United Bankers (HLSE) H1 2026 earnings summary

Executive summary

• Revenue for January–June 2026 rose 4.4% year-over-year to EUR 30.4 million, marking the second-strongest half-year in company history, driven by organic and inorganic growth initiatives.

• Assets under management (AUM) reached a record EUR 5.8 billion, up 12.5% year-over-year, supported by the acquisitions of Fourton and Fondita.

• Completed acquisitions of Fourton and Fondita, expanding the fund portfolio by 12 funds and adding over 1,500 clients.

• Launched two new funds, UB Megatrends and UB Private Equity, broadening the product offering.

• Continued investments in technology, product development, and brand visibility, including a 40th anniversary celebration.

Financial highlights

• Revenue for H1 2026 was EUR 30.4 million, up 4.4% compared to H1 2025.

• Adjusted operating profit was EUR 8.1 million, down 8.4% year-over-year; adjusted EBITDA was EUR 9.6 million, down 7.8%.

• Profit for the period was EUR 5.9 million, down 15.9% year-over-year; EPS was EUR 0.54.

• Operating profit was EUR 7.7 million, a decrease of 12.8% year-over-year.

• Cost-to-income ratio increased to 0.74 from 0.69 year-over-year.

Outlook and guidance

• Guidance for 2026 maintained: adjusted operating profit expected to be close to or grow compared to 2025.

• Market outlook for the remainder of 2026 is cautiously positive, with global GDP growth forecast at 3% for 2026 and 3.4% for 2027, supported by US growth and AI investments.

• Focus for the rest of the year is on integrating acquisitions and leveraging sales synergies.

• Synergies from recent acquisitions expected to positively impact profit development in 2026.

• Long-term targets include AUM over EUR 10 billion and adjusted operating profit exceeding 40% of revenue by 2028.