DGAP-News: flatexDEGIRO AG / Key word(s): Annual Report/Annual Results 
flatexDEGIRO delivers excellent business development in the strongest growth year in history (news with additional 
features) 
2021-04-08 / 06:59 
The issuer is solely responsible for the content of this announcement. 
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flatexDEGIRO delivers excellent business development in the strongest growth year in history 
- Full confirmation of the preliminary figures published in February for revenues (EUR 261.5 m), adjusted EBITDA (EUR 
114.0 m), and operating cash flow (EUR 141.5 m) 
- Great financial strength driven by high operating cash flow and no financial debt 
- Very solid equity position increases further to EUR 446 m (+145 %) 
- Convincing product and price offering on one of the most stable and secure platforms generates continuous high 
customer inflow 
- Significant expansion of customer offering at DEGIRO and flatex planned in the first half of 2021 
Frankfurt/Main - Today, flatexDEGIRO AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR), Europe's largest retail 
online broker, presented its audited business figures for the record year 2020 that once again confirmed the 
outstanding strength of its fully integrated business model. Driven by a sustained and accelerating growth momentum, 
the Group achieves a significant increase in all relevant key performance indicators and considers itself ideally 
positioned to continue to participate extraordinarily in the long-term growth trends in Continental Europe. 
"2020 was the most exceptional year in the history of our company, so far. Our acquisition of DEGIRO has opened the 
door to Europe, the successful launch of flatex-next started a new growth phase in Germany, our listing in the Prime 
Standard segment of the Frankfurt stock exchange and admission to the SDAX means that we have truly entered the stage 
of the international capital markets," Frank Niehage, CEO of flatexDEGIRO, summarizes the key developments of the 
online broker in the past fiscal year. "As Europe's largest and fastest growing retail online broker, we are ideally 
positioned to build something unique for our customers. In doing so, we are stepping into a new era of online brokerage 
in Europe." 
flatexDEGIRO generated revenues of 261.5 million euros in 2020, almost doubling the record figure from the previous 
year. Adjusted EBITDA even rose by over 200 percent to 114.0 million euros due to the great operating leverage of the 
business model. At the same time, operating cash flow increased to 141.5 million euros (+211 percent). 
At the end of 2020, flatexDEGIRO held under custody security and cash deposits of around 32 billion euros (previous 
year: 15 billion euros) for its customers. The Group was able to significantly expand its very solid equity position 
once again with an increase of 145 percent to 446 million euros. The return on tangible equity reached 68 percent, an 
absolute top result in an industry comparison. 
A reliable partner when it counts the most 
More than any other year in the recent past, 2020 was characterized by an extremely high degree of volatility in the 
stock markets. For flatexDEGIRO's customers, this resulted in a large number of attractive investment opportunities 
which a majority was able to successfully exploit. "We are proud of being able to support these success stories today 
and in the future as a reliable partner and would like to express our gratitude to our more than 1.25 million customers 
who have placed their continued trust in our company in the year 2020," says Frank Niehage, CEO of flatexDEGIRO. 
flatexDEGIRO enables its clients to execute their investment decisions easily and quickly on one of the most 
professional and secure platforms. The user-friendly and intuitive apps allow everyone to trade anytime and on the go, 
regardless of financial expertise and available time. Since April 2021, flatex provides Germany's largest ETF and funds 
savings plan offering with over 3,000 products permanently at zero cost and without custody account fees. 
DEGIRO will also significantly expand its customer offering in the coming months, both in terms of products and 
services. This includes, for example, access to trading venues that allow early and late trading from 8 a.m. to 10 
p.m., and will enable DEGIRO to set itself even further apart from the competition in the international markets. 
In the turbulent stock market year 2020, the technology group's considerable investments in the performance, security 
and stability of its IT systems over the past few years have paid off. They form the stable basis for positively 
differentiating the DEGIRO, flatex and ViTrade brands from the competition for the benefit of customers. With an 
accessibility of the trading systems of over 99.9 percent, a peak value was again achieved in 2020, guaranteeing 
customers the highest level of trading reliability - when it counts. 
Operational success creates room for maneuver 
This proven reliability is the reason why flatexDEGIRO is benefiting above average from the increased interest of 
retail customers in stock market trading and capital market investments. Sustained customer growth and above-average 
trading activity by investors resulted in flatexDEGIRO being the first European retail online broker to process 75 
million transactions (pro forma). 
"Our unique and highly profitable growth is rapidly bringing us closer to our vision of processing well over 100 
million transactions annually for over 3 million customers. In 2020, around half a million new customers expressed 
their trust in us, more than in any other online broker in Europe. Thanks to the outstanding scalability of our 
business model, we have reduced our cost-income ratio to an extremely low 46 percent and almost tripled our earnings 
per share to 
2.18 euros", says Muhamad Chahrour, CFO of flatexDEGIRO. "flatexDEGIRO is already completely net debt free. Our high 
operating cash flow, which exceeded 140 million euros in 2020, will enable us to continue to increase our enterprise 
value organically and inorganically from our own resources in the future. Our journey has only just started." 
Continuation of a unique success story - beyond Vision 2025 
A variety of secular trends will continue to drive growth in the online brokerage market in Europe in the coming years. 
For example, the negative interest rate environment is driving savers to invest in alternative, value-preserving 
products such as equities. A development that is further reinforced by systematic long-term problems in many state 
pension systems. Added to this comes increasing digitalization, which will further significantly raise the number of 
online bank customers and thus online brokerage activities. This is particularly true for younger generations, who are 
almost 100 percent online and have not been negatively affected by historical stock market crashes. 
The effects of COVID-19 have already further accelerated these trends in 2020 and lead us to expect a sustainably 
faster development. It can be assumed that the European online brokerage market, which flatexDEGIRO currently estimates 
at around 65 million customers, will double as a result in the medium term. "We are optimally positioned to continue to 
benefit disproportionately from this and to further expand the success of our strategic orientation", emphasizes 
Muhamad Chahrour, CFO of flatexDEGIRO. 
Key figures 
                                                                                 2020            2019       Change in % 
Brokerage key figures (pro forma) 
Transactions settled                                           number      75,024,392      31,433,466            +138.7 
Average number of brokerage customers                          number       1,023,726         700,779             +46.1 
Average number of transactions per customer                    number              73              45             +62.2 
Customers assets under custody                                   mEUR          31,765          14,586            +117.8 
Employees (average)                                            number             716             527             +35.9 
 
Financials 
Revenues                                                         kEUR         261,490         131,952             +98.2 
Adjusted EBITDA                                                  kEUR         113,953          37,831            +201.2 
EBITDA                                                           kEUR          98,425          37,580            +161.9 
Adjusted EBIT                                                    kEUR          89,314          25,002            +257.2 
EBIT                                                             kEUR          73,786          24,751            +198.1 
Net profit                                                       kEUR          49,924          14,908            +234.9 
Earnings per share (undiluted)                                    EUR            2.18            0.77            +183.1 
Adjusted Cost-Income-Ratio                                       in %            46.3            59.9             -22.7 
 
Balance Sheet and Cash Flow Statement 
Equity                                                           kEUR         445,834         182,202            +144.7 
Total assets                                                     kEUR       2,818,178       1,265,962            +122.6 
Equity ratio                                                     in %            15.8            14.4              +9.9 
Operating cash flow                                              kEUR         141,452          45,513            +210.8 
Return of tangible equity (ROTE)                                 in %            67.7            20.1            +236.8 
 
The pro forma financial information are based on assumptions and represent the hypothetical situation of a full

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