Lang & Schwarz (LUS1) H1 2026 earnings summary

Executive summary

• Achieved significant growth in trading activity and profitability in H1 2026, with strong performance in both TradeCenter and Structured Products segments.

• Expanded product offerings, issuing over 75,000 new structured products and maintaining high trading volumes.

• Maintained robust liquidity and capital position, ensuring operational stability.

Financial highlights

• Trading result rose by 54% year-over-year to €98.6 million in H1 2026.

• Ordinary business result increased by over 80% to €71.7 million compared to H1 2025.

• Net income for H1 2026 was €48.4 million, up from €26.5 million in H1 2025.

• Earnings per share reached €5.13 (or €5.20 adjusted), compared to €2.81 (or €2.88 adjusted) in H1 2025.

• Administrative expenses rose 9% to €25.8 million, mainly due to higher external service and legal costs.

Outlook and guidance

• Expecting a slight to moderate decline in trading result for full-year 2026 due to changes in client order flow, but still above 2024 levels.

• Strategic focus on broadening customer and order flow base and cost structure adjustments to offset external headwinds.

• Ongoing investments in IT infrastructure and resilience against cyber threats.