Investor Briefing — Wiener Privatbank SE (WPB AT): H1 2025 snapshot, shareholder map, and Alpha Bulgaria link

Mark Lagarde
Wed, 03 Sep 2025 07:38:40 +0000
Investor Briefing, ticker, Aventure Capital, Creditbox, Deal Services, Ficron Finance, K5 Beteiligungs, Kerbler Holding, Ronda Invest P2B, Wiener Privatbank, WPB

Wiener Privatbank’s H1-2025 release signals stability and improving trendlines after a difficult 2024: CET1 26.51% (↑ from 22.46% YE-2024), AUM ~€1.433bn (flat), LCR ~1,480%, sharply lower risk costs (€0.68m vs. €7.36m), and a much better EPS (-€0.13) despite a moderately negative IFRS group result. Management guides to a “clear improvement vs. 2024,” aided by a tentative upturn in Austrian real estate and expansion in CEE/CIS private banking.

Executive Summary

Wiener Privatbank’s H1-2025 release (3 Sept 2025) signals stability and improving trendlines after a difficult 2024: CET1 26.51% (↑ from 22.46% YE-2024), AUM ~€1.433bn (flat), LCR ~1,480%, sharply lower risk costs (€0.68m vs. €7.36m), and a much better EPS (-€0.13) despite a moderately negative IFRS group result. Management guides to a “clear improvement vs. 2024,” aided by a tentative upturn in Austrian real estate and expansion in CEE/CIS private banking (Source: Pressetext).

Shareholder Structure

Shareholder structure (04 Aug 2025): K5 Beteiligungs 16.61%; Kerbler Holding 7.39%; Alpha Fund AD (Bulgaria) 9.55%; Shanfari Investment 9.90%; Bohemia Faktoring 9.90%; Aventure Capital 8.64%; Ficron Finance 7.06%; RONDA INVEST P2B 5.79%; Deal Services 5.24%; Free float 16.53%. Trading is in the standard market auction (12:30–13:30) with 5,004,645 shares outstanding (Source: Deutsch).

Alpha Bulgaria link: The Bulgarian Alpha Fund AD (presented by the group as ~9.9%) disclosed 9.55% in WPB (via capital increase in 2024; controllers include CREDITBOX SMLTD and Alpha Bulgaria AD). This sits just below the 10% “qualifying holding” threshold—worth monitoring from a control/governance standpoint (Sources: mainsights.io Deutsch alpha).

Read our report on Alpha Bulgaria here.

Role of Günter Kerbler: Long-time Austrian investor Günter Kerbler serves as Vice-Chair of the Supervisory Board; his holding company also owns 7.39% of WPB. Board composition changed on 27 Jun 2025 (two resignations; Jay Johnston and Christian Briker appointed as alternates), with re-constitution of chair/vice-chair noted thereafter (Sources: Deutsch+1,Pressetext).

Opportunities

Capital & Liquidity Strength: CET1 at 26.51% and LCR ~1,480% provide notable buffers to pursue selective growth in project finance/Lombard lending and support client confidence (Source: Pressetext)

Earnings Trajectory: Risk costs normalised (€0.68m vs. €7.36m H1-2024) and EPS improved to -€0.13; management expects a “clear improvement” in FY-2025 vs. FY-2024.

Market Setup: The Austrian real-estate backdrop shows early signs of recovery; easing rates and KIM relaxation could bolster deal flow and fee income.

Niche Positioning: Only listed Austrian private bank with a focus on KMU capital-market services (listings, paying-agent work), selective real-estate/project finance, and CEE/CIS private banking—a differentiated franchise in a consolidating market.

Risks

Profitability still fragile: IFRS group result remains moderately negative in H1-2025 (market effects), so the earnings recovery is not yet “sealed.”

Shareholder mosaic: Multiple blocs at 5–10% (incl. Alpha Fund AD at 9.55%) can complicate governance, especially if strategies diverge; near-10% stakes merit continuous fit-and-proper/ownership scrutiny (Source: Deutsch mainsights.io).

Regulatory/compliance optics around Alpha Bulgaria: Public materials indicate Alpha Bulgaria/Alpha Fund mechanics through CREDITBOX and offshore activity; perception risk if external controversies arise. (Investors should track disclosures and regulator notices.) (Source: mainsights.io,alpha).

Liquidity risk in the stock: Auction window 12:30–13:30 and small free float (~16.5%) can amplify volatility and widen spreads—position sizing matters (Source: Deutsch).

Governance continuity: Supervisory Board changes (27 Jun 2025); execution of strategy depends on stable oversight and alignment among key blocs (Source: Pressetext).

Market Impact & Read-Across

Credit quality & capital markets: If Austrian real estate continues to thaw and rates ease, WPB’s niche in selective project finance and KMU ECM/DCM can re-accelerate fee/interest income; conversely, a macro relapse would keep returns sub-par.

Ownership dynamics: Any movement by sub-10% blocs (↑/↓) could shift the power map; watch filings and the extraordinary/annual meetings calendar for signals.

Regulatory & Governance Context

Supervisory leadership: Vice-Chair Günter Kerbler (also a 7.39% holder) provides continuity and local market reach; board re-constitution in June suggests active stewardship. Deutsch+1 Pressetext

Ownership disclosures: Company maintains an updated shareholder list (as of 04 Aug 2025); investors should monitor §135 BörseG notices and MAR PDMR dealings. Deutsch+1

Investment View (analyst’s take)

Rating: Hold / Speculative (micro-cap financial).
Thesis: The balance-sheet quality is strong (CET1/LCR), operational KPIs are moving the right way, and the franchise has distinct niches. However, earnings are not yet decisively positive, the shareholder base is complex, and trading liquidity is thin.

For risk-tolerant investors comfortable with Austria/CEE private-banking exposure and patient liquidity management, WPB could be worth a watchlist position ahead of FY-2025 print. For conservative portfolios, wait for a clean return to sustained profitability (and clarity around shareholder dynamics) before building a position.

Key Data (H1-2025)

CET1: 26.51% (vs. 22.46% YE-2024)

AUM: €1.433bn (stable)

Risk costs: €0.68m (vs. €7.36m H1-2024)

LCR: ~1,480%

EPS: -€0.13 (improved YoY)

BS total: €310.64m; Equity: €32.44m (excl. minorities)

Outlook: “Clear improvement vs. 2024,” still a challenging year.

Shareholder Map (04 Aug 2025)

K5 Beteiligungs 16.61%; Kerbler Holding 7.39%; Alpha Fund AD 9.55% (linked to Alpha Bulgaria/CREDITBOX); Shanfari Investment 9.90%; Bohemia Faktoring 9.90%; Aventure Capital 8.64%; Ficron Finance 7.06%; RONDA INVEST P2B 5.79%; Deal Services 5.24%; Free float 16.53% (Source: Deutsch mainsights.io).

Actionable Takeaways

1. Monitor filings around any threshold moves by Alpha Fund AD or other 5–10% blocs (could signal strategic shifts).

2. Track FY-2025 guidance delivery and sustainability of lower risk costs into H2.

3. Liquidity discipline: Use limit orders; assume low depth during the one-hour auction window.

4. Governance watch: Follow Supervisory Board composition and AGM/EGM outcomes post-June changes.