Viel & Cie: Revenue Up 8.7% in the Third Quarter to €324.4 Million
Viel & Cie published consolidated revenue of €324.4 million for the third quarter on November 12, 2026, up 8.7% at variable exchange rates. At constant exchange rates, growth for the quarter stands at 7.2%.
For this quarter, currency conversion therefore added to the published growth. For the first nine months, it reduces growth: cumulative revenue rises 7.2% at variable exchange rates, compared with 10.2% at constant exchange rates, and reaches €1,020.4 million, compared with €951.9 million a year earlier.
An Unfavorable Exchange Rate Effect Over Nine Months, Favorable in the Third Quarter
The group calculates its changes at constant exchange rates by applying the average rates of the previous period to the two periods being compared. On this basis, nine-month revenue amounts to €1,048.5 million, above the published €1,020.4 million: the conversion into euros reduced the amount shown for the cumulative period.
In the third quarter, the trend reversed. Revenue at constant exchange rates stands at €319.8 million, below the published €324.4 million, which explains why published growth exceeds growth at constant exchange rates.
At its half-year results release on September 4, 2026, the group had indicated that changes in exchange rates have a significant impact on the euro conversion of its international activities. Its subsidiary Compagnie Financière Tradition operates in more than 30 countries and has nearly 2,600 employees.
Professional Brokerage Drives Volume, Online Trading Grows Faster
Over the first nine months, professional brokerage remains the main contributor, with €954.6 million in revenue out of a total of €1,020.4 million. Its activity grows 6.6% at variable exchange rates, compared with €895.6 million a year earlier.
Online trading, operated by the subsidiary Bourse Direct, shows an increase of 16.9%, to €65.8 million from €56.3 million. Its growth is thus faster than that of brokerage, but on a much smaller base.
On September 4, 2026, the group had indicated that Bourse Direct had more than 425,000 accounts and was diversifying its services. The third division, a 40% stake in SwissLife Banque Privée accounted for using the equity method, does not appear in this revenue breakdown.
At Constant Exchange Rates, the Third Quarter Lags Behind the Cumulative Pace
The comparison between the quarter and the cumulative figures nuances the reading of the published numbers. At constant exchange rates, the 7.2% increase in the third quarter remains below the 10.2% recorded over the first nine months.
At variable exchange rates, the order is reversed: quarterly growth exceeds cumulative growth. The group also specifies that its financial position has not undergone any significant change since the publication of its 2026 half-year financial report.
Activity growth remains positive for the quarter at constant exchange rates, while the conversion effect, which weighs on the cumulative figures, supported the published figures for the third quarter.
