Smartbroker Holding AG: 2026 Earnings Outlook Enhanced but Growth Delayed

Smartbroker Holding AG announced a revision in its 2026 financial guidance. The company now anticipates an increase in its earnings range despite a delay in customer growth to 2027. Smartbroker's EBITDA is estimated at EUR 0.50 million, while revenue is expected to reach the upper limit of EUR 70 million.

Customer acquisition has slowed, with a modest forecast of 4,000 new customers per month in the latter half of 2026. This reflects deferred customer incentives until 2027 with the introduction of a state-subsidized retirement savings account.

Projections for 2027 show potential revenue growth of 23.0%, driven by pent-up demand for the savings account starting in January 2027. The firm maintains its BUY rating with a target price of EUR 17.80, citing stable EBITDA despite a lower revenue forecast.