- Swissquote Group Holding SA (SWQGF) Full Year 2025 Earnings Call Highlights: Record Revenues ...
Mar 25, 2026
This article first appeared on GuruFocus.
Revenue: CHF723.3 million, best results ever. Pretax Profit: CHF420.2 million, includes a CHF50 million one-off from Yuh acquisition. Net New Monies: CHF8.5 billion, purely organic growth. New Accounts: 506,000, including 400,000 from Yuh acquisition. Client Assets: CHF88.7 billion, a 16% increase from 2024. Average Assets per Account: CHF112,000. Headcount Growth: 19% increase, mainly technology-driven. Net Interest Income: CHF217.6 million. Equity: CHF1.4 billion, highest in history. Tier 1 Ratio: 25.0% after expected dividend payout. Dividend Proposal: CHF7.40 per share, representing 30% of 2025 profit. Guidance for 2026: Revenue of CHF760 million and pretax profit of CHF385 million.
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Release Date: March 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Swissquote Group Holding SA (SWQGF) achieved record revenues of CHF723.3 million and a pretax profit of CHF420.2 million in 2025, marking the best results in the company's history. The company saw a significant inflow of CHF8.5 billion in net new money, which was purely organic, indicating strong client acquisition and engagement. Swissquote successfully crossed the 1 million accounts threshold, aided by the full acquisition of Yuh, a neobank, which contributed to the client base. The company has a diversified revenue stream with no segment exceeding 30%, providing a stable foundation for future growth. Swissquote is investing heavily in AI and technology, positioning itself as a leader in the AI-driven banking sector, which is expected to enhance efficiency and client interaction.
Negative Points
The acquisition of Yuh, while contributing to client growth, also resulted in a one-off profit of CHF50 million, which may not be sustainable in future earnings. The company's headcount increased by 19% in 2025, leading to higher personnel costs, particularly in technology, which could impact future profitability. Swissquote's guidance for 2026 indicates a potential decline in pretax profit to CHF385 million, partly due to the absence of the one-off gain from Yuh. The company faces strong competition in Europe and Switzerland, with pressure from discount brokers and neobanks, which could affect pricing and margins. Interest rate assumptions for 2026 suggest a challenging environment, with potential declines in net interest income impacting overall revenue growth.
Story Continues
Q & A Highlights
Q: Can you explain the increase in costs for 2026 and 2028, particularly regarding staff, marketing, and AI investments? A: The increase in costs is primarily due to the higher headcount from 2025, which will impact the full year of 2026. Additionally, the full consolidation of Yuh's revenues for 12 months in 2026, compared to only 6 months in 2025, contributes to this increase. While AI initiatives are expected to provide benefits, they are not fully quantified in the midterm guidance, potentially offering upside if delivered on time. (Yvan Cardenas, CFO)
Q: With the PFOF ban in Germany, are you considering M&A opportunities, and would you expand your Neobank approach to other European countries? A: We are exploring M&A opportunities, but many neobanks are expensive and often loss-making. Our focus remains on consolidating our position in Switzerland, where growth opportunities are significant. We are cautious with M&A and prioritize strengthening our home market before expanding abroad. (Marc Buerki, CEO)
Q: What are the cost implications of becoming a Category 3 bank, and is this included in the 2026 pretax profit guidance? A: The main change will be an increase in the minimum capital ratio from 11.2% to 12%. Most additional costs related to this transition are already reflected in the 2025 financials, as we have been preparing for this change. (Yvan Cardenas, CFO)
Q: Can you discuss the competitive landscape in Switzerland and Europe and its impact on margins and pricing? A: Competition is strong, but we maintain a unique position by offering high-quality services at competitive prices. In Switzerland, clients value our service quality, while in Europe, we target mass affluent clients with higher assets, avoiding direct competition with zero brokers. (Marc Buerki, CEO)
Q: How do you assess the current situation in the crypto market, and are customers becoming more active? A: The crypto market has seen fluctuations, but we believe there is potential for growth in 2026. We expect cryptocurrencies to perform well, and customer activity is likely to increase as market conditions improve. (Marc Buerki, CEO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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- Swissquote Group Holding SA's (VTX:SQN) top owners are retail investors with 42% stake, while 35% is held by institutions
Dec 8, 2025
Key Insights
Significant control over Swissquote Group Holding by retail investors implies that the general public has more power to influence management and governance-related decisions The top 21 shareholders own 50% of the company 23% of Swissquote Group Holding is held by insiders
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If you want to know who really controls Swissquote Group Holding SA (VTX:SQN), then you'll have to look at the makeup of its share registry. With 42% stake, retail investors possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).
And institutions on the other hand have a 35% ownership in the company. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies.
Let's delve deeper into each type of owner of Swissquote Group Holding, beginning with the chart below.
Check out our latest analysis for Swissquote Group Holding SWX:SQN Ownership Breakdown December 8th 2025
What Does The Institutional Ownership Tell Us About Swissquote Group Holding?
Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.
As you can see, institutional investors have a fair amount of stake in Swissquote Group Holding. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Swissquote Group Holding, (below). Of course, keep in mind that there are other factors to consider, too.SWX:SQN Earnings and Revenue Growth December 8th 2025
Swissquote Group Holding is not owned by hedge funds. With a 12% stake, CEO Marc Burki is the largest shareholder. For context, the second largest shareholder holds about 11% of the shares outstanding, followed by an ownership of 5.5% by the third-largest shareholder. Interestingly, the second-largest shareholder, Paolo Buzzi is also Senior Key Executive, again, pointing towards strong insider ownership amongst the company's top shareholders.
After doing some more digging, we found that the top 21 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company.
Story Continues
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.
Insider Ownership Of Swissquote Group Holding
The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.
Our most recent data indicates that insiders own a reasonable proportion of Swissquote Group Holding SA. Insiders own CHF1.6b worth of shares in the CHF6.9b company. That's quite meaningful. Most would be pleased to see the board is investing alongside them. You may wish to access this free chart showing recent trading by insiders.
General Public Ownership
The general public, who are usually individual investors, hold a 42% stake in Swissquote Group Holding. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
Next Steps:
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
Many find it useful to take an in depth look at how a company has performed in the past. You can access this detailed graph of past earnings, revenue and cash flow.
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Here's Why We Think Swissquote Group Holding (VTX:SQN) Might Deserve Your Attention Today
Nov 10, 2025
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story even if these companies are loss-making. Unfortunately, these high risk investments often have little probability of ever paying off, and many investors pay a price to learn their lesson. A loss-making company is yet to prove itself with profit, and eventually the inflow of external capital may dry up.
So if this idea of high risk and high reward doesn't suit, you might be more interested in profitable, growing companies, like Swissquote Group Holding (VTX:SQN). While this doesn't necessarily speak to whether it's undervalued, the profitability of the business is enough to warrant some appreciation - especially if its growing.
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How Quickly Is Swissquote Group Holding Increasing Earnings Per Share?
Generally, companies experiencing growth in earnings per share (EPS) should see similar trends in share price. Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. Shareholders will be happy to know that Swissquote Group Holding's EPS has grown 26% each year, compound, over three years. If growth like this continues on into the future, then shareholders will have plenty to smile about.
Top-line growth is a great indicator that growth is sustainable, and combined with a high earnings before interest and taxation (EBIT) margin, it's a great way for a company to maintain a competitive advantage in the market. Not all of Swissquote Group Holding's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers used in this article might not be the best representation of the underlying business. EBIT margins for Swissquote Group Holding remained fairly unchanged over the last year, however the company should be pleased to report its revenue growth for the period of 20% to CHF730m. That's a real positive.
You can take a look at the company's revenue and earnings growth trend, in the chart below. Click on the chart to see the exact numbers.SWX:SQN Earnings and Revenue History November 10th 2025
Check out our latest analysis for Swissquote Group Holding
The trick, as an investor, is to find companies that are going to perform well in the future, not just in the past. While crystal balls don't exist, you can check our visualization of consensus analyst forecasts for Swissquote Group Holding's future EPS 100% free.
Are Swissquote Group Holding Insiders Aligned With All Shareholders?
Since Swissquote Group Holding has a market capitalisation of CHF6.9b, we wouldn't expect insiders to hold a large percentage of shares. But we do take comfort from the fact that they are investors in the company. Indeed, they have a considerable amount of wealth invested in it, currently valued at CHF1.6b. Coming in at 23% of the business, that holding gives insiders a lot of influence, and plenty of reason to generate value for shareholders. So there is opportunity here to invest in a company whose management have tangible incentives to deliver.
Story Continues
While it's always good to see some strong conviction in the company from insiders through heavy investment, it's also important for shareholders to ask if management compensation policies are reasonable. Well, based on the CEO pay, you'd argue that they are indeed. The median total compensation for CEOs of companies similar in size to Swissquote Group Holding, with market caps between CHF3.2b and CHF9.7b, is around CHF1.6m.
Swissquote Group Holding's CEO took home a total compensation package worth CHF1.2m in the year leading up to December 2024. That comes in below the average for similar sized companies and seems pretty reasonable. CEO compensation is hardly the most important aspect of a company to consider, but when it's reasonable, that gives a little more confidence that leadership are looking out for shareholder interests. Generally, arguments can be made that reasonable pay levels attest to good decision-making.
Does Swissquote Group Holding Deserve A Spot On Your Watchlist?
If you believe that share price follows earnings per share you should definitely be delving further into Swissquote Group Holding's strong EPS growth. If you need more convincing beyond that EPS growth rate, don't forget about the reasonable remuneration and the high insider ownership. This may only be a fast rundown, but the key takeaway is that Swissquote Group Holding is worth keeping an eye on. Of course, identifying quality businesses is only half the battle; investors need to know whether the stock is undervalued. So you might want to consider this freediscounted cashflow valuation of Swissquote Group Holding.
Although Swissquote Group Holding certainly looks good, it may appeal to more investors if insiders were buying up shares. If you like to see companies with more skin in the game, then check out this handpicked selection of Swiss companies that not only boast of strong growth but have strong insider backing.
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Swissquote Group Holding's (VTX:SQN) investors will be pleased with their enviable 650% return over the last five years
Sep 25, 2025
We think all investors should try to buy and hold high quality multi-year winners. And highest quality companies can see their share prices grow by huge amounts. For example, the Swissquote Group Holding SA (VTX:SQN) share price is up a whopping 600% in the last half decade, a handsome return for long term holders. This just goes to show the value creation that some businesses can achieve. On top of that, the share price is up 17% in about a quarter. It really delights us to see such great share price performance for investors.
Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.
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There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
During five years of share price growth, Swissquote Group Holding achieved compound earnings per share (EPS) growth of 33% per year. This EPS growth is slower than the share price growth of 48% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth.
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).SWX:SQN Earnings Per Share Growth September 25th 2025
We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. It might be well worthwhile taking a look at our freereport on Swissquote Group Holding's earnings, revenue and cash flow.
What About Dividends?
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of Swissquote Group Holding, it has a TSR of 650% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
Story Continues
A Different Perspective
We're pleased to report that Swissquote Group Holding shareholders have received a total shareholder return of 76% over one year. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 50% per year), it would seem that the stock's performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. Before deciding if you like the current share price, check how Swissquote Group Holding scores on these 3 valuation metrics.
We will like Swissquote Group Holding better if we see some big insider buys. While we wait, check out this freelist of undervalued stocks (mostly small caps) with considerable, recent, insider buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Swiss exchanges.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Swissquote Group Holding Ltd (VTX:SQN) surges 4.8%; retail investors who own 42% shares profited along with institutions
Jul 1, 2025
Key Insights
Swissquote Group Holding's significant retail investors ownership suggests that the key decisions are influenced by shareholders from the larger public 50% of the business is held by the top 24 shareholders 23% of Swissquote Group Holding is held by insiders
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To get a sense of who is truly in control of Swissquote Group Holding Ltd (VTX:SQN), it is important to understand the ownership structure of the business. The group holding the most number of shares in the company, around 42% to be precise, is retail investors. Put another way, the group faces the maximum upside potential (or downside risk).
While retail investors were the group that reaped the most benefits after last week’s 4.8% price gain, institutions also received a 35% cut.
Let's take a closer look to see what the different types of shareholders can tell us about Swissquote Group Holding.
Check out our latest analysis for Swissquote Group Holding SWX:SQN Ownership Breakdown July 1st 2025
What Does The Institutional Ownership Tell Us About Swissquote Group Holding?
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
We can see that Swissquote Group Holding does have institutional investors; and they hold a good portion of the company's stock. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Swissquote Group Holding, (below). Of course, keep in mind that there are other factors to consider, too.SWX:SQN Earnings and Revenue Growth July 1st 2025
Hedge funds don't have many shares in Swissquote Group Holding. Looking at our data, we can see that the largest shareholder is the CEO Marc Burki with 12% of shares outstanding. With 11% and 5.1% of the shares outstanding respectively, Paolo Buzzi and PostFinance AG, Asset Management Arm are the second and third largest shareholders. Interestingly, the second-largest shareholder, Paolo Buzzi is also Senior Key Executive, again, pointing towards strong insider ownership amongst the company's top shareholders.
After doing some more digging, we found that the top 24 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company.
Story Continues
While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
Insider Ownership Of Swissquote Group Holding
The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Our information suggests that insiders maintain a significant holding in Swissquote Group Holding Ltd. It is very interesting to see that insiders have a meaningful CHF1.6b stake in this CHF6.7b business. Most would say this shows a good degree of alignment with shareholders, especially in a company of this size. You can click here to see if those insiders have been buying or selling.
General Public Ownership
The general public-- including retail investors -- own 42% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.
Next Steps:
I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.
I like to dive deeper into how a company has performed in the past. You can access this interactive graph of past earnings, revenue and cash flow, for free.
But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
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Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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