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BUSINESS NEWS FROM SWITZERLAND

BUSINESS NEWS FROM SWITZERLAND

Switzerland's Economy at the End of 2025

A Record Year for SIX

Sales Magazine powered by ReformBusiness, your external sales partner

Switzerland's Economy at the End of 2025

A Record Year for SIX

Sales Magazine powered by ReformBusiness, your external sales partner

PUBLISHED January 16, 2026

According to “SIX Börsenkennzahlen: Dezember und Gesamtjahr 2025” from Schweiz.biz, the year 2025 marked a significant period of expansion and momentum across the Swiss and Spanish stock exchanges operated by SIX. Both markets reached historic peaks in their flagship indices and demonstrated broad-based progress across trading, listings and investor participation.Behind these numbers lies a delicate balance between improving domestic activity and persistent challenges in international markets.

Although certain sectors are slowly gaining momentum, others continue to struggle under the weight of external factors, leaving the overall outlook mixed rather than uniformly optimistic. Across the board, the Swiss Market Index (SMI®) and Spain’s IBEX35® delivered remarkable gains. The SMI® lifted past the 13,000-point threshold for the first time in February and held its elevated level through the final trading sessions of December. Meanwhile, the IBEX35® surged even more dynamically, reflecting robust investor confidence. However, the rebound in spending and investment is far from robust. 

Many firms remain cautious, limiting hiring and expansion until global uncertainties and structural bottlenecks become clearer or more predictable. What stood out in 2025 was not just the rise in headline indices but also the surge in everyday market activity: more trades, larger volumes and strong participation in both traditional equities and emerging segments like ETFs and structured products.

Historic Highs in Core Indices

In 2025, both the Swiss and Spanish blue-chip benchmarks posted historic results. The Swiss Market Index (SMI®) broke above 13,000 points in February and closed the year at roughly 13,267 — a solid annual gain of more than 14%. In parallel, Spain’s IBEX35® climbed by a striking nearly 50% over the year, finishing above 17,300 points. These achievements highlight strengthened investor demand across both markets and elevated valuations for leading listed firms.

Historic Highs in Core Indices

In 2025, both the Swiss and Spanish blue-chip benchmarks posted historic results. The Swiss Market Index (SMI®) broke above 13,000 points in February and closed the year at roughly 13,267 — a solid annual gain of more than 14%. In parallel, Spain’s IBEX35® climbed by a striking nearly 50% over the year, finishing above 17,300 points. These achievements highlight strengthened investor demand across both markets and elevated valuations for leading listed firms.

Surge in Trading Activity and Market Turnover

Total turnover across SIX exchanges reached CHF 1,627.1 billion in 2025, posting a double-digit increase from the prior year. On the Swiss exchange, trading turnover advanced by almost 13%, with equities accounting for a large share of this growth. Particularly noteworthy was the performance of the Swiss ETF segment, which grew nearly 48%, coming close to its previous record. On the Spanish BME Exchange, turnover expanded by more than 24%, supported by gains in equities and especially fixed-income products. Transaction counts also climbed strongly, driven by heightened activity in ETFs and securitized derivatives.

Capital Markets Momentum and Listings

The 2025 IPO pipeline was robust, with twenty successful listings across Switzerland and Spain. Key debuts included BioVersys, Amrize and SMG Swiss Marketplace Group — the latter becoming one of Europe’s largest IPOs by transaction size during the year. Combined capital raised by these new listings exceeded CHF 1 billion. Beyond IPOs, existing issuers tapped the markets for fresh equity, while fixed-income listings set new records in both countries. Growth segments such as BME Growth and BME Scaleup continued attracting smaller companies, and Spain’s new BME Easy Access route encouraged broader participation in public markets.
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Outlook: Strength and Opportunity

Taken together, 2025 stands out as one of the most dynamic years for the SIX Swiss Exchange and BME Exchange in decades. Record index levels, expanding turnover, strong issuance activity and broad participation across asset classes reflect a maturing and resilient European capital market. These developments position both exchanges well for future growth, especially as trading hours expand and new product segments gain traction.

Surge in Trading Activity and Market Turnover

Total turnover across SIX exchanges reached CHF 1,627.1 billion in 2025, posting a double-digit increase from the prior year. On the Swiss exchange, trading turnover advanced by almost 13%, with equities accounting for a large share of this growth. Particularly noteworthy was the performance of the Swiss ETF segment, which grew nearly 48%, coming close to its previous record. On the Spanish BME Exchange, turnover expanded by more than 24%, supported by gains in equities and especially fixed-income products. Transaction counts also climbed strongly, driven by heightened activity in ETFs and securitized derivatives.

Capital Markets Momentum and Listings

The 2025 IPO pipeline was robust, with twenty successful listings across Switzerland and Spain. Key debuts included BioVersys, Amrize and SMG Swiss Marketplace Group — the latter becoming one of Europe’s largest IPOs by transaction size during the year. Combined capital raised by these new listings exceeded CHF 1 billion. Beyond IPOs, existing issuers tapped the markets for fresh equity, while fixed-income listings set new records in both countries. Growth segments such as BME Growth and BME Scaleup continued attracting smaller companies, and Spain’s new BME Easy Access route encouraged broader participation in public markets.
Sales Magazine powered by ReformBusiness, your external sales partner

Outlook: Strength and Opportunity

Taken together, 2025 stands out as one of the most dynamic years for the SIX Swiss Exchange and BME Exchange in decades. Record index levels, expanding turnover, strong issuance activity and broad participation across asset classes reflect a maturing and resilient European capital market. These developments position both exchanges well for future growth, especially as trading hours expand and new product segments gain traction.

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