flatexDEGIRO SE (FTKn.DE): Post 2Q26 Review: Strong print evidencing commercial momentum and operating leverage, Buy

研报英文原文证据摘录

flatexDEGIRO SE (FTKn.DE): Post 2Q26 Review: Strong print evidencing commercial momentum and operating leverage, Buy

Goldman Sachs flatexDEGIRO SE (FTKn.DE)

market volatility and trading activity will represent upside risk to our estimates.

Going forward and incremental to these results, we expect investors will focus on: (i) the

pace of customer growth, particularly in Germany ahead of the planned introduction of

the German pension reform in Jan-27, and the evolution of customer acquisition costs

and competitive intensity; (ii) the trajectory of trading volumes through the remainder of

the year, with management indicating that the lower end of its upgraded FY26 net

income guidance assumes a reasonable slowdown in trading activity, while a sustained

period of market tailwinds would move earnings towards the upper end of the range; (iii)

the evolution of customer cash balances and reinvestment rates, with 100% of net cash

inflows reinvested in 2Q26 vs c.85% in FY25; (iv) further updates on the rollout and

monetisation of growth initiatives, including securities lending, deposits-as-a-service,

fractional shares, and the group’s German pension offering; and (v) cost trajectory going

forward, particularly current personnel expenses, with management guiding to FY26

current personnel costs of €100-105mn and indicating that headcount should remain

broadly stable through 2027 as the platform integration progresses. On (i), we note that

management continues to target 10%+ customer growth, and has maintained its FY26

marketing budget at c.€44-46mn. More broadly, we remain constructive on the

longer-term growth opportunity, given still-low retail investing penetration rates across

continental Europe, and the potential tailwind from the German pension reform.