Swissquote Group (SQN) H1 2025 earnings summary

Executive summary

• Achieved record H1 2025 results with CHF 5.2 billion net new money, 58,304 new accounts (+9% year-over-year), and net revenues of CHF 358.2 million (+4.1%), with pre-tax profit at CHF 185.2 million (+5.3%) and net profit at CHF 158.2 million.

• Client assets reached CHF 80.4 billion (+5.3%), with over 700,000 accounts and average assets per account at CHF 113,000.

• Maintained focus on medium-term growth, with strong organic expansion, customer acquisition, and robust digital banking and crypto activity.

• Dividend of CHF 6.00 per share paid in May 2025, up from CHF 4.30 in May 2024.

Financial highlights

• Net revenues reached CHF 358.2 million (+4.1%), pre-tax profit CHF 185.2 million (+5.3%), and net profit CHF 158.2 million (+5.7%).

• Client assets at CHF 80.4 billion, with 85% in securities and 15% in cash.

• Net fee and commission income (excl. crypto) up 19.9% year-over-year; net crypto assets income down 14.5% sequentially.

• Net interest income of CHF 108.8 million, with US dollar rates stable and euro rates decreasing.

• Total expenses increased 2.9% to CHF 173.5 million, mainly due to higher payroll and marketing costs.

Outlook and guidance

• 2025 guidance revised upwards: net revenues expected at CHF 700 million (+6% year-over-year), pre-tax profit at CHF 365 million (+5% year-over-year).

• Long-term 2028 guidance unchanged: CHF 900 million net revenues, CHF 500 million pre-tax profit, and 55% pre-tax margin.

• Expect CHF 7 billion net new money for 2025, with CHF 3.5 billion targeted for H2.

• Average client assets forecasted at CHF 84 billion by year-end 2025.

• Acquisition of the remaining 50% of Yuh Ltd completed in July 2025, expected to generate synergies and expand digital banking services.