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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Smartbroker
Smartbroker (SB1) investor relations material
Smartbroker H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary9 Sep, 2026
Executive summary
Revenue rose 9.6% year-over-year to €35.4 million in H1 2026, driven by higher customer numbers and trading activity in Smartbroker+; both revenue and operating EBITDA after customer acquisition costs of €2.2 million exceeded plan.
Net loss after taxes narrowed to €-2.9 million from €-5.2 million in H1 2025.
Customer growth lagged expectations, with 31,000 new customers added, totaling over 285,000 by June 30, 2026, impacted by geopolitical uncertainty and higher marketing costs per customer.
Major investments focused on launching the Altersvorsorgedepot (retirement savings account) for 2027 and expanding AI/data capabilities.
Financial portals maintained reach and improved profitability, with 1.5 billion page views and 4.9 million monthly users.
Financial highlights
Transaction business revenue grew 11.7% year-over-year to €21.0 million; media business revenue up 6.7% to €14.4 million.
EBITDA margin improved to 6.2% (H1 2025: 0.2%).
EBIT loss reduced to €-3.0 million from €-5.2 million year-over-year.
Free cash flow improved to €-1.7 million from €-2.7 million year-over-year.
Equity ratio at 75%, liquid funds at €19.0 million.
Outlook and guidance
Full-year 2026 revenue expected between €67–72 million.
Operative EBITDA after customer acquisition costs forecasted between €-1.5 million and €1.5 million.
Altersvorsorgedepot launch in January 2027 expected to open a large new market segment and drive future growth.
Anticipates improved customer acquisition in H2 2026, supported by new marketing initiatives and product launches.
Market environment remains unpredictable due to geopolitical uncertainty.
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Latest events from Smartbroker
- AVD launch set for Jan 2027; revenue and EBITDA targets on track, customer growth to recover.SB1
Investor presentation - Revenue guidance for 2025 is €55–66M, targeting 70,000–80,000 new customers and active investors.SB1H1 2025
- Revenue up 12.8% to €52.5m, net loss cut to €-1.4m, Smartbroker+ drives growth.SB1H2 2024
- Revenue up 9% to €25.5M, EBITDA at €2.9M, and outlook raised for 2024.SB1H1 2024
- Assets, customer base, and media reach all showed strong growth through 2024.SB1Status Update
Smartbroker
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Frequently asked questions
Smartbroker Holding AG, formerly known as wallstreet:online AG, is a technology company based in Germany. It operates as a digital broker offering a platform for private investors and runs several high-reach stock exchange portals including wallstreet-online.de, boersenNews.de, FinanzNachrichten.de, and ariva.de. These portals serve as comprehensive sources for financial information and community engagement, attracting a large number of users with an interest in finance. As an online broker, Smartbroker provides various financial services and allows for trading of a wide range of securities under favorable conditions similar to those of neo brokers. The company is headquartered in Berlin, Germany, and its shares are listed on the Berlin Stock Exchange.