Trading 212 Group put £44.0 million into its subsidiaries in 2025, £21.1 million of it into its German unit, an FM Intelligence analysis published on Wednesday shows. The German entity, bought as FXFlat Bank, booked £2.7 million of revenue in the year.
The FM Intelligence analysis of the group's accounts shows a business that still earns most of its money in one place. The UK entity generated 80% of group revenue.
Group revenue rose 70% to £345.8 million, FinanceMagnates.com reported on Tuesday. In the same year the parent company received £59.9 million in dividends from its UK and Bulgarian subsidiaries.
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Germany and Ireland Took £38.8 Million
The related-party note in the accounts filed with Companies House lists five capital injections. Germany received £21.1 million and Ireland £17.7 million, while the group put £3.9 million into Australia, £0.9 million into Cyprus and £0.4 million into a dormant entity in Dubai.
The Irish subsidiary received its Central Bank of Ireland license on December 1, 2025, and booked no revenue. It took over the group's CFD hedging and its systematic internalizer function for share dealing in May 2026.
The Australian unit received authorization to offer CFDs from the Australian Securities and Investments Commission (ASIC) on June 16, 2026.
The German unit was loss-making in 2025, the accounts state. The group bought it for about €4 million in two steps in 2023 and 2024. After the latest injection it carries a book value of £26.6 million in the parent company's accounts.
Unused tax losses in the Cypriot, Australian and German entities rose to £26.7 million at the end of 2025 from £18.2 million a year earlier.
Bulgaria Accounted for 56% in 2020
The current split at Trading 212 is the result of several reshuffles. In 2020, when the Bulgarian entity ran the group's CFD book, revenue attributed to Bulgaria was 56% of the total, according to the group's accounts for that year.
After Brexit, the UK entity kept UK and non-EU clients and the Cypriot entity took over EU clients. The share of revenue booked by the EU entities fell to 14% in 2022 and has stayed close to 20% since 2024.
The map is moving again. The Irish hedging transfer changes where risk is booked, and in September Trading 212 began routing new Portuguese clients to the German entity instead of Cyprus. The 2026 accounts will therefore not compare directly with 2025.
Pre-Tax Margin Ranged From 12% to 62% Since 2020
The FM Intelligence analysis builds a six-year series from the group's Companies House filings, in which the pre-tax margin ranged from 12% to 62%. It places Trading 212 against eight brokers and investment platforms competing in the UK, on both revenue growth and pre-tax margin.
It also sets the EU entities' revenue against FM Intelligence traffic data, and details the impairment test behind the German unit's £26.6 million book value.
The full figures, peer table and methodology are in the FM Intelligence analysis on DataLab.
Trading 212's 2026 accounts, the first to include the Irish hedging book, are due by the end of September 2027.
This article was written by Damian Chmiel at www.financemagnates.com.
Source: Finance Magnates
