Sino (XTP) H2 23/24 earnings summary

Executive summary

• Achieved a significant turnaround in 2023/2024, with a strong increase in order volume and improved financial results, driven by operational improvements and one-time effects such as a damages claim and a special payment from Baader Bank.

• Customer base and product portfolio expanded, with new partnerships and digital initiatives enhancing service for heavy traders.

• Trade Republic, in which a 2.3% stake is held, doubled its customer base to 8 million and tripled assets under management to €100 billion, reinforcing optimism for future value.

• No dividend was paid; profits were retained to strengthen liquidity, with a commitment to distribute at least 90% of gains from any future Trade Republic share sales.

Financial highlights

• Group revenues rose 59.7% year-over-year to €9.1 million (prior year: €5.7 million), including higher commission income and special items.

• Group result from ordinary activities improved to €1.29 million (prior year: -€1.48 million); consolidated net income was €888k (prior year: -€1.0 million).

• Parent company net income reached €769k, with a cost-income ratio of 0.97 (prior year: 1.3).

• Number of executed orders increased by 24.6% to 637,547; number of depots rose by 8% to 270.

• Equity ratio at group level increased to 85.1% (prior year: 81.8%).

Outlook and guidance

• Expects further growth in customer numbers and trading activity, supported by new products, digital onboarding, and expanded trading hours.

• Revenue for 2024/2025 projected between €6.4–8.0 million, with costs between €6.4–7.2 million; cost-income ratio expected between 0.8–1.13.

• Continued investment in marketing and digitalization, including crypto trading and digital account opening.

• No dividend planned for 2024/2025; negative result expected for the holding company if no participations are sold.