Profitable growth

Continued client growth and sustained inflows of net new money drove a further expansion of client assets, which remains one of the most meaningful indicators of client confidence in our business model.

The year was also characterised by solid revenue growth and robust profitability. From a financial management perspective, it is particularly encouraging that profitability remained firm despite a deliberate increase in investments to support future growth. In 2025, Swissquote significantly stepped up investments, notably by expanding its technology teams and consolidating its international operations. These investments are designed to broaden the product pipeline, enhance scalability and ensure readiness to capture future technological opportunities. Overall, 2025 confirmed the strength of our financial fundamentals and the consistency of actions with our medium-term focus.

Stock market conditions in 2025 were marked by volatility and changing expectations around interest rates and geopolitics, which influenced investor sentiment and share price movements across the sector. Within this environment, our share price reached an all-time high, reflecting growing investor confidence in the quality of our business model. The share price was supported by strong client acquisition momentum, sustained inflows of net new money and financial results that exceeded market expectations. As the year progressed, the share price experienced some consolidation, which we view in the context of broader market developments rather than a change in fundamentals. Investors continued to respond positively to the consistency of our strategy and to key strategic decisions taken during the year, including the full acquisition of Yuh, which highlighted the clear complementarity between the two platforms.

Our medium-term ambitions are firmly anchored in financial fundamentals that have proven their resilience over time. The objectives set for 2028 are based on steady client growth, continued inflows of net new money and our ability to convert growing client assets into revenues in a scalable manner. The credibility of these targets is supported by our track record of consistently delivering—and in some cases exceeding—our medium-term objectives.

While we have set clear objectives for 2028, we view them as a milestone rather than an endpoint. Our strategy is deliberately long-term in nature, balancing short-term profitability with the investments required to secure sustainable success. As the industry continues to be reshaped by technological innovation, including artificial intelligence, leveraging technology to scale efficiently while maintaining cost discipline allows us to support growth without compromising financial stability. Our guiding principle remains profitable growth and long-term value creation.