Equita Group (EQUI) Q2 2026 earnings summary

Executive summary

• Net revenues grew 11% year-over-year to €60.2 million in 1H'26, marking the best first half since IPO, with acceleration in 2Q'26 driven by Global Markets performance.

• Adjusted net profit rose 11% year-over-year to €13.6 million, with a net margin of 22%.

• Return on Tangible Equity (ROTE) reached 42% for the period.

• Strategic initiatives, including partnerships and acquisitions, are set to close in 2H'26.

• Global Markets division drove growth, with significant acceleration in 2Q'26.

Financial highlights

• Consolidated net revenues: €60.2 million in 1H'26 (+11% YoY); €35.3 million in 2Q'26 (+15% YoY).

• Adjusted net profit: €13.6 million in 1H'26 (+11% YoY); consolidated net profit: €13.0 million (+7% YoY).

• Net revenues linked to clients rose 35% year-over-year to €58.6 million.

• Personnel costs increased 14% year-over-year to €30.0 million; total costs rose 12%.

• Assets under management grew to €1.2 billion, with 53% in proprietary illiquid funds.

Outlook and guidance

• Confident and cautiously optimistic outlook for 2H'26, supported by a solid pipeline of mandates and strong capital position.

• Global Markets expected to continue strong performance; Investment Banking has a robust advisory pipeline.

• Alternative Asset Management to benefit from Xenon Private Equity consolidation and continued fundraising.

• Anticipates double-digit growth in asset management fees and increased AuM by year-end.

• Strategic partnership with Iccrea Banca and acquisition of Xenon Private Equity to be completed by year-end.