Saxo Bank Reports H2 Net Loss as 2025 Earnings Decline

Saxo Bank recorded a slower second half (H2) of 2025, posting a small net loss that weighed on its annual earnings despite continued growth in clients and assets under management.

According to the bank’s 2025 Annual Report, second-half revenue reached DKK 2.456 billion (approximately $388 million), down 2% from the DKK 2.501 billion generated during the first six months of the year. The company reported a net loss of DKK 9 million ($1 million) for H2 2025, compared with a net profit of DKK 548 million ($87 million) in the first half.

For the full year, Saxo Bank generated revenue of DKK 4.957 billion ($782 million), an increase from DKK 4.670 billion reported in 2024. However, annual net profit declined to DKK 539 million ($85 million), nearly half of the DKK 1.005 billion earned the previous year.

Saxo Bank Reports H2 Net Loss as 2025 Earnings Decline

The year also brought major corporate developments. The J. Safra Sarasin Group agreed to acquire majority control of Saxo Bank, with the transaction closing during the first quarter of 2026. The company also completed the sale of its Australian business to DMA South Africa.

Despite weaker profitability, Saxo Bank expanded its customer base, ending 2025 with more than 1.5 million clients compared with 1.29 million a year earlier. Client assets also climbed to DKK 995 billion ($157 billion), up from DKK 853 billion at the end of 2024.

Group CFO Mads Dorf Petersen said the bank delivered solid financial results while reaching record levels in both client numbers and client assets. He added that Saxo’s strategy remains focused on expanding its investment platform, strengthening client experience, and investing in compliance, cybersecurity, risk management, and artificial intelligence.

Looking ahead, Saxo Bank expects geopolitical uncertainty, inflation risks, and central bank policy shifts to shape market conditions in 2026. While client growth is expected to continue, revenue could be affected by the firm’s restructuring of its distribution model and the offboarding of certain clients during 2025. The bank forecasts net profit between DKK 1.0 billion and DKK 1.1 billion for 2026, supported by additional marketing initiatives and continued investment in operational resilience.

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.