flatexDEGIRO SE: Jul-26 Metrics: Trading activity down MoM as expected, customer growth stable

Research evidence excerpt

M

Update

August 5, 2026 06:52 AM GMT

Morgan Stanley & Co. International plc+

flatexDEGIRO SE | Europe

Marina Massuti

Equity Analyst

Jul-26 Metrics: Trading activity

down MoM as expected,

customer growth stable

Ishaan Gupta

Research Associate

flatexDEGIRO SE (FTKn.DE, FTK GY)

Diversified Financials | Germany

Key Takeaways

Trading activity moderated -16% MoM as expected, but still up +12% YoY, with

Ann. trades per customer at 22.3 broadly in line with Q3 Consensus

Favourable mix with cash products (stock, bonds, ETPs and crypto) accounting

Stock Rating

Industry View

Price target

Shr price, close (Aug 3, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Equal-weight

In-Line

€42.00

€36.08

€43.24-25.64

€3,870

€3,819

* = GAAP or approximated based on GAAP

for 68% (vs. 70% in Jun-26) vs lower-margin ETFs at 24%

Customer additions at 23.4k (vs. 31.9k in June), with total customer accounts

reaching 3.675m or 11% YoY stable vs. previous months

Cash balances down 2% MoM but still elevated, up +24% YoY, and margin loans

growth accelerating to €1.61bn +32% YoY, which supports NII

Overall expect muted share price given broadly in line with expectations

Exhibit 1:

FlatexDEGIRO Jul-26 Metrics

3Q26

3Q26E

MoM% YoY %

Key metrics

May 26

Jun 26

Jul 26

Customer accounts (million)

3.63

3.66

3.68

0%

Mse

YoY %

Cons

YoY %

11%

3.77

11%

3.75

11%

19.7

11%

Total transactions (million)

7.3

8.1

6.8

-16%

12%

19.5

10%

- o/w cash products (million)

5.1

5.7

4.6

-18%

6%

13.5

6%

18%

- o/w ETFs & other (million)

2.2

2.4

2.2

-10%

28%

5.9

- trades per customer (annual.)

24.1

26.6

22.3

-16%

1%

21.0

-1%

22.1

4%

Avg trades per day (000's)

382

385

309

-20%

12%

304

10%

318

15%

Assets under Custody (€bn)

107.9

108.3

108.8

0%

24%

112.6

23%

112.7

23%

- o/w Securities

101.3

102.3

0%

24%

105.9

23%

- o/w Cash

6.6

6.5

6.4

-2%

24%

6.8

22%

Margin loan book (€bn)

1.5

1.6

0%

32%

1.6

29%

Source: Company data, Morgan Stanley Research Estimates(E), Visible alpha

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