OVB (O4B) Q2 2025 earnings summary

Executive summary

• Sales and brokerage income grew 11.1% year-over-year to €220.7 million in H1 2025, with client base up 4.6% to 4.81 million and advisors up 6.7% to 6,407.

• EBIT declined 58.8% to €3.8 million, mainly due to extraordinary items and a product partner insolvency.

• Net income attributable to owners dropped 68.1% to €2.9 million; EPS fell from €0.65 to €0.21.

Financial highlights

• Brokerage income rose 11.1% to €220.7 million; EBIT margin decreased from 4.7% to 1.7%.

• Net income fell to €2.9 million from €9.2 million; EPS declined 68.1% to €0.21.

• Brokerage expenses increased 12.7% to €151.2 million; other operating expenses up 34.3%.

• Personnel expenses rose 10.7% to €29.6 million; depreciation and amortisation up 16.6%.

• Cash flow from operating activities halved to €9.5 million; cash and cash equivalents at €62.4 million (-6.9% year-over-year).

Outlook and guidance

• Full-year brokerage income forecast raised to €430–450 million (previously €420–440 million).

• EBIT guidance lowered to €10–15 million from €20–23 million due to extraordinary items and partner insolvency.

• Ongoing legal proceedings and financial risks from the product partner insolvency remain uncertain.