Flow Traders 3Q 2026 Trading Update

29 October 2026

Flow Traders announces its unaudited 3Q 2026 results.

Highlights

  • The third quarter of the year can generally be characterized by subdued market activity and lower volatility, which impacts the trading environment and consequently our financial results. Despite this, we continue to execute on our Horizon 2030 strategy, as demonstrated by the structural growth in our traditional business.
  • In YTD26, Flow Traders’ ETF value traded increased by 15% to €1,699bn compared to YTD25. During 3Q26, Flow Traders’ ETF value traded decreased by 2% to €553bn compared to 2Q26, while the market ETF value traded decreased by 6%.
  • Flow Traders recorded net trading income (NTI) of €388.2m and total income of €391.6m in YTD26, increases of 7% and 9% compared to YTD25, respectively. In 3Q26, NTI decreased to €84.5m and total income to €86.4m, 43% and 41% lower than in 2Q26, respectively.
  • The traditional business achieved an NTI of €336.4m, a 26% increase compared to YTD25, underlining its continued strong growth. In 3Q26, traditional NTI decreased by 46% to €70.8m, from €131.7m in 2Q26.
  • The digital assets business achieved an NTI of €51.7m YTD26, a decrease of 46% compared to YTD25, reflecting continued lower activity in digital asset markets. In 3Q26, digital assets NTI decreased by 15% to €13.8m, from €16.1m in 2Q26.
  • Fixed operating expenses were €180.2m for YTD26, in line with our 2026 guidance of €235-245m. Fixed operating expenses increased by 19% compared to YTD25, driven by higher technology expenses, the addition of subject matter experts, and one-off expenses, as we continue to invest in the capabilities required to deliver on our Horizon 2030 strategy. In 3Q26, fixed operating expenses increased by 9% to €64.8m, from €59.3m in 2Q26.
  • Total operating expenses were €238.2m for YTD26, an increase of 14% compared to YTD25, driven by higher fixed operating expenses, with variable employee expenses flat. In 3Q26, total operating expenses decreased by 18% to €68.9m, from €83.8m in 2Q26, mainly reflecting lower variable employee expenses.
  • EBITDA was €153.4m for YTD26, a 2% increase compared to YTD25, with an EBITDA margin of 39% compared to 42% in YTD25. In 3Q26, EBITDA decreased by 72% to €17.5m, from €63.6m in 2Q26, amid lower market activity, with the EBITDA margin declining to 20% from 43%.
  • Net profit was €97.6m for YTD26, a 1% decrease compared to YTD25, with basic and diluted EPS of €2.22 and €2.13, respectively. In 3Q26, net profit decreased by 84% to €6.4m, from €40.8m in 2Q26, with basic and diluted EPS of €0.15 and €0.14, respectively.
  • Trading capital stood at €1,137m at the end of 3Q26, compared to €1,150m at the end of 2Q26 and €848m at the end of 3Q25, and generated a 30% return on trading capital, compared with 53% in 2Q26 and 37% in 3Q25.
  • YTD26 return on trading capital is 47% compared to 59% YTD25.
  • The number of FTEs was 630 at the end of 3Q26, up 1% from 622 at the end of 3Q25 and down 2% from 641 at the end of 2Q26.

Market environment

Traditional

In 3Q26, the trading environment was marked by lower activity. Market ETF value traded declined 6% QoQ to €20,550bn, with traditional ETF value traded down 7% to €20,241bn, driven by EMEA (down 14%) and the U.S. (down 10%). The quarter was also characterized by lower volatility, with the average VIX falling to 16.0 in 3Q26 from 18.3 in 2Q26 and 20.3 in 1Q26, which impacted the trading environment.

Flow Traders’ ETF value traded fell 2% QoQ, against a 6% decline in the market. Traditional NTI was €70.8m in 3Q26, down 46% compared with €131.7m in 2Q26. On a year-to-date basis, traditional NTI increased 26% to €336.4m, from €266.3m in YTD25.

These results reflect the continued structural growth of the ETF market, with YTD traditional value traded up 42%, which supports our Horizon 2030 priority of expanding and scaling our ETF business.

Digital assets

Since 10 October 2025, the bitcoin and altcoin market has decreased materially. Bitcoin was down 33% compared to its peak in October 2025, with the broader digital assets market capitalization declining over the same period. Digital asset market trading volumes and volatility have remained subdued, with EMEA digital assets ETF market value traded down 35% YTD.

Our digital assets results declined in line with lower market activity YTD. In 3Q26, EMEA digital assets ETF value traded grew 11% for the market and 21% for Flow Traders. That said, centralized exchange trading volumes across the broader digital assets market declined, reaching multi-year lows during the quarter. As our NTI is driven by activity across the wider digital assets market, digital assets NTI was €13.8m in 3Q26, compared with €16.1m in 2Q26 and €36.1m in 3Q25. On a year-to-date basis, our EMEA digital assets ETF value traded decreased 33%, with digital assets NTI declining 46% to €51.7m from €95.7m in YTD25, contributing 13% of total NTI compared with 26% in YTD25. The tokenized RWA market continued to grow over the period, increasing to USD 39bn in 3Q26 from USD 36bn in 2Q26.

We continue to believe in the long-term trajectory of digital assets and tokenization, and remain committed to our Horizon 2030 strategy and targets, including growing our digital assets franchise and tokenized asset trading. The continued growth in the tokenized RWA market further supports our strategy and long-term opportunity.

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 third quarter was marked by seasonally lower ETF market activity; however, we continued to build out our franchise and platform, as demonstrated by the 26% YTD NTI growth in our traditional business. Reflecting third-quarter seasonality, lower volatility and subdued activity in digital asset markets, our YTD26 EBITDA margin came in at 39%, alongside net profit of €97.6m and basic EPS of €2.22.

Despite disappointing financial results this quarter, we continue to focus on executing our Horizon 2030 strategy and building up the capabilities required to deliver long-term growth, especially research and technology, targeted regional growth and distribution.”

Read the full press release here.