3 min
14 Aug 26
Swissquote shares sink 10% as crypto slump prompts 2026 guidance cut By Investing.com
Swissquote Shares Plummet Amid Revised Profit Guidance
Swissquote, the Swiss online banking giant, saw its stock tumble by 10% on Thursday after it announced a reduction in its 2026 profit forecast. This downturn was largely attributed to a decline in cryptocurrency trading revenue, although the company reported record client inflows and continued growth in its Yuh neobanking unit.
Revised Financial Outlook and the Cryptocurrency Slump
The Gland-based bank has now adjusted its expectations for its 2026 full-year pre-tax profit to approximately 365 million Swiss francs, a significant drop from its previous projection of 420 million francs. Similarly, full-year net revenue is now anticipated to reach around 730 million francs. The downgrades follow recorded material price declines in most crypto assets during the first half of 2026, which resulted in net crypto assets income falling short of initial expectations, amid a firm weaker-than-expected cryptocurrency environment.
Six-Month Financial Performance Overview
For the first half of 2026, Swissquote reported a net profit of 153.6 million francs, a slight decrease compared to 158.2 million francs in the same period of the previous year. Pre-tax profit also saw a minor reduction, down to 182.9 million francs from 185.2 million francs in the first half of the previous year. Earnings per share were slightly lower at 1.03 francs, in contrast to 1.06 francs a year prior, with diluted earnings per share following a similar trend.
Revenue Analysis and Segment Performance
Despite the fall in overall profit, Swissquote's net revenue for the first half increased to 364.9 million francs from 359.2 million francs a year earlier. This figure, however, was reported slightly lower in the company's press conference presentation, at 364.2 million francs, showing a stable comparison with the latter half of 2025. Still, within its revenue streams, net fee and commission income experienced a decline to 141.5 million francs, while net interest income and net trading income both saw increases.
Rising Operating Expenses
The bank faced heightened operating expenses, totaling 181.3 million francs compared to 173.5 million francs in the same period of the preceding year. These increases were driven by higher payroll and related expenses, as well as increased depreciation, amortisation, and marketing expenses.
Sector-Wise Income Insights
Breaking down segment performance, operating income from securities trading decreased to 300.7 million francs, with a significant drop in revenue from crypto assets seen at 12 million francs, compared to 43 million francs the previous year. Moreover, net fee and commission income associated with crypto asset trading fell, further stressing the sector's underperformance.
Forex Trading and Neobanking Growth
Conversely, the leveraged forex segment showed growth, with operating income rising to 46.3 million francs. Additionally, the new Neobanking segment, introduced after the 2025 acquisition of Yuh, contributed 17.8 million francs in operating income. However, this emergent segment did not yet provide a material impact on operating profit as of mid-year 2026.
Impact of Pension Adjustments
Lastly, Swissquote highlighted an increase in the discount rate used in calculating its net defined benefit obligation to 1.30%, impacting the defined benefit obligation negatively by 1.9 million francs. This subtle decrease further complicated the company’s 2026 financial outlook.
Through this comprehensive evaluation, Swissquote's financial adaptation to the changing market dynamics, particularly within the volatile cryptocurrency sector, is highlighted. This period marks both challenges and evolution for the Swiss-based bank as it navigates through the economic landscape.
