Following a fairly strong first half of 2025, Copenhagen based Retail FX and CFDs broker Saxo Bank apparently had a slower H2, in which the company also operated in the red, posting only its second semi-annual net loss in more than six years.

H2 2025 results

Saxo Bank released its 2025 Annual Report today, showing that Revenues came in at DKK 2.456 billion (USD $388 million) in the second half of 2025, down by 2% from $395 million in the first six months of the year. Saxo posted a slight Net Loss of DKK 9 million ($1 million) in the second half of 2025, versus an $87 million Net Profit in the first half of the year.

In the big picture, 2025 was a very eventful one for Saxo Bank, which saw the Safra Group agree to take over control on the company, a deal which closed in Q1 2026. The company sold its Saxo Australia arm during 2025 to DMA South Africa. Saxo Bank did see the total number of clients grow to just over 1.5 million in 2025, versus 1.29 million at year end 2024, while total client assets rose to DKK 995 billion ($157 billion), from DKK 853 billion the previous year.

For the full year 2025, Saxo Bank reported Revenues of DKK 4.957 billion ($782 million), up from DKK 4.670 billion in 2024. Thanks mainly to a good first half of the year, Saxo posted Net Profit of DKK 539 million ($85 million) in 2025, down from DKK 1.005 billion in 2024.

Commenting on the results, Mads Dorf Petersen, Group CFO at Saxo Bank, said,

“2025 was another busy year for Saxo Bank. The financial results remained solid, and Saxo Bank continued the strong growth of number of clients and client assets, ending the year at record levels.

“In 2025, Saxo Bank also announced a transaction that changed the ownership structure of the bank, where the J. Safra Sarasin Group became a new majority shareholder.

“Saxo Bank looks towards 2026 and beyond, excited to work with our new majority shareholder, while our strategic focus remains unchanged. We continue to focus on getting curious people invested in the world by offering competitive prices and relentlessly improving our product and platform offerings, as well as the client experience. The protection of our clients’ assets will remain a core priority, and Saxo Bank will continue to make significant investments and improvements, including in compliance, anti-money laundering, cybersecurity, and risk management, as well as further integrating AI to enhance efficiency.”

Financial outlook 2026

Looking into 2026, Saxo Bank said that the global economic scene continues to be shaped by geopolitical tensions with an embedded high level of uncertainty in the macro environment. These factors are expected to impact market dynamics and hold the potential for evolving into both challenges and opportunities for our clients.

During 2025, the markets have been seeking record high levels in global equity markets and precious metals, which combined with a downwards trend in the interest rates are entering 2026 with a positive sentiment for the trading activity. Saxo’s strategic focus remains unchanged with a continued emphasis on growing its client and client asset base, and on enhancing the product and platform offering to the benefit of clients.

The competitive offering across global markets are expected to support continued organic client growth and improve the operational leverage of the Saxo Bank Group. The decision of the company in 2024 to restructure the distribution model and narrow the number of markets has resulted in offboarding certain existing clients during 2025, which will impact revenues negatively in 2026, though also leaving a more focused client base for future growth.

For 2026, Saxo Bank anticipates an increase in its cost base with additional marketing investments aimed at supporting Saxo Bank’s continued growth, as well as further investments within certain areas to ensure a resilient and compliant operating model. Given the uncertain market conditions for 2026, including potential volatility, inflation, and changes to central bank statements on financial markets, Saxo Bank expects net profit in the range of DKK 1,000-1,100 million in 2026.

Saxo Bank’s 2025 Annual Report can be seen here (pdf).