Baader Bank AG Baader Bank delivers consistent half-year Group earnings, driven by diversified growth

Baader Bank delivers consistent half-year Group earnings, driven by diversified growth

• Group earnings before tax (EBT) totalled EUR 22.4 million in the first half of 2026.
• Total revenue is 15 % lower than in the same period of the previous year.
• Baader Bank’s balance sheet total amounted to EUR 3.6 billion during the reporting period.

 
The Baader Bank Group generated earnings before tax of EUR 22.4 million in the first half of 2026 (H1 2025:  EUR 49.1 million). Consolidated earnings after tax amounted to EUR 15.3 million (H1 2025: EUR 35.0 million). Earnings per share after tax stood at EUR 0.31 (H1 2025: EUR 0.72) and return on equity after tax fell to 13.1% in the first half of the year compared to the same period of the previous year (H1 2025: 36.9%).

The first half of 2026 was shaped by geopolitical instability, which once again triggered economic uncertainty and, in some cases, increased stock market volatility. Despite the temporary challenges posed by the macroeconomic environment, equity markets maintained their upward trend in the first half of the year, albeit with selective performance.

Overall, trade revenues continued to develop positively in the first half of 2026 compared to the same period of the previous year. Combined trading volumes on German trading venues were slightly higher year on year. As a result, Baader Bank’s market share in market making increased for all asset classes combined.

Customer transactions, or trades, have declined compared to the previous year. Lower market volatility compared to the same period last year is also a factor in the decline in earnings from trading income to EUR 57.5 million (H1 2025: EUR 68.2 million).

Earnings from the commission business amounted to EUR 53.3 million (H1 2025: EUR 59.8 million) and thus recorded a decrease of 11%. Earnings from the interest business stood at EUR 18.9 million, also seeing a year-on-year decline (H1 2025: EUR 22.8 million), which was due to a lower interest rate level as well as reduced deposit volumes. At EUR 3.8 million, sales revenue was also low (H1 2025: EUR 6.1 million). Total revenue for the first half of 2026 was thus EUR 137.5 million (H1 2025: EUR 162.0 million), falling by 15% overall.

Total expenses for the first half of 2026 amounted to EUR 115.1 million (H1 2025: EUR 112.9 million). This was primarily driven by operating expenses, which increased to EUR 57.7 million compared to the same period of the previous year (H1 2025: EUR 50.1 million). At EUR 52.1 million, personnel expenses saw a year-on-year decrease of 10% in the first half of 2026 (H1 2025: EUR 57.7 million). As at 30/06/2026, the Group’s total number of employees (in full-time equivalents) amounted to 695 (31/12/2025: 678). At EUR 5.4 million, pension expenses remained almost unchanged (H1 2025: EUR 5.2 million). This includes the planned transfers to the fund for general banking risks¹ amounting to EUR 4.0 million (H1 2025: EUR 4.5 million).

¹ The transfer to the fund for general banking risks also takes into account the statutory transfer to the fund for general banking risks at the end of the year in accordance with Section 340e HGB.

 

 

Focus on diversified growth through B2B2C cooperation models

Baader Bank’s account and securities account business continued to grow steadily in the first half of 2026, driven by its diversified B2B2C cooperation model. With 138,000 new securities accounts, the number of securities accounts managed by Baader Bank has risen to 1,266,000 (31/12/2025: 1,128,000 securities accounts). Managed customer assets, consisting of securities account volumes and customer deposits, amounted to EUR 49.2 billion (31/12/2025: EUR 33.2 billion). Growth in the cooperation business, or more specifically B2B2C customer growth, are central to this development.

Within the account and securities account business, the implementation of new B2B partnerships remains a strategic focus for Baader Bank. The same applies to the Altersvorsorgedepot (pension investment account) currently being implemented, which is intended to supplement the German pension system as of 1 January 2027. Together with its cooperation partners, Baader Bank is implementing the relevant product requirements into a joint product suitable for end customers, enabling it to capitalise on further growth opportunities.

Baader Bank also achieved further growth in its account and securities account business with (international) banks in the first half of the year through its omnibus account business. Through this cooperation model, Baader Bank enables (international) banks to be competitive, especially in markets outside Germany.

Over the course of the financial year, Baader Bank continued to focus on the marketing initiative for its own trading offering under the brand name Baader Trading. In addition to increasing brand awareness and establishing digital channels, such as the pricing website www.baadertrading.de in particular, continuing to optimise the trading offering in collaboration with the bank’s numerous trading partners was key. This also included recent offerings such as weekend trading and the Baader Trading Days event for private investors, which will be held for the second time on the 17th and 18th October 2026 in Munich.

In the capital market business, Baader Bank saw through a total of four transactions in the first half of the year. In June, it acted as co-lead manager for the IPO of Robyg S.A. on the Warsaw Stock Exchange (volume: EUR 277 million) and, prior to that, the IPOs of ASTA Energy Solutions (volume: EUR 190 million) in the Prime Standard segment of the Frankfurt Stock Exchange and the Prague-based arms and industrial company Czechoslovak Group (volume: EUR 2.8 billion), which was one of the largest IPOs of the year in Europe.

Robust equity base as foundation for business model

Baader Bank’s balance sheet total increased to EUR 3.6 billion during the reporting period (31/12/2025: EUR 3.2 billion), and equity also increased to EUR 248 million (31/12/2025: EUR 233 million). Capital stands at EUR 340 million and consists of equity and contributions to the fund for general banking risks. The Group’s total capital ratio for the past quarter was 21.4% as at 31/06/2026. With this solid equity base, Baader Bank is in a strong position to invest strategically in further growth and to fulfil regulatory capital requirements.

In addition to strong capital resources, the powerful IT platform guarantees reliable delivery capabilities, cementing Baader Bank’s position as a dependable partner in the global capital market environment. The sustained high trading volumes can always be handled reliably due to Baader Bank’s solid capital and liquidity position, even during particularly volatile market phases.

In the second half of 2026, the strategic focus of business activities will be implementing medium- and long-term business objectives in order to actively shape the progressive change and intense competition happening in the securities business. By offering over-the-counter trading services and market making, particularly on the gettex trading platform, Baader Bank has further asserted its independence from historically established stock exchanges and continued to consolidate its market position.

Overview of Baader Bank key figures 1. Half year 2026

		1/1/-30/06/
in mn. €		2026		2025		Delta
Result from interest business		18.9		22.8		-3.9
Result from commission business		53.3		59.8		-6.5
Result from trading activities		57.5		68.2		-10.7
Revenue		3.8		6.1		-2.3
Other income		4.0		5.1		-1.1
Income		137.5		162.0		-24.5
Personnel expenses		52.1		57.7		-5.6
Other operating expenses		57.7		50.1		7.6
Risk provision		5.4		5.2		0.2
Expenses		115.1		112.9		2.2
Earnings before tax (EBT)		22.4		49.1		-26.7
Taxes		7.1		14.3		-7.2
Minorities		0.0		-0.2		0.2
Group results		15.3		35.0		-19.7
Earnings per share in EUR		0.31		0.72		-0.40
Return on equity after tax in %		13.1		36.9		-23.8

 

 

		As of reporting date
		30/06/2026		31/12/2025		Delta
Total assets in € mn		3,630		3,235		395.0
Equity capital in €		248		233		15.5
(provisional) Total capital ratio in %		21.80		22.29		–

 

 

 

 

For further information and media inquiries:

Marlene Constanze Hartz
Senior Manager
Group Communication

T +49 89 5150 1044

Marlene.hartz@baaderbank.de
 

Baader Bank AG
Weihenstephaner Strasse 4
85716 Unterschleißheim, Germany
www.baaderbank.de
www.baadertrading.de
 

Next dates:
 

30/07/2026  Publication of the 2026 Half-Year Report

12/09/2026  ‚Börsentag‘ Düsseldorf

21-24/09/2026  Baader Investment Conference

 

About Baader Bank:

Baader Bank is one of the leading European partners for investment and banking services. Trading and banking are combined using a single powerful platform that offers a unique set-up and optimum access to the capital market using a secure, automated and scalable approach. As a full-service bank with its headquarters in Unter-schleissheim near Munich, Baader Bank AG employs around 700 staff members and operates in Market Making, Capital Markets, Brokerage, Fund Services, Account Services and Research Services.

The Baader Trading brand unites the trading activities and services of Baader Bank.