Baader Bank AG

Latest Results (01.09.2026):

Baader Bank AG — Q1 2026: The bank reported solid Group earnings before tax in Q1 2026 amid high market volatility. Total revenue fell to EUR 76.4m (Q1 2025: EUR 82.3m, -7%) while total expenses declined to EUR 58.4m (Q1 2025: EUR 61.5m, -5%), supporting an overall positive quarterly result driven mainly by stronger trading revenues.

Revenue and profitability

Total revenue: EUR 76.4m (Q1 2025: EUR 82.3m). Total expenses: EUR 58.4m (Q1 2025: EUR 61.5m). Management describes Group earnings before tax as "solid" for Q1 2026.

Trading business

Earnings from trading rose to EUR 34.8m (Q1 2025: EUR 33.3m), helped by higher market volatility, increased order numbers and market-share gains—notably on the gettex platform.

Commission and interest income

Commission income fell to EUR 29.2m (Q1 2025: EUR 33.1m, -12%). Interest income dropped materially to EUR 8.5m (Q1 2025: EUR 11.4m), attributed to a lower interest rate level and reduced deposit volumes.

Crypto and sales revenue

Cryptocurrency trading volume in the B2B2C channel fell by ~40% year‑on‑year. Sales revenue was low at EUR 1.8m (Q1 2025: EUR 3.1m).

Expenses, pensions and headcount

Pension expenses declined to EUR 2.8m (Q1 2025: EUR 7.0m), including a planned EUR 2.5m transfer to the fund for general banking risks. Personnel expenses rose slightly to EUR 28.0m (Q1 2025: EUR 26.9m). FTEs: 688 (31/12/2025: 678). Operating expenses stable at EUR 27.7m.

B2B2C growth and assets under management

B2B2C clients increased by ~100,000 and accounts by >120,000 in Q1 2026. Managed customer assets grew by about EUR 7.5bn to EUR 40.7bn, reflecting strong cooperation‑partner business.

Balance sheet and capitalisation

Balance sheet total rose to EUR 3.7bn (31/12/2025: EUR 3.2bn). Equity increased to EUR 245.4m (31/12/2025: EUR 232.9m). Group total capital ratio was 21.4% at 31/03/2026.

Notable capital markets transactions

Baader Bank executed three capital‑markets deals in Q1 2026, including the IPO of ASTA Energy Solutions (EUR 190m) and the large IPO of Czechoslovak Group (EUR 2.8bn), plus a March capital increase for Super Copper (CAD 10m).

Product and distribution initiatives

The bank is expanding its Baader Trading offering (brand, digital channels such as baadertrading.de), extended over‑the‑counter Saturday trading hours, and is rolling out product features (24/7 crypto, bond trading, interest/currency accounts) to grow market share. Baader Trading Days event planned for 17–18 Oct 2026.