Slide 1: Flow Traders Ltd. 4Q25 and 2025 Results
12 FEBRUARY 2026 Flow Traders Ltd. 4Q25 and 2025 Results
Slide 2: Disclaimer
Disclaimer This presentation is prepared by Flow Traders Ltd. and is for information purposes only and the material Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly contained in this document is provided ‘as is’. It is not a recommendation to engage
Slide 3: 4Q25 and 2025 Results Snapshot
4Q25 and 2025 Results Snapshot Steady fourth quarter result leading to FY25 Net Profit of €133.6m and EPS of 3.07 ETP Value Traded (€bn) Total Value Traded (€bn) Total Income (€m) Summary Flow Traders Equity NTI Market Fixed income Other income Flow Traders’ ETP Value Traded CCC 6,702 increased by
Slide 4: Global ETP Market Continues to Grow in 4Q25 and 2025
Global ETP Market Continues to Grow in 4Q25 and 2025 Another record year for ETP fund inflows ETP Value Traded (€bn) * Average Implied Volatility (VIX) 20,724 60 General market developments 55 17,257 16,509 Market ETP Valued Traded increased 50 45 15,085 14,425 13,192 by 44% in FY 2025 compared to
Slide 5: Fixed Income and Crypto Market Dynamics
Fixed Income and Crypto Market Dynamics Crypto trading volumes more than doubled quarter-on-quarter while Fixed Income declined TRACE Volumes ($bn) MOVE Index US Investment Grade US High Yield 3,438 3,447 3,243 140 3,115 3,069 3,212 Bond market developments 2,902 2,916 757 853 120 2,546 701 653 806
Slide 6: 4Q25 Regional Performance Overview
4Q25 Regional Performance Overview Market ETP Value Traded (€bn) Flow ETP Value Traded (€bn) Total Income (€m) 4Q25 Highlights +31% +36% +3% 3,294 890 274 282 Europe: We maintained our position as leading Europe 2,518 655 liquidity provider in European ETPs, amidst a pickup -12% in trading activit
Slide 7: Diversified Strategy Driving Solid Results
Diversified Strategy Driving Solid Results Consistent returns from each geography and asset class Geographical Mix (NTI, %) Asset Class Mix (NTI, %) 3% 10% 12% 17% 18% 23% 25% 32% 41% 20% 43% 31% 19% 47% 47% 51% 28% 20% 15% 64% 68% 65% 59% 55% 57% 59% 57% 59% 52% 52% 49% 2020 2021 2022 2023 2024 2025
Slide 8: High Operating Leverage Given Variable Compensation Philosophy
High Operating Leverage Given Variable Compensation Philosophy Balancing growth ambitions and operational efficiencies Fixed Operating Expenses (€m) EBITDA Margin (%) FTEs Employee expenses (fixed) Trading Other Technology expenses Technology Other expenses 52 +15% 45 41 41 622 635 204.1 605 609 619 6
Slide 9: Structural Growth in Baseline NTI
Structural Growth in Baseline NTI Steady performance compared to average VIX volatility levels NTI vs. Implied Market Volatility (VIX) EBITDA and EBITDA Margins 1,000 40 700 80 NTI (€m) 35 EBITDA (€m) 900 35 EBITDA Margin (%) 70 Average VIX 600 63% 800 30 52% 60 700 25 500 51% 47% 45% 600 25 50 20 4
Slide 10: Capital Expansion Plan Accelerates Growth of Trading Capital
Capital Expansion Plan Accelerates Growth of Trading Capital Leading to increased levels of Trading Capital and Shareholders’ Equity Trading Capital and Return on Average Trading Capital Shareholders’ Equity and Return on Equity 1,800 164% 180 1,400 101% 110 Trading Capital (€m) Shareholders’ Equity
Slide 11: Q&A
Q&A Flow Traders | 11
Slide 12: Thank You
Thank You FLOW B@TRADERS
Slide 13: Appendix
Appendix Flow Traders | 13
Slide 14: Latest Market ETP Statistics
Latest Market ETP Statistics 2025 2024 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec On & Off Exchange* Value Traded - Global (€bn) 6,573 6,689 7,462 6,384 5,464 5,409 4,887 4,791 6,832 5,574 4,382 4,468 4,590 On & Off Exchange* Value Traded - EMEA (€bn) 267 270 323 271 198 247 222 249 363 331