Profit warning for 2023, profit guidance halved

• Pre-tax profit guidance downgraded from between €170m and €200m to between €90m and €110m for FY2023 • Loan loss provisions increased from €38m for 9M 22 to €104m for 9M 23 • pbb assumes that a special dividend (+25%) will not be distributed for FY2023 • The bank confirmed its 2026 targets (>10% RoE before tax)

Mixed Q2 23 figures, 2023 guidance confirmed

• Operating income was up by 14% to €140m for Q2 23 compared to Q2 22 • Loan loss provisions increased from €1m for Q2 22 to €19m for Q2 23 due to a further deterioration in real estate markets • Net profit was down by 24% to €42m for Q2 23 but above the consensus • The management confirmed its pre-tax profit guidance of between €170m and €200m for FY2023 • pbb launched a cost-cutting programme to reduce the c/i-ratio

Solid Q1 figures below the previous year but profit clearly above the consensus

• Operating income was down by 20% to €119m for Q1 23 • Net profit decreased by 25% to €27m for Q1 23 but 32% above consensus expectation • The PIF and VP segments were merged into a new segment called “Non-Core” • Pre-tax profit guidance of between €170m and €200m for FY2023 confirmed

Solid figures for 2022, profit and DPS above consensus expectations

• Operating income was down by 10% to €531m for 2022 • Loan loss provisions decreased by 46% to €44m for 2022 • Net profit declined by 18% to €187m for 2022 • New pre-tax profit guidance is between €170m and €200m for FY2023 • DPS proposal is €0.95 for FY2022 compared to €1.18 for FY2021 • New strategic targets are a RoE before tax above 10% or more than €300m pre-tax profit for 2026

Solid Q3 22 figures, 2022 guidance confirmed

• Operating income was down by 10% to €128m for Q3 22 compared to Q3 21 • Loan loss provisions increased by 12% to €19m for Q3 22 • Net profit was down by 28% to €44m for Q3 22 • Pre-tax profit guidance of between €200m and €220m for FY2022 confirmed

Solid Q2 22 figures, 2022 guidance confirmed

• Operating income was down by 13% to €123m for Q2 22 • Loan loss provisions decreased from €23m for Q2 21 to €1m for Q2 22 • Net profit was flat at €55m for Q2 22 • Pre-tax profit guidance of between €200m and €220m for FY2022 confirmed

Solid Q1 figures, higher loan loss provisions

• Operating income was up by 2% to €149m for Q1 22 • Loan loss provisions increased by 80% to €18m for Q1 22 due to the changed economic forecasts because of the Russian/Ukrainian war • Net profit decreased by 14% to €36m for Q1 22 • Pre-tax profit guidance of between €200m and €220m for FY2022 confirmed

Strong dividend and good figures for 2021

• Operating income was up by 12% to €591m for 2021 • Loan loss provisions decreased by 36% to €81m for 2021 • Net profit attributable to shares doubled to €212m for 2021 • New pre-tax profit guidance is between €200m and €220m for FY2022 • No direct exposure to Ukraine and Russia • The dividend per share proposal increased from €0.58 for FY2020 to €1.18 for FY2021

Good Q3 figures, optimistic outlook for FY2021 and FY2022

• Operating income was up by 5% to €142m for Q3 21 • Loan loss provisions increased by 21% to €17m for Q3 21 compared to Q3 20 • Net profit rose by 20% to €61m for Q3 21 compared to Q3 20 • pbb expects now pre-tax profit at the upper end of guidance range between €180m and €220m for FY2021, or slightly above and is optimistic for 2022

Good Q2 figures, decision on additional FY2020 dividend delayed

• Operating income was up by 16% to €141m for Q2 21 • Loan loss provisions declined by 36% to €23m for Q2 21 compared to Q2 20 • Net profit increased from €20m for Q2 20 to €55m for Q2 21 • Pre-tax profit guidance for FY2021 was raised from at least €155m to between €180m and €220m two weeks ago • pbb is aiming to make a decision about further dividend distributions for FY2020 in Q4 21

Positive profit warning and pre-tax profit guidance raised

• Loan loss provisions decreased from the COVID-19-impacted €70m for H1 20 to €33m for H1 21 • Profit before taxes rose from €30m for H1 20 to €114m for H1 21 • The bank now anticipates pre-tax profit of between €180m and €220m for 2021, above its previous guidance of at least €155m • Additional DPS for FY2020 now possible in Q4 21

Good Q1 figures, profit above expectations

• Operating income was up by 33% to €146m for Q1 21 • Loan loss provisions decreased from the COVID-19-impacted €34m for Q1 20 to €10m for Q1 21 • Trading income switched from a loss of €17m for Q1 20 to a profit of €2m for Q1 21 • Net profit increased from €2m for Q1 20 to €42m for Q1 21

Good revenue figures for 2020, restricted dividend with upgrade potential

• Operating income was up by 5% to €529m for 2020 • Loan loss provisions increased by 147% to €126m for 2020 due to COVID-19 • Net profit attributable to shares declined by 38% to €100m for 2020 • The dividend per share proposal is ECB restricted at €0.26 for FY2020 but will be reviewed in Q4

Good Q3 figures despite COVID-19

• Operating income was up by 6% to €141m for Q3 20 • Loan loss provisions increased by 40% to €14m for Q3 20 • Pre-tax profit rose by 7% to €75m • Net profit attributable to shares declined by 15% to €44m for Q3 20 due to a higher tax ratio

Solid Q2 operating income, but COVID-19 provisions burdened

• Operating income was up by 3% to €123m for Q2 20 • Loan loss provisions were €36m for Q2 20 due to COVID-19 compared to an income of €1m for Q2 19 • But €24m was for performing loans (stages 1 and 2) • Net profit attributable to shares decreased by 70% to €16m for Q2 20 • No dividend for FY2019 paid in 2020 due to the ECB decision but later pay possible

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

Morning Note – 18 April 2024

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long