Flow Traders (FLOW) Q2 2025 earnings summary

Executive summary

• Net trading income reached €143.4 million in 2Q25, marking the fourth consecutive quarter of triple-digit NTI and the fifth in the last six quarters, with total income at €143.9 million.

• Net profit surged 295% year-over-year to €51.3 million, with basic EPS at €1.18.

• Total value traded rose 14% year-over-year to €1,692 billion, the third highest in company history.

• ETP value traded increased 42% year-over-year to €492 billion, with strong performance across Europe, Americas, and Asia.

• Maintained leading liquidity provider status in ETPs globally, with regional performance driven by volatility and tariff-related events.

Financial highlights

• EBITDA increased 210% year-over-year to €68.0 million, with a margin of 47% versus 29% in 2Q24.

• Fixed operating expenses rose 15% year-over-year to €49.8 million, mainly due to higher employee and other costs.

• Trading capital grew 33% year-over-year to €831 million, and shareholders' equity rose 29% to €821 million, both at record levels.

• Return on average trading capital reached 75% in 2Q25.

• Variable employee compensation set at 32.5% of operating results, with share awards expensed over three years.

Outlook and guidance

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

• Continued focus on growth and diversification strategy, with capital redeployment favoring equities and fixed income over crypto due to market conditions.

• Management remains focused on optimizing trading capital, diversifying business, and leveraging proprietary infrastructure for growth.

• Long-term growth drivers include ETP market expansion, electronification, digital assets, and supportive regulation.

• New CEO Thomas Spitz to continue current strategy, with potential for accelerated investments in key areas.