Slide 1: Preliminary Results 2025 & Update Strategic Priorities
Preliminary Results 2025 & Update Strategic Priorities 26 February 2026
Slide 2: Disclaimer
Preliminary Results 2025 Disclaimer Preliminary FY 2025 – Unaudited Results This release contains unaudited information that is subject to change and that is not intended to be complete . Non -IFRS measures (APMs) This presentation includes non -IFRS measures . These measures are alternative perform
Slide 3: Today’s presenter
Today’s presenter Oliver Behrens Dr. Benon Janos Chief Executive Officer Chief Financial Officer
Slide 4: Today’s agenda
Today’s agenda 1 Preliminary Results 2025 2 Update Strategic Priorities 3 Financial Reporting Change 4 2026 Guidance 5 Capital Allocation
Slide 5: Preliminary Results 2025
Preliminary Results 2025
Slide 6: Consistent execution towards strategic commitments
Preliminary Results 2025 Consistent execution towards strategic commitments Operational and financial performance in Successful rollout of Crypto and 2025 significantly exceeded initial Securities Lending in key countries. expectations Growing Business Process Outsourcing Focus in 2026 on expanding
Slide 7: Commercial Performance in Q4 2025 shows a resilient finish to the year
Preliminary Results 2025 Commercial Performance in Q4 2025 shows a resilient finish to the year Gross customer additions (k) Assets under Custody (bn EUR) Settled Transactions (m) -16% +33 % +20% +4 % +4 % +14% 139 95.5 20.2 124 91.9 19.5 17.9 17.7 83.5 16.8 103 104 75.8 100 71.5 Q4/2024 Q1/2025 Q2/
Slide 8: Strong customer growth continued throughout 2025
Preliminary Results 2025 Strong customer growth continued throughout 2025 Customer accounts reaching 3.5 million by the end of 2025, growing double -digit (+13% YoY) Customer additions were strong in 2025, driven by ongoing market volatility Monthly Customer additions (k) Annual Customer additions (
Slide 9: Our customer base has reached 3.5 million reflecting sustained demand
Preliminary Results 2025 Our customer base has reached 3.5 million reflecting sustained demand Customer base grown by more than 1 m over the last 3 years with double -digit annual growth rates Stable share of flatex customers at 25 % Customer accounts (m) +13% +14% +13% 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0
Slide 10: Settled Transactions on the rise across both brands
Preliminary Results 2025 Settled Transactions on the rise across both brands Growing customer base and heightened market volatility drives strong increase in Settled Transactions (+19% YoY) Strong months of March, April and October 2025 Settled Transactions per quarter (m) Settled Transactions per y
Slide 11: Healthy trading behavior across flatex and DEGIRO
Preliminary Results 2025 Healthy trading behavior across flatex and DEGIRO Slightly increasing annual trading activity to 23x in FY 2025 Trading activity is typically higher at flatex given customer demographics, with similar overall trends at both brands Quarterly trading activity (average number o
Slide 12: Active customer base exceed the 1-million milestone
Preliminary Results 2025 Active customer base exceed the 1 -million milestone Large active customer base with over 1 m customers trading in each quarter of 2025 Share of active customers (per quarter) at 31%, with relative stable development over the last 3 years Active Customers (at least 1 trade p
Slide 13: Strong development of Assets under Custody over the last months
Preliminary Results 2025 Strong development of Assets under Custody over the last months Securities (bn EUR) Cash (bn EUR) +33 % +45% +3% +12% 89.3 86.3 6.2 78.4 5.6 71.1 67.2 5.1 4.6 4.3 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 13 Note: Rounding diff
Slide 14: Exceptionally high Net Cash Inflows in Jan-April 2025
Preliminary Results 2025 Exceptionally high Net Cash Inflows in Jan -April 2025 Net Cash Inflows (m EUR) 1,800 1,600 • Strong momentum since US election in October 2024, 1,400 overlaying typical seasonality (with usually 1,200 slower Net Cash Inflows in Q4, especially in December).. 1,000 • ..extend
Slide 15: Strong Net Cash Inflows of 8.1 bn EUR in FY 2025, growing +22% YoY
Preliminary Results 202 5 Strong Net Cash Inflows of 8.1 bn EUR in FY 2025, growing +22% YoY Net Cash Inflows (bn EUR) Net Cash Inflows per existing customer (EUR) 8.1 1,548 1,609 • High Net Cash Inflows driven by: • Positive market environment, 6.6 1,252 starting in October 2024 and accelerating in
Slide 16: Strong October propels robust QoQ increase in Commission Income
Preliminary Results 2025 Strong October propels robust QoQ increase in Commission Income Revenues (m EUR) Commission Income (m EUR) Interest Income (m EUR) +18% +31% +0 % +13% +17% +7% 101 149 98 146 45 45 85 86 43 43 42 77 132 132 127 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q4/2024 Q1/2025 Q2/2025
Slide 17: FY 2025 sets new Revenues record of 560 m EUR
Preliminary Results 2025 FY 2025 sets new Revenues record of 560 m EUR Revenue growth of 17 % YoY to 560 m EUR, driven by a strong increase in Commission Income (+31%) and a more resilient Interest Income line than anticipated ( -4% YoY) Revenues split (m EUR) per quarter Revenues split (m EUR) 160
Slide 18: Average commission per transaction further improved in 2025
Preliminary Results 2025 Average commission per transaction further improved in 2025 Increase in 2025 (+9 %) driven by positive product mix (introduction of Crypto trading) as well as higher volumes (positive impact from cross -currency trades with 25bps FX fee charged) Average commission per transa
Slide 19: Growing volume of stocks traded at US exchanges
Preliminary Results 2025 Growing volume of stocks traded at US exchanges .. 7,000,000,000 6,000,000,000 5,000,000,000 4,000,000,000 3,000,000,000 2,000,000,000 1,000,000,000 - Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Volume of stocks traded at US exchanges,
Slide 20: ... despite focus shift from US to Europe in Q1 2025
Preliminary Results 2025 .. despite focus shift from US to Europe in Q1 2025 30,000,000,000 30% 25,000,000,000 25% 20,000,000,000 20% 15,000,000,000 15% 10,000,000,000 10% 5,000,000,000 5% - 0% Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Total volume of stocks
Slide 21: Underlying basis of Interest Income with solid growth
Preliminary Results 2025 Underlying basis of Interest Income with solid growth Cash under Custody has nearly doubled over the last 3 years, growing from 3.5 bn EUR to now > 6 bn EUR Margin Loan Book has benefitted from ongoing customer growth and broader client use Cash under Custody (bn EUR) Margin
Slide 22: More active Treasury activities initiated in H2 2025
Preliminary Results 2025 More active Treasury activities initiated in H2 2025 Treasury operations retain a risk -averse foundation, with scope for more active management where appropriate Simplified deployment of Customer Cash under Custody (bn EUR) • 250 to 300 m EUR in bonds are held as ~ 1.2 coll
Slide 23: Total Opex base slightly increased YoY due to higher long-term variable compensation
Preliminary Results 2025 Total Opex base slightly increased YoY due to higher long -term variable compensation Increase in personnel expenses driven by higher long -term variable compensation Admin expenses significantly reduced YoY by nearly 10 m EUR, despite some one -offs in H2 2025 Personnel exp
Slide 24: Costs in Q4 2025 driven by higher personnel and other admin expenses
Preliminary Results 2025 Costs in Q4 2025 driven by higher personnel and other admin expenses Personnel expenses (m EUR) Marketing and advertising expenses Other administrative expenses (m EUR) (m EUR) 38 37 Driven in Q4 2025 Including 1.1m EUR by strong legal provisions 3 share price 12 Including 2
Slide 25: High stable earnings contribution across all quarters
Preliminary Results 2025 High stable earnings contribution across all quarters EBITDA (m EUR) Net Income (m EUR) +32% +54% -4 % +2% 69 69 66 42 63 40 39 40 50 26 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 25
Slide 26: Persistent strength in EBITDA & Net Income reflects solid operational performance
Preliminary Results 2025 Persistent strength in EBITDA & Net Income reflects solid operational performance For the first time, full -year EBITDA crossed the 250 m EUR line Net Income came in at the top end of 2025 guidance EBITDA (m EUR) and EBITDA margin (%) Net Income (m EUR) and Net Income margin
Slide 27: Consistent execution with 2025 results above or at upper end of guided range
Preliminary Results 2025 Consistent execution with 2025 results above or at upper end of guided range 2025 Guidance upgraded twice throughout the year, driven by better trading activity and resilient Interest Income line Initial guidance (Feb‘25) 1st upgrade (Jul‘25 ) 2nd upgrade (Oct‘25) Outcome (F
Slide 28: Update Strategic Priorities
Update Strategic Priorities
Slide 29: Boosting efficiency, advancing core growth and expanding product mix
Preliminary Results 2025 Boosting efficiency, advancing core growth and expanding product mix Increasing efficiency and securing performance of our scalable European platform Leveraging growth potential in existing and new businesses Grow and Strengthen Diversify Product and Increase Efficiency Exis
Slide 30: Creating one harmonized IT platform across our brands is a core priority
Preliminary Results 2025 Creating one harmonized IT platform across our brands is a core priority Large -scale integration of the flatex and DEGIRO IT platforms was deferred in the wake of the BaFin audit The integration project is expected to be finalized for the most important milestones by the en
Slide 31: Target Operating Model established for the harmonized IT platform
Preliminary Results 2025 Target Operating Model established for the harmonized IT platform The integration of our internally developed platforms is being carried out in a phased approach Based on the refined Target Operating Model, applications are now being integrated, developed, and deployed Outlo
Slide 32: Operational efficiency improving – with more topline-driven headroom
Preliminary Results 2025 Operational efficiency improving – with more topline -driven headroom Operational growth in top - and bottom line has been achieved with overall lower headcount Additional cost discipline and particularly the reduction of admin expenses has further driven bottom -line growth
Slide 33: Increasing efficiency and customer service in customer care
Preliminary Results 2025 Increasing efficiency and customer service in customer care High -quality customer support is a key strength of flatexDEGIRO to win and retain high -value customers Use of AI to significantly increase efficiency and effectiveness of currently ~ 150 colleagues in customer ser
Slide 34: Awards and ratings
flat Kinderdepot “sehr gut” Top Online Broker “sehr gut” Sehr hohe Teansparens Bester Anbieter ETF-Sporpléne ,nachholtig’ 10/2025 Online Broker des Jahres) ETF & Fonds Broker des Johros(0) ESTER ETF-Braker bei hohen Volumen - sehr gut ESTER ETF-Broker bei geringen Volumen - gut igstor Broker - Krypt
Slide 35: Sustained customer growth across key markets
Preliminary Results 2025 Sustained customer growth across key markets Top 6 countries account for more than 80% of total customer base. Strong customer growth in 2025 especially in the Netherlands and Spain (both +17% YoY) as well as Austria (+22% YoY) Largest countries by number of customers Gettin
Slide 36: Strategic push in the German market
Preliminary Results 2025 Strategic push in the German market • New marketing campaign with stronger push started with budgeted spending increase of approx. 10 m EUR • Onboarding for accounts for minors fully digitized (February 2026) • Stock Saving Plans introduced with > 1,000 eligible shares, 1% c
Slide 37: Committed to empower our customers through financial education
Preliminary Results 2025 Committed to empower our customers through financial education In 2025, we reached nearly 40,000 people through 150 webinars focused on trading, structured products, and market insights. We expanded our educational footprint with Female Finance events, major trade fair parti
Slide 38: Crypto trading shows promising trajectory
Preliminary Results 2025 Crypto trading shows promising trajectory After initial start in Germany, geographic rollout in H2/2025 resulted in significant volume increases 2% of eligible customers have used Crypto offering in 2025, further ramp -up in 2026 expected Crypto trading volume (m EUR) Crypto
Slide 39: Scaling Securities Lending across key DEGIRO markets
Preliminary Results 2025 Scaling Securities Lending across key DEGIRO markets Scaling into new markets and segments while strengthening flatexDEGIRO’s recurring revenue profile Asset Scope Broader European roll -out underway Stocks, ETFs and Bonds at DEGIRO • Securities Lending at DEGIRO is now live
Slide 40: Introduction of Savings Plans at DEGIRO
Preliminary Results 2025 Introduction of Savings Plans at DEGIRO Launching Savings Plans at DEGIRO to provide customers with a modern, best -in-class product offering Strengthening DEGIRO’s value proposition with a comprehensive Savings Plan universe • Introduction of ETF and stock Savings Plans at
Slide 41: Business Process Outsourcing – full-service white-label offering
Preliminary Results 2025 Business Process Outsourcing – full -service offering seamlessly integrated as white -label solution into partner bank's market presence Proven track record since 2013 Complete fulfilment of functional and technical requirements Online IT -System Retail Investor Non -retail
Slide 42: Business Process Outsourcing – offering “Deposits as a Service”
Preliminary Results 2025 Business Process Outsourcing – offering “Deposits as a Service” in an attractive market Positive interest rate environment and regulatory changes create an attractive market opportunity Leveraging existing B2B business to diversify business model and increase share of recurr
Slide 43: First new BPO client is about to go live in March
Preliminary Results 2025 First new BPO client is about to go live in March A iming fo r 1–2 new client wins per year The initial new BPO client is about to go live in March, representing the first implementation milestone and setting the foundation for further client onboardings Further conversation
Slide 44: Financial Reporting Change
Financial Reporting Change
Slide 45: Potential evolution of P&L structure in the context of IFRS 18 implementation
Preliminary Results 2025 Preliminary Indicative considerations regarding a potential evolution of our P&L assumptions structure in the context of IFRS 18 implementation IFRS 18 to be adopted from 1 January 2027*. Voluntary initial adoption is being considered for H1 2026 Increased transparency in th
Slide 46: Potential evolution of P&L structure in the context of IFRS 18 implementation
Preliminary Results 2025 Preliminary Indicative considerations regarding a potential evolution of our P&L assumptions structure in the context of IFRS 18 implementation FY 2025 m EUR Comments Personnel expenses -127.4 Current personnel expenses -104.3 Long -term, variable compensation -23.1 Marketin
Slide 47: 2026 Guidance
2026 Guidance
Slide 48: Guidance for FY 2026
Preliminary Results 2025 Guidance for FY 2026 Commission Income to grow: Interest Income to grow slightly: Cost base to increase: • Customer growth above 2025 • Average Cash -levels to grow • Stable personnel expenses, with current slightly below customer growth, personal expenses up • Trading activ
Slide 49: Capital Allocation
Capital Allocation
Slide 50: Regulatory KPIs expected to significantly improve in 2026 and beyond
Preliminary Results 2025 Regulatory KPIs expected to significantly improve in 2026 and beyond Surplus of actual Total Capital Ratio and Leverage Ratio over regulatory minimum requirements expected to widen materially, providing additional capital flexibility after years of limited expansion Total Ca
Slide 51: Capital allocation with significantly increased regular shareholder distribution
Preliminary Results 2025 Capital allocation with significantly increased regular shareholder distribution Balancing growth and flexibility to react to market opportunities with financial stability and attractive shareholder returns Investment in growth Shareholder distribution Organic growth (existi
Slide 52: Q&A Session
Q&A Session
Slide 53: Investor Relations Contact
Investor Relations Contact Achim Schreck Laura Hecker Head of IR and Corporate Communications Director Investor Relations Mail: achim.schreck@flatexdegiro.com Mail: laura.hecker@flatexdegiro.com Mobile: +49 160 9277 4570 Mobile: +49 160 3064 404 flatexDEGIRO SE Address: Omniturm , Große Gallusstraße