Swissquote Group (SQN)

Equity Research 29 July 2026 | 5:00AM BST

Swissquote Group (SQN.S) Crypto softness offset by volume indicators that point to net guidance upgrades; up to Buy from Neutral

SQN.S 12m Price Target: SFr50.00 Price: SFr41.16 Upside: 21.5% BUY Oliver Carruthers, CFA Over the last 12 months, Swissquote shares have notably | Goldman Sachs International underperformed the broader European retail investment platform Anshika Mehrotra peer set, down 23% vs peers +18%, the SXFP +8%, and the SMIM | Goldman Sachs India SPL +6%. In part, we believe this divergence in performance can be explained by recent crypto market volume dynamics. In 2017, Tom Ferguson | Goldman Sachs International Swissquote became one of the first traditional European brokerage platforms to launch direct crypto trading capabilities, and subsequently launched a dedicated crypto exchange in 2022. As a Key Data _____________________________________ Market cap: SFr6.1bn / $7.5bn result, crypto-related income has become a growing - albeit still 3m ADTV: SFr14.3mn / $18.0mn Switzerland relatively small - contributor of group net revenues, at c.12% in Europe Diversified Financials 2025 (having initially peaked at c.22% of net revenue during the M&A Rank: 3

2021 crypto boom). Of note, the stock’s two-year rally to GS Forecast __________________________________ 12/25 12/26E 12/27E 12/28E early-2025 coincided with a strong recovery in global crypto Revenue (SFr mn) New

volumes, with monthly average global exchange-traded crypto Revenue (SFr mn) Old EPS (SFr) New volume rising 2.3x between 4Q22 and 4Q25 and SQN shares up EPS (SFr) Old

c.3.7x over the same period. Since then, global crypto volumes have P/E (X) P/B (X) slowed materially - down c.40% YTD - coinciding with a 28% decline ROA (%) 2.5 2.1 2.1 2.3 ROE (%) in SQN’s share price from its August 2025 all-time high. Dividend yield (%) 1.6 1.7 1.9 2.2

While we believe that the recent crypto slowdown would explain a 6/25 12/25 6/26E 12/26E EPS (SFr) correction in the share price to some extent, the stock’s underperformance relative to European peers in recent months GS Factor Profile ______________________________ Growth appears to have become somewhat exaggerated, in our view, in light of: (i) the relatively minor contribution of crypto-related income to Financial Returns

Swissquote’s overall earnings mix, and with crypto volume dynamics Multiple

now well-understood by the market; (ii) non-crypto volume Integrated indicators and interest rate dynamics that, in our view, suggest Swissquote is now well-positioned to outperform the financial Percentile 20th 40th 60th 80th 100th

guidance set by management at the start of this year, given that SQN.S relative to Europe Coverage these benefits more-than-outweigh the negative year-on-year drag SQN.S relative to Europe Diversified Financials

that we expect from falling crypto revenues on our forecasts; (iii) Source: Company data, Goldman Sachs Research estimates. See disclosures for details. other key indicators that point to strong underlying business momentum. On (ii), we see potential for a guidance upgrade at the upcoming half-year results and believe this could be seen as a

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Goldman Sachs Swissquote Group (SQN.S)

Swissquote Group (SQN.S) Balance Sheet (SFr mn) _____________________________________ BUY Rating since Jul 29, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 4,850.9 5,619.6 6,415.9 7,286.7 Cash and securities for reg. 2,573.4 2,573.4 2,573.4 2,573.4 Total securities 15,125.5 16,454.4 17,794.4 19,229.8 Ratios & Valuation __________________________________________ Broker receivables -- -- -- -- 12/25 12/26E 12/27E 12/28E Customer receivables…