flatexDEGIRO AG

Latest Results (27.05.2026):

flatexDEGIRO AG — Interim Management Statement for Q1 2026 (preliminary, unaudited): Revenues rose to EUR 173.6m (+18.7% YoY) and Net Income increased to EUR 53.7m (+27.8% YoY), with Net Income margin improving to 31.0% and EBITDA at EUR 87.2m (+26.0%). Customer and trading activity expanded (3.58m accounts, 22.7m settled transactions), Assets under Custody reached EUR 94.5bn (+24.8% YoY) and Cash under Custody EUR 6.4bn (+38.3% YoY). Marketing spend and customer acquisition costs increased materially, while management confirmed 2026 guidance and reiterated 2027 targets.

Top‑line and profitability

Q1 2026 Revenues: EUR 173.6m (+18.7% YoY). EBITDA: EUR 87.2m (+26.0%), EBITDA margin 50.2%. Net Income: EUR 53.7m (+27.8%), Net Income margin 31.0% (up ~2 ppt vs Q1 2025).

Revenue drivers

Commission Income EUR 115.6m (+18.3%); Interest Income EUR 49.3m (+13.6%) despite lower rates (higher customer cash balances and margin loan utilization supported interest). Other operating income rose to EUR 8.7m (+68.8%), partly from Deposits-as-a-Service start-up compensation.

Customer growth & trading activity

Customer accounts: 3.58m (up 12.0% YoY). New gross accounts in Q1: 123k (-11.6% YoY). Settled transactions: 22.7m (+16.7% YoY). Annualized trading activity per customer rose to 25.8 from 24.8.

Assets & deposits

Assets under Custody (AUC) EUR 94.5bn (+24.8% YoY). Securities under custody EUR 88.1bn. Cash under custody EUR 6.4bn (+38.3% YoY). Net Cash Inflows in Q1: EUR 3.11bn; net customer investments in securities EUR 3.04bn (98% of inflows).

Costs and marketing

Operating expenses EUR 62.7m (+12.6% YoY). Marketing spend jumped to EUR 21.0m (+75.5%), driving Average Customer Acquisition Cost to ~EUR 171 (from EUR 86). Personnel costs fell overall (long‑term variable comp down sharply).

Segments and product developments

"flatex" segment: 33.3k new accounts, 9.7m transactions; "DEGIRO" segment: 89.7k new accounts, 13.0m transactions. New offerings expanding: crypto trading roll‑out across Europe, securities lending pilot, savings plan expansion to stocks and fractional shares, and Deposits-as-a-Service launch (first customer HCOB).

Capital markets, margin loans & rates

Average margin loan rate in Q1: 5.87% (vs 6.18% in Q1 2025). Margin loan utilization increased (EUR 1.42bn at end‑Mar 2026, +18.9% vs Mar 2025). ECB deposit rate remained at 2.00% in the quarter; no margin rate changes in Q1 2026.

Guidance and outlook

Management reconfirmed full‑year 2026 guidance: Revenues +5–10% vs 2025 (~EUR 588–616m) and Net Income +5–15% (~EUR 168–184m). For 2027 the board targets ~EUR 650m revenue and ~EUR 200m Net Income.

Note on figures

Reported numbers are preliminary and unaudited (Interim Management Statement Q1 2026) and include non‑IFRS measures used by management for performance assessment.