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Flow Traders (FLOW) investor relations material
Flow Traders Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 results were muted due to subdued market activity and declining volatility across all asset classes and regions, impacting trading income and profitability.
Net trading income for Q3 2025 was €78.3 million, down 27–29% year-over-year; total income was €80.5 million.
EBITDA for the quarter was €19.4 million, a 62% decrease year-over-year, with a margin of 24%.
Net profit for Q3 2025 was €10.9 million, down 71% year-over-year, with basic and diluted EPS of €0.25.
Trading capital reached €848 million at quarter-end, up 27–36% year-over-year.
Financial highlights
Fixed operating expenses increased 14% year-over-year to €51.2 million, mainly due to higher employee expenses.
EBITDA margin was 24% in Q3 2025, down from 44% in Q3 2024.
Shareholders' equity grew to €834–€830 million, up from €666 million a year ago.
Total operating expenses decreased 4% year-over-year to €61.0 million, driven by lower variable employee expenses.
ETP value traded increased 17% year-over-year to €426 billion.
Outlook and guidance
Fixed operating expenses for the year are guided at €200–205 million, reflecting technology investments and hiring.
No specific 2026 core guidance provided due to recent CEO transition.
Strategic focus remains on technology transformation, ETP market share growth, and digital asset innovation.
Some operational efficiency savings anticipated.
Strong growth outlook for the global ETP market.
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