Business
Flow Traders : Annual Report 2025
Flow Traders : Annual Report
About this update from Flow Traders Ltd
An I Repor† F L 0 W ■ T R A D E R S Table of contents 2 At a glance 40 Environmental footprint 90 2025 remuneration for employees 3 Leadership statement 2025 43 Sustainable employment 92 2025 remuneration for the Non-Executive 6 Financial performance overview 2025 48 Good governance Directors of the Board 93 2024 remuneration of the Non-Executive 8 Our Company 52 Corporate governance Directors of the Board 9 Vision and mission 54 Functioning of the Board 10 Who we are 56 Executive Directors 94 2025 Financial statements 11 What we do 58 Non-Executive Directors 95 Consolidated statement of financial position 12 How we innovate 61 General meeting, shares and shareholders 97 Consolidated statement of profit or loss and 64 Corporate governance statements other comprehensive income 14 Our operations 66 Conformity statement 98 Consolidated statement of changes in equity 16 Our role in the ETP ecosystem 100 Consolidated statement of cash flows 17 Markets and trends 67 Board report 102 Notes to the Consolidated financial 18 Asset class developments 68 Message from the Chairman statements 20 Growth catalysts 70 The Board's focus in 2025 145 Parent Company financial statements 21 Our financial performance 73 75 Committees Board composition 148 Notes to the parent Company financial statements 22 Financial overview 76 Meeting and attendance 154 Other information 24 Our risk management 77 Remuneration report 155 Investor Relations 25 Risk management 78 Letter from the Chairwoman 156 Share information 26 Enterprise risk management 79 2025 remuneration for the Executive 157 About sustainability information 29 Risk management governance Directors of the Board 162 Independent auditor's report 31 Risk reporting 81 Performance assessment 171 Report on other information 32 Key risks detailed 84 Deferral and vesting of variable pay 174 Provisions in the Bye-Laws governing the 86 Executive Directors' share-based appropriation of profit 36 Sustainability information compensation 176 Glossary 38 Double Materiality Assessment 39 Metrics and objectives Note: Flow Traders' Board report, as referred to in section 2:391 of the Dutch Civil Code can be found in the chapters on: 2025 Financial overview, Financial performance, Leadership statement, Risk management, Corporate governance and Board report. At a glance 2025 Financials Global ETP value traded €68,915 billion 2024: €47,933 billion Flow Traders total value traded €6,702 billion 2024: €6,248 billion Flow Traders ETP value traded €1,940 billion 2024: €1,545 billion Total income €480.5 million 2024: €479.3 million EBITDA €198.9 million 2024: €217.1 million Net profit €133.6 million 2024: €159.5 million Flow Traders is a leading liquidity provider and market maker operating within the global financial ecosystem. We deliver reliable liquidity across a wide range of markets by combining targeted investment in innovation, best-in-class trading infrastructure, and continuously expanding trading and technological capabilities. Founded in 2004, we initially focused on Exchange Traded Products (ETPs) and have since diversified into digital assets, fixed income, foreign exchange and commodities. Our role is to enable investors to transact efficiently and consistently, thereby supporting resilient and orderly markets worldwide. With more than 20 years of experience and a team of over 630 professionals across multiple global locations, our people drive an entrepreneurial culture and are committed to advancing our mission Leadership statement 2025 A decade as a public Company In 2025, Flow Traders proudly marked 10 years as a publicly listed Company. Over the past decade, we have delivered resilient performance, deepened trust with our stakeholders, and advanced transparency and efficiency across global financial markets. This milestone is a testament to our disciplined execution, commitment and the talent and dedication of our people . Leadership transition and trading governance During the year, we completed a successful leadership transition, welcoming Thomas Spitz as Chief Executive Officer. Thomas brings a strong track record in scaling high-performance trading organizations and reinforces our strategic focus on innovation, disciplined risk-taking and operational excellence. To further strengthen our trading oversight and execution, we also appointed Co-Chief Trading Officers. This structure enhances continuity, depth of expertise, and governance across our global trading activities, ensuring robust risk management, sharper decision-making, and sustained performance across asset classes and regions. Growing team and strengthening our culture In 2025, our teams continued to grow across regions, further strengthening the international, entrepreneurial and innovative culture that defines Flow Traders. We believe our culture is a key driver of our success, and we remain committed to Owain Lloyd (CTO), Hermien Smeets-Flier (CFRO), Thomas Spitz (CEO), Marc Jansen (CTrO) continuously evolving it. Our team has attended and participated in numerous industry gatherings to engage with new opportunities, expand our outreach and build upon existing relationships. With hard work, ownership and team spirit at our core, we remain dedicated to continuous improvement. 2025 trading environment Throughout 2025, global trading conditions were characterized by sustained market activity, driven by the unprecedented tariff disruptions, geopolitical tension and conflicts around the world. In 2025, heightened volatility in traditional markets, punctuated by President Trump's Liberation Day tariff announcement, drove elevated activity and supported higher trading volumes, followed by a quieter second half of the year. In the digital space, we saw a significant rally and increased activity during the first nine months, leading to the 10/10 (October 10) event, when the cryptocurrency market experienced its most significant liquidation event in history, which triggered rapid price swings across major tokens. We achieved a net trading income of C485.8 million and a net profit of C133.6 million. In addition to our solid financial performance, we advanced our core strategic initiatives, additionally reinforcing our position as a leading global liquidity provider. We maintained our disciplined approach to cost management and intensified our focus on operational efficiency, supporting long-term, sustainable growth. We continued to execute on our Trading Capital Expansion Plan and secured a $200 million private credit facility and $75 million revolving credit facility to accelerate our strategic growth agenda, replacing the C25 million bank loan taken out in June 2024. These credit facilities enhance our trading capital and bolster our ability to deploy effectively across regions and asset classes. 2025 progress: scaling liquidity, AI and digital assets During 2025, we advanced key initiatives to strengthen our global ETP leadership and further align digital and traditional finance investments in intelligent system management for our trading infrastructure. We are accelerating the deployment of AI-supported analytics to drive trading efficiencies. At Flow Traders, we continue to invest in research engineering and have launched a dedicated deep learning program focused on building out our quantitative capabilities to improve our short and mid-term alpha generation. We have attracted leading experts and experienced talent in technology and AI, and expect to further reinforce our leadership in trading, quant, and technology through 2026. We expanded our presence in Asia, initiating active trading in China, an attractive growth market aligned with our core ETP strengths. Momentum at the intersection of traditional finance and digital assets remains strong. 2025 marked an inflection point following the 2024 introduction of cryptocurrency-related ETPs, with traditional market participants, banks, asset managers and funds, now developing new products and forming new trading partnerships, creating additional opportunities for Flow Traders. Within the digital assets space in 2025, we broadened coverage in crypto ETPs and major tokens, while deepening partnerships that included selective investments. We helped projects reach the market by providing liquidity, market-making and tokenization services, and we strengthened on-chain capabilities with infrastructure and liquidity support to institutional venues. Our OTC desk expanded spot and options solutions for counterparties seeking 24/7 execution. Underpinned by our publicly listed and regulated framework, robust risk management and connectivity to institutional counterparties, we translated continuous innovation into reliable and trusted liquidity, reinforcing Flow Traders' position as a leading global liquidity provider in digital assets. Looking ahead At the time of publication of this Annual Report, the world was confronted with geopolitical tensions in the Middle East. At times like this we maintain a robust risk management framework including real-time exposure monitoring, counterparty, and credit controls. The team closely monitors developments to ensure operational continuity across venues and assets and is able to confirm that Flow Traders' operations have not been significantly impacted. Looking ahead within the financial ecosystem, we see significant opportunities at the convergence of traditional finance (TradFi) and digital assets, where 24/7 market access and institutional-grade infrastructure and innovation are redefining how markets operate. As these ecosystems integrate, we expect broader participation, faster price discovery and more efficient capital formation, advancing inclusion and access for investors globally. Active in digital assets since 2017, we have built a resilient, global trading infrastructure and a trusted partner network that operates around the clock. Coupled with our market leadership in ETPs, this positions Flow Traders to deliver continuous liquidity across tokenized and traditional instruments, support emerging products such as crypto alt options, and enable 24/7 trading in tokenized real-world assets. Our expanding capital base and disciplined growth agenda underpin targeted investments in technology, connectivity, and risk management that accelerate this always-on market model. In 2026, we will further build out our cash equity and tokenized market making activity, helping to connect issuers, venues, and investors as markets evolve. We are committed to leading the convergence of TradFi and digital assets through open collaboration, interoperability and transparency, bridging venues, products, and partners across both centralized and decentralized markets. By setting high standards for reliability and governance while innovating at speed, we aim to help shape a more trusted, efficient and continuously available financial ecosystem that delivers durable value for counterparties and stakeholders. We would like to thank everyone who contributed to 2025. Amid leadership change, hard work, dedication, and innovation we are deeply grateful to our employees, the Leadership Team, the Non-Executive Directors, business partners, counterparties and our shareholders for their trust and support. Financial performance overview 2025 (in thousands of euro) 2025 2024 Financial overview For the year ended 31 December Net trading income 485,800 467,794 Other income or (expense) (5,317) 11,525 Total income 480,483 479,319 Fixed employee expenses 97,251 81,651 Technology expenses 70,604 66,636 Other expenses 36,273 28,665 Adjusted operating expenses* 204,128 176,952 Variable employee expenses 77,430 85,267 Depreciation of property and equipment 17,536 16,559 Amortization of intangible assets 607 728 Write off of (in) tangible assets - 148 (Reversal of) impairment of intangible assets 10,716 - Operating result 170,066 199,665 add back: Depreciation of property and equipment 17,536 16,559 add back: Amortization and write off of intangible assets 607 876 add back: (Reversal of) impairment of intangible assets 10,716 - EBITDA* 198,925 217,100 EBITDA margin* 41.4 % 45.3 % 2025 2024 For the year ended 31 December Profit before tax 164,649 194,364 Tax expense 31,084 34,827 Profit for the year attributable to the owners of the Company 133,565 159,537 *Please see page 22 for additional information about the use of non-IFRS performance measures. For the year ended 31 December 2025 Reconciliation to revenue by region Europe Americas Asia Total Net trading income 311,961 75,175 98,664 485,800 Inter-segment revenue related to trading activities - 1,577 23,328 24,905 Inter-segment expense related to trading activities (24,905) - - (24,905) Other income or (expense) (5,317) - - (5,317) Revenue by region 281,739 76,752 121,992 480,483 For the year ended 31 December 2024 Reconciliation to revenue by region Europe Americas Asia Total Net trading income 312,954 73,357 81,483 467,794 Inter-segment revenue related to trading activities - 20,278 30,060 50,338 Inter-segment expense related to trading activities (50,338) - - (50,338) Other income or (expense) 11,525 - - 11,525 Revenue by region 274,141 93,635 111,543 479,319 FLOW TRADERS | ANNUAL REPORT 2025 8 Our Company Vision and mission 9 Who we are 10 What we do 11 How we innovate 12 Vision and mission Flow Traders' vision as a global multi-asset liquidity provider and market maker is to reinforce our global ETP leadership and drive the convergence of digital and traditional finance. Our mission is to provide liquidity anytime, anywhere, all the time, enhancing transparency across global markets. Our technology leadership is core to our business and the strength of our quantitative capabilities, underpins our market insight and execution. Our business strategy is built on six key pillars designed to accelerate Flow Traders' growth: Grow our core ETP business Any ETP, Anywhere, All the Time (AAA) Develop cash equities & tokenized markets Remain at the forefront of building the market structure for a 24/7 world Expand within digital assets Continuously provide end-to-end institutional liquidity for any token, any time (24/7), anywhere Leverage distribution franchise Continue to be a recognized brand supporting ETP liquidity and driving digital assets innovations Enhance quant enablement Maintain a high-confidence, data-driven environment that supports rapid iteration from research to automated execution and quantitative decisions Accelerate operational efficiency Remain focused on delivery, driven by world class execution across the company Who we are "Flow Traders is built on a relentless pursuit of excellence, as a globally trusted market maker at the forefront of ETP and digital asset liquidity. Our technology leadership, disciplined culture, and commitment to transparency allow us to connect traditional and digital finance, enhancing market quality for investors worldwide." Thomas Spitz CEO We are proud to promote an entrepreneurial and collaborative culture. By embracing this mindset, Flow Traders has grown and so has our team. Since our inception over 20 years ago, we have continuously fostered our Company culture and values, which have played a central role in our long-term success. Flow Traders' Leadership embodies our values and demonstrates the behaviors we stand for, including transparency, integrity and accountability. They design and implement our engagement initiatives, which are informed by insights from our annual employee engagement survey. Business department heads and team members; are supported through tailored training programs and learning sessions, actively encouraging personal and professional development through our dedicated Flow Academy. Our colleagues further reinforce our culture by taking initiative, organizing their own events, competitions and charitable endeavors. Our culture makes Flow Traders unique. It brings together creative doers, critical thinkers and constructive challengers who have shaped our Company over time. This culture is underpinned by a shared set of values that are embedded across the Company: We are one team We are entrepreneurial We are driven We are responsible What we do As a global market-making leader, we provide continuous liquidity and actively invest and support our partners with our leading distribution network and execution capabilities. We build and deploy proprietary trading models and strategies, enabling us to provide liquidity in a broad set of asset classes, regardless of the market circumstances. To enable this, we continually evolve our technology stack to provide competitive pricing and seamless execution. Furthermore, we actively invest and foster the development of market infrastructure to improve transparency and efficiency across global financial markets. This is in the form of strategic partnerships with both TradFi as well as digital asset partners. These activities are executed by our highly skilled and talented team who focus on operational excellence and create value for our stakeholders. Create long-term sustainable value for society Our ESG priorities comprise three material themes: environmental footprint, sustainable employment and good governance. Please refer to the chapter on Sustainability information for further details. How we innovate Technology is the engine of Flow Traders' business and operations, with over 40% of our workforce dedicated to this function. Our technology strategy prioritizes automation, data-driven decision-making and the continuous enhancement of our proprietary technology stack. This approach enables us to deliver superior execution capabilities and directly supports our mission to provide "We empower teams to experiment, iterate, and implement innovative ideas quickly, solving complex challenges together and continuously pushing the Company forward." Owain Lloyd CTO liquidity anytime, anywhere, all the time, bringing transparency to global markets. Proprietary, adaptable trading platform Unlike many competitors who rely on commercial vendors for key parts of their trading stack, Flow Traders utilizes proprietary technology for the entirety of the core trading lifecycle. This allows for deep customization and optimization of every element of the trading workflow. Our modular architecture enables rapid experimentation and scaling into new venues, asset classes, and workflows, while keeping overheads low. This flexibility means new business lines and strategies can be launched quickly, a capability that consistently surprises the industry. Global liquidity connectivity Our infrastructure connects us to thousands of counterparties and hundreds of venues, spanning asset classes, product types and workflows. This extensive connectivity combined with our adaptable platform allows us to scale strategies rapidly and dynamically in response to market opportunities. Our presence in both traditional and digital asset markets gives us access to a unique mix of information and liquidity, further strengthening our competitive edge. High-performance infrastructure Flow Traders operates across dozens of physical data centers and multiple public clouds, leveraging state-of-the-art hardware, continuously optimized connectivity and a broad global network. This infrastructure is designed for ultra-low latency and high reliability, supporting our ability to provide continuous liquidity even in times of extreme market volatility. Data, algorithms, and quantitative research We recognize that the next wave of market evolution is being driven by high-quality data and advanced algorithms. Our Quantitative Research team is focused on leveraging machine learning and AI to generate and test new trading concepts, further improving our strategies. Fluid collaboration between software engineers, traders, and researchers ensures that data insights are rapidly translated into actionable trading opportunities. Culture of innovation and collaboration Global liquidity connectivity innovation at Flow Traders is not just about technology, it is about people. Our teams are empowered to generate and implement ideas that have an immediate impact. We foster a collaborative, entrepreneurial culture where engineers, researchers and traders work together to solve complex challenges and drive the Company forward. Harnessing agentic AI and LLM-powered automation The rapid advancement of large language models (LLMs) and agentic AI represents a structural shift in how firms operate. We are moving beyond software developer productivity use cases and redesigning workflows across all core functions from Trading, Finance to Operations and beyond. Our focus is automating high-impact, cross-functional processes through coordinated, production-grade agentic systems, improving accuracy, reducing manual dependency, strengthening maintainability and eliminating fragmentation. The objective is workflow transformation, not incremental tooling. This domain evolves far faster than traditional software. Capturing its value requires disciplined architecture, governance, evaluation, and lifecycle control. Without coordination, acceleration creates fragmentation and complexity. We are building a coherent AI operating layer that enhances execution quality, reduces organizational friction and scales with the firm. FLOW TRADERS | ANNUAL REPORT 2025 14 Our operations Our operations 15 Our role in the ETP ecosystem 16 Markets and trends 17 Asset class developments 18 Growth catalysts 20 Our operations Our headquarters in Amsterdam, the Netherlands, is home to our technology, corporate functions and our Board. Flow Traders provides liquidity, in thousands of financial instruments, both on-exchange as a registered market maker and off-exchange in bilateral trades with institutional counterparties. Operating from our trading hubs in Amsterdam, Hong Kong, and New York, as well as our branch offices, ensures global coverage. By continuously quoting bid-ask prices we provide liquidity to investors for buying and selling assets at prices reflecting current market values. AMERICAS EMEA APAC Flow Traders ETP Flow Traders ETP Flow Traders ETP value traded: value traded: value traded: €898bn €890bn €152bn (C776bn in 2024) (C655bn in 2024) (C114bn in 2024) FTE: 96 FTE: 453 FTE: 86 (98 in 2024) (431 in 2024) (80 in 2024) Our role in the ETP ecosystem As a global liquidity provider, Flow Traders operates seamlessly across both primary and secondary markets, underpinning efficient and transparent trading of ETPs and related financial instruments. By continuously quoting bid and ask prices, we enable market participants to transact at prices that closely reflect current Net Asset Values, thereby reducing trading costs and enhancing overall accessibility. Primary market Secondary market Ability to create and redeem daily On-exchange liquidity provision ETP Issuers ETP creation / redemption ETPs vs. basket of assets / cash ETPs vs. cash Exchanges and trading venues Institutional / off-exchange liquidity provision Global risfi Ēransfgr bgĒwggn marfigĒ parĒicipanĒs Counterparties The securities market functions through registered participants, including broker-dealers and market makers. Broker-dealers facilitate investor orders by routing them to exchanges or market makers for execution. In our capacity as a market maker, we provide liquidity and execute trades on exchanges or bilaterally with counterparties. Upon trade completion, clearing houses ensure secure and timely settlement of assets and payments. Throughout, Flow Traders maintains a market-neutral stance, with our results derived from the incremental price differences between buying and selling related or correlated assets, rather than from directional market movements. This approach reinforces our commitment to operational excellence and supports the integrity and efficiency of global financial markets. Markets and trends ETP investing In recent years, the ETP ecosystem has continued to mature and experience significant growth in both AuM and number of products. According to ETFGI, global ETP AuM increased from $14,846 billion at the end of 2024 to $19,845 billion at the end of 2025. This is a reflection of the underlying market performance during 2025, coupled with record inflows into ETPs. The market expectation is that AuM will continue to grow going forward and we believe there are several reasons for this. One is that investors are attracted to the transparent nature of ETPs, which enables them to clearly follow how the underlying securities are performing. Another is that ETPs are liquid, available at lower costs and can be bought and sold easily during market hours. A third is that ETPs can be composed of financial instruments from almost any asset class, sector or location, providing investors with access to markets that would normally be difficult to reach. Global ETP markets grew by 33.7% in 2025, as measured by AuM, driven predominantly by the outperformance of the underlying markets. Annual global inflows of ETP AuM were $2.35 trillion in 2025 (2024: $1.88 trillion - source ETFGI). Overall trading activity in 2025 increased compared to 2024, given significant trade tariff announcements, resurgence of conflicts in the Middle East and the continued regulatory acceptance of cryptocurrencies as an asset class. Global coverage In 2025, Flow Traders' ETP value traded was close to the C2 trillion mark. The European ETP market recorded total ETP value traded of C3,294 billion in 2025, compared to C2,518 billion in 2024. Flow Traders' total ETP value traded in Europe was C890 billion in 2025, compared to C655 billion in 2024. We remained a leading liquidity provider in ETPs and managed to further grow our on- and off-exchange trading capabilities. The largest ETP market globally remains in the Americas, where total ETP value traded (on- and off-exchange) was C52,562 billion in 2025, compared to C38,545 billion in 2024. Flow Traders' ETP value traded in the Americas was C898 billion in 2025, compared to C776 billion in 2024. Institutional trading continued to expand and Flow Traders Americas continued to grow and deepen its overall presence in this important market. In APAC, the ETP market remained fragmented, with large differences in trading volumes, trading costs, regulation and maturity across the financial markets. The Asian ETP market recorded total ETP value traded of C13,059 billion in 2025, including China, compared to C6,871 billion in 2024. Flow Traders' total ETP value traded in Asia was C152 billion in 2025, compared to C114 billion in 2024. Throughout 2025, we broadened our footprint in Asia and have just launched our operations to begin actively trading China markets which is an attractive growth segment aligned with our core ETP strength. Our business - operations We operate three main trading hubs in Amsterdam, Hong Kong, and New York, supported by branch offices in other parts of the world. In 2025, we had access to +180 exchanges and trading venues globally. We provided liquidity in over 8,500 unique ETFs, representing approximately 50% of the total ETF universe; on an AuM-weighted basis, our global ETF coverage exceeds 90%. Off-exchange, we provided liquidity in ETPs on a RFQ basis to more than 2,000 institutional counterparties across the globe, including banks, asset managers, pension funds, insurance companies, family offices, hedge funds and others, and this number is increasing on an almost daily basis. In addition to ETPs, we provide liquidity in similar instruments whose value is correspondingly affected by a change in the value of underlying or related assets, such as futures, equities, digital assets, currencies and bonds. During 2025, we advanced strategic initiatives to reinforce our global ETP leadership and drive the convergence of digital and traditional finance. Irrespective of what we trade, as a liquidity provider we generally do not have a directional opinion on the market. In other words, our results do not depend on the direction of market prices. Our net trading income is derived from the small price differences that are realized between buying and selling related or correlated assets. Whether that is between the ETPs we buy or sell, the prices we pay or receive for the underlying related financial instruments to mitigate our risk or trading FX pairs. We are not a bank, broker or investment manager and do not have client AuM as we trade from our own capital. We also do not develop or make products, do not provide any services and do not have clients. Our value chain comprises, among others, our institutional counterparties, prime brokers, exchanges, ETP issuers and regulators. Asset class developments Equity Equity markets in 2025 posted gains led by technology and AI-related names. Investors used ETPs for thematic exposure, such as AI infrastructure, and to rotate between large-cap growth and cyclical sectors, supporting elevated turnover across passive and active ETPs. Episodes of volatility around earnings and policy decisions sustained demand for hedged equity strategies. Against this backdrop, global equity ETP value traded increased to C38,691 billion in 2025, compared to C23,928 billion in 2024. Further market growth is expected from the increasing investor demand and awareness for ETPs, both in passive index ETPs and in actively managed ETPs. Flow Traders' total equity value traded across ETPs, futures and cash amounted to C3,812 billion in 2025, compared to C3,217 billion in 2024. Our future focus relating to equity includes: Maintain our position as a leading ETP liquidity provider in Europe, where we have over 25% market share in ETPs Leveraging our global pricing capabilities in APAC as we expand in new growth markets, most notably in China Expand our quantitative and technology capabilities to grow our market share in U.S. listed ETPs 24/7 trading of tokenized equities Increase our trading revenues from single equities FICC Fixed income Flow Traders strategically reduced the capital deployed to fixed income in 2025 to prioritize opportunities in other asset classes. Despite this shift, fixed income remains a focus for us, supported by favorable long-term market trends and continued growth in the ecosystem. There has been a consistent increase in fixed income ETP value traded in recent years as well as AuM. The global fixed income ETP value traded increased to C3,071 billion in 2025, compared to C2,901 billion in 2024. Flow Traders' fixed income value traded (ETPs, Futures and Cash) amounted to C795 billion in 2025, compared to C943 billion in 2024, as we shifted more of our trading capital base to other asset classes which saw greater dislocations over the year. Nevertheless, we continue to deepen and broaden our market coverage and relationships with our buy-side counterparties. From a strategic standpoint, our focus areas include: ETP ecosystem: Partner with issuers to develop innovative fixed income products Credit trading: We will increase quote sizes to undertake larger block transactions with counterparties as well as distributing pre-trade portfolio trading levels to expedite portfolio construction Model pricing: Expand model trading capabilities to new fixed income subsets and improve pricing and coverage of investment-grade bonds Currencies and commodities 2025 saw elevated trading activity in currency and commodity linked products, as investors used ETPs, futures, and options for hedging and tactical exposure. Interest in currency-hedged share classes was strong alongside greater use of trading-oriented FX ETPs. In commodities, precious metals led performance: gold reached new record highs amid continued central-bank purchases, while silver experienced strong periods driven by industrial demand, supporting activity in physically backed and leveraged ETPs. Our focus areas include: Expand market making in FX-hedged share classes and tactical currency ETPs across U.S. and Europe Scale liquidity provision in physically backed precious metals ETPs Enhance 24/7 capabilities in digital-venue commodity products and tokenized exposures Uphold and expand our liquidity provision across FX and precious metals Deepen cross-asset pricing and hedging between FX, rates and commodities to optimize capital usage Cryptocurrency In recent years, the digital assets space has gained meaningful institutional acceptance, with cryptocurrencies rebounding in 2024 following the 2022-23 "crypto winter," and further catalyzed by the approval of U.S. spot Bitcoin ETFs. Trading volumes in cryptocurrencies and crypto ETPs continued to grow in 2025 alongside steady progress in regulated market infrastructure, custody, prime brokerage, data and analytics, AML/KYC and risk solutions, digital identity, and DeFi. At the same time, tokenization of real world assets (RWAs) is accelerating, with issuers and institutions beginning to move traditional instruments such as; bonds, funds, repos, money market funds and private assets onto digital infrastructure. This shift promises improved settlement speed, programmability, transparency and 24/7 market access, driving the convergence between traditional finance and digital assets. We see tokenization and RWA liquidity as a major trend, with growing institutional frameworks, standardized issuance and regulated venues laying the foundation for scaled adoption. Flow Traders has provided crypto liquidity for over nine years across OTC spot and ETPs, and is connected to 20+ venues, and makes markets in 200+ cryptocurrencies. We are the leading crypto ETP liquidity provider in Europe and a global on-exchange leader. As traditional and digital markets converge, Flow Traders is at the forefront of this transition leveraging our technology to price any instrument on a 24/7 basis and to deliver end to end institutional liquidity. Our focus areas include: ETPs: Maintain our leading position in crypto ETP market making with the prospect of further regional expansion while at the same time working to increase efficiency of access across the ecosystem Spot and derivatives: Continue to grow our market making activities across these products by expanding our platform and token coverage Be the leading liquidity provider in tokenized real world assets Institutional OTC liquidity: Continue to build out our end-to-end institutional OTC liquidity offering, enabling any token, any time (24/7), anywhere Strategic partnerships: Leverage new and existing partnerships to further build out the trading infrastructure around digital assets "We're excited about the structural shifts in global markets, especially the convergence of traditional finance and digital assets. Tokenized real-world assets and new digital market infrastructures are reshaping capital markets. With our strengths in ETPs, tech-driven liquidity, and digital assets, Flow Traders is well positioned to provide liquidity and support the next generation of market structure." Marc Jansen CTrO Utilize Flow Traders' strategic capital: To further integrate Flow Traders into the growing ecosystem Growth catalysts ETP growth $25 trillion AuM by 2030 AuM reached $19 trillion at the end of 2025 and is predicted to increase to $25 trillion by 2030, a secular industry trend that supports our core business growth. 2025 saw another record year of inflows into ETPs, demonstrating the continued growth potential and adoption of this financial instrument. Tokenization $30 trillion Tokenized RWA by 2030 While stablecoins continue to show robust growth and usage, with a market cap of $317 billion at the end of 2025, up from $189 billion in 2024, the growth in tokenized real world assets has surged in the last year, up to $21 billion in 2025, up from just $5 billion in 2024. Combined, these trends reflect the continued adoption of this category which is estimated to grow to $30 trillion by 2030. Distribution franchise 2,000 + Institutional counterparties The global ETP market is entering a new expansion, with AuM projected to reach $25 trillion by 2030, driven by rising retail adoption, deeper institutional engagement, and growth in APAC. Traditional institutions are expanding ETP and digital asset activity, creating new partnership opportunities for Flow Traders. With 2,000+ institutional counterparties on RFQ and access to 180+ exchanges, our 20-year franchise positions Flow Traders to play a leading role in both the continued scaling of the global ETP ecosystem and the convergence of Digital Assets and Traditional Finance. Regulation Enhanced global regulations In 2025, we saw growing regulatory acceptance of digital assets, including the introduction of MiCAR in Europe, the passage of the Genius Act and the reversal of SAB 121 in the U.S., as well as increasing acceptance by regulators across Asia. We expect regulatory standards to continue to evolve, supporting trade execution, reporting and settlement harmonization. This includes changes such as enhanced bond transparency and reporting regimes, the upcoming global transition into T+1 settlement and the proposed EU consolidated tape. Transformative megatrends are actively reshaping the financial ecosystem in which we operate, presenting our Company with new opportunities for diversified growth. The most prominent trends relevant to our business are the global growth of ETPs, development of cash equities and tokenized markets, advancements in quant enablement and expansion and innovation within digital assets. These trends not only shape our market environment but also reinforce and amplify each other, creating powerful synergies that strengthen our strategies. FLOW TRADERS | ANNUAL REPORT 2025 21 Our financial performance Financial overview 22 Financial overview Flow Traders delivered a strong financial and trading performance in 2025, driven by the continuation of our Trading Capital Expansion Plan. We recorded a net trading income (NTI) of €485.8 million in 2025 (2024: €467.8 million). We continued to execute our growth and diversification strategy. Flow Traders recorded an NTI of C485.8 million in 2025 (2024: C467.8 million), reflecting prevailing market conditions and the trading environment. Other income/(expense) decreased to a value of C(5.3) million (loss) related to the strategic investments portfolio (2024: C11.5 million gain). Europe contributed the most to our NTI with 59% of the total, showing our ability to deliver consistent results in our home market. Asia grew "As we build on a year of solid financial performance, we continued to execute against our strategic priorities. We advanced our Trading Capital Expansion Plan allowing for asset class and regional expansion and targeted investments in technology and talent. Combined with our diversified global trading setup and disciplined growth agenda, these actions enable us to capture opportunities across markets and deliver consistent, stable results for our stakeholders." Hermien Smeets-Flier CFRO relative to the other regions, showing its potential as a growth market. In Q4 2025 the company entered into a private credit facility which has expanded our capital base and will enable further NTI growth. Flow Traders also continued to make technology investments to support our growth ambitions and strengthen our existing business. On the cost side, adjusted operating expenses increased to C204.1 million for the year (C177.0 million in 2024). The increase is driven by continued technology investments to support trading and growth initiatives and is further attributable to general price inflation. The number of FTEs has risen to 635 (2024: 609). Variable employee expenses decreased to C77.4 million (C85.3 million in 2024) which is in line with the financial performance of the business during the period. Flow Traders continued to balance growth ambition and operational efficiencies and was able to demonstrate solid operational leverage with an EBITDA margin of 41.4% in 2025 (2024: 45.3%) with EBITDA of C198.9 million (2024: C217.1 million). Profit for the year was C133.6 million (2024: C159.5 million), with basic EPS of C3.07 (2024: C3.69). Non-IFRS performance Non-IFRS financial measures are disclosed in addition to the statement of comprehensive income to provide relevant information that supports a better understanding of the underlying business performance of our Company. Flow Traders applies the following non-IFRS financial measures: Adjusted operating expenses: Calculated as the sum of fixed employee expenses, technology expenses and other expenses. This measure provides a focused view of the Company's core operating expenses by excluding variable employee expenses, which are dependent on current-year results EBITDA: Calculated as operating result before depreciation, amortization and write-offs on intangible assets. EBITDA is used as it focuses on core trading and operational activities EBITDA margin: Calculated as EBITDA as a percentage of total income. The margin is used as a measure profitability Revenue by region: Consists of net trading income, other income or expense, inter-segment revenue related to trading activities less inter-segment expense related to trading activities Dividend Policy Flow Traders may or may not distribute all or part of the Company's net profits realized during a financial year to its shareholders. In accordance with the Company's Bye-Laws and Board Rules, the Board may decide that profits realized during a financial year are fully or partially allocated to the creation of, or addition to, reserves. Any dividend distribution is subject to applicable laws and regulations, as well as the Company's Bye-Laws and Board Rules. If applicable, dividends will be declared and paid following the publication of our results. There can be no assurance that in any given year a dividend will be proposed or declared. The payment of dividends, if any, as well as their amount and timing, will depend on a range of factors, including future profits, the Company's financial position, general economic and business conditions, future prospects, and other factors deemed relevant by the Board, together with applicable legal and regulatory requirements. The Company's intentions with respect to dividends are subject to numerous assumptions, risks and uncertainties, many of which are beyond its control. In July 2024, the Board announced its Trading Capital Expansion Plan and the related revision of the Company's Dividend Policy. To expand the trading capital base, the Board suspended regular dividend payments until further notice and did not pay an interim cash dividend for the financial year 2025. External financing To further support the Trading Capital Expansion Plan, in 2025 Flow Traders secured a $200 million term loan under a private credit facility. This facility replaced the C25 million bank loan that previously entered into in June 2024. In addition to the term loan, Flow Traders entered into a $75 million revolving credit facility. This facility can be drawn upon at the Company's discretion and provides additional flexibility to explore more market opportunities during periods of high volatility. The use of external leverage has shown to be accretive to shareholders' return on equity and is expected to continue to do so given the opportunities ahead. Capital requirements Our prime brokers require the Company to maintain certain minimum capital levels. They leverage various internal systems to calculate required capital amounts (e.g., the 'internal haircut model' and the 'margin-based approach model', both intending to ensure sufficient levels of risk allowances) and have different limits structure, pre-funding possibilities. The margin requirements of prime brokers are conservatively determined by the sophistication of their models and the regulatory requirements, which might not necessarily be efficient in respect of our business model and trading portfolios. The following table sets out the capital required to be posted with our prime brokers and capital available (net liquidation value). Prime broker capital requirements For the year ended 31 December (in millions of euro) 2025 2024 Net liquidity at clearing/ prime brokers 1,036.3 766.5 Cash at bank 7.2 8.4 Net trading capital 1,043.6 774.9 Outlook Adjusted operating expenses for the year 2026 are expected to be C220-230 million, 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. FLOW TRADERS | ANNUAL REPORT 2025 24 Our risk management Risk management 25 Enterprise risk management 26 Risk management governance 29 Risk reporting 31 Key risks detailed 32 Risk management Flow Traders' Enterprise Risk Management Framework (ERMF) forms the foundation of our approach to managing risks. The ERMF is documented in Flow Traders' Enterprise Risk Management Policy and is reviewed on an annual basis. Where possible, we identify, assess, monitor, quantify and document potential risks which are inherent to trading in an automated market-making firm. In the fast and dynamic environment of automated trading, we designed our ERMF in such a way that it is robust, efficient and transparent. In the figure below, we present the stakeholders that have an interest and place value in how our framework operates. The Board (Audit Committee and Risk & Sustainability Committee) Our ERMF supports us in ensuring that adequate systems and controls are in place, including the effective management of our liquidity and capital. This is achieved through a consistent, continuous and disciplined approach to identifying, managing and prioritizing our key risks in alignment with our strategic goals. Flow Traders Leadership Internal Audit "Our priority in 2025 was further embedding a resilient risk culture across the organization. We continued practical, training and clear guidance so every employee, across all regions and functions, understands their responsibilities and feels empowered to speak up, challenge, and act." Tamara Maris-Mravunac Global Head of Risk and Compliance Risk management organization Prime brokers Trading Regulators Exchanges and trading venues Counterparties Enterprise risk management (ERM) We aim for a good balance between our business activities, return on capital and related risks taken. Flow Traders' ERM approach ensures that our risk appetite and profile are integrated into our day-to-day operations and strategic decision-making. Annually, the Board determines the strategic goals and subsequent business targets. Based on these targets, the Company formulates its risk appetite. These targets and risk appetite parameters provide direction to our various departments and are used to determine our strategic risks. Policies and control standards are maintained, developed and updated within the ERMF. The policies are based on our risk taxonomy and aligned with our control setting. To ensure that our daily activities remain in line with our risk appetite and residual risk, we perform yearly Risk Control Self-Assessments (RCSA) to evaluate current risks and identify new risks. We also conduct an annual Risk Management Control Cycle to define and test our key controls that mitigate our critical, high and medium inherent risks in all of our business processes to accepted residual risk levels . Risk categories Our risk taxonomy is split into five broad risk categories - Financial, Business and strategic, Compliance and ethical, Operational, and Technology - each with their own specific sub-risks: Risk taxonomy domain Risk category Description of the risk Liquidity risk Capital risk Capital risk (cost of doing business) refers to the situation where potential loss of investment value happens due to factors such as market volatility, regulatory and prime broker requirements, economic downturns, or poor financial performance of a company. It is the risk of failing to meet compulsory capital requirements invested in an asset or investment which are needed to maintain a firm's trading licenses and normal business activities and relationships with prime brokers. Market risk Financial risk Liquidity risk refers to the inability to replenish capital to the required level. This can happen when: 1) we are not able to obtain additional funding in a timely manner at a reasonable cost and 2) an inefficient internal management on liquidity. This is the risk of not being able to quickly convert an investment into cash without experiencing a significant loss in value, due to a lack of buyers or sellers in the market, restrictions on trading, or the illiquid nature of the asset itself that leads to an inability to easily buy or sell an asset without incurring significant costs. It can also happen because of a lack of access to alternative sources of funding such as short-term loans, trading credit from certain platforms, and so on, in a timely manner. This is the risk of internal management deficiency which can lead to liquidity constraints. Credit risk Market risk is the risk to an institution resulting from movements in market prices; in particular, changes in interest rates, foreign exchange rates, and equity, cryptocurrency and commodity prices. Credit risk is the risk that a counterparty and/or an issuing institution involved in the trading or issuance of a financial instrument fails to meet its obligations. Risk taxonomy domain Risk category Description of the risk Business and strategic risk Strategy risk Risk that may arise from the pursuit of a company's business plan, from strategic changes in the business environment, and/or from adverse strategic business decisions. Market activity risk is part of this risk as trading income and profitability are primarily a function of the level of trading activity, or trading volumes, in the financial instruments traded. Concentration risk Probability of loss arising from heavily lopsided exposure to a particular group of counterparties or products. Concentration risk also includes supplier dependency risks. Project delivery & management risk The risk of inaccurate project management leading to inadequate realization of strategic project objectives. Sustainability & environment risk The risk that an environment, social or governance (related) issue or event will impact the entity financially, non-financially and/or in the realization of strategic objectives of the entity. Compliance and ethical risk Fraud risk Acts intended to defraud, misappropriate assets, deceive or circumvent regulations or the law, attempted or perpetrated against the entity. Reputation risk The reputation risk is the risk of loss resulting from negative exposure to stakeholders. Financial crime risk The risk of money laundering, sanctions violations, bribery and corruption, and Know Your Customer (KYC) failure. Regulatory compliance risk Failure to comply with any legal or regulatory obligations that are not captured through other risks. Conduct risk Failure to act in accordance with internal and external stakeholders and society's best interests, fair market practices, and codes of conduct. Operational risk Business continuity risk The risk of failure to provide and maintain appropriate Business Continuity Management (BCM), including inadequate business continuity plans. Trading execution risk The risk of losses due to errors in the execution. Legal risk Legal risk refers to the potential exposure and negative consequences that an individual or organization may face as a result of non-compliance with applicable laws, regulations, and legal obligations. People risk The risk that the entity is not able to develop, retain and attract the necessary skills and diverse capabilities in its workforce to realize strategic objectives. Model risk Model risk for a trading firm refers to the potential for adverse consequences resulting from errors or limitations in the financial models and algorithms used for trading and risk management. This risk arises from the reliance on mathematical models and computer algorithms to make trading decisions, value financial instruments, and manage risk. Model risk can stem from inaccuracies in the models, inappropriate assumptions, data errors, or the failure to account for all relevant market factors. Reporting risk The risk of not being able to report adequately to stakeholders (e.g., regulatory reporting). Taxation risk The risk of unexpected tax charges, including interest and penalties, as well as tax-related events that may result in, for example, damage to the Company's reputation with tax authorities, investors, employees and the public at large. Risk taxonomy domain Risk category Description of the risk Operational risk Third-party risk The risk of failing to manage third-party relationships and related risks appropriately. Trade settlement risk The risk of ineffective trading leading to financial performance variability and non-compliance with internal and external regulation. Physical security risk The risk of damage to the organization's physical assets or harming of employees at the workplace. Financial reporting risk The risk of incorrectly reporting financial information (balance sheet, income statement, cash flow statement, statement of changes in equity, Annual Report) to various stakeholders, such as shareholders, investors, creditors, and government regulatory bodies. Technology risk Technology systems risk Risks in technology surrounding malfunctions, algorithmic risk, natural disasters, software bugs, and hardware failures resulting in service interruptions, lack of available data, financial losses and reputational damage. Cyber security risk The risk of not protecting computer systems, networks, data from digital attacks, unauthorized access and therefore posing damage or disruption to the firm. Data management risk The risk of failing to appropriately manage and maintain data, including all types of data, for example, counterparty data, employee data, and the organization's proprietary data. Technology strategy risk The risk that the IT strategy is not described, is unclear or incomplete and thereby not sufficient to contribute to IT and business objectives. This includes the risk of the strategy not being properly executed. Risk management governance The effectiveness of risk management is linked to commitment and integrity. It is crucial that the Board, the global and local department heads, as well as all employees, are aware of the risks that our Company faces and their responsibilities in managing these effectively. Our risk management is organized along three lines of defense. The first line of defense is comprised of Trading, Technology and Operations. These departments are critical for managing the core processes within Flow Traders and they are responsible for incorporating preventive and detective controls into the day-to-day trading and IT processes as well as for the continuous monitoring of our systems and trading controls. The second line of defense is responsible for oversight and monitoring of risks, rules and requirements. Risk, Compliance, Legal and Finance manage risks through a combination of preventive and detective controls. Together, they are responsible for the continuous risk management of the Company. On the second line we have the Financial & Capital Risk Committee and the Non-Financial Risk & Compliance Committee. The Financial & Capital Risk Committee includes oversight reporting and planning in relation to market, credit and treasury risk within the Company. Whereas the Non-Financial Risk & Compliance Committee reviews a wide range of risks that are not directly related to financial matters, such as business and strategic risk, compliance and ethical risk, operational risk and technology risk. The third line of defense is formed by Flow Traders' Internal Audit function (IA). They provide independent and objective assurance and advice on the adequacy and effectiveness of governance, risk management and control systems. This helps to achieve the competent application of systematic and disciplined processes, expertise, and insight. Enterprise risk management roles and responsibilities The Board Audit Committee / Risk G Sustainability Committee / Remuneration G Appointment Committee / Trading G Technology Committee Executive Directors and Flow Traders senior leadership Financial G Capital Risk and Non-Financial Risk G Compliance Committee Global Heads / Local Heads 1st line defense 2nd line defense 3rd line defense Trading Preventive Detective Technology Risk Compliance Internal Audit Operations Legal Finance External Audit Regulator They report their findings to management and the governing body to promote and facilitate continuous improvement. The IA carries out its audit work in accordance with the approved and implemented Group Internal Audit Charter.