This article first appeared on GuruFocus .
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Settled Trades:Increased by 17% year over year to EUR22.7 million.
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Net Cash Inflows:Reached EUR3.1 billion, up 2% year-on-year.
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Revenue Growth:Increased by 19% year over year to EUR174 million.
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Commission Income:Increased by 18% to EUR116 million.
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Interest Income:Rose by 14% to EUR49 million.
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Commissions per Transaction:EUR5.09, up from EUR5.02 in Q1 2025.
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Operating Expenses:Increased by 13% year-over-year to EUR63 million.
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Personnel Expenses:Declined by 10% year over year to EUR29 million.
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Net Income:Reached EUR54 million, up 28% year over year.
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Marketing Expenses:Substantially increased, particularly in the German and Spanish markets.
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Release Date: April 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Flatexdegiro SE ( WBO:FTK ) experienced a 17% increase in settled trades, indicating strong trading activity despite market volatility.
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The company saw significant customer trust, with over EUR3 billion in fresh money deposited in Q1 2026.
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Crypto trading volumes increased five-fold year over year, showcasing successful geographic expansion.
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Flatexdegiro SE achieved its highest ever quarterly net income of EUR54 million, demonstrating strong scalability.
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The introduction of stock savings plans in Germany and Austria is expected to enhance long-term customer engagement and revenue.
Negative Points
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Marketing expenses increased substantially, with a EUR21 million spend not yielding the expected customer growth.
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The company faces tough year-over-year comparisons due to exceptional trading activity in the previous year.
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Interest income growth is challenged by a lower interest rate environment compared to the previous year.
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Customer acquisition costs have risen, with a lower number of new customers added compared to the previous year.
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The company anticipates continued marketing pressure across the industry, potentially impacting future growth.
Q & A Highlights
Q: Could you provide insights into the trading sentiment since the end of March? Are there any signs of trading fatigue from retail customers? A: Trading in April is slower compared to last year during Liberation Day, which was expected. It's not indicative of trading fatigue, as April remains a solid month. However, the final numbers are yet to be determined as the month progresses. - Benon Janos, CFO
Q: Can you elaborate on the marketing expenses this quarter, particularly the breakdown between normal marketing and targeted campaigns in Germany and Spain? A: We increased marketing spend by EUR10 million, focusing on Germany and Spain to boost brand recognition, especially in preparation for retirement savings accounts. The entire market has increased marketing spend, which affects attention levels. We have already reduced some of the expense basis in recent weeks. - Oliver Behrens, CEO
Q: What are your expectations for customer growth in the remaining quarters of the year and into next year? A: We expect customer growth to be at least 10% annually. While Q1 was slightly below 2025 levels, we anticipate growth, especially with potential pension accounts opening ahead of the German pension reform in January 2027. - Ahim Schreck, Head of Investor Relations
Q: Could you provide more details on the revenue contributions in the other income line, specifically from securities lending and third-party deposits? A: The IT-related part is just under EUR4 million, banking-related BPO outsourcing is around EUR1.5 million, and there was a release of provisions from last year of about EUR2 million. - Benon Janos, CFO
Q: Are there any regulatory changes in other European countries that present interesting opportunities for flatexDEGIRO? A: We are monitoring local retirement schemes in Europe, which may be comparable to Germany's reforms. We plan to offer stock and mutual fund savings plans across countries by the end of 2026, aligning with the EU's retail investment strategy. - Oliver Behrens, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
