OVB (O4B) Q4 2023 earnings summary

Executive summary

• Brokerage income set a new record at €354.3 million, up 6.7% YoY; EBIT was €17.8 million, and earnings per share was €1.00.

• Clients grew 5.4% to 4.50 million and financial advisors rose 2.1% to 5,892.

• The 2024 outlook calls for brokerage income of €360–€385 million and operating income of €17–€20 million.

Financial highlights

• Brokerage income increased to €354.3 million from €331.9 million; reported YoY growth was 6.7%.

• Gross profit rose 4.2% to €118.5 million; brokerage expenses increased 8.1% to €235.8 million.

• EBIT declined 19.0% to €17.8 million; personnel expenses increased 10.0% to €50.1 million.

• Consolidated net income after non-controlling interests fell 2.4% to €14.3 million; income tax was €6.2 million versus €6.4 million.

• Net financial income was €3.1 million, compared with net financial expenses of €0.6 million in 2022.

Outlook and guidance

• For FY 2024, brokerage income is forecast at €360–€385 million and operating income at €17–€20 million.

• Guidance reflects macroeconomic uncertainty; the positive sales trend is expected to continue.