Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 3Q 2025 results.
Highlights
Flow Traders recorded Net Trading Income of €78.3m and Total Income of €80.5m in 3Q25, a decrease of 27% and 29% when compared to €107.3m and €114.6m in 3Q24, respectively. Year-to-date, Net Trading Income came in at €362.0m and Total Income at €359.5m, an increase of 15% and 12% year-on-year, respectively.
Flow Traders' ETP Value Traded increased by 17% in 3Q25 to €426bn from €365bn in 3Q24. Year-to-date, Flow Traders' ETP Value Traded increased by 27% year-on-year to €1.425bn.
Fixed Operating Expenses were €51.2m in the quarter, an increase of 14% when compared to the €44.9m in 3Q24, due mostly to increased Employee and Other expenses. Year-to-date, Fixed Operating Expenses were €151.7m, an increase of 15% year-on-year.
Total Operating Expenses were €61.0m in 3Q25, a decrease of 4% when compared to the €63.7m in 3Q24, due mostly to lower Variable employee expenses. Year-to-date, Total Operating Expenses were €209.7m, an increase of 13% year-on-year.
EBITDA was €19.4m in the quarter, a decrease of 62% when compared to €50.9m in 3Q24. EBITDA margin was 24% in 3Q25 vs. 44% in 3Q24. Year-to-date, EBITDA came in at €149.8m, an increase of 11% year-on-year.
Net Profit came in at €10.9m in 3Q25, yielding a basic and diluted EPS of €0.25, a 71% decrease compared to a Net Profit of €37.5m, basic EPS of €0.87, and diluted EPS of €0.85 in 3Q24. Year-to-date, Net Profit came in at €98.5m, with basic EPS of €2.26 and diluted EPS of €2.23, all up 2% year-on-year.
Trading Capital stood at €848m at the end of 3Q25, a 27% and 2% increase from €668m and €831m at the end of 3Q24 and 2Q25, respectively, and generated a 68% return on average trading capital1.
Shareholders' equity was €834m at the end of 3Q25, compared to €666m at the end of 3Q24 and €821m at the end of 2Q25.
Flow Traders employed 622 FTEs at the end of 3Q25, compared to 605 at the end of 3Q24 and 607 at the end of 2Q25.
Trading Capital Expansion Plan
As disclosed in a separate press release today, Flow Traders has secured a $200 million private credit facility to support and accelerate the strategic growth agenda of the Company. The new facility replaces the €25 million bank loan that was previously taken out in June 2024.
In addition, a $75 million revolving credit facility has been secured to provide additional trading capital as needed.
The Company expects to incur ~€3m of interest expenses for the remainder of 2025 from November.
Financial Overview
€million
3Q25
3Q24
Change
YTD25
YTD24
Change
Net trading income
78.3
107.3
(27%)
362.0
313.9
15%
Other income
2.1
7.2
(71%)
(2.5)
6.4
NM
Total income
80.5
114.6
(29%)
359.5
320.4
12%
Revenue by region2
Europe
46.3
70.2
(34%)
204.8
187.2
9%
Americas
14.9
20.8
(28%)
56.6
75.5
(25%)
Asia
19.2
23.6
(19%)
98.0
57.7
70%
Fixed employee expenses
23.9
20.4
17%
71.6
61.5
16%
Technology expenses
17.9
17.2
4%
52.1
49.7
5%
Other expenses
9.4
7.4
28%
28.0
20.9
34%
Fixed operating expenses
51.2
44.9
14%
151.7
132.2
15%
Variable employee expenses
9.8
18.8
(50%)
58.0
53.7
8%
Total operating expenses
61.0
63.7
(4%)
209.7
185.9
13%
EBITDA
19.4
50.9
(62%)
149.8
134.5
11%
Interest expenses
0.4
0.5
(20%)
1.3
0.6
108%
Lease expenses
