flatexDEGIRO SE "Q2:26 Preview - Another Quarter of Strong Trading Activity"

Research evidence excerpt

flatexDEGIRO SE "Q2:26 Preview - Another Quarter of Strong Trading Activity"

flatexDEGIRO SE UBS Research

Q2:26 Preview

Q2:26 trading volumes were stronger than expected driven by positive market trends

and increased investor risk appetite. On the back of the Q2:26 monthly stats and trading

environment, we upgrade our FTK 2026E EPS by 6% and 2027-28E EPS by 2-3%, driven

mainly by better-than-expected trading activity in Q2:26 and higher NII expectations. As

a result, we raise our DCF-based price target by 8% to €46.50. We are now 2-7% above

VA consensus 2026-28E EPS.

Although our Q2:26E EBITDA is 7% above VA consensus, we expect upward revisions to

consensus estimates in the coming weeks as the sellside updates their models to reflect

the strong Q2:26 trading environment and cash AUC growth. However, as

flatexDEGIRO's shares have already risen 20% over the last month following its

guidance upgrade and a series of strong monthly updates, we believe expectations have

increased, raising the risk of a travel-and-arrive scenario in the near-term.

Figure 1: Update to our EPS Estimates and Price Target for FTK

Update to our EPS Esti mates and Price Targ et fo r FTK

Source: Corporate Reports , Refinitiv, UBS Estimates

Customer growth: Customer growth slowed down over Q1/ April-26 (from +13.1%

YoY in 2025 to +11.1% in Apr-26), which we attribute to a broader sector slowdown as

volatile markets and geopolitical conditions weighed on retail investor account

openings. Combined with management’s customer growth guidance downgrade, this

remained a key investor concern. However, FTK's customer growth stabilised in May/

June-26 and, as shown in Figure3Figure 3Mobileapdownloadspointtoearlysignsofbroaderrecoveryinnewacountsgrowth, both flatexDEGIRO and Trade Republic have recently