Performance in 2025
Swissquote Group Holding Ltd reported fiscal year 2025 net revenue of CHF723 million and a pre-tax profit of CHF420 million, figures that the company said were in line with consensus expectations. The year-over-year increases were 9.4% for net revenue and 21.6% for pre-tax profit. The reported pre-tax profit includes a CHF50 million one-off gain from the consolidation of Yuh.
Guidance for 2026
For 2026 the Swiss online bank issued revenue guidance of CHF760 million, effectively matching the analyst consensus of CHF761 million. The company set a pre-tax profit projection of CHF385 million for 2026, which is approximately 3% below analyst consensus, and tied the lower near-term profit outlook to ongoing growth investments.
Revenue and income drivers
Net fees and commissions rose 17.5% to CHF209 million in 2025, driven by higher trading activity with a particular emphasis on foreign exchange-denominated products. Net trading income increased 52.6% to CHF120 million. Net interest income declined 3% to CHF218 million as the impact of higher loans and deposits offset the effect of Swiss interest rate cuts.
Electronic foreign exchange income fell 3.8% year-over-year but the mix shifted toward precious metals by the end of the year, which helped sustain overall activity. Despite a 12.1% decline in crypto volumes, income from crypto assets remained steady at CHF86 million.
Costs and margins
Total expenses rose 11.8% to CHF353 million, reflecting planned growth investments. These investments reduced near-term expectations for the pre-tax profit margin. The reported fiscal 2025 pre-tax profit margin was 58.1%, a figure that reflects the inclusion of the CHF50 million one-off gain tied to the Yuh consolidation. The company also flagged that consolidation of Yuh will lead to higher depreciation charges going forward.
Customer metrics and assets
Excluding Yuh, Swissquote added more than 100,000 accounts during 2025, bringing the total number of accounts to 1.2 million when including 399,201 accounts at Yuh. Client assets rose 16.3% to CHF88.7 billion, composed of a CHF3.9 billion market tailwind and CHF8.5 billion of organic growth. Europe accounted for 40% of net new money. Client cash remained stable at 15% of client assets.
Balance sheet and capital
The company reported that its balance sheet expanded by CHF2.8 billion in 2025 to CHF16.1 billion. Management expects Swissquote to be reclassified from a category 4 to a category 3 bank once assets exceed CHF17 billion. The capital ratio increased by 150 basis points to 25%, which the company said represents CHF300 million in excess of an 18% threshold. The board intends to recommend a dividend of CHF7.40 per share, consistent with the policy of paying 30% of net profit.
Medium-term targets
Swissquote maintained its 2028 pre-tax profit target of CHF500 million but raised its net revenue target from CHF900 million to CHF950 million, attributing the higher revenue target to the consolidation of 100% of Yuh. The target pre-tax profit margin for 2028 was adjusted to 53% from a prior 55%.
Investment focus and staffing
The company said the lower 2026 pre-tax profit guidance reflects investments focused on technology, data and engineering. These initiatives will weigh on the near-term operating margin through higher headcount. Full-time employee numbers increased 13.9% year-over-year in fiscal 2025, excluding Yuh.
Board changes
Swissquote announced two changes to its board. Chairman Dr Markus Dennler will step down due to reaching the company age limit, and Hans-Rudolf König, who joined the board in May 2025, will succeed him as chairman. The company also proposed Thomas Romer as a new director; Romer brings 20 years of experience as a partner at PwC and six years as vice-chairman of the board of EXPERTsuisse.
Summary of key financials provided by the company:
- Net revenue (FY2025): CHF723 million (up 9.4% year-over-year)
- Pre-tax profit (FY2025): CHF420 million (up 21.6% year-over-year), includes CHF50 million one-off from Yuh consolidation
- 2026 guidance: revenue CHF760 million (consensus CHF761 million); pre-tax profit CHF385 million (about 3% below consensus)