flatexDEGIRO (FTK) Q4 2025 earnings summary

Executive summary

• Revenues reached EUR 560 million in 2025, up 17% year-over-year, with net income of EUR 160 million, up 44%, both exceeding upgraded guidance.

• Customer base grew 13% year-over-year to 3.5 million, with 446,000 new accounts added and over 1 million active traders each quarter.

• Trading activity surged to 75.3 million settled transactions, up 19% year-over-year.

• Major product launches included Crypto trading, Securities Lending, and the first BPO client for Deposit-as-a-Service.

• Strategic initiatives focused on IT harmonization, AI-driven customer service, and platform scalability.

Financial highlights

• Commission income rose 31% year-over-year to EUR 369 million, driven by higher trading activity and improved monetization.

• Interest income declined 4% year-over-year to EUR 173 million, cushioned by higher cash balances and margin loan book expansion.

• EBITDA reached EUR 267.7 million (47.8% margin), up 32% year-over-year.

• Operating expenses were EUR 213 million, up 2.5–3%, with increased personnel and marketing costs.

• Assets under custody grew 34% to EUR 95.5 billion; cash under custody up 45% to EUR 6.2 billion.

Outlook and guidance

• 2026 revenue guidance: EUR 588–616 million (5–10% growth); net income: EUR 168–184 million (5–15% growth).

• 2027 targets reiterated: EUR 650 million revenue, EUR 200 million net income.

• Guidance assumes stable commission per trade, slightly lower trading activity, modest cost increases, and continued customer growth, especially in Germany and Spain.

• Interest income expected to grow slightly, with stable margin loan book and treasury book exceeding EUR 1 billion.

• Conservative approach to guidance due to market volatility and competitive dynamics.