Baader Bank achieved record results in the 2025 financial year and sets the course for the future

Baader Bank achieved record results in the 2025 financial year and sets the course for the future

Baader Bank increased Group earnings before taxes by 81 % to a total of EUR 72.9 million in the past financial year (2024: EUR 40.2 million). For 2025, consolidated earnings after tax stood at EUR 50.7 million (2024: EUR 23.5 million) and earnings per share after tax at EUR 1.04 (2024: EUR 0.48).

The increased market volatility in 2025 compared to the previous year had a positive effect on Baader Bank's capital market and securities trading business. The past financial year was marked by tariff threats, a gold and silver rally, AI trends, political tensions and global crises — while a large number of stock indices (nevertheless) reached new all-time highs over the course of the year.

The gain in market shares, as well as the high volumes on the global stock exchanges and the increase in order numbers, particularly on the gettex trading platform, had an overwhelmingly positive impact throughout 2025 on earnings from the trading business, which almost doubled to EUR 131.3 million in comparison to the previous year (2024: EUR 66.7 million). Earnings from the commission business amounted to EUR 113.3 million (2024: EUR 102.3 million), also representing significant growth compared to the previous year. Earnings from the interest business declined slightly year-on-year to EUR 45.4 million (2024: EUR 48.5 million), which is mainly due to a decline in customer deposits and a slight fall in interest rates. At EUR 12.5 million, sales revenue increased slightly (2024: EUR 11.5 million).

In the 2025 financial year, total revenue increased significantly again by 29 % to EUR 320.2 million (2024: EUR 247.7 million). In contrast, total expenses in the past financial year rose by only 19 %, to EUR 247.3 million (2024: EUR 207.5 million). The main driver of the increase is personnel expenses, which rose to EUR 116.8 million, taking into account variable remuneration components and increased staffing levels (2024: EUR 92.2 million). As of 31/12/2025, the Group's total number of employees (in full-time equivalents) amounted to 678 (2024: 631). In addition, operating expenses rose to EUR 112.9 million due to investments in the IT sector (2024: EUR 97.5 million). By contrast, at EUR 17.7 million, pension expenses remained almost unchanged (2024: EUR 17.8 million) and include planned transfers to the fund amounting to EUR 13.5 million for general banking risks¹ (2024: EUR 11.8 million). The return on equity after tax increased in the past financial year and, at 26.8 %, was significantly higher than the previous year's figure of 14.2 %.

Long-term partnerships strengthen growth in the B2B2C business

The number of B2B2C customers and the managed customer volume decreased year-on-year by around one third due to the de-migration of a cooperation partner at the end of 2025. Adjusted for the de-migration effect, growth amounted to 33 % (number of customers) or 38 % (managed customer volume) in the past financial year and shows a strong growth with the existing cooperation partners.

Overall, the effects of the de-migration could be partially offset by the constant growth of new customers with existing and new cooperation partners in this business segment. In the past financial year, new cooperation partnerships and asset management clients, such as MyMarkets and Joe Broker, were connected to the Baader Bank platform. The deepening of cooperation with NAO was also advanced by ensuring scalability in the handling of private market funds (ELTIFS).

Together with its cooperation partners, Baader Bank is constantly expanding its product portfolio in order to offer customers innovative and market-driven solutions, such as 24/7 crypto trading, bond trading, the use of interest and currency accounts, and the extension of trading hours, such as the recent extension of trading hours on Saturdays from 2 pm to 7 pm in over-the-counter trading.

The volume of cryptocurrency trading in the context of the B2B2C cooperation business experienced increased by approximately 50 % in the past financial year compared to the previous year.

Over the course of the financial year, Baader Bank focused on the marketing initiative for its own trading offering under the brand Baader Trading. In addition to increasing brand awareness and establishing digital channels, such as the trading website www.baadertrading.de in particular, continuing to optimise the trading offering in collaboration with the Bank's numerous trading partners was key. This also included recent services such as weekend trading and the Baader Trading Days event for private investors, which took place on 25 and 26 October 2025.

Solid equity base

Baader Bank's balance sheet total declined to EUR 3.2 billion during the reporting period (31/12/2024: EUR 4.8 billion) due to the de-migration of a cooperation partner and the associated decline in customer deposits. This effect could only be partially compensated by acquiring new customers.

Equity increased to EUR 232.9 million thanks to the excellent earnings performance (31/12/2024: EUR 189.4 million). The Group's total capital ratio for the past financial year as at 31/12/2025 was 22.3 %.

With this solid equity base, Baader Bank is in a strong position to invest strategically in further growth and to fulfil regulatory capital requirements.

Subject to the corresponding committee resolutions and supervisory requirements, the Board plans to propose to the Annual General Meeting a dividend of EUR 0.20 per share entitled to dividend for the 2025 financial year. The shareholders will decide on this at the virtual shareholders' meeting on 09/07/2026.

Setting the course for the future: strengthening management structures

Following a record year in 2025, the company is now positioning itself for the future in the current year. A key step in this process involves the structured succession planning: Nico Baader, CEO of Baader Bank AG, will not extend his mandate on the Board of Management, which ends on 30/06/2026, in mutual agreement with the Supervisory Board. He has been a member of the Board of Management since 2009, serving as CEO since 2015, and has been responsible for various areas of responsibility during this time.

Nico Baader will take on new responsibilities within the corporate group in the future. With effect from 01/07/2026, he will become responsible for the management of Baader Bank Group’s parent financial holding company, Baader Beteiligungs GmbH, and, following a cooling-off period, will run for election as a member of the Supervisory Board of Baader Bank. In this way, the Baader family is proactively ensuring a reliable succession of leadership for the entire corporate group and providing continuity and stability within the family and among Baader Bank’s shareholder base.

The transition is taking place in close collaboration with those responsible, with the shared goal of ensuring continuity and reliability in the interests of the company and its investors. Dr. Louis Hagen, Chairman of the Supervisory Board of Baader Bank, emphasizes: “Nico Baader played a decisive role in shaping Baader Bank over many years. Under his leadership, important strategic initiatives were implemented, such as obtaining the full banking license in 2008 and setting up investment banking and customer business starting in 2011. He significantly strengthened the company’s position in the market during his tenure. His leadership was characterized by his professional expertise, his great dedication, and his high level of acceptance among clients and staff due to his personal qualities. For this, he deserves our deepest gratitude and recognition.”

Nico Baader adds: “I am looking forward to my new role. It has been a privilege to contribute to the successful development of our company over the years.”

At its meeting on 25/03/2026, the Supervisory Board also decided to extend the term of the current Deputy CEO, Oliver Riedel, by an additional five years in recognition of his successful work, and to appoint him as the new CEO, effective as of 01/07/2026. Oliver Riedel has been a member of the Board of Management since 2015 and has served as Deputy CEO since 2023. Within the Board of Management, he is currently responsible for the entire market division.

Oliver Riedel has been working with Baader Bank since 2010. He also serves as Chairman of the Board of Directors of Baader Helvea AG (Zurich) and as a member of the Boards of Directors of Baader Helvea Ltd. (London) as well as of Baader Helvea Inc. (New York). Throughout his career, he has held senior positions in equities and derivatives trading, including roles at Bayerische Landesbank, Schmidt Bank, and HypoVereinsbank.

At its meeting on 25/03/2026, the Supervisory Board of Baader Bank also resolved to appoint Kai Göhring, currently Authorised Signatory, as member of the Management Board for a term of five years, subject to regulatory approval. Kai Göhring has been with Baader Bank since 2015, serving as Managing Director. He was appointed Authorised Signatory in 2023 and currently oversees the Finance, Credit, Back Office, Legal, and Capital Markets Operations divisions. In addition, he has for many years served as a member and chairman of supervisory boards within Baader Bank’s group and affiliated companies. A fully qualified lawyer, he brings more than 20 years of experience in the financial industry. After working at international law firms in Frankfurt and New York, he moved to the banking sector in 2011, initially joining Morgan Stanley Bank AG in Frankfurt as Executive Director, before joining Baader Bank in 2015.

The Management Board will continue to include Martin Zoller, who was appointed Chief Risk Officer as of 01/03/2025. He is responsible for Risk Management & Regulatory Reporting, Group Business Resilience, and Group Compliance. Martin Zoller has 20 years of experience in banking and securities services, primarily in risk management roles at financial institutions such as Deutsche Börse, Clearstream, and HSBC. Most recently, he served as Chief Risk Officer at FNZ Bank SE, and prior to that at Deutsche WertpapierService Bank AG.

Dr. Louis Hagen commented: “The Supervisory Board is very pleased that the leadership of the Bank will remain in the hands of a highly motivated Management Board team with experienced executives who have long-standing ties to the company. This will enable Baader Bank to continue its successful strategy and further strengthen its market position.”
Oliver Riedel, future CEO, added: “I would like to thank the Supervisory Board for the trust they have placed in me. Together with my colleagues on the Management Board, I will continue the tradition of our family business and very much look forward to taking on the expanded responsibilities.”

Outlook for 2026

For the current 2026 financial year, the Board of Baader Bank expects market volatility to develop at a similar level compared to the previous year, while sales volumes will decline slightly compared to the high level of the previous year. The trend towards a fundamental shift in the volume of securities to free trading platforms continues to be clear and will continue, in the Board's opinion, due to increasing interest in securities investments and private pension provision in the retail sector, supported by political reforms such as the retirement savings depot (Altersvorsorgedepot). At the same time, due to the changed cooperation partner structure, Baader Bank is operating at a lower base level in the current financial year in terms of customer numbers, deposit volume and investment volume. Accordingly, Baader Bank expects a slight increase in the number of securities transactions in the 2026 financial year, at a lower base level than in the previous year.

On this basis, the Board expects earnings before tax for Baader Bank AG and the Baader Bank Group for the 2026 financial year to be significantly below the level of the previous year (2025). The corresponding return on equity after tax is also expected to be significantly below the previous year's level.

In view of the unpredictable, external influencing factors, the Board believes that reliable forecasts for business development can only be made to a limited extent. The forward-looking statements, expectations and forecasts for Baader Bank's future development are therefore based on the information and findings available in the company at the time of publication.

¹ The transfer to the fund for general banking risks also takes into account the statutory transfer to the fund for general banking risks at the end of the year in accordance with Section 340e HGB.

 

 

Overview of key figures 2025

    1/1/-31/12/2025
  in € mn   2025   2024   Delta Result from interest business   45.4   48.5   -3.1 Result from commission business   113.3   102.3   11.0 Result from trading activities   131.3   66.7   64.6 Revenur   12.5   11.5   1.0 Other income   17.6   18.6   -1.0 Income   320.2   247.7   72.5               Personnel expenses   116.8   92.2   24.6 Other operating expenses   112.9   97.5   15.4 Risk provision   17.7   17.8   -0.2 Expenses   247.3   207.5   39.8               Earnings before tax (EBT)   72.9   40.2   32.7 Taxes   22.3   16.6   5.7 Minorities   -0.2   0.0   -0.2 Group results   50.7   23.5   27.2 Earnings per share in EUR   1.04   0.48   0.56 Return on equity after tax in %   26.8   14.2   12.6

 

 

    As of reporting date     31/12/2025   31/12/2024   Delta Total assets in € mn   3,235   4,825   -1,590 Equity capital in €   232.9   189.4   43.5               Total capital ratio in %   22.29   22.21   -

 

 

 

 

For further information and media inquiries:

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

https://www.baaderbank.de

www.baadertrading.de
 

Next dates:
28/03/2026  Investor Day (Anlegertag) Munich

26/03/2026  Corporate News on the final annual results for 2025

30/04/2026  Corporate News on the Q1 2026 results

 

 

About Baader Bank AG:

Baader Bank is one of the leading European partners for investment and banking services. Trading and banking are combined using a single powerful platform that offers a unique set-up and optimum access to the capital market using a secure, automated and scalable approach. As a family-run full-service bank with its headquarters in Unter-schleissheim near Munich, Baader Bank AG employs around 650 staff members and operates in Market Making, Capital Markets, Brokerage, Fund Services, Account Services and Research Services. The Baader Trading brand unites the trading activities and services of Baader Bank.