Sino (XTP) H1 25/26 earnings summary

Executive summary

• Specialized in high-end brokerage for active traders, the group expanded marketing and digital product offerings, notably enhancing crypto trading and digital account onboarding.

• Achieved a significant one-time gain from the sale of Trade Republic shares, driving record earnings and a sharp increase in equity.

Financial highlights

• Revenue for the half-year rose to €33.0M from €4.4M year-over-year, mainly due to a €25.5M gain from the Trade Republic share sale.

• Operating income (provision income) increased 71% to €7.16M, with a net profit of €26.6M versus €42K prior year.

• Cost-income ratio improved to 0.69 from 0.85 year-over-year.

• Equity rose to €39.9M from €13.3M at prior year-end; equity ratio at 91.5%.

• Dividend of at least €14.80 per share planned, following a May 2026 payout of €1.46 per share.

Outlook and guidance

• Full-year operating revenue expected between €12.2M and €13.8M; operating pre-tax profit €3.4M–€4.6M.

• Including both tranches of the Trade Republic sale, net profit for the year projected at €40.8M–€41.6M.

• Cost-income ratio forecasted at 0.63–0.77.