flatexDEGIRO (FTK) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with revenues up 17% to €560 million and net income up 44% to €160 million, both exceeding guidance, driven by strong customer growth, high net cash inflows, and robust trading activity.

• Customer base expanded by 13% to 3.5 million, with over 1 million active customers and 446,000 new accounts added.

• Major product rollouts included crypto trading, securities lending, and business process outsourcing, with strategic focus on growth, efficiency, and leveraging AI for operational improvements.

• Platform stability and scalability enabled outperformance during periods of extreme market activity, with no service disruptions.

• Focus for 2026 includes expanding the German business, preparing for pension reforms, and further product innovation.

Financial highlights

• Full-year 2025 revenues reached €560 million (+17% YoY); net income €160 million (+44% YoY), both at the top end of upgraded guidance.

• EBITDA hit €267.7 million (47.8% margin), net income margin improved to 29%.

• Net cash inflows for 2025 totaled €8.1 billion (+22% YoY), with 79% invested into securities.

• Commission income grew 31% YoY to €369 million; average commission per transaction rose to €4.90.

• Assets under custody grew 34% to €95.5 billion; settled transactions increased 19% to 75 million.

Outlook and guidance

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

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

• Guidance assumes stable commission per trade, slightly lower trading activity, modest cost increases, and continued product innovation.

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

• Increased marketing spend focused on Germany; cost base to rise moderately.