flatexDEGIRO SE (FTKn.DE): 2Q26 First Take: Cost-led earnings beat, FY26 guidance raised

Research evidence excerpt

flatexDEGIRO SE (FTKn.DE): 2Q26 First Take: Cost-led earnings beat, FY26 guidance raised

Equity Research

22 July 2026 | 7:19PM BST

flatexDEGIRO SE (FTKn.DE): 2Q26 First Take: Cost-led earnings beat,

FY26 guidance raised

Today (July 22, post-market), flatexDEGIRO reported its 2Q26 results, with a 14% Oliver Carruthers, CFA

+44(20)7552-9364 |

beat to net income relative to company-compiled consensus expectations. The beat oliver.carruthers@gs.com

Goldman Sachs International

was largely driven by better-than-expected operating expenses (-15% vs cons),

Anshika Mehrotra

supported by mildly higher-than-expected revenues (+2%). On the cost side, +1(212)934-7679 |

personnel expenses partly drove the beat, coming in 10% lower vs expectations and anshika.mehrotra@gs.comGoldman Sachs India SPL

benefitting from personnel measures initiated in the prior year, which management Tom Ferguson

indicated continue to more than offset general salary inflation. In addition, long-term +44(20)7051-0547tom.ferguson@gs.com|

variable compensation was a €1mn benefit vs a €4mn cost expected by consensus, Goldman Sachs International

Sabourianreflecting the reduction of previously accrued expenses based on the final valuation Naimeh | +44(20)7051-0573

report, and the early repurchase of SARs. Neutralising this positive impact of this naimeh.sabourian@gs.com Goldman Sachs International

SARs beat, EBIT would have been 4% ahead of consensus. Within the revenue mix,

the positive delta relative to consensus was primarily driven by interest income

(+4%), which benefitted from higher customer deposits and stronger treasury

activity. Other operating income also came in above expectations (+27%), supported

by the expansion of the Deposits-as-a-Service business, in which the first new