Swissquote Group (SQN) H1 2026 earnings summary

Executive summary

• Client assets reached a record CHF 96.3bn, up 19.8% YoY; net new money was CHF 5.1bn, the second-highest half-year result.

• Net revenue was CHF 364.2m, up 1.7% YoY; net profit was CHF 153.6m, while weak crypto income weighed on results.

• Total accounts reached 1,220,818, up 5.5% since December 2025; Yuh reached 423,409 accounts and CHF 4.0bn in assets.

Financial highlights

• Net revenue was CHF 364.2m, up 1.7% YoY; separately reported operating income was CHF 364.9m, up 1.6%.

• Pre-tax profit was CHF 182.9m, with a 50.2% margin; net profit was CHF 153.6m, down 2.9%.

• Net interest income rose 7.2% to CHF 115.9m; fee and commission income excluding crypto rose 13.0% to CHF 123.7m.

• Net crypto assets income fell 66.2% to CHF 14.6m, including a CHF -5.3m mark-to-market adjustment.

• Expenses increased 4.6% to CHF 181.3m, mainly due to higher depreciation and marketing.

Outlook and guidance

• FY 2026 guidance is CHF 730m net revenue and CHF 365m pre-tax profit, with a pre-tax margin above 50%; guidance was revised down due to weaker crypto markets.

• 2028 targets remain CHF 900m revenue and CHF 500m pre-tax profit; planning assumptions include CHF 7bn annual net new money and a 90 bps revenue margin on assets.

• H2 2026 net new money is expected to be at least CHF 3.5bn under the CHF 7bn annual planning assumption; management expects good flows, while noting seasonality is inconsistent.

• Management expects gradual crypto improvement in H2; interest income is expected to exceed 2025, with flat-rate assumptions and cautious reinvestment of maturing securities.