Flow Traders 2Q 2026 Results
Amsterdam, the Netherlands - Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 2Q 2026 results.
Highlights
- 1H26 Flow Traders' ETF value traded increased to €1,281bn, a 34% increase compared to 1H25. During 2Q26, Flow Traders' ETF value traded decreased by 1% to €637bn compared to 1Q26 while the market ETF value traded decreased by 14%.
- Flow Traders recorded net trading income (NTI) of €303.7m and total income of €305.1m in 1H26, increases of 7% and 9% when compared to 1H25, respectively.
- For the traditional business the NTI reached €265.7m, an 18% increase compared to 1H25. The digital assets business achieved an NTI of €38.0m, a decrease of 36% compared to 1H25 due to reduced activity in crypto markets.
- Fixed operating expenses were €59.3m in 2Q26, an increase of 6% compared to 1Q26, driven by technology expenses, adding subject matter experts and one-off expenses.
- Total operating expenses were €83.8m in 2Q26, a decrease of 2% compared to 1Q26, driven by higher fixed operating expenses which are offset by lower variable employee expenses.
- EBITDA was €63.6m in 2Q26, a decrease of 12% when compared to 1Q26. EBITDA margin was 43% in 2Q26 which is 3%-points lower than 1Q25. 1H26 EBITDA was 4% higher compared to the same period last year.
- Net profit comes in at €40.8m in 2Q26, yielding a basic and diluted EPS of €0.93 and €0.89 respectively, resulting in a 1H26 net profit of €91.2m and a basic EPS of €2.07 and diluted EPS of €2.00.
- Trading capital stood at €1,150m at the end of 2Q26, compared to €831m at the end of 2Q25, and generated 53% return on average trading capital, compared to 70% in 2Q25 and 58% in 1Q26.
Financial overview
| €million | 2Q26 | 1Q26 | Change | 1H26 | 1H25 | Change |
| Net trading income | 147.8 | 155.9 | (5)% | 303.7 | 283.6 | 7% |
| Traditional | 131.7 | 134.0 | (2)% | 265.7 | 224.6 | 18% |
| EMEA | 72.0 | 70.7 | 2% | 142.7 | 116.5 | 22% |
| U.S. | 26.6 | 25.4 | 4% | 52.0 | 37.6 | 38% |
| APAC | 33.1 | 37.9 | (12)% | 71.0 | 70.4 | 1% |
| Digital assets | 16.1 | 21.9 | (26)% | 38.0 | 59.1 | (36)% |
| Other income | (0.3) | 1.8 | N.M. | 1.4 | (4.6) | N.M. |
| Total income | 147.4 | 157.7 | (7)% | 305.1 | 279.0 | 9% |
| Fixed employee expenses | 27.7 | 27.4 | 1% | 55.2 | 47.7 | 16% |
| Technology expenses | 20.6 | 20.0 | 3% | 40.5 | 34.2 | 19% |
| Other expenses | 11.1 | 8.7 | 28% | 19.7 | 18.6 | 6% |
| Fixed operating expenses | 59.3 | 56.1 | 6% | 115.4 | 100.5 | 15% |
| Variable employee expenses | 24.5 | 29.4 | (17)% | 53.8 | 48.2 | 12% |
| Total operating expenses | 83.8 | 85.5 | (2)% | 169.3 | 148.7 | 14% |
| EBITDA | 63.6 | 72.2 | (12)% | 135.9 | 130.3 | 4% |
| Interest expenses | 5.1 | 4.7 | 10% | 9.8 | 0.9 | 1039% |
| Lease expenses | 0.4 | 0.4 | (2)% | 0.8 | 1.0 | (16)% |
| Depreciation & amortization | 4.3 | 4.1 | 3% | 8.4 | 9.7 | (13)% |
| (Reversal of) Impairment of intangible assets | 0.5 | 0.9 | (43)% | 1.3 | 8.0 | (83)% |
| Profit/(loss) on equity-accounted investments | (1.0) | (1.3) | (20)% | (2.3) | (2.9) | (19)% |
| Profit before tax | 52.3 | 60.8 | (14)% | 113.1 | 107.8 | 5% |
| Tax expense | 11.5 | 10.4 | 10% | 21.9 | 20.3 | 8% |
| Net profit | 40.8 | 50.4 | (19)% | 91.2 | 87.5 | 4% |
| Basic EPS1 (€) | 0.93 | 1.15 | (19)% | 2.07 | 2.01 | 3% |
| Fully diluted EPS2 (€) | 0.89 | 1.13 | (21)% | 2.00 | 1.98 | 1% |
| EBITDA margin | 43% | 46% | 45% | 47% |
NTI split
| €million | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 |
| Traditional | 48.3 | 75.4 | 107.3 | 98.8 | 125.8 | 42.3 | 78.0 | 134.0 | 131.7 |
| EMEA | 33.0 | 45.7 | 48.2 | 50.9 | 65.6 | 19.5 | 45.5 | 70.7 | 72.0 |
| U.S. | 5.8 | 12.9 | 13.5 | 9.1 | 28.5 | 11.8 | 15.9 | 25.4 | 26.6 |
| APAC | 9.5 | 16.9 | 45.6 | 38.7 | 31.7 | 11.0 | 16.6 | 37.9 | 33.1 |
| Digital assets | 31.2 | 31.9 | 46.6 | 41.4 | 17.7 | 36.0 | 45.9 | 21.9 | 16.1 |
Trading capital
| 2Q24 | 3Q24 | 4Q24 | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | |
| Trading capital (€m) | 624 | 668 | 775 | 803 | 831 | 848 | 1,044 | 1,092 | 1,150 |
| Return on trading capital3 | 51% | 66% | 85% | 71% | 70% | 37% | 52% | 58% | 53% |
| Average VIX4 | 14.0 | 17.1 | 17.3 | 18.5 | 23.6 | 16.0 | 17.8 | 20.3 | 18.3 |
Value traded overview
| €billion | 2Q26 | 1Q26 | Change | 1H26 | 1H25 | Change |
| Market ETF value traded | 21,936 | 25,611 | (14)% | 47,547 | 30,936 | 54% |
| Traditional ETF | 21,649 | 25,206 | (14)% | 46,855 | 30,395 | 54% |
| EMEA | 1,041 | 1,169 | (11)% | 2,211 | 1,707 | 30% |
| U.S. | 15,261 | 18,935 | (19)% | 34,195 | 23,751 | 44% |
| APAC | 5,347 | 5,102 | 5% | 10,449 | 4,937 | 112% |
| EMEA digital assets ETF | 4 | 6 | (38)% | 9 | 12 | (24)% |
| Flow Traders ETF value traded | 637 | 644 | (1)% | 1,281 | 959 | 34% |
| Traditional ETF | 630 | 634 | (1)% | 1,264 | 939 | 35% |
| EMEA | 283 | 292 | (3)% | 575 | 427 | 35% |
| U.S. | 285 | 287 | (1)% | 571 | 394 | 45% |
| APAC | 62 | 55 | 13% | 117 | 118 | (1)% |
| EMEA digital assets ETF | 2 | 3 | (40)% | 5 | 7 | (20)% |
Market environment
Traditional
In 2Q26 ETF AuM continued its strong growth trajectory, reaching an all-time high of €20,209bn which equates to a 41% year-on-year growth. 1H26 market ETF value traded increased 54% year-on-year, while market ETF value traded decreased by 14% quarter-on-quarter during 2Q26 resulting in the first down quarter since 2Q24. This equates to reduced ETF velocity which is down 26% quarter-on-quarter.
In EMEA the second quarter showed lower ETF value traded when compared to the first quarter of 2026, while 1H26 ETF value traded was up compared to the same period last year. In 2Q26 ETF value traded was down 11% compared to 1Q26 and in 1H26 ETF value traded was up 30% year-on-year, highlighting the structural growth in the ETF market.
U.S. ETF value traded was down more materially compared to EMEA. In 2Q26 market ETF value traded was down 19% compared to 1Q26, however market ETF value traded was up 44% year-on-year in 1H26.
In APAC ETF value traded paints a different picture compared to EMEA and the U.S. In the second quarter market ETF value traded in APAC was up compared to 1Q26 and materially up in 1H26. In 2Q26 market ETF value traded increased 5% quarter-on-quarter and in 1H26 it increased by 112%.
Digital assets
Since 10 October 2025, the bitcoin and altcoin market has decreased materially. Bitcoin was down 53% compared to its peak in October 2025 and 33% compared to the start of the year. In 2Q26 EMEA crypto ETF value traded was down 38% compared to 1Q26, highlighting the recent market downturn in crypto markets.
The market for tokenized RWAs showed continued strength during 2Q26. In 2Q26 the market increased to c. USD 34bn compared to c. USD 29bn in 1Q26, illustrating the strong momentum in this space.
Outlook
Fixed operating expenses for the year 2026 are expected to be €235-245m, driven by continued technology investments, talent additions to support growth initiatives and one-off expenses. This excludes interest on the private credit facility, which is part of interest expenses.
CEO statement
Thomas Spitz, CEO
"The second quarter is marked by reduced ETF market activity, however Flow Traders demonstrated the strength of its franchise and delivered a solid result. This resulted in a robust EBITDA margin of 43% for the quarter, alongside 2Q26 net profit of €40.8m and EPS of €0.93.
Our 2026 Capital Markets Day was a milestone for Flow Traders as it provided us with the opportunity to share our Horizon 2030 vision to become the 24/7 liquidity provider of choice. We remain focused on our six strategic priorities: i) expand and scale our ETF business, ii) continue to grow our digital asset franchise, iii) expand into tokenized asset trading, iv) build-out our quantitative trading capabilities, iv) expand our unified 24/7 sales and distribution model and vi) accelerate operational excellence. We continue to invest in our business to progress these strategic priorities. This includes attracting experienced talent with a focus on technology and AI as well as invest in our trading and quantitative capabilities. During our full year results we intend to provide you with a progress update on Horizon 2030."
Preliminary financial calendar
29 October 2026 3Q26 Trading Update
Analyst conference call and webcast
The 2Q 2026 results analyst conference call will be held at 10:00 am CEST on Thursday, 30 July 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 global ETF and digital asset liquidity provider, on a mission to become the liquidity provider of choice in a 24/7 global financial ecosystem. Founded in 2004, Flow Traders has built on its heritage in European equity ETFs to provide liquidity across more than 25,000 products in ETFs, equities, fixed income, commodities, FX and digital assets, on over 150 venues globally. With more than EUR 7 trillion in annual value traded and over 1,600 active counterparties, Flow Traders plays a central role in ensuring markets remain resilient and transparent. The Company is investing in frontier technologies to drive innovation across traditional and digital asset markets. Operating from eight offices across Europe, the Americas and Asia, Flow Traders brings together over 600 professionals representing more than 60 nationalities.
Notes
- Weighted average shares outstanding: 2Q26 - 43,989,843; 1Q26 - 43,911,649; 2Q25 - 43,565,347.
- Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
- Return on trading capital: quarterly NTI annualized / average of current and prior quarter trading capital.
- Starting in 2Q24, 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.
This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Attachment
- Flow Traders 2Q26 Results Press Release vF
