Flow Traders (FLOW) Q3 2026 TU earnings summary

Executive summary

• Q3 NTI fell 43% QoQ to €84.5m amid lower volatility and fewer market dislocations; return on trading capital was 30%.

• YTD NTI rose 7% YoY to €388.2m, including 26% growth in traditional-business NTI.

• YTD net profit was €97.6m, down 1% YoY, with basic EPS of €2.22; Q3 net profit was €6.4m and basic EPS €0.15.

• Horizon 2030 execution continued through investment in research, technology, regional growth and distribution capabilities.

Financial highlights

• YTD EBITDA was €153.4m, up 2% YoY; Q3 EBITDA was €17.5m, down 72% QoQ.

• YTD total income was €391.6m, up 9%; Q3 total income fell 41% QoQ to €86.4m.

• Fixed operating expenses were €180.2m YTD, up 19% YoY; Q3 fixed expenses rose 9% QoQ to €64.8m.

• YTD total operating expenses rose 14% YoY to €238.2m; Q3 total operating expenses fell 18% QoQ to €68.9m, mainly on lower variable employee expenses.

Outlook and guidance

• FY2026 fixed operating expense guidance is €235m–€245m, reflecting technology investment, targeted specialist hires and one-off expenses; YTD spending was in line with guidance.

• Horizon 2030 focuses on diversified strategies, medium-frequency and quantitative trading, with longer capability ramp-up and continued quarter-on-quarter improvement targeted.

• Management expects to deploy more trading capital during higher-volatility periods and pursue excess returns over the cycle.