Swissquote Raises Revenue Targets but Tempers Profit Expectations

Swissquote Group has issued an optimistic revenue forecast for 2026 while adopting a more cautious stance on profitability. The Swiss online bank expects to generate net revenue of CHF 760 million and a pre-tax profit of CHF 385 million for the year. It has also raised its 2028 net revenue target from CHF 900 million to CHF 950 million, though it concurrently lowered its pre-tax profit margin target from 55% to 53%. The firm still anticipates achieving a pre-tax profit of CHF 500 million by 2028.

These projections follow a strong 2025 performance, where Swissquote reported net revenue of CHF 723.3 million and pre-tax profit of CHF 420.2 million, representing annual increases of 9.4% and 21.6%, respectively. The revenue growth was fueled by heightened trading activity, leading to a 17.5% rise in net fee and commission income to CHF 209.4 million and a 52.6% surge in net trading income to CHF 119.5 million.

Despite a significant interest rate cut on the Swiss franc, net interest income remained relatively stable at CHF 217.6 million, down only 3%, supported by higher loan and deposit volumes. Net eForex income declined by 3.8% due to low currency volatility, though client activity shifted towards precious metals like gold. Crypto trading volume fell 12.1%, but related net income held steady at CHF 85.7 million.

The broker added over 100,000 new accounts in 2025, bringing its total to 1.2 million. Client assets grew 16.3% to CHF 88.7 billion, with CHF 8.5 billion in new net funds attracted, approximately 40% of which originated from Europe.

Strategic investments are shaping the firm's outlook. Swissquote took full ownership of digital finance platform Yuh in 2025, acquiring the remaining 50% stake from PostFinance for CHF 89.8 million. Yuh's performance, which included a second consecutive annual profit, 399,201 accounts, and CHF 3.7 billion in client assets, contributed to the upward revision of group targets.

The company is also increasing expenditure on technology, AI, and international expansion. "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," Swissquote stated. It emphasized a commitment to disciplined cost growth, expecting total expense increases to remain below the growth rates of customer numbers and client assets.