flatexDEGIRO: Q2 26 First Look: Cost-driven beat; FY26 net income guide upgraded (again)

Research evidence excerpt

flatexDEGIRO: Q2 26 First Look: Cost-driven beat; FY26 net income guide upgraded (again)

Equity Research

European Diversified Financials

22 July 2026

flatexDEGIRO

Q2 26 First Look: Cost-driven beat;

FY26 net income guide upgraded First Look

FTKn.DE/FTK GR OVERWEIGHT(again)

European Diversified POSITIVE

Strong update. Net income 14% ahead cons on costs/ Financials Price Target EUR 42.00

revenue. Rev beat partly on NII (which may be looked Price (21-Jul-26) EUR 36.64

through) but bulk of the beat on personnel expenses, which Potential Upside/Downside +14.6% Source: Bloomberg, Barclays Research

should be well received. This supports another net income

u/g (now c€200m-230m) with cons in the middle of the range. European Diversified Financials

Expect o/p tomorrow. Grace Dargan +44 (0)20 3555 4065

grace.dargan@barclays.com

flatexDEGIRO Q2 26 results Barclays, UK

Net income of €61m is 14% above cons, driven by better opex (personnel costs) and better Michael Sanderson

revenue (partly NII). Net income guidance upgraded again; now expected c€200m-230m +44 (0)20 3134 2487

(vs c€200m previously, cons €212m). michael.sanderson@barclays.com

Barclays, UK

• Revenues 2% above consensus: Revenues were up +26% YoY/-4% QoQ at €167m; interest Hafsa Yasir

income is 4% above consensus (+23% YoY/+7% QoQ), other operating income €2m ahead of +44 (0)20 7116 3644

consensus (+41% YoY/-24% QoQ), with commission income in line with consensus (+27% hafsa.yasir@barclays.com

YoY/-7% QoQ). Barclays, UK

Krystal Han• Net revenues 3% above consensus: Net revenues were up +27% YoY/-3% QoQ as cost of +44 (0)20 7116 1890

sales were broadly in line with consensus at €22m. krystal.han@barclays.com

• Operating expenses 15% better than consensus: Operating expenses were down -8%