Equita Group (EQUI) Q1 2026 earnings summary

Executive summary

• Net revenues grew 7% year-over-year to €25 million in Q1 2026, marking the best first quarter since IPO.

• Reported net profit for Q1 2026 was €4.6 million, down 1% year-over-year, while adjusted net profit rose 6% to €5 million with a net margin of 20%.

• Return on Tangible Equity reached 34% as of March 31, 2026.

• Strong client business growth, with client-related revenues up 37% year-over-year.

• Board confirmed independence of Directors and Statutory Auditors.

Financial highlights

• Consolidated net revenues: €25 million (up 7% year-over-year).

• Adjusted net profit: €5 million (up 6% year-over-year); reported net profit: €4.6 million (down 1% year-over-year).

• Personnel costs increased 7% to €12.2 million, in line with revenue growth.

• Total costs rose 9% to €18.3 million, with non-recurring expenses of €0.5 million.

• Cash and cash equivalents rose 6% to €125.8 million since December 2025.

Outlook and guidance

• The outlook for the remainder of 2026 is cautiously optimistic, with key risks from ongoing geopolitical tensions, inflation, and energy prices.

• High market volatility anticipated to support Global Markets performance, potentially offsetting any slowdown in Investment Banking.

• Focus on diversification in Global Markets, organic growth in Investment Banking, and new product development in Alternative Asset Management.

• Focus on executing commercial partnership with Iccrea Banca and acquisition of Xenon Private Equity to drive long-term growth.

• The acquisition of Xenon Private Equity is expected to double AUM and triple annual management fees, with closing anticipated in H2 2026.