Flow Traders (FLOW) Q1 2025 earnings summary

Executive summary

• CEO announced he will not seek re-election and will step down by August 2025, with a leadership transition underway; Marc Jansen and Alex Kieft appointed as Co-Chief Trading Officers, with Jansen also nominated as Executive Director.

• Achieved third consecutive quarter of triple-digit net trading income (NTI), with NTI rising 10% year-over-year to €140.2m, driven by strong equity trading in Europe and Asia.

• ETP value traded increased 24% year-over-year to €507bn, the second highest in company history, with total value traded up 11% to €1,724bn.

• Net profit declined 21% year-over-year to €36.3m, with basic EPS at €0.84, impacted by digital asset impairments and higher fixed expenses.

Financial highlights

• Net trading income reached €140.2m, total income was €135.1m, and EBITDA was €62.3m, up 1% year-over-year with a 46% margin.

• Fixed operating expenses increased 15% year-over-year to €50.8m, mainly due to higher employee and technology costs.

• Trading capital reached a record €803m, up 32% year-over-year; shareholders’ equity rose 25% to €787m.

• Basic EPS for 1Q25 was €0.84, down from €1.05 in 1Q24; diluted EPS at €0.82.

• Other income included a €5.1m loss due to unrealized investment portfolio losses.

Outlook and guidance

• Fixed operating expenses for 2025 are expected in the €190–210m range, reflecting ongoing technology investments and targeted hiring.

• Management expects efficiency gains and margin improvement as the company grows, with top-line growth anticipated to outpace cost increases.

• Focus remains on optimizing the trading core, growing trading capital, and diversifying revenue streams, supported by long-term growth drivers such as ETP market expansion, electronification, digital asset adoption, and regulation.