Our commitment to sustainability 262
Our understanding 263
Business model 264
Sustainability governance 265
Materiality assessment 267
Stakeholder engagement 268
Environmental matters 271
Environment and climate resilience 271
Social matters 276
Innovation, product governance and access to finance 276
Customer experience 280
Data privacy and security 282
Business continuity and IT resilience 287
Talent recruitment, development and retention 289
Diversity, equity and inclusion 294
Compensation and benefits 298
Financial performance 300
Prudent investment approach 302
Protection of human rights 305
Social engagements with communities 306
Governance matters 309
Compliance, governance and ethics 309
Transparency and credibility in the market 314
Basis for preparation 316
GRI Content Index 318
Swiss code of obligation Index 322
Task Force On Climate-Related Financial Disclosures Report 325
About this Sustainability Report 337
Independent practitioner's limited assurance report 338
OUR COMMITMENT TO SUSTAINABILITYOUR COMMITMENT TO SUSTAINABILITY
As an annual recommitment to our customers, employees and other stakeholders since 2020, we continue to publicly provide comprehensive insights into our sustainability approach and performance by applying GRI Standards. This Sustainability Report also contains disclosures in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) framework and serves as the report on non-financial reporting matters required by art. 964a to 964c of the Swiss Code of Obligations.
YVAN CARDENAS
CFO
"At Swissquote, we are committed to delivering long-term and sustainable value. As such, the integration of sustainability factors continues to gain importance in how we define and measure performance.
I expect our stakeholders to take an increasingly holistic view of our strategy, one that considers both financial and non-financial information. These dimensions are essential not only to assess our performance, risk profile and growth opportunities, but also to understand the broader impact of our activities.
We believe that the performance of a company should be measured through both financial and non-financial achievements. While financial results remain fundamental, non-financial outcomes
including our environmental, social and governance contributions
provide meaning and purpose to our employees and reinforce our long-term relevance as an organisation"
We strive to deliver long term sustainable value to society and aim to prioritise the application of ESG criteria in our strategic decisions and day-to-day activities.
At Swissquote, our mission to "democratise finance and empower our clients to achieve their financial goals" serves as the foundation of our sustainability efforts. Our sustainability strategy brings this mission to life through five key pillars, each reflecting our commitment to creating longterm value for all stakeholders: innovation and technology, responsible business conduct, customer centricity, sustainable growth and value creation and employee engagement.
For us, this means that we challenge convention on the delivery of innovation and technology, constantly pioneering
new and better ways of banking. We build relationships based on trust, conducting our business responsibly and transparently. We champion our customers by delivering exceptional products and services, creating a bespoke user experience that enhances as well as eases banking and investment decision-making, and we relentlessly seek out our clients' opinions to understand their needs, motivations and aspirations. We cherish our employees and work hard to make Swissquote an attractive place to work. Our understanding of sustainability drives us to deliver sustainable growth and create value for all our stakeholders, which includes reducing our environmental footprint.
Our five key pillars are directly connected with our material topics andwith specific UN Sustainable Development Goal (SDGs). Aligning our sustainability strategy with the UN SDGs enhances transparency and credibility in our reporting, showcasing our commitment to globally recognised standards.
BUSINESS MODEL
Swissquote originated as a financial platform that revolutionised Swiss securities trading in 1996 by offering free access to the pricing of all securities traded on the Swiss Exchange. Today, Swissquote is a global financial group with main presence in Switzerland and offices in Gland, Zurich, Bern, London, Hong Kong, Dubai, Luxembourg, Singapore, St. Julian's, Limassol, Bucharest and Cape Town. With 1,448 employees including 1,202 in Switzerland, we generate an operating income exceeding CHF 720 million.
Please refer to pages 14-15 for a visual representation of our business model and value chain including the key activities, resources, and stakeholders that drive value creation across our business.
Our strategy stems from our clear vision: to be the first bank for digital-first mass affluent traders and investors, challenging the code to deliver innovative services and products that make financial opportunities accessible to ambitious, self-directed people.
Our strategy centres on the long-term growth of our operations, emphasising innovative products, enhancing client experience, and expanding into new markets. To achieve sustainable growth, we carefully balance profitability and capital efficiency. We have pioneered online securities trading and steadily expanded our services over the years. Today, we have become a digital universal bank and our business model stands on three core pillars:
The Trade pillar provides a comprehensive app covering all trading needs: securities, forex, CFDs, cryptocurrencies, and thematic trading. Notably, we were the first Swiss multi-asset platform to offer cryptocurrencies.
The Invest pillar makes investing and saving accessible,
offering portfolio solutions, sustainable investing, and savings plans.
The Bank pillar includes services like debit cards, online
payments, eMortgages, and loans.
Together, these pillars create a holistic financial ecosystem, ensuring seamless access to trading, investing, and banking solutions. Additionally, the company's treasury function oversees Swissquote strategy for safeguarding financial interests including risk management strategies, regulatory compliance, and the integration of ESG criteria into our own investment decisions. This approach is designed to protect Swissquote's assets and boost long-term risk-adjusted returns for our stakeholders.
We offer over three million tradable financial products online across all types of financial instruments, ensuring a
superior customer experience with competitive and transparent pricing. In addition to trading and investment, we offer high-quality 360-degree banking and credit solutions ensuring a holistic and customer-centric approach.
Swissquote collaborates with a broad network of business partners to create value across the financial ecosystem. These include financial partners such as banks, stock and crypto exchanges, brokers, prime brokers, liquidity providers, and market makers. Additionally, we engage with suppliers such as data feed providers, software engineering firms, IT infrastructure providers, office space landlords, and professional service firms, including those in advertising, sponsorship, consulting, and law. Other key inputs the group relies on in its value creation process are capital and infrastructure (financial resources coming from shareholders and customers as well as infrastructures such as public infrastructure and physical fixed assets supporting financial stability and sustainable growth), employees and know-how (human and intellectual capital driving innovation, ensuring compliance and the delivery of high-quality services) and regulations (adhering to relevant regulations ensuring transparency, financial security, and compliance with legal and ethical standards, reinforcing the bank's credibility). As a digital financial services provider, our value chain primarily consists of capital, software, and data flows, with limited physical transactions. Our influence on stakeholders is proportional to the size of our operations. While we have identified a limited impact on our upstream business partners, we serve two key customer segments on the downstream side:
Private clients
Institutional clients
Indeed, with a diverse range of products and services, we cater to all types of customers, including retail, affluent and high-net-worth individuals (HNWI), corporate, family offices, fund managers, asset managers, brokers, and banks. For details on how we integrate ESG criteria into our solutions (including ESG bonuses on Lombard loans and Swissquote's ESG tools) refer to the sections on Innovation, product governance, and access to finance.
The revenue model is diversified, with income generated from both transactional and non-transactional sources. Transactional income (53%) comes from trade commissions, FX transactions, eForex, and crypto-related revenues. Non-transactional income (47%) is driven by custody and management fees, interest income, and other non-transactional revenues. This diversification allows us to benefit from market conditions while maintaining a stable income stream from our multi-asset platform and banking services.
Our business model implies that Swissquote does not typically hold a management mandate or decision-making authority on its customers' assets. As a result, these assets qualify as assets under custody rather than assets under management GRI 2-6.
SUSTAINABILITY GOVERNANCESustainability is an integral part of Swissquote's strategy. Swissquote's Board of Directors is ultimately responsible for all environmental, social and governance (ESG) decisions and supervises the achievement of the objectives assigned to the Executive Management and, indirectly, to employees eligible for cash bonuses, which include ESG-related objectives. The Board consists of eight members and has two board committees that make recommendations to the Board on specific matters. These two committees have specific functions related to non-financial matters as defined in the publicly available dedicated charters.
In particular, it is worth noting that:
As part of its activities, the Audit & Risk Committee
monitors non-financial reporting processes and internal controls, provides recommendations to the Board on reporting frameworks and standards as well as assurance scope, reviews the content of the non-financial report and assist the Board in fulfilling its responsibilities related
to non-financial reporting.
The Nomination & Remuneration Committee follows up
on the achievement of annual objectives assigned to the Executive Management and indirectly employees eligible for cash bonuses, which include ESG-related objectives.
Please refer to page 325 of the Task Force on Climate-related Financial Disclosures Report for more details about their respective roles.
An overview of the Board and its committees, including their functions and responsibilities, can be found in the Corporate Governance Report starting on page 172. None of the Board members undertakes activities, holds mandates or has vested interests other than described in Section 3.1
starting on page 181. For more information on activities and vested interests of the Board, see Corporate Governance Report, page 190 GRI 2-15.
In 2023, all Board members attended ESG training, including a refresher on double materiality. The session covered ESG demand drivers, Board responsibilities, Swissquote's sustainability journey, and peer practices GRI 2-17.
The Chair of the Board ensures that all relevant matters are part of the Board meeting agenda and subject to appropriate follow-up (at least annually). Relevant matters include, among others, strategy, business, financial risks, risk management, compliance matters as well as sustainability (including environmental risks). ESG-related topics and risks are presented to the Board mainly during the Annual Conference on Risks and other meetings as commended by the circumstances GRI 2-12. Depending on the topic of concern, the corresponding department will prepare dedicated reporting to the Board including negative impacts and remediation measures, if applicable. For example, employee-related topics are part of the reporting from the Human Resources department to the Board of Directors GRI 2-25. For more information on the governance structure and composition, nomination and selection processes, together with details on the Chair of the Board, see Corporate Governance Report , pages 192-200 GRI 2-9, GRI 2-10, GRI 2-11, GRI 2-12.
The Board delegates the duties of implementing the
business strategy, including sustainability matters, to the Executive Management, which reports back to the Board of Directors during Board meetings or otherwise as appropriate GRI 2-13. A cross-departmental working group overseen by the Executive Management is in charge of assisting with implementation of the strategy and meets at least annually. It comprises members of the management and employees from various departments such as Finance, Human Resources, Legal, Controlling and Risk, Asset and Liability Management and Treasury, Marketing, Product Strategy, IT and Security, Software Engineering, Data Management, Building and Support, and Investor Relations. The Executive Management oversees progress made on the sustainability strategy.
The purpose of Swissquote's remuneration policy is to encourage the delivery of long-term sustainable growth and performance to shareholders, promote our vision and strategy and foster the achievement of our sustainability goals. The policy is designed to attract and retain qualified employees and reward achievements as well as long-term performance. It is also elaborated with due care to the Group's success and stage of development and align the interests of the Board and the Executive Management with those of shareholders.
The objectives assigned by the Board of Directors to the Executive Management as well as indirectly to employees eligible for cash bonuses are classified in three categories: financial objectives, growth objectives and ESG objectives (15% weight). These objectives are derived from the materiality assessment, which is a cornerstone of the Group's sustainability strategy. For more information on the remuneration policy and how it is determined, see the Remuneration Report pages 220-252 GRI 2-19, GRI 2-20.
In line with our commitment to transparency, our Code of Conduct, Supplier Code of Conduct, Speak Up (Whistleblowing) Policy, as well as some other key Sustainability policies are publicly available on our website, under the corporate documents section.
The Board of Directors approved the sustainability-related materiality matrix and the Sustainability Report as part of the Annual Report prior to publication GRI 2-14, GRI 3-1.
MATERIALITY ASSESSMENTOur aim is to present our contribution to society in a credible way. This includes focusing on topics where we, as a specialised financial services provider, can make a difference. By engaging with our stakeholders and analysing the issues that matter most, we ensure our efforts drive positive change where it counts. Swissquote has determined the most relevant topics by assessing the impacts of its business activities on sustainable development and the relevance of these topics on Swissquote's long-term success. These priorities form the foundation of our sustainability strategy and reporting.
In 2023 we conducted a comprehensive double materiality assessment. Laws, standards and frameworks, as well as partners and competitors, were included in the analysis. We evaluated topics based on potential impacts from both an outside-in (financial materiality) and inside-out (impact materiality) perspective and finally identified 15
RELEVANCE FOR LONG-TERM BUSINESS SUCCESS
Our materiality matrix GRI 3-2topics as material. In 2024, we decided to conduct interviews with external experts to assess the need for changes and updates to the matrix. For more details on these processes, please refer to our Sustainability Reports 2023 or 2024.
In 2025, as part of our stakeholder engagement, we decided to conduct interviews with customers to assess the need for changes and updates to the matrix. We conducted an anonymous survey with a sample of customers aiming at critically review and, if necessary, update the material topics, as well as to refine the descriptions of the identified topics, impacts, risks, and opportunities. The customers were asked to evaluate the current materiality assessment based on the descriptions of material and less material (descoped) topics, as well as their impacts, risks, and opportunities.
The customer surveys confirmed the relevance of all material topics in Swissquote's current materiality matrix.
We completed our materiality matrix review with the support of external consultants, who analysed a range of sources to ensure the matrix's completeness and relevance.
VERY HIGH |
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to finance | |
HIGH |
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MEDIUM |
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LOW | HIGH | VERY HIGH | ||
LOW | MEDIUM | |||
IMPACT RELEVANCE OF OUR BUSINESS ACTIVITIES ON PEOPLE, PLANET AND ECONOMY
STAKEHOLDER ENGAGEMENTWe strive to integrate our stakeholders' perspectives at the core of our business strategy. The materiality assessment helps us formalise our engagement with our most important
stakeholders: those who either contribute to the successful business activity of Swissquote or are influenced by our business activity GRI 2-29.
Our approach to stakeholder engagementStakeholder group Examples of stakeholder engagement Key topics and concerns raised
Clients - Annual global satisfaction survey
Biannual Net Promoter Score® measurement
Additional targeted surveys
Direct point of contact for business and institutional customers
Focus groups
Personal and email communication
Physical and online events
Social media
Swissquote Trading Day and marketing events
Webinars and educational contents
Investors - Biannual financial results presentation
Investor roadshows (monitor dialogue)
Annual General Meeting
Engagement programme
Physical and online meetings
Employees - Quarterly engagement survey
Additional selected surveys
Q&A sessions with Executive Management
Department-level discussions
Full Annual Management Meeting
Staff meetings
Annual performance appraisal
Regulators - Regulatory reporting
Regular contacts
Engagement in industry associations such as CMTA
Involvement in consultations
Local communities - Sponsoring of local events
Participation in university and association committees
Giving to charitable organisations
Data privacy and client confidentiality
Platform usability and reliability
Safeguarding of assets
Pricing
Time to analyse markets
Understanding market trends to trade successfully
Service/support
Independence
Expertise of their broker/bank
Business growth/financial performance
Transparent and long-term strategy
Management of risks
Reliable, timely, high-quality information
Sustainability criteria
Fair remuneration
Enjoyable environment
Career planning and development
Recognition
Work-life balance
Safe workplace
Compliance with applicable laws and regulations
Proper business conduct
Application of best practices
Management of conflict of interests
Proactive reporting
Payment of taxes
Philanthropy
Attractive employer
How we respond to the needs and concerns of our stakeholders is outlined in the following sections.
CLIENTS » Innovation, product governance and access to finance, Customer experience, Transparency and credibility in the market, Data privacy and security, Business continuity and IT resilience
INVESTORS » Financial performance, Compliance, governance and ethics, Prudent investment approach
EMPLOYEES » Compensation and benefits, Talent recruitment, development, and retention, Diversity, equity, and inclusion
REGULATORS » Compliance, governance and ethics, Environment and climate resilience, Protection of human rights
LOCAL COMMUNITIES » Social engagements with communities, Environment and climate resilience
Memberships, associations and commitments to external initiativesSwissquote actively participates in various associations and other organisations and commits to external initiatives, including:
Asset Management Association Switzerland (AMAS);
Associazione Bancaria Ticinese (ABT);
Association des Banques et Banquiers Luxembourg (ABBL);
Association of Financial Crime Prevention Professionals (AMLP);
Association of Swiss Advertisers (SWA/ASA);
Association Vaudoise des Banques (AVB);
Capital Markets and Technology Association (CMTA);
Commission Vaudoise pour la Formation Bancaire (CVFB);
Crypto Valley Association (CVA) ;
EqualVoice United ;
Europol Financial Intelligence Public Private Partnership (EFIPPP);
Gesellschaft für Marketing (GFM) ;
Groupement des Compliance Officers de Suisse Romande et du Tessin (GCO);
Groupement des Entreprises Multinationales (GEM) ;
Institutional Investors Group on Climate Change (IIGCC);
OpenWealth Association;
Partnership for Carbon Accounting Financials (PCAF);
Swiss Association of Wealth Managers (SAM);
Swiss Bankers Association (SBA);
Swiss Blockchain Federation (SBF);
Swiss Information Providers User Group (SIPUG);
Swiss Finance Institute;
Swiss Financial Sector Cyber Security Centre (Swiss FS-CSC);
Swiss Risk Association (SRA);
Swiss Structured Products Association (SSPA).
We are committed to the standards, self-regulations and codes of conduct of these associations, GRI 2-28.
ENVIRONMENTAL MATTERS ENVIRONMENTAL MATTERS Every business has a role to play in combatting climate change. We strive to make a difference by measuring, disclosing and reducing our environmental impact as well as limiting waste production and promoting recycling. ENVIRONMENT AND CLIMATE RESILIENCEAt Swissquote, we recognise the importance of environmental responsibility. We strive to lower the carbon footprint of our operations and investment portfolio. We focus on renewable energy, energy efficiency and circularity (reduce, reuse and recycle). This commitment is all the more complex given the continuous growth of our business and employee base.
Relevance of Environment and climate resilience (impacts, risks, opportunities)Increased utilisation of renewable energy sources can result in more sustainable operations while also contributing to carbon footprint reduction. We commit to renewable energy
and waste reduction and minimising the environmental impact of our operations. Additionally, our efforts to embed environmental and climate factors into our treasury activities and risk management framework while supporting our customers in integrating ESG considerations in their investment decisions could foster broader industry awareness around sustainability. This further strengthens relationships with our stakeholders.
Sourcing renewable energy and other climate initiatives may enhance our reputation, potentially attracting environmentally conscious clients and investors, open opportunities and enhance our risk management and business resilience. By contrast, failing to act on climate change mitigation and adaptation could lead to missed opportunities for sustainable growth and expose us to regulatory and reputational risks.
Goals and performance indicators
181 |
yes |
yes |
Goals KPIs 2025 2024 2023
Achieve net zero Scope 1 and 2 by 2030
(base year 2023)
Improve the energy efficiency of our headquarters by 10% over 10 years
between 2016 and 2026
Complete and disclose our Scope 3 emission calculation
Gross GHG Scope 1 and 2 emissions (tCO2e)
Energy efficiency gains validated by external independent assurance
Disclose all material emissions (categories representing >5% of total emissions)
215 229
yes yes
yes no
Measures in 2025Swissquote continues to measure and disclose its carbon emissions including Scopes 1, 2 and all material Scopes 3 carbon emissions following the GHG Protocol. As they were last year, all Swissquote offices worldwide have been included in our carbon footprint calculations (unless otherwise indicated due to data unavailability).
This year marks the second year that we have measured our Scope 3, category 15 financed emissions linked to three asset classes: listed equity and corporate bonds, project finance and sovereign debt. The assessment was conducted in accordance with the methodology developed by the Partnership for Carbon Accounting Financials (PCAF), specifically the 2022 edition of the The Global GHG Accounting and Reporting Standard for the Financial
Industry, Part A: Financed Emissions, which complements and aligns with the principles of the Greenhouse Gas Protocol. As expected for financial institutions, the Scope 3 category 15 emissions account for around 98% of our total GHG emissions (98% in 2024).
Future editions of this report will draw on our experience to further refine and strengthen our metrics and methodologies, while acknowledging that data availability and lack of industry-wide alignment on Scope 3 emissions currently remain key limitations. At this stage, it is too early to commit to a specific timeline for a potential Scope 3 emissions reduction target. In particular, enhanced clarity on the SBTi standard for financial institutions would be required, along with the identification of reliable sources of forward-looking data covering our full portfolio scope, as our current provider does not yet supply all the necessary information. In addition, Scope 3 emissions within our value chain are often outside our direct control and achieving reductions requires collaboration with hundreds of suppliers, investees and third parties many of whom are early in their own climate journeys. Lastly, as we believe collective efforts and alignment within the ecosystem are required to achieve significant progress in terms of financed emissions, visibility on the agenda of key other actors such as banks is as well assessed as a key challenge for the time being. However, we reaffirm our engagement to achieve net zero Scope 1 and 2 by 2030 by switching to renewable energy where possible and using Renewable Energy Certificates / Energy Attribute Certificates otherwise.
Using our Scope 3 categories 1 and 2 2024 emissions as
a basis, we have mapped our most significant suppliers based on their carbon footprint to gain more insights with regards to the environmental impact of our value chain. In addition, we have launched the first steps in engaging our most relevant suppliers to assess their environmental practices and strategic goals, including more specifically their emissions reduction objectives. This engagement will help us identify key areas for collaboration and improvement, ensuring that our supply chain aligns with our sustainability strategy and supports our broader objective of enhancing environmental stewardship.
We continue to foster the circular economy by providing a marketplace on our employee intranet. This platform allows employees to give or sell used items to other employees. It can also be used by Swissquote to donate used office or IT equipment.
We apply circular IT measures when possible. Usable devices are resold to partners while broken equipments go to certified recycling. Old screens and other equipment are regularly donated to employees. Our old desk phones that
are no longer in use are refurbished and resold to an external broker. Obsolete servers were disposed of through vendor take-back or certified destruction. We also sometimes purchase refurbished servers, laptops and components, including reconditioned RAM. These actions extend asset lifecycles, improve cost control and lower embodied-emissions risk.
In our headquarters, LED lighting is now the standard, and we will continue to replace fixtures with LED as they reach end of life. In addition, we upgrade our data centres on an ongoing basis, deploying higher-efficiency racks and servers to reduce electricity use while increasing power and capacity performance making us resilient to changes in demand or capabilities. Although our energy consumption has increased, the impact would have been greater without these investments. Furthermore, we operate rooftop solar panels at our headquarters that supply renewable energy to heat building water, reducing the demand for other energy sources.
In 2025, we continued to advance our head office mobility plan, with now more than 500 participants (2024: 340) who decided to give up using a car to commute to work, impacting positively our Scope 3 travel emissions and parking demands. Furthermore, we continue to promote affordable low-carbon commuting initiatives, by signing a two-year contract with PubliBike for the Züri Velo BusinessBike plan and, granting staff preferential access via company funded subscriptions enabling employees to do free short trips on Züri Velo bikes and e-bikes. At our headquarters, the bike-sharing facilities were available for employees until the end of the first semester, when the service was discontinued by the city.
We continue to digitalise operational processes to reduce paper consumption in our headquarters.
Environmental indicatorsOverall energy consumption in 2025 only increased by 7% compared to 2024 consumption, despite a 19% increase in FTEs. Taking the increase in FTEs into account, our 2025 consumption marked a 10% decrease in kWh per FTE. This change is largely attributable to the decrease in natural gas consumption following the implementation of our transition plan adopted in 2024.Greenhouse gas emissions market-based without financed emissions were up overall but only increased by 4% per FTE compared with 2024 GRI 302-1, GRI 302-3, GRI 302-4, GRI 305-1, GRI 305-2, GRI 305-3,
GRI 305-4, GRI 305-5.
2024 | 2023 | Change 2025 vs. 2024 | Change 2024 vs. 2023 | |||||
Total energy consumption in MWh | 3,920 | 3,948 | 7% | -1% | ||||
Electricity | 3,244 | 3,148 | 11% | 3% | ||||
Electricity (purchased) | 3,226 | 3,129 | 11% | 3% | ||||
Of which energy consumption from renewable sources | 93% | 93% | 1% | 0% | ||||
Electricity (self-generated and consumed) | 18 | 19 | 0% | -5% | ||||
Of which energy consumption from renewable sources | 100% | 100% | 0% | 0% | ||||
Heat | 615 | 746 | -13% | -18% | ||||
Natural gas | 374 | 500 | -44% | -25% | ||||
Biogas | 45 | 41 | 62% | 10% | ||||
Heat pump | 141 | 157 | 46% | -10% | ||||
District heating | 39 | 32 | -23% | 22% | ||||
Solar thermal collectors (self-generated and consumed) | 16 | 16 | 13% | 0% | ||||
Fuels (petrol/diesel) | 61 | 54 | -13% | 13% | ||||
Energy consumption in kWh per FTE | 3,221 | 3,481 | -10% | -7% | ||||
Total paper & waste consumption in tons | 290 | 281 | -3% | 3% | ||||
Paper consumption (t) | 182 | 162 | 1% | 12% | ||||
Waste (t) | 108 | 119 | -11% | -9% | ||||
Paper & waste consumption in tons per FTE | 0.288 | 0.293 | -15% | -2% | ||||
Water (m3) | 4150 | 3958 | 4% | 5% | ||||
Total water consumption in m3 per FTE | 4.13 | 4.13 | -8% | 0% | ||||
2025 |
4,185 |
3,594 |
3,576 |
94% |
18 |
100% |
538 |
211 |
73 |
206 |
30 |
18 |
53 |
2,890 |
280 |
184 |
96 |
0.246 |
4333 |
3.80 |
2025 |
13,595 |
51 |
39 |
12 |
130 |
0 |
5 |
125 |
557 |
17 |
5 |
535 |
13,414 |
11,569 |
3 |
490 |
1,352 |
9,389 |
1,448 |
590,700 |
2024 2023
Change 2025
vs. 2024
Change 2024
vs. 2023
Total tCO2e (market-based without financed emissions)
Scope 1 Natural gas Fuels
Scope 2 (market-based)
Heat pump District heating
Electricity (purchased) Scope 2 (location-based) Heat pump
District heating Electricity (purchased)
Scope 3 - Operational emissions
Purchased goods and services & Capital goods Waste generated in operations (waste and water) Business travel
Employee commuting
Total kgCO2e per FTE (market-based without financed emissions)
FTE in locations covered by environmental indicators
Scope 3 - Financed emissions
10,937 9,928 24% 10%
83 105 -39% -21%
68 92 -43% -26%
15 13 -20% 15%
132 124 -2% 6%
0 0 0% 0%
7 6 -29% 17%
125 118 0% 6%
472 454 18% 4%
14 16 21% -13%
7 6 -29% 17%
451 432 19% 4%
10,722 9,699 25% 11%
8,898 7,973 30% 12%
3 5 0% -40%
655 563 -25% 16%
1,166 1,158 16% 1%
8,987 8,754 4% 3%
1,217 1,134 19% 7%
477,714 341,918 24% 40%
Data in the above tables is based on all the Group locations except for paper, waste and water consumption, which are based solely on Swissquote Bank Ltd due to data unavailability in other locations. In 2025, Switzerland accounts for 79% of the total FTEs (1,448 FTEs). Greenhouse gas inventory is calculated following the Greenhouse Gas Protocol. For more detail on emission factors, reference is made to the Basis for preparation. Subject to PwC assurance engagement.
Financed emissions 2025
Absolute emissions per asset class
Listed Equity & Corporate Bonds
Total outstanding investments
covered (MCHF)
Scope 1 +
Scope 2 emissions (tCO2e)
Scope 3 emissions (tCO2e)
Emission intensity (tCO2e/ MCHF)
Weighted data quality
score
Coverage
Listed Equity | 19 | 2,908 | 3,453 | 340 | 5.0 | 100% | ||||||
Corporate Bonds | 3,142 | 141,747 | 257,846 | 127 | 5.0 | 100% | ||||||
Of which green bonds | 124 | 13,678 | 8,746 | 181 | 5.0 | 100% | ||||||
Subtotal | 3,161 | 144,655 | 261,299 | 128 | 5.0 | 100% | ||||||
Sovereign Debt | 1,535 | 184,746 | - | 120 | 1.0 | 97%* | ||||||
Total | 4,696 | 329,401 | 261,299 | 126 | 3.7 | 99% |
Subject to PwC assurance engagement. Green bonds are presented within the asset class "Listed equity and corporate bonds" in line with the PCAF asset class
definitions.
*The difference with full coverage comes from the fact that we have not covered supranationals. Indeed, according to the PCAF methodology "these supranationals are political unions first and their balance sheets represent the aggregated balance sheets of their members. Technically, it is possible to aggregate the GHG emissions of supranationals as a sum of the emissions of its members. Practically, this would lead to double counting. However, the aggregated view can be useful for engagement with respective bodies".
In the above tables, financed emissions related to Sovereign Debt include Land Use, Land-Use Change and Forestry (LULUCF). Financed emissions for this asset class without LULUCF in 2025 amount to 200,090 tCO2e. Coverage is the percentage of investments covered in our financed emissions inventories. The Scope 3 category 15 emissions calculations are highly dependent on the methodology applied and the emission factors used. As a result, these figures are subject to change over time due to improvements in data quality scores or updates to the emission factors utilised. The rise in financed emissions between 2024 and 2025 is primarily attributed to the growth of the investment securities portfolio, particularly bonds. Nevertheless, average emission intensity (126 t CO2e/MCHF) has been decreasing compared to 2024 (164 t CO2e/MCHF).
Treasury and lending portfolio excluding cash | Existing PCAF methodology | Covered by Scope 3 category 15 emissions | ||
Treasury bills and other eligible bills | Yes | Yes | ||
Due from banks | No | No | ||
Derivative financial instruments | No | No | ||
Trading assets | No | No | ||
Loans | No* | No | ||
Investment securities | Yes | Yes |
*While there is a methodology for corporate loans, there is no specific methodology for collateralised loans. Swissquote does not grant traditional corporate loans and the vast majority of Lombard loans are granted to retails clients with corporate Lombard loans being less than 2.5% of total assets.
How we manage Environment and climate resilienceAt Swissquote, our commitment to the environment is formalised in our climate strategy. We aim to manage climate-related financial risks and contributing to a more sustainable economy. In 2023, we committed to reduce our Scope 1 and 2 emissions to net zero by 2030 and in 2024 we have developed a transition plan that supports our climate strategy by providing a clear roadmap to achieve this goal. In line with the Transition Plan Taskforce guidance this plan includes details about targets and metrics, governance structure, engagement strategy and implementation strategy
Advanced heating, ventilation and air conditioning and lighting design will optimise energy efficiency. The building will also feature green roofs and green areas to mitigate biodiversity loss.
In terms of material efficiency, our recycling guidelines promote recycling for employees across our offices. In our offices in Switzerland and Luxembourg, recyclable, such as electronics, PET, paper, cardboard and aluminium, is sorted and collected by our local recycling partners for material or energy recovery.
For information about financial implications and other risks and opportunities due to climate change, see our TCFD Report GRI 201-2.
required to reach our target. Given the ongoing changes in
market practices, the evolving regulatory environment related to environmental matters as well as the challenges in terms of data availability, progress toward potential Scope 3 commitment takes time, as this requires coordinated efforts across the entire value chain and ecosystem. Our primary focuses are on obtaining qualitative prospective data and gaining deeper understanding of our value chain as previously mentioned in order to assess the opportunity of future commitments such as SBTI for example.
Our primary sources of Scopes 1 and 2 emissions stem from electricity consumption and heating at our offices. We strive to reach net zero for these emissions by focusing on four key actions: transitioning to renewable energy where possible, electrifying the company's vehicle fleet, improving energy efficiency (for example by limiting lighting, turning off monitors and optimising heating and ventilation systems) and finally, leveraging RECs to address residual emissions in locations where renewable energy tariffs are unavailable or landlord engagement is unsuccessful.
We minimise waste by prioritising circular, durable products and integrating environmental criteria into procurement, including reviewing suppliers' sustainability credentials. We extend the lifespan of IT equipment and office furniture through repair and recycle locally when disposal is necessary.
Since 2016, we have set energy efficiency objectives for our headquarters buildings with the canton of Vaud in Switzerland increasing the energy efficiency of our headquarters buildings by 10%, despite employing more people and growing our IT infrastructure. Our environmental progress is confirmed by annual external audits, in line with our agreement with the Canton of Vaud and for 2025, our environmental initiatives have been evaluated by external auditors at the fiscal year's end.
A new headquarter building is currently under construction and has been designed to align with our Scope 1 and 2 net zero commitment. It is planned to use renewable energy for electricity, heating and cooling.
SHARE OF ENERGY CONSUMPTION, 2025
5%
2%
1%
1%
0%
91%
Electricity Natural gas Biogas
District heating Solar thermal collector Fuel
4%
10%
86%
SCOPE 3 OPERATIONAL EMISSIONS BY TYPE, 2025
0%
WastePurchased goods and services & Capital goods
Business travel
Employee commuting
Further details can be found in the TCFD Report
SOCIAL MATTERS SOCIAL MATTERS In a competitive and mature industry, we seek to differentiate ourselves by deeply connecting with our stakeholders. We focus on innovation, put the client first, empower and encourage our employees to do the right thing and foster the wellbeing of local communities as well as the society at large.
INNOVATION, PRODUCT GOVERNANCE AND ACCESS TO FINANCE
Innovation is at the core of Swissquote's DNA. Our strong focus on innovation and challenging the code has enabled us to create intuitive products that empower investors and add value for clients and shareholders. As pioneers in online financial services, we strive to democratise finance, making financial opportunities accessible to all through cutting-edge technology and a commitment to excellence. We aim to create innovative and intuitive services coupled with financial literacy ensuring our customers have the tools and resources to reach their financial goals.
Relevance of Innovation, product governance and access to finance (impacts, risks, opportunities)At Swissquote, we are dedicated to driving innovation, ensuring robust product governance and expanding access to financial markets. These are the core pillars of our commitment to clients and society. Through technology, we challenge traditional norms, democratise financial markets and empower individuals, whether small scale beginner investors or institutional clients, to achieve their financial goals. This not only amplifies the accessibility of investment opportunities but also promotes resilience and adaptability across the financial sector.
Embracing innovation and democratisation of access to finance strengthens Swissquote's competitive edge and opens new business prospects, reinforcing our brand and attracting skilled professionals. Our focus on intuitive products and services includes integrating ESG considerations, safeguarding clients' best interests, ensuring compliance with requirements such as MiFID II and providing strong product oversight. This commitment helps create responsible financial markets and supports fund allocation towards companies managing their environmental, social and governance risks.
By providing diverse financial products and services, Swissquote empowers its clients to reach their financial goals, thereby enhancing their financial wellbeing. Offering accessible financial services can attract a broader customer base, including underserved segments, which can result in increased market share and contribute to societal welfare by promoting financial inclusion.
Promoting accessible educational content aimed at helping individuals better understand financial markets Swissquote not only helps clients navigate the complexities of trading and investing but also supports a broader movement toward financial inclusion, literacy and empowerment for a diverse customer base.
Our ESG tools allow clients to invest according to their values and enhances Swissquote's reputation as a reliable financial institution, appealing to socially conscious investors and generating value for both clients and shareholders. In contrast, neglecting ESG practices could harm our reputation as a responsible bank.
Goals and performance indicators
757,606 |
4,192,276 |
403 |
24% |
1,952 |
35% |
21.9 |
4.4 |
4.4 |
Goals KPIs 2025 2024 2023
Continue to reach new clients Number of Swissquote accounts Bring new, disruptive products to the
650,089 574,274
market and differentiate ourselves through
innovation
Number of tradable securities
3,904,050 3,744,340
Support financial inclusion and welfare CHFm AuC in Invest Easy, 3A Easy
and Save Easy
Increase the share of female users Percentage female users
214 29
23% 21%
Provide access to free financial education content
Number of webinars, videos, articles and podcast
1,670 1,463
Invest in a strong tech organisation Percentage of FTEs dedicated to
technology
36% 35%
Integrate ESG factors in our products and services offering
Remain a multi-asset platform providing excellent customer experience
Total theme trading AuM invested in "Sustainability & Impact Investing focus" certificates in CHFm
Average App Store rating of Swissquote's trading app (out of 5)
Average Play Store rating of Swissquote's trading app (out of 5)
23.1 30.6
4.5 4.4
2.6 3.4
The total theme trading AuM invested in "Sustainability and Impact Investing focus" certificates was restated for 2024 to include all certificates. Save Easy have been included in the measurement of the objective to support financial inclusion and welfare. Comparative figures for prior years have been restated accordingly. Despite the percentage of FTEs dedicated to technology having slightly decreased in 2025, the absolute number of FTEs dedicated to technology has increased by 70 compared to 2024. This change is due to the integration of Yuh to the Group. In addition to the above-mentioned Full-Time Equivalent (FTE) headcount dedicated to technology, we also work with external software engineers (152 headcounts as at 31.12.2025)1 GRI 2-8.
Measures in 2025To strengthen financial knowledge and inclusion, we introduced the Inspire Blog this year. With over 50 articles available in four languages, the blog demystifies investing and banking topics and provides accessible, easy-to-understand guidance. By reaching individuals at different stages of their financial journey, we help build trust, enhance confidence and support more informed decision-making for a broad and diverse audience.
Swissquote Bank Ltd released its fully digital joint account that enhances our suite of banking products by offering transparent and, shared access to both banking and trading services, a rare combination in the Swiss market. It promotes financial inclusion within households by enabling all members, including women who are often under-represented in investment decisions, to actively participate in saving and investing. Features such as double validation over a specified threshold ensure equal visibility and control over family wealth. This joint account fosters transparency, empowers
1Subject to PwC assurance engagement
shared financial decision-making, and supports a more inclusive and sustainable financial future.
At the beginning of July, Swissquote completed the full acquisition of Yuh. Yuh is an all-in-one finance app designed primarily for young and mobile-first users, offering low to no cost banking, saving, and investing solutions. The app provides a comprehensive suite of banking and trading services, 3rd pillar pension solutions, payment services, and savings pots. Additionally, Yuh now offers a free Swiss bank account solution for teenagers, empowering them to take control of their finances in a secure environment. These teens' accounts include safeguards such as no overdraft risk, no trading capabilities, and restrictions on certain merchants, including online casinos.
Yuh promotes personal finance management and trading by simplifying the process while maintaining a high level of trust. It incorporates built-in safeguards to reduce risk, such as prohibiting leveraged products and preventing negative cash balances.
This year, Yuh actively engaged with the community by organising six events aimed at inspiring and democratising finance for young people. Additionally, through its publicly accessible Yuhlearn webpage, Yuh seeks to improve financial literacy by providing clear and easy-to-understand tips, guides, and insights on a broad range of financial topics.
This year Swissquote.com improved keyboard navigation, aligning with the Web Content Accessibility Guidelines (WCAG) and the EAA (European Accessibility Act) to broaden access for users with diverse needs. Dynamic sizing in our apps is the key next step in our accessibility roadmap, and we are developing it in response to strong user demand. In addition, Swissquote hosted an event on accessibility in partnership with the Mobile Beer meetup group. During this session, the Android and iOS developer community could exchange ideas on how to improve the way we build mobile applications and share rules and techniques for adapting
mobile apps to meet accessibility standards.
At this year's Hackathon, we invited group-wide employees to collaborate on three new topics: Hack in the Flow, All in for you, and The Bank Differently. The Hackathon is part of a newly introduced, week-long internal initiative: Innovation Days built around inspiration, creativity, and growth, designed to empower every Swissquote employee to think differently, act boldly, and bring innovation to life. External experts in technology, ESG and AI were invited to inspire our employees through a series of innovation talks. 15 teams pitched their final projects. The event was a success, promoting innovation across the company, with a total of 24 projects initially submitted (93 people). In addition, the company organised Communities of Practice. This concept was launched three years ago by our tech departments around the "learn, share and evolve" pillar. The main goal is to foster this continuous learning mind-set through sharing, and encouraging exploration, not only of new technology, but also of users experience and product innovation. More than 170 employees across over 20 active tech communities share their skills, knowledge and experience fostering innovation and new approaches to problem solving across IT development. Several innovative projects have emerged from these events.
In 2025, our effort to nurture a culture of innovation was
rewarded, with Yuh ranking 33rd in Bilanz, PME und Statista's prestigious list of Top 100 Innovative Companies with fewer than 250 employees for 2025. The ranking is based on a comprehensive multi-stage survey that evaluated companies on three key criteria: overall innovativeness, product innovation, and innovation culture. In the same study, Swissquote ranked 36th place out of 100 in the large companies' category.These external recognitions reflect our
commitment to innovation that drives our success and continued growth.
All of these measures promote inclusive access, strong product governance, and meaningful innovation. Educational tools help lower barriers to entry, while enhanced payment and savings solutions, along with accessibility improvements, broaden our reach. Our distinctive corporate culture fosters a continuous drive for innovation, ensuring that our offerings evolve with user needs and market trends. Together, these efforts empower clients to participate in the financial markets with greater confidence.
AI highlight
To bring value to our customers, in 2025, we focused on delivering AI powered tools designed to enhance our customers' trading experience. In addition to the preexisting AI News Sentiment tool providing investors with insights into how financial products are being perceived in 2025, Swissquote launched an AI-driven feature for customers named AI Daily Digest. This service uses client signals, including searches, positions, trades and watchlists, together with AI sentiment, to deliver twice a day, targeted, news and inspiration. The goal is to provide timely, relevant insights that respect client preferences.
Furthermore, in 2025 we launched the Portfolio AI Analysis tool, which provides an exposure analysis of a given client's portfolio in terms of sector and portfolio diversification highlighting the potential risks, challenges, and opportunities and offering insights on the top performers.
We also launched Snapshot, a powerful tool designed exclusively by Swissquote to show our customers the performance and financial strength of any company at a glance. Six essential characteristics (valuation, growth, profitability, financial health, dividends and sentiment) are combined into a single dynamic radar chart, with a clear-cut score ranging from 0 to 5.
Finally, the Buzz Score measures stock visibility with a score of 0 to 100, which instantly captures the stock's media presence.
This is a multiple step process showcasing our commitment to the use of responsible AI products and services.
How we manage Innovation, product governance and access to finance
At Swissquote, innovation, robust product governance and a commitment to financial inclusion converge to deliver accessible, impactful financial services. Founded with the mission to democratise finance, we aim to provide everyone with the tools and resources to grow their wealth and access financial markets with ease and confidence.
Our business spans across three primary product lines (Trade, Invest and Bank), enhanced by Yuh, our fully owned subsidiary since July 2025, which caters to young, mobile-first users with low-cost banking, saving and investing options. We empower investors by tailoring services to diverse risk appetites and financial capabilities while ensuring they have the right tools and knowledge for their financial journey. For example, clients must complete a test before trading complex products like options to ensure they understand the associated risks.
We champion financial literacy and inclusion by providing free, high-quality educational content. Since 2016, Swissquote has been among the leading online sources of financial information in Switzerland (2025: second). Our website, swissquote.ch, is visited 1.5 million times per month and is one of the country's largest financial portal. We publish webinars and content in 10 languages, reaching thousands of users across platforms, including 357,700 YouTube followers. Events such as Trading Days in Switzerland or Investment Day in Luxembourg provide opportunities for traders to gain insights and enhance their trading skills.
Innovation is a core pillar of Swissquote's identity. Over 25 years of pioneering digital banking, we have built a culture of continuous improvement to remain at the forefront of technology and client needs. Think tanks drive ideation, while dedicated development teams implement projects within a robust product management framework, supported by advanced methodologies like the Disciplined Agile Hybrid at Scale framework. Our commitment to employee engagement and innovation is reflected in initiatives like internal hackathons and newsletters that keep teams connected to progress and inspired to contribute.
To balance client satisfaction and affordability, we invest in automation and backend processes, ensuring innovative solutions are delivered efficiently without transferring costs to clients. Sustainability principles guide this process, aligning technological advancements with long-term societal value.
Through responsible product governance, we ensure that our products evolve to meet market needs. Each year, we develop roadmaps with input from various stakeholders to guide product evolution, incorporating measurable objectives like product adoption rates and trading activity.
These roadmaps are regularly updated to stay compliant with regulations and responsive to market shifts.
We offer our clients the possibility to trade and invest responsibly, considering ESG aspects. For instance, responsible lending practices include an ESG bonus on Lombard loans. The ESG score of securities that are available on our trading platform are also visible. Our ESG filtering feature allows customers to focus on or exclude certain industries, avoiding controversial industries, for example. As of the end of 2025, the average Refinitiv ESG score of client holdings was B- on a scale from D- to A+, indicating "good relative ESG performance and moderate degree of transparency in reporting material ESG data publicly".
In 2025, we continued to offer 11 theme trading certificates related to sustainability, such as impact investing, vegetarianism, recycling, gender equality, social responsibility, rainbow rights, green energy, sustainable energy, decarbonisation, eMobility and hydrogen. Our impact investing certificate donates 50% of dividends to Solafrica, a non-profit organisation promoting access to affordable, reliable and renewable energy in economically disadvantaged regions.
By uniting innovation, product governance and access to finance, Swissquote creates opportunities for clients of all backgrounds while driving sustainable growth and contributing to the democratisation of financial markets.
Supplementary Regulatory Disclosures Annual Report 2025 26
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Swissquote Group Holding Ltd. published this content on March 19, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 19, 2026 at 13:31 UTC.
