Flow Traders 1Q 2026 Trading Update
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% | 0.9 | 2.4 | 64% |
| Profit/(loss) on equity-accounted investments | -1.3 | -1.8 | -172% | -1.3 | 4.5 | N/A |
| Profit before tax | 60.8 | 44.3 | 37% | 60.8 | 43.5 | 40% |
| Tax expense | 10.4 | 8.0 | 30% | 10.4 | 8.4 | 24% |
| Net profit | 50.4 | 36.3 | 39% | 50.4 | 35.1 | 44% |
| Basic EPS3 (€) | 1.15 | 0.84 | 0.37 | 1.15 | 0.81 | 0.42 |
| Fully diluted EPS4 (€) | 1.13 | 0.82 | 0.37 | 1.13 | 0.78 | 0.44 |
| EBITDA margin | 46% | 46% | 46% | 41% |
Revenue by Region
| €million | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 |
| Europe | 68.4 | 46.6 | 70.2 | 86.9 | 79.9 | 78.7 | 46.3 | 76.9 | 88.2 |
| Americas | 41.3 | 13.4 | 20.8 | 18.2 | 11.4 | 30.2 | 14.9 | 20.2 | 28.0 |
| Asia | 19.9 | 14.2 | 23.6 | 53.8 | 43.7 | 35.1 | 19.2 | 23.9 | 41.5 |
Value Traded Overview
| €billion | 1Q26 | 1Q25 | Change | 1Q26 | 4Q25 | Change |
| Flow Traders ETP Value Traded | 644 | 507 | 27% | 644 | 516 | 25% |
| Europe | 296 | 245 | 21% | 296 | 241 | 23% |
| Americas | 293 | 213 | 38% | 293 | 240 | 22% |
| Asia | 55 | 49 | 12% | 55 | 35 | 58% |
| Flow Traders Non-ETP Value Traded | 1,538 | 1,217 | 26% | 1,538 | 1,242 | 24% |
| Flow Traders Value Traded | 2,182 | 1,724 | 27% | 2,182 | 1,757 | 24% |
| Equity | 1,336 | 861 | 55% | 1,336 | 965 | 38% |
| FICC | 816 | 774 | 5% | 816 | 723 | 13% |
| Other | 30 | 89 | -66% | 30 | 69 | -56% |
| Market ETP Value Traded5 | 25,521 | 14,425 | 77% | 25,521 | 20,724 | 23% |
| Europe | 1,126 | 882 | 28% | 1,126 | 860 | 31% |
| Americas | 19,289 | 11,065 | 74% | 19,289 | 15,620 | 23% |
| Asia | 5,106 | 2,478 | 106% | 5,106 | 4,243 | 20% |
Trading Capital
| Q126 | Q425 | Q325 | Q225 | Q125 | Q424 | Q324 | Q224 | Q124 | |
| Trading capital (EURm) | 1,092 | 1,044 | 848 | 831 | 803 | 775 | 668 | 624 | 609 |
| Return on avg. trading capital1 | 53% | 53% | 68% | 75% | 68% | 69% | 62% | 58% | 50% |
| Average VIX6 | 20.4 | 17.8 | 16.0 | 23.6 | 18.5 | 17.3 | 17.1 | 14.2 | 13.9 |
Market Environment
Equity
In Europe and the US the equity markets, Euronext, Deutsche Borse, LSE, Nasdaq and NYSE, experienced higher trading volumes versus the same period the prior year and versus the fourth quarter of 2025. Average volatility across both European and US markets started the year relatively low, but increased in February, and further again in March due to geopolitical tensions in the Middle East.
In APAC, volume trends were mixed as the Hong Kong and Shanghai Stock Exchange saw increases year-on-year and quarter-on-quarter, while the Tokyo Stock Exchange saw an increase year-on-year, but showed a slight decrease quarter-on-quarter. Average volatility across APAC showed a relatively similar volatility profile compared to European and US markets.
FICC
In Fixed Income, market trading volumes increased in the quarter across most products on both Tradeweb and MarketAxess when compared to the same period a year ago as well as when compared to the fourth quarter. Average volatility was subdued at the start of the year, however it materially increased in March (month-to-date).
Within Digital Assets trading volumes decreased year-on-year and quarter-on-quarter, as the crypto market experienced continued muted activity following the 10 October 2025 liquidation event. On the other hand, activity in the tokenized real-world assets continued to increase.
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 first quarter marked by elevated market activity, Flow Traders delivered a strong start of the year. This resulted in a robust EBITDA margin of 46% for the quarter, alongside 1Q26 net profit of €50.4m and EPS of €1.15. We started 2026, with continued focus on progressing our strategic initiatives. We continue to attract experienced talent with a focus on technology and AI as well as invest in our trading capabilities.
Asia remains a key growth area for Flow Traders and we will continue to put strategic emphasis on initiatives that advance our APAC business. We recently announced changes to our APAC leadership, including the appointment of Frank Drouet as CEO of APAC. Furthermore, we are excited about the developments of real-world asset tokenization in combination with 24/7 trading and the opportunities it creates for Flow Traders. In March 2026 we launched our OTC offering with 24/7 liquidity for tokenized assets, which highlights our position at the forefront of digital asset innovation and adoption.
We will be hosting a Capital Markets Day on 23 June 2026 where our leadership team will share our vision, strategy and expansion plans.”
Preliminary Financial Calendar
30 July 2026 2Q26 Results
Capital Markets Day
23 June 2026
Analyst Conference Call and Webcast
The 1Q 2026 results analyst conference call will be held at 10:00 am CEST on Friday, 24 April 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.
Investors
Dick Peters
Phone: +31 20 7996799
Email: investor.relations@flowtraders.com
Media
Eliza de Waard
Phone: +31 6 27357983
Email: press@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 LTM prior and current end of period trading capital.
- Revenue by region includes NTI, other income, and inter-company revenue.
- Weighted average shares outstanding: 1Q26 - 43,911,649; 1Q25 - 43,394,080.
- Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
- Source - Flow Traders analysis.
- Starting in 4Q24, 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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