flatexDEGIRO AG

Latest Results (18.01.2026):

flatexDEGIRO AG — second quarter (Q2) 2025: preliminary, unaudited results show continued customer and revenue growth with sharply higher commission income and improved profitability. Q2 2025 revenues rose to EUR 132.1m (+11.3% y/y), EBITDA was EUR 63.3m (margin 47.9%) and Net Income climbed to EUR 39.5m (+28.2% y/y, margin 29.9%). Management raised full‑year 2025 guidance on July 14, 2025.

Q2 2025 financials

Revenues in Q2 2025 were EUR 132.1m (+11.3% vs Q2 2024). Commission income jumped to EUR 84.7m (+28.2%), while interest income fell to EUR 42.8m (-10.4%). Other operating income was EUR 4.7m in the quarter.

Profitability

EBITDA for Q2 2025 was EUR 63.3m (+19.7% y/y) with an EBITDA margin of 47.9% (up vs 44.5%). Net Income was EUR 39.5m (+28.2%), producing a net margin of 29.9% (Q2 2024: 26.0%). H1 2025 Net Income was EUR 81.5m (+34.1%).

Customer growth & trading activity

Q2 2025 saw 103.1k new customer accounts (+21.8% y/y); customer base reached 3.29m at end‑June (+14.3% y/y). Settled transactions in Q2 were 17.9m (+17.7%), with average trading activity per customer at 22.1. Commissions per transaction rose to EUR 4.72 (+8.9%).

Assets under custody & cash flows

Net cash inflows in Q2 2025 were EUR 2.52bn (+73.8% y/y). Assets under Custody hit a record EUR 83.5bn at end‑June (+16.8% since start of year, +36.6% vs Jun 2024), split into EUR 78.4bn securities and EUR 5.07bn cash.

Costs and operating efficiency

Operating expenses in Q2 rose modestly to EUR 51.0m (+3.6% y/y). Current personnel costs increased (Q2 personnel expenses EUR 31.0m including higher provisions), marketing spend stayed roughly flat, and other administrative expenses fell sharply (Q2 down ~20%), lowering average customer acquisition cost to EUR 68 (-11.4% y/y).

Outlook (guidance)

Management raised full‑year 2025 guidance (announced 14 July 2025): expected revenue growth now 4–8% (EUR 499–518m) and expected Net Income growth 15–25% (EUR 128–139m), up from prior, more conservative ranges.

Key caveats

These are preliminary, unaudited figures and include non‑IFRS measures (APMs). Results are subject to change and forward‑looking statements carry usual risk/uncertainty disclosures. The report notes a lower ECB deposit rate in H1 2025 and two margin‑loan rate adjustments (1 Jan and 1 Jul 2025), which affected interest income and margin loan pricing.