flatexDEGIRO (FTK) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered record revenue of EUR 146 million and net income of EUR 42 million, marking the best quarter to date for both metrics, driven by high market volatility and strong customer growth.

• Commission income surged 31% to EUR 98 million, supported by increased trading volumes and client growth.

• Customer accounts grew by 14–15% year-on-year to 3.2 million, with 139,000 new accounts added in Q1.

• Assets under custody reached a record EUR 75.8 billion, up 31% year-on-year, reflecting strong net cash inflows.

• The company fully divested its real estate loan portfolio and received regulatory approval for EU-wide crypto trading expansion.

Financial highlights

• Revenues rose 19% year-on-year to EUR 146 million; commission income up 31% to EUR 98 million; interest income stable at EUR 43 million, down just 1%.

• EBITDA reached EUR 69 million, up 29–37% year-on-year, with a margin of 47%.

• Net income margin improved to 29% from 24% year-on-year.

• Settled transactions rose 21% year-on-year to 19.5 million.

• Net cash inflows hit a quarterly record of EUR 3 billion, up 69% year-on-year, with 80% from existing customers.

Outlook and guidance

• Full-year 2025 guidance remains unchanged, with revenue expected between -5% and +5% versus 2024 and net income between -5% and +10%, reflecting anticipated normalization of market volatility and potential ECB rate cuts.

• Management maintains a conservative approach to forecasting due to uncertainty from geopolitical events and market conditions.