Swissquote expects to close 2026 with net revenue of CHF 760 million and pre-tax profit of CHF 385 million. It has also revised its 2028 net revenue target from CHF 900 million to CHF 950 million; however, the pre-tax profit margin has been reduced from 55 per cent to 53 per cent.
It is still expected to bring in CHF 500 million in pre-tax profit by 2028.
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A Strong Year and a Bullish Outlook
The guidance came as the Swiss broker ended 2025 with net revenue of CHF 723.3 million and a pre-tax profit of CHF 420.2 million. The numbers increased by 9.4 per cent and 21.6 per cent, respectively.
Revenue last year was boosted by an increase in trading activity. This drove a 17.5 per cent increase in net fee and commission income to CHF 209.4 million and a 52.6 per cent increase in net trading income to CHF 119.5 million.
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Although the CHF saw a notable interest rate cut, net interest income remained stable at CHF 217.6 million, a 3 per cent decline, supported by higher loan and deposit volumes.
Due to low FX volatility, the broker’s net eForex income decreased by 3.8 per cent; however, client activity shifted to precious metals such as gold, which saw a strong one-sided rally last year.
Crypto trading volume at the broker also declined by 12.1 per cent. However, net income from crypto assets remained almost unchanged at CHF 85.7 million.
Meanwhile, Swissquote added more than 100,000 accounts last year, bringing its total to 1.2 million. Client assets on the platform also increased by 16.3 per cent to CHF 88.7 billion.
It also attracted CHF 8.5 billion in new funds, of which roughly 40 per cent came from Europe.
Investments for Growth
Last year, Swissquote also took full control of Yuh, a digital finance platform. It previously held a 50 per cent stake and acquired the remaining share from PostFinance, paying CHF 89.8 million in cash and treasury shares.
The upward revision in revenue and profit came due to the impact of Yuh’s performance on Swissquote’s overall results.
For 2025, Yuh reported a profit for the second consecutive year, 399,201 accounts, and CHF 3.7 billion in client assets.
The broker also increased its spending on technology and AI, as well as strengthening its existing international presence.
“While this acceleration is expected to weigh on the pre-tax profit margin in the short term, the Group expects the resulting benefits to become increasingly visible from H2 2026 onwards,” the broker noted.
“Swissquote remains committed to disciplined cost growth over time, with total expense increases expected to remain below the growth rate of customer numbers and client assets. Without these strategic investments, the increase in total expenses in 2025 would have been lower.”
