Dear shareholders

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. Operating income reached CHF 724.2 million (+9.0%), while operating profit rose to CHF 420.2 million (+21.6%), significantly exceeding the initial 2025 operating 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 7.40 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 eco-system strategy, alongside continued investment in technology and AI, is expected to support this trajectory. From H2-2026 onward, Swissquote expects to progressively roll out AI initiatives across customer experience, software engineering productivity and process automation, while separately seeing potential for offering existing industry products and services in fundamentally new AI-driven ways starting in 2027.

In 2025, operating income rose to CHF 724.2 million, a +9.0% increase compared to the previous year (CHF 664.3 million). Higher trading activity, especially in foreign currency designated products, and the full consolidation of Yuh Ltd (effective 4 July 2025) added incremental operating income. Altogether, this drove a +17.5% increase in net fee and commission income (excluding crypto assets) to CHF 209.4 million and a +47.4% increase in net trading income (excluding Forex and crypto assets) to CHF 120.4 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 (included in net trading income and excluding crypto assets) 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 (included in net fee and commission income) stayed essentially unchanged at CHF 85.7 million, up +0.2% compared to last year.

Operating expenses rose by +15.7% to CHF 365.4 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 ac-counting 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 and amortisation and (2) the 50% equity stake previously held by Swissquote had to be remeasured at fair value, producing a gain of CHF 61.9 million that was recognised in the income statement.

In 2025, the operating profit grew by +21.6% to a new record level of CHF 420.2 million (CHF 345.6 million). The operating profit margin grew to 58.0% (52.0%) while the net profit increased to CHF 366.4 million (CHF 294.2 million), with the net profit margin rising to 50.6% (44.3%).

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 operating 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.

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%).

As at 31 December 2025, total assets 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 assets exceed 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).

In 2025, Swissquote continued its intense dialogue with shareholders, especially in relation to corporate governance, remuneration and sustainability matters.

Swissquote reviewed and assessed all matters raised by shareholders, as they provide essential input for the continuous improvement of Swissquote’s practices, especially in terms of disclosure. In the years ahead, the Board of Directors plans to maintain the stimulating and constructive exchange with its shareholders, whose time, engagement and active participation are highly appreciated.

In terms of organisation, Beat Oberlin, who had been a member of the Board of Directors since 2016, did not stand for re-election at the Annual General Meeting (“AGM”) of 8 May 2025. On the same occasion, Hans-Rudolf Köng was newly elected as member of the Board of Directors. Hans-Rudolf Köng has extensive expertise in banking and finance, having served, among other leadership positions, for twelve years as CEO of PostFinance Ltd. Whilst there have been no changes to the composition of the Audit & Risk Committee, the composition of the Nomination & Remuneration Committee evolved following the departure of Beat Oberlin: Monica Dell’Anna was appointed Chairwoman and Hans-Rudolf Köng was elected as a new member. At the level of the Executive Management, Swissquote welcomed Tara Yip, a long-standing employee in charge of the Human Resources department, to the position of Chief People Officer (CPO) as from 1 January 2025. This newly created role of CPO underscored Swissquote’s commitment to fostering a people-centric culture, enhancing employee engagement and supporting the professional growth and well-being of its workforce.

At the upcoming AGM on 7 May 2026 in Bern, Markus Dennler will not stand for re-election as he has reached the age limit set by Swissquote. During his long-standing service, Markus Dennler played a key role in shaping Swissquote’s strategic direction and governance and made a decisive contribution to the sustainable development and long-term success of Swissquote. Swissquote expresses its deepest gratitude to Markus Dennler for his outstanding leadership, strategic insight and dedication over more than two decades. As announced previously, at this AGM, the Board of Directors intends to propose Hans-Rudolf Köng for election as Chairman of the Board of Directors. Furthermore, 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.

With respect to remuneration, the dialogue with the shareholders allowed Swissquote to address certain key adjustments to the Executive Management’s short-term incentive plan (“STIP”). In a context of increased challenges posed by geopolitical, technological and environmental developments, Swissquote conducted an in-depth review of the Executive Management’s STIP: the goal of the review was to assess whether further improvements should be implemented to integrate risk and compliance considerations more thoroughly in the Executive Management's STIP, considering that Swissquote Bank Ltd might become a category 3 bank as per FINMA’s classification no later than in 2026. The adjustments are outlined in the Letter from the Chairwoman of the Nomination & Remuneration Committee and will be further detailed in next year’s Remuneration Report.

Whereas the Board of Directors is confident that the Executive Management’s long-term incentive plan (“LTIP”) is an adequate tool to foster further long-term growth and align the interests of the Executive Management members with those of the shareholders, the Board of Directors has decided to equally conduct an in-depth review of the Executive Management’s LTIP in 2026 and plans to be in a position to present the corresponding outcome during the engagement programme at the end of 2026.

At the centre of Swissquote’s sustainability strategy lies the double materiality assessment, which has been reviewed and updated in 2025 by involving and taking into consideration customers’ views for the first time. The materiality assessment is a cornerstone of the Group’s sustainability strategy and guides the Board of Directors in the setting of the objectives to the Executive Management and the whole organisation. In 2025, Swissquote included AI highlights within selected material topics to provide additional insight into how AI is integrated into Swissquote’s operations. Swissquote also developed a new education centre on its website to promote financial literacy, Swissquote Bank Ltd obtained the ISO/IEC 27001:2022 certification – an international standard for information security – and successfully hosted the latest Hackathon, an event designed to foster innovation. Finally, Swissquote initiated a supplier mapping exercise based on its carbon footprint and started actively engaging to assess their ESG practices. Swissquote also strengthened its active shareholder engagement across the entire equity portfolio in 2025 by exercising its voting rights at Annual General Meetings.

Swissquote greatly appreciated the time and active participation of its shareholders and is looking forward to maintaining this valuable dialogue in the future.

On behalf of the Board of Directors and the Executive Management, we would like to express our sincere appreciation to our clients for their continued loyalty and the important role they play in Swissquote’s growth and long-term strength. Their feedback, ideas and expectations encourage us to keep evolving, developing new solutions and enhancing our services to provide a forward-looking and innovative banking experience.

We are also grateful to our shareholders for their continued trust and confidence in our strategy and vision. Our deepest thanks go as well to our employees, whose talent, dedication and entrepreneurial spirit drive Swissquote’s progress every day. Finally, we would like to thank our partners for their collaboration and expertise, which remain essential in supporting the expansion and development of our activities.