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) ...
