Lang & Schwarz (LUS1) H2 2024 earnings summary

Executive summary

• Achieved record trading volume and the highest revenue in company history in 2024, driven by a dynamic market environment and strong performance in both TradeCenter and Structured Products segments.

• TradeCenter nearly doubled trades to 60.3 million (+95%) and increased trading volume by 90% to EUR 153.2 billion year-over-year.

• Structured Products saw a 7% rise in trades and a 19% increase in trading volume to EUR 1.5 billion compared to the previous year.

• Result from trading activities surged by 161% to EUR 109.2 million, with net income up 190% to EUR 22.1 million year-over-year.

• Proposed dividend of EUR 1.75 per share for 2024, up from EUR 0.55 in the prior year.

Financial highlights

• Revenue increased to EUR 739.5 million from EUR 485.3 million year-over-year.

• Operating income (result from trading activities) rose to EUR 109.2 million from EUR 41.8 million (+161%).

• Net income reached EUR 22.1 million, up from EUR 7.6 million (+190%).

• Administrative expenses increased to EUR 37.1 million (2023: EUR 25.8 million), mainly due to higher variable compensation.

• Equity grew to EUR 60.1 million (2023: EUR 42.9 million); equity ratio (incl. risk funds) improved to 12.3% (2023: 10.0%).

Outlook and guidance

• Expect continued high demand in 2025, but anticipate increased competition in TradeCenter and a moderate decline in trading results versus the exceptional 2024.

• Forecast a slight rise in administrative expenses and a moderate decrease in operating profit for 2025.

• Early 2025 shows strong trading activity, especially in TradeCenter, with results exceeding the prior year’s start.