Smartbroker Holding: Operating profitability has improved and forecasts and price target confirmed - GBC AG

Smart­bro­ker Hol­ding AG de­li­ver­ed a mark­ed im­pro­ve­ment in ope­ra­ting per­for­mance in the first half of 2026 and ex­cee­ded its in­ter­nal ex­pec­ta­ti­ons at both re­ve­nue and ear­nings le­vel. Con­so­li­da­ted re­ve­nue in­creased by 9.6% to €35.42 mil­li­on, com­pared with €32.31 mil­li­on in the pre­vious year and an in­ter­nal tar­get of €34.70 mil­li­on. EBITDA af­ter cus­to­mer ac­qui­si­ti­on cos­ts im­pro­ved si­gni­fi­cant­ly from €0.06 mil­li­on to €2.20 mil­li­on, cor­re­spon­ding to an EBITDA mar­gin of 6.2% com­pared with 0.2% in the pri­or-year pe­ri­od. De­spi­te con­tin­ued high sche­du­led de­pre­cia­ti­on and amor­ti­sa­ti­on, EBIT im­pro­ved to €-2.98 mil­li­on and the net loss nar­ro­wed to €-2.95 mil­li­on. In our view, the first-half fi­gu­res pro­vi­de in­cre­asing­ly vi­si­ble evi­dence that the in­vest­ments made in Smart­bro­ker+ are trans­la­ting into stron­ger un­der­ly­ing ope­ra­ting pro­fi­ta­bi­li­ty.