Baader Bank reports positive consolidated nine-month earnings before tax – investment in Hyphe and 23-hour trading mark strategic milestones

Baader Bank reports positive consolidated nine-month earnings before tax – investment in Hyphe and 23-hour trading mark strategic milestones

 

All figures are preliminary and unaudited consolidated figures.

• Baader Bank generated consolidated earnings before tax of EUR 25.6 million in the first nine months of the current financial year and a consolidated return on equity after tax of 10.2%.
• Total Fina Elf income amounted to EUR 191.2 million in the nine-month period, while Total Fina Elf expenses decreased to EUR 165.6 million.
• Further innovation in the trading offering through the extension of trading hours to 23 hours a day from Monday to Friday.

 

In the first nine months of the current financial year, Baader Bank generated consolidated earnings before tax of EUR 25.6 million (9M 2025: EUR 57.1 million). Consolidated net income amounted to EUR 17.9 million (9M 2025: EUR 39.2 million), while earnings per share after tax were EUR 0.37 (9M 2025: EUR 0.80).

Compared with the strong prior-year period, developments during the reporting period were characterised primarily by a normalisation of the market environment in the third quarter. Baader Bank performed robustly in this environment, delivering a positive quarterly result and maintaining a solid earnings base. The nine-month result and the individual income components were adversely affected compared to the prior-year period, mainly due to the loss of a major cooperation partner at the beginning of 2026.

Trading income amounted to EUR 76.4 million in the nine-month period (9M 2025: EUR 95.1 million). Overall, trading volumes in the first nine months of 2026 were broadly in line with the prior-year period. In this context, Baader Bank increased its market share in market making across all asset classes, although margins were subject to significantly stronger competition. Commission income amounted to EUR 73.3 million (9M 2025: EUR 85.4 million). Net interest income contributed EUR 26.0 million (9M 2025: EUR 31.6 million). Revenue amounted to EUR 6.1 million (9M 2025: EUR 9.1 million), while other income increased to EUR 9.6 million (9M 2025: EUR 7.1 million). Total Fina Elf income amounted to EUR 191.2 million (9M 2025: EUR 228.4 million), a decrease of 16% compared to the prior year period.

Total Fina Elf expenses decreased to EUR 165.6 million in the first nine months of 2026 (9M 2025: EUR 171.3 million). Personnel expenses declined to EUR 75.0 million (9M 2025: EUR 82.5 million). As of 30 September 2026, the Group had 693 employees on a full-time-equivalent basis (31 December 2025: 678). Other operating expenses increased to EUR 85.3 million (9M 2025: EUR 77.0 million), reflecting investments in key projects to optimise the product range, including the retirement savings account and the extension of trading hours. Risk provisioning expenses decreased to EUR 5.3 million (9M 2025: EUR 11.7 million).

Both the Swiss Baader Helvea Group and Baader & Heins Capital Management AG contributed positively to Baader Bank’s nine-month result.

Further development through another innovation in the trading offering and an investment in crypto provider Hyphe

Baader Bank is consistently expanding its Baader Trading offering and, as a Next step, plans to extend trading hours to 23 hours a day from Monday to Friday. These further extended trading hours are scheduled to be introduced during the first quarter of 2027 and will run from 00:00 to 23:00, Monday to Friday, instead of the current hours running from 07:30 to 23:00. Over-the-counter Saturday trading will remain available from 14:00 to 19:00 with select partners, except on public holidays.

Initially, a selected universe of German AND Int. equities and ETFs will be available for trading during the new hours. From the first quarter of 2027, Baader Trading will therefore be the first trading venue to offer trading, particularly in European equities, beyond the extended exchange trading day. Further details on the launch of “23-5”, the tradable universe, trading conventions and partners will be announced in due course.

During the financial year, Baader Bank has focused on the marketing initiative for its trading offering under the Baader Trading brand. In addition to increasing brand awareness and establishing digital channels, particularly the trading information website www.baadertrading.de, the initiative centres on continuously optimising the trading offering in cooperation with numerous trading partners. Recent additions include weekend trading and Baader Trading Days, a two-day trade fair and conference event for retail investors.

During the reporting period, Baader Bank also announced new and diversified B2B2C partnerships with both RoboMarkets and OSKAR. In addition, the strategic partnership with DJE Kapital was extended and aligned with the Next steps in the collaboration.

A further strategic step in the past quarter was the expansion of the digital assets and crypto products offering through the acquisition of a 9.9 % interest in crypto business partner Hyphe. The company specialises in trading digital assets (cryptocurrencies) and tokenised securities. Baader Bank acts as a commission agent in crypto trading, while the crypto assets are held in custody by licensed crypto custodian Tangany GmbH, in which Baader Bank has also held a 9.9 % interest since September 2025. The investment in Hyphe reinforces Baader Bank’s focus on expanding its existing crypto-trading setup.

Baader Bank and Hyphe have worked together successfully since 2023 on Baader Bank’s crypto offering, a 24/7 trading service available to investors through selected Baader Trading cooperation partners.

 

Solid capital base

Baader Bank’s Total Fina Elf assets increased to EUR 3.5 billion as of 30 September 2026 compared with year-end 2025. Equity rose to EUR 241.1 million as of 30 September 2026 (31 December 2025: EUR 232.9 million), while own funds, including the fund for general banking risks, amounted to EUR 332.5 million (31 December 2025: EUR 320.2 million). Return on equity after tax was 10.2% after nine months (9M 2025: 27.6 %). As of 30 September 2026 the preliminary Total Fina Elf capital ratio was 22.94 %.

This continued solid capital base provides Baader Bank with sufficient capacity to invest selectively in growth and further innovations to enhance competitiveness, including for its connected partners, and to create genuine added value for shared B2B2C customers.

 

 

 

Key figures for the Baader Bank Group, 9M 2026

preliminary and unaudited consolidated figures

		9 months (1 Jan–30 Sep)
EUR million		2026		2025		Change
Net interest income		26.0		31.6		-5.7
Commission income		73.3		85.4		-12.2
Trading income		76.4		95.1		-18.8
Revenue		6.1		9.1		-3.1
Other income		9.6		7.1		2.5
Total Fina Elf income		191.2		228.4		-37.2
Personnel expenses		75.0		82.5		-7.6
Other operating expenses		85.3		77.0		8.2
Risk provisioning expenses		5.3		11.7		-6.4
Total Fina Elf expenses		165.6		171.3		-5.7
Earnings before tax (EBT)		25.6		57.1		-31.5
Taxes		7.8		18.1		-10.3
Non-controlling interests		0.0		-0.2		0.2
Consolidated net income		17.9		39.2		-21.4
Earnings per share in EUR		0.37		0.80		-0.44
Return on equity after tax in %		10.2		27.6		-17.4

 

 

		as at reporting date
		30.09.2026		31.12.2025		Change
Total Fina Elf assets in EUR million		3,510		3,235		275
Equity in EUR million		241.1		232.9		8.2
Total Fina Elf capital ratio in % (preliminary)		22.94		22.29		-

 

 

 

 

For further information and media enquiries:

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

Further dates:
 

21 November 2026 Börsentag Hamburg

23 November 2026  German Equity Forum, Frankfurt

 

 

About Baader Bank AG:

Baader Bank is one of Europe’s leading partners for securities and banking services. Its high-performance platform combines trading and banking in a unique one-stop setup, providing optimal access to the capital markets – securely, automatically and at scale. Headquartered in Unterschleissheim near Munich, the full-service bank employs around 700 people and operates in the Market Making, Capital Markets, Brokerage, Fund Services, Account Services and Research Services business areas. The Baader Trading brand brings together Baader Bank’s trading activities and services.