Swissquote Group (SQN) H2 2025 earnings summary

Executive summary

• Achieved record revenues of CHF 723.3 million and pre-tax profit of CHF 420.2 million in 2025, up 9.4% and 21.6% year-over-year, respectively, marking the best year in company history despite a challenging low-interest rate environment.

• Net new monies reached CHF 8.5 billion, with over 500,000 new accounts opened, surpassing 1.15 million total accounts, aided by the full acquisition of Yuh, which contributed 399,201 new accounts.

• Client assets grew 16% year-over-year to CHF 88.7 billion, with strong inflows from Switzerland and Europe.

• Pre-tax profit margin improved to 58.1%, and net profit margin to 50.7%.

• Diversified revenue streams and balanced asset class exposure contributed to resilience and growth.

Financial highlights

• Revenue increased to CHF 723.3 million, up from CHF 230 million in 2019, with no segment exceeding 30% of total revenue.

• Pre-tax profit reached CHF 420.2 million, including a CHF 50 million one-off from the Yuh acquisition; pre-tax margin at 58.1% (51% excluding one-off).

• Net interest income was CHF 217.6 million, with a stable margin on assets at 88 basis points.

• Net fee & commission income (excl. crypto): CHF 209.4 million; net crypto assets income: CHF 85.7 million; eForex income: CHF 91.1 million; trading income: CHF 119.5 million.

• Equity rose to CHF 1.4 billion, Tier 1 ratio at 25% post-dividend, and dividend proposed at CHF 7.40 per share (30% payout ratio).

Outlook and guidance

• 2026 revenue guidance set at CHF 760 million, with pre-tax profit expected at CHF 385 million (excluding 2025 one-off, represents growth), and pre-tax profit margin above 50%.

• Net new monies target for 2026 remains CHF 7 billion, aiming for CHF 96 billion in client assets by year-end.

• By 2028, targets are CHF 950 million in revenue, CHF 500 million pre-tax profit, and client assets at CHF 110 billion, with a pre-tax margin of 53%.

• Revenue margin on client assets expected at ~0.90% by 2028, with over 50% of net new money from international clients.

• AI-driven efficiency gains expected to further improve operating leverage, though not fully factored into mid-term guidance.