Saxo Bank Posts Rare H2 Loss in Annual Report 2025

Saxo Bank reported a softer second half of 2025, slipping into a small net loss despite a solid start to the year, according to its newly released annual report.

In H2 2025, revenue reached DKK 2.456 billion (USD $388 million), slightly below the $395 million recorded in the first six months. The company posted a net loss of DKK 9 million ($1 million) for the period, compared with a net profit of $87 million in H1, marking only its second semi-annual loss in more than six years.

For the full year, revenue rose to DKK 4.957 billion ($782 million) from DKK 4.670 billion in 2024. Net profit came in at DKK 539 million ($85 million), down from DKK 1.005 billion a year earlier, as the strong first half offset the weaker finish.

Saxo Bank Posts Rare H2 Loss in Annual Report 2025

Operationally, Saxo recorded growth in key metrics. The total number of clients exceeded 1.5 million in 2025, up from 1.29 million at the end of 2024, while client assets climbed to DKK 995 billion ($157 billion) from DKK 853 billion.

The year also brought structural changes. J. Safra Sarasin Group agreed to take a controlling stake in Saxo, with the transaction completed in Q1 2026. Saxo also divested its Australian business to DMA South Africa.

Commenting on the results, Mads Dorf Petersen said the company saw continued client and asset growth, ending the year at record levels, while also undergoing a shift in ownership.

Looking ahead, Saxo expects 2026 to be shaped by geopolitical tensions and macro uncertainty. At the same time, strong equity markets, gains in precious metals, and lower interest rates are supporting trading sentiment entering the year.

The company maintained its focus on expanding its client base and improving its platform. However, prior adjustments to its distribution model, including reducing the number of markets and offboarding certain clients, are going to weigh on revenue in 2026.

Saxo projected higher costs in 2026 due to increased marketing and continued investment in compliance, cybersecurity, and risk systems. The bank expects net profit in the range of DKK 1.0–1.1 billion for the year.

Company Overview

Saxo Bank stands out as a premier multi-asset broker, offering exceptional research capabilities and an exceptional trading platform, along with an impressive array of over 70,000 tradable instruments, which include spot forex, FX options, NDFs, CFDs, stocks, stock options, exchange-traded funds, ETNs, futures, and 33,000 bonds. For engaged traders, Saxo Bank offers a comprehensive and immersive trading journey, boasting an extensive toolkit, research resources, and premium features.

Discover more in our Complete Review.