Swissquote lowered its 2026 net revenue and pretax profit targets after a sharp drop in first-half crypto activity hurt earnings from its digital-asset business. First-half client assets rose 19.8% to a record $118.4 billion, group net revenue increased 1.7% to $447 million and pretax profit was about $225 million, but crypto net revenue fell 66.2% to nearly $18 million as crypto trading volume dropped 63.5% to 2.58 billion Swiss francs. The crypto result included a $6.5 million mark-to-market loss on digital assets held to provide liquidity for Swissquote's SQX platform. Swissquote cut its full-year net revenue target to $897 million from $934 million and lowered its pretax profit outlook to about $449 million from $473 million, while keeping its 2028 pretax profit goal of about $615 million unchanged. Swissquote shares fell about 14% after the earnings release.