flatexDEGIRO (FTK) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 results with revenues up 15.2%–17% year-over-year to €278–278.4 million, driven by heightened market volatility, strong customer growth, and disciplined cost management.

• Net income for H1 2025 rose 34%–61% year-over-year to €81.5–82 million, with profit margin improving to 29.3%.

• Management raised full-year 2025 guidance, now targeting €499–518 million in revenues and €128–139 million in net income (15%–25% growth).

• Strategic progress includes crypto trading launch in Germany, upcoming international rollout, and securities lending to launch in Q4 in the Netherlands and Spain.

• Management and Supervisory Board changes implemented, including new CTO, CRO, and board members; Steffen Jentsch to step down after BaFin audit.

Financial highlights

• Commission income up 28%–29.4% year-over-year in Q2/H1 to €85–98 million; interest income declined 5.8%–10% to €43–86.3 million.

• EBITDA for H1 2025 rose 24.4%–38% to €132–132.5 million, with margin improving to 47.6%–47.9%.

• Assets under custody reached €83.5 billion in June 2025, up 36.6%–37% year-over-year.

• Net cash inflows in Q2 2025 were €2.5 billion, up over 70% year-over-year; H1 net inflows totaled €5.6 billion.

• Customer accounts grew 14%–14.3% year-over-year to 3.29–3.3 million; settled transactions up 18%–19.3% in Q2/H1.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €499–518 million (4%–8% growth); net income expected at €128–139 million (15%–25% growth).

• Customer growth expected to match 2024 levels (~421,000 new accounts); trading activity assumed stable.

• Expect normalization of trends in H2; aim to outperform H2 2024 rather than repeat H1 2025's exceptional results.

• Cost base to benefit from lower personnel expenses and up to €10 million reduction in admin expenses.