Interim results of the Swiss National Bank as at 30 June 2026

Communications
P.O. Box, CH-8022 Zurich
Telephone +41 58 631 00 00 communications@snb.ch Interim results of the Swiss National Bank as at 30 June 2026 The Swiss National Bank reports a profit of CHF 25.2 billion for the first half of 2026. The profit on foreign currency positions amounted to CHF 31.7 billion. A valuation loss of CHF 6.4 billion was recorded on gold holdings. The profit on Swiss franc positions was CHF 0.1 billion. The SNB’s financial result depends largely on developments in the gold, foreign exchange and capital markets. Strong fluctuations are therefore to be expected, and only provisional conclusions are possible as regards the annual result. Profit on foreign currency positions The profit on foreign currency positions totalled CHF 31.7 billion. Interest and dividend income amounted to CHF 6.7 billion and CHF 1.7 billion respectively, while interest expenses stood at CHF 0.4 billion. Price losses of CHF 1.7 billion were recorded on interest-bearing paper and instruments, whereas price gains on equity securities and instruments amounted to CHF 22.9 billion. Exchange rate-related gains totalled CHF 2.5 billion. Valuation loss on gold holdings A valuation loss of CHF 6.4 billion was recorded on gold holdings, which remained unchanged in volume terms. Gold was trading at CHF 104,812 per kilogram at the end of June 2026 (end-2025: CHF 110,919).

Profit on Swiss franc positions
The profit on Swiss franc positions totalled CHF 0.1 billion. This largely resulted from the remuneration of sight deposit account balances and from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates. Provisions for currency reserves As at end-June 2026, the SNB recorded a profit of CHF 25.2 billion before the allocation to the provisions for currency reserves. In accordance with art. 30 para. 1 of the National Bank Act (NBA), the SNB is required to set aside provisions permitting it to maintain the currency reserves at the level necessary for monetary policy. The allocation for the current financial year is determined at the end of the year.

Income statement, 1 January – 30 June 2026 1
In CHF millions
Item in Notes
Q1–Q2 2026 Q1–Q2 2025 Change
Net result from gold – 6 350.9 8 565.2 – 14 916.1 Net result from foreign currency positions 1 31 661.8 – 22 674.0 + 54 335.8 Net result from Swiss franc positions 2 81.8 – 950.1 + 1 031.9 Net result, other 8.2 – 19.9 + 28.1 Gross income 25 400.9 – 15 078.9 + 40 479.8 Banknote expenses – 20.4 – 20.0 – 0.4 Personnel expenses – 104.5 – 106.2 + 1.7 General overheads – 87.1 – 84.1 – 3.0 Depreciation on tangible assets – 19.2 – 14.1 – 5.1 Interim result 25 169.7 – 15 303.2 + 40 472.9 1 Unaudited. The External Auditor only audits the annual financial statements.

Income statement for the second quarter of 2026 1 In CHF millions Q2 2026 Q2 2025 Change Net result from gold – 14 130.5 – 4 212.2 – 9 918.3 Net result from foreign currency positions 39 863.9 – 17 416.4 + 57 280.3 Net result from Swiss franc positions 41.4 – 254.7 + 296.1 Net result, other 2.8 0.5 + 2.3 Gross income 25 777.5 – 21 882.8 + 47 660.3 Banknote expenses – 12.9 – 12.1 – 0.8 Personnel expenses – 52.0 – 52.3 + 0.3 General overheads – 33.6 – 29.2 – 4.4 Depreciation on tangible assets – 11.4 – 7.1 – 4.3 Interim result 25 667.6 – 21 983.5 + 47 651.1 1 Unaudited. The External Auditor only audits the annual financial statements.

Balance sheet as at 30 June 2026 1
Assets
In CHF millions
30.06.2026 31.12.2025 Change
Gold holdings 109 000.2 115 351.2 – 6 351.0
Foreign currency investments2 786 063.9 759 210.1 + 26 853.8 Reserve position in the IMF 1 686.9 1 666.5 + 20.4 International payment instruments 10 353.7 10 219.5 + 134.2 Monetary assistance loans 1 405.6 1 448.0 – 42.4 Claims from Swiss franc repo transactions – – – Swiss franc securities3 3 378.4 3 942.9 – 564.5 Secured loans 499.6 794.5 – 294.9 Tangible assets 495.8 493.1 + 2.7 Participations 132.1 131.3 + 0.8 Other assets 614.3 600.3 + 14.0 Total assets 913 630.6 893 857.5 + 19 773.1 1 Unaudited. The External Auditor only audits the annual financial statements. 2 Includes, as at end-June 2026, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 27.2 billion (end-2025: CHF 33.9 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion. 3 The Swiss franc portfolio will be reduced with minimal market impact over the coming quarters. In the past, Swiss franc securities were primarily held as potential collateral for liquidity-absorbing repo transactions. In the meantime, this function is performed by the SNB’s own holdings of SNB Bills. Purchases of Swiss franc bonds continue to be available as a monetary policy instrument, should the need arise (cf. ‘Guidelines of the Swiss National Bank on monetary policy instruments’).

Liabilities
In CHF millions
30.06.2026 31.12.2025 Change
Banknotes in circulation 70 601.7 73 078.1 – 2 476.4 Sight deposits of domestic banks 423 342.1 418 419.7 + 4 922.4 Liabilities towards the Confederation 28 125.9 15 377.5 + 12 748.4 Sight deposits of foreign banks and institutions 19 059.3 9 417.8 + 9 641.5 Other sight liabilities 8 100.9 7 376.0 + 724.9 Liabilities from Swiss franc repo transactions 66 059.7 61 244.6 + 4 815.1 SNB debt certificates 73 587.9 98 714.4 – 25 126.5 Foreign currency liabilities 27 246.1 33 893.7 – 6 647.6 Counterpart of SDRs allocated by the IMF 9 674.4 9 572.6 + 101.8 Other liabilities 207.1 305.9 – 98.8 Equity Provisions for currency reserves1 140 083.8 127 348.9 + 12 734.9 Share capital 25.0 25.0 – Distribution reserve2 22 346.9 12 937.6 + 9 409.3 Annual result 2025 – 26 145.7 – 26 145.7 Interim result 25 169.7 + 25 169.7 Total equity 187 625.4 166 457.2 + 21 168.2 Total liabilities 913 630.6 893 857.5 + 19 773.1 1 The allocation to the provisions for currency reserves is made as part of the profit appropriation. The increase of around CHF 12.7 billion represents the allocation for the 2025 financial year. 2 The distribution reserve only changes once a year, as part of the profit appropriation.

Condensed changes in equity
In CHF millions
Q1–Q2 2026 Q1–Q2 2025
Equity at beginning of period1 166 457.2 143 313.0 Distribution of dividends to shareholders2 – 1.5 – 1.5 Profit distribution to Confederation and cantons2 – 4 000.0 – 3 000.0 Interim result 25 169.7 – 15 303.2 Equity at end of period 187 625.4 125 008.3 1 At the beginning of the period, equity is composed of share capital, provisions for currency reserves, the distribution reserve and the annual result. 2 Dividend and profit distributions take place in the second quarter. Valuation rates Year under review Previous year
30.06.2026 31.12.2025 Change 30.06.2025 31.12.2024 Change
CHF CHF In percent CHF CHF In percent
1 EUR 0.9221 0.9303 – 0.9 0.9344 0.9386 – 0.4
1 USD 0.8090 0.7931 + 2.0 0.7975 0.9045 – 11.8 100 JPY 0.4980 0.5053 – 1.4 0.5523 0.5770 – 4.3 1 GBP 1.0697 1.0655 + 0.4 1.0910 1.1333 – 3.7 1 CAD 0.5688 0.5790 – 1.8 0.5834 0.6289 – 7.2 1 kg gold 104 812 110 919 – 5.5 84 247 76 011 + 10.8

Appendix
Accounting and valuation principles
The SNB is a special-statute joint-stock company with head offices in Berne and Zurich. These interim results have been drawn up in accordance with the provisions of the NBA and the Swiss Code of Obligations (CO) as well as the accounting principles detailed in the notes to the annual financial statements as at 31 December 2025. These results present a true and fair view of the financial position and the results of operations of the SNB. Unless otherwise stated, the accounting principles are based on the Swiss GAAP FER standards (Accounting and Reporting Recommendations). Departures from Swiss GAAP FER occur only if an accounting principle runs counter to the provisions of the NBA or if the special nature of the SNB needs to be taken into account. In a departure from Swiss GAAP FER, no cash flow statement is prepared. The structure and designation of the items in the balance sheet and the income statement take into consideration the special character of the business conducted at a central bank. There were no changes to the accounting and valuation principles compared with the annual financial statements as at 31 December 2025. The SNB interim results as at 30 June 2026 constitute an interim report in accordance with Swiss GAAP FER 31, with condensations in presentation and disclosures. Swiss GAAP FER 31 requires the presentation of earnings per share. This has no informative value in view of the special statutory provisions for the SNB. Shareholders’ rights are determined by the NBA. Their dividends, in particular, may not exceed 6% of share capital (with a nominal value of CHF 250 per share, a maximum of CHF 15); the Confederation is entitled to one-third and the cantons to two-thirds of the remaining distributable profit. Therefore, no presentation of earnings per share is made.

Notes to the balance sheet and income statement Item 1: Net result from foreign currency positions Breakdown by origin in CHF millions Q1–Q2 2026 Q1–Q2 2025 Change Foreign currency investments 31 573.4 – 22 479.0 + 54 052.4 Reserve position in the IMF 38.7 – 83.5 + 122.2 International payment instruments 16.3 – 32.9 + 49.2 Monetary assistance loans 33.4 – 78.6 + 112.0 Total 31 661.8 – 22 674.0 + 54 335.8 Breakdown by type in CHF millions Q1–Q2 2026 Q1–Q2 2025 Change Interest income 6 737.6 6 178.9 + 558.7 Price gain / loss on interest-bearing paper and instruments – 1 695.2 3 905.9 – 5 601.1 Interest expenses – 389.9 – 470.5 + 80.6 Dividend income 1 665.5 1 646.2 + 19.3 Price gain / loss on equity securities and instruments 22 892.4 9 967.9 + 12 924.5 Exchange rate gain / loss 2 467.0 – 43 887.1 + 46 354.1 Asset management, safe custody and other fees – 15.7 – 15.2 – 0.4 Total 31 661.8 – 22 674.0 + 54 335.8

Item 2: Net result from Swiss franc positions
Breakdown by origin in CHF millions
Q1–Q2 2026 Q1–Q2 2025 Change
Sight deposit account balances 22.3 – 659.6 + 681.9 Swiss franc securities 14.6 – 41.7 + 56.3 Liquidity-providing Swiss franc repo transactions – – – Liquidity-absorbing Swiss franc repo transactions 18.8 – 139.6 + 158.4 Secured loans – 2.4 – 2.4 Liabilities towards the Confederation – – 21.8 + 21.8 SNB debt certificates 28.4 – 87.2 + 115.6 Other Swiss franc positions – 2.4 – 2.5 + 0.1 Total 81.8 – 950.1 + 1 031.9 Breakdown by type in CHF millions Q1–Q2 2026 Q1–Q2 2025 Change Interest income 20.1 22.9 – 2.8 Price gain / loss on interest-bearing paper and instruments 2.9 – 53.8 + 56.7 Interest expenses 67.2 – 910.8 + 978.0 Trading, safe custody and other fees – 8.5 – 8.4 0.0 Total 81.8 – 950.1 + 1 031.9