Berliner Effektengesellschaft (BFV) H2 2025 earnings summary

Executive summary

• The group operates as a financial holding with a focus on capital market services, primarily through its majority stake in Tradegate AG and significant holding in Quirin Privatbank AG.

• 2025 saw record transaction numbers and trading volumes, with Tradegate AG achieving a 48.4% increase in normal business activity results and a new high in market share for equity and ETF trading.

• The group maintained a strong competitive position, supported by a stable partnership with Deutsche Börse AG and continued growth in the fintech segment via Quirion.

Financial highlights

• Consolidated net income rose to €49.99 million from €28.43 million year-over-year.

• Group revenue-equivalent (sum of interest, commissions, trading, and other operating income) reached €203.7 million, up from €144.9 million.

• Cost/income ratio improved to 65.5% from 67.6% year-over-year.

• Earnings per share increased to €3.85 from €2.65.

• Equity ratio rose to 47.4% from 43.0% year-over-year.

• Dividend proposal of €0.60 per share, up from €0.50.

Outlook and guidance

• For 2026, further growth in trading volume and stable or rising earnings are expected, with no capital increases planned.

• The group plans to continue share buybacks and maintain liquidity for strategic investments.

• Ongoing investments in IT and personnel are anticipated to support future growth.