Ad hoc announcement pursuant to Art. 53 LR
Media information Gland/Zurich, 13 August 2026
Results for the 1st half of 2026 Swissquote delivers continued client growth and resilient profitability amid
macroeconomic headwinds.
Client assets reach record level of CHF 96.3 billion .
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 De-
cember 2025. Net new mon ey 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 mile-
stone. 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 asset s 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 .
Geopolitical turbulence fuels revenue growth – net crypto assets income falls sharply
The first half of 2026 consisted of a mix of geopolitical uncertainty, shifting interest rate expec- tations 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 in-
creased 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% , sup-
ported 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 asset s
income declined by -66.2% to CHF 14.6 million. The net crypto assets income included a
~PAGE-BREAK~
Ad hoc announcement pursuant to Art. 53 LR
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 th e crypto impact through
stronger contributions from other asset classes and revenue streams.
Pre-tax profit flat while maintaining focus on medium term 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 ex-
pense 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 depre- ciation 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 em-
ployed 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%.
Client assets at CHF 96.3 billion, accounts up by + 5.5% in 6 months
During the first half of 2026, the number of client accounts grew by more than +64,000 accounts.
Client assets increased by +19.8% in 12 months to a record high of CHF 96.3 billion, supported by
a near-record net new money of CHF 5.1 billion. Account growth continued to benefit from Swiss-
quote’s strong brand, international reach of the Group and diversified banking and investment
offering. Despite the turbulent markets at the beginning of the year , client assets experienced a
positive market impact of CHF +2.5 billion. The portion of cash in client assets increased by ap-
proximately CHF +900 million in the first 6 months of 2026 and remained stable as a percentage of total assets (approximately 15%) .
Yuh reports +6.1% client growth, on track for full -year 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
~PAGE-BREAK~
Ad hoc announcement pursuant to Art. 53 LR
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 inter-
actions. Yuh’s headcount remained stable at 64 FTE as of 30 June 2026 , supporting Yuh’s ambi-
tion to scale its client base without a corresponding increase in staffing.
Capital ratio at 25.2%, category 3 banking status expected in H2 -2026
As of 30 June 2026, the capital ratio remained high at 25.2% (27.4%) and the total balance sheet
assets amounted to CHF 16.9 billion, an increase of CHF +2.5 billion over the past 12 months.
Consequently, Swissquote should be reclassified from a category 4 to a category 3 bank by
FINMA in the next 6 months (the threshold being CHF 17.0 billion in total balance sheet assets).
The expected reclassification as a category 3 bank reflects the continued growth and would entail enhanced regulatory oversight, while primarily increasing its minimum capital ratio requirement from 11.2% to 12.0%.
Full year guidance adjusted For the full year 2026, net revenues and pre -tax profit are now expected to amount to approxi-
mately CHF 730 million (initially: CHF 760 million) and CHF 365 million (initially: CHF 385 mil-
lion), 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.
The complete financial report for the first half of 2026 is available at:
https://www.swissquote.com/en/group/investor -relations/financial-reports
~PAGE-BREAK~
Ad hoc announcement pursuant to Art. 53 LR
Swissquote – The Swiss Leader in Digital Banking
Swissquote is Switzerland’s market leader in digital banking, offering an extensive ecosystem that empowers customers to trade, invest and bank seamlessly across a wide range of products and services. With more than 1 million private and institutional accounts and around CHF 96 billion in
client assets as of 30 June 2026, Swissquote operates under two complementary brands designed to serve diverse client needs: Swissquote – the full-fledged digital banking alternative for mass -
affluent and active investors, providing advanced solutions for trading, investing and saving. Its innovative platforms give access to over four million financial products, spanning equities, crypto assets, forex, derivatives, and more. Yuh – a mobile-first app for the next generation, making it
easy to pay, save and invest through an intuitive digital experience. Yuh appeals to younger, digi-tally savvy customers and acts as a natural entry point into the broader Swissquote-Yuh ecosys-
tem. Headquartered in Gland, Switzerland, Swissquote operates offices in Zurich, Luxembourg, London, Malta, Bucharest, Cyprus, Dubai, Cape Town, Singapore and Hong Kong. The Group holds banking licenses in Switzerland (FINMA) and Luxem bourg (CSSF). The parent company, Swiss-
quote Group Holding Ltd, is listed on the SIX Swiss Exchange (symbol: SQN).
For further information
Nadja Keller, Assistant to CEO / Media Relations Manager
Tel. +41 44 825 88 01, nadja.keller@swissquote.ch
Agenda Corporate events
18.03.2027 Presentation of full year 2026 results
12.05.2027 Ordinary General Meeting
Agenda Investor Relations events
22.09.2026 UBS Best of Switzerland Conference
23.09.2026 BofA Annual Financial CEO Conference
04.11.2026 ZKB Swiss Equity Conference, Zurich
~PAGE-BREAK~
Key figures: global overview
1 Net fee and commission income as per interim consolidated income statement 2026 of CHF 141.5 million should be reduced by an amount of CHF 17.8 million, reclassified in net crypto assets income.
2 Net trading income as per interim consolidated income statement 2026 of CHF 107.5 million should be reduced by credit loss expense of CHF 0.7 million (which is presented separately in the interim consolidated income statement) and should be increased by an amount of CHF 3.2 million related to items reclassified in the net crypto assets income, mainly linked to the operations of the crypto exchange SQX.
The resulting balance of CHF 110.0 million is presented here in two separate items which are eForex income and trading income.
in CHF thousand, except where specified 2026 2025 Change Change in % H1-2026 H2-2025 Change Change in %
Net fee & commission income (excl. crypto.) 123,732.8 109,473.0 14,259.8 13.0% 123,732.8 99,955.2 23,777.6 23.8%
Net crypto assets income 14,580.7 43,091.1 (28,510.4) -66.2% 14,580.7 42,612.0 (28,031.3) -65.8%
Interest income, net 115,901.7 108,142.1 7,759.6 7.2% 115,901.7 109,420.4 6,481.3 5.9%
eForex income, net 45,575.6 41,790.0 3,785.6 9.1% 45,575.6 49,303.2 (3,727.6) -7.6%
Trading income, net 64,433.8 55,665.4 8,768.4 15.8% 64,433.8 63,883.7 550.1 0.9%
Net revenues 364,224.6 358,161.6 6,063.0 1.7% 364,224.6 365,174.5 (949.9) -0.3%
Payroll & related expenses (88,552.5) (87,295.3) 1,257.2 1.4% (88,552.5) (90,180.2) (1,627.7) -1.8%
Other operating expenses (40,473.0) (43,343.3) (2,870.3) -6.6% (40,473.0) (38,148.2) 2,324.8 6.1%
Depreciation (30,220.3) (23,487.7) 6,732.6 28.7% (30,220.3) (28,639.1) 1,581.2 5.5%
Marketing expenses (22,101.7) (19,327.7) 2,774.0 14.4% (22,101.7) (22,529.9) (428.2) -1.9%
Expenses (181,347.5) (173,454.0) 7,893.5 4.6% (181,347.5) (179,497.4) 1,850.1 1.0%
Net gain from remeasurement of joint venture and others n/a 455.6 n/a n/a n/a 49,382.5 n/a n/a
Pre-tax profit 182,877.1 185,163.2 (2,286.1) -1.2% 182,877.1 235,059.6 (52,182.5) -22.2%
Income taxes (29,266.7) (26,958.4) 2,308.3 8.6% (29,266.7) (26,872.0) 2,394.7 8.9%
Net profit 153,610.4 158,204.8 (4,594.4) -2.9% 153,610.4 208,187.6 (54,577.2) -26.2%
Pre-tax profit margin 50.2% 51.7% 50.2% 64.4%
Net profit margin 42.2% 44.2% 42.2% 57.0%
6 months ended 30 June Comparison with Previous Half Year
~PAGE-BREAK~
Key figures: Swissquote – Yuh
1 Since its acquisition, Yuh participates in an incremental way to the net revenues and expenses of Swissquote.
These numbers do not represent the economical contribution of Yuh but only the incremental contribution compared to the past.
Half yearin CHF thousand, except where specified Swissquote Yuh incremental H1-2026 SwissquoteYuh incremental H2-2025
Net fee & commission income (excl. crypto.) 126,250.5 (2,517.7) 123,732.8 103,443.3 (3,488.1) 99,955.2
Net crypto assets income 12,926.5 1,654.2 14,580.7 38,593.9 4,018.1 42,612.0
Interest income, net 112,508.1 3,393.6 115,901.7 105,643.6 3,776.8 109,420.4
eForex income, net 45,575.6 n/a 45,575.6 49,303.2 n/a 49,303.2
Trading income, net 58,608.2 5,825.6 64,433.8 57,810.7 6,073.0 63,883.7
Net revenues 355,868.9 8,355.7 364,224.6 354,794.7 10,379.8 365,174.5
Payroll & related expenses (87,391.3) (1,161.2) (88,552.5) (88,097.5) (2,082.7) (90,180.2)
Other operating expenses (40,074.1) (398.9) (40,473.0) (37,876.7) (271.5) (38,148.2)
Depreciation (26,999.9) (3,220.4) (30,220.3) (25,661.2) (2,977.9) (28,639.1)
Marketing expenses (17,530.1) (4,571.6) (22,101.7) (17,799.7) (4,730.2) (22,529.9)
Expenses (171,995.4) (9,352.1) (181,347.5) (169,435.1) (10,062.3) (179,497.4)
Net gain from remeasurement of joint venture and others n/a n/a n/a 49,382.5 - 49,382.5
Pre-tax profit 183,873.5 (996.4) 182,877.1 234,742.1 317.5 235,059.6
Income taxes (29,210.6) (56.1) (29,266.7) (26,751.0) (121.0) (26,872.0)
Net profit 154,662.9 (1,052.5) 153,610.4 207,991.1 196.5 208,187.6
Pre-tax profit margin 51.7% -11.9% 50.2% 66.2% 3.1% 64.4%
Net profit margin 43.5% -12.6% 42.2% 58.6% 1.9% 57.0%
Current Half Year Previous Half Year
~PAGE-BREAK~
Key figures: Swissquote - Yuh KPIs
1 Client assets is a broader term than assets under management under the FINMA definition and comprises all stable bankable assets that are managed or deposited with the Group, including assets that are not held for custody, but for which the technology of the Group gives clients access to asset classes and stock markets and/or for which other services are provided.
As a result, Client assets may deviate from the reported assets under management or reported assets under custody (some assets could be included or excluded from the definition).
2 Yuh net new money, number of transactions and crypto volume have been included since the full acquisition only (4 July 2025).
Swissquote Yuh 30.06.2026 30.06.2025 Change Change in % 30.06.2026 31.12.2025 Change Change in %
SwissquoteTrading accounts 690,828 - 690,828 614,901 75,927 12.3% 690,828 655,440 35,388 5.4%
Invest / Saving / Insurance accounts 66,700 - 66,700 50,520 16,180 32.0% 66,700 60,072 6,628 11.0%
eForex accounts 39,881 - 39,881 42,972 (3,091) -7.2% 39,881 42,094 (2,213) -5.3%
Yuh accounts - 423,409 423,409 n/a n/a n/a 423,409 399,201 24,208 6.1%
Total number of accounts (units) 797,409 423,409 1,220,818 708,393 512,425 72.3% 1,220,818 1,156,807 64,011 5.5%
Trading assets 88,944.7 - 88,944.7 75,208.6 13,736.1 18.3% 88,944.7 82,605.3 6,339.4 7.7%
Invest / Saving / Insurance assets 2,856.6 - 2,856.6 1,584.3 1,272.3 80.3% 2,856.6 2,116.1 740.5 35.0%
eForex assets 459.2 - 459.2 380.1 79.1 20.8% 459.2 352.6 106.6 30.2%
Yuh assets - 4,013.8 4,013.8 3,186.2 827.6 26.0% 4,013.8 3,652.5 361.3 9.9%
Total client assets (CHF m) 92,260.5 4,013.8 96,274.3 80,359.2 15,915.1 19.8% 96,274.3 88,726.5 7,547.8 8.5%
Net new money (CHF m) 4,664.1 407.2 5,071.3 5,175.4 (104.1) -2.0% 5,071.3 3,325.9 1,745.4 52.5%
Transactions (units) 4,173,035 1,668,861 5,841,896 3,516,390 2,325,506 66.1% 5,841,896 5,173,231 668,665 12.9%
Crypto volume (CHF m) 2,359.4 217.6 2,577.0 7,056.9 (4,479.9) -63.5% 2,577.0 6,369.9 (3,792.9) -59.5%
eForex volume (USD bn) 684.2 n/a 684.2 627.7 56.5 9.0% 684.2 758.1 (73.9) -9.7%
Total headcount / average headcount (FTE) 1,447 / 1,417 64 / 63 1,511 / 1,480 1,329 / 1,273 182 / 207 13.7% / 16.3% 1,511 / 1,480 1,448 / 1,389 63 / 91 4.4% / 6.6%
Total balance sheet (CHF m) 16,898.1 14,408.1 2,490.0 17.3% 16,898.1 16,052.4 845.7 5.3%
Total equity (CHF m) 1,391.0 1,195.0 196.0 16.4% 1,391.0 1,402.6 (11.6) -0.8%
Capital ratio (%) 25.2% 27.4% -2.2% -8.0% 25.2% 25.0% 0.2% 0.8%
YuhAccounts (units) 423,409 342,369 81,040 23.7% 423,409 399,201 24,208 6.1%
Client assets (CHF m) 4,013.8 3,186.2 827.6 26.0% 4,013.8 3,652.5 361.3 9.9%
Total headcount (FTE) 64 63 1 1.6% 64 62 2 3.2%
~PAGE-BREAK~