Swissquote cuts 2026 revenue outlook after crypto income falls

Swissquote reported first-half 2026 results showing record client assets alongside a sharp drop in crypto income. Client assets reached $118.4 billion, up 19.8% from a year earlier. Total net revenues were $447 million, a 1.7% rise, and pre-tax profit held at about $225 million, a 50.2% pre-tax margin.

The digital-asset unit was the main drag on performance. Net crypto asset income fell 66.2% year-on-year to $18 million. The decline included a $6.5 million mark-to-market valuation adjustment on digital assets held to provide liquidity on Swissquote’s SQX exchange.

Swissquote attributed the crypto shortfall to weaker retail trading and lower client volumes. The bank cited greater risk aversion among investors, geopolitical tensions, higher interest rates and a stronger U.S. dollar as contributing factors.

Other business lines helped offset the digital-asset decline. Net fee and commission income rose 13% to $152 million. Net trading income increased 15.8% to $79 million, driven mainly by eForex volumes. Net interest income climbed 7.2% to $142 million on a balance sheet that grew 17.3% year-on-year, and eForex income advanced 9.1% to $56 million.

Management revised full-year 2026 guidance after the slower-than-expected recovery in crypto trading. The net revenue target was reduced from $934 million to $897 million, and full-year pre-tax profit guidance was trimmed from $473 million to roughly $449 million. The company retained its medium-term objective of about $615 million in pre-tax profit by 2028.

Swissquote’s shares fell about 12% on the day after the results. The bank will continue to operate SQX as a liquidity provider and execution venue for retail digital-asset customers while relying on traditional banking and trading activities to support profitability.