Lang & Schwarz (LUS1) H1 2025 earnings summary

Executive summary

• Achieved a 35% year-over-year increase in ordinary business profit to €39.7M for H1 2025, driven by strong trading activity and product expansion.

• Trading volume in TradeCenter surged 160% to €163.2B, with trades doubling to 54.6M; structured products also saw double-digit growth in volume and trades.

• Net income rose to €26.5M (H1 2024: €19.2M), with EPS at €2.81, or €2.88 adjusted for one-time interest effects.

Financial highlights

• Revenue increased to €586.7M (H1 2024: €443.7M), with trading result up 30% to €64.0M.

• Administrative expenses rose 24% to €23.6M, mainly due to higher variable compensation and legal costs.

• Net profit margin improved, with period result up 38% year-over-year.

• Equity increased to €87.0M (Dec 2024: €60.1M), and total assets reached €1.24B (Dec 2024: €870M).

Outlook and guidance

• Expect continued high trading activity in Q3 2025, but anticipate increased competition may pressure trading results in H2.

• Ongoing market volatility and regulatory changes will shape performance; focus remains on expanding customer base and product offerings.