Flow Traders (FLOW) Q3 2025 earnings summary

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.