Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 1Q 2026 trading update.
Highlights
Flow Traders recorded net trading income of €155.9m and total income of €157.7m in 1Q26, increases of 11.2% and 16.8% when compared to 1Q25, respectively.
Both, Flow Traders' ETP value traded and its total value traded increased by 27% year-on-year in 1Q26, to €644bn and €2,182bn respectively.
Fixed operating expenses were €56.1m in the quarter, an increase of 10.5% when compared to 1Q25, driven by higher employee and technology expenses.
Total operating expenses were €85.5m in 1Q26, an increase of 17.5% when compared to 1Q25, mostly due to higher variable employee expenses related to strong financial performance.
EBITDA was €72.2m in the quarter, an increase of 15.9% when compared to 1Q25. EBITDA margin was 46% in 1Q26, in line with 1Q25.
Net profit came in at €50.4m in 1Q26, yielding a basic and diluted EPS of €1.15 and €1.13 respectively, compared to a net profit of €36.3m, basic EPS of €0.84 and diluted EPS of €0.82 in 1Q25.
Trading capital stood at €1,092.0m at the end of 1Q26, compared to €802.7m at the end of 1Q25, and generated 53% return on average trading capital.
Shareholders' equity was €918.4m at the end of 1Q26, compared to €787.3m at the end of 1Q25.
Flow Traders employed 656 FTEs at the end of 1Q26, compared to 619 at the end of 1Q25 and 635 at the end of 4Q25.
Financial Overview
€million
Q126
Q125
Change
Q126
4Q25
Change
Net trading income
155.9
140.2
11%
155.9
123.8
26%
Other income
1.8
-5.1
N/A
1.8
-2.8
N/A
Total income
157.7
135.1
17%
157.7
121.0
30%
Revenue by region2
Europe
88.2
79.9
10%
88.2
76.9
15%
Americas
28.0
11.4
146%
28.0
20.2
39%
Asia
41.5
43.7
-5%
41.5
23.9
74%
Fixed employee expenses
27.4
24.3
13%
27.4
25.7
7%
Technology expenses
20.0
17.4
15%
20.0
18.5
8%
Other expenses
8.7
9.1
-5%
8.7
8.2
6%
Fixed operating expenses
56.1
50.8
10%
56.1
52.4
7%
Variable employee expenses
29.4
22.0
34%
29.4
19.4
51%
Total operating expenses
85.5
72.7
18%
85.5
71.8
19%
EBITDA
72.2
62.3
16%
72.2
49.2
47%
Interest expenses
4.7
0.4
1075%
4.7
3.1
52%
Lease expenses
0.4
0.5
-20%
0.4
0.5
-20%
Depreciation & amortization
4.1
4.7
-12%
4.1
4.2
-1%
(Reversal of) Impairment of intangible assets
0.9
10.5
-92%
