24 April 2026
Flow Traders 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.
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.”
Read the full press release here.