EU/Nordic Platforms: Growing gains; initiate flatexDEGIRO at OW, u/g Avanza to OW

Research evidence excerpt

EU/Nordic Platforms: Growing gains; initiate flatexDEGIRO at OW, u/g Avanza to OW

Equity Research

12 June 2026

EU/Nordic Platforms

SIGNATUREGrowing gains; initiate

flatexDEGIRO at OW, u/g Avanza to Initiating Coverage

European Diversified FinancialsOW

POSITIVE

The EU/Nordic platforms have sector-leading earnings Unchanged

growth & RoEs - but what to own? Here we answer three key European Diversified Financials Grace Dargan

questions around earnings growth to explain their +44 (0)20 3555 4065

differentiated opportunities. We initiate FTK at OW (strongest grace.dargan@barclays.comBarclays, UK

EPS growth & SIU upside) and u/g AZA to OW, now our Michael Sanderson

+44 (0)20 3134 2487preferred platform.

michael.sanderson@barclays.com

Barclays, UK

Hafsa Yasir

+44 (0)20 7116 3644  Listen

hafsa.yasir@barclays.com

With this note, we transfer lead coverage of Avanza and Nordnet to Grace Dargan.

Krystal Han

1. Can the platforms continue to grow in their existing markets? Yes - with differentiated +44 (0)20 7116 1890

opportunities on offer. We have built a bottom-up model for growth across existing krystal.han@barclays.com

regions, with underlying economic growth and market share changes supporting a low- Barclays, UK

teens saving capital CAGR to 2028E. We see flatexDEGIRO with the fastest growth, best Claudia Gaspari

positioned to benefit from the European Savings and Investment Union (‘SIU’) given its +44 (0)20 3134 6039

geographic exposure, with the greatest upside from retail savings being redeployed into claudia.gaspari@barclays.com

trading markets (with further potential upside from pension reform, notably in Germany). In Barclays, UK

comparison, at Avanza and Nordnet, we expect support from their dominance in growing

Data Science & Applied AI