Flow Traders (FLOW) Q2 2026 earnings summary

Executive summary

• Delivered net profit of €40.8 million in Q2 2026 and €91.2 million in H1 2026, with basic EPS of €0.93 for Q2 and €2.07 for H1.

• Net trading income reached €147.8 million in Q2 and €303.7 million in H1 2026, up year-over-year.

• EBITDA margin was 43% in Q2 and 45% for H1 2026, with EBITDA of €63.6 million in Q2 and €135.9 million in H1.

• ETF value traded increased 34% year-over-year in H1 2026, despite a 14% quarter-on-quarter decline in market volumes.

• Strategic focus on expanding ETF and digital asset businesses, scaling tokenized asset trading, and operational excellence.

Financial highlights

• Net trading income: €131.7 million from traditional business and €16.1 million from digital assets in Q2 2026.

• Fixed operating expenses: €59.3 million in Q2 2026, up 6% quarter-on-quarter, mainly due to technology investments.

• Trading capital increased to €1,150 million at end-Q2 2026, up from €831 million in Q2 2025.

• Shareholders' equity rose 6% quarter-on-quarter to €970 million.

• Net profit margin for H1 2026 was 29.9%.

Outlook and guidance

• Fixed operating expenses guidance for 2026: €235–245 million, reflecting ongoing technology investments and selective hiring.

• Continued focus on growth initiatives and Horizon 2030 strategy, with progress updates to be provided with full year results.

• Horizon 2030 targets: net trading income of at least €1 billion, return on trading capital of at least 50%, and EBITDA margin of at least 45%.