Lang & Schwarz's Q2 Numbers Offer a Glimmer, but Trade Republic's Shadow Looms Large
Veröffentlicht: 17.07.2026 um 01:51 Uhr, Redaktion boerse-global.de
Lang & Schwarz moved on multiple fronts Thursday, releasing preliminary second-quarter figures and outlining a strategy to break free from its heavy reliance on a single trading partner. The Frankfurt-based market maker reported a trading result of roughly €32 million for the three months ended June 30, 2026, up from €25 million in the same period last year, even as it reeled from Trade Republic's decision to strip LS Exchange of its exclusive order-flow routing.
The growth was fueled largely by the structured products division, which generated approximately €30 million in the first half of 2026, a 50% jump from €20 million a year earlier. The unit's expansion is backed by a surge in new emissions: more than 75,000 products were launched in the first six months, compared with around 45,000 in the prior-year period. The company also highlighted a solid capital base, seeking to reassure investors that its business model is not solely dependent on order flow from Trade Republic.
The stock, which hit a 52-week low of €14.35 on July 14, has since clawed back some ground. On Thursday it traded at €15.32, up 2.47% from Wednesday's close of €14.95. That still leaves the shares about 6.76% above the recent trough, and the Relative Strength Index of 13.5 on a 14-day basis signals an extremely oversold condition — a technical factor that likely contributed to the bounce.
Should investors sell immediately? Or is it worth buying Lang & Schwarz?
Trade Republic's early-July announcement that it is rolling out new execution technology — automatically sending orders to whichever exchange offers the best price — effectively ended LS Exchange's privileged status as the default venue for its orders. Lang & Schwarz acknowledged that technical issues at the neobroker are now weighing on its exchange-traded market making. In response, the company plans to adopt a multi-market-maker model, with implementation targeted by the end of 2026. The move is designed to reduce dependence on a single counterparty and broaden Lang & Schwarz's role in the market, but until it is fully operational, the drag from the Trade Republic relationship remains a persistent risk for the current financial year.
Notably, Lang & Schwarz had already trimmed its 2026 guidance on July 2 — before Trade Republic's announcement. In an ad-hoc disclosure, the board said it now expects a moderate decline in the trading result from the record level of 2025, while still anticipating results above those of 2024. That cautiously optimistic tone was reinforced by the dividend proposal for 2025: €2.00 per share, a roughly 15% increase year over year, reflecting a payout ratio of 40%.
Investors will get their first detailed read on how the loss of exclusivity is affecting the trading business when Lang & Schwarz publishes its half-year financial report on August 21. The annual general meeting follows five days later on August 26, where management is expected to elaborate on the strategic pivot toward a more diversified revenue base and the multi-market-maker roadmap. Whether the plan can fully untether the company from Trade Republic's influence by year-end remains the key question for the months ahead.
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