Swiss National Bank Annual Result for 2025

Communications
P.O. Box, CH-8022 Zurich
Telephone +41 58 631 00 00 communications@snb.ch Annual result of the Swiss National Bank for 2025 The Swiss National Bank reports a profit of CHF 26.1 billion for 2025 (2024: profit of CHF 80.7 billion). The loss on foreign currency positions amounted to CHF 8.8 billion. A valuation gain of CHF 36.3 billion was recorded on gold holdings. The loss on Swiss franc positions was CHF 0.9 billion. Operating expenses came to CHF 0.4 billion. For the financial year just ended, the SNB has set the allocation to the provisions for currency reserves at CHF 12.7 billion. After taking into account the distribution reserve of CHF 12.9 billion, the net profit comes to CHF 26.3 billion. This will allow a dividend payment of CHF 15 per share, which corresponds to the legally stipulated maximum amount, as well as a profit distribution to the Confederation and the cantons totalling CHF 4 billion. The profit distribution will be made on the basis of the agreement between the Federal Department of Finance and the SNB of 29 January 2021. Of the total amount to be distributed (CHF 4 billion), one-third goes to the Confederation and two-thirds to the cantons. After these payments, the distribution reserve will stand at CHF 22.3 billion. Loss on foreign currency positions The loss on foreign currency positions totalled CHF 8.8 billion (2024: profit of CHF 67.3 billion). Interest and dividend income amounted to CHF 12.8 billion and CHF 3.0 billion respectively, while interest expenses stood at CHF 1.0 billion. Price gains of CHF 1.3 billion were recorded on interest-bearing paper and instruments, and CHF 28.3 billion in price gains were recorded on equity securities and instruments. Exchange rate-related losses totalled CHF 53.1 billion.

Valuation gain on gold holdings
At the end of 2025, the price of gold stood at CHF 110,919 per kilogram, 45.9% higher than at the end of 2024 (CHF 76,011). This gave rise to a valuation gain of CHF 36.3 billion on the unchanged holdings of 1,040 tonnes of gold (2024: valuation gain of CHF 21.2 billion). Loss on Swiss franc positions The loss on Swiss franc positions totalled CHF 0.9 billion (2024: loss of CHF 7.4 billion). This largely resulted from the CHF 0.6 billion in remuneration of sight deposit account balances. Additional interest expenses of CHF 0.2 billion arose from liquidity-absorbing operations. The SNB absorbs liquidity with repo transactions and SNB debt certificates. Provisions for currency reserves The SNB aims for a robust balance sheet with sufficient equity capital, to ensure that it can also absorb potentially high losses. Annual allocations to the provisions for currency reserves are therefore necessary. The allocation in a given year is determined on the basis of double the average nominal GDP growth rate over the previous five years. However, to ensure that sufficient allocations are made to the provisions for currency reserves even in periods of low nominal GDP growth, the minimum annual allocation is currently set at 10% of the provisions at the end of the previous year. Since nominal GDP growth over the last five years has averaged 2.9%, the minimum allocation of 10% will be applied for the 2025 financial year. This corresponds to CHF 12.7 billion (2024: CHF 11.6 billion). As a result, the provisions for currency reserves will grow from CHF 127.3 billion to CHF 140.1 billion.

Income statement for 2025
In CHF millions
Item in Notes
2025 2024 Change
Net result from gold 36 303.4 21 230.2 + 15 073.2 Net result from foreign currency positions 1 – 8 829.0 67 337.8 – 76 166.8 Net result from Swiss franc positions 2 – 882.1 – 7 420.7 + 6 538.6 Net result, other – 11.7 12.6 – 24.3 Gross income 26 580.5 81 159.9 – 54 579.4 Banknote expenses – 42.9 – 36.1 – 6.8 Personnel expenses – 208.3 – 204.8 – 3.5 General overheads – 152.2 – 153.7 + 1.5 Depreciation on tangible assets – 31.3 – 36.3 + 5.0 Annual result 26 145.7 80 729.1 – 54 583.4

Appropriation of profit for 20251
In CHF millions
2025 2024 Change
Annual result 26 145.7 80 729.1 – 54 583.4
− Allocation to provisions for currency reserves – 12 734.9 – 11 577.2 – 1 157.7 = Distributable annual result 13 410.8 69 151.9 – 55 741.1

• Profit / loss carried forward
  (distribution reserve before appropriation of profit) 12 937.6 – 53 212.8 + 66 150.4 = Net profit 26 348.4 15 939.1 + 10 409.3 − Payment of a dividend of 6% – 1.5 – 1.5 – − Profit distribution to Confederation and cantons2 – 4 000.0 – 3 000.0 – 1 000.0 = Balance carried forward to following year’s financial statements (distribution reserve after appropriation of profit) 22 346.9 12 937.6 + 9 409.3 1 The determination and distribution of profits are governed by arts. 30 and 31 NBA. The portion of the annual result remaining after the allocation to the provisions for currency reserves is the distributable annual result. Together with the distribution reserve, this makes up the net profit / loss. If a net profit is achieved, this is used for distributions. In the event of a net loss, no distribution is made. 2 Profit distribution agreement of 29 January 2021 between the Federal Department of Finance and the Swiss National Bank.

Balance sheet as at 31 December 2025
Assets
In CHF millions
31.12.2025 31.12.2024 Change
Gold holdings 115 351.2 79 047.8 + 36 303.4
Foreign currency investments1 759 210.1 754 159.5 + 5 050.6 Reserve position in the IMF 1 666.5 1 715.3 – 48.8 International payment instruments 10 219.5 10 944.4 – 724.9 Monetary assistance loans 1 448.0 1 595.9 – 147.9 Claims from Swiss franc repo transactions – – – Swiss franc securities 3 942.9 4 028.0 – 85.1 Secured loans 794.5 1 491.6 – 697.1 Tangible assets 493.1 449.9 + 43.2 Participations 131.3 130.4 + 0.9 Other assets 600.3 515.5 + 84.8 Total assets 893 857.5 854 078.2 + 39 779.3 1 Includes, as at end-December 2025, cash received from repo transactions relating to the management of foreign currency investments amounting to CHF 33.9 billion (end-2024: CHF 23.3 billion). The associated liabilities are included in the balance sheet under foreign currency liabilities and result in a balance sheet expansion.

Liabilities
In CHF millions
31.12.2025 31.12.2024 Change
Banknotes in circulation 73 078.1 74 171.8 – 1 093.7 Sight deposits of domestic banks 418 419.7 420 034.9 – 1 615.2 Liabilities towards the Confederation 15 377.5 16 472.5 – 1 095.0 Sight deposits of foreign banks and institutions 9 417.8 11 154.2 – 1 736.4 Other sight liabilities 7 376.0 2 150.6 + 5 225.4 Liabilities from Swiss franc repo transactions 61 244.6 82 549.8 – 21 305.2 SNB debt certificates 98 714.4 70 156.9 + 28 557.5 Foreign currency liabilities 33 893.7 23 306.0 + 10 587.7 Counterpart of SDRs allocated by the IMF 9 572.6 10 312.3 – 739.7 Other liabilities 305.9 456.3 – 150.4 Equity Provisions for currency reserves1 127 348.9 115 771.7 + 11 577.2 Share capital 25.0 25.0 – Distribution reserve1 12 937.6 – 53 212.8 + 66 150.4 Annual result 26 145.7 80 729.1 – 54 583.4 Total equity 166 457.2 143 313.0 + 23 144.2 Total liabilities 893 857.5 854 078.2 + 39 779.3 1 Before appropriation of profit.

Valuation rates
31.12.2025 31.12.2024 Change 31.12.2024 31.12.2023 Change
In CHF In CHF In percent In CHF In CHF In percent 1 EUR 0.9303 0.9386 – 0.9 0.9386 0.9276 + 1.2 1 USD 0.7931 0.9045 – 12.3 0.9045 0.8382 + 7.9 100 JPY 0.5053 0.5770 – 12.4 0.5770 0.5923 – 2.6 1 GBP 1.0655 1.1333 – 6.0 1.1333 1.0674 + 6.2 1 CAD 0.5790 0.6289 – 7.9 0.6289 0.6338 – 0.8 1 kg gold 110 918.97 76 010.51 + 45.9 76 010.51 55 593.39 + 36.7

Notes to the annual financial statements
Item 1: Net result from foreign currency positions Breakdown by origin in CHF millions 2025 2024 Change Foreign currency investments – 8 653.4 67 130.7 – 75 784.1 Reserve position in the IMF – 76.6 101.8 – 178.4 International payment instruments – 29.2 42.3 – 71.5 Monetary assistance loans – 69.7 63.0 – 132.7 Total – 8 829.0 67 337.8 – 76 166.8 Breakdown by type in CHF millions 2025 2024 Change Interest income 12 787.0 11 396.6 + 1 390.4 Price gain / loss on interest-bearing paper and instruments 1 262.4 – 161.7 + 1 424.1 Interest expenses – 1 004.2 – 974.0 – 30.2 Dividend income 3 001.7 3 094.0 – 92.3 Price gain / loss on equity securities and instruments 28 276.3 29 304.4 – 1 028.1 Exchange rate gain / loss – 53 124.0 24 709.0 – 77 833.0 Asset management, safe custody and other fees – 28.3 – 30.5 + 2.2 Total – 8 829.0 67 337.8 – 76 166.8

Item 2: Net result from Swiss franc positions Breakdown by origin in CHF millions 2025 2024 Change Sight deposit accounts – 641.2 – 5 904.3 + 5 263.1 Swiss franc securities – 29.8 195.9 – 225.7 Liquidity-providing Swiss franc repo transactions 0.0 0.0 – Liquidity-absorbing Swiss franc repo transactions – 120.5 – 934.7 + 814.2 Secured loans 2.4 241.6 – 239.2 Liabilities towards the Confederation – 21.8 – 232.3 + 210.5 SNB debt certificates – 66.3 – 781.6 + 715.3 Other Swiss franc positions – 4.8 – 5.3 + 0.5 Total – 882.1 – 7 420.7 + 6 538.6 Breakdown by type in CHF millions 2025 2024 Change Interest income 43.1 282.2 – 239.1 Price gain / loss on interest-bearing paper and instruments – 53.6 170.7 – 224.3 Interest expenses – 854.7 – 7 858.2 + 7 003.5 Trading, safe custody and other fees – 16.9 – 15.5 – 1.4 Total – 882.1 – 7 420.7 + 6 538.6