OVB Holding AG-OVB: Q1 2026 review and outlook-06/17/2026

Research evidence excerpt

OVB Holding AG-OVB: Q1 2026 review and outlook-06/17/2026

OVB Holding AG

SPONSORED RESEARCH UPDATE | 17 JUN 2026

Solid topline growth, earnings still impacted

Overview of Q1 results

Source: Company, Pareto Securities

At the earnings level, OVB’s Q1’26 performance reflected continued cost pressure despite

record brokerage income in the quarter. EBIT declined to EUR 2.3m (-22.7% yoy),

corresponding to a margin of 2.0% (vs. 2.9% in Q1’25), primarily due to elevated legal and

advisory expenses, higher brokerage costs (+9.9%) and inflation-driven personnel cost

increases (+5.3%). The key earnings burden remained the aftermath of the liquidation of a

former product partner in Southern & Western Europe.

As a result, Southern & Western Europe remained loss-making, reporting EBIT of EUR -

1.5m, while Central & Eastern Europe once again served as the Group’s earnings backbone,

increasing EBIT to EUR 6.0m on the back of strong revenue growth and solid cost discipline.

Germany remained profitable but delivered a lower contribution, with EBIT declining to EUR

0.4m, reflecting weaker revenue development and a higher expense ratio. Importantly,

management reiterated that the extraordinary costs related to the former product partner

are expected to persist throughout 2026, albeit at a lower level than in 2025, supporting the

view that current margin pressure is largely temporary rather than indicative of a

deterioration in the underlying business model.

Beyond the quarterly figures, OVB highlighted several developments that could become

increasingly relevant for the investment case. In Germany, the planned introduction of a new

state-supported retirement savings product could provide a structural tailwind for the