Smartbroker (SB1) H1 2026 earnings summary

Executive summary

• Revenue rose 9.6% year-over-year to €35.4 million in H1 2026, driven by higher customer numbers and trading activity in Smartbroker+; both revenue and operating EBITDA after customer acquisition costs of €2.2 million exceeded plan.

• Net loss after taxes narrowed to €-2.9 million from €-5.2 million in H1 2025.

• Customer growth lagged expectations, with 31,000 new customers added, totaling over 285,000 by June 30, 2026, impacted by geopolitical uncertainty and higher marketing costs per customer.

• Major investments focused on launching the Altersvorsorgedepot (retirement savings account) for 2027 and expanding AI/data capabilities.

• Financial portals maintained reach and improved profitability, with 1.5 billion page views and 4.9 million monthly users.

Financial highlights

• Transaction business revenue grew 11.7% year-over-year to €21.0 million; media business revenue up 6.7% to €14.4 million.

• EBITDA margin improved to 6.2% (H1 2025: 0.2%).

• EBIT loss reduced to €-3.0 million from €-5.2 million year-over-year.

• Free cash flow improved to €-1.7 million from €-2.7 million year-over-year.

• Equity ratio at 75%, liquid funds at €19.0 million.

Outlook and guidance

• Full-year 2026 revenue expected between €67–72 million.

• Operative EBITDA after customer acquisition costs forecasted between €-1.5 million and €1.5 million.

• Altersvorsorgedepot launch in January 2027 expected to open a large new market segment and drive future growth.

• Anticipates improved customer acquisition in H2 2026, supported by new marketing initiatives and product launches.

• Market environment remains unpredictable due to geopolitical uncertainty.