flatexDEGIRO (FTK) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong revenue and net income growth, with revenues up 18% and net income up 57% year-over-year, driven by higher commissions, stable or slightly lower interest income, and disciplined cost management.

• International rollout of crypto trading to Austria, Netherlands, France, and Spain, with over 30,000 active crypto traders and 190,000 transactions executed in 9M 2025.

• Securities lending launched in the Netherlands and Spain, with further expansion planned.

• Administrative and operating expenses were significantly reduced, resulting in a clean and sustainable cost base.

• New customer accounts increased 9% in Q3, supporting top-line expansion.

Financial highlights

• Q3 2025 revenues grew 18% year-over-year, reaching up to €146m, with commission income up 34% and interest income broadly stable or down 4.7%.

• Net income for Q3 2025 rose 57% year-over-year, reaching up to €42m, with a net income margin of about 30%.

• Assets under custody reached nearly €92bn, up 42% year-over-year and 10% quarter-on-quarter.

• Net cash inflows for 9M 2025 were €7.2bn, exceeding full-year 2024 levels and up 44% year-over-year.

• EBITDA margin improved significantly, with Q3 2025 EBITDA at up to €69m (+51% YoY) and margin above 50%.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €530–550m (+10–15% YoY), and net income guidance raised to €150–160m (+34–43% YoY).

• Guidance reflects cautious assumptions, not extrapolating strong October momentum for the rest of the year.

• Ambitious 2027 targets: revenues of ~€650m and net income of ~€200m.