Q3 adj. EBIT of GBP 15m, below ABGSCe at GBP 20m
CoinShares adj. Revenues of GBP 26m, missed ABGSCe by 20%. The revenue miss was mainly driven by the Capital Markets segment and in particular FX/other effects. There was a slight beat on staking income, while liquidity provisioning and delta neutral trading were below our expectations. The Principal Investments segment also came in below ABGSCe. The revenue from the Asset Management segment was higher than expected at 3% above ABGSCe. This was driven by a higher than expected fee level. Costs were 5% lower than ABGSC expectations which lead to an adj. EBIT of GBP 15m, 27% below ABGSCe. Adjusting for other/FX losses in the Capital Markets division and losses in the Pricinpal Investments segment, the underlying adjusted EBIT came in nearly inline with our expectations. The AUM came in 6% below ABGSCe.
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