Flow Traders
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Flow Traders (FLOW) investor relations material

Flow Traders Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

What caused the drop in Return on Trading Capital?
Elaborate on the 'new ETP moment' tokenization
Explain the significant rise in interest expenses
Assess capital deployment effectiveness
Deep learning initiative rollout plan
Prediction market NTI contribution and structure
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Frequently asked questions

Flow Traders N.V. is a financial technology-enabled liquidity provider in financial products in Europe, the Americas, and Asia. Its network is comprised of institutional brokers, market makers, prime banks, and other liquidity providers operating in various asset classes and countries. The company is based in Amsterdam, the Netherlands.

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