Lang & Schwarz (LUS1) H1 2024 earnings summary

Executive summary

• Achieved significant growth in trading activity and profitability in H1 2024, with strong performance in both TradeCenter and Structured Products segments.

• Market environment was favorable, especially for market making, driven by high volatility and strong activity in technology stocks.

• Continued investment in IT infrastructure and new communication platform onelink, with launch planned for Q3 2024.

Financial highlights

• Result from trading activities rose 148% year-over-year to €49.2m in H1 2024.

• Operating income (Ergebnis der gewöhnlichen Geschäftstätigkeit) increased to €29.3m from €5.5m in H1 2023.

• Net income reached €19.2m, up from €3.0m in H1 2023; EPS at €2.04 (adjusted: €2.12).

• Administrative expenses rose 39% to €19.0m, mainly due to higher variable compensation.

• Group equity increased to €62.1m as of June 30, 2024.

Outlook and guidance

• Expect continued high trading activity in Q3 2024, though at a slightly lower level than H1.

• Macroeconomic uncertainty, geopolitical risks, and regulatory changes expected to shape H2 2024.

• Focus remains on expanding customer base, product innovation, and IT resilience.