Good morning, everyone, and many thanks for dialing in. Warm welcome to our analyst call relating to our Q3 2026 results, which we published yesterday evening post market close.

My name is Achim Schreck, heading the IR department here at flatexDEGIRO. With me today are both our CEOs, Oliver Behrens and Dr.

Benon Janos. We also have with us Dr.

Thomas Lindner, our newly appointed CFO. All three will lead us through today's presentation, but don't worry, we'll keep it brief nevertheless.

We have deliberately decided to have all three members of the Management Board attending today following the recent changes in the Management Board. However, going forward, i.e., with the Q1 results in April, we will reduce the number of presenters again, especially given the character of a financial update of these calls.

For today, as usual, we would like to provide a short run-through the presentation before we open up for your questions. Without any further ado, I'm very pleased to hand over now to Oliver.

Please go ahead. The floor is yours.

Thank you, Achim. Good morning, everyone, and welcome to the Q3 analyst call.

After record revenues and earnings in the first half year of 2026, we have continued the year with another very solid quarter. For the first 9 months, this means we are looking at a 19% year-on-year growth in revenues, and with +37%, an even higher profit growth of net profits.

However, we are not here to solely look into the rearview mirror to see what's behind us. We also want to look into the future.

In the past months, we have also taken measures to strengthen our organization for our next phase of growth, to take the next steps of implementing our capital allocation policy. I will talk about both aspects in some more detail in a second.

For this year, due to strong operating and financial performance and the first three quarters, we feel very comfortable in reiterating our full-year guidance today. We expect to achieve or even exceed the 2027 financial targets already in 2026, one year ahead of schedule.

I mentioned the strengthening of our customer- and market-facing focus at the Management Board level. As you can see on this chart, the team has grown already by one due to the appointment of Thomas as our new CFO, and it will grow one more once Dominique [Teuscher?]

joins us as Chief Growth Officer as a divisional board member. Together, we will have more capacity to capture the growth opportunities ahead of us and deliver for our customers while maintaining our very solid back-office structures and processes.

When it comes to our capital allocation strategy, this is basically the structure we have presented to you for the first time in February of this year. If you look at the right-hand side, the shareholder distribution, you see that we have now ticked both boxes.

First, in June, we increased our regular dividend from 4 cents per share to 30 cents per share based on target dividend payout ratio of 20%. Last week, we communicated our intention for an additional opportunistic share buyback.

Subject to BaFin approval, we are aiming for a buyback of up to €100 million, which, at current share price levels, corresponds to approximately 3.5% of the outstanding shares. If we combine both elements, we are talking about a total of €132 million we are distributing to shareholders, which is equal to over 80% of our last year's profits.

Importantly, this relatively high distribution to shareholders does not limit our growth ambitions. As you can see here, based on our disclosure report for the first half year of 2026, we have ample headroom in both relevant regulatory capital ratios, the total capital ratio as well as the leverage ratio.

Of course, we don't just want to return capital to shareholders. We also invest into our operating growth.

Benon, maybe you can add some words around recent and upcoming extensions of our product offering. Over to you, Benon.

Thank you very much. Good morning, everyone, also from my side, and thank you for joining us today.

I would like to briefly highlight two areas that are particularly important for our long-term growth strategy: wealth accumulation through savings plans, and our upcoming retirement savings offering in Germany. Let me start with our savings plan offering.

Over the last several quarters, we have significantly expanded our savings plan universe. Following the introduction of stocks as a savings plan asset class in Germany and Austria earlier this year, we further broadened the offering during the third quarter by adding commodities with ETCs and crypto products with ETNs.

As a result, flatex now offers one of the most comprehensive savings plan ranges in the market. We see a very clear structural trend across Europe: investors are increasingly using capital markets not only for active trading, but also for long-term wealth accumulation.

Savings plans are therefore an important way for us to deepen customer relationships and increase long-term client engagement. In addition, we are preparing the introduction of our savings plan offering at DEGIRO Netherlands by the end of this year, with further DEGIRO markets expected to follow in 2027.

This will allow us to leverage our existing capabilities across a broader customer base and further strengthen our position as Europe's leading investment platform. Moreover, we continue to enhance our product offering and customer experience across the platform.

In crypto, we added five new coins during the third quarter, bringing the total number of tradable cryptocurrencies to 25. We also successfully rolled out in-app approvals for flatex customers in Germany and Austria, made onboarding simpler, and reduced friction throughout the customer journey.

Another important milestone is adding securities lending at DEGIRO Germany. We expect the product to go live within the next few weeks, making Germany the fifth market where securities lending is available.

Building on this theme of long-term investing, let me now turn to the German Altersvorsorgedepot on page 9. As we have discussed before, we believe the planned retirement savings reform represents one of the most attractive structural growth opportunities in the German financial services market in many years.

Our goal is simple: to make retirement investing accessible, transparent, and highly cost-efficient. To reflect different customer needs, we have developed three account models, ranging from highly standardized solutions for customers who look for simplicity to flexible solutions that allow customers to build and manage their own portfolios.

Importantly, our core offering is positioned among the price leaders in the market. Product costs in form of TER start at only 7 basis points per year and will be waived entirely for at least the first 5 years.

The reform has the potential to introduce millions of additional savers to capital markets over time, and given our scale, brand recognition, and broad investment offering, we believe flatexDEGIRO is well-positioned to benefit from this opportunity. With that, let me now hand over to Thomas, who will walk you through our financial performance in more detail.

Thank you very much, Benon, and also good morning from my side. Before I start with the financials, let me briefly introduce myself.

As many of this is my first analyst call as CFO of flatexDEGIRO. Some of you will already know me from our recent IFRS 18 presentation and the discussions that followed.

I've been with flatexDEGIRO for 14 years, holding various leadership roles across finance, and I'm very much looking forward to now working closely with our analysts and investors in my new role and to continuing flatexDEGIRO's long-standing and established dialogue with the capital markets. I also look forward to meeting many of you in person over the coming months.

With that, let's turn to our financial performance in the third quarter of 2026. Let's start with net cash inflows on slide 11.

In the third quarter, net cash inflows reached €1.7 billion. For the first 9 months of 2026, net cash inflows amounted to close to €7 billion, broadly in line with the strong prior-year level.

In Q3, 128% of net cash inflows were reinvested into securities, compared with the historical average of 95% and around 83% in Q3 2025. In other words, customers invested more than the entire amount of new cash they brought onto our platform during the quarter and also deployed part of their existing cash balances.

This strong investment activity also explains the moderation in cash balances during the quarter while securities under custody reached new record levels. Overall, what we saw in the third quarter was a continued inflow of new assets combined with a particularly high level of investment activity.

The development therefore reflects the particularly strong level of investment activity and underlines customers' continued confidence in putting their assets to work through our platform. Turning now to slide 13 and our revenue development.

Overall, revenues reached €150 million in Q3 2026, an increase of 40% year-over-year. Commission income amounted to €89 million, up 6% year-over-year.

Compared with a strong second quarter, commission income normalized, reflecting the seasonally quieter summer period and a lower share of US trading. Interest income continued its strong development, increasing by 33% year-over-year to €56 million.

This growth was driven by the continued expansion of our treasury book, higher utilization of margin loans, and the positive impact of the recent ECB rate increases. Before moving further down the income statement, let me briefly return to our refined commission income disclosure under IFRS 18.

As already introduced with our H1 results, commission income is now split into transaction-related commission income and other commission income. We believe this provides greater transparency over the underlying development of our commission income, in particular when looking at commissions per transaction.

Based on transaction-related commission income, commissions per trade, as shown on slide 15, amounted to €4.42 in Q3 2026. The year-over-year and quarter-over-quarter development mainly reflects the lower share of US trading and a less favorable product mix.

Let me skip the gross profit slide on page 16 and move directly to our operating expenses. Pure personnel expenses remained broadly stable at €26 million.

Expenses for long-term variable compensation amounted to €1.6 million in the quarter and are thus within the expected general bracket of €1 to €2 million per quarter. Marketing and advertising expenses came down to €7 million, reflecting the seasonally lower level of marketing activity in the third quarter.

Other administrative expenses amounted to €60 million. As mentioned in the financial report already, the increase versus the second quarter is mainly attributable to some one-off items.

Overall, the quarter once again demonstrates our ability to combine continued investment in growth with disciplined cost management. This brings us to the bottom line on slide 18.

Operating profit amounted to €71 million in Q3 2026, an increase of 23% year-over-year. The operating profit margin remained strong at 54%.

Net income reached €50 million, up 29% year-over-year. After three strong quarters, this translates into record results for the first 9 months of 2026.

Revenues increased by 19% to €490 million. Operating profit grew by 36% to €232 million, while net income increased by 37% to €165 million.

The operating profit margin further expanded to 54%, compared with 49% in the first 9 months of 2025. Overall, the first 9 months demonstrate the strength and scalability of our business model, with earnings continuing to grow significantly faster than revenues.

That brings me directly to our outlook. Based on the strong performance year-to-date, we reiterate our full-year guidance.

For 2026, we continue to expect revenues of around €650 million, representing growth of approximately 16% year-over-year. We expect net income in a range of €200 million to €230 million, corresponding to year-over-year growth of approximately 25% to 43%.

We therefore continue to expect to achieve or even exceed the financial targets originally set for 2027 already in 2026, one year ahead of schedule. We will provide an update on our new mid-term ambition on the 24th February of 2027.

With that, let me hand back to Achim before we open the line for questions.

Thank you, Thomas. Thank you, Benon and Oliver, for your presentation.

We're now very happy to answer questions from our analysts, for which I would like to hand back to the moderator. Please run us through the process and open the line for the first question.

Hi, guys. Good morning.

Thank you for your presentation. I just have one question, what were the bigger drivers of commission per trade in the quarter?

What was average ticket size and mix of FX? The share of cash products, as you mentioned, dropped significantly in September with more customers trading ETFs, I'm just wondering how big of a contributor was that to the declining revenue per trade?

How has that ETF cash mix been so far in October? To follow up on that, how should we think about the long-term evolution of commission per trade going forward and your pricing versus peers?

Thank you.

Let's start maybe in reverse order. In general, given that we grow our platform and given that we expand our savings plan offerings, those trades tend to be less volatile given the typical frequency of 12 or 24 transactions in a typical savings plan.

In general, as a overarching trend, there will be potentially a trend of commissions going slightly down. However, at the same time, we will expand the number of trades, leading to an overall increase in the total commission income generated from those transactions.

It's just a general trend of our franchise growing and the continued buildup of our investment platform to level beyond the €100 billion assets under custody that we hold currently. With respect to the actual detailed mathematics to a Q3 number, I think that is too detailed for an earnings call to go through line by line.

We're invited happily to speak to our investor relations department. In general, we have laid it out in the explanations.

US share trading was slower. The rest of the trends were relatively normal, and there were no unusual exceptions beyond the stuff that we communicated.

Maybe just to add on the question in regards to October now. I think one should expect trading so far to be relatively similar to what we've seen in September.

That's very clear. Thank you, guys.

I'll add maybe one final comment, maybe that's fair. I can make a comment on the average order size.

What we have seen in the third quarter is on average with respect to order size higher than what we have seen in the first 9 months on average.

Hi, good morning. Thank you very much for taking my questions.

Maybe the first one, I'm thinking about growth by geography, thinking about customer growth within the quarter, how has that been across your various geographies, but importantly, how do you expect the kind of trends in those geographies to evolve as you're thinking around that changed? Then secondly, on admin expenses, understand we've got a number of one-off impacts in the quarter, but do you think consensus generally is thinking correctly about the trajectory of admin expenses from '26 into '27, thinking about that growth rate?

Thanks very much.

Hey Grace, I'll start with the customer growth number, and then I'll hand over to Thomas for the admin cost question. Let me start maybe with a higher-level topic.

We continue to aim for at least 10% customer growth in 2026. We ended 2025 with 3.47 million customers, 10% growth would be around 350,000 customers.

After 9 months, we are at 20 sorry, 250,000. Q4 would thus need to be around 100k, which is basically what we achieved last year with approximately 104,000.

With our planned marketing activities and the German pension account coming live in January, we believe that this is achievable, but we'll need a proper November and December. With respect to the individual breakdown into countries, we have typically not provided that in quarterly calls and we will make a more formal update when we present our full-year numbers in February, and there we will focus on both the historic, but more importantly on the future plans that we have with respect to our geographies.

Many thanks. I pick it up for the other admin expenses and for the one-off items, especially in Q3 this year.

In general, we are seeing especially in Q3 that, as mentioned, the one-off items are based on two components I want to highlight within that call. First, we are having a bit higher IT expenses than usually in a bit quarter-over-quarter comparison level, which is based on some extensions of our Software as a Service portfolio within the company.

For example, the usage of AI, which is basically a bit increasing. More importantly is that especially the one-off of having an employee get-together within our company, which is highly demanded to our collaboration throughout the different locations, it's really important to mention over here, we do not expect for sure that this one-off item is followed by some other costs in Q4.

Coming to your question, what does that mean for the consensus? In general, we see this other admin expenses line item slightly over the actual forecast we made, but not that much to highlight this is as much as needed.

Hope that answers your question.

Brilliant. Understood.

Thank you very much.

Hi, just a couple of questions from me if I may. Just firstly on the commission per trade topic, is there any way you can kind of help quantify how much of this is kind of seasonally related, i.e., just less US trading, whatever it might be, versus, I guess, the types of customer that you've been targeting and winning this year relative to, I guess, customer stock?

That's my first question. Then secondly, just on marketing efficiency, we've seen CAC come down quarter-on-quarter, admittedly off a lower marketing budget number in Q3.

You've got €10 million left of your kind of €46 million to spend in Q4. What sort of expectations do you think we should have for kind of CAC in Q4, and then I guess more broadly for '27?

Appreciate it's still early days, but what sort of ambition are you aiming for given the view you have on sort of investment environment, etc.? Thanks.

I'll try to take the questions one after the other. Commissions per trade, seasonal patterns, there is nothing unusual we see in there.

We have a trend going on that started a couple of quarters back in that US stocks are not the top traded stocks on our platform, but European stocks. That's nothing new.

That's a trend that we have experienced and seen over the past quarters. 2 years ago, it used to be Tesla, Amazon, and the like, Google; now it's ASML, Rheinmetall, and the like.

That continues to be the case, but is not a deviation from anything we have not seen and observed over the last two or three quarters. On the type of customer, we are quite happy with the quality of the incoming customers we're taking in.

I wouldn't even go as far as showing that the recent data highlights good momentum and good client behavior. So 2027, while we would have liked the total number to be higher, we're happy with the quality of clients we're taking in, and if we compare to our historical patterns, that tends to be maybe even on the upper end and certainly above average compared to the previous years.

Marketing efficiency, yeah, well, I mentioned a few seconds before that our aim is to grow at 10%, right? With that, I have put a number on the table as to what our ambition is for the total number of clients in the fourth quarter.

From that, you can derive rough estimates for CAC numbers. We certainly will have some positive effects from the German pension reform scheme, which while technically starting on the 1st of January, people are likely to deal with that in late December or so, or maybe even November.

With respect to the customer acquisition costs in Q4, that's literally a bit early to comment on. That's something we will discuss in February.

Thanks very much.

Good morning. I have a question on '27, please.

Looking at Bloomberg consensus for '27, analysts expect some 91 million trades for the year, which implies some mid-single-digit growth. I'm just wondering if this is a realistic base-case scenario from your perspective.

Thank you.

Thank you, Christoph. Look, the crystal ball would help, right?

Every year in November, December, we have the same questions, what's our estimate on the number of trades? Let's maybe look at this a bit more holistically.

When it comes to customer growth, we're doing our homework, particularly in regard to marketing. Those things take a bit of time to show effects, but they'll come.

We're very confident. When it comes to trades, market environment, of course, plays a role.

Take the recent Q3 numbers. When trading normalizes and, at the same time, the share of US trading declines, that has an impact not only on the number of trades, but also on the commission per trade.

These things are outside of our control. Product mix is the same to some extent.

Looking at '26, the market did help us, particularly in the first half with additional trading activity due to market uncertainties around US policies, Venezuela, Greenland, Iran, and so on. To make this more specific, at the same day last year, the analyst consensus on visible Alpha for net income in '26 was €173 million.

The midpoint of our guidance today is €216 million. We all don't have the crystal ball to predict 2027.

That's part of our business. Sometimes the market works in your favor and you beat consensus by 10%; sometimes it runs against you and you end up 10% lower.

That's totally fine with us, as the underlying business case, our platform, our customer quality are strong. Is the expected long-term growth and scalability of our business.

When we do our modeling, do we have an issue with 90 million trades? No.

It depends on the market conditions, and we will only know a year from today. I hope that answers the question.

Back to the moderator, are there any other questions in the line?

Thank you so much for the presentation. I just have one question on the €100 million share buyback.

Could you just provide some color on why, I guess, that was the appropriate size for the buyback program? Should we view that as a first step within the broader capital return framework, or is it more of a one-off deployment of excess capital?

Thank you.

I would really refer to our formal capital allocation strategy. This is the second time we're planning this.

I think it's neither a one-off nor is it a regular mechanism. We stated that it's an additional instrument to deploy cash in a sensible way once organic growth of the company is supported, which is the case.

We several times mentioned that last year, we needed all of '24 profits to run our operating business. This year, there's room left, which helps us to both pay our 20% payout ratio dividend plus the €100 million share buyback.

Frankly, if we would not do that, our capital ratios, once '26 profits would have been registered as regulatory capital, would have gone to levels which we feel are not adequate in order to run a business on a good capital efficiency. It's in between.

It's neither regular nor is it a one-off.

Thank you.

Oh, good morning. Thank you for taking my questions.

My first question was just a follow-up on the marketing and customer growth discussion earlier. I was just wondering if you could give us any indication of how you're thinking about the marketing campaign next year and also the structure of marketing guidance, or if it's too early to say.

I guess what could you have done differently this year if you had a little bit more flexibility within the guidance to kind of maintain that more elevated customer growth level? Then my next question was on the German pension reform, you mentioned the significant opportunity from this, but I know for the near term, the core product isn't charging fees for 5 years and then it's only 7 bps, I assume the greatest opportunity is through cross-sells.

How long until you expect this benefit to be realized? Then will the other Plus and Flex accounts earn a higher fee and contribute to top-line growth?

Thank you.

Let's maybe start with the pension reform. There are a couple of advantages that we have in the market.

One of our strongest advantages, and one that's potentially also a bit underappreciated, is our high level of vertical integration. We truly believe that the production costs we have for this product overall are amongst the lowest that you can find.

We own the entire IT value chain, we own our data centers, we have banking license, the production of the product is really, really low. This allows us to position the main product as such a low-priced offering, and we are certain that spillover effects into other products will be perfectly fine for us to justify that small investment on our side.

It's early in the game. A year from today, we can maybe make the first assessment as to where we realistically stand.

Do we expect our client growth numbers in Germany to be meaningfully higher next year? Of course, right?

Of course. With marketing and customer growth, to your first question, I think we made the point in several calls that we were not happy with the structure of our marketing machine.

We made the point that we had a delay in switching from the regulatory mode into a commercial mode. We're now in the middle of doing that, and we will devote more time into performance-based metrics, which contribution from performance-based marketing initiatives has fallen to a level that we were not happy with.

This will go up next year. We hired the new Chief Growth Officer.

He is starting preparations for those things, and we're actually pretty happy with what we have in mind for 2027, and the details of that will be shown in February.

Maybe to add one point as you asked about the pension accounts, the Flex one, i.e., where customers can freely choose their ETFs. We haven't yet announced the pricing, etc., which of course we will do before the product goes live.

Just as a kind of cross-reference, if a customer of ours would do in Germany with flatex a regular ETF savings plan today, that would come commission-free for the customer. Of course, we're not bearing the product cost in that, but we're also not charging a top-up on those regular ETF savings plans.

Great. Thank you.

Hi there. Thank you for taking my questions.

I just wanted to maybe touch on two areas, please. In terms of the performance in the third quarter, we've got to see the customer growth that has been decelerating through the monthly stats, net inflows kind of flat year-over-year, some of your peers putting up good double-digit year-over-year growth numbers when it comes to the net inflows.

I wonder if you could just maybe give us some thoughts there about a roadmap of specific actions that you think might be needed to improve these figures. Is it about direct investments into marketing?

Is it about pricing? What do you think there, please, in terms of sort of how those numbers improve?

That's question one. Just on question two, I think maybe on securities lending, I think it's fair to say that maybe it's slower traction on sec lending than some of us had anticipated.

Just wondered if you could give us some thoughts there in terms of the trajectory for revenue build-out and what needs to happen for us to see a more meaningful contribution from the sec lending business, please. Thank you.

On your first question, Ian, you're basically asking to lay out the breakdown that we're preparing for February, right? Yes, we have these initiatives.

The number of initiatives is higher than what we have had in the previous years. We are currently in the final stages of preparing our new multi-year outlook, and it includes, of course, a more specific rollout of activities in 2027.

I think it's a bit too early to put them on the table other than saying that it's a meaningfully higher number of single items compared to what we would have done last year or the year before. With respect to securities lending, I would maybe hand over to Oliver.

Yeah. Maybe to add on the customer growth, I think what people tend to ignore a bit is the raise in interest rates.

Rise in interest rates in the US and in Europe in the last 6 or 8 weeks, putting the last 2 weeks aside, is the fastest rise in history in 5 decades, and in Germany, I think, or in Europe also in the last 25 or 30 years. That obviously has also led to a massive rotation in equity markets.

That created also some uncertainty, and we still have at least two wars we are talking about. It looks like we are ignoring this as we speak a bit.

Nevertheless, we are enjoying solid growth, as Benon explained, which is around the 10% area through the cycle. Sec lending, as we mentioned, we are not the United States of Europe, unfortunately, and we are advocating for that every day wherever we meet regulators across Europe.

Every country has individual interpretations of what is allowed and what not, yeah? In France, for example, securities lending reflects the sell process of the securities, which makes it absolutely disastrous for a client to engage in that.

For those markets where we have rolled it out, I think you all know we are dealing with self-directed investors. At the same time, securities lending is not self-explanatory, we need to communicate with clients.

We enjoy good growth there. We're probably a little bit behind our own planning, but nevertheless, it's a significant contribution to additional revenues of our clients, and they appreciate that.

We are rolling this out through the DEGIRO site in Germany now for German clients, which should give us significant competitive edge over and above of our professional competition. What I think you should also recognize on the positive side is that the growth per trade over the last years went up by around €1,000 per trade per year on average.

Is this a straight-line appreciation? Definitely not.

Is the trend on our side? Absolutely.

When I was just attending the World Bank conference in Bangkok, and is very clear, if you fly high enough, this Altersvorsorgedepot, and you can argue very long that this is a low-profit product, na-na-na-na, and it doesn't fit DEGIRO into your spreadsheet, the reality is it will create a complete new group of investors. It will enhance the penetration rate in Germany, and all of this is also happening in other countries.

That's why it's so essential that we roll out on the DEGIRO site the auto-invest savings plans. This is combined with our own co-launching of funds for those savings plans, which should enhance our margin and pays into our strategy of increasing recurring revenues, which you're all aware that we have the one of the lowest proportion in the industry.

Yes, there's always in life a little bit of setbacks here and there, but no, we are on a good course to steer the ship exactly into that direction where we want it to be, and we have overdelivered on every single quarter in the last 2 years on numbers. Sometimes we also like to be hugged for that.

Thanks for that. Just a small clarification on the answer to the first question when you talk about specific single items?

By that, do you mean sort of specific country initiatives, marketing projects, pricing changes? Is that the sort of thing we should be thinking about ahead of February in terms of that number of single items that you might look to introduce compared to prior years?

That's only part of that, there is more compared to what you said.

Look, the plan is to be localized country by country.

Got it. Thanks very much.

Good morning, and thanks a lot for taking my questions. It's three from my side, please, and I would like to take them one by one if that is okay.

Firstly on the retirement savings account, I'm just curious to hear thoughts in terms of the expected demand across the three different versions. Do you expect it to be very much dominated by the core standard version, or do you think the demand might be quite balanced across the three different account types?

I think the best answer, Christoph, is that we're not entirely sure just yet. We're also not sure whether we should launch all three at the same time or whether we should start with two of them in order not to make this too complicated.

The pricing for the ones where we plan on making a bit more money over the short term that has not been set just yet. We are literally in the middle of the final preparations for that as we are starting our small Q4 campaigns on that specific topic as well.

Hi, but a

question you have to ask, how much of the overall market is a bought product or a sold product? What everybody can contribute that clients get more educated, because the likelihood that there's 80% of a sold product by those guys who continue to charge 200 basis points on the product is not low.

We cater for self-directed, as who know what they want and what they want to invest. There's good likelihood that they will choose their own funds because they are already used to the funds.

The beginners will most likely choose the simple default version. There, the big question is, is it great for a beginner to have 70% of their assets in US dollars?

Which I think the government has not really looked into, but that's a personal observation.

Then my second Sorry. That was very helpful.

Secondly, I wanted to ask about the segment performance that you have shown in the press release. The flatex brand or segment has seen slightly stronger customer growth in the first 9 months compared to the DEGIRO segment.

We had, I think, quite a lot of discussions about competitive dynamics in Germany this year, but I was just wondering on the DEGIRO side if you could provide a bit of color if you have seen in the relevant DEGIRO markets some meaningful shifts in the competitive dynamics this year.

I don't think we've seen a tremendous shift in competitive dynamics in DEGIRO markets. It's ever since Europe woke up to equities, and this happened a couple of years back maybe you can make even the point it started with COVID, giving the people more time at home we've seen an increased level of competition across countries.

There are countries where we sometimes think we may see more, and then a couple of months later, we find out that wasn't the case. Those are micro trends.

In terms of overarching trends, competition today is harder compared to the competition 5 years ago. That's clear.

Then on a country-by-country basis, you have different dynamics which change, but the German market continues and remains the most competitive, as it has been over the last 5 or 6 years.

Look, with the reappearance of interest rates, some of our competitors are basically flushing every Mo and Joe with 2.5% for whatever you put on the account, yield on cash. The question is, can they really make money with these clients or not?

What gives us a lot of confidence is that our clients' transaction volume on average goes up every single year over year. We'd rather take the adults with the money than the kids with no money, if I may say so.

Then

lastly on the buyback program, what is your expected timeline to get the approval from BaFin and to actually launch the program?

We don't have a precise answer on that. We are in preparations to do the full submission of the documents.

Last time, it took 8 or 9 weeks roughly, give or take, but we don't know how long it's going to take. It's just not something that we would commit to when we're discussing with them, and nor would we want to put any pressure on that.

It's a normal process, and once it's out of the bag, we'll make another announcement, and then we'll start buying shares.

In 2024, it took 8 or 9 months or so. 8 9 I agreed to 8 or 9 months, yeah, 8 weeks or 9 weeks, yeah.

Okay. Very clear.

Thank you very much.

Thank you very much, everyone, for joining today's call, and thank you very much for your questions as well. As always, any follow-ups, Laura and myself are happy to support, and we're looking forward to speaking to you again soon.

Thank you very much, and have a good day.