. Other assets

		31 December 2024	31 December 2023
	Note	CHF millions	CHF millions
Held-for-sale			56.4
Gold and other precious metals		580.8	535.5
Settlement balances		48.2	74.4
Prepaid expenses		116.7	46.2
Net pension asset	35	52.6	51.9
Accrued income		28.3	24.2
Repossessed properties		5.2	6.7
Current income tax assets		2.8	4.2
Other assets and receivables		78.2	77.2
Other assets		912.8	876.7

Assets held-for-sale is nil (2023: CHF 56.4 million) following the reclassification of a building to Property, plant and equipment. Settlement balances of CHF 48.2 million (2023: CHF 74.4 million) reflect the trade date versus settlement

date accounting principle, which is applied on the issuance of structured products and relate to transactions executed over the year-end period, and also to amounts to be received relating to matured life insurance policies.

28. Due to other banks

	31 December 2024 CHF millions	31 December 2023 CHF millions
Due to other banks at sight	670.8	626.7
Due to other banks at term	381.6	316.3
Due to other banks	1,052.4	943.0

29. Due to customers

	31 December 2024 CHF millions	31 December 2023 CHF millions
Non-interest bearing	10,599.9	10,318.4
Interest bearing	20,706.1	19,738.1
Due to customers	31,306.0	30,056.5

30. Financial liabilities at fair value through profit and loss

	Valuation basis	31 December 2024 CHF millions	31 December 2023 CHF millions
Synthetic life insurance	Discounted cash flow analysis	104.3	131.0
Equity securities	Quoted	0.2	0.3
Debt securities	Quoted	67.0	42.6
Total financial liabilities at fair value through
profit and loss		171.5	173.9

The movement in the account is as follows:

	31 December 2024	31 December 2023
	CHF millions	CHF millions
At 01 January	173.9	402.0
Additions	61.5	52.6
Disposals (sale and redemption)	(65.3)	(259.0)
Net gains from changes in fair value through profit and loss	(10.8)	(4.4)
Exchange differences	12.2	(17.3)
At 31 December	171.5	173.9

Synthetic life insurance

See note 20 for further details.

31. Financial liabilities at amortised cost

	31 December 2024 CHF millions	31 December 2023 CHF millions
Senior unsecured bonds issued	373.0
Structured products issued	3,044.5	2,807.8
Total financial liabilities at amortised cost	3,417.5	2,807.8

The movement in the account is as follows:

	31 December 2024	31 December 2023
	CHF millions	CHF millions
At 01 January	2,807.8	3,684.7
Additions	5,691.5	4,178.0
Disposals (sale and redemptions)	(4,986.9)	(4,857.5)
Accrued interests	4.5	0.2
Exchange differences	(99.4)	(197.6)
At 31 December	3,417.5	2,807.8

In June 2024, the Group issued the following senior unsecured bonds:

	Fixed rate annually payable coupon %	Maturity	31 December 2024 CHF millions	31 December 2023 CHF millions
Senior unsecured bonds – issuers
EFG Bank AG –
CHF 230.0 million	1.995% p.a.	28 June.2027	231.8
EFG Bank AG –
CHF 140.0 million	2.1575% p.a.	28 June 2030	141.2
Total senior unsecured bonds			373.0	–

32. Provisions

Accounting principle

The Group is involved in various legal and arbitration proceedings in the normal course of its business operations. The Group establishes provisions for current and pending legal proceedings if management is of the opinion that the Group is more likely than not to face payments or losses and if the amount of such payments or losses can be reliably estimated. The nature and amount of provisions are disclosed, unless management expects the disclosure of that fact could prejudice our position with other parties in the matter.

Restructuring provisions comprise employee termination payments and costs to terminate contracts. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole.

Accounting judgement

Provisions are recognised when EFG International Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. The determination of whether an outflow is probable and the amount, which is assessed by EFG International Group management in conjunction with the Group's legal and other advisors, requires the judgement of the Group's management.

	Provision for litigation risks CHF millions	Other provisions CHF millions	Total CHF millions
At 01 January 2024	108.3	26.1	134.4
Increase in provisions recognised
in the income statement	2.1	13.2	15.3
Increase in provisions charged to other assets	43.7		43.7
Release of provisions recognised in the income statement	(1.5)	(8.6)	(10.1)
Provisions used during the year	(2.9)	(8.6)	(11.5)
Reclassification and other movements	4.4	1.1	5.5
Exchange differences	10.0	0.8	10.8
At 31 December 2024	164.1	24.0	188.1
Expected payment within 1 year	3.2	18.3	21.5
Expected payment between 1 year and 3 years	160.9	3.2	164.1
Expected payment thereafter		2.5	2.5
	164.1	24.0	188.1

Provision for litigation risks

The provision for litigation risks increased by CHF 55.8 million, primarily due to the new provision described in (ii) below.

• (i) A provision of CHF 109.6 million (2023: CHF 95.5 million) relates to the terms of a settlement agreement resolving all outstanding litigation between the Group and the rehabilitator of a Taiwanese insurance company. The settlement resolved a dispute concerning a secured loan facility granted in 2007 to an affiliate of the Taiwanese insurance company, which was placed into receivership in 2014. Under the terms of the settlement, EFG paid USD 150 million into an escrow account of which USD 10 million has been utilised in 2023. As part of the agreement, EFG currently expects to recover in excess of USD 30 million over the next years.
• (ii) A provision of CHF 43.7 million related to a former group of clients who alleged investment mismanagement in the 2010 to 2016 period and claimed damages of approximately USD 52 million plus interest since various dates during the period. In June 2023, the Geneva Court of First Instance found in favour of the claimants and admitted the claims in full. The Group appealed the judgement and, in the second quarter of 2024, the Geneva Court of Appeal issued its decision, awarding to the claimants approximately USD 24 million (plus interest). Both parties have appealed the appellate decision. The Group is entitled to indemnification against this provision and any additional losses that may arise from this matter from the seller of the former BSI Group, hence, the creation of this provision was booked against other assets.
• (iii) Other provisions of CHF 10.8 million (2023: CHF 12.8 million) remain for various litigation cases.

Other provisions

Other provisions decreased by CHF 2.1 million, primarily due to the release of provisions included in (iv) below of CHF 5.6 million, compensated by a net increase in the provision for restructuring costs described in (ii) below for CHF 1.8 million.

• (i) The Group has a provision of CHF 6.8 million (2023: CHF 5.8 million) for success fees payable if the Group succeeds in recovering excess life insurance premiums from insurers who increased premiums. The overall position is likely to be resolved within one and three years.

• (ii) The Group has a provision of CHF 6.6 million (2023: CHF 4.8 million) for restructuring costs primarily relating to businesses being closed, which are likely to be utilised within a year.

• (iii) The Group has a provision of CHF 0.4 million (2023: CHF 0.4 million) for credit default risks. This relates to the expected credit losses under IFRS 9. The Group calculates expected credit losses on off-balance sheet positions primarily related to guarantees. These losses are not expected to arise in the next 12 months. The profit and loss impact is reflected in the loss allowances expense, while for all other provision movements, the profit and loss impact is reflected in the provision expense line of the profit.

• (iv) Other provisions of CHF 10.2 million (2023: CHF 15.1 million) remain for various other probable cash outflows.

33. Contingent liabilities

EFG International Group is involved in various legal and arbitration proceedings in the normal course of its business operations. The Group establishes provisions (see note 32) for current and threatened pending legal proceedings if management is of the opinion that the Group is more likely than not to face payments or losses and if the amount of such payments or losses can be reliably estimated.

The Group discloses contingent liabilities that management considers to be material, or to be significant due to potential financial, reputational and other effects.

The Group has differentiated the contingent liabilities into four categories as follows:

• a) Group does not expect a material cash outflow
• b) Group cannot reliably measure the obligation
• c) Group cannot reliably measure the obligation, however, any obligation arising would be offset by indemnification received
• d) Group does not expect a material cash outflow, and any obligation arising would be offset by indemnification received.

(a) Group does not expect a material cash outflow

The Group is engaged in certain litigation proceedings mentioned below and is vigorously defending the cases. The Group believes it has strong defences to the claims. The Group does not expect the ultimate resolution of any of the below-mentioned proceedings to which the Group is party to have a significantly adverse effect on its financial position.

(i) Certain investors and the liquidator of a fund filed claims against the Group in the Bahamian courts in 2014. The claims allege damages and interest, which is estimated at approximately USD 17 million, arising out of the fund's performance and alleged misleading

• statements and fund mismanagement. The Group believes it has strong defences to the allegations and maintains its vigorous defence.
• (ii) The Group has been named as a defendant in a lawsuit filed in Illinois, USA, by a former BSI client. The former client's allegations arise out of wrongdoing by an external asset manager who had a relationship with the former client. The external asset manager was sentenced by the Swiss criminal courts. The former client's civil lawsuit against the Group alleges that a BSI client relationship officer aided and abetted the alleged unauthorised transactions in the 2004 to 2007 time period. The lawsuit alleges damages of approximately USD 11 million, exclusive of prejudgment interest claimed. In early 2024, the court issued an order dismissing the case, finding that it did not have personal jurisdiction over the Group, but granted leave to replead. The plaintiff subsequently filed an amended complaint. The Group filed a motion to dismiss the amended complaint and briefing on this motion concluded in October 2024. The Group now awaits the court's decision on its motion to dismiss the case. The Group believes it has strong defences to the claims and will vigorously defend the lawsuit.

(b) Group cannot reliably measure the obligation

The following contingent liabilities that management is aware of could have a material effect on the Group. However, based on presently available information and assessments, the Group is not able to reliably measure the possible obligation.

• (i) The Group is engaged in litigation proceedings initiated in 2012 by a client claiming that he had been misled insofar as he thought that his investments were capitalprotected, that the agreed investment strategy had not been followed, and that unauthorised transactions were performed. The damages claimed are approximately EUR 49 million (including a claim for the reimbursement of retrocessions), exclusive of prejudgment interest claimed since 2008. Although the Group is vigorously defending the case and believes it has strong defences to the claims, there is no reliable estimate of what losses might be sustained on the claims.

• (ii) In 2019, the Group and a former employee were named as defendants in a civil claim brought against over 30 defendants, including other Swiss banks and financial institutions, in the Commercial Court in London by the Public Institution for Social Security (PIFSS) of Kuwait. The lawsuit centers on the former Director General of PIFSS (deceased), who is alleged to have been paid, via various arrangements, 'secret commissions' by certain investment fund managers in the 1995 – 2015 time

• period. By its most recent amended pleadings, the damages claim against the Group is in the principal amount of approximately USD 446.1 million, exclusive of prejudgment interest claimed since 1995. As to the Group, PIFSS alleges that, between 1995 and 2012, the former Director General of PIFSS procured alleged secret commission payments from certain investment fund managers into EFG accounts maintained by an alleged intermediary, who is also a named defendant. Beginning in 2008 until 2012, the former Director General also maintained certain EFG accounts. Trial is scheduled to commence in March 2025 and is currently expected to continue for approximately 12 months. The parties are contesting a multitude of legal and factual issues that bear on the outcome, including what the appropriate governing law for the claims should be. The Group is vigorously defending the case and believes it has strong defenses. However, the Group is not able to reliably estimate the losses that are likely to be sustained on the claims.

• (iii) The Trustee of Bernard L. Madoff Investment Securities LLC (BLMIS) has filed a complaint asserting that payments totalling approximately USD 377 million, exclusive of prejudgment interest claimed, allegedly received by the Group on behalf of clients should be returned to BLMIS. This action includes the transfers claimed by the Fairfield liquidators (see next paragraph), as the BLMIS Trustee is purporting to seek to recover all transfers received by the Group from the Fairfield funds during the relevant period. The court has not yet scheduled trial dates. Although the Group is vigorously defending the case and believes it has strong defences to the claims, there is no reliable estimate of what losses might be sustained on the claims.

(iv) The Group has been named as a defendant in lawsuits filed by the liquidators of Fairfield Sentry Ltd. and Fairfield Sigma Ltd. asserting that redemption payments received by the Group on behalf of clients from the Fairfield funds should be returned. The amount claimed is uncertain, but the Group believes the amount claimed is approximately USD 222 million, exclusive of prejudgment interest claimed, and is subsumed by the amount sought by the BLMIS Trustee (see previous paragraph), as the BLMIS Trustee is purporting to seek to recover all transfers received by the Group from the Fairfield funds during the relevant period. The court has not yet scheduled trial dates. Although the Group is vigorously defending the case and believes it has strong defences to the claims, there is no reliable estimate of what losses might be sustained on the claims.

(c) Group cannot reliably measure the obligation, however any obligation arising would be offset by indemnification received

The following contingent liabilities (that arose through the acquisition of BSI), that management is aware of, could have a material effect on the Group. However, based on presently available information and assessments, the Group is not able to reliably measure the possible obligation. The Group is entitled to indemnification against losses that may arise from these matters listed below from the seller of the former BSI Group.

(i) In the criminal investigation against BSI SA into money laundering allegations involving 1Malaysia Development Berhad (1MDB), a sovereign wealth fund owned by the government of Malaysia, the Swiss Federal Prosecutor issued a summary penalty order in 2024. The summary penalty order stated a fine against BSI SA in the amount of CHF 4.5 million which will be fully borne by the seller of the former BSI Group (disclosed as provision). The 1MDB parties filed objections to the terms of the summary penalty order and the Swiss Federal Criminal Court has sustained those objections, thereby requiring the Federal Prosecutor to reconsider the terms of any summary penalty order. The Swiss Federal Prosecutor

determined that it does not have authority to adjudicate the attendant civil claims brought by SRC International (Malaysia) Ltd. (a former indirect, wholly owned subsidiary of 1MDB) in the amount of USD 864.5 million, and 1MDB and five affiliated companies in the amount of USD 5.24 billion. This determination was not the subject of the 1MDB parties' objections to the terms of the summary penalty order. In 2024, 1MDB and one of its affiliates filed a civil claim against BSI Bank Limited (in liquidation) in Singapore court in the amount of USD 394.5 million, exclusive of interest. The Group is vigorously defending and believes it has strong defences to these claims.

(d) Group does not expect a material cash outflow, however any obligation arising would be offset by indemnification received

The following contingent liability is not expected to have a significant adverse effect on the Group's financial position and the Group is entitled to indemnification against losses that may arise from this matter from the seller of the former BSI Group.

(i) ln August 2019, the Chilean tax authority made a tax liability determination arising out of BSI's September 2015 sale of shares in a Chilean subsidiary to a third party. ln its tax return filed in 2016, BSI requested a tax refund on the grounds that the sale of the shares had generated a tax loss. The Chilean tax authority, however, disputed the appropriate fair market value of the disposed shares, as well as the appropriate tax rate applicable to the transaction. The total outstanding tax liability as determined by the Chilean tax authority amounts to CHF 24.0 million. In April 2020, the Group commenced legal proceedings challenging the tax authority's assessment and in December 2024, the Tax Court issued its decision, partially admitting the Group's claim with regard to the market value of the shares but not with regard to the tax rate. The Group has filed a recourse against this decision and believes it has strong defences to the tax assessment. The Chilean Tax authority also filed an appeal.

34. Other liabilities

	Note	31 December 2024 CHF millions	31 December 2023 CHF millions
Deferred income and accrued expenses		285.5	319.1
Lease liabilities (see below)		195.2	196.4
Settlement balances		73.9	22.4
Short-term compensated absences		9.8	9.4
Retirement benefit obligations	35	35.3	38.7
Other liabilities		63.3	67.5
Total other liabilities		663.0	653.5

The contractual maturity of undiscounted lease liabilities is as follows:

Contractual maturities of undiscounted lease liabilities	Up to 1 month CHF millions	1–3 months CHF millions	3–12 months CHF millions	1–5 years CHF millions	Over 5 years CHF millions	Total CHF millions
31 December 2024
Contractual lease liabilities	2.9	6.2	29.9	118.2	57.2	214.4
Total contractual lease liabilities	2.9	6.2	29.9	118.2	57.2	214.4
	Up to	1–3	3–12	1–5	Over
Contractual maturities of undiscounted	1 month	months	months	years	5 years	Total
lease liabilities	CHF millions	CHF millions	CHF millions	CHF millions	CHF millions	CHF millions
31 December 2023
Contractual lease liabilities	2.9	5.7	27.6	111.5	66.7	214.4
Total contractual lease liabilities	2.9	5.7	27.6	111.5	66.7	214.4

35. Retirement benefit obligations

Accounting principle

Retirement benefit obligations

The Group operates various pension schemes which are either defined contribution or defined benefit plans, depending on prevailing practice in each country.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension plans and has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. This applies to most of the locations where the Group operates except for Switzerland.

A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. In Switzerland, the Group maintains two pension plans, where the legal obligation is merely to pay contributions at defined rates (defined contribution), however, these plans

incorporate certain guarantees of minimum interest accumulation and conversion of capital to pension, and as a result, these plans are reported as defined benefit pension plans.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used as reference of risk-free rates. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in income statement.

Prepaid contributions are recognised as an asset. The Group has no legal or constructive obligations to pay further contributions if the funds do not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Accounting judgement

The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of pension obligations.

EFG International Group determines the appropriate discount rate at each reporting date. This is the interest rate used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the EFG International Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension obligation. Other key assumptions for pension obligations are based in part on current market conditions.

The Group operates three plans which under IFRS are classified as defined benefit plans. Two of these plans are in Switzerland ('the Swiss plans') for EFG Bank AG and one in the Channel Islands ('the Channel Islands plan').

				(Gain)/loss	(Gain)/loss
				through other	through other
	Present value of	Fair value of	Net	comprehensive	comprehensive
	obligation	plan assets	(asset)/liability	income	income
	CHF millions	CHF millions	CHF millions	CHF millions	CHF millions
	2024	2024	2024	2024	2023
Channel Islands pension plan	2.4	(3.4)	(1.0)
Swiss pension plans	1,268.9	(1,321.9)	(53.0)	(2.3)	78.9
Effect of the asset ceiling on the Swiss plans		36.7	36.7	3.3	(50.2)
Total	1,271.3	(1,288.6)	(17.3)	1.0	28.7

The disclosures below relate to the Swiss plans.

	Note	31 December 2024 CHF millions	31 December 2023 CHF millions
Net amount recognised in the balance sheet
Present value of funded obligation		1,268.9	1,220.0
Fair value of plan assets		(1,321.9)	(1,265.3)
Irrecoverable surplus		36.7	33.0
Asset recognised in the balance sheet		(16.3)	(12.3)
Asset at 01 January		(12.3)	(38.8)
Net amount recognised in the income statement - Staff costs	10	19.6	21.3
Net amount recognised in the income statement - Interest (income)		(0.4)	(1.1)
Net amount recognised in other comprehensive income		1.0	28.7
Total transactions with fund		(24.2)	(22.4)
Asset at 31 December		(16.3)	(12.3)
Fund with net asset position	27	(51.6)	(51.0)
Fund with net liability position	34	35.3	38.7
Asset at 31 December		(16.3)	(12.3)

	Present value of obligation CHF millions	Fair value of plan assets CHF millions	Impact of asset ceiling CHF millions	Total CHF millions
At 01 January 2024	1,220.0	(1,265.3)	33.0	(12.3)
Current service cost	18.3			18.3
Past service credit - plan amendments				–
Interest expense/(income)	15.9	(16.7)	0.4	(0.4)
Administrative costs and insurance premiums	1.3			1.3
Net amount recognised in the income statement	35.5	(16.7)	0.4	19.2
Remeasurements:
Return on plan assets, excluding amounts
included in interest expense/(income)		(54.0)		(54.0)
Actuarial gain due to experience	2.3			2.3
Actuarial gain due to financial assumptions	49.4			49.4
Change in asset ceiling			3.3	3.3
Net amount recognised in other comprehensive income	51.7	(54.0)	3.3	1.0
Plan participants contributions	12.7	(12.7)		–
Company contributions		(24.2)		(24.2)
Benefit payments	(51.0)	51.0		–
Total transactions with fund	(38.3)	14.1	–	(24.2)
At 31 December 2024	1,268.9	(1,321.9)	36.7	(16.3)
	Present value of obligation CHF millions	Fair value of plan assets CHF millions	Impact of asset ceiling CHF millions	Total CHF millions
At 01 January 2023	1,107.4	(1,227.6)	81.4	(38.8)
Current service cost	17.0			17.0
Past service cost-plan amendments	3.2			3.2
Interest expense/(income)	22.5	(25.4)	1.8	(1.1)
Administrative costs and insurance premiums	1.1			1.1
Net amount recognised in the income statement	43.8	(25.4)	1.8	20.2
Remeasurements:
Return on plan assets, excluding amounts
included in interest expense/(income)		(23.1)		(23.1)
Actuarial loss due to experience	(1.8)			(1.8)
Actuarial gain due to financial assumptions	103.8			103.8
Change in asset ceiling			(50.2)	(50.2)
Net amount recognised in other comprehensive income	102.0	(23.1)	(50.2)	28.7
Plan participants contributions	12.0	(12.0)		–
Company contributions		(22.4)		(22.4)
Benefit payments		45.2		–
	(45.2)
Total transactions with fund	(33.2)	10.8	–	(22.4)

	31 December 2024	31 December 2023	31 December 2022
Significant actuarial assumptions
Discount rate	0.90%	1.35%	2.20%
Salary growth rate	1.75%	2.25%	1.50%
Pension growth rate	0.00%	0.00%	0.00%
Life expectancy for a female member aged 65	23.68	23.61	23.54
Life expectancy for a male member aged 65	21.92	21.86	21.80
Life expectancy at age 65 for a female member aged 50	24.91	24.83	24.75
Life expectancy at age 65 for a male member aged 50	23.21	23.13	23.04

	Change in assumption	Impact of an increase in assumption on present value of obligation CHF millions	Impact of a decrease in assumption on present value of obligation CHF millions
2024 Sensitivity analysis
Discount rate	0.30%	(40.1)	44.7
Salary growth rate	0.30%	3.0	(2.7)
Pension growth rate	0.30%	33.9	n/a
Life expectancy	3 months	9.9	(9.8)
2023 Sensitivity analysis
Discount rate	0.30%	(37.6)	41.7
Salary growth rate	0.30%	2.8	(2.6)
Pension growth rate	0.30%	31.8	n/a
Life expectancy	3 months	9.2	(9.1)

Actuarial assumptions, both financial and demographic, are unbiased estimates based on current expectations and updated as necessary. Mortality rates follow the UK's CMI model, calibrated with Swiss data (LPP2020), with a 1.25% long-term trend.

Liabilities are calculated under IAS 19 risk-sharing provisions, anticipating a decrease in the pension conversion rate over the next decade, using a 1.75% local discount rate and current mortality tables. Financial assumptions include the discount rate, salary growth, and pension increases.

The discount rate is based on high-quality corporate debt yields, or government bonds where data is limited. Salary growth reflects inflation expectations and market conditions, while pension increases are not guaranteed unless a surplus occurs, which is unlikely.

Sensitivity analysis shows how changes in key assumptions (e.g., discount rate, salary growth) affect liabilities, ignoring any potential correlation between assumptions.

Key risks include:

• (i) Investment risk: Plan assets aim for a target return but may fluctuate, affecting remeasurements in other comprehensive income. Bond returns influence the discount rate, potentially offsetting asset volatility.
• (ii) Longevity risk: Conversion rates for retirement annuities are based on target returns and life expectancy, which historically has increased faster than predicted.
• (iii) Interest rate volatility risk: Discount rates, based on bond yields, introduce volatility in liabilities. This affects remeasurements in other comprehensive income but not Group performance.
• (iv) Death and disability risk: Fluctuations in death and disability cases are mitigated by insurance contracts covering these benefits

Plan asset

The pension funds have written investment policies with target allocations and tactical ranges for asset classes (equity, fixed income, real estate, and liquidity) to maximize returns. Investments are managed by multiple portfolio managers, whose performance is regularly reviewed. In

2024, plan assets generated a gain of CHF 70.7 million (2023: gain of CHF 48.5 million). Net interest cost is calculated using the discount rate on the net defined benefit obligation and plan asset value, included in employee benefit expenses. Plan assets do not include any shares of EFG International or its subsidiaries.

The plan asset allocation is as follows:

	Quoted	Unquoted	Total
2024 Asset allocation	CHF millions	CHF millions	CHF millions	in %
Cash and cash equivalents	97.7		97.7	7.4%
Equity instruments	162.8		162.8	12.3%
Debt instruments	780.7		780.7	59.1%
Real estate	1.9	243.3	245.2	18.5%
Other	32.9	2.6	35.5	2.7%
Total plan assets at the end of the year	1,076.0	245.9	1,321.9	100.0%
	Quoted	Unquoted	Total
2023 Asset allocation	CHF millions	CHF millions	CHF millions	in %
Cash and cash equivalents	98.9		98.9	7.8%
Equity instruments	223.8		223.8	17.7%
Debt instruments	733.1		733.1	57.9%
Real estate	34.3	155.1	189.4	15.0%
Other	17.8	2.3	20.1	1.6%
Total plan assets at the end of the year	1,107.9	157.4	1,265.3	100.0%

The expected employer contributions to the postemployment benefit plan for the year ending 31 December 2025 are CHF 20.8 million. The Group created an employer contribution reserve in 2021 in Switzerland linked to the future liabilities of certain pensioners. The amount that has been contributed is CHF 52.0 million and is part of the net asset of CHF 16.3 million. The weighted average duration of

the defined benefit obligation is 11.2 years (2023: 10.9 years). Effective 01 January 2025 "FCT-EFG pension Fund" and "Fondazione di Previdenza EFG SA" merged into the newly named "EFG Group Pension Foundation".

The expected maturity analysis of undiscounted obligation cash flows is as follows:

	31 December 2024 CHF millions	31 December 2023 CHF millions
Expected maturity analysis of undiscounted obligation cash flows
Less than 1 year	90.9	88.6
Between 1–2 years	83.9	82.1
Between 2–5 years	225.1	224.8
Over 5 years	1,016.6	1,041.2
Total	1,416.5	1,436.7

36. Share capital

Accounting principle

Ordinary shares issued are classified as equity.

(i) Share issue costs

Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction from the proceeds attributable to share premium.

(ii) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in which they are approved by the Company's shareholders.

(iii) Treasury shares

Where the Group purchases its own equity share capital, the consideration paid is deducted from total shareholders' equity and classified as treasury shares until they are cancelled. If such shares are subsequently sold or reissued, any consideration received is included in shareholders' equity.

The following is an analysis of the movement of share capital and share premium. The par value of EFG International AG registered shares issued is CHF 0.50 (ordinary shares).

All EFG International AG shares are fully paid.

Number of shares

The following is an analysis of the movement in the number of shares issued by the Group:

	Ordinary shares with voting right	Treasury shares Ordinary shares	Net
Nominal	CHF 0.50	CHF 0.50
At 01 January 2023	309,484,995	(6,902,547)
Ordinary shares repurchased		(8,042,883)
Employee equity incentive plans exercised	2,800,961	4,422,292
At 31 December 2023	312,285,956	(10,523,138)
Share capital at 31 December 2023 (CHF millions)	156.1	(5.2)	150.9
At 01 January 2024	312,285,956	(10,523,138)
Ordinary shares repurchased		(8,742,875)
Employee equity incentive plans exercised	401,755	5,959,830
At 31 December 2024	312,687,711	(13,306,183)

On an annual basis, the Group prepares a corporate governance statement which includes a description of the

capital structure. Please refer to the Corporate Governance section of the Annual Report.

37. Other reserves

Accounting principles

Share-based compensation

When treasury shares or new shares issued are used to settle Restricted Stock Units, the corresponding reserve is transferred and any difference is reflected through retained earnings.

	Investment securities and	Employee share
	derivatives	option plan	Other	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2023	(151.2)	45.7	10.6	(94.9)
Equity-settled share-based plan expensed in the income statement		51.9		51.9
Employee equity incentive plans exercised		(43.9)		(43.9)
Adjustment on reclassification of investments	166.6			166.6
Tax effect of adjustment on reclassification of investments	(6.4)			(6.4)
Net gains on cash flow hedges, with no tax effect	11.9			11.9
Retirement benefit losses			(28.7)	(28.7)
Tax effect on retirement benefit losses			5.6	5.6
Foreign exchange losses on net investments in foreign operations, with no
tax effect			(3.0)	(3.0)
Currency translation differences, with no tax effect			(111.9)	(111.9)
At 31 December 2023	20.9	53.7	(127.4)	(52.8)
	Investment securities and	Employee share
	derivatives	option plan	Other	Total
	CHF millions	CHF millions	CHF millions	CHF millions
At 01 January 2024	20.9	53.7	(127.4)	(52.8)
Equity-settled share-based plan expensed in the income statement		78.9		78.9
Employee equity incentive plans exercised		(47.5)		(47.5)
Net losses on cash flow hedges effective portion of changes in fair value,
with no tax effect	(5.1)			(5.1)
Net gains on cash flow hedges reclassified to the income statement, with
no tax effect	(11.9)			(11.9)
Net losses on investments in equity instruments measured at fair value
through other comprehensive income	(1.0)			(1.0)
Tax effect on net loss on investments in equity instruments measured at
fair value through other comprehensive income	0.2			0.2
Retirement benefit losses			(1.0)	(1.0)
Tax effect on retirement benefit losses			0.2	0.2
Foreign exchange losses on net investments in foreign operations, with no
tax effect			4.6	4.6
Currency translation differences, with no tax effect At 31 December 2024	3.1	85.1	64.6 (59.0)	64.6 29.2

38. Additional equity components

	Weighted average		31 December 2024	31 December 2023
	distribution rate %	Due dates	CHF millions	CHF millions
Additional equity components – issuers
EFG International AG –		First optional call date
USD 400,000,000	5.5% p.a.	of 25 January 2028	351.0	351.0
Total additional equity components			351.0	351.0

In January 2021, the Group placed USD 400.0 million of perpetual unsecured, deeply subordinated notes, qualifying as Additional Tier 1 capital, with a 5.5% p.a. fixed distribution amount until the first optional call date of 25 January 2028 and thereafter the aggregate of the five years USD CMT rate plus 4.659% per annum with a reset every five years. The repayment of this instrument is subject to conditions, including the prior approval of the regulator.

The perpetual Additional Tier 1 Notes (the Notes) may be written off partially or in full, on a permanent basis, under several circumstances described in more detail in the prospectus, among which, if the Tier 1 common equity falls below 7.0%.

Based on the contractual terms of the Notes, the Group may, at its sole discretion, elect to cancel in accordance with the terms and conditions all or part of any payment of interest. Any interest not paid shall not accumulate or be payable at

any time thereafter. The non-payment of interest will not constitute an event of default by the Group. If payment of interest is not made in full, the Group's Board of Directors shall not directly or indirectly recommend that any distribution be paid or made on any other shares issued by EFG International AG. The Notes are perpetual securities and have no fixed final redemption date. The issuer may elect at its sole discretion to redeem the Notes. The Notes will not be redeemable at any time at the option of the holders. On this basis, the Notes have been classified as equity instruments in these consolidated financial statements.

Issuance fees of USD 4.0 million are deducted from the proceeds.

The Group made a distribution of CHF 19.6 million (2023: CHF 20.4 million) in March 2024 in relation to these Notes.

39. Dividends

Final dividends per share are not accounted for until they have been ratified at the Annual General Meeting in March. A dividend in respect of 2024 of CHF 0.60 (2023: CHF 0.55) per share amounting to approximately CHF 179.6 million (2023: CHF 165.3 million), net of dividends not payable on treasury shares is to be proposed.

The financial statements for the year ended 31 December 2024 do not reflect this resolution, which will be accounted for in shareholders' equity as an appropriation of retained profits, in the year ending 31 December 2025, with no tax effect for the Group.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Dividends on ordinary shares
CHF 0.45 per share related to 2022 paid on 27 April 2023		136.7
CHF 0.55 per share related to 2023 paid on 28 March 2024	165.3
Total dividends on ordinary shares	165.3	136.7
Distribution on additional equity components
For the period 25 March 2022 to 24 March 2023 at 5.50%		20.4
For the period 25 March 2023 to 24 March 2024 at 5.50%	19.6
Total distribution on additional equity components	19.6	20.4

40. Securities repurchase and reverse purchase agreements

Accounting principle

Repurchase and reverse-repurchase agreements are treated as secured financing agreements. The transfer of securities in the case of repurchase and reverse-repurchase agreements is not recorded in the balance sheet since the risks and rewards of ownership of the securities are not transferred. In reverse-repurchase agreements, cash deposited against securities received as collateral, and in repurchase agreements cash received against securities provided as collateral, is stated on the balance sheet. Interest income from reverse-repurchase agreements and interest expense from repurchase agreements are accrued in the period in which they are incurred.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Book value of receivables from cash collateral delivered in connection
with securities borrowing and reverse repurchase transactions	1,744.8	1,010.7
Book value of securities lent in connection with securities lending or delivered
as collateral in connection with securities borrowing as well as securities
in own portfolio transferred in connection with repurchase agreements	4,318.3	3,498.8
with unrestricted right to resell or pledge	4,318.3	3,498.8
Fair value of securities received and serving as collateral in connection
with securities lending or securities borrowed in connection with securities
borrowing, as well as securities received in connection with reverse
repurchase agreements with an unrestricted right to resell or repledge	5,461.4	4,721.2
of which repledged securities	2,158.6	2,005.0

Amounts paid or received in cash are booked under the balance sheet item 'Due from other banks' or 'Due to other banks'.

41. Credit risk exposures

41.1 Credit loss measurement

The entity applies the IFRS 9 three-stage approach for impairment measurement:

• Stage 1: for financial assets that have not experienced a significant increase in credit risks since initial recognition, a 12-month expected credit loss (ECL) is measured
• Stage 2: for financial assets that experienced a significant increase in credit risks since initial recognition (but not yet deemed to be credit-impaired), a lifetime ECL is measured
• Stage 3: for credit-impaired or defaulted financial assets, a lifetime ECL is measured

Specific ECL measurements have been developed for each type of credit exposure.

41.2 Due from banks and investment securities

This category includes balances with central banks, due from other banks, treasury bills and other eligible bills, and investment securities.

Inputs and assumptions

The ECL for all products above is estimated using three components:

– EAD (exposure at default): book value (amortised cost assets) and purchase value adjusted for amortisation and discount unwind (financial assets at fair value through other comprehensive income)

• PD (probability of default): estimated based on external counterparty credit risk rating information (Standard & Poor's annual global corporate default study and rating transition). For unrated instruments, a BBB is considered as a proxy
• LGD (loss given default): for Stage 1 and Stage 2 assets aligned to the credit default swap ISDA market standard (recovery rate 40%). In case of Stage 3 assets, determined on an individual basis

Estimation techniques

Macroeconomic expectations for sovereign securities and central banks debt are incorporated via their respective external rating as part of their assessment of counterparty credit risk. For banks and corporate counterparties, the PD and related transition matrices are impacted based on macroeconomic expectations.

Significant increase in credit risk

A significant increase in credit risk (SICR) is determined based on rating changes and individually assessed by an internal expert panel considering a range of external market information (e.g. credit default spreads, rating outlook).

Definition of default

The default is triggered through a payment default on the instrument or any cross-default indication.

41.3 Lombard lending

Lombard lending includes loans and advances to customers covered by financial collaterals. Being secured by diversified portfolios of investment securities, the risk of default of the loan is driven by the collateral.

Inputs and assumptions

The exposure of lombard loans considers potential drawdowns, and the ECL is estimated by means of two components:

• ECL due to adverse market price movements that captures the risk that a shortfall arises when collateral values decrease to a level insufficient to cover the respective lombard loan exposure (based on assumptions regarding market price volatility of collateral asset classes, currency mismatch between loan and collateral, close-out periods and LGD considering collateral liquidation sales cost)
• ECL due to a default of a large single collateral position (top 1 to top 5) yielding a shortfall for the lombard loan exposure (based on PD and LGD for each sub-asset class based on counterparty risk ratings, LGD to assess the collateral value after default and close-out periods).

Estimation techniques

As opposed to the general measurement approach, the ECL measurement for lombard loans is not based on the PD, but on the probability to reach the close-out trigger level and the related expected positive exposure (EPE). The latter corresponds to an uncovered shortfall which in combination with the LGD parameter determines the ECL. No additional macro-conditioning of variables is necessary as macroeconomic effects are captured through parameters such as volatility and loan-to-value (LTV) levels. Post-model adjustments have been recognised on selected individual cases for which risks and uncertainties cannot be adequately reflected with the existing models.

Significant increase in credit risk

A SICR occurs once the close-out trigger (based on collateral lending value) is reached and contextually the computed ECL is above a materiality threshold.

Definition of default

Lombard loans that were closed out or have their collateral liquidated, resulting in an actual shortfall, or where liquidation is still in progress, resulting in a potential shortfall, are considered credit-impaired and classified as Stage 3.

41.4 Mortgages and other loans

All loans and advances to customers not considered lombard lending are included in this classification. These are residential and commercial mortgages, commercial loans, and overdrafts.

Inputs and assumptions

The ECL for mortgages and for other loans is estimated using three components:

• EAD: the exposure considers contractual repayments, as well as potential drawdown over the lifetime of the loan
• PD: derived from historical transition matrices. To derive forward-looking default estimates, these matrices are calibrated to the macroeconomic expectation
• LGD: calculated based on the possibility to cure (derived from the transition matrix), considering the current LTV and the future recovery value of underlying properties for mortgages (computed considering house price development and sales costs proxies)

Estimation techniques

Each loan is assigned to a risk grade on the basis of its credit quality (i.e. rank order estimation). Forward-looking macroeconomic effects are incorporated with forecasts on

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gross domestic product (GDP) growth, unemployment rate, yields and house price index (HPI). Post-model adjustments have been recognised on selected individual cases for which risks and uncertainties cannot be adequately reflected with the existing models.

Significant increase in credit risk

A SICR is experienced by any exposure greater than 30 days past due, or with a deterioration of other criteria (such as rank order estimation or watchlist status), or previously defaulted (cure period).

Definition of default

Any exposure greater than 90 days past due, or other criteria (such as rank order estimation or watchlist status) or following an individual assessment is considered creditimpaired and classified as Stage 3.

41.5 Contractual modifications

EFG International may modify the terms of loans provided to customers due to commercial renegotiations, or for distressed loans, with a view of maximising recovery. Such restructuring activities include extended payment term arrangements, payment holidays and payment forgiveness. Restructuring policies and practices are based on indicators or criteria which, in the judgement of management, indicate that payment will most likely continue.

41.6 Write-off policy

EFG International writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery.

EFG International may write off financial assets that are still subject to enforcement activity. EFG International still seeks to recover amounts it is legally owed in full, but which have been partially written off due to no reasonable expectations of full recovery.

41.7 Sensitivity analysis

The table below illustrates the impact on Stage 1 and Stage 2 ECL from reasonably possible changes in the main parameters from the actual assumptions used.

Portfolio	Parameter		Scenario
		Upside sensitivity CHF millions	Downside sensitivity CHF millions	Stress sensitivity CHF millions
Mortgages and other loans	GDP growth,
	unemployment and yields	(0.1)	0.1	0.4
Mortgages and other loans Lombard loans	House price indices Volatilities		0.5	7.0 0.4

41.8 Concentration of risks of financial assets with credit risk exposure

EFG International manages the concentration risk by monitoring and reviewing on a regular basis its large exposures. The table below summarises the carrying values, credit grades, expected credit loss (ECL) allowance by stage and fair values of collateral of those financial assets that were measured at amortised cost (or at fair value through other comprehensive income) as of 31 December 2024.

31 December 2024	AAA–AA CHF millions	A CHF millions	BBB–BB CHF millions	B–C CHF millions	Unrated CHF millions	Total carrying value CHF millions
Cash and balances with
central banks	5,871.2					5,871.2
Treasury bills and other
eligible bills	1,550.0					1,550.0
Due from other banks	844.1	1,688.5	190.6	0.5		2,723.7
Mortgages	4,579.8	577.4	365.4	283.8		5,806.4
Lombard and other loans	11,762.4	17.1	316.9	22.5		12,118.9
Investment securities	7,671.5	357.6				8,029.1
Total on-balance sheet
assets as at
31 December 2024	32,279.0	2,640.6	872.9	306.8	–	36,099.3
Loan commitments	143.2					143.2
Financial guarantees	181.3	60.2	2.7	1.0		245.2
Total	32,603.5	2,700.8	875.6	307.8	–	36,487.7

Rating range based on external rating. If not available, computed based on final ECL calculation and aligned with external rating agencies default data.

	Total					Fair value of
	carrying value		ECL staging		ECL allowance	the collateral held
31 December 2024	CHF millions	Stage 1	Stage 2	Stage 3	CHF millions	CHF millions
Cash and balances with
central banks	5,871.2
Treasury bills and other
eligible bills	1,550.0
Due from other banks	2,723.7	0.1			0.1
Mortgages	5,806.4	0.7	0.7	10.5	11.9	12,164.9
Lombard and other loans	12,118.9	1.2	1.3	8.1	10.6	40,575.7
Investment securities	8,029.1	0.6			0.6
Total on-balance sheet
assets as at
31 December 2024	36,099.3	2.6	2.0	18.6	23.2	52,740.6
Loan commitments	143.2
Financial guarantees	245.2		0.4		0.4
Total	36,487.7	2.6	2.4	18.6	23.6	52,740.6

						Total carrying
	AAA–AA	A	BBB–BB	B–C	Unrated	value
31 December 2023	CHF millions	CHF millions	CHF millions	CHF millions	CHF millions	CHF millions
Cash and balances with
central banks	4,726.9					4,726.9
Treasury bills and other
eligible bills	2,340.6					2,340.6
Due from other banks	1,198.2	1,345.0	74.0	0.4		2,617.6
Mortgages	4,132.7	585.4	352.1	294.2		5,364.4
Lombard and other loans	9,929.9	445.6	250.6	28.6		10,654.7
Investment securities	8,489.8					8,489.8
Total on-balance sheet
assets as at
31 December 2023	30,818.1	2,376.0	676.7	323.2	–	34,194.0
Loan commitments	198.9					198.9
Financial guarantees	187.7	23.0	5.3	8.1		224.1
Total	31,204.7	2,399.0	682.0	331.3	–	34,617.0
	Total carrying value		ECL staging		ECL allowance included in carrying values	Fair value of the collateral held
31 December 2023	CHF millions	Stage 1	Stage 2	Stage 3	CHF millions	CHF millions
Cash and balances with
central banks	4,726.9
Treasury bills and other
eligible bills	2,340.6	0.1			0.1
Due from other banks	2,617.6	0.1			0.1
Mortgages	5,364.4	1.0	0.7	7.3	9.0	10,913.2
Lombard and other loans	10,654.7	1.7	0.6	6.8	9.1	34,787.5
Investment securities	8,489.8	0.4			0.4
Total on-balance sheet
assets as at
31 December 2023	34,194.0	3.3	1.3	14.1	18.7	45,700.7
Loan commitments	198.9
Financial guarantees	224.1	0.1	0.3		0.4
Total	34,617.0	3.4	1.6	14.1	19.1	45,700.7

42. Market risk

42.1 Interest rate repricing gap

The following table summarises the interest repricing gap of EFG International's financial instruments based on the undiscounted cash flows, categorised by the earlier of

contractual repricing or maturity dates (interest rate risk view).

Repricing gap by interest repricing bucket	Up to 3 months CHF millions	3–12 months CHF millions	1–5 years CHF millions	Over 5 years CHF millions	Non-interest bearing CHF millions	Total CHF millions
As at 31 December 2024
Assets
Cash and balances with central banks	5,834.5				36.7	5,871.2
Treasury bills and other eligible bills	1,382.8	210.8				1,593.6
Due from other banks	2,404.4	201.3	118.1			2,723.8
Loans and advances to customers	14,687.3	2,333.3	823.9	80.8		17,925.3
Derivative financial instruments	1,549.9					1,549.9
Financial assets at fair value through profit
and loss	597.0	250.8	74.0	47.0	373.2	1,342.0
Investment securities	1,333.2	1,748.5	4,889.1	78.5		8,049.3
Total financial assets	27,789.1	4,744.7	5,905.1	206.3	409.9	39,055.1
Liabilities
Due to other banks	1,024.3	28.1				1,052.4
Due to customers	19,014.2	1,585.2	106.7		10,599.9	31,306.0
Derivative financial instruments	1,400.4					1,400.4
Financial liabilities at fair value through
profit and loss	112.8	1.6	32.3	32.4		179.1
Financial liabilities at amortised cost	2,518.8	328.8	377.1	181.2		3,405.9
Subordinated loans
Total financial liabilities	24,070.5	1,943.7	516.1	213.6	10,599.9	37,343.8
On-balance-sheet interest repricing gap	3,718.7	2,800.9	5,388.8	(7.4)	(10,190.0)	1,711.0
Off-balance-sheet interest repricing gap	1,537.8	(321.2)	(1,548.2)	(136.6)		(468.2)

The quantitative interest rate risk impact on equity economic value and on net interest income are reported in the Basel III Pillar 3 Disclosures Report, together with qualitative information.

42.2 Value-at-risk trading and investment book

The following table presents the VaR (10d/99%) attribution by interest rates risk, credit spread risk and currency risk:

		thereof
		Trading book
VaR by risk type	Total VaR	VaR
At 31 December	CHF millions	CHF millions
2024
Credit spread risk	6.4	1.5
Interest rate risk	16.6	0.9
Currency risk	1.4	1.0
VaR	24.4	3.4
2023
Credit spread risk	6.6	0.7
Interest rate risk	27.2	0.6
Currency risk	1.6	0.7
VaR	35.4	2.0

EFG International carries out foreign currency operations both for its clients, and for its own account. The aggregated foreign currency exposure was CHF 48.2 million.

The Group is not exposed to market risk through its structured product activities as the positions are fully economically hedged. Moreover, the Group does not perform OTC equity derivatives transactions with customers.

43. Liquidity risk

43.1 Financial liabilities' cash flows

The following table analyses EFG International's financial liabilities by remaining contractual maturities at the balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Although liabilities due to customers are mainly at sight from a contractual point of view, in practice and from an economical perspective, it has been observed that they provide a stable funding source, thereby reducing the exposure to liquidity risk.

Financial liabilities by remaining contractual maturities	Up to 1 month CHF millions	1–3 months CHF millions	3–12 months CHF millions	1–5 years CHF millions	Over 5 years CHF millions	Total CHF millions
31 December 2024
Liabilities
Due to other banks	807.6	216.7	28.1			1,052.4
Due to customers	25,758.8	3,855.3	1,585.2	106.7		31,306.0
Financial liabilities at fair value through
profit and loss	111.3	1.5	1.6	32.3	32.5	179.2
Financial liabilities at amortised cost	2,169.4	349.4	328.9	377.1	181.2	3,406.0
Total financial liabilities	28,847.1	4,422.9	1,943.8	516.1	213.7	35,943.6
Derivative financial liabilities	19,612.8	16,973.4	9,452.8	1,695.4	136.6	47,871.0
Financial liabilities by remaining contractual maturities	Up to 1 month CHF millions	1–3 months CHF millions	3–12 months CHF millions	1–5 years CHF millions	Over 5 years CHF millions	Total CHF millions
31 December 2023
Liabilities
Due to other banks	868.4	44.4	30.2			943.0
Due to customers	23,688.9	3,751.0	2,533.6	83.0		30,056.5
Financial liabilities at fair value through
profit and loss	129.6	4.3	3.7	20.7	16.9	175.2
Financial liabilities at amortised cost	2,195.8	170.6	271.2	152.4	37.3	2,827.3
Total financial liabilities	26,882.7	3,970.3	2,838.7	256.1	54.2	34,002.0
Derivative financial liabilities	18,970.2	16,273.2	14,741.3	1,573.4	143.9	51,702.0

For more detailed information on off-balance-sheet exposures by maturity, refer to note 47.

Segment reporting

44. Segmental reporting

The segmental reporting is based on how the Executive Committee reviews the performance of the Group's operations.

The primary split is between the Private Banking and Wealth Management business, the Investment & Wealth Solutions business, Global Markets & Treasury, and an aggregation of other activity. The Private Banking and Wealth Management business is managed on a regional basis and is split into:

• Switzerland & Italy
• Continental Europe & Middle East
• Americas
• United Kingdom
• Asia Pacific

The expense allocation between segments follows a basis using a combination of directly attributable costs, and allocated costs using appropriate allocation keys (Assets under Management, FTEs, Client Relationship Officers, Revenues or other drivers as applicable).

In the year ended 31 December 2024, the Group changed the basis of allocating segment revenue between the Global Markets & Treasury segment and the United Kingdom Private Banking and Wealth Management segment. This resulted in an additional approximate CHF 28.6 million of segment revenue being allocated to the United Kingdom Private Banking and Wealth Management segment from the Global Markets & Treasury segment.

Refer to note 55 for the definition of Assets under Management.

			Private Banking and Wealth Management
		Continental
	Switzerland	Europe		United
CHF millions	& Italy	& Middle East	Americas	Kingdom
At 31 December 2024
Net interest income	183.4	123.1	61.3	124.4
Net banking fee and commission income	222.0	133.7	71.8	73.3
Net other income	79.0	15.9	3.8	8.8
Revenue sharing	(30.7)	(16.7)	(8.1)	(12.9)
Operating income	453.7	256.0	128.8	193.6
Operating expenses	(273.1)	(170.6)	(108.5)	(136.1)
Total operating margin	180.6	85.4	20.3	57.5
Impairment of intangible assets
Provisions		0.3
Loss allowances expense	(1.5)	(1.2)		(1.3)
Profit/(loss) before tax	179.1	84.5	20.3	56.2
Income tax expense	(29.7)	(14.0)	(3.3)	(9.3)
Net profit/(loss) for the year	149.4	70.5	17.0	46.9
Assets under Management	44,037	29,856	20,469	24,226
Employees (FTEs)	344	232	173	191

			Private Banking and Wealth Management
		Continental
	Switzerland	Europe		United
	& Italy	& Middle East	Americas	Kingdom
CHF millions
At 31 December 2023
Net interest income	211.0	141.2	75.9	121.6
Net banking fee and commission income	202.1	113.3	62.0	59.7
Net other income	68.8	15.8	3.0	6.2
Revenue sharing	(30.0)	(13.6)	(7.8)	(9.3)
Operating income	451.9	256.7	133.1	178.2
Operating expenses	(270.8)	(173.6)	(115.6)	(136.1)
Total operating margin	181.1	83.1	17.5	42.1
Impairment of intangible assets
Provisions		(0.4)
Loss allowances expense	(1.7)	(7.0)	0.1	(0.8)
Profit/(loss) before tax	179.4	75.7	17.6	41.3
Income tax expense	(16.0)	(6.8)	(1.6)	(3.7)
Net profit/(loss) for the year	163.4	68.9	16.0	37.6
Assets under Management	38,761	25,856	17,457	19,877
Employees (FTEs)	335	217	164	205

		Investment & Wealth Solutions	Global Markets & Treasury	Corporate	Eliminations	Total
Asia Pacific	Total
71.8	564.0	2.5	(141.0)	(42.2)		383.3
123.8	624.6	45.3	6.3	(9.2)		667.0
9.8	117.3	(0.4)	229.5	102.2		448.6
(9.2)	(77.6)	77.6				(0.0)
196.2	1,228.3	125.0	94.8	50.8	–	1,498.9
(160.2)	(848.5)	(140.5)	(63.9)	(55.0)		(1,107.9)
36.0	379.8	(15.5)	30.9	(4.2)	–	391.0
	–			(2.3)		(2.3)
0.2	0.5			(5.7)		(5.2)
(0.7)	(4.7)	(0.1)	(0.1)	2.8		(2.1)
35.5	375.6	(15.6)	30.8	(9.4)	–	381.4
(5.9)	(62.2)	2.6	(5.1)	4.9		(59.8)
29.6	313.4	(13.0)	25.7	(4.5)	–	321.6
37,981	156,569	60,066		36	(51,184)	165,487
342	1,282	316	93	1,423		3,114
		Investment & Wealth Solutions	Global Markets & Treasury	Corporate	Eliminations	Total
Asia Pacific	Total
70.6	620.3	3.1	(71.5)	(39.9)		512.0
91.3 8.8	528.4 102.6	51.6 1.7	6.8 148.4	0.4 78.8		587.2 331.5
(5.2)	(65.9)	66.0		(0.1)		–
165.5	1,185.4	122.4	83.7	39.2	–	1,430.7
(150.5)	(846.6)	(120.1)	(56.0)	(35.2)		(1,057.9)
15.0	338.8	2.3	27.7	4.0	–	372.8
	–			(23.6)		(23.6)
(0.3)	(0.7)			(8.6)		(9.3)
(0.2)	(9.6)		(0.7)	3.6		(6.7)
14.5	328.5	2.3	27.0	(24.6)	–	333.2
(1.3)	(29.4)	(0.2)	(2.4)	2.0		(30.0)
13.2	299.1	2.1	24.6	(22.6)	–	303.2
30,942 337	132,893 1,258	48,241 296	94	1,377	(38,890)	142,244 3,025

45. Analysis of Swiss and foreign income and expenses

	Swiss CHF millions	Foreign CHF millions	Total CHF millions
Year ended 31 December 2024
Operating income	816.7	682.2	1,498.9
Operating expenses	(650.6)	(457.3)	(1,107.9)
Impairment of intangible assets	(2.3)		(2.3)
Provisions	(4.0)	(1.2)	(5.2)
Loss allowances expense	(2.2)	0.1	(2.1)
Profit before tax	157.6	223.8	381.4
Income tax expense	(25.8)	(34.0)	(59.8)
Net profit for the year attributable to equity holders of the Group	131.8	189.8	321.6
	Swiss CHF millions	Foreign CHF millions	Total CHF millions
Year ended 31 December 2023
Operating income	776.8	653.9	1,430.7
Operating expenses	(606.0)	(451.9)	(1,057.9)
Impairment of intangible assets	(23.6)		(23.6)
Provisions	(8.8)	(0.5)	(9.3)
Loss allowances expense	(3.6)	(3.1)	(6.7)
Profit before tax	134.8	198.4	333.2
Income tax expense	(13.3)	(16.7)	(30.0)
Net profit for the year attributable to equity holders of the Group	121.5	181.7	303.2

46. Analysis of Swiss and foreign assets, liabilities and shareholders' equity

	Swiss	Foreign	Total
	CHF millions	CHF millions	CHF millions
31 December 2024
Total assets	7,832.6	32,766.9	40,599.5
Total liabilities	(9,774.8)	(28,446.5)	(38,221.3)
Total equity	(1,942.2)	4,320.4	2,378.2
Additional equity components	(351.0)		(351.0)
Total shareholders' equity	(2,293.2)	4,320.4	2,027.2
Total equity and liabilities	7,832.6	32,766.9	40,599.5
	Swiss	Foreign	Total
	CHF millions	CHF millions	CHF millions
31 December 2023
Total assets	5,589.5	32,996.4	38,585.9
Total liabilities	(1,569.3)	(34,799.5)	(36,368.8)
Total equity	4,020.2	(1,803.1)	2,217.1
Additional equity components	(351.0)		(351.0)
Total shareholders' equity	3,669.2	(1,803.1)	1,866.1
Total equity and liabilities	5,589.5	32,996.4	38,585.9

Off-balance-sheet notes

47. Off-balance-sheet items

	31 December 2024 CHF millions	31 December 2023 CHF millions
Guarantees issued in favour of third parties	245.2	224.1
Irrevocable commitments	143.2	198.9
Total	388.4	423.0

The following table summarises the Group's off-balance-sheet items by maturity:

	Not later than 1 year CHF millions	1–5 years CHF millions	Over 5 years CHF millions	Total CHF millions
31 December 2024
Guarantees issued in favour of third parties	111.8	23.6	109.8	245.2
Irrevocable commitments	76.7	63.1	3.4	143.2
Total	188.5	86.7	113.2	388.4
31 December 2023
Guarantees issued in favour of third parties	84.5	35.5	104.1	224.1
Irrevocable commitments	103.5	95.4		198.9
Total	188.0	130.9	104.1	423.0

The financial guarantees maturities are based on the earliest contractual maturity date. The irrevocable

commitments maturities are based on the dates on which loan commitments made to customers will cease to exist.

48. Fiduciary transactions

Accounting principle

Where the Group acts in a fiduciary capacity, such as nominee, trustee or agent, assets and income arising on fiduciary activities, together with related undertakings to return such assets to customers, are excluded from the financial statements.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Fiduciary transactions with third-party banks	3,507.8	2,974.4
Total	3,507.8	2,974.4

Additional information

49. Valuation of financial assets and liabilities

Accounting principle

All financial assets are recorded on the day the transaction is undertaken, with the exception of loans and advances to customers, which are entered in the balance sheet on their respective value dates. Purchases and sales of other financial assets at fair value or amortised cost are recognised on trade date, which is the date on which the Group commits to purchase or sell the asset. Loans and advances to customers are recognised when cash is advanced to the borrowers.

Measurement methods:

Amortised cost and effective interest rate

The amortised costs do not consider expected credit losses and does include transaction costs, premiums or discounts and fees paid or received that are integral to the effective interest rate, such as origination fees.

When the Group revises the estimates of future cash flows, the carrying value of the respective financial asset or financial liability is adjusted to reflect the new estimated discount using the original effective interest rate. Any changes are recognised in profit or loss.

Initial recognition and measurement

At initial recognition, the Group measures a financial asset or financial liability at its fair value. In case of a financial asset or financial liability subsequently not measured at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions, are included in the fair value at initial recognition. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed as incurred.

Business models: The business model reflects how the Group manages the assets in order to generate cash flows. That is, whether the Group's objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g. financial assets are held for trading purposes), then the financial assets are classified as 'other' business model and measured at fair value through profit or loss. Factors considered by the Group in determining the business model for a group of assets include past experience on how the cash flows for these assets were collected, how the asset's performance is evaluated and reported to key management personnel, how risks are assessed and managed and how management are compensated.

Solely payment of principal and interest: where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Group assesses whether the financial instrument's cash flows represent solely payments of principal and interest (the 'SPPI test'). In making this assessment, the Group considers whether the contractual cash flows are consistent with a basic lending arrangement, i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that is consistent with a basic lending arrangement. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, based on qualitative or quantitative criteria, the related financial asset is classified and measured at fair value through profit or loss.

Fair value through other comprehensive income

Debt instruments that are held for collection of contractual cash flows and for selling the assets, where the asset's cash flows represent solely payments of principal and interest, and that are not designated at fair value through profit

or loss, are measured at fair value through other comprehensive income. Movements in the carrying amount are taken through other comprehensive income, except for loss allowances, interest revenue and foreign exchange gains and losses on the instruments' amortised cost, which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss and recognised in 'Net gains/losses on derecognition of financial assets and liabilities'. Interest income from these financial assets is included in 'Interest income' using the effective interest rate method.

Equity investments are instruments that meet the definition of equity from the issuer's perspective. Examples of equity investments include basic ordinary shares. The Group subsequently measures all equity investments at fair value through profit and loss, except where the Group's management has elected at initial recognition to irrevocably designate an equity investment at fair value through other comprehensive income. The Group's policy is to designate equity investments in fair value through other comprehensive income when those investments are held for purposes other than to generate investment returns. When this election is used, fair value gains and losses are recognised in other comprehensive income and are not subsequently reclassified to profit and loss, including on disposal. Impairment losses (and reversal of impairment losses) are not reported separately from other changes in fair value. Dividends, when representing a return on such investments, continue to be recognised in profit and loss as other income when the Group's right to receive payment is established.

Fair value through profit or loss

Assets that do not meet the criteria for amortised cost or fair value through other comprehensive income are measured at fair value through profit or loss. Other movements in the fair value (for example from interest rate or credit risk changes) are not part of a hedging relationship and are presented in the income statement within 'Fair value gains less losses on financial instruments measured at fair value' in the period in which they arise.

Gains and losses on equity investments at fair value through profit and loss are included in 'Fair value gains less losses on financial instruments measured as fair value'.

Impairment

The Group assesses loss allowances at each reporting date. The measurement of expected credit loss reflects:

• An unbiased and probability-weighted value that is determined by evaluating a range of possible outcomes
• The time value of money
• Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions

Classification and subsequent measurement of financial liabilities, financial guarantees contracts and loan commitments

In both the current and prior period, financial liabilities are classified as subsequently measured at amortised cost, except for:

• Financial liabilities at fair value through profit or loss: this classification is applied to derivatives, financial liabilities held for trading (e.g. short positions in the trading booking). Gains or losses on financial liabilities designated at fair value through profit or loss are presented partially in other comprehensive income (the value of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability, which is determined as the value that is not attributable to changes in market conditions that give rise to market risk) and partially profit or loss (the remaining value of change in the fair value of the liability). This is unless such a presentation would create, or enlarge, an accounting mismatch in which case the gains and losses attributable to changes in the credit risk of the liability are also presented in profit or loss.
• Financial guarantee contracts and loan commitments: financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of the expected credit loss value; and the premium received on initial recognition less any income recognised upfront. Loan commitments provided by the Group are measured as the value of the expected loss allowance. For loan commitments and financial guarantee contracts, the loss allowance is recognised as a provision. If the contract includes both a loan and an undrawn commitment and the

expected credit loss on the undrawn commitment cannot be separated from the loan component, the expected credit loss on the undrawn commitment is recognised together with the loss allowance for the loan.

Derecognition of financial assets and liabilities

A financial asset, or a portion thereof, is derecognised when the contractual rights to receive cash flows from the asset have expired, or when they have been transferred and either (i) the Group transfers substantially all the risks and rewards of ownership, or (ii) the Group neither transfers nor retains substantially all the risks and rewards of ownership and the Group has not retained control. A financial liability is derecognised when extinguished (i.e. the obligation specified in the contract is discharged, cancelled or expires).

49.1 Financial assets and liabilities measured at fair value

Accounting judgement

The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques. Where valuation techniques (for example, models) are used to determine fair values, they are validated and periodically reviewed by qualified personnel independent of the personnel that created them. All models are validated before they are used, and models are calibrated to ensure that outputs reflect actual data and comparative market prices. To the extent practicable, models use only observable data, however areas such as credit risk (both own and counterparty), volatilities and correlations require management to make estimates. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

(a) Fair value hierarchy

IFRS 13 requires classification of financial instruments at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

The fair value hierarchy has the following levels:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
• Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as price) or indirectly (i.e. derived from prices)

– Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

There were no transfers between levels in the current year.

	31 December 2024
	Level 1 Level 2		Level 3	Total
	CHF millions	CHF millions	CHF millions	CHF millions
Derivative financial instruments (assets)
Currency derivatives		1,016.5		1,016.5
Interest rate derivatives		100.4		100.4
Equity derivatives		399.9		399.9
Other derivatives		9.3		9.3
Life insurance related			23.7	23.7
Total derivatives assets	–	1,526.1	23.7	1,549.8
Financial assets at fair value through profit and loss
Debt	555.2	328.8		884.0
Equity	0.4		107.6	108.0
Life insurance related			444.5	444.5
Investment funds		8.9		8.9
Total financial assets at fair value through profit and loss	555.6	337.7	552.1	1,445.4
Total assets measured at fair value through profit and loss	555.6	1,863.8	575.8	2,995.2
Financial assets at fair value through other comprehensive income
Debt	496.8			496.8
Total financial assets measured at fair value through other
comprehensive income	496.8	–	–	496.8
Total assets measured at fair value	1,052.4	1,863.8	575.8	3,492.0
	Level 1	31 December 2024 Level 2	Level 3	Total
	CHF millions	CHF millions	CHF millions	CHF millions
Derivative financial instruments (liabilities)
Currency derivatives		(934.3)		(934.3)
Interest rate derivatives		(41.6)		(41.6)
Equity derivatives		(413.3)		(413.3)
Other derivatives		(11.2)		(11.2)
Total derivatives liabilities	–	(1,400.4)	–	(1,400.4)
Financial liabilities designated at fair value
Equity		(0.2)		(0.2)
Debt	(50.2)	(16.8)		(67.0)
Life insurance related			(104.3)	(104.3)
Total financial liabilities designated at fair value	(50.2)	(17.0)	(104.3)	(171.5)
Total liabilities measured at fair value	(50.2)	(1,417.4)	(104.3)	(1,571.9)
Assets less liabilities measured at fair value	1,002.2	446.4	471.5	1,920.1

	31 December 2023
	Level 1	Level 2	Level 3	Total
	CHF millions	CHF millions	CHF millions	CHF millions
Derivative financial instruments (assets)
Currency derivatives		1,049.0		1,049.0
Interest rate derivatives		138.4		138.4
Equity derivatives		352.1		352.1
Other derivatives		10.5		10.5
Life insurance related			24.3	24.3
Total derivatives assets	–	1,550.0	24.3	1,574.3
Financial assets at fair value through profit and loss
Debt	306.2	394.6		700.8
Equity	0.7		98.3	99.0
Life insurance related			537.8	537.8
Investment funds		21.6		21.6
Total financial assets at fair value through profit and loss	306.9	416.2	636.1	1,359.2
Total assets measured at fair value	306.9	1,966.2	660.4	2,933.5
Derivative financial instruments (liabilities)
Currency derivatives		(1,133.4)		(1,133.4)
Interest rate derivatives		(33.6)		(33.6)
Equity derivatives		(392.8)		(392.8)
Other derivatives		(10.5)		(10.5)
Total derivatives liabilities	–	(1,570.3)	–	(1,570.3)
Financial liabilities designated at fair value
Equity		(0.3)		(0.3)
Debt	(34.7)	(8.1)		(42.8)
Life insurance related			(131.0)	(131.0)
Total financial liabilities designated at fair value	(34.7)	(8.4)	(131.0)	(174.1)
Total liabilities measured at fair value	(34.7)	(1,578.7)	(131.0)	(1,744.4)
Assets less liabilities measured at fair value	272.2	387.5	529.4	1,189.1

(i) Financial instruments in level 1

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's-length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1. Instruments included in level 1 comprise primarily quoted bonds and equity.

(ii) Financial instruments in level 2

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to determine the fair value of an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Specific valuation techniques used to value financial instruments include:

• Quoted market prices or dealer quotes for similar instruments
• The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves
• The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date, with the resulting value discounted back to present value
• Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial instruments

(b) Movements of level 3 instruments

	Assets in level 3
	Derivative	Financial assets	Total
	financial	measured at fair value	assets in
	instruments	through profit and loss	level 3
	CHF millions	CHF millions	CHF millions
At 01 January 2024	24.2	636.2	660.4
Total gains or losses
in the income statement – Net loss from changes in fair value	(0.8)	(50.4)	(51.2)
Purchases/Premiums paid	(1.6)	92.0	90.4
Disposals/Premiums received		(161.5)	(161.5)
Exchange differences	1.9	35.8	37.7
At 31 December 2024	23.7	552.1	575.8
Change in unrealised gains or losses for the period
included in the income statement for assets held
at the end of the reporting period	(0.8)	(50.4)	(51.2)

	Liabilities in level 3
	Financial	Total
	liabilities designated at	liabilities
	fair value	in level 3
	CHF millions	CHF millions
At 01 January 2024	131.0	131.0
Total gains or losses
in the income statement – Net gains from changes in fair value	(10.8)	(10.8)
Purchases/Premiums paid	9.4	9.4
Disposals/Premiums received	(33.1)	(33.1)
Exchange differences	7.8	7.8
At 31 December 2024	104.3	104.3
Change in unrealised gains or losses for the period
included in the income statement for liabilities
held at the end of the reporting period	(10.8)	(10.8)

	Assets in level 3
	Derivative	Financial assets	Total
	financial	measured at fair value	assets in
	instruments	through profit and loss	level 3
	CHF millions	CHF millions	CHF millions
At 01 January 2023	31.8	788.7	820.5
Total gains or losses
in the income statement – Net loss from changes in fair value	0.4	(48.2)	(47.8)
Purchases/Premiums paid	2.6	90.1	92.7
Disposals/Premiums received	(8.1)	(139.5)	(147.6)
Exchange differences	(2.5)	(54.9)	(57.4)
At 31 December 2023	24.2	636.2	660.4
Change in unrealised gains or losses for the period
included in the income statement for assets held
at the end of the reporting period	0.4	(48.2)	(47.8)

		Liabilities in level 3
	Financial	Total
	liabilities designated at	liabilities
	fair value	in level 3
	CHF millions	CHF millions
At 01 January 2023	145.9	145.9
Total gains or losses
in the income statement – Net loss from changes in fair value	(4.4)	(4.4)
Purchases/Premiums paid	11.9	11.9
Disposals/Premiums received	(9.2)	(9.2)
Exchange differences	(13.2)	(13.2)
At 31 December 2023	131.0	131.0
Change in unrealised gains or losses for the period
included in the income statement for liabilities
held at the end of the reporting period	(4.4)	(4.4)

(c) Fair value methodology used for level 3 instruments – valuation technique

Valuation governance

The Group's model governance is outlined in a model vetting policy, which describes the Group's model risk governance framework, model validation approach and the model validation process.

A significant part of the independent price verification process is the assessment of the accuracy of modelling methods and input assumptions, which return fair value estimates derived from valuation techniques. As part of the model governance framework, the benchmarking of fair value estimates is performed against external sources and recalibration is performed on a continuous basis against changes in fair value versus expectations. Fair value measurements are compared with observed prices and

market levels, for the specific instrument to be valued whenever possible.

As a result of the above and in order to align with independent market information and accounting standards, valuation adjustments may be made to the fair value estimate.

Valuation techniques

If the market for a financial instrument is not active, the Group establishes fair value by using one of the following valuation techniques:

• Recent arm's-length market transactions between knowledgeable, willing parties (if available)
• Reference to the current fair value of another instrument (that is substantially the same)
• Discounted cash flow analysis
• Option pricing models
• Net asset values
• Price earnings multiples

Financial statement line item Products		Valuation techniques	31 December 2024 CHF millions	31 December 2023 CHF millions
Financial assets at fair value through profit and loss	Equities	Unadjusted net asset value	1.7	8.6
Financial assets at fair value through profit and loss	Equities	Price earnings multiples, and others	105.9	89.7
Derivatives	Synthetic life insurance policies	Discounted cash flow analysis and life expectancies (non-market observable inputs)	23.7	24.3
Financial assets at fair value through profit and loss	Physical life insurance policies	Discounted cash flow analysis and life expectancies (non-market observable inputs)	444.5	537.8
Financial liabilities designated at fair value	Synthetic life insurance policies	Discounted cash flow analysis and life expectancies (non-market observable inputs)	(104.3)	(131.0)
Total			471.5	529.4

The Group values certain financial instruments at fair value using models which rely on inputs to the models that are not based on observable market data (unobservable inputs). These financial instruments are classified as level 3. Below is a summary of the valuation techniques and unobservable inputs to the valuations of these level 3 financial instruments that significantly affect the value and describe the interrelationship between observable inputs and how they affect the valuation.

(i) Life insurance policies

The Group uses a discounted cash flow valuation technique for the valuation of physical and synthetic life settlement policies and related financial instruments. The approach

makes use of market observable and non-market observable inputs. See note 20 for further details.

(ii) Equities

As of 31 December 2024, the Group holds investments in several unlisted companies that are measured at fair value using valuation techniques based on observable and nonobservable inputs. These financial assets are classified as Level 3 of the fair value hierarchy.

The fair value of unlisted equity investments is determined using a valuation model that incorporates data from comparable listed companies. Key inputs to the model include:

• EBITDA multiples,
• Price-to-earnings multiples,
• Dividend yields,
• Price-to-book multiples.

These multiples are derived from comparable companies selected based on their industry, size, and geographical location. The model also adjusts for specific characteristics of the unlisted companies, such as marketability.

In 2024, the Group recognised a gain of CHF 16.2 million related to its unlisted equity investments. This gain was primarily due to:

• Changes in the multiples of comparable listed companies, reflecting broader market trends.
• Increase in the financial performance of certain unlisted investees during the year.

The fair value of unlisted equity investments is sensitive to changes in:

• Market multiples: A 10% change in the price-to-book multiple, EBITDA multiple, dividend yield or price-earnings multiple would result in an increase/decrease in fair value of CHF 7.6 million.
• Financial performance: A 10% change in the EBITDA, dividend, book value or net income of the unlisted companies would impact fair value by CHF 7.7 million.

49.2 Financial assets and liabilities measured at amortised cost

The table below summarises the carrying values and fair values of those financial assets and liabilities that were measured at amortised cost as of 31 December 2024:

	Note	Carrying value CHF millions	Fair value CHF millions	Difference CHF millions
31 December 2024
Financial assets
Due from other banks	(i)	2,723.7	2,716.6	(7.1)
Loans and advances to customers	(ii)	17,925.3	18,007.7	82.4
Investment securities	(iii)	7,496.3	7,432.3	(64.0)
		28,145.3	28,156.6	11.3
Financial liabilities
Due to other banks	(iv)	1,052.4	1,053.0	0.6
Due to customers	(iv)	31,306.0	31,263.1	(42.9)
Financial liabilities at amortised cost	(v)	3,417.5	3,410.2	(7.3)
		35,775.9	35,726.3	(49.6)
Net assets and liabilities not measured at fair value		(7,630.6)	(7,569.7)	60.9
As at 31 December 2023
Financial assets
Due from other banks	(i)	2,617.6	2,611.9	(5.7)
Loans and advances to customers	(ii)	16,019.1	16,084.5	65.4
Investment securities	(iii)	8,489.8	8,416.1	(73.7)
		27,126.5	27,112.5	(14.0)
Financial liabilities
Due to other banks	(iv)	943.0	941.5	(1.5)
Due to customers	(iv)	30,056.5	30,022.7	(33.8)
Financial liabilities at amortised cost	(v)	2,807.8	2,807.6	(0.2)
		33,807.3	33,771.8	(35.5)
Net assets and liabilities not measured at fair value		(6,680.8)	(6,659.3)	21.5

(i) Due from other banks

Due from other banks includes inter-bank placements and items in the course of collection. The fair value of floating rate placements, overnight deposits and term deposits with a maturity of less than 90 days is assumed to be their carrying amount, as the effect of discounting is not significant. The fair values are within level 2 of the fair value hierarchy.

(ii) Loans and advances to customers Loans and advances are net of provisions for impairment. The estimated fair value of loans and advances represents the discounted amount of estimated future cash flows expected to be received up to the next interest reset date. Expected cash flows are discounted at current market rates to determine fair value. Determined fair values are within level 2 of the fair value hierarchy.

(iii) Investment securities Investment securities held to maturity are reflected on an amortised costs basis. The fair value of the investment securities is based on the quoted market price of the

instrument. The fair values are within level 1 of the fair value hierarchy.

(iv) Due to other banks and customers The estimated fair value of deposits with no stated maturity, which includes non-interest-bearing deposits, is the amount repayable on demand. Expected cash flows are discounted at current market rates to determine fair value. Determined fair values are within level 2 of the fair value hierarchy.

(v) Financial liabilities at amortised cost The value of structured products sold to clients is reflected on an accrual basis for the debt host (and on a fair value for the embedded derivative). The fair value of the debt host is based on the discounted amount of estimated future cash flows expected to be paid up to the date of maturity of the instrument. Expected cash flows are discounted at current market rates to determine fair value. The fair values are within level 2 of the fair value hierarchy. The value of the senior unsecured bonds issued is reflected on an accrual basis. These bonds are listed on the SIX Swiss Exchange.

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50. Offsetting

Accounting principle

Financial assets and liabilities are offset and the net amount presented in the balance sheet when there is a legally enforceable right to offset the recognised amount and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Such a right of set-off must not be contingent on a future event and must be legally enforceable in all of the following circumstances:

• In the normal course of business
• In the event of default
• In the event of insolvency or bankruptcy

The following financial assets and financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.

	Gross amounts	Gross amounts of recognised financial	Net amounts of recognised financial assets	Related amounts not set off in the balance sheet
At 31 December 2024	of recognised financial assets	liabilities set off in the balance sheet	presented in the balance sheet	Financial assets subject to netting agreements	Financial collateral	Net exposure
Cash and balances with
central banks	1,000.0		1,000.0		(1,000.0)
Due from other banks	585.0		585.0		(585.0)
Loans and advances to
customers	159.8		159.8		(159.8)
Derivatives	1,549.9		1,549.9	(1,377.6)	(162.0)	10.3
FVTPL – Life insurance
policies	85.5		85.5	(85.5)
Total financial assets	3,380.2	–	3,380.2	(1,463.1)	(1,906.8)	10.3

	Gross amounts	Gross amounts of recognised financial	Net amounts of recognised financial liabilities	Related amounts not set off in the balance sheet
At 31 December 2024	of recognised financial liabilities	assets presented set off in the in the balance sheet balance sheet	Financial liabilities subject to netting agreements	Financial collateral	Net exposure
Derivatives	1,400.4		1,400.4	(1,358.8)	(41.6)
FVTPL – Synthetic life
insurance	104.3		104.3	(104.3)
Total financial liabilities	1,504.7	–	1,504.7	(1,463.1)	(41.6)	–

			Net amounts
		Gross amounts	of recognised
		of recognised	financial	Related amounts not set off
	Gross amounts	financial	assets	in the balance sheet
	of recognised	liabilities	presented	Financial assets
	financial	set off in the	in the	subject to netting	Financial
At 31 December 2023	assets	balance sheet	balance sheet	agreements	collateral	Net exposure
Due from other banks	899.6		899.6		(899.6)
Loans and advances to
customers	111.1		111.1		(111.1)
Derivatives	1,574.3		1,574.3	(1,534.6)	(30.7)	9.0
FVTPL – Life insurance
policies	114.4		114.4	(114.4)
Total financial assets	2,699.4	–	2,699.4	(1,649.0)	(1,041.4)	9.0

Total financial liabilities	1,701.3	–	1,701.3	(1,649.0)	(49.2)	3.1
insurance	131.0		131.0	(131.0)
FVTPL – Synthetic life
Derivatives	1,570.3		1,570.3	(1,518.0)	(49.2)	3.1
At 31 December 2023	liabilities	balance sheet	balance sheet	agreements	collateral	Net exposure
	financial	set off in the	in the	subject to netting	Financial
	of recognised	assets	presented	Financial liabilities
	Gross amounts	financial	liabilities	in the balance sheet
		of recognised	financial	Related amounts not set off
		Gross amounts	of recognised
			Net amounts

At the end of December 2023 and December 2024, no derivative financial instruments have been netted. As of 31 December 2024, the Group had reverse-purchase agreements with the Swiss National Bank, and received Swiss Confederation bonds as financial collateral.

For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for the net settlement of the relevant financial assets and liabilities when both elect to settle on a

net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due; failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within periods of 30 to 60 days after notice of such failure is given to the party; or bankruptcy.

51. Shares in subsidiary undertakings

The following is a listing of the Group's main subsidiaries at 31 December 2024:

Name	Line of business	Country of incorporation	Entity currency	Share capital	Ownership
Main subsidiaries
EFG Bank AG, Zurich	Bank	Switzerland	CHF	162,410,000	100%
EFG Bank (Monaco), Monaco	Bank	Monaco	EUR	57,256,000	100%
EFG Bank & Trust (Bahamas) Ltd, Nassau	Bank	Bahamas	USD	52,000,000	100%
EFG Bank von Ernst AG, Vaduz	Bank	Liechtenstein	CHF	25,000,000	100%
EFG Bank (Luxembourg) S.A., Luxembourg	Bank	Luxembourg	EUR	168,000,000	100%
EFG Private Bank Ltd, London		Bank England & Wales	GBP	31,595,905	100%
	Asset Management
EFG Asset Management (Switzerland) SA, Geneva	Company	Switzerland	CHF	2,000,000	100%
	Asset Management
EFG Asset Management (UK) Ltd, London		Company England & Wales	GBP	2,999,999	100%
EFG Capital International Corp, Miami	Broker-dealer	USA	USD	10	100%
Shaw and Partners Ltd, Sydney	Broker-dealer	Australia	AUD	22,606,007	100%
EFG International Finance (Luxembourg) Sarl, Luxembourg	Finance Company	Luxembourg	CHF	20,000	100%
	Structured product
EFG International Finance (Guernsey) Ltd, St. Peter Port	issuance	Guernsey	CHF	5,000,000	100%
EFG Investment (Luxembourg) SA, Luxembourg	Holding	Luxembourg	EUR	113,964,371	100%

The list of entities comprises subsidiaries that are generally contributing CHF 5 million or more to the Net profit attributable to equity holders of the Group. Also included are entities that are deemed regionally significant or otherwise relevant from an operational perspective.

The Group uses other entities to manage assets on behalf of its customers. These entities are subject to an investment management agreement in which the Group acts as administrator only and is remunerated via a fixed fee. In some of these entities, the Group is participating in the funding by providing loan facilities granted which are secured by way of fund assets. The management has assessed that the Group has no effective power over these entities nor over the operations of the entity, as it is not the asset manager, and also it is not exposed materially to a variability of returns from these entities.

52. Employee equity incentive plans

The EFG International Employee Equity Incentive Plan (the 'Plan') has different classes of options and restricted stock units, which are equity-settled and have a vesting period of one, two and three years. The different classes have earliest exercise dates varying from three to five years from the grant date and ending seven years from the grant date.

The expense recorded in the income statement spreads the cost of the grants equally over the vesting period. Assumptions are made concerning the forfeiture rate which is adjusted during the vesting period so that at the end of the vesting period there is only a charge for vested

amounts. Total expense related to the Plan in the income statement for the period ended 31 December 2024 was CHF 78.9 million (2023: CHF 51.9 million).

The Plan has been developed internally by the Group without the use of external consultants, although a service contract with an external company exists for the administration of the scheme.

The following table summarises the outstanding options and restricted stock units at 31 December 2024 which, when exercised, will each result in the issuance of one ordinary share:

	Restricted stock		Long-term
	units	Blocked shares	incentive plan units	Total
Year ended 31 December 2023
01 January 2023	15,350,443			15,350,443
Granted	5,274,125	1,318,982	4,585,001	11,178,108
Lapsed	(100,703)	(15,196)	(8,333)	(124,232)
Exercised	(5,905,017)	(1,303,786)		(7,208,803)
31 December 2023	14,618,848		4,576,668	19,195,516
Year ended 31 December 2024
01 January 2024	14,618,848		4,576,668	19,195,516
Granted	5,119,168	733,808	901,666	6,754,642
Lapsed	(52,142)	(1,451)	(427,500)	(481,093)
Exercised	(5,629,228)	(732,357)		(6,361,585)
31 December 2024	14,056,646		5,050,834	19,107,480

EFG International granted 5,119,168 (2023: 5,274,125) restricted stock units, 733,808 (2023: 1,318,982) blocked shares and 901,666 (2023: 4,585,001) long-term incentive plan units in the year.

The restricted stock units have no exercise price, with two classes as follows:

• With a 3-year lock-up restriction ('Cliff vesting'),
• With 1/3 annual vesting.

The deemed value of each restricted stock unit granted in 2024 is CHF 11.59 for those vesting in 12 months, CHF 11.05 for those vesting in 24 months and CHF 10.46 for those vesting in 36 months.

The blocked shares have blocking periods ending either after the end of a three-year period or pro rata annually over three years. The deemed value of each blocked share granted in 2024 is CHF 12.14. The ownership of the shares has been directly transferred to employees at the grant

date with blocking periods that restrict the employee from selling the shares. The employees receiving these shares will be eligible to receive dividends from the grant date onwards, however the employees have signed a call option, allowing EFG in case of grave misconduct or in case the employee leaves, to buy back the blocked shares from the employee at a price of CHF 0.01, which is effectively equal to forfeiture.

The long-term incentive plan units have a vesting period of three, four and five years. The different classes have earliest exercise dates varying from three to five years from the grant date and ending seven years from the grant date. The Group expects to grant a total of 9,000,000 long-term incentive plan units based on current performance criteria.

The deemed value of each long-term incentive plan units granted in 2024 is CHF 7.62 for the one vesting in 36 months, CHF 7.00 for the one vesting in 48 months and CHF 6.34 for the one vesting in 60 months.

The values of the grants were determined as follows:

• blocked shares were determined based on the spot share price on the grant date (CHF 12.14)
• restricted stock units and long-term incentive plan units were determined using a model which considers the

present value of the expected dividends during the period between the grant date and the earliest exercise date. The significant inputs into the model were the spot share price (CHF 12.14 for restricted stock units and CHF 9.20 for long-term incentive plan units), market consensus dividend pay-out and the expected life of the restricted stock units and long-term incentive plan units (12 to 60 months).

53. Related party transactions

Accounting principle

Related parties include associates, fellow subsidiaries, directors and key members of the management, their close families, companies owned or controlled by them and companies whose financial and operating policies they can influence. Transactions of similar nature are disclosed on an aggregate basis.

	Significant shareholders CHF millions	Of which EFG Bank European Financial Group CHF millions	Key management personnel CHF millions
31 December 2024
Assets
Due from other banks	0.2	0.2
Derivatives	0.1	0.1
Loans and advances to customers	0.2
Other assets	54.0	0.1
Liabilities
Due to other banks	329.6	329.6
Derivatives	1.1	1.1
Due to customers	34.9		11.9
Other liabilities	0.5	0.2
Year ended 31 December 2024
Interest income	2.6		0.1
Interest expense	(3.1)	(1.0)	(0.1)
Commission income	3.1	1.2
Commission expense	(0.1)
Net other income	1.8	1.8
Operating expenses	(0.6)

	Significant shareholders CHF millions	Of which EFG Bank European Financial Group CHF millions	Key management personnel CHF millions
31 December 2023
Assets
Due from other banks	25.3	25.3
Derivatives	2.4	2.4
Other assets	10.5	0.1
Liabilities
Due to other banks	266.6	266.6
Due to customers	63.2		2.7
Other liabilities	0.4	0.1
Year ended 31 December 2023
Interest income	0.9	0.1
Interest expense	(3.5)	(0.9)
Commission income	2.5	1.1
Commission expense	(0.1)
Net other income	1.7	1.5
Operating expenses	(0.7)

A number of banking transactions are entered into with related parties. These include loans, deposits, derivative transactions and provision of services. The amounts 'Due from other banks' reflect cash deposits, which like

other third-party amounts classified as due from other banks are unsecured.

No provisions have been recognised in respect of loans granted to related parties (2023: nil).

54. Key management compensation

	31 December 2024 CHF (1)	31 December 2023 CHF (1)
Executive Committee and Board of Directors
Cash compensation	13,334,715	10,918,581
Pension contributions	1,072,416	903,441
Other compensation and social charges	1,998,513	1,231,602
Restricted stock units	8,468,202	5,140,000
Total	24,873,846	18,193,624

Notes:

1 Not including LTIP: under the LTIP (see further details in section 6.2.2. of the Compensation Report), 1,550,000 RSUs have been allocated to the Executive Committee in 2023 (CHF 14,012,000 at grant date value under the base case scenario representing 100%) to be awarded in 2026 covering a three-year performance period starting in 2023 (actual compensation subject to achieving performance targets and vesting over a 3 year period until 2028). The CEO has been allocated 500,000 RSUs (CHF 4,520,000). Due to formal reasons, for the participating members of the Executive Committee including the CEO, the currently envisaged maximum award was allocated at the start of the LTIP (150% of the allocation in the base case scenario). In addition, in 2023, RSUs have been awarded to members of the senior management, which have been promoted to the Executive Committee in 2024 or for then vacant Executive Committee positions, which have been occupied in 2024. This increases the amount of RSUs held by members of the Executive Committee in 2024 to 2,000,000 (CHF 18,080,000 at grant date value under the base case scenario representing 100%).

Cash compensation includes fixed and variable cash compensation. On an annual basis, the Group prepares a compensation report which includes a description of the key management compensation.

55. Assets under Management and Assets under Administration

	31 December 2024	31 December 2023
	CHF millions	CHF millions
Character of client assets
Equities	54,090	44,885
Deposits	32,224	30,036
Bonds	38,581	32,228
Loans	18,171	16,382
Structured notes	5,624	4,285
Hedge funds / Fund of hedge funds	3,543	2,837
Fiduciary deposits	3,508	2,920
Other	9,746	8,671
Total Assets under Management	165,487	142,244
Total Assets under Administration	29,373	24,451
Total Assets under Management and Administration	194,860	166,695

Assets under Administration are trust assets administered by the Group. The Group has CHF 6,905 million (2023: CHF 7,366 million) of Assets under Custody not included in the above.

The Group calculates Total Revenue Generating Assets under Management (AUM) as the total market value of the assets and liabilities that the Group manages on behalf of clients. AuM include all assets and liabilities managed by or deposited with the Group on which the Group earns revenue. Assets under Custody excluded from AuM, are assets deposited with the Group held solely for safekeeping/custody purposes, and for which the Group

does not offer advice on how the assets should be invested. AUM includes lombard loans and mortgages, though does not include the real estate that is security for the mortgage.

When AUM is subject to more than one level of asset management services, double counting arises within the total AUM. Each such separate discretionary or advisory service provides additional benefits to the respective client and generates additional revenue to the Group. Double counts primarily include the self-managed collective investment schemes and structured products issued by Group companies which are also included in customer portfolios and already included in AUM.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Type of managed assets:
Assets in own administrated collective investment schemes	7,162	7,180
Assets under discretionary management agreements	19,827	17,118
Other assets under management	120,327	101,564
Total Managed assets (including double counts)	147,316	125,862
Thereof double counts	4,353	4,302
Loans	18,171	16,382
Total Assets under Administration	29,373	24,451
Total Assets under Management and Administration	194,860	166,695
Net new asset inflows (including double counts)	10,061	6,234

	31 December 2024 CHF millions	31 December 2023 CHF millions
Total Managed assets at 01 January	125,862	125,803
Net new money inflows	8,013	5,241
Market performance and currency impact	13,603	(3,706)
Other effects	(162)	(1,476)
Total Managed assets at 31 December	147,316	125,862

Net new money consists of new client acquisition, client departures and inflows or outflows attributable to existing clients (whether in cash or securities). Interest and dividend income from managed assets, market or currency movements as well as fees and commissions are not included in Net new money. Effects resulting from any acquisition or disposal of Group companies are not included in net new money.

56. Events occurring after the reporting period

None.

57. Swiss banking law requirements

The Group is subject to consolidated supervision by Swiss Financial Markets Supervisory Authority. The consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS). Set out below are the deviations which would result if the provisions of the Banking Ordinance and the Guidelines of Swiss Financial Markets Supervisory Authority governing financial statement reporting, pursuant to Article 23 through Article 27 of Banking Federal Ordinance, were applied in the preparation of the consolidated financial statements of the Group.

(a) Financial investments

Under IFRS, changes in the fair value of financial assets at fair value through other comprehensive income are recorded as increases or decreases to shareholders' equity (refer to consolidated statement of other comprehensive income) until an investment is sold, collected or otherwise disposed of, or until an investment is determined to be impaired. On disposal of a debt financial instrument at fair value through other comprehensive income, the difference between the net disposal proceeds and carrying amount, including any previously recognised unrealised gain or loss arising from a change in fair value reported in other comprehensive income, is included in the income statement for the period.

Under Swiss law, financial investments are carried at the lower of cost or market value. Positive and negative balance

of market-related and/or credit-worthiness-related value adjustments to financial investments valued according to the lower of cost or market value principle are included in the income statement as sundry ordinary income and sundry ordinary expenses, respectively. Gains or losses on disposals are recognised in the income statement as income from the sale of financial investments.

(b) Fair value option

Even if an instrument meets the requirements to be measured at amortised cost or fair value through other comprehensive income, IFRS 9 contains an option to designate, at initial recognition, a financial asset as measured at fair value through profit and loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency ('accounting mismatch') that would otherwise arise from measuring assets or liabilities (or recognising the gains and losses on them) on different bases.

Under Swiss law, this option is not available. Only the financial assets held for trading are reflected on the balance sheet at fair value. Hybrid instruments are bifurcated: the embedded derivative is marked to market through net trading income and the host contract is accounted for on an accrued cost basis. No own credit adjustments are booked for hybrid instruments. Generally, loans are accounted for at amortised cost less impairment, loan commitments stay off-balance sheet and fund investments are accounted for as financial investments.

(c) Derivative financial instruments

Under IFRS 9, derivatives are recorded in the balance sheet at fair value with changes in fair value being recognised in fair value gains less losses on financial instruments measured at fair value.

Under Swiss law, the Group's derivative instruments are recorded on balance sheet at their market values (gross positive and negative replacement values). Replacement values are reported on a net basis provided the netting agreements are legally enforceable. Hedging transactions are valued using the same principles as those for the underlying transactions being hedged.

(d) Goodwill and intangible assets

Under both IFRS and under Swiss law, goodwill and intangible assets resulting from acquisitions and mergers are capitalised in the balance sheet.

Under IFRS, goodwill is not amortised but is tested for impairment at least annually and is carried at cost less accumulated impairment losses. Intangible assets are amortised on a systematic basis over their useful lives. In addition, intangible assets are tested for impairment when there is any indication that the asset may be impaired. Intangible assets are carried at cost less amortisation and accumulated impairment losses.

Under Swiss law, goodwill and intangible assets are amortised over the estimated economic life on a straightline basis. The net carrying value of intangible assets is, in addition, reappraised annually, with any reduction to the net carrying value taken immediately as an expense in the income statement.

(e) Extraordinary income and expense

Under IFRS, items of income and expense shall not be classified as extraordinary items in the income statement or the separate income statement (if presented), or in the notes.

Under Swiss law, income and expense items related to other accounting periods, as long as they are attributable to corrections or mistakes from previous periods, and/or not directly related with the core business activities of the enterprise (realised gains on sale of investments in associated undertakings or property, plant and equipment), are recorded as extraordinary income or expense.

(f) Discontinued operations

Under IFRS, assets and liabilities of an entity held for sale are separated from the ordinary balance sheet positions and reported in separate discontinued operations items. In addition, such assets and liabilities are remeasured at the lower of their carrying value or fair value less costs to sell.

Under Swiss law, these positions remain in the ordinary balance sheet positions until disposal and are not remeasured.

(g) Retirement benefit obligations

Under IFRS and the specific rules of IAS 19R, the Group records an asset or liability for the Swiss pension funds as if they were defined benefit schemes.

Under Swiss law, the funds are classified as defined contribution schemes and the Group's liability for a fully funded pension fund is limited, and as a result no asset or liability exists for any amounts other than prepaid or unpaid employers' contributions.

(h) Lease accounting

Under IFRS, the Group records a right-of-use asset and a lease liability in the balance sheet for leases. The right-ofuse asset is then amortised over the period of the lease.

Under Swiss law, lease expenses are charged to income statement on a straight-line basis over the life of the lease.

(i) Additional Tier 1 Notes

Under IFRS, the Group considers the perpetual unsecured, deeply subordinated notes as additional equity components. The notes are recognised in the balance sheet at the net of the proceeds received less any issuance fees paid in the additional equity components reserve. Distributions to the holders of the notes are directly deducted from retained earnings when paid.

Under Swiss law, the perpetual unsecured, deeply subordinated notes are considered as a liability. Distributions to the holders of the notes are accrued through the income statement and issuance fees are amortised over the period until the first optional call date.

Auditor's report

Report of the statutory auditor

to the General Meeting of EFG International AG, Zurich

Report on the audit of the consolidated financial statements

Opinion

We have audited the consolidated financial statements of EFG International AG and its subsidiaries ('the Group'), which comprise the consolidated income statement, consolidated statement of comprehensive income for the year ended 31 December 2024, consolidated balance sheet as at 31 December 2024, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended and notes to the consolidated financial statements, including material accounting policy information and the information identified as "audited" as described in Note 2(a).

In our opinion, the accompanying consolidated financial statements (pages 106 to 211) give a true and fair view of the consolidated financial position of the Group as at 31 December 2024 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards and comply with Swiss law.

Basis for opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor's responsibilities for the audit of the consolidated financial statements' section of our report. We are independent of the Group in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, as well as those of the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our audit approach

Overview

Overall group materiality: CHF 19'000'000

We concluded full scope audit work at 4 reporting units in 3 countries and audited one or more FSLIs in 10 reporting units in 9 countries. Our scope addressed 83.6% of the Group's profit before tax and 95.6% of the Group's total assets. In addition, specified procedures were performed on 1 reporting units in 1 country.

As key audit matters the following areas of focus have been identified:

• Impairment of loans and advances to customers
• Valuation of investments in life insurance policies
• Provisions and contingent liabilities in respect of ongoing disputes and litigations

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement. Misstatements may arise due

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to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.

Based on our professional judgment, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the consolidated financial statements as a whole.

Overall group materiality	CHF 19'000'000
Benchmark applied	Group profit before tax
Rationale for the materiality benchmark applied	We chose profit before tax as the benchmark because, in our view, it is the benchmark against which the performance of the Group is most commonly measured, and it is a generally accepted benchmark.

Audit scope

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment of loans and advances to customers

The impairment of loans and advances to customers is considered a key audit matter due to the size of the balance of loans and advances to customers (CHF 17'925.3 million, predominantly lombard loans and mortgage loans) as well as Management's judgements involved in the estimation of the expected credit losses (ECLs).

ECL allowance on loans and advances to customers amounts to CHF 22.5 million. In order to limit the losses from its lending business, the Group has set loan-tovalue limits that are tailored to the nature of the supporting collateral. The key judgement made by Management when estimating the ECLs involves assessing whether the realisable value of collateral will be sufficient to cover the exposure.

Management has put in place a comprehensive set of controls in order to monitor the market value of collateral on an ongoing basis, as well as to identify 'Significant Increases in Credit Risk (SICR').

Also refer to Note 12 and Note 22.

Key audit matter How our audit addressed the key audit matter

We assessed and tested the design and operating effectiveness of the controls for identification of credit impaired loans and loans with increased credit risks, as well as the calculation of ECLs. As part of our work, on a sample basis, we:

• checked that the assigned pledges are available in order to confirm that the Group could realise collateral in order to recover the loans;
• tested the controls over the automated sourcing of the market prices for financial assets pledged by the customers as collateral in order to ensure that up-todate market values are used when assessing SICR and estimating ECLs; and
• tested the controls over the generation of credit excess list and shortfall reports to ensure that these reports were complete and accurate.

Moreover, we carried out the following procedures:

• on a sample basis, inspected documents used in the valuation of unquoted collateral (e.g. independent valuation reports for real estate collateral for mortgage loans and cash surrender value assessments for life insurance policies) in order to ensure that the reports were sufficiently current and

• that they supported Management's assessment of the adequacy of collateral;
• checked the completeness and accuracy flows of data into the reports used for estimating ECLs by tracing, on a sample basis, key data elements from the reports back to the core banking system and the supporting documents;
• on a sample basis, checked the detailed loan data to ensure that loans with SICR indicators had been classified as either stage 2 or stage 3;
• inspected the credit excess list and shortfall reports to identify potentially underprovided loans; and
• carried out an overall analytical assessment of ECLs.

We found the approach applied by the Group to be reasonable.

Valuation of investments in life insurance policies

The Group holds life insurance policies (LIPs) with a carrying value of CHF 444.5 million which it classifies as financial assets at fair value through profit or loss (FVTPL) and derivatives financial instruments related to life insurance policies with a carrying value of CHF 23.7. Management uses an income approach for fair valuation of LIPs and related derivatives. This approach requires significant judgement with respect to (a) the choice of valuation models and (b) the choice of assumptions (for instance choice of mortality table, life expectancy, premiums, death benefits) used in the models. Consequently, we considered this area to be a key audit matter.

During the 2015-2018 period, several insurance carriers notified the Group of increases in insurance premiums ('cost of insurance' or 'CoI'). These increases have attracted interests from US consumers associations and regulators and the Group has filed legal claims in dispute of these increases.

The Group factored these increases into its assessment of the fair value of the LIPs by assuming that market participants would also take into consideration the legal dispute when determining the fair value. Management developed a number of discrete scenarios starting with a base case and relying on expert opinions. On the basis of the review of these scenarios, Management have incorporated an assumption based on a market participants view that assumes premiums would increase for all policies subject to a notification of increase by the insurance carriers, but at a rate significantly lower than that notified by the insurers.

For LIPs with insurance carriers that have not notified CoI increase, the Group maintained CoI estimates consistent with the previous year.

Please refer to Note 20 and Note 30.

Key audit matter How our audit addressed the key audit matter

In order to ensure completeness of the LIP population, we have, on a sample basis, tested census data based on external confirmations obtained from servicers and custodians.

We assessed with the involvement of our specialists the adequacy of the fair value model in light of IFRS 13 requirements.

We also reviewed the methodology for the models used, checked that the assumptions are correctly entered in the Group's model, and assessed whether the main assumptions used by Management are in line with historic experience or a market participant's view.

We further checked that the assumptions and risk factors used in the model were consistent with the ones used by the life insurance industry for valuing LIPs. This included (a) assessing whether the choice of mortality table was appropriate, (b) reviewing of the key assumptions (life expectancy, premiums, death benefits), and (c) checking the mathematical accuracy of the model.

We found the approach applied by the Group to be reasonable.

Provisions and contingent liabilities in respect of ongoing disputes and litigations

We considered this area a key audit matter because the Group is a defendant in a number of disputes where, as disclosed in Note 32 and Note 33, the amount of compensation claimed is significant. The impact of these cases depends on the final outcome of the disputes, and management tries to estimate the outcomes of each dispute as described below.

On the basis of information from internal and external legal counsels, Management makes judgements about the probability of the outcomes of the pending legal proceedings and magnitude of the potential liabilities arising from claims subject to these future outcomes. As per Note 32, the Group had recognised provisions of CHF 188.1 million for litigations and other claims as of 31 December 2024.

Please refer to Notes 32 and 33.

Key audit matter How our audit addressed the key audit matter

In view of the significant judgements required, we discussed the outstanding claims against the Group with Management (including in-house counsel), evaluated the management's assessment of the nature and expected developments of claims and sought additional evidence we considered appropriate.

We challenged Management's conclusions with respect to the provisions and disclosures made for significant cases, by considering the correspondence between the Group and its external legal counsel and obtaining confirmation letters (concerning the status and outlook of the case) directly from the external legal counsel and ensuring that these were consistent with Management's conclusions. We further audited the disclosures relating to cases provided for (Note 32) and contingent liabilities (Note 33) to ensure that they were in line with the reports provided by the external legal counsels.

We concluded that the approach and disclosures made were reasonable.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements, the consolidated financial statements, the compensation report and our auditor's reports thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors' responsibilities for the consolidated financial statements

The Board of Directors is responsible for the preparation of consolidated financial statements, that give a true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Swiss law, ISA and SA-CH, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them regarding all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated to the Board of Directors or its relevant committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

In accordance with art. 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the consolidated financial statements.

We recommend that the consolidated financial statements submitted to you be approved.

PricewaterhouseCoopers SA

Licensed audit expert Licensed audit expert Auditor in charge

Alex Astolfi Omar Grossi

Genève, 18 February 2025

Parent company financial statements

EFG International, Zurich, for the year ended 31 December 2024

Index to the financial statements
	Income statement
	Balance sheet
	Notes to the parent company financial statements	224
1	General information	224
2	Accounting policies	224
3	Contingent liabilities	224
4	Balance sheet assets with retention of title to secure own
	obligations	224
5	Off-balance-sheet obligations relating to leasing contracts	224
6	Liabilities relating to pension plans and other
	retirement benefit obligations	224
7	Subordinated debt	225
8	Principal participations	225
9	Release of undisclosed reserves	225
	10 Revaluation of long-term assets to higher than cost	225
11	Own shares held by the company and by Group companies	225
12	Share capital	226
13	Significant shareholders	227
	14 Income from subsidiaries	227
15	Extraordinary income	227
	16 Operating expenses	228
17	Subsidiary related expenses and other losses	228
	18 Extraordinary expenses	228
	19 Taxation	229
	20 Legal reserves	229
21	Proposed appropriation of available reserves	229
	22 Compensation of Board of Directors and Executive Committee	230
	23 Post-balance-sheet events	231
	Statutory auditor's report	232

Income statement for the year ended 31 December 2024, EFG International, Zurich

		Year ended 31 December 2024	Year ended 31 December 2023
	Note	CHF millions	CHF millions
Income
Interest income from subsidiaries		17.6	17.0
Income from subsidiaries	14	297.9	306.5
Foreign exchange gain		15.9	6.8
Extraordinary income	15		37.5
Total income		331.4	367.8
Expenses
Staff expenses		(19.6)	(19.3)
Operating expenses	16	(27.7)	(27.5)
Subsidiary related expenses and other losses	17	(36.0)	(35.3)
Interest expenses and amortisation of issuance fee on subordinated debt	7	(19.9)	(20.3)
Interest expenses paid to subsidiaries		(2.6)	(1.6)
Impairment of investments in subsidiaries	8	(4.1)	(59.0)
Extraordinary expenses	18		(5.5)
Total expenses		(109.9)	(168.5)
Net profit before tax		221.5	199.3
Tax expense	19	(0.3)	(0.2)
Net profit for the period		221.2	199.1

Balance sheet as at 31 December 2024 EFG International, Zurich

		Year ended	Year ended
		31 December 2024	31 December 2023
	Note	CHF millions	CHF millions
Assets
Cash and cash equivalents (with subsidiaries)		1.5	16.4
Due from subsidiaries		31.5	37.2
Accrued income and prepaid expenses		4.3	3.0
Other assets		19.6	7.3
Current assets		56.9	63.9
Investments in subsidiaries		1,792.9	1,788.5
Subordinated loans to subsidiaries		187.9	180.5
Non-current assets		1,980.8	1,969.0
Total assets		2,037.7	2,032.9
Liabilities
Due to subsidiaries		54.8	75.0
Accrued expenses and deferred income		32.6	37.5
Other liabilities		0.9	0.5
Current liabilities		88.3	113.0
Provisions	17	260.3	313.9
Subordinated debt	7	360.8	333.3
Non-current liabilities		621.1	647.2
Total liabilities		709.4	760.2
Equity
Share capital	12	156.3	156.1
Legal reserves		1,574.6	1,740.4
of which Reserve from capital contributions	20	1,427.7	1,644.9
of which Reserve for own shares from capital contributions		146.9	95.5
Retained earnings		(623.8)	(822.9)
Net profit for the period		221.2	199.1
Total shareholders' equity		1,328.3	1,272.7
Total shareholders' equity and liabilities		2,037.7	2,032.9

Notes to the financial statements EFG International, Zurich

1. General information

EFG International AG is incorporated and domiciled in Switzerland. Its registered office is at Bleicherweg 8, 8022 Zurich.

2. Accounting policies

The EFG International AG stand-alone financial statements are prepared in accordance with the provisions on accounting and financial reporting of the Swiss Code of Obligations (Art. 957 to 963b). As the Group is preparing its consolidated financial statements in accordance with IFRS, EFG International AG (stand-alone) is exempt from various disclosures in the stand-alone financial statements.

The stand-alone financial statements of EFG International AG are presented in CHF, its functional currency. Assets and liabilities denominated in foreign currencies are converted at rates of exchange prevailing at year-end, which are presented in note 2 (c) of the consolidated financial statements.

Investments in subsidiaries

Investments in subsidiaries are equity interests and are directly held subsidiaries through which EFG International conducts its business on a global basis. Their values are measured individually and carried at historical cost less any impairments.

Provisions

Provisions are recognised when:

• a) There is a present legal or constructive obligation as a result of past events
• b) It is probable that an outflow of economic benefits will be required to settle the obligation
• c) Reliable estimates of the amount of the obligation can be made

3. Contingent liabilities

EFG International AG has entered into several guarantee agreements mainly with subsidiaries which could theoretically lead to potential obligations of CHF 2,480 million (2023: CHF 2,167 million). Included in this amount is CHF 2,404 million (2023: CHF 2,095 million) related to structured products issued by a fellow subsidiary company (which does not have a stand-alone credit rating) and are guaranteed by EFG International AG (which does have a credit rating). The risks related to these liabilities of the subsidiary are fully hedged by the subsidiary and are fully collateralised in the subsidiary by equal valued assets (primarily cash deposits).

4. Balance sheet assets with retention of title to secure own obligations

There are no such assets.

5. Off-balance-sheet obligations relating to leasing contracts

There are no such obligations.

6. Liabilities relating to pension plans and other retirement benefit obligations

There are no such liabilities.

7. Subordinated debt

	Weighted average distribution rate %	Due dates	31 December 2024 CHF millions	31 December 2023 CHF millions
Subordinated debt – issuers
EFG International AG –
USD 400,000,000	5.5% p.a.	Not applicable	362.4	335.2
Issuance fees		Not applicable	(1.6)	(1.9)
Total subordinated debt			360.8	333.3

In January 2021, EFG International AG issued USD 400.0 million of perpetual unsecured, deeply subordinated notes, qualifying as Additional Tier 1 capital for the Group, carrying a coupon of 5.5% p.a. fixed distribution amount until the first optional call date of 25 January 2028 and thereafter the aggregate of the five-year USD CMT Rate plus 4.659% per annum with a reset every five years. The repayment of this instrument is subject to conditions, including the prior approval of the regulator. The Notes have no fixed final redemption date. The issuer may elect at its sole discretion to redeem the Notes. The Notes will not be redeemable at any time at the option of the holders.

The perpetual Additional Tier 1 Notes may be written off partially or in full, on a permanent basis, under several circumstances described in more detail in the prospectus, among which, if the Tier 1 common equity falls below 7.0%.

Based on the contractual terms of the perpetual Additional Tier 1 Notes, the Group may, at its sole discretion, elect to cancel in accordance with the terms and conditions all or part of any payment of interest. Any interest not paid shall not accumulate or be payable at any time thereafter. The non-payment of interest will not constitute an event of default by the Group. If payment of interest is not made in full, the Group's Board of Directors shall not directly or indirectly recommend that any distribution be paid or made on any other shares issued by EFG International AG.

Issuance fees of USD 4.0 million are amortised over seven years through the income statement.

EFG International AG made a distribution of CHF 19.6 million in March 2024 (2023: CHF 20.5 million) in relation to these perpetual Additional Tier 1 Notes, and accrued interest to the end of 2024 is CHF 15.3 million (2023: CHF 14.2 million).

8. Principal participations

The company's principal participations are shown in note 51 to the consolidated financial statements.

In the current year, the company impaired the carrying value of investments in subsidiaries by CHF 4.1 million (2023: CHF 59.0 million) where capital was invested in subsidiaries with net asset values below the carrying value of the subsidiaries.

9. Release of undisclosed reserves

During the period, no undisclosed reserves were released (2023: nil).

10. Revaluation of long-term assets to higher than cost

There was no such revaluation.

11. Own shares held by the company and by Group companies

In the statutory financial statements of EFG International AG, treasury shares held by EFG International AG itself are deducted directly from equity. For treasury shares held by other Group companies, a reserve for treasury shares is stated in equity.

While EFG International AG did not hold any treasury shares in 2024 and 2023, different Group entities held 13,306,183 registered shares at 31 December 2024 (2023: 10,523,138 shares held by a Group entity).

See note 36 of the consolidated financial statements.

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Notes to the financial statements EFG International, Zurich

12. Share capital

	31 December 2024 CHF millions	31 December 2023 CHF millions
312,687,711 (2023: 312,285,956) registered shares at the nominal value of CHF 0.50	156.3	156.1
Total share capital	156.3	156.1

Authorised share capital/Capital band

As at 31 December 2024, the share capital may be changed in a range between CHF 109,720,229.50 and CHF 202,565,727 (capital band). The Board of Directors is authorised, at any time until 21 April 2028, to increase the share capital by no more than CHF 46,422,749.00 by issuing no more than 92,845,498 fully paid-in registered shares (equating to 29.7% of the total share capital issued as at 31 December 2024) with a par value of CHF 0.50 each or by way of an equivalent increase of the nominal value of the issued shares. Partial increases are permissible. The Board of Directors is authorised to determine the issue price, the date of the dividend entitlement and the type of contribution (including, without limitation, contribution in kind, offsetting and conversion of reserves) for any shares issued via the capital band.

In case of capital increases the Board of Directors is authorised to exclude subscription rights in favour of third parties (including other Group companies) if the shares are to be used:

• (i) For the acquisition of companies or of participations in companies through an exchange of shares
• (ii) For the financing or refinancing of the acquisition of companies or of participations in companies
• (iii) For the participation of members of the Board of Directors, members of the Executive Committee, other officers or employees at all levels of EFG International and its Group companies

Furthermore, the Board of Directors is authorised, at any time until 21 April 2028, to reduce the share capital by no more than CHF 46,422,749.00 by cancelling no more than 92,845,498 fully paid-in registered shares with a face value of CHF 0.50 each (equating to 29.7% of the total share capital issued as at 31 December 2024) or by reducing the nominal value of the issued shares accordingly. Partial reduction is permissible.

Conditional share capital

The share capital may be increased by no more than CHF 2,694,709.50 (2023: CHF 2,895,587) by issuing no more than 5,389,419 (2023: 5,791,174) fully paid-in registered shares with a par value of CHF 0.50 each through the exercise of options (including existing or future restricted stock units) granted to employees of all levels of EFG International Group. The pre-emptive rights and the advance subscription rights of the shareholders and the participants are excluded in favour of the holders of the restricted stock units. The conditions for the allocation and the exercise of the option rights and similar rights are determined by the Board of Directors. The shares may be issued at a price below the market price.

In addition, the share capital may be increased by no more than CHF 10,000,000 by issuing no more than 20,000,000 fully paid-in registered shares with a par value of CHF 0.50 each through the exercise of conversion and/or option rights granted in connection with the issuance of newly issued convertible debentures, debentures with option rights or other financing instruments by the Company or one of its subsidiaries. The preferential subscription rights of the shareholders and the participants are excluded in favour of the holders of conversion and/or option rights.

The Board of Directors may limit or withdraw the right of the shareholders to subscribe in priority to convertible debentures, debentures with option rights or similar financing instruments when they are issued, if any of the following applies:

• An issue by a firm underwriting by a consortium of banks with subsequent offering to the public without preferential subscription rights seems to be the most appropriate form of issue at the time, particularly in terms of the conditions or the time plan of the issue
• The financing instruments with conversion and/or option rights are issued in connection with the financing or refinancing of the acquisition of an enterprise or parts of an enterprise or with participations or new investments of the Company

If advance subscription rights are denied by the Board of Directors, the following applies:

– Conversion rights may be exercised only for up to seven years and option rights only for up to four years from the date of the respective issuance

– The respective financing instruments must be issued at the relevant market conditions

Waived conversion and/or option rights lapse unless the Board of Directors determines otherwise.

13. Significant shareholders

The significant shareholders and groups of shareholders, whose participation exceed 5% of all voting rights are:

		31 December 2024		31 December 2023
	Shares	Participation of		Participation of
		%		%
EFG Bank European Financial Group SA, Geneva	140,421,406	44.9%	140,421,406	45.0%
BTGP-BSI Limited, London	54,068,057	17.3%	61,228,372	19.6%

EFG Bank European Financial Group SA is controlled by Latsis Family Interests through several intermediate parent companies. BTGP-BSI Limited is a subsidiary of

Banco BTG Pactual SA, Rio de Janeiro, a bank listed on the B3 São Paulo Stock Exchange in Brazil.

14. Income from subsidiaries

Income from subsidiaries consists of the following:

	31 December 2024 CHF millions	31 December 2023 CHF millions
Dividends	243.0	247.0
Royalties	9.8	8.3
Management service fees	4.1	5.9
Administrator fees	41.0	43.8
Other services		1.5
Total	297.9	306.5

15. Extraordinary income

The extraordinary income in 2023 is primarily due to a loan forgiven as part of the liquidation process of a subsidiary.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Other		37.5
Extraordinary income		37.5

Notes to the financial statements EFG International, Zurich

16. Operating expenses

Operating expenses consist of the following:

	31 December 2024 CHF millions	31 December 2023 CHF millions
Services provided by subsidiaries	(11.6)	(9.4)
Marketing	(5.4)	(5.2)
Consulting	(5.3)	(8.1)
Audit	(1.2)	(1.2)
Legal	(0.7)	(0.6)
Other	(3.5)	(3.0)
Total	(27.7)	(27.5)

17. Subsidiary related expenses and other losses

	31 December 2024 CHF millions	31 December 2023 CHF millions
Non-refundable contribution to subsidiary	(29.4)	(27.0)
Increase in provision for recapitalisation of subsidiary *	(6.4)	(7.1)
Other losses	(0.2)	(1.2)
Total	(36.0)	(35.3)

^* Based on the net realisable assets of the Group companies, a potential liability of CHF 260.3 million (2023: CHF 313.9 million) exists at year-end, assuming the entities are recapitalised.

18. Extraordinary expenses

The extraordinary expense in 2023 primarily arose from the reversal of the receivable from the seller of a subsidiary, as this will be received directly by the subsidiary.

	31 December 2024 CHF millions	31 December 2023 CHF millions
Extraordinary expenses		(5.5)
Total	–	(5.5)

19. Taxation

The Group is subject to the global minimum top-up tax under OECD Pillar II legislation as annual consolidated revenues exceed EUR 750 million (CHF 705.9 million). In Switzerland, where EFG International as ultimate parent entity is located, the Qualified Domestic Minimum Top-up Tax (QDMTT) has been implemented from 01 January 2024. The Federal Council decided to bring the Income Inclusion Rule (IIR) into force with effect from 01 January 2025 and not to bring the Undertaxed Profit Rule into force for the time being.

For 2024, Switzerland levies a QDMTT on Swiss profits of Swiss corporations and Swiss permanent establishments, but does not levy top-up tax of foreign subsidiaries and foreign permanent establishments. The Pillar II effective tax rate computed for all the EFG entities located in Switzerland for fiscal year 2024 is above 15%.

No provision has been booked in EFG International.

20. Legal reserves

In 2024, a dividend distribution totalling CHF 165.3 million (2023: CHF 136.7 million) has been paid from the 'Reserve from capital contributions' representing CHF 0.55 per registered share paid on 28 March 2024 (2023: CHF 0.45 per registered share).

21. Proposed appropriation of available reserves

The Board of Directors proposes, subject to the approval of the General Meeting of Shareholders, to carry forward the profit of the year of CHF 221.2 million as cumulative negative retained earnings and to proceed to a distribution to shareholders of CHF 0.60 per share, which will amount to a total distribution of approximately CHF 179.6 million. The Board of Directors proposes to fully charge the proposed distribution for 2024 of CHF 0.60 per share to the balance sheet item 'Reserve from capital contributions'. Subject to the adoption of this proposal by the General Meeting of Shareholders, such distribution will not be subject to Swiss withholding tax.

Notes to the financial statements EFG International, Zurich

22. Compensation of Board of Directors and Executive Committee

(i) Shareholdings

At 31 December 2024, the following shareholdings were held by the Board of Directors and the Executive Committee and closely linked parties.

					2024			2023
				2024	Total		2023	Total
			2024	Unvested	outstanding	2023	Unvested	outstanding
	Shares	Shares	Vested	shares/	shares/	Vested	shares/	shares/
	2024	2023	RSUs	RSUs	RSUs	RSUs	RSUs	RSUs
Board of Directors
Alexander Classen, Chair	62,874	57,008		1,436	1,436		2,870	2,870
Susanne Brandenberger1	N/A	N/A	N/A	N/A	N/A		3,570	3,570
Emmanuel L. Bussetil
Boris Collardi	10,775,8622	10,775,8622
Prasanna Gopalakrishnan3	4,432
Roberto Isolani	93,719	86,996		12,963	12,963		14,143	14,143
Steven M. Jacobs1	N/A	N/A	N/A	N/A	N/A	3,801	7,180	10,981
John S. Latsis	140,421,4064	140,421,4064
Maria Leistner5	10,006	5,574
Philip Lofts5	2,321			10,185	10,185		6,963	6,963
Carlo M. Lombardini	16,283	10,880		973	973	9,773	3,570	13,343
Périclès Petalas
Stuart M. Robertson	30,618	25,215	5,427	973	6,400	3,801	3,570	7,371
Freiherr Bernd-A. von Maltzan6	N/A	33,229		973	973	3,801	3,570	7,371
Yok Tak A. Yip	7,873	2,776	10,856	12,963	23,819	9,230	14,143	23,373
Total Board of Directors	151,425,394	151,418,946	16,283	40,466	56,749	30,406	59,579	89,985

¹ Stepped down at AGM 2023

² Total number of shares beneficial owner Boris Collardi

³ Elected at AGM 2024

⁴ Total number of shares controlled by Latsis family interests

⁵ Elected at AGM 2023

⁶ Stepped down at AGM 2024

					2024			2023
				2024	Total		2023	Total
			2024	Unvested	outstanding	2023	Unvested	outstanding
	Shares	Shares	Vested	shares/	shares/	Vested	shares/	shares/
	2024	2023	RSUs	RSUs (5)	RSUs (5)	RSUs	RSUs	RSUs
Executive Committee
Piergiorgio Pradelli	695,976	1,182,183					135,084	135,084
Ioanna Archimandriti1				157,060	157,060
Vassiliki Dimitrakopoulou	127,763	64,033		37,045	37,045	20,397	46,425	66,822
Martin Freiermuth2	N/A	169,595					2,568	2,568
Enrico Piotto	103,443	70,610		149,215	149,215		127,503	127,503
Dimitris Politis	361,921	383,557					61,913	61,913
Andre Portelli3				85,349	85,349
Harald Reczek4	N/A	N/A		N/A	N/A
Demis Stucki1				141,490	141,490
Total Executive Committee	1,289,103	1,869,978	–	570,159	570,159	20,397	373,493	393,890

• 1 Executive Committee members since 01 December 2024
• 2 Executive Committee member until 30 November 2024
• 3 Executive Committee member since 01 February 2024
• 4 Stepped down effective as at 01 February 2023
• 5 Not including LTIP: under the LTIP (see further details in section 6.2.2. of the Compensation Report), 1,550,000 RSUs have been allocated to the Executive Committee in 2023 (CHF 14,012,000 at grant date value under the base case scenario representing 100%) to be awarded in 2026 covering a three-year performance period starting in 2023 (actual compensation subject to achieving performance targets and vesting over a 3 year period until 2028). The CEO has been allocated 500,000 RSUs (CHF 4,520,000). Due to formal reasons, for the participating members of the Executive Committee including the CEO, the currently envisaged maximum award was allocated at the start of the LTIP (150% of the allocation in the base case scenario). In addition, in 2023, RSUs have been awarded to members of the senior management, which have been promoted to the Executive Committee in 2024 or for then vacant Executive Committee positions, which have been occupied in 2024. This increases the amount of RSUs held by members of the Executive Committee in 2024 to 2,000,000 (CHF 18,080,000 at grant date value under the base case scenario representing 100%).

The members of the Executive Committee have been granted 570,159 shares / restricted stock units which are currently subject to vesting criteria (2023: 373,493 restricted stock units). These units would vest in the period 2025 to 2027.

23. Post-balance-sheet events

None.

Report of the statutory auditor

to the General Meeting of EFG International AG, Zurich

Report on the audit of the financial statements

Opinion

We have audited the financial statements of EFG International AG (the Company), which comprise the income statement for the year ended 31 December 2024, the balance sheet as at 31 December 2024, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements (pages 222 to 231) comply with Swiss law and the Company's articles of association.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Our audit approach

Materiality

The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable assurance that the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the financial statements as a whole.

Overall materiality	CHF 13'000'000
Benchmark applied	Net assets
Rationale for the materiality benchmark applied	We chose this benchmark because, in our view, it is the one typically used to measure the result of a holding company.

Audit scope

We designed our audit by determining materiality and assessing the risks of material misstatement in the financial statements. In particular, we considered where subjective judgements were made; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

Key audit matters

We have determined that there are no key audit matters to communicate in our report.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements, the consolidated financial statements, the compensation report and our auditor's reports thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors' responsibilities for the financial statements

The Board of Directors is responsible for the preparation of financial statements in accordance with the provisions of Swiss law and the Company's articles of association, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence

obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with the Board of Directors or its relevant committee, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

In accordance with article 728a para. 1 item 3 CO and PS-CH 890, we confirm the existence of an internal control system that has been designed, pursuant to the instructions of the Board of Directors, for the preparation of the financial statements.

Based on our audit according to article 728a para. 1 item 2 CO, we confirm that the Board of Directors' proposal complies with Swiss law and the Company's articles of association. We recommend that the financial statements submitted to you be approved.

PricewaterhouseCoopers SA

Alex Astolfi Omar Grossi

Licensed audit expert Licensed audit expert Auditor in charge

Geneva, 18 February 2025

Alternative performance measures

Alternative performance measures

Assets under Management

Assets under Management is the total market value of the assets and liabilities that EFG manages on behalf of clients. Assets under Management include all assets and liabilities managed by or deposited with EFG on which it earns revenues. Assets under Custody, excluded from Assets under Management, are assets deposited with EFG held solely for safekeeping/custody purposes, and for which EFG does not offer advice on how the assets should be invested. Assets under Management includes lombard loans and mortgages, but does not include the real estate that is security for the mortgage.

When Assets under Management is subject to more than one level of asset management service, double counting arises within total Assets under Management. Each such separate discretionary or advisory service provides additional benefits to the respective client and generates additional revenue for EFG. Double counts primarily include self-managed collective investment schemes and structured products issued by EFG, which are also included in customer portfolios and already included in Assets under Management.

Revenue-generating Assets under Management

See Assets under Management definition above.

Managed assets

Managed assets are total revenue-generating Assets under Management excluding lombard loans and mortgages.

EFG discloses Managed assets on an annual basis in its Annual Report in accordance with the Guidelines of the Swiss Financial Market Supervisory Authority (FINMA) governing financial statement reporting. See note 55 of the 2024 Consolidated financial statements.

Average Assets under Management

Average Assets under Management is the monthly average of total Assets under Management.

Net new assets

Net new assets consist of new client acquisitions, client departures and inflows or outflows attributable to existing clients, including new or additional drawdowns of loans and mortgages. Net new assets can be in cash or securities transferred to the bank. Interest and dividend income from Assets under Management, market or currency movements as well as fees and commissions are not included in net new assets. Effects resulting from any acquisition or disposal of EFG's companies are not included in net new assets.

Net new asset growth rate

Net new asset growth rate is calculated by dividing the net new assets of the period by the total Assets under Management at the beginning of the period.

Revenue margin

Revenue margin comprises IFRS operating income divided by the average Assets under Management.

Pre-tax operating profit

Pre-tax operating profit is operating income less operating expenses as disclosed for IFRS purposes.

Cost/income ratio

Cost/income ratio is operating expenses less acquisitionrelated intangible asset amortisation and depreciation on tangible assets previously classified as held for sale, divided by operating income.

Return on tangible equity

Return on tangible equity is IFRS net profit divided by average tangible equity. Average tangible equity is the monthly average of total equity, less the monthly average of non-controlling interests, less the monthly average of Intangible assets. All these are as defined under IFRS and on the basis as presented in the IFRS balance sheet.

Return on shareholders' equity

Return on shareholders' equity is IFRS net profit divided by average shareholders' equity. Average shareholders' equity is the monthly average of total equity, less the monthly average of non-controlling interests. All these are as defined under IFRS and on the basis as presented in the IFRS balance sheet.

Liquidity Coverage Ratio

Liquidity Coverage Ratio is defined by the FINMA as part of the Basel III framework. EFG is required to hold enough high-quality liquid assets such as short-term government debt that can be sold to fund EFG during a 30-day stress scenario designed by regulators. Banks are required to hold high-quality liquid assets equivalent to at least 100% of projected net cash outflows during the stress scenario.

Loan/deposit ratio

The loan/to deposit ratio is the ratio of loans and advances to customers divided by the total of the sum of 'Due to customers' and financial liabilities at amortised cost on the basis as presented in the IFRS balance sheet.

Forward looking statements

This document has been prepared by EFG International AG ("EFG") solely for use by you for general information only and does not contain and is not to be taken as containing any securities advice, recommendation, offer or invitation to subscribe for or purchase or redemption of any securities regarding EFG.

This report by EFG International AG ("EFG") includes forward-looking statements that reflect EFG's intentions, beliefs or current expectations and projections about EFG's future results of operations, financial condition, liquidity, performance, prospects, strategies, opportunities and the industries in which it operates. Forward-looking statements involve all matters that are not historical facts. EFG has tried to identify those forward-looking statements by using the words 'may', 'will', 'would', 'should', 'expect', 'intend', 'estimate', 'anticipate', 'project', 'believe', 'seek', 'plan', 'predict', 'continue' and similar expressions. Such statements are made on the basis of assumptions and expectations which, although EFG believes them to be reasonable at this time, may prove to be erroneous.

These forward-looking statements are subject to risks, uncertainties and assumptions and other factors that could cause EFG's actual results of operations, financial condition, liquidity, performance, prospects or opportunities, as well as those of the markets it serves or intends to serve, to differ materially from those expressed in, or suggested by, these forward-looking statements. Important factors that could cause those differences include, but are not limited to: changing business or other market conditions, legislative, fiscal and regulatory developments, general economic conditions in Switzerland, the European Union and elsewhere, and EFG's ability to respond to trends in the financial services industry. Additional factors could cause actual results, performance or achievements to differ materially. In view of these uncertainties, readers are cautioned not to place undue reliance on these forwardlooking statements. EFG and its subsidiaries, and their directors, officers, employees and advisors expressly disclaim any obligation or undertaking to release any update of or revisions to any forward-looking statements in this media release and any change in EFG's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation.

Alternative performance measures and Reconciliations: This document contains certain financial measures of historical and future performance and financial position that are not defined or specified by IFRS, such as "net new assets", "Assets under Management", "operating profit", "underlying net profit", "cost/income ratio", "revenue margin", "Liquidity Coverage Ratio", "Loan/deposit Ratio". These alternative performance measures (APM) should be regarded as complementary information to, and not as a substitute for the IFRS performance measures. The definitions of APM used in this document, together with reconciliations to the most directly reconcilable IFRS line items, are provided in the section headed "Alternative performance measures" of this document.

Concept/Design/Production:

Linkgroup AG, Zurich Print: Printlink AG, Zurich

This document is being provided by EFG International AG or/and its affiliates (hereinafter referred to as "EFG") solely for information purposes and is not intended to be a solicitation or offer, recommendation or advice to buy or sell interests in any security or financial instrument mentioned in it, to effect any transaction, or to conclude any transaction of any kind whatsoever (referred to hereafter as "Investments"). It is intended for the sole use of the recipient and may not be further distributed, published, used, reproduced for any other purpose or referred to in any manner and the information, opinions or conclusions contained in it may not be referred to without, in each case, the prior express consent of EFG. Whilst EFG shall use reasonable efforts to obtain information from sources which it believes to be reliable, EFG, its directors, officers, employees, agents or shareholders assume no liability regarding the content of the document and give no warranty as to the accuracy, completeness or reliability of any data relating to securities and Investment products, information, opinions or forecasts mentioned in the document and thus assume no liability for losses arising from the use of this document.

The content of the document is intended only for persons who understand and are capable of assuming all risks involved. Before entering into any transaction, the recipient should determine if the relevant security or financial instrument mentioned in the document suits his particular circumstances and should ensure that he independently assesses (together with his professional advisers) the specific risks and the legal, regulatory, credit, tax and accounting consequences of any purchase of securities or financial instruments mentioned in the document. The content of this document shall be limited to opportunities represented by certain Investments with respect to the conditions in the market at a given time, and thus is only valid for a very limited period of time. EFG makes no representation as to the suitability of the information, opinions or securities and financial instruments mentioned in the document. Historical data on the performance of the securities and financial instruments or the underlying assets in this document is no indication for future performance. The value of the Investment and the income arising from the Investment may fall as well as rise. Part or even the whole amount invested may not be recovered upon realization of the Investment.

The present document has been compiled by a department of EFG which is not an "organizational unit responsible for financial research" as defined in the Swiss Bankers Association's Directives on the Independence of Financial Research and, as such, is not subject to the provisions of that regulation. EFG may engage in securities transactions, on a proprietary basis or otherwise and hold long or short positions with regard to the Investment, both in a manner inconsistent with the view taken in this document. In addition, others within EFG, including sales staff, may take a view that is inconsistent with that taken in this report. The content of this document provide information, opinions or conclusions that may differ from analyses carried out by other units of the Bank, and in particular may not comply with the Investment strategy of the Bank.

Contact

EFG International AG

Bleicherweg 8 8001 Zurich Switzerland Phone +41 44 226 18 50 www.efginternational.com

Investor Relations

Phone +41 44 212 73 77 investorrelations@efginternational.com

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