The operating income of the sino brokerage business amounted to EUR 11.3m, a rise of 28.9% yoy and just slightly below our estimate of EUR 11.7m. Despite a slight decline in the number of trading customers to 322 (-6.67% yoy), sino executed 18.69% more orders than in 2019/20, primarily driven by the high volatility in capital markets in early 2021. Operating expenses increased by +20.5% to EUR 8m, which was slightly stronger than anticipated (WRe EUR 7.6m), driven in part by extraordinary legal and advice costs. In total, sino AG generated an