Slide 1: Flow Traders Ltd. 1Q 2025 Trading Update
24 APRIL 2025 Flow Traders Ltd. 1Q 2025 Trading Update Flow Traders |
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: 1Q 2025 Trading Update Snapshot
1Q 2025 Trading Update Snapshot Solid results as strength in Equity offset lower contribution from Digital Assets compared to a year ago ETP Value Traded (€bn) Total Value Traded (€bn) Total Income (€m) Summary Flow Traders Equity Other NTI Market FICC Other income Flow Traders’ ETP Value Traded 1
Slide 4: Global ETP Market Continues to Grow in 1Q 2025
Global ETP Market Continues to Grow in 1Q 2025 Record quarter for ETP net fund inflows and AUM ETP Value Traded (€bn) * Average Implied Volatility (VIX) 15,085 60 14,425 13,676 13,190 GENERAL MARKET DEVELOPMENTS 55 11,640 50 11,411 11,349 11,714 11,981 11,745 Market ETP Valued Traded in the 10,948
Slide 5: Fixed Income and Crypto Market Dynamics
Fixed Income and Crypto Market Dynamics Cryptocurrencies saw a pullback in the quarter and net fund flows into crypto ETPs decreased significantly TRACE Volumes ($bn) MOVE Index US Investment Grade US High Yield 3,438 140 3,115 3,069 BOND MARKET DEVELOPMENTS 2,902 2,915 757 120 2,708 701 Trading vol
Slide 6: 1Q 2025 Regional Performance Overview
1Q 2025 Regional Performance Overview Market ETP Value Traded (€bn) Flow ETP Value Traded (€bn) Revenue (€m) 1Q25 Highlights +48% +48% +61% +61% +17% +17% 882 882 245 245 80 80 69 69 Europe: Maintained position as a leading liquidity Europe 597 597 152 152 provider in ETPs amidst increased market
Slide 7: 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 Technology Other Technology expenses Other expenses 48 48 46 46 +15% +15% 50.8 50.8 613 601 594
Slide 8: Structural Growth Driving Market Outperformance
Structural Growth Driving Market Outperformance Strong 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 Average VIX 35 EBITDA Margin (%) 63% 70 600 800 30 51% 52% 60 700 25 500 49% 47%
Slide 9: Record Trading Capital and Shareholders' Equity
Record Trading Capital and Shareholders’ Equity Profitable Growth Continues to Drive Record levels of Trading Capital and Shareholders’ Equity Trading Capital and Return on Average Trading Capital Shareholders’ Equity and Return on Equity 1,200 164% 180 1,200 101% 110 Trading Capital (€m) Shareholder
Slide 10: Supportive Mega Trends Remain Intact as Growth Catalysts
Supportive Mega Trends Remain Intact as Growth Catalysts Four key trends continue to shape Flow Traders’ market environment, offering significant opportunities ETP growth Electronification Digital assets Regulation $25tr ~50% ~$30tr AUM by 2030 Executed volumes Tokenized RWA Conducive in Euro credit
Slide 11: Continued Focus on Key Strategic Pillars
Continued Focus on 4 Key Strategic Pillars To Grow, Strengthen and Accelerate the Business Optimize core & grow trading capital Build an increasingly efficient business model through optimization of our trading core Simultaneously grow our trading capital base to accelerate all existing and new t
Slide 12: Q&A
Q&A FLOW B@TRADERS 12
Slide 13: Thank You
Thank You FLOW B@TRADERS
Slide 14: Appendix
Appendix FLOW B@TRADERS 14
Slide 15: Variable Employee Compensation and Deferral Schedule
Variable Employee Compensation and Deferral Schedule Deferred share awards plan results in deferred variable employee expenses 2024 charge 2025 charge 2026 charge Off balance liability 2026 -33% 11% Share awards amount 2026 -33% 30-35% adjusted 28% share for 2025 -50% awards employee turnover 2026 -
Slide 16: Latest Market ETP Statistics
Latest Market ETP Statistics Flow Traders | 16