Flow Traders (FLOW) Q4 2024 earnings summary

Executive summary

• Achieved record fourth quarter and second-best annual results in company history, driven by increased market activity, volatility, and strong ETP and digital asset trading across regions.

• Net trading income for Q4 reached €153.8 million, with total income of €159.0 million, both up over 110% year-over-year; annual net trading income was €467.8 million and total income €479.3 million.

• Net profit surged to €63.2 million in Q4 and €159.5 million for the year, up sharply from prior periods.

• Trading capital and shareholders' equity reached record highs at €775 million and €768 million, respectively.

Financial highlights

• Q4 EBITDA was €82.1 million (52% margin), nearly sevenfold increase year-over-year; annual EBITDA €214.9 million (45% margin), more than threefold increase from 2023.

• Q4 net profit was €63.2 million, basic EPS €1.47; annual net profit €159.5 million, basic EPS €3.69, both up sharply year-over-year.

• Fixed operating expenses for Q4 were €45.3 million, and €179.1 million for the year, mainly due to higher employee and technology costs.

• ETP value traded increased 13% year-over-year in Q4 and 5% for the year; total value traded up 14% in Q4 and 12% for the year.

• Trading capital expanded 33% year-over-year to €775 million; shareholders' equity up 31% to €768 million.

Outlook and guidance

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

• Continued focus on growth and diversification, with ongoing investment in trading capabilities, technology, and talent, especially in digital assets and Asia.

• Ongoing commitment to expanding trading capital through retained earnings, external debt, and strategic financing.

• Positive outlook for global ETP market, supported by record fund inflows and favorable mega trends in ETPs, digital assets, and regulation.