Flow Traders 2Q 2025 Results
Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 2Q 2025 results.
Highlights
- Flow Traders recorded Net Trading Income of €143.4m and Total Income of €143.9m in 2Q25, an increase of 80% and 89% when compared to €79.5m and €76.2m in 2Q24, respectively.
- Flow Traders’ ETP Value Traded increased by 42% in 2Q25 to €492bn from €347bn in 2Q24.
- Fixed Operating Expenses were €49.8m in the quarter, an increase of 15% when compared to the €43.1m in 2Q24, due mostly to increased Employee and Other expenses.
- Total Operating Expenses were €76.0m in 2Q25, an increase of 40% when compared to the €54.3m in 2Q24, due mostly to higher variable employee expenses.
- EBITDA was €68.0m in the quarter, an increase of 210% when compared to €21.9m in 2Q24. EBITDA margin was 47% in 2Q25 vs. 29% in 2Q24.
- Net Profit came in at €51.3m in 2Q25, yielding a basic EPS of €1.18 and diluted EPS of €1.16, a 295% increase compared to a Net Profit of €13.0m, basic EPS of €0.30, and diluted EPS of €0.29 in 2Q24.
- Trading Capital stood at €831m at the end of 2Q25, a 33% and 4% increase from €624m and €803m at the end of 2Q24 and 1Q25, respectively, and generated a 75% return on average trading capital1.
- Shareholders’ equity was €821m at the end of 2Q25, compared to €638m at the end of 2Q24 and €787m at the end of 1Q25.
- Flow Traders employed 607 FTEs at the end of 2Q25, compared to 594 at the end of 2Q24 and 619 at the end of 1Q25.
Leadership Update
In a separate release today, Flow Traders announced that Thomas Spitz will join Flow Traders on 1 September 2025 and be nominated as Chief Executive Officer and Executive Director of the Flow Traders Board, subject to regulatory and shareholder approval. In his role as Chief Executive Officer, Thomas will be responsible for executing Flow Traders’ strategic agenda, which includes the Company’s growth and diversification strategy and Trading Capital Expansion Plan.
Financial Overview
| €million | 2Q25 | 2Q24 | Change | 1H25 | 1H24 | Change |
| Net trading income | 143.4 | 79.5 | 80% | 283.6 | 206.6 | 37% |
| Other income | 0.5 | (3.3) | – | (4.6) | (0.8) | – |
| Total income | 143.9 | 76.2 | 89% | 279.0 | 205.8 | 36% |
| Revenue by region2 | ||||||
| Europe | 78.7 | 48.6 | 62% | 158.6 | 117.0 | 35% |
| Americas | 30.2 | 13.4 | 125% | 41.7 | 54.7 | (24%) |
| Asia | 35.1 | 14.2 | 147% | 78.8 | 34.1 | 131% |
| Fixed employee expenses | 23.4 | 20.4 | 15% | 47.7 | 41.1 | 16% |
| Technology expenses | 16.8 | 16.8 | 0% | 34.2 | 32.6 | 5% |
| Other expenses | 9.5 | 5.9 | 61% | 18.6 | 13.6 | 37% |
| Fixed operating expenses | 49.8 | 43.1 | 15% | 100.5 | 87.2 | 15% |
| Variable employee expenses | 26.2 | 11.2 | 134% | 48.2 | 35.0 | 38% |
| Total operating expenses | 76.0 | 54.3 | 40% | 148.7 | 122.2 | 22% |
| EBITDA | 68.0 | 21.9 | 210% | 130.3 | 83.6 | 56% |
| Interest expenses | 0.4 | 0.1 | 321% | 0.9 | 0.1 | 738% |
| Lease expenses | 0.5 | 0.6 | (21%) | 1.0 | 1.1 | (15%) |
| Depreciation & amortisation | 5.0 | 4.4 | 13% | 9.7 | 8.7 | 12% |
| (Reversal of) Impairment of intangible assets3 | (2.5) |