FlatexDEGIRO AG Reports Substantial Growth in Q1 2024

FlatexDEGIRO AG experienced significant increases in revenue and earnings in the first quarter of 2024, heralding what is anticipated to be a record-breaking year. The Germany-based online brokerage announced a 25% rise in revenue to €123 million compared to Q1 2023. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 177% to €54 million. This financial uplift matches with a substantial increase in consolidated net profit, which rose by 340% to €30 million.

The firm also recorded a growth in customer accounts, adding 121,000 new accounts during the quarter, raising the total to over 2.8 million. This growth was propelled by strong performance in both the flatex and DEGIRO brands, across 15 European markets. Additionally, total customer assets under custody reached a new high of €58 billion, marking a significant increase from the previous year.

Management attributes these gains not only to a stable trading environment but also to high interest income and improved commission per transaction, despite a slight drop in number of transactions compared to the previous year. In light of these results, FlatexDEGIRO anticipates meeting the upper end of its financial guidance for 2024.