Europe Capital Markets Retail platforms monthly metrics July 26

Equity Research 5 August 2026 | 8:35AM BST

Europe Capital Markets: Retail platforms monthly metrics: July-26

Today (August 5), Avanza, flatexDEGIRO, and Nordnet published their monthly Oliver Carruthers, CFA | trading statistics for July 2026. Overall, the data points to lighter trading activity and Goldman Sachs International customer onboarding relative to a particularly strong June, as expected, given Anshika Mehrotra elevated market volatility and high profile IPO activity (SpaceX) that broadly raised | awareness among European retail investors last month. Cross-border trading activity Goldman Sachs India SPL

across Nordnet and Avanza also fell MoM, having risen to record levels for both in Tom Ferguson | recent months, although it remains notably higher vs the prior year. On a MoM basis, Goldman Sachs International net customer additions fell notably for both FlatexDEGIRO and Nordnet. YoY, net additions were up for both Avanza and Nordnet, though they were down 40% for Naimeh Sabourian | Flatex. Elsewhere, cash deposits stepped down marginally for all three providers, Goldman Sachs International from broadly elevated levels, following the typically supportive dividend season. Against a backdrop of flat savings capital overall, we believe this indicates clients looked to redeploy cash into brokerage accounts in July, as expected by the market.

n Customer growth: All platforms saw the number of customers increase slightly vs. June-26 (+0.6% MoM across each of the three platforms) and up c.10.5% vs. July-25. Notably, net additions were up YoY in July for both Avanza and Nordnet but fell c.40% for Flatex vs July-25. n Daily Average Revenue Trades (DARTs): Aggregate DARTs stepped down following a particularly strong June (-19%) given market volatility and high-profile IPO activity, but were up 3% on a YoY basis. n Share of cross-border trading: The share of cross-border trading - which had reached record highs in recent months - stepped up down sequentially in July for both Nordnet and Avanza, but remains higher on a YoY basis. n Savings capital: Savings capital was flat MoM across the platforms, while cash deposits fell 2% across all three platforms. Across the platforms, savings capital remains up 23% YoY, with cash deposits up 8% YoY. n Lending balances: Lending balances stepped up on aggregate across the platforms (+2% MoM), with increases in both mortgages and margin lending.

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Goldman Sachs Europe Capital Markets

Exhibit 1: Monthly KPIs - all platforms Monthly YTD All platforms - monthly KPIs Jul-26 y/y m/m Reported y/y Number of customers mn 8.55 10.5% 0.6% Net customer additions k 49.4 -14% -33% 481.1 -3%

Savings capital EUR bn 343 23% 0% o/w cash deposits EUR bn 25 8% -2%

Lending EUR bn 7.5 26% 2% o/w margin lending EUR bn 4.6 24% 1% o/w mortgages EUR bn 2.9 29% 2%

Number of trades mn 15.8 2% -13% 122.1 14% Daily Average Revenue Trades (DARTs) k 702 3% -19% 848 13% Avg transactions per customer (ann) 22.3 -7% -14% 25.1 3%

Source: Company data, Data compiled by Goldman Sachs Global Investment Research

Exhibit 2: Monthly KPIs - by platform Monthly YTD Avanza - monthly KPIs Jul-26 y/y m/m Reported y/y Number of customers mn 2.35 8.1% 0.6% Net customer additions k 14.3 17% -2% 109.9 6%

Net savings SEK mn 8,600 62% 23% 43,970 14%

Savings capital SEK bn 1,216 18% 1% o/w cash deposits SEK bn 114 -6% -2%

Lending (internal)* SEK bn 32.9 31% 4% o/w margin lending SEK bn 13.4 22% 4% o/w mortgages SEK bn 19.5 38% 4%

Number of trades** mn 3.7 -9% -9% 28.9 8% Daily Average Revenue Trades (DARTs)** k 162 -9% -17% 199 6% Turnover in comm-gen securities per day SEK mn 5,340 6% -11% 6,181 21% o/w foreign trades SEK mn 31%…