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Smartbroker (SB1) investor relations material
Smartbroker H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary11 Sep, 2025
Executive summary
Achieved strong customer growth in both digital brokerage and financial media, with sustained high monthly new customer acquisition since May 2024 and Smartbroker+ customer base growing by 37,000 in H1 2025, reaching 222,000 customers and €11.2 billion in assets under custody.
Focused on active investors and traders, combining broad functionality, competitive pricing, and product enhancements to support ongoing growth.
Recognized as a top broker in multiple industry comparisons and customer ratings, with significant improvements in app and service scores.
Media platforms saw record reach, with over five million unique users monthly at peak, driven by market volatility and external events.
Integration of media and brokerage platforms enables direct trading from financial portals.
Financial highlights
2024 audited revenue reached €46.5 million, down from €52.6 million in 2023, while H1 2025 revenue rose 26.7% year-over-year to €32.3 million.
EBITDA before customer acquisition costs was €4.4 million in 2024; after CAC, EBITDA was €1.3 million in 2024 and €0.1 million in H1 2025.
2025 revenue guidance is €55–66 million, with EBITDA after CAC expected between €-3 and €0 million.
Customer acquisition costs for 2025 are budgeted at €7 million.
Net loss after taxes widened to €-5.2 million in H1 2025, with free cash flow negative at €-2.7 million.
Outlook and guidance
Targeting 70,000–80,000 new customers in 2025, with plans to surpass 100,000 annually in coming years, supported by product enhancements and favorable political developments.
Continued focus on profitable customer segments, price leadership, and product innovation among online brokers.
Brokerage segment expected to drive most growth, with media business maintaining strong margins.
Anticipates sustainable and significant customer growth, especially among younger adults.
Customer acquisition payback period H1 2025?
H1 2025 new customers from media platforms?
H1 2025 AI efficiency gains or cost savings?
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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.
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