Flow Traders (FLOW) Q4 2025 earnings summary

Executive summary

• Full-year net profit was €133.6m with EPS of €3.07, despite a 44% year-over-year decline in 4Q25 net profit to €35.1m.

• ETP value traded rose 22% year-over-year in 4Q25 and 26% for the full year, with total value traded up 6% in 4Q25 and 7% for 2025.

• EBITDA margin remained strong at 41% for both Q4 and full year, reflecting high operating leverage.

• Maintained diversified results across regions and asset classes, with strong momentum in Asia and the Americas.

• Net Trading Income for 4Q25 was €123.8m, down 20% year-over-year; full year Net Trading Income rose 4% to €485.8m.

Financial highlights

• Q4 NTI was €123.8m; total income €121.0m after a minor loss in other income.

• EBITDA for 4Q25 was €49.2m and €198.9m for the year.

• Fixed operating expenses were €52.4m in Q4 and €204.1m for the year, up 17% and 15% respectively.

• Trading capital increased 35% to €1,044m, a record high.

• Shareholders' equity rose 13% year-over-year to €868m; return on average equity was 16%.

Outlook and guidance

• Fixed operating expenses for 2026 are guided at €220–230m, driven by technology investment, selective hiring, and inflation.

• Continued focus on targeted hiring and investment in trading capabilities, including AI and deep learning.

• The global ETP market is expected to maintain strong growth, supported by record fund inflows and increased ETP velocity.