The Budapest Stock Exchange reported HUF 3.19 billion in consolidated net profit for the first half of 2026, up 18% year-on-year, as stronger equity trading and higher issuer revenues lifted the exchange’s operating performance.
Revenue increased 23% to HUF 2.713 billion, while EBITDA rose even faster, climbing 41% to HUF 1.24 billion, according to the BSE’s consolidated half-year report published on September 8.
Trading was the main growth engine. Revenue generated by trading activities jumped 52% year-on-year, while issuer fee revenue increased 11%. Data sales moved in the opposite direction, declining 6% to HUF 630 million.
Daily equity turnover rises 63%
Average daily equity turnover excluding FIX transactions reached HUF 28.24 billion, up 63% from the HUF 17.32 billion average recorded in the comparable base. Including FIX transactions, average daily turnover reached HUF 28.76 billion, an increase of 59% from HUF 18.06 billion.
The strong first-half performance followed an already active first quarter, when average daily equity turnover stood at HUF 26.3 billion and trading revenues were 40% above the previous year.
At the end of June, securities from 155 issuers were listed on the exchange. During the first half, BSE admitted HUF 27.4 billion of shares, more than HUF 1.109 trillion of corporate bonds and HUF 67.4 billion of mortgage bonds.
KELER contributes HUF 2.21 billion to profit
A substantial part of BSE’s bottom line continued to come from its stake in the KELER Group, Hungary’s central securities depository and clearing infrastructure provider.
KELER generated HUF 5.4 billion in pre-tax profit in the first half. Income from its core activities reached HUF 11.6 billion, including HUF 7.9 billion in fee and commission income, while net interest income amounted to HUF 3.6 billion.
BSE recognises 46.67% of KELER’s net result, which contributed HUF 2.211 billion to the exchange group’s first-half earnings. The BSE report notes that this accounting contribution is not the same as the dividend actually paid by KELER.
Operating costs grow slower than revenue
BSE’s own operating expenses increased 11% to HUF 1.475 billion, significantly below the 23% increase in revenue. The first-half cost base also included around HUF 16 million in one-off expenses related to the establishment and licensing of BÉTx, the exchange’s newly created financial company.
The financial result fell to just HUF 9 million, down HUF 141 million year-on-year, mainly due to less favourable unrealised foreign-exchange movements. For comparison, BSE generated HUF 2.67 billion in net profit in H1 2025, when revenue stood at HUF 2.208 billion and EBITDA at HUF 879 million.
