Flow Traders 4Q and FY 2025 Results
Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2025 results.
Highlights
- Flow Traders recorded Net Trading Income of €123.8m and Total Income of €121.0m in 4Q25, a decrease of 20% and 24% when compared to 4Q24, respectively. For full year 2025, Net Trading Income came in at €485.8m and Total Income at €480.5m, increases of 4% and 0% year-on-year, respectively.
- Flow Traders’ ETP Value Traded increased by 22% in 4Q25 to €516bn in 4Q24. Full year Flow Traders’ ETP Value Traded increased by 26% year-on-year to €1,940b.
- Fixed Operating Expenses were €52.4m in the quarter, an increase of 17% when compared to 4Q24, due mostly to increased Employee and Technology expenses. Full year, Fixed Operating Expenses totaled €204.1m, an increase of 15% year-on-year.
- Total Operating Expenses were €71.8m in 4Q25, a decrease of 6% when compared to 4Q24, due mostly to lower Variable employee expenses. Full year Total Operating Expenses were €281.6m, an increase of 7% year-on-year.
- EBITDA was €49.2m in the quarter, a decrease of 41% when compared to 4Q24. EBITDA margin was 41% in 4Q25 vs. 52% in 4Q24. Full year EBITDA came in at €198.9m, an 8% decrease year-on-year.
- Net Profit came in at €35.1 in 4Q25, yielding a basic and diluted EPS of €0.81 and €0.78 respectively, compared to a Net Profit of €63.2m, basic EPS of €1.47 and diluted EPS of €1.42 in 4Q24. Full year Net Profit came in at €133.6m, a 16% decrease year-on-year, with basic EPS of €3.07 and diluted EPS of €2.98.
- Trading Capital stood at €1,044m at the end of 4Q25, a 35% increase from €775m at the end of 4Q24 and generated 53% Return on average trading capital1.
- Shareholders’ equity was €868m at the end of 4Q25, compared to €767m at the end of 4Q24 and €834m at the end of 3Q25.
- Flow Traders employed 635 FTEs at the end of 4Q25, compared to 609 at the end of 4Q24 and 622 at the end of 3Q25.
Financial Overview
| €million | 4Q25 | 4Q24 | Change | YTD25 | YTD24 | Change |
| Net trading income | 123.8 | 153.8 | -20% | 485.8 | 467.8 | 4% |
| Other income | (2.8) | 5.1 | -156% | -5.3 | 11.5 | -146% |
| Total income | 121.0 | 159.0 | -24% | 480.5 | 479.3 | 0% |
| Revenue by region2 | ||||||
| Europe | 76.9 | 86.9 | -12% | 281.7 | 274.1 | 3% |
| Americas | 20.2 | 18.2 | 11% | 76.8 | 93.6 | -18% |
| Asia | 23.9 | 53.9 | -56% | 122.0 | 111.6 | 9% |
| Fixed employee expenses | 25.7 | 20.2 | 27% | 97.3 | 81.6 | 19% |
| Technology expenses | 18.5 | 16.9 | 9% | 70.6 | 66.6 | 6% |
| Other expenses | 8.2 | 7.7 | 7% | 36.3 | 28.7 | 26% |
| Fixed operating expenses | 52.4 | 44.8 | 17% | 204.1 | 177.0 | 15% |
| Variable employee expenses | 19.4 | 31.5 | -38% | 77.4 | 85.3 | -9% |
| Total operating expenses | 71.8 | 76.3 | -6% | 281.6 | 262.2 | 7% |
| EBITDA | 49.2 | 82.6 | -41% | 198.9 | 217.1 | -8% |
| Interest expenses | 3.1 | 0.5 | 538% | 4.4 | 1.1 | 300% |
| Lease expenses | 0.5 | 0.5 | -14% | 1.9 | 2.2 | -15% |
| Depreciation & amortisation | 4.2 | 4.6 | -9% | 18.1 | 17.4 | 4% |
| (Reversal of) Impairment of intangible assets | 2.4 | - | 100% | 10.7 | - | 100% |
| Profit/(loss) on equity-accounted investments | 4.5 | (0.1) | -3395% | 0.8 | -2.0 | -142% |
| Profit before tax | 43.5 | 76.9 | -43% | 164.6 | 194.4 | -15% |
| Tax expense | 8.4 | 13.7 | -39% | 31.1 | 34.8 | -11% |
| Net profit | 35.1 | 63.2 | -44% | 133.6 | 159.5 | -16% |
| Basic EPS3 (€) | 0.81 | 1.47 | -45% | 3.07 | 3.69 | -17% |
| Fully diluted EPS4 (€) | 0.78 | 1.42 | -45% | 2.98 | 3.56 | -16% |
| EBITDA margin | 41% | 52% | 41% | 45% |
Revenue by Region
| €million | 4Q23 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 |
| Europe | 42.6 | 68.4 | 48.6 | 70.2 | 86.9 | 79.9 | 78.7 | 46.3 | 76.9 |
| Americas | 18.1 | 41.3 | 13.4 | 20.8 | 18.2 | 11.4 | 30.2 | 14.9 | 20.2 |
| Asia | 13.6 | 19.9 | 14.2 | 23.6 | 53.8 | 43.7 | 35.1 | 19.2 | 23.9 |
Value Traded Overview
| €billion | 4Q25 | 4Q24 | Change | YTD25 | YTD24 | Change |
| Flow Traders ETP Value Traded | 516 | 424 | 22% | 1,940 | 1,545 | 26% |
| Europe | 241 | 195 | 24% | 890 | 655 | 36% |
| Americas | 240 | 193 | 24% | 898 | 776 | 16% |
| Asia | 35 | 36 | -3% | 152 | 114 | 34% |
| Flow Traders non-ETP Value Traded | 1,242 | 1,233 | 1% | 4,762 | 4,703 | 1% |
| Flow Traders Value Traded | 1,757 | 1,657 | 6% | 6,702 | 6,248 | 7% |
| Equity | 965 | 809 | 19% | 3,455 | 3,217 | 7% |
| FICC | 723 | 783 | -8% | 2,913 | 2,816 | 3% |
| Other | 69 | 64 | 7% | 335 | 214 | 56% |
| Market ETP Value Traded5 | 20,724 | 13,190 | 57% | 68,915 | 47,933 | 44% |
| Europe | 860 | 725 | 19% | 3,294 | 2,518 | 31% |
| Americas | 15,620 | 9,954 | 57% | 52,562 | 38,545 | 36% |
| Asia | 4,243 | 2,510 | 69% | 13,059 | 6,871 | 90% |
| Asia ex China | 789 | 582 | 36% | 2,751 | 2,020 | 36% |
Trading Capital
| 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | |
| Trading Capital (€m) | 609 | 624 | 668 | 775 | 803 | 831 | 848 | 1,044 |
| Return on Avg Trading Capital1 | 50% | 58% | 62% | 69% | 68% | 75% | 68% | 53% |
| Average VIX6 | 13.9 | 14.2 | 17.1 | 17.3 | 18.5 | 23.6 | 16.0 | 17.8 |
Market Environment
Europe
In Equity, European exchange operators Euronext, Deutsche Börse and the London Stock Exchange saw increases in trading volumes in the fourth quarter both when compared to the same period a year ago as well as when compared to the third quarter. Average volatility was relatively flat both year-on-year and quarter-on-quarter.
Within Fixed Income, market trading volumes were flat to slightly up in the quarter both when compared to the same period a year ago as well as when compared to the third quarter.
Americas
Equity trading volumes on both the Nasdaq and NYSE also increased both year-on-year and quarter-on-quarter. Average volatility was flat year-on-year but increased slightly quarter-on-quarter
In Fixed Income, market trading volumes decreased quarter-on-quarter but increased year-over-year. Average volatility declined both year-on-year and quarter-on-quarter.
Asia
Equity trading volumes trends were mixed as the Hong Kong and Shanghai Stock Exchange saw increases year-on-year but declines quarter-on-quarter, while the Tokyo Stock Exchange saw increases both year-on-year and quarter-on-quarter. Average volatility in Hong Kong declined significantly year-on-year, given the significant market volatility that occurred in October of last year, and was relatively flat quarter-on-quarter. Average volatility in Tokyo increased both year-on-year and quarter-on-quarter.
Digital Assets
Within Digital Assets, trading volumes in Bitcoin, the barometer of the industry, increased slightly both compared to 3Q25 and 4Q24, whereas spot volumes across all tokens declined over both periods. Average volatility in Bitcoin declined year-on-year but increased quarter-on-quarter.
Outlook
Fixed operating expenses for the year 2026 are expected to be €220-230m, driven by continued technology investments, talent additions to support growth initiatives, and inflationary pressures. This excludes interest on the private credit facility, which will be part of Interest Expenses.
CEO Statement
Thomas Spitz, CEO
“Following a fourth quarter marked by stronger market activity and continued growth across the global ETP ecosystem, Flow Traders delivered a solid finish to the year. Trading conditions were more constructive than in the preceding quarter, with higher ETP value traded and increased activity across several asset classes. This supported a robust EBITDA margin of 41% for both the quarter and the full year, alongside FY25 Net Profit of €133.6m and EPS of €3.07. Despite lower market volatility compared to 4Q24, our diversified trading setup allowed us to capture opportunities globally and deliver consistent results.
In 2025, we advanced strategic initiatives to reinforce our global ETP leadership and drive the convergence of digital and traditional finance. We expanded our investments in intelligent system management for our trading infrastructure and are accelerating the deployment of AI supported analytics to drive trading efficiencies. We continue investing in research engineering and are deploying a dedicated Deep Learning initiative applied to trading strategies. This will also support building our quantitative capabilities in short- and mid-term trading.
To support this, we attracted thought leaders and experienced talent in the field of technology and AI and anticipate to continue strengthening our leadership in trading, quant and technology through 2026.
We also broadened our footprint in Asia and have just launched our operations to begin actively trading China markets which is an attractive growth segment aligned with our core ETP strength.
Momentum in the convergence between traditional finance and digital assets remains strong. 2025 was a turning point following the 2024 launches of ETPs related to cryptocurrencies. We are now seeing traditional market participants (Banks, Asset Managers, Funds) developing new offerings, opening new trading partnerships and opportunities for Flow Traders.
We are particularly excited about the developments of real-world asset tokenisation as it combines Flow Traders’ expertise on the ETP and digital asset side. Tokenization is the new “ETP moment,” and we expect this to develop as a stand-alone asset class.
To enable this, we are uniting our Cash Equity and Tokenized Markets trading efforts and are accelerating our investment capabilities in this space. We are convinced that, combined with our wide network of institutional relationships built over 20 years in the ETP space, these initiatives will help us further strengthen our partnerships, and drive the growth we are anticipating in these markets.
Additionally, we are also happy to have signed a strategic partnership with Dinari to provide 24/7 trading of tokenized U.S. equities.
To share more details on our vision, ambitions and expansion plans, we will be hosting a Capital Markets Day before our next AGM.
Overall, across my interactions with colleagues and stakeholders during the quarter, I continue to be impressed by the talent, collaboration, and ambition across our global teams. The energy and alignment behind our growth agenda give me great confidence as we invest into 2026.”
Preliminary Financial Calendar
24 April 2026 1Q26 Trading Update
Analyst Conference Call and Webcast
The 4Q FY 2025 results analyst conference call will be held at 10:00 am CET on Thursday, 12 February 2026. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a webcast. A replay of the conference call will be available on the company website for at least 90 days.
Contact Details
Flow Traders Ltd.
Eric Pan
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com
About Flow Traders
Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market maker and has leveraged its expertise in trading European equity ETPs to expand into fixed income, commodities, digital assets and FX globally. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With over two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm's entrepreneurial culture and delivering the company's mission.
Notes
- Return on average trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
- Revenue by region includes NTI, Other Income, and inter-company revenue.
- Weighted average shares outstanding: 4Q25 - 43,567,497; 4Q24 - 43,066,302.
- Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
- Source - Flow Traders analysis.
- Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.
Important Legal Information
This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.
The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.
This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.
Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.
Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.
By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.
All results published in this release are unaudited.
Market Abuse Regulation
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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