EU Platforms Q226 preview: Not all volume winners are equal

研报英文原文证据摘录

EU Platforms Q226 preview: Not all volume winners are equal

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European Platforms

EU Platforms Q226 preview: Not all

volume winners are equal

Price Objective Change

Trading activity robust; supportive read-across for sector 06 July 2026

European platforms continue to report strong trading activity, supporting earnings Equity

momentum into Q226. Strong engagement has been driven by market volatility, Europe

geopolitical uncertainty and improving IPO activity, supporting transaction revenues Other Financials

across the sector. We expect activity levels to remain above historical averages, while Christiane Holstein >>

structural growth drivers including the SIU, pension reform, product expansion and Research Analyst

geographic diversification provide further support. The is a positive read-through for MLI+44 (UK)20 7996 1011

FinecoBank and Swissquote, who are yet to report. christiane.holstein@bofa.com

Hubert Lam >>

FTK: Strong activity and normalising CAC supports outlook ResearchMLI (UK) Analyst

FTK remains our top pick within EU Platforms. We estimate EUR55m net profit in Q226 +44 20 7996 7112

hubert.lam@bofa.com

(+40% YoY), benefitting from EUR164m revenue (+24% YoY) offsetting EUR53m in

Conor Callaghan >>

operating costs (+5% YoY). EBITDA margin is 54% for Q226 (48% Q225). Top line Research Analyst

benefits from rising commission income, with 22m settled transactions (+22% Q226 MLI (UK)

+44 20 7996 1562

YoY) and EUR109bn AuC (+30% YoY) in Q226. Customer growth remained stable +11% conor.callaghan@bofa.com

YoY, and is expected to accelerate from Q426 benefitting from German pension reform.

Expenses to see normalising marketing and customer acquisition costs. Trading activity

is supportive of management’s newly upgraded outlook (read our report here).