Information unaudited Information ungeprüftThe LLB share

Market capitalisation

The LLB share has been listed on the Swiss stock market, SIX Swiss Exchange, since 1993 under the symbol LLBN (security number 35514757) and assigned to the “International Reporting Standard” segment. In 2024, around 1.6 million LLB shares (2023: 1.5 million) were traded, corresponding to 5.2 per cent (2023: 4.9 %) of total shares issued. With 30.8 million registered shares issued, the market capitalisation of Liechtensteinische Landesbank AG stood at CHF 2.2 billion as at 31 December 2024 (31.12.2023: CHF 2.0 billion).

Shareholder structure

The Principality of Liechtenstein held 17ʼ336ʼ215 LLB shares or an unchanged 56.3 per cent of the share capital at the end of the report year.

In 2011, the government of Liechtenstein adopted its participation strategy in LLB and revised it in January 2024. In this strategy it explicitly supports the stock exchange listing of LLB. In addition, the State of Liechtenstein renewed its commitment to retaining a majority shareholding of at least 51 per cent of LLB shares. At the same time, it accepted the entrepreneurial autonomy as well as the rights and obligations arising from the stock exchange listing (see chapter Economic role and regional employer).

As at 31 December 2024, 5.9 per cent of the shares were owned by Haselsteiner Familien-Privatstiftung and grosso Holding Gesellschaft mbH, both of which are domiciled in Austria. UBS Fund Management (Switzerland) AG held a stake of over 3 per cent.
LLB held 1.2 per cent of its own shares at the end of the report year (31.12.2023: 0.7 %). The remaining registered shares were in free float, whereby none of the other shareholders held more than 3 per cent of the share capital (see chapter Corporate governance report).

Overall 89.6 per cent of the 30.8 million total, registered shares were entered in LLB AG’s share register at the end of 2024. 10.4 per cent, or 3ʼ187ʼ031 shares were not registered.

Share price performance

The US market rushed ahead of all the other markets, the Swiss market lagged behind. As measured by the Swiss Performance Index (SPI), shares listed on the Swiss stock exchange rose by 6.2 per cent. The values in the Swiss Banking Index (SWX) grew in the same range. The Index registered a gain of 5.9 per cent for 2024, following a plus of 5.8 per cent in 2023. The LLB share significantly exceeded these figures and achieved a pleasing total return of 10.5 per cent in the report year. The highest price for the year was CHF 76.30 and the lowest price for the year was CHF 65.10.

Dividend policy

The LLB Group pursues an attractive, long-term-oriented dividend policy for the benefit of its shareholders. We are also committed to safeguarding our financial security and stability. Under the ACT-26 strategy, we intend to keep equity at a Tier 1 ratio of over 16 per cent. We will continue with our sustainable and attractive dividend policy. The payout ratio should be more than 50 per cent. We are also striving for a continuous increase in the dividend (see chapter Strategy and organisation).

¹The Board of Directors will propose a dividend increase to CHF 2.80 for the year 2024 at the General Meeting on 16 April 2025.

At the General Meeting of Shareholders to be held on 16 April 2025, the Board of Directors will propose an increase in the dividend to CHF 2.80 (2023: CHF 2.70) per share. Based on the share price as at the end of 2024, this corresponds to a dividend yield of 4.0 per cent. The total dividends to be paid out amount to CHF 85.2 million (2023: CHF 82.6 million). This represents a payout ratio of 51.0 per cent for 2024 (2023: 50.1 %).

Analysts‘ recommendations

In August 2024, Michael Klien, the Zürcher Kantonalbank analyst responsible for the LLB share wrote: “The results for H1 24 showed that LLB is on course with the implementation of its strategy and that the most important initiatives have been launched.” According to his assessment, this should lead to a positive leverage effect in terms of a growth in profit. Klien continues to rate the LLB share as “overweight”.

Research Partners AG has been covering the LLB share since mid-2016. In his latest report, analyst Rainer Skierka confirmed his buy recommendation. “We do not see any specific, negative influences that could affect the company at the moment, which suggests a solid profit development. In addition, despite the cash settlement for the acquisition of the Austrian business of ZKB, there is still a solid equity base of more than CHF 2 billion, which corresponds to a total capital ratio (Tier 1) of nearly 19 %. The current share price does not adequately reflect this positive momentum as yet.” The 12-month price target was increased from CHF 80.00 to CHF 86.00.

Communication with the capital market

The LLB Group publishes its annual and interim financial results (see chapter Information policy). We attach great importance to the preparation of the annual and interim reports in accordance with legal requirements. At the General Meeting of Shareholders too, the Board of Directors and the Executive Board provide transparent information about the course of business. Furthermore, we hold regular discussions with investors, provide information at roadshows and are represented at specialist conferences for financial analysts and investors. We usually hold a media and analyst conference on the annual results in Zurich.

All publicly accessible information about the LLB Group can be obtained from our website at llb.li. Anyone interested is welcome to register at llb.li/registration to receive price-relevant information about the LLB Group electronically. We also publish results via our social media channels such as Facebook and LinkedIn. We publish the annual and interim financial reports in a comprehensive online version. The Annual Report 2024 can be accessed online in German at gb2024.llb.li and in English at ar2024.llb.li