European Platforms: EU Platforms: Strong activity sustains earnings; FTK upgrade catalyst builds

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European Platforms: EU Platforms: Strong activity sustains earnings; FTK upgrade catalyst builds

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European Platforms

EU Platforms: Strong activity sustains

earnings; FTK upgrade catalyst builds

Industry Overview

Trading activity robust; supportive read-across for sector 04 June 2026

European platforms reported strong trading activity which are above our estimates in Equity

May-26, supported by elevated macro and geopolitical uncertainty. Customer growth Europe

remained steady across the platforms, with competition persisting in Germany. We Other Financials

expect momentum to remain supported by structural tailwinds (EU SIU, rising retail Christiane Holstein >>

participation, German pension reform), ongoing product innovation, geographic Research Analyst

expansion and marketing initiatives. Overall, monthly data is supportive of earnings for MLI+44 (UK)20 7996 1011

the sector, and provides positive read throughs for FinecoBank and Swissquote. christiane.holstein@bofa.com

Hubert Lam >>

FTK: upgrade increasingly likely as volumes beat ResearchMLI (UK) Analyst

We remain bullish on flatexDEGIRO (FTK) which is our top pick in the sector. Trading +44 20 7996 7112

hubert.lam@bofa.com

volumes have remain elevated +14% May-26 YTD YoY, ahead of management

Conor Callaghan >>

expectations for volumes to decline vs 2025. We continue to expect a guidance upgrade Research Analyst

at Q226, further supported by 1) resilience in Apr despite tough comps 2) growth in MLI (UK)

+44 20 7996 1562

commission per trade in Q126, vs expectations for stable commission, and 3) stronger conor.callaghan@bofa.com

NII. We estimate EUR634m revenue (guidance ~EUR588-616m) and EUR196m net

income (guidance ~EUR168m-184m) in 2026e. FTK further reported stable customer