Lang & Schwarz (LUS1) H2 2025 earnings summary

Executive summary

• Achieved record trading volume and revenues in 2025, with the highest operating result in company history, driven by strong market volatility and expanded product offerings.

• TradeCenter segment saw trades increase by nearly 80% to 107.8 million and trading volume more than doubled to €331.7 billion (+116%).

• Structured Products segment grew trades by 33% to 663,000 and volume by 65% to €2.5 billion.

• Net income rose to €48.4 million (prior year: €22.1 million), with a proposed dividend of €2.00 per share.

• Strategic focus on launching a Multi-Market-Maker model in 2026 to diversify order flow and strengthen market position.

Financial highlights

• Operating result from trading activities increased by 33% to €145.5 million year-over-year.

• Administrative expenses rose 19% to €44.2 million, mainly due to higher variable compensation and increased headcount.

• Result from ordinary activities up 41% to €100.2 million.

• Equity increased to €92.4 million (prior year: €60.1 million); equity ratio (incl. risk funds) at 13.4%.

• Liquidity surplus at year-end was €74.0 million.

Outlook and guidance

• Expectation of continued high demand and trading activity in 2026, with results anticipated at the strong prior-year level.

• Regulatory changes (PFOF ban from July 2026) introduce uncertainty, especially for TradeCenter.

• Slight increase in administrative expenses expected for 2026.

• Multi-Market-Maker model implementation planned, pending regulatory and contractual approvals.