European Investment Platforms: European platforms have slow activity in July, but net flows are strong

Research evidence excerpt

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05 Aug 2026 06:25:01 ET │ 14 pages

European Investment Platforms

European platforms have slow activity in July, but net flows are strong

CITI'S TAKE

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The European investment platforms have this morning reported their monthly

statistics, showing weaker trading activity in July but strong net flows. Trading

activity dropped by 17% mom for Avanza, 19% for Nordnet and 20% for

flatexDEGIRO. Annualised 8-9% net flows for the Nordic platforms tracks ahead of

H2 consensus. Foreign trading declined mom, but remains at elevated levels. This

has positive read across to brokerage margins, where we incorporate above

consensus FX fees. flatexDEGIRO does not report monthly flows. However, the

23.4k gross new customers is the lowest reading since June/July 2023. While only

one month of data, which may be affected by events such as the World Cup and

underperformance of common retail trades, it may lead investors to question

whether flatexDEGIRO may need to increase marketing spend. We expect

flatexDEGIRO to underperform modestly this morning, but remain constructive as

our EPS estimates are materially above consensus.

Andrew Lowe, CFA AC

Hannah Leivdal

Nicholas Herman

Weak trading activity in July — Daily average revenue trades (DARTs) per customer

is down 17%, 19% and 20% respectively for Avanza, Nordnet and flatexDEGIRO.

While there are negative seasonal trends, Nordnet’s DARTs per customer is at a

historic record low level of 0.091 (comparable only to 0.092 in September 2024).

Avanza’s DARTs per customer of 0.069 in July are also low, but were lower in

December 2025 (0.064) and have shown more volatility historically. Similarly,

flatexDEGIRO’s DARTs per customer of 0.084 in July compared to a low of 0.082 in

December 2025 and have also shown more volatility historically. DARTs for both

Avanza and flatexDEGIRO are lower in July 2026 vs July 2025.

Nordic platforms have strong net flows in July — Net flows in July for Avanza and

Nordnet annualise at 8.5% and 8.4% respectively. This is encouraging, as consensus

currently models net flows in H2 2026 at 7.2% for Avanza and 7.1% for Nordnet, off a

strong H1 where Avanza delivered net flows of 6.6% and Nordnet 9.3%.…