Feedback from our initiation: Growing Gains

Research evidence excerpt

Feedback from our initiation: Growing Gains

Equity Research

8 July 2026

EU/Nordic platforms

Feedback from our initiation:

Growing Gains

In our recent note we upgraded AZA to OW (our preferred European Diversified Financials

platform) & initiated FTK at OW. We share 7 key points of POSITIVE Unchanged

debate & our thoughts, capturing views across a broad European Diversified Financials

Grace Darganinvestor base (from short to long term money on both sides of

the Atlantic). We also preview 2Q26 & tweak est ahead of +44grace.dargan@barclays.com(0)20 3555 4065

results. Barclays, UK

Michael Sanderson

+44 (0)20 3134 2487We highlight the key questions we've been debating with investors off the back of our

michael.sanderson@barclays.com

note EU/Nordic Platforms: Growing gains, 12 June 26: Barclays, UK

1. How attractive is the platform sub-sector? Hafsa Yasir

2. Why do we prefer Avanza > flatexDEGIRO > Nordnet? +44 (0)20 7116 3644

3. Do the Nordics deserve a valuation premium? hafsa.yasir@barclays.com

Barclays, UK4. Does Nordnet deserve a tech premium?

5. Germany is competitive - so what is flatexDEGIRO's right to win...?

6. ...and what about Nordnet in Germany?

7. Is there scope for inorganic growth?

1. How attractive is the platform sub-sector?

We've noticed that investors generally agree that there is significant asset and EPS growth

potential for the platforms, supporting strong interest in the sub-sector. From our

conversations, we've found that although the market cap of flatexDEGIRO is the smallest of the

3 names (c€4bn), it is capturing the imagination of a broad investor base and engagement on

this name has been particularly high.

2. Why do we prefer Avanza > flatexDEGIRO > Nordnet?

The biggest area of debate around our note has been our ranking of the platforms.