flatexDEGIRO (FTK) Q2 2024 earnings summary

Executive summary

• Achieved record H1 and Q2 2024 results with revenues reaching €241.7m, up 27.8% year-over-year, and net income more than tripling to €60.8m, driven by strong commission and interest income.

• Confident in reaching the upper end of FY2024 guidance for both revenue and net income, supported by robust KPI growth and customer activity.

• First-ever dividend of €0.04 per share approved and paid; share buyback program of up to 10% of share capital pending BaFin approval.

• Supervisory Board changes: Herbert Seuling stepped down, Bernd Förtsch joined as of June 4, 2024.

• CEO resigned in April 2024; interim Co-CEOs appointed and ongoing CEO search.

Financial highlights

• Q2 2024 revenues up 31% year-over-year; net income up 133%; EBITDA in Q2 up 82% year-over-year, margin at 39%.

• H1 2024 EBITDA reached €106.5m (+120% year-over-year), margin at 44.0%; net income margin up 78%.

• Commission income in H1: €140.9m (+16.7% year-over-year); interest income: €91.6m (+55.2% year-over-year).

• Operating expenses fell 10% in H1 2024; personnel expenses up 17%, marketing expenses down 29%.

• Net cash inflow in H1: €3.2bn, up 14% year-over-year; 109% reinvested.

Outlook and guidance

• FY2024 guidance confirmed: targeting upper end of 5–15% revenue growth and 25–50% net income growth.

• Customer growth in 2024 expected to match 2023 levels (~340,000 new accounts); trading activity per customer forecast to remain stable.

• Interest income outlook depends on ECB rate changes; further rate cuts anticipated in late 2024.

• Management remains prudent, monitoring summer developments before any potential upward revision.