Preliminary Q4 2024 flatexDEGIRO AG Earnings Call Transcript
Key Points
- Flatex AG (XTER:FTK) reported a record year in revenues and earnings for 2024, showcasing strong financial performance.
- The company achieved a remarkable customer growth of 421,000 new customers, representing a 24% increase over 2023.
- Interest income increased by 32% to EUR180 million in fiscal year 2024, driven by growing volumes and higher rates.
- Flatex AG (XTER:FTK) successfully reduced customer acquisition costs by 24%, reflecting enhanced efficiency in marketing investments.
- The company has set ambitious strategic priorities to grow revenue by more than 1/3 and almost double net income by 2027.
- Flatex AG (XTER:FTK) faced challenges in keeping up with regulatory requirements in the past, impacting operations.
- Operating expenses increased significantly, particularly in personnel and administrative costs, which the company plans to address in 2025.
- Interest rates are expected to decline in 2025, posing a potential headwind for interest income.
- The company's net income was slightly below market expectations due to one-off items affecting the financial results.
- Flatex AG (XTER:FTK) acknowledges that the share of active customers is less than half of the total customer base, indicating room for improvement in customer engagement.
Good afternoon. Welcome, everyone. Thank you for dialing into our presentation of the preliminary results 2024 as well as our update on our strategic priorities. My name is Achim Schreck. I'm heading the IR function here at flatexDEGIRO.
And before we dive straight into the presentation, let me do a little bit of housekeeping first. Firstly, I'd like to welcome our speakers today. We have with me Oliver Behrens, our CEO since October; as well as Benon Janos, our CFO, who's been with us now for 10 years.
When it comes to the agenda, our setup is as usual that we would like to guide you through our preliminary single items worth highlighting in the P&L before we go into the outlook, which will both be presented by Benon.
Oliver will then follow up with the strategic priorities, which we have communicated yesterday evening as well as this morning, and our road map for achieving our midterm guidance in 2024, 2027.
As today's presentation is open for all analysts and investors, we
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