Smartbroker (SB1) investor relations material

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.