This article first appeared on GuruFocus .
-
Net Profit:EUR133.6 million for the full year 2025.
-
Earnings Per Share (EPS):EUR3.07 for the full year 2025.
-
ETP Value Traded:Increased 22% year-on-year in Q4 and 26% for the full year 2025.
-
Total Value Traded:Grew 5% year-on-year in both Q4 and full year 2025.
-
Net Trading Income (NTI):EUR123.8 million in Q4 2025.
-
Total Income:EUR121 million in Q4 2025.
-
Fixed Operating Expenses:EUR52.4 million in Q4 and EUR204.1 million for the full year 2025.
-
EBITDA:EUR49.2 million for Q4 and EUR198.9 million for the full year 2025.
-
EBITDA Margin:41% for both Q4 and full year 2025.
-
Full-Time Employees:635 at the end of 2025, up from 609 at the start of the year.
-
ETP Assets Under Management:EUR16.9 trillion, an increase of 21% year-on-year.
-
Trading Capital:Increased 35% to EUR1,044 million.
-
Shareholders' Equity:EUR868 million, up 13% year-on-year.
-
Return on Average Shareholders' Equity:16% for the year 2025.
Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Flow Traders Ltd ( FLTLF ) reported a full year net profit of EUR133.6 million and an EPS of EUR3.07, indicating strong financial performance.
-
ETP value traded increased by 22% year-on-year in Q4 and 26% for the full year, highlighting a healthy trading environment.
-
The company achieved an EBITDA of EUR49.2 million for Q4 and EUR198.9 million for the full year, with consistent margins of 41%.
-
Flow Traders Ltd ( FLTLF ) expanded its trading capital by 35% to EUR1,044 million, the highest in the company's history, enhancing financial flexibility.
-
The company maintained its position as a leading liquidity provider in European ETPs and saw increased trading volumes in the Americas and Asia, demonstrating strong regional performance.
Negative Points
-
Fixed operating expenses increased by 17% in Q4 and 15% for the year, driven by higher employee expenses and ongoing technology investments.
-
The fixed income market experienced a muted trading environment due to decreased volatility, impacting the company's fixed income business.
-
Crypto market volumes subsided in November and December, despite a spike in activity in October, indicating volatility in the crypto sector.
-
Flow Traders Ltd ( FLTLF ) was unable to fully capture the increase in volumes in onshore China, which remains a development area for the firm.
-
The company anticipates continued inflationary pressures, which could impact future operating expenses and profitability.
Q & A Highlights
Q: Can you share your experience with deploying a significant amount of additional trading capital in Q4, and how was it managed across different desks? A: Alex Kieft, Co-Chief Trading Officer, explained that with over EUR1 billion in trading capital, they anticipated a ramp-up in deployment ability. They strategically allocate capital per business line to ensure liquidity provision and tactically deploy it where returns are highest. The global model optimizes for returns while diversifying and refining trading strategies for future capital deployment.
Q: Could you elaborate on the deep learning initiatives and their expected rollout in 2026? A: Thomas Spitz, CEO, stated that deep learning is being approached as applied research to manage large data sets for trading and market analysis. The focus is on rolling out results into live proof of concept across trading environments over the next few quarters. This long-term strategy aims to enhance precision in market analysis and adapt to a 24/7 trading world.
Q: How significant can prediction markets become in the NTI mix, and what is the market structure like? A: Alex Kieft noted that prediction markets are interesting for market data and trading decisions. They are exploring active participation in these markets, but it's too early to comment on returns. The focus is on using market data for systematic or discretionary trading decisions.
Q: What are the plans for capital expansion and financial flexibility? A: Thomas Spitz highlighted that trading capital increased by 35% to EUR1,044 million, the highest in the company's history. They secured a $200 million Private Credit Facility and a $75 million Revolving Credit Facility, enhancing financial flexibility. This expansion supports diversification and strategic initiatives.
Q: What are the expectations for fixed operating expenses in 2026? A: Thomas Spitz mentioned that fixed operating expenses are expected to be between EUR220 million to EUR230 million, driven by technology investments, selective headcount additions, and inflationary pressures. This aligns with their growth plans and strategic initiatives.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
