Berliner Effektengesellschaft (BFV) H1 2026 earnings summary

Executive summary

• Achieved strong growth in revenue and net income in the first half of 2026, driven by increased trading activity and high market volatility.

• Transaction volume rose 31.7% year-over-year to 47.5 million, with trade volume up 15% to €281 billion.

• Market conditions favored equities and ETFs, especially defense and AI-related stocks, attracting private investors.

Financial highlights

• Net income for H1 2026 increased by €17.0 million year-over-year, reaching €43.5 million.

• Earnings per share rose to €3.34 from €2.03 year-over-year.

• Cost/income ratio improved to 51.14% from 65.17% year-over-year.

• Net trading income grew 20.4% to €123.7 million compared to H1 2025.

• Equity ratio increased to 60.58% from 55.07% year-over-year.

Outlook and guidance

• Expectation of continued strong performance for the full year, though H2 margins may normalize as volatility subsides.

• Market Making segment anticipated to surpass 2025 records in transaction count and volume.

• No significant new risks anticipated for H2 2026; geopolitical volatility may sustain high trading volumes.