OVB (O4B) Q3 2024 earnings summary

Executive summary

• Brokerage income rose 14.6% year-over-year to €298.1 million in the first nine months of 2024, with client numbers reaching 4.65 million (+4.3%) and financial advisors at 6,143 (+4.2%).

• EBIT increased 21.9% to €13.9 million, and net income after non-controlling interests rose 45.8% to €13.3 million.

• All segments contributed to Q3 growth, with Central and Eastern Europe showing strong momentum.

• Previous year: brokerage income was €260.3m (+5.3%), EBIT declined 25.7% to €11.4m due to higher costs.

• Client base expanded 4.7% to 4.46m and advisors increased 4.4% to 5,896 in 2023.

Financial highlights

• Earnings per share climbed 45.8% to €0.93 in 2024; previous year EPS was €0.64 (flat year-over-year).

• Brokerage expenses increased 16.0% to €201.2 million; personnel expenses rose 7.8% to €39.8 million in 2024.

• Financial result improved 147.9% to €4.6 million; income taxes increased 27.4% to €5.0 million.

• Cash and cash equivalents at €73.9m, down 14.9% year-over-year in 2023.

• Dividend of €0.90 per share paid, totaling €12.83m in 2023.

Outlook and guidance

• Full-year 2024 guidance raised: brokerage income expected at €380–395 million, EBIT at €18–21 million.

• 2023 guidance was €350–360m brokerage income and €16–19m EBIT.

• Forecast upgrades reflect dynamic business performance and record client and advisor numbers.

• OVB aims to expand its sales organization and client base under the "OVB Excellence 2027" strategy.

• Market conditions remain challenging due to inflation and geopolitical risks.