The improvement in the Net Income margin to 31% despite significantly higher marketing expenses demonstrates the strength of the business model. The newly introduced crypto offering is developing positively, with trading volume in crypto assets reaching just under EUR 500 million in Q1 2026, now enabling more than 90% of all flatexDEGIRO customers to trade crypto assets directly. For full-year 2026, revenues are expected to increase by 5-10% to between EUR 588 million and EUR 616 million, while net income is expected to rise by 5-15% to between EUR 168 million and EUR 184 million.
Cyborg Score Rationale
The company witnessed an increase in settled transactions by 17% to 23 million and continued to attract new customers, expanding its account base by 12% year-on-year. Profitability is exceptional with expanding margins despite significant investment in marketing. However, in April 2026, BaFin imposed an administrative fine of €1 million on Flatexdegiro SE for a breach of market abuse disclosure obligations, reflecting ongoing regulatory compliance challenges.
Top Insights
Q1 2026 marked a record quarter with revenues of EUR 174 million (+19% YoY) and net income of EUR 54 million (+28%), the first time quarterly net income exceeded EUR 50 million
Despite lower ECB interest rates, interest income increased by 14% year-on-year through higher customer deposits, an expanded margin loan book and active treasury management
Operating expenses rose by 13% with marketing spend increasing by 76%, yet the business model's scalability allowed for disproportionate growth in profits
During Q1 2026, flatex expanded its savings plan offering in Germany and Austria to include stocks as an additional asset class, with customers now able to invest in 1,000 stocks from EUR 25 monthly
Named Competitors
Interactive Brokers — Global online brokerage and trading platform
Saxo Bank — Pan-European online brokerage and investment platform
Swissquote — Swiss-headquartered online broker serving international retail investors
Trading 212 — European fintech broker offering commission-free stock and ETF trading
XTB — Listed European online broker with zero-commission trading across multiple markets
Recent Developments
(April 2026) Record Q1 2026 with revenues of EUR 174 million (+19%) and net income of EUR 54 million (+28%)
(April 2026) BaFin imposed an administrative fine of €1 million for breach of market abuse disclosure obligations
(Q1 2026) Crypto trading volume reached just under EUR 500 million with approximately 50,000 customers executing over 230,000 transactions, with the offering now enabling 90% of all customers to trade crypto
(December 2025) The company changed its legal name from flatexDEGIRO AG to flatexDEGIRO SE
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