flatexDEGIRO (FTK) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 results with revenues up 19% year-over-year to EUR 174 million and net income up 28% to EUR 54 million, driven by increased transaction volumes, higher commission and interest income, and expanded product offerings including crypto trading and stock savings plans.

• Customer accounts reached 3.58 million, up 12% year-over-year, with 123,000 new accounts opened in Q1 2026.

• New products such as crypto trading, securities lending, and Deposits as a Service contributed to revenue growth, with Hamburg Commercial Bank as the first client.

• Stock savings plans launched in Germany and Austria, with plans to expand to other markets and products, positioning for long-term wealth building.

Financial highlights

• Revenues increased by 19% year-over-year to EUR 174 million, with commission income up 18% to EUR 116 million and interest income up 14% to EUR 49 million.

• Net income reached EUR 54 million, up 28% year-over-year, marking a new quarterly record.

• EBITDA rose 26% year-over-year to EUR 87 million, with EBITDA margin improving to 50.2%.

• Operating expenses increased 13% to EUR 63 million, mainly due to a 76% rise in marketing spend, while personnel expenses declined by over 10%.

• Net cash inflows totaled EUR 3.1 billion, with 98% reinvested into securities.

Outlook and guidance

• Full-year 2026 guidance confirmed: revenues expected to grow 5–10% and net income 5–15%, targeting EUR 600 million revenue and EUR 175 million net income.

• 2027 outlook anticipates further growth, with revenue around EUR 650 million and net income near EUR 200 million.

• Management does not expect unusually high trading activity from prior year to recur in 2026.

• Cautious on trading activity due to tough comparables and market uncertainties, but confident in full-year targets.