Following a record second half of the year in 2025, Switzerland based online trading and banking provider Swissquote Group Holding SA (SWX:SQN) had a fairly solid first-six-months of 2026, although rising costs hit the company’s bottom line amid what Swissquote described as “macroeconomic headwinds”.

Swissquote also lowered its guidance somewhat for full year 2026 results.

Revenues at Swissquote came in at CHF 364.2 million (USD $448 million) in the first half of 2026, basically flat but technically down slightly by 0.3% from a record CHF 365.2 million in H2 2025. Net profit fell more precipitously by 26% in H1 2026, to CHF 153.6 million (USD $189 million), from CHF 208.2 million in the second half of last year.

Swissquote shares

The market was clearly not happy with what Swissquote reported, included lowered guidance (more on that below), sending Swissquote shares tumbling by 12% in early trading Thursday. As of the time of writing, Swissquote shares were down by 12% to CHF 37.86 from Wednesday’s close of CHF 42.78.

Swissquote shares are now down by 24% in 2026 year-to-date and are approaching their 52 week low of CHF 36.20. The shares are 33% below their 52 week high of CHF 56.40, set last September.

Swissquote 1-year share price chart. Source: Google Finance.

Client trading volumes H1 2026

Client trading volumes averaged $114 billion monthly at Swissquote during the first half of 2026, down by 10% from $126 billion in H2 2025. Crypto trading volumes were down sharply, by 60%, to CHF 429 million monthly from CHF 1.06 billion monthly in H2 2025 and CHF 1.18 billion monthly in the first half of 2025.

Full year guidance adjusted

For the full year 2026, net revenues and pre-tax profit are now expected to amount to approximately CHF 730 million (initially: CHF 760 million) and CHF 365 million (initially: CHF 385 million), respectively. The adjustment reflects the weaker-than-expected crypto environment in H1-2026 and the prospects of only a gradual improvement towards the end of H2 -2026. Despite short-term volatility in net revenues, Swissquote is experiencing strong client growth and tangible progress in its AI and broader expansion initiatives.

The key assumptions underlying the 2028 outlook remain fully intact, and Swissquote continues to target CHF 500 million in pre-tax profit for 2028.

First half 2026 review

The first half of 2026 was marked by significant geopolitical uncertainty, yet Swissquote was able to deliver growth. The total number of accounts increased by +64,011 accounts in 6 months, bringing the total to 1,220,818 and representing a growth of +5.5% since 31 December 2025. Net new money reached a near-record CHF 5.1 billion (-2.0% compared to year-back period). As of 30 June 2026, client assets reached the highest ever recorded level of CHF 96.3 billion (+19.8% compared to year-back period), nearing the CHF 100 billion milestone.

Despite the unsettled macro environment, most revenue streams expanded during the first half of 2026 (e.g. Net fee and commission income was +13.0% compared to year-back period). The crypto market, however, was adversely affected by geopolitical tensions, higher interest rates and a stronger USD. Bitcoin and most other crypto assets experienced a material price decline and net crypto assets income fell short of initial guidance.

Overall, net revenues amounted to CHF 364.2 million (+1.7% compared to year-back period), as positive drivers slightly outweighed negative drivers. In H1-2026, Swissquote continued to scale its sovereign AI platform, deploying initial use cases across customer service (e.g. Yuhlia) and software development. In this context, pre-tax profit remained essentially flat at CHF 182.9 million (-1.2% compared to year-back period), supported by a resilient pre-tax profit margin of 50.2%. For the full year 2026, Swissquote is now targeting a pre-tax profit around CHF 365 million, as macro conditions may delay crypto recovery.

Net crypto assets income falls sharply

The first half of 2026 consisted of a mix of geopolitical uncertainty, shifting interest rate expectations and strong performance of stock indices. Net fee and commission income increased by +13.0% to CHF 123.7 million compared to year-back period. Net trading income increased by +15.8%, supported by more foreign-currency designated trading activity. Net interest income increased by +7.2%, driven by higher total balance sheet assets (+17.3% in the last 12 months) and supportive changes in interest rate expectations. Net eForex income increased by +9.1%, supported by price movements and volatility across precious metals and commodities.

At the same time, eForex assets grew by +20.8% compared to the year-back period. While heightened market volatility supported trading activity across several asset classes, crypto assets were affected by sustained risk aversion, declining asset prices and weaker client participation. Net crypto assets income declined by -66.2 % to CHF 14.6 million. The net crypto assets income included a CHF -5.3 million negative mark-to-market adjustment to the crypto asset inventory supporting liquidity provision on SQX, Swissquote’s own crypto-exchange. Overall, net revenues reached CHF 364.2 million in the first half of 2026, a slight increase of +1.7% compared to the year -back period. The diversified revenue base of Swissquote helped offset the crypto impact through stronger contributions from other asset classes and revenue streams.

Expenses growth

Total expenses grew by +4.6% to CHF 181.3 million, mainly in relation to higher depreciation costs (+28.7% compared to year-back period) and marketing expenses (+14.4%). A portion of the expense increase was due to the full consolidation of Yuh in the current period, compared to last year when it was reported as a 50% joint venture. Simultaneously, the Yuh acquisition added roughly CHF 50 million of depreciable intangible assets, accounting for part of the rise in depreciation expense.

During the first half of 2026, the pre-tax profit remained essentially flat at CHF 182.9 million (-1.2% compared to year-back period). As of 30 June 2026, the Group employed 1,511 FTE (+13.7% compared to year-back period) following strategic 2025 additions in technology, data, and engineering to accelerate execution and operationalise AI opportunities, which temporarily elevated total expenses. Initial productivity benefits are expected to emerge from H2-2026 (e.g. software development), with a more meaningful contribution to operating leverage over time. Remarkably, despite these investments and a challenging macro context, pre-tax profit margin remained above 50%.

Yuh reports +6.1% client growth, on track for break-even

In the first half 2026, the mobile finance app Yuh continued to expand its user base to a total of 423,409 accounts (+6.1% compared to 31 December 2025 ) and its client assets to CHF 4.0 billion (+9.9% compared to 31 December 2025). To further strengthen its presence in Switzerland, Yuh secured a new partnership with the Swiss football club BSC Young Boys, commencing with the 2026/27 season, which is expected to increase brand visibility and drive client acquisition.

During the period under review, marketing expenses represented over 50% of Yuh’s incremental net revenues, funding the customer acquisition strategy behind these results. While Yuh recorded a pre-tax loss contribution of CHF -1.0 million as of 30 June 2026, it remains on track to achieve full-year break  even. In June 2026, Yuh introduced in limited early access Yuhlia, an account-aware AI assistant designed to personalise financial insights and automate routine customer interactions. Yuh’s headcount remained stable at 64 FTE as of 30 June 2026, supporting Yuh’s ambition to scale its client base without a corresponding increase in staffing.

Swissquote’s summary financial and operating results for H1 2026 follow below.