Equita Group (EQUI) Q3 2025 earnings summary

Executive summary

• Achieved record nine-month results since IPO, with net revenues of €82.7 million (+49% YoY) and net profits of €18.7 million (+89% YoY), surpassing 2024 full-year profit before year-end.

• All business divisions—Global Markets, Investment Banking, and Alternative Asset Management—contributed to strong growth, supported by robust trading activity and market positioning in Italy.

• Significant contributions from newly acquired businesses, including EQUITA Debt Advisory, and new illiquid funds expanded capabilities and market reach.

• Board to propose a dividend increase above €0.35 per share for 2026, reflecting robust performance and positive outlook.

• Surpassed previous records in Directional Trading and received industry recognition for bond issuance.

Financial highlights

• Net revenues reached €82.7 million (+49% YoY); 3Q'25 net revenues were €28.6 million (+93% YoY).

• Net profit was €18.7 million (+89% YoY); profit before taxes €26.1 million (+86% YoY); net margin improved to 22.6%.

• Net revenues linked to clients totaled €69.8 million (+39% YoY).

• Cost/income ratio improved to 68%–68.5% (from 74.8%–75% YoY), reflecting strong operating leverage.

• Personnel costs increased by 52% to €40.2 million, with compensation-to-revenues ratio at 49%.

Outlook and guidance

• Management expects continued positive performance, with all divisions contributing to profit growth and a focus on business line integration and product innovation.

• Dividend per share for 2026 expected to exceed €0.35, while retaining some profits for future stability.

• Anticipation of IPO market rebound in 2026–2027 and further expansion in research coverage and new business areas.

• Macroeconomic and geopolitical factors, including US tariffs and the Ukraine conflict, may impact performance.

• Fundraising in illiquid asset management and IPO recovery support optimism despite uncertainties.