Swissquote confirms 2025 results and continues execution of its roadmap to the 2028 pre-tax profit target

@Swissquote

Media information

Ad-hoc announcement pursuant to Art. 53 LR

Gland/Zurich, 19 March 2026

Results for the 2025 financial year

Swissquote confirms 2025 results and continues execution of its roadmap to the 2028 pre-tax profit target

In 2025, Swissquote achieved solid growth indicators and delivered strong financial results, reflecting the diversification of its business model. Client assets increased from CHF 76.3 billion to CHF 88.7 billion, representing a growth of +16.3%. This development was mainly supported by net new monies of CHF 8.5 billion, of which 40% originated from Europe. Including Yuh, Swissquote counted close to 1.2 million accounts at year-end 2025, an increase of +16.5% (Swissquote) and +39.6% (Yuh) compared to last year. Net revenues reached CHF T23.3 million (+9.4%), while pre-tax profit rose to CHF 420.2 million (+21.6%), significantly exceeding the initial 2025 pre-tax profit target of CHF 350 million set in March 2022. At the next Annual General Meeting, the Board of Directors will propose a dividend of CHF T.40 per share, which represents approximately 30% of net profit. In 2026, Swissquote is expected to be classified as a category 3 bank under FINMA's supervisory regime, which would place it among the largest banks in Switzerland.

Looking ahead, Swissquote remains focused on its roadmap to 2028. The Swissquote-Yuh ecosystem strategy, alongside continued investment in technology and AI, is expected to support this trajectory. From H2-2026 onward, Swissquote expects to progressively roll out Al initiatives across customer experience, software engineering productivity and process automation, while separately seeing potential for offering existing industry products and services in fundamentally new Al-driven ways starting in 2027. For 2028, Swissquote remains committed to its pre-tax profit target of CHF 500 million.

Increased volatility fuelled net revenues

In 2025, net revenues rose to CHF 723.3 million, a +9.4 % increase compared to the previous year (CHF 661.0 million). Higher trading activity, especially in foreign-currency designated products, and the full consolidation of Yuh Ltd (effective 4 July 2025) added incremental revenues. Altogether, this drove a +17.5 % increase in net fee and commission income to CHF 209.4 million and a +52.6 % increase in net trading income to CHF 119.5 million. Although the CHF currency saw notable interest rate cuts, net interest income remained resilient at CHF 217.6 million (-3.0%), supported by higher loans and deposit volumes. Net eForex income continued to be affected by low FX volatility and decreased by -3.8% compared to last year. However, it is worth noting that by year-end, eForex volumes began

to shift toward precious metals, such as gold, helping sustain overall activity levels. The crypto market experienced a change in sentiment near year-end. Despite a -12.1 % decline in crypto volume, net crypto asset income stayed essentially unchanged at CHF 85.7 million, up +0.2 % compared to last year.

Pre-tax profit up 21.6%, including a net one-off effect

Total expenses rose by +11.8% to CHF 353.0 million, driven mainly by payroll and related expenses (resulting from a higher average headcount) and by the full consolidation of Yuh Ltd.

Furthermore, taking the full control of Yuh (from 50% to 100% ownership) triggered a few accounting adjustments: (1) new intangible assets close to CHF 50 million were added to the balance sheet and are being depreciated, explaining part of the increase in depreciation costs and (2) the 50% equity stake previously held by Swissquote had to be remeasured at fair value, producing a gain that was recognised in the income statement. During the period, this gain was partly offset by a series of one-off items, resulting in a net one-off positive impact of +CHF 49.8 million.

In 2025, the pre-tax profit grew by +21.6% to a new record level of CHF 420.2 million (CHF 345.6 million). The pre-tax profit margin grew to 58.1% (52.3%) while the net profit increased to CHF 366.4 million (CHF 294.2 million), with the net profit margin rising to 50.7% (44.5%).

Yuh: from joint venture to full integration

Since its launch in 2021 as a joint venture between Swissquote and PostFinance, Yuh has evolved into a fast-growing digital finance platform and become the No. 1 Swiss regulated neo-bank in Switzerland. By the end of 2024, Yuh had reached profitability in less than four years, reporting its first profit, 285,878 accounts and client assets of CHF 2.8 billion.

Building on this momentum, Swissquote acquired the remaining 50% stake in Yuh on 4 July 2025 and became the exclusive shareholder, with the objective to position Swissquote and Yuh as complementary platforms to address a broader segment of the Swiss market and to create an integrated ecosystem between Swissquote and Yuh. The appointment of Jan De Schepper as CEO of Yuh Ltd, who remains a member of Swissquote's Executive Management, shall enable closer integration with the Group.

For the year 2025, Yuh reported a profit for the second consecutive year, 399,201 accounts and CHF 3.7 billion in client assets.

Swissquote's 2025 results underscore the reward of a disciplined, long-term investment strategy. Profitability remained robust in 2025, even as Swissquote stepped up spending across three priorities:

(1) technology and AI at scale, (2) the full acquisition of Yuh Ltd and (3) the strengthening of its existing international footprint. The increase in total FTEs (+13.9%, excluding Yuh FTEs) primarily reflects targeted additions in technology, data and engineering to accelerate execution against the roadmap and translate the AI opportunity into tangible outcomes more rapidly. This deliberate build phase strengthens client empowerment, platform scalability and operating leverage, including through the further development of the Swissquote-Yuh ecosystem. While this acceleration is expected to weigh on pre-tax profit margin in the short term, the Group expects the resulting benefits to become increasingly visible from H2-2026 onward. Swissquote remains committed to disciplined cost growth over time, with total expense increase expected to remain ultimately below the growth rate of customer numbers and client assets. Without these strategic investments, total expenses increase in 2025 would have been lower.

Client assets at CHF 88.7 billion, total accounts close to 1.2 million

The total number of accounts increased by more than 100,000 accounts (excluding Yuh), reaching a total of 1.2 million when considering the 399,201 Yuh accounts. Client assets increased by +16.3% to a record high of CHF 88.7 billion, supported by a positive market impact of CHF 3.9 billion and solid net new monies of CHF 8.5 billion (purely organic). Growth in Europe was particularly strong and accounted for roughly 40 % of net new money. As of 31 December 2025, the portion of cash in client assets increased by +CHF 2.0 billion, representing 15% of total client assets (15%).

Solid equity position and dividend

As at 31 December 2025, total balance sheet reached CHF 16.1 billion (CHF 13.3 billion), representing an increase of +CHF 2.8 billion in 12 months. As a result of its balance sheet expansion, Swissquote is expected to be re-classified by FINMA from a category 4 to a category 3 bank in 2026, once total balance sheet exceeds the CHF 17.0 billion threshold - this will place the Group among the largest banks in Switzerland. As of 31 December 2025, the capital ratio, which already takes into consideration the dividend proposed to be paid in 2026, remained solid at 25.0% (23.5%); in line with the dividend policy (30% of the net profit), the Board of Directors will propose a dividend of CHF 7.40 per share. In accordance with the capital allocation strategy, the excess capital exceeding a 18.0% capital ratio amounted to approximately CHF 300 million (growth buffer).

Mid-term outlook 2028 and full year guidance 2026

Swissquote reiterates its 2028 pre-tax profit target of CHF 500 million, first announced on 20 March 2025. At that time, Yuh was modelled as a joint venture (50% ownership) whilst it is now a fully consolidated subsidiary(100% ownership). As fast growing Yuh is still less profitable than Swissquote, the 2028 net revenues target is revised from CHF 900 million to CHF 950 million and the 2028 pre-tax profit margin target from 55% to 53%.

For the full year 2026, Swissquote anticipates net revenues of CHF 760 million and a pre-tax profit of CHF 385 million, reflecting the front-loaded nature of the growth investments described above.

Corporate governance updates and AGM proposals

The Board of Directors intends to make the following proposals at the upcoming Annual General Meeting:

• As previously announced, Dr Markus Dennler, Swissquote's Chairman, will not stand for re-election at this year's Annual General Meeting as he has reached the age limit set by Swissquote. Swissquote expresses its deepest gratitude to Dr Markus Dennler for his outstanding leadership, strategic insight and dedication over more than two decades. Hans-Rudolf Kong, who joined the Board of Directors in May 2025, is proposed for election as Swissquote's new Chairman. He brings extensive experience in the banking and financial sector, having held several leadership positions, including twelve years as CEO of PostFinance AG.

• Thomas Romer will be proposed as a new member of the Board of Directors. With more than 20 years as a partner at PwC and 6 years as vice-chairman of the board of directors of EXPERT-suisse, Thomas Romer has developed a strong expertise in banking and financial services, accounting and audit as well as compliance and risk management (including cyber-security), of which the Board of Directors will highly benefit in case he is elected.

• Following the completion of the tender process conducted in 2025, Ernst & Young Ltd will be proposed as Swissquote's new external auditor, succeeding PricewaterhouseCoopers Ltd.

• A 10-for-1 stock split will be proposed to enhance share accessibility and support trading liquidity, while leaving shareholders' proportional ownership interests unchanged.

Full details of these proposals will be provided in the invitation to the Annual General Meeting.

The complete 2025 Annual Report is available at:

https://www.swissouote.com/en/qrouO/investor-relations/financial-reports

For further information

Nadja Keller, Assistant to CEO / Media Relations Manager Tel. +41 44 825 88 01, mediarelations@swissouote.ch

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