Trade Republic’s €233m profit precedes its new execution model

Trade Republic earned €232.7 million in the financial year ended September 2025, according to Finance Magnates’ 12 October report on newly filed statements. The figures show how strongly the business scaled before the expiry of Germany’s payment-for-order-flow exemption.[1]

Commission income combined routing rebates, customer fees, payments and other items. The rebates were not separately quantified, limiting conclusions about their contribution. Finance Magnates identified higher trading volumes and broader products among the growth drivers.[1]

MiFIR’s prohibition covers third-party remuneration for directing relevant client orders to particular execution venues. The permitted domestic transition ended on 30 June 2026. Consequently, the reported accounts describe an earlier operating model, while the year ended September 2026 includes only three months after that deadline.[6][1]

Trade Republic’s current German-market help page describes Best Price execution against the bank, carrying a €1 settlement charge. Its algorithm compares executable exchange quotes, with orders subsequently routed in aggregate. Direct Price instead lets customers choose an available exchange. July’s launch announcement says spreads and third-party costs are additional.[2][3][4]

The July execution policy explains the bank’s ability to buy securities from customers or sell to them itself. It assesses execution using the security price and associated costs, and incorporates currency conversion into pricing. This makes the broker’s pricing process and the customer’s choice of execution route central to assessing the changed service.[5]

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