Berliner Effektengesellschaft (BFV) H1 2025 earnings summary

Executive summary

• Significant improvement in market environment for equity and ETF trading with private investors in H1 2025, despite ongoing international crises and volatile markets.

• Transaction volume rose 52.5% year-over-year to €244.14 billion, with transaction count up 50.7% to 36.06 million.

• All six months of H1 2025 saw revenue growth, with March showing the strongest increase at 75.3%.

• Net income increased by €10.91 million year-over-year, with EPS rising from €1.18 to €2.03.

Financial highlights

• Net trading income surged 50.5% year-over-year to €102.8 million in H1 2025.

• Net income for H1 2025 was €26.47 million, up 70.1% from €15.56 million in H1 2024.

• Cost/income ratio improved to 65.17% from 71.01% year-over-year.

• Equity ratio at 55.07% as of June 30, 2025, compared to 63.07% a year earlier.

• Market capitalization reached €901 million, with total assets at €506.2 million.

Outlook and guidance

• Comparable revenue and transaction growth expected in early H2 2025; Q4 growth to slow due to strong prior-year base.

• Full-year transaction and trading volume expected to surpass record 2021 levels.

• No extraordinary risks identified; overall outlook remains positive.