Dukascopy reported a sharp reversal in performance during the second half (Q2) of 2025, erasing much of the momentum.
Dukascopy reported a sharp reversal in performance during the second half (Q2) of 2025, erasing much of the momentum.
Dukascopy reported a sharp reversal in performance during the second half (Q2) of 2025, erasing much of the momentum built earlier in the year and resulting in its first semi-annual net loss since 2018.
The company entered 2025 on a strong footing, posting its best six-month stretch in three years. However, that trajectory shifted significantly in the latter half. Revenues fell by 49% in H2 2025, dropping to CHF 7.1 million (USD $9.0 million) from CHF 14.0 million in the first half. Despite this decline, full-year revenue reached CHF 21.1 million, marking an 11% increase compared to CHF 18.9 million in 2024.
Profitability followed a similar pattern. After recording a net profit of CHF 3.3 million in H1 2025, Dukascopy moved into a consolidated net loss of CHF 2.2 million (USD $2.8 million) in the second half. This brought full-year net profit to CHF 1.1 million, still higher than the CHF 331,000 reported in the previous year.
A closer look at revenue streams highlights where the downturn occurred. Dukascopy generates income from three main segments: net interest income, commission income, and trading activities. While interest and commission income remained relatively stable in the second half, brokerage revenue from trading activity declined sharply. Income from this segment fell to CHF 5.1 million in H2, down from CHF 11.7 million in the first six months of the year.
In contrast, larger Swiss competitor Swissquote reported record-breaking performance across both revenue and profit during the same period, underscoring the divergence in outcomes within the sector.
Despite the weak second half, Dukascopy showed signs of longer-term resilience. Client deposits increased by 16% over the year, rising from CHF 163.1 million in 2024 to CHF 188.6 million by the end of 2025, indicating continued client engagement even amid declining trading activity.
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