Swissquote Group (SQN) H1 2026 earnings summary

Executive summary

• Achieved record client assets of CHF 96.3 billion as of 30 June 2026, up 19.8% year-over-year, with net new money of CHF 5.1 billion and strong organic growth despite macroeconomic and geopolitical headwinds.

• Net revenues reached CHF 364.2 million (+1.7% YoY), with net profit at CHF 153.6 million, stable at a high level but down 2.9% year-over-year due to lower crypto revenues.

• Yuh neobank grew to 423,409 accounts (+6% sequentially), with client assets at CHF 4.0 billion, and launched the AI-powered assistant Yuhlia.

• Added over 64,000 new Swissquote accounts and 24,000 Yuh accounts, bringing total accounts to over 1.2 million.

• Growth was driven by Switzerland, Europe (notably Benelux, France, Germany), and Middle East/Asia.

Financial highlights

• Net revenues: CHF 364.2 million for H1 2026 (+1.7% YoY); pre-tax profit: CHF 182.9 million (-1.2% YoY); net profit: CHF 153.6 million (-2.9% YoY).

• Net fee and commission income (excluding crypto): CHF 123.7 million (+13% YoY); net crypto assets income: CHF 14.6 million (down 66.2% YoY).

• Net interest income: CHF 115.9 million (+7.2% YoY); net trading income: CHF 107.5 million (+5% YoY).

• Pre-tax profit margin: 50.2%; net profit margin: 42.2%.

• Total expenses increased by 4.6% to CHF 181.3 million, mainly due to higher payroll, depreciation, and marketing.

Outlook and guidance

• 2026 guidance revised: Net revenues expected at CHF 730 million, pre-tax profit at CHF 365 million, with pre-tax profit margin above 50%.

• Guidance reflects weaker crypto environment but higher net interest income; 2028 targets reaffirmed at CHF 900 million revenue and CHF 500 million pre-tax profit.

• Crypto expected to contribute up to 10% of 2028 revenues, with interest income and new streams offsetting any shortfall.