At first glance, the press release issued by SIX on Thursday morning sounds harmless. The company states that it supports Worldline’s transformation plans and endorses the corresponding proposals at the upcoming extraordinary general meeting. «Worldline remains an important partner of SIX in the area of payments,» it says.

However, the real message follows shortly after: «In line with its capital allocation priorities and growth strategy, SIX will not participate in the capital increase announced by Worldline.» As a result, SIX accepts that its 10,5 percent stake will be diluted. The Swiss financial market infrastructure operator said it is convinced «that this step is consistent with its priorities regarding capital allocation, business and growth strategy, customer relationships, and its responsibility towards shareholders.»

In other words, SIX has decided not to throw good money after bad.

Another write-down of  550 million francs in 2025

Moreover, the stake, which until now had always been considered «strategic,» has been officially downgraded. The decision not to participate in the capital increase reduces SIX’s influence over the French payment service provider. The consequence: «Following the resignation of Giulia Fitzpatrick from Worldline’s board of directors before the end of the year, SIX will henceforth manage its stake as a financial investment.»

Worldline will once again leave a deep mark on SIX’s results. In 2022 and 2023, SIX had already written down 862 million francs and 168 million francs on its stake. Now, for 2025, SIX expects «an accounting effect of around – 550 million francs related to the participation in Worldline, estimated based on yesterday’s closing price of the Worldline share.»

SIX expects a loss of 300 million francs for 2025

This write-down includes the 69,3 million francs already reported in the half-year 2025 results, as well as SIX’s share of the goodwill impairment announced by Worldline at its half-year results, and «effects from an expected balance sheet reclassification, which will depend on the development of the Worldline share price until year-end.»

These factors will push SIX’s full-year result into negative territory. For 2025, the company now expects a consolidated loss of 300 million francs. Nevertheless, the Board of Directors intends to propose a stable dividend for the 2025 financial year ( 5,30 francs per share in 2024), aiming to keep its bank shareholders in good spirits.

Operational business on track – and a «strategic acquisition»

SIX emphasizes that its operational business remains strong. The positive trend from the first half of the year has continued. Revenue growth in 2025 is expected to be in the mid-single-digit range, with strong EBITDA growth. Excluding the Worldline effect, the projected 2025 consolidated profit would amount to around 250 million francs, according to SIX. The detailed annual results will be published on March 24, 2026.

As part of its disengagement from Worldline, SIX is also securing part of the related infrastructure, calling it a «strategic acquisition.» The company is taking over from Worldline the electronic data management business (formerly Cetrel Securities). This unit supports clients in meeting regulatory requirements and reducing associated risks. With this acquisition, SIX strengthens its position «in the growth-relevant area of its sanctioned securities monitoring services.»