Flow Traders N.V. — Call Transcript 2026

Good morning, and thank you for joining Flow Traders' Fourth Quarter and Full Year 2025 Results presentation. As you may have seen, we published our results earlier this morning. I'm joined today by our CEO, Thomas Spitz, and our Co-Chief Trading Officer, Alex Kieft, who will take you through the results. After our prepared remarks, we'll be happy to take any questions you may have. Before we begin, let me draw your attention to the disclaimer on page two. As always, this presentation is for information purposes only, and the results we will be discussing are unaudited. I will now hand over to Thomas. Thank you, Caroline, and let me start with a high-level overview of our Q4 and full year performance. We delivered a solid fourth quarter, resulting in a full-year net profit of EUR 133.6 million and an EPS of 3.07 EUR. ETP value traded increased 22% year-on-year in the quarter, and 26% for the full year, underscoring the healthy trading environment. Total value traded grew 5% year-on-year in both Q4 and full year 2025. In Q4, we generated an NTI of EUR 123.8 million, offset slightly by EUR 2.8 million loss in other income, leading to a total income of EUR 121 million. Fixed operating expenses were EUR 52.4 million in Q4 and EUR 204.1 million for the year, in line with guidance. EBITDA reached EUR 49.2 million for Q4 and EUR 198.9 million for full year 2025, with margins of 41% for both periods. We ended the year with 635 full-time employees, up from 609 at the start of 2025. Overall, we delivered steady, diversified results across region and asset classes. I will now hand it over to Alex to walk you through the market environment and the regional performance. Thank you, Thomas, and good morning, everyone. On this slide, I'll discuss the global ETP market environment. As you can see on the top left, ETP value traded increased substantially, year-over-year, 44% compared to 2024, underscoring ever-increasing adoption of ETFs as investment and allocation and hedging vehicles. Market volatility, as shown on the right by the VIX, was similar compared to Q4 last year, and a slight pickup quarter-on-quarter. ETP assets under management reached $16.9 trillion, an increase of 21% year-over-year, driven by fund inflows and market trends. ETP velocity, which is the ratio of ETP value traded, divided by assets under management, increased modestly back to its multi-year average. Overall, fundamentals remain very supportive for continued long-term growth of the global ETP market. In fixed income and crypto markets, starting with fixed income, trading volumes in U.S., IG, and high yield declined due to seasonality in Q4 and are up modestly year-over-year. However, fixed income volatility, as measured by the MOVE Index, decreased substantially in the quarter, underscoring a muted trading environment for our fixed income business. Moving to crypto. After a spike in activity in October, which also saw the largest crypto liquidation event in history, volume subsided in November and December. Bitcoin volumes are still up for the quarter, but the overall crypto market across all tokens and derivatives is down. Crypto ETP volume, however, increased again, highlighting continued institutional adoptions of ETPs as a tool to gain or manage crypto exposures. I'll now move to our regional performance overview. On the left, the stacked bars are the market ETP value traded. In the middle, we see Flow Traders ETP value traded per region, and on the right, we see the total income per region. Starting with Europe, we maintained our position as a leading liquidity provider in European ETPs, with a pickup in market share amidst a pickup in trading activity compared to the previous quarter, especially in equity and precious metal markets, following the rise in gold and silver prices last year. In the Americas, we saw an increase in NTI compared to the previous quarters, due to increased trading volumes and our ability to participate in larger transactions following the increase in trading capital. In Asia, the ETF market volumes rose significantly year-on-year, with most growth coming from China. Excluding China, the growth was 36% year-over-year, so more in line with the global average. But in onshore China, that saw a much more significant increase. Onshore China is still a development area for the firm, and as such, we were not yet able to fully capture this increase in volumes, but it remains a key development area for us. Also interesting to note in Asia is the increase in overnight trading activity in U.S. equities, which is reflecting increasing investor adoption, and appetite for overnight and round-the-clock trading. We see a similar trend in digital assets, where we have seen the start to tokenized equities trading, a market that Flow Traders is active in, and we are actively providing liquidity in tokenized real-world assets and forming partnerships around the topic. As mentioned, we also witnessed the largest crypto liquidation event in history. It's important to note that it did not negatively impact us, and we came out with a profit, underscoring the robustness of our trading and risk systems. Moving on. Here we see the NTI per region and per asset class. On the left, we see it, regionally. So Americas and Asia together account for 40% of group NTI, with continued momentum coming from Asia. On the right, we see the asset class mix, where FIC, including cryptocurrencies, accounted for 41% of total group NTI, highlighting the diversity of our trading business. Furthermore, our global or our flexible trading allocation model allows us to quickly allocate capital where opportunities arise, both geographically or regionally, or by asset class, while at the same time making sure that we can always provide liquidity to our counterparties and on the exchanges, even in more quiet times. And with that, I'll hand it back to Thomas for the next few slides. Thank you, Alex, and moving to slide eight. As shown on this slide, our fixed operating expenses were EUR 52.4 million in Q4 and EUR 204.1 million for the year, increases of 17% and 15% respectively. These increases were driven primarily by higher employee expenses and ongoing technology investment and are consistent with our growth plans, which we highlighted in our press release. We delivered 41% EBITDA margins in both Q4 and full year 2025, underscoring the strength of our variable compensation model and our high operating leverage. We ended the year with 635 FTEs, and we'll continue to focus on targeted hiring to support strategic initiatives. Fixed operating expenses guidance for the year 2026 is EUR 220 million-EUR 230 million, driven by continued technology investment, selective headcount addition to support growth initiatives, as well as inflationary pressures. Moving on to slide nine. This slide illustrates our structural growth in NTI relative to implied market volatility. Our investment in trading capabilities across region and asset classes will continue to enable us to capture opportunities under varying market conditions, supporting steady performances even during period of lower volatility. Over the past decade, we have delivered an average EBITDA margins above 40%, demonstrating the strength of our operating model and flexible compensation philosophy. Full year 2025 performance remained resilient and consistent with our long-term trends. Turning to capital. As you know, the trading capital is core to our business. Our trading capital expansion plan, first announced in July 2024, continues to strengthen our balance sheet. In addition, in October 2025, we secured a $200 million private credit facility and a $75 million revolving credit facility, significantly enhancing our financial flexibility. As a result, trading capital increased 35% to EUR 1,044 million, the highest level in the company's history. Shareholders' equity also reached a record, eight hundred and sixty-eight million, up 13% year-on-year. Return on average shareholders' equity was 16% for the year, a solid result given market conditions. This expansion and this capital strategy ensure that we are optimally positioned to capture opportunities across asset classes and geographies, and to continue to support our diversification strategy. That concludes our prepared remarks. We would now like to open the floor for questions. Operator, please go ahead. Ladies and gentlemen, we are now ready to take your questions. You may submit your written questions via the form at the bottom of the player. If you're connected via the phone, please press pound key five on your telephone keypad. We will now wait for you to signal. Our first question comes from Julian Dobrovolsky from ABN AMRO - ODDO BHF. Your line is now open, please go ahead. Hello, good morning, and thanks for taking my questions. I have three to begin with. Maybe, if you can share anything around the experience you had from deploying such a sizable amount of additional trading capital in Q4, just for us to understand, you know, how do you actually manage that, given the fact that, you know, this was a bit of a new, let's say, experience for you, and maybe a bit of an indication, you know, how did you manage that across different, the liquidity across different desks? And whether that was actually well absorbed by the existing team, so they had to hire more traders across regions. So that's the first thing. The other one, I've seen some comments about you developing some deep learning initiatives with an intent to apply that for developing your midterm trading strategies. So just wondering if you can kind of speak more about generally the whole idea, concept behind it, and, you know, how do you think this is gonna roll out in 2026? And finally, on prediction markets, just wondering how meaningful can this become in the NTI mix going forward? And generally, if you can speak about the structure of this market in terms of competition, returns on capital, and, you know, perhaps anything about capital intensive overall. Thanks. ... Okay, thanks, Julian. Good morning. I'll take the first question about capital. So, indeed, we now have over EUR 1 billion in trading capital. As communicated earlier, as we increased our capital by almost 80% year-on-year, we always anticipated a bit of a ramp up in terms of our ability to quickly deploy it. But we have seen that, especially in periods of high activity or in around one-off or multi-day events, that we're already actually able to deploy almost everything. We have a strategic capital allocation per business line to make sure that we can always provide liquidity to our counterparties, and not just when it suits us. So that is the minimum that every unit requires. Then tactically, we can very easily deploy it where it is most accretive, and as we are extremely collaborative and we have a global model, we just optimize for wherever we see the highest returns. And that's how we will continue to do so, while at the same time, of course, ensuring that we diversify and continue to refine our trading strategies, so that long term, we're in a position to deploy all the capital as well as the increase in trading capital that we still foresee in the future. And we can also still, at a later stage, expand either the current debt or other forms. So that's also still on our agenda. Thank you. I will take the second question about deep learning initiatives. So the way we think about it is, as the market continue to evolve, there is a number of market-related, technology-related, or quantitative-related technologies that are happening and really shifting how markets operate and how they behave. As you very, very well know, our historical trend has really been in this kind of market-shifting product, which is ETF. What we have now been observing over the past few years is a more and more, more and more importance being given to be capable of managing very, very large amount of data. Either data that are from exchanges or data that we see from our flows, analyzing them, and use them for predicting trends, analyzing market, but are also critical for some of our initiatives that are going to deploy. We mentioned cash equity trading. We could mention a few others. So the way we're thinking about deep learning is really. We have started to build it really as an applied research approach technology. So we're not doing deep learning for the sake of pure research. We're doing it with a very intense focus that over the next few quarters, we're going to start rolling out our results into a live proof of concept across our trading environment. It is obviously a multi-quarters and multi-years initiative, and it is something that will become, over time, more and more strategic, both of our existing businesses, such as ETF, to become more and more precise, for example, in market analysis. It's also going to become more and more strategic in a 24/7 world, where at the same time, people want to be able to trade all the time, but also, not all markets are still open at the same time. And also you have more and more diversity of agents trading, and agents' behavior. So for us, it's a long-term strategy, it's a long-term investment, and it's part of some of the roadmap I will be expanding more upon during our Capital Market Day. Then finally, the question on prediction markets. So it is, for us, very interesting, and to connect to those markets, both from the market data side, so the information that is disseminated there through the expression of many investors in their probabilities around market themes or market-moving teams. We can use that in our trading decisions, either systematically or discretionarily, and we are looking into whether it makes sense for us also to become actively trading participant on those venues as well. So for us, it's still too early to comment on the predicted return on trading capital, et cetera, but it's definitely an area that we look at from a market and pricing perspective, and we are exploring whether to become active there as well. Sounds good. Thank you very much. Ladies and gentlemen, just as a reminder, you may submit questions via the form at the bottom of the player. If you're connected via phone, please press pound key five on your telephone keypad. It appears that we currently have no more incoming questions. Therefore, I would like to hand the word over to Caroline for any closing remarks. Thank you, operator, and thank you all for joining today's call. We appreciate your continued interest in Flow Traders, and look forward to speaking with you again when we release our first quarter of 2026 results. This concludes today's presentation. Have a great day. Ladies and gentlemen, you may now disconnect.

Speaker 2: Good morning, and thank you for joining Flow Traders' Fourth Quarter and Full Year 2025 Results presentation. As you may have seen, we published our results earlier this morning. I'm joined today by our CEO, Thomas Spitz, and our Co-Chief Trading Officer, Alex Kieft, who will take you through the results. After our prepared remarks, we'll be happy to take any questions you may have. Before we begin, let me draw your attention to the disclaimer on page two. As always, this presentation is for information purposes only, and the results we will be discussing are unaudited. I will now hand over to Thomas. Good morning, and thank you for joining Flow Traders' Fourth Quarter and Full Year 2025 Results presentation. good morning and thank you for joining flow traders' fourth quarter and full year 2025 results presentation As you may have seen, we published our results earlier this morning. as you may have seen we published our results earlier this morning I'm joined today by our CEO, Thomas Spitz, and our Co-Chief Trading Officer, Alex Kieft, who will take you through the results. i'm joined today by our ceo thomas spitz and our co-chief trading officer alex kieft who will take you through the results After our prepared remarks, we'll be happy to take any questions you may have. after our prepared remarks we'll be happy to take any questions you may have Before we begin, let me draw your attention to the disclaimer on page two. before we begin let me draw your attention to the disclaimer on page two As always, this presentation is for information purposes only, and the results we will be discussing are unaudited. as always this presentation is for information purposes only and the results we will be discussing are unaudited I will now hand over to Thomas. i will now hand over to thomas

Speaker 5: Thank you, Caroline, and let me start with a high-level overview of our Q4 and full year performance. We delivered a solid fourth quarter, resulting in a full-year net profit of EUR 133.6 million and an EPS of 3.07 EUR. ETP value traded increased 22% year-on-year in the quarter, and 26% for the full year, underscoring the healthy trading environment. Total value traded grew 5% year-on-year in both Q4 and full year 2025. In Q4, we generated an NTI of EUR 123.8 million, offset slightly by EUR 2.8 million loss in other income, leading to a total income of EUR 121 million. Thank you, Caroline, and let me start with a high-level overview of our Q4 and full year performance. thank you caroline and let me start with a high-level overview of our q4 and full year performance We delivered a solid fourth quarter, resulting in a full-year net profit of EUR 133.6 million and an EPS of 3.07 EUR. we delivered a solid fourth quarter resulting in a full-year net profit of eur 133.6 million and an eps of 3.07 eur ETP value traded increased 22% year-on-year in the quarter, and 26% for the full year, underscoring the healthy trading environment. etp value traded increased 22% year-on-year in the quarter and 26% for the full year underscoring the healthy trading environment Total value traded grew 5% year-on-year in both Q4 and full year 2025. total value traded grew 5% year-on-year in both q4 and full year 2025 In Q4, we generated an NTI of EUR 123.8 million, offset slightly by EUR 2.8 million loss in other income, leading to a total income of EUR 121 million. in q4 we generated an nti of eur 123.8 million offset slightly by eur 2.8 million loss in other income leading to a total income of eur 121 million Fixed operating expenses were EUR 52.4 million in Q4 and EUR 204.1 million for the year, in line with guidance. EBITDA reached EUR 49.2 million for Q4 and EUR 198.9 million for full year 2025, with margins of 41% for both periods. We ended the year with 635 full-time employees, up from 609 at the start of 2025. Overall, we delivered steady, diversified results across region and asset classes. I will now hand it over to Alex to walk you through the market environment and the regional performance. Fixed operating expenses were EUR 52.4 million in Q4 and EUR 204.1 million for the year, in line with guidance. fixed operating expenses were eur 52.4 million in q4 and eur 204.1 million for the year in line with guidance EBITDA reached EUR 49.2 million for Q4 and EUR 198.9 million for full year 2025, with margins of 41% for both periods. ebitda reached eur 49.2 million for q4 and eur 198.9 million for full year 2025 with margins of 41% for both periods We ended the year with 635 full-time employees, up from 609 at the start of 2025. we ended the year with 635 full-time employees up from 609 at the start of 2025 Overall, we delivered steady, diversified results across region and asset classes. overall we delivered steady diversified results across region and asset classes I will now hand it over to Alex to walk you through the market environment and the regional performance. i will now hand it over to alex to walk you through the market environment and the regional performance

Speaker 1: Thank you, Thomas, and good morning, everyone. On this slide, I'll discuss the global ETP market environment. As you can see on the top left, ETP value traded increased substantially, year-over-year, 44% compared to 2024, underscoring ever-increasing adoption of ETFs as investment and allocation and hedging vehicles. Market volatility, as shown on the right by the VIX, was similar compared to Q4 last year, and a slight pickup quarter-on-quarter. ETP assets under management reached $16.9 trillion, an increase of 21% year-over-year, driven by fund inflows and market trends. ETP velocity, which is the ratio of ETP value traded, divided by assets under management, increased modestly back to its multi-year average. Overall, fundamentals remain very supportive for continued long-term growth of the global ETP market. Thank you, Thomas, and good morning, everyone. thank you thomas and good morning everyone On this slide, I'll discuss the global ETP market environment. on this slide i'll discuss the global etp market environment As you can see on the top left, ETP value traded increased substantially, year-over-year, 44% compared to 2024, underscoring ever-increasing adoption of ETFs as investment and allocation and hedging vehicles. as you can see on the top left etp value traded increased substantially year-over-year 44% compared to 2024 underscoring ever-increasing adoption of etfs as investment and allocation and hedging vehicles Market volatility, as shown on the right by the VIX, was similar compared to Q4 last year, and a slight pickup quarter-on-quarter. market volatility as shown on the right by the vix was similar compared to q4 last year and a slight pickup quarter-on-quarter ETP assets under management reached $16.9 trillion, an increase of 21% year-over-year, driven by fund inflows and market trends. etp assets under management reached $16.9 trillion an increase of 21% year-over-year driven by fund inflows and market trends ETP velocity, which is the ratio of ETP value traded, divided by assets under management, increased modestly back to its multi-year average. etp velocity which is the ratio of etp value traded divided by assets under management increased modestly back to its multi-year average Overall, fundamentals remain very supportive for continued long-term growth of the global ETP market. overall fundamentals remain very supportive for continued long-term growth of the global etp market In fixed income and crypto markets, starting with fixed income, trading volumes in U.S., IG, and high yield declined due to seasonality in Q4 and are up modestly year-over-year. However, fixed income volatility, as measured by the MOVE Index, decreased substantially in the quarter, underscoring a muted trading environment for our fixed income business. Moving to crypto. After a spike in activity in October, which also saw the largest crypto liquidation event in history, volume subsided in November and December. Bitcoin volumes are still up for the quarter, but the overall crypto market across all tokens and derivatives is down. Crypto ETP volume, however, increased again, highlighting continued institutional adoptions of ETPs as a tool to gain or manage crypto exposures. I'll now move to our regional performance overview. On the left, the stacked bars are the market ETP value traded. In fixed income and crypto markets, starting with fixed income, trading volumes in U.S., IG, and high yield declined due to seasonality in Q4 and are up modestly year- over- year. in fixed income and crypto markets starting with fixed income trading volumes in u.s ig and high yield declined due to seasonality in q4 and are up modestly year- over- year However, fixed income volatility, as measured by the MOVE Index, decreased substantially in the quarter, underscoring a muted trading environment for our fixed income business. however fixed income volatility as measured by the move index decreased substantially in the quarter underscoring a muted trading environment for our fixed income business Moving to crypto. moving to crypto After a spike in activity in October, which also saw the largest crypto liquidation event in history, volume subsided in November and December. after a spike in activity in october which also saw the largest crypto liquidation event in history volume subsided in november and december Bitcoin volumes are still up for the quarter, but the overall crypto market across all tokens and derivatives is down. bitcoin volumes are still up for the quarter but the overall crypto market across all tokens and derivatives is down Crypto ETP volume, however, increased again, highlighting continued institutional adoptions of ETPs as a tool to gain or manage crypto exposures. crypto etp volume however increased again highlighting continued institutional adoptions of etps as a tool to gain or manage crypto exposures I'll now move to our regional performance overview. i'll now move to our regional performance overview On the left, the stacked bars are the market ETP value traded. on the left the stacked bars are the market etp value traded In the middle, we see Flow Traders ETP value traded per region, and on the right, we see the total income per region. Starting with Europe, we maintained our position as a leading liquidity provider in European ETPs, with a pickup in market share amidst a pickup in trading activity compared to the previous quarter, especially in equity and precious metal markets, following the rise in gold and silver prices last year. In the Americas, we saw an increase in NTI compared to the previous quarters, due to increased trading volumes and our ability to participate in larger transactions following the increase in trading capital. In Asia, the ETF market volumes rose significantly year-on-year, with most growth coming from China. Excluding China, the growth was 36% year-over-year, so more in line with the global average. In the middle, we see Flow Traders ETP value traded per region, and on the right, we see the total income per region. in the middle we see flow traders etp value traded per region and on the right we see the total income per region Starting with Europe, we maintained our position as a leading liquidity provider in European ETPs, with a pickup in market share amidst a pickup in trading activity compared to the previous quarter, especially in equity and precious metal markets, following the rise in gold and silver prices last year. starting with europe we maintained our position as a leading liquidity provider in european etps with a pickup in market share amidst a pickup in trading activity compared to the previous quarter especially in equity and precious metal markets following the rise in gold and silver prices last year In the Americas, we saw an increase in NTI compared to the previous quarters, due to increased trading volumes and our ability to participate in larger transactions following the increase in trading capital. in the americas we saw an increase in nti compared to the previous quarters due to increased trading volumes and our ability to participate in larger transactions following the increase in trading capital In Asia, the ETF market volumes rose significantly year- on- year, with most growth coming from China. in asia the etf market volumes rose significantly year- on- year with most growth coming from china Excluding China, the growth was 36% year- over- year, so more in line with the global average. excluding china the growth was 36% year- over- year so more in line with the global average But in onshore China, that saw a much more significant increase. Onshore China is still a development area for the firm, and as such, we were not yet able to fully capture this increase in volumes, but it remains a key development area for us. Also interesting to note in Asia is the increase in overnight trading activity in U.S. equities, which is reflecting increasing investor adoption, and appetite for overnight and round-the-clock trading. We see a similar trend in digital assets, where we have seen the start to tokenized equities trading, a market that Flow Traders is active in, and we are actively providing liquidity in tokenized real-world assets and forming partnerships around the topic. As mentioned, we also witnessed the largest crypto liquidation event in history. But in onshore China, that saw a much more significant increase. but in onshore china that saw a much more significant increase Onshore China is still a development area for the firm, and as such, we were not yet able to fully capture this increase in volumes, but it remains a key development area for us. onshore china is still a development area for the firm and as such we were not yet able to fully capture this increase in volumes but it remains a key development area for us Also interesting to note in Asia is the increase in overnight trading activity in U.S. equities, which is reflecting increasing investor adoption, and appetite for overnight and round-the-clock trading. also interesting to note in asia is the increase in overnight trading activity in u.s equities which is reflecting increasing investor adoption and appetite for overnight and round-the-clock trading We see a similar trend in digital assets, where we have seen the start to tokenized equities trading, a market that Flow Traders is active in, and we are actively providing liquidity in tokenized real-world assets and forming partnerships around the topic. we see a similar trend in digital assets where we have seen the start to tokenized equities trading a market that flow traders is active in and we are actively providing liquidity in tokenized real-world assets and forming partnerships around the topic As mentioned, we also witnessed the largest crypto liquidation event in history. as mentioned we also witnessed the largest crypto liquidation event in history It's important to note that it did not negatively impact us, and we came out with a profit, underscoring the robustness of our trading and risk systems. Moving on. Here we see the NTI per region and per asset class. On the left, we see it, regionally. So Americas and Asia together account for 40% of group NTI, with continued momentum coming from Asia. On the right, we see the asset class mix, where FIC, including cryptocurrencies, accounted for 41% of total group NTI, highlighting the diversity of our trading business. It's important to note that it did not negatively impact us, and we came out with a profit, underscoring the robustness of our trading and risk systems. it's important to note that it did not negatively impact us and we came out with a profit underscoring the robustness of our trading and risk systems Moving on. moving on Here we see the NTI per region and per asset class. here we see the nti per region and per asset class On the left, we see it, regionally. on the left we see it regionally So Americas and Asia together account for 40% of group NTI, with continued momentum coming from Asia. so americas and asia together account for 40% of group nti with continued momentum coming from asia On the right, we see the asset class mix, where FIC, including cryptocurrencies, accounted for 41% of total group NTI, highlighting the diversity of our trading business. on the right we see the asset class mix where fic including cryptocurrencies accounted for 41% of total group nti highlighting the diversity of our trading business Furthermore, our global or our flexible trading allocation model allows us to quickly allocate capital where opportunities arise, both geographically or regionally, or by asset class, while at the same time making sure that we can always provide liquidity to our counterparties and on the exchanges, even in more quiet times. And with that, I'll hand it back to Thomas for the next few slides. Furthermore, our global or our flexible trading allocation model allows us to quickly allocate capital where opportunities arise, both geographically or regionally, or by asset class, while at the same time making sure that we can always provide liquidity to our counterparties and on the exchanges, even in more quiet times. furthermore our global or our flexible trading allocation model allows us to quickly allocate capital where opportunities arise both geographically or regionally or by asset class while at the same time making sure that we can always provide liquidity to our counterparties and on the exchanges even in more quiet times And with that, I'll hand it back to Thomas for the next few slides. and with that i'll hand it back to thomas for the next few slides

Speaker 5: Thank you, Alex, and moving to slide eight. As shown on this slide, our fixed operating expenses were EUR 52.4 million in Q4 and EUR 204.1 million for the year, increases of 17% and 15% respectively. These increases were driven primarily by higher employee expenses and ongoing technology investment and are consistent with our growth plans, which we highlighted in our press release. We delivered 41% EBITDA margins in both Q4 and full year 2025, underscoring the strength of our variable compensation model and our high operating leverage. We ended the year with 635 FTEs, and we'll continue to focus on targeted hiring to support strategic initiatives. Thank you, Alex, and moving to slide eight. thank you alex and moving to slide eight As shown on this slide, our fixed operating expenses were EUR 52.4 million in Q4 and EUR 204.1 million for the year, increases of 17% and 15% respectively. as shown on this slide our fixed operating expenses were eur 52.4 million in q4 and eur 204.1 million for the year increases of 17% and 15% respectively These increases were driven primarily by higher employee expenses and ongoing technology investment and are consistent with our growth plans, which we highlighted in our press release. these increases were driven primarily by higher employee expenses and ongoing technology investment and are consistent with our growth plans which we highlighted in our press release We delivered 41% EBITDA margins in both Q4 and full year 2025, underscoring the strength of our variable compensation model and our high operating leverage. we delivered 41% ebitda margins in both q4 and full year 2025 underscoring the strength of our variable compensation model and our high operating leverage We ended the year with 635 FTEs, and we'll continue to focus on targeted hiring to support strategic initiatives. we ended the year with 635 ftes and we'll continue to focus on targeted hiring to support strategic initiatives Fixed operating expenses guidance for the year 2026 is EUR 220 million-EUR 230 million, driven by continued technology investment, selective headcount addition to support growth initiatives, as well as inflationary pressures. Moving on to slide nine. This slide illustrates our structural growth in NTI relative to implied market volatility. Our investment in trading capabilities across region and asset classes will continue to enable us to capture opportunities under varying market conditions, supporting steady performances even during period of lower volatility. Over the past decade, we have delivered an average EBITDA margins above 40%, demonstrating the strength of our operating model and flexible compensation philosophy. Full year 2025 performance remained resilient and consistent with our long-term trends. Turning to capital. As you know, the trading capital is core to our business. Fixed operating expenses guidance for the year 2026 is EUR 220 million-EUR 230 million, driven by continued technology investment, selective headcount addition to support growth initiatives, as well as inflationary pressures. fixed operating expenses guidance for the year 2026 is eur 220 million-eur 230 million driven by continued technology investment selective headcount addition to support growth initiatives as well as inflationary pressures Moving on to slide nine. moving on to slide nine This slide illustrates our structural growth in NTI relative to implied market volatility. this slide illustrates our structural growth in nti relative to implied market volatility Our investment in trading capabilities across region and asset classes will continue to enable us to capture opportunities under varying market conditions, supporting steady performances even during period of lower volatility. our investment in trading capabilities across region and asset classes will continue to enable us to capture opportunities under varying market conditions supporting steady performances even during period of lower volatility Over the past decade, we have delivered an average EBITDA margins above 40%, demonstrating the strength of our operating model and flexible compensation philosophy. over the past decade we have delivered an average ebitda margins above 40% demonstrating the strength of our operating model and flexible compensation philosophy Full year 2025 performance remained resilient and consistent with our long-term trends. full year 2025 performance remained resilient and consistent with our long-term trends Turning to capital. turning to capital As you know, the trading capital is core to our business. as you know the trading capital is core to our business Our trading capital expansion plan, first announced in July 2024, continues to strengthen our balance sheet. In addition, in October 2025, we secured a $200 million private credit facility and a $75 million revolving credit facility, significantly enhancing our financial flexibility. As a result, trading capital increased 35% to EUR 1,044 million, the highest level in the company's history. Shareholders' equity also reached a record, eight hundred and sixty-eight million, up 13% year-on-year. Return on average shareholders' equity was 16% for the year, a solid result given market conditions. This expansion and this capital strategy ensure that we are optimally positioned to capture opportunities across asset classes and geographies, and to continue to support our diversification strategy. Our trading capital expansion plan, first announced in July 2024, continues to strengthen our balance sheet. our trading capital expansion plan first announced in july 2024 continues to strengthen our balance sheet In addition, in October 2025, we secured a $200 million private credit facility and a $75 million revolving credit facility, significantly enhancing our financial flexibility. in addition in october 2025 we secured a $200 million private credit facility and a $75 million revolving credit facility significantly enhancing our financial flexibility As a result, trading capital increased 35% to EUR 1,044 million, the highest level in the company's history. as a result trading capital increased 35% to eur 1,044 million the highest level in the company's history Shareholders' equity also reached a record, eight hundred and sixty-eight million, up 13% year-on- year. shareholders' equity also reached a record eight hundred and sixty-eight million up 13% year-on- year Return on average shareholders' equity was 16% for the year, a solid result given market conditions. return on average shareholders' equity was 16% for the year a solid result given market conditions This expansion and this capital strategy ensure that we are optimally positioned to capture opportunities across asset classes and geographies, and to continue to support our diversification strategy. this expansion and this capital strategy ensure that we are optimally positioned to capture opportunities across asset classes and geographies and to continue to support our diversification strategy

Speaker 2: That concludes our prepared remarks. We would now like to open the floor for questions. Operator, please go ahead. That concludes our prepared remarks. that concludes our prepared remarks We would now like to open the floor for questions. we would now like to open the floor for questions Operator, please go ahead. operator please go ahead

Speaker 4: Ladies and gentlemen, we are now ready to take your questions. You may submit your written questions via the form at the bottom of the player. If you're connected via the phone, please press pound key five on your telephone keypad. We will now wait for you to signal. Our first question comes from Julian Dobrovolsky from ABN AMRO - ODDO BHF. Your line is now open, please go ahead. Ladies and gentlemen, we are now ready to take your questions. ladies and gentlemen we are now ready to take your questions You may submit your written questions via the form at the bottom of the player. you may submit your written questions via the form at the bottom of the player If you're connected via the phone, please press pound key five on your telephone keypad. if you're connected via the phone please press pound key five on your telephone keypad We will now wait for you to signal. we will now wait for you to signal Our first question comes from Julian Dobrovolsky from ABN AMRO - ODDO BHF. our first question comes from julian dobrovolsky from abn amro - oddo bhf Your line is now open, please go ahead. your line is now open please go ahead

Speaker 3: Hello, good morning, and thanks for taking my questions. I have three to begin with. Maybe, if you can share anything around the experience you had from deploying such a sizable amount of additional trading capital in Q4, just for us to understand, you know, how do you actually manage that, given the fact that, you know, this was a bit of a new, let's say, experience for you, and maybe a bit of an indication, you know, how did you manage that across different, the liquidity across different desks? And whether that was actually well absorbed by the existing team, so they had to hire more traders across regions. So that's the first thing. Hello, good morning, and thanks for taking my questions. hello good morning and thanks for taking my questions I have three to begin with. i have three to begin with Maybe, if you can share anything around the experience you had from deploying such a sizable amount of additional trading capital in Q4, just for us to understand, you know, how do you actually manage that, given the fact that, you know, this was a bit of a new, let's say, experience for you, and maybe a bit of an indication, you know, how did you manage that across different, the liquidity across different desks? maybe if you can share anything around the experience you had from deploying such a sizable amount of additional trading capital in q4 just for us to understand you know how do you actually manage that given the fact that you know this was a bit of a new let's say experience for you and maybe a bit of an indication you know how did you manage that across different the liquidity across different desks And whether that was actually well absorbed by the existing team, so they had to hire more traders across regions. and whether that was actually well absorbed by the existing team so they had to hire more traders across regions So that's the first thing. so that's the first thing The other one, I've seen some comments about you developing some deep learning initiatives with an intent to apply that for developing your midterm trading strategies. So just wondering if you can kind of speak more about generally the whole idea, concept behind it, and, you know, how do you think this is gonna roll out in 2026? And finally, on prediction markets, just wondering how meaningful can this become in the NTI mix going forward? And generally, if you can speak about the structure of this market in terms of competition, returns on capital, and, you know, perhaps anything about capital intensive overall. Thanks. The other one, I've seen some comments about you developing some deep learning initiatives with an intent to apply that for developing your midterm trading strategies. the other one i've seen some comments about you developing some deep learning initiatives with an intent to apply that for developing your midterm trading strategies So just wondering if you can kind of speak more about generally the whole idea, concept behind it, and, you know, how do you think this is gonna roll out in 2026? so just wondering if you can kind of speak more about generally the whole idea concept behind it and you know how do you think this is gonna roll out in 2026 And finally, on prediction markets, just wondering how meaningful can this become in the NTI mix going forward? and finally on prediction markets just wondering how meaningful can this become in the nti mix going forward And generally, if you can speak about the structure of this market in terms of competition, returns on capital, and, you know, perhaps anything about capital intensive overall. and generally if you can speak about the structure of this market in terms of competition returns on capital and you know perhaps anything about capital intensive overall Thanks. thanks

Speaker 1: ... Okay, thanks, Julian. Good morning. I'll take the first question about capital. So, indeed, we now have over EUR 1 billion in trading capital. As communicated earlier, as we increased our capital by almost 80% year-on-year, we always anticipated a bit of a ramp up in terms of our ability to quickly deploy it. But we have seen that, especially in periods of high activity or in around one-off or multi-day events, that we're already actually able to deploy almost everything. We have a strategic capital allocation per business line to make sure that we can always provide liquidity to our counterparties, and not just when it suits us. So that is the minimum that every unit requires. ... Okay, thanks, Julian. okay thanks julian Good morning. good morning I'll take the first question about capital. i'll take the first question about capital So, indeed, we now have over EUR 1 billion in trading capital. so indeed we now have over eur 1 billion in trading capital As communicated earlier, as we increased our capital by almost 80% year-on-year, we always anticipated a bit of a ramp up in terms of our ability to quickly deploy it. as communicated earlier as we increased our capital by almost 80% year-on-year we always anticipated a bit of a ramp up in terms of our ability to quickly deploy it But we have seen that, especially in periods of high activity or in around one-off or multi-day events, that we're already actually able to deploy almost everything. but we have seen that especially in periods of high activity or in around one-off or multi-day events that we're already actually able to deploy almost everything We have a strategic capital allocation per business line to make sure that we can always provide liquidity to our counterparties, and not just when it suits us. we have a strategic capital allocation per business line to make sure that we can always provide liquidity to our counterparties and not just when it suits us So that is the minimum that every unit requires. so that is the minimum that every unit requires Then tactically, we can very easily deploy it where it is most accretive, and as we are extremely collaborative and we have a global model, we just optimize for wherever we see the highest returns. And that's how we will continue to do so, while at the same time, of course, ensuring that we diversify and continue to refine our trading strategies, so that long term, we're in a position to deploy all the capital as well as the increase in trading capital that we still foresee in the future. And we can also still, at a later stage, expand either the current debt or other forms. So that's also still on our agenda. Then tactically, we can very easily deploy it where it is most accretive, and as we are extremely collaborative and we have a global model, we just optimize for wherever we see the highest returns. then tactically we can very easily deploy it where it is most accretive and as we are extremely collaborative and we have a global model we just optimize for wherever we see the highest returns And that's how we will continue to do so, while at the same time, of course, ensuring that we diversify and continue to refine our trading strategies, so that long term, we're in a position to deploy all the capital as well as the increase in trading capital that we still foresee in the future. and that's how we will continue to do so while at the same time of course ensuring that we diversify and continue to refine our trading strategies so that long term we're in a position to deploy all the capital as well as the increase in trading capital that we still foresee in the future And we can also still, at a later stage, expand either the current debt or other forms. and we can also still at a later stage expand either the current debt or other forms So that's also still on our agenda. so that's also still on our agenda

Speaker 5: Thank you. I will take the second question about deep learning initiatives. So the way we think about it is, as the market continue to evolve, there is a number of market-related, technology-related, or quantitative-related technologies that are happening and really shifting how markets operate and how they behave. As you very, very well know, our historical trend has really been in this kind of market-shifting product, which is ETF. What we have now been observing over the past few years is a more and more, more and more importance being given to be capable of managing very, very large amount of data. Either data that are from exchanges or data that we see from our flows, analyzing them, and use them for predicting trends, analyzing market, but are also critical for some of our initiatives that are going to deploy. Thank you. thank you I will take the second question about deep learning initiatives. i will take the second question about deep learning initiatives So the way we think about it is, as the market continue to evolve, there is a number of market-related, technology-related, or quantitative-related technologies that are happening and really shifting how markets operate and how they behave. so the way we think about it is as the market continue to evolve there is a number of market-related technology-related or quantitative-related technologies that are happening and really shifting how markets operate and how they behave As you very, very well know, our historical trend has really been in this kind of market-shifting product, which is ETF. as you very very well know our historical trend has really been in this kind of market-shifting product which is etf What we have now been observing over the past few years is a more and more, more and more importance being given to be capable of managing very, very large amount of data. what we have now been observing over the past few years is a more and more more and more importance being given to be capable of managing very very large amount of data Either data that are from exchanges or data that we see from our flows, analyzing them, and use them for predicting trends, analyzing market, but are also critical for some of our initiatives that are going to deploy. either data that are from exchanges or data that we see from our flows analyzing them and use them for predicting trends analyzing market but are also critical for some of our initiatives that are going to deploy We mentioned cash equity trading. We could mention a few others. So the way we're thinking about deep learning is really. We have started to build it really as an applied research approach technology. So we're not doing deep learning for the sake of pure research. We're doing it with a very intense focus that over the next few quarters, we're going to start rolling out our results into a live proof of concept across our trading environment. It is obviously a multi-quarters and multi-years initiative, and it is something that will become, over time, more and more strategic, both of our existing businesses, such as ETF, to become more and more precise, for example, in market analysis. We mentioned cash equity trading. we mentioned cash equity trading We could mention a few others. we could mention a few others So the way we're thinking about deep learning is really. so the way we're thinking about deep learning is really We have started to build it really as an applied research approach technology. we have started to build it really as an applied research approach technology So we're not doing deep learning for the sake of pure research. so we're not doing deep learning for the sake of pure research We're doing it with a very intense focus that over the next few quarters, we're going to start rolling out our results into a live proof of concept across our trading environment. we're doing it with a very intense focus that over the next few quarters we're going to start rolling out our results into a live proof of concept across our trading environment It is obviously a multi-quarters and multi-years initiative, and it is something that will become, over time, more and more strategic, both of our existing businesses, such as ETF, to become more and more precise, for example, in market analysis. it is obviously a multi-quarters and multi-years initiative and it is something that will become over time more and more strategic both of our existing businesses such as etf to become more and more precise for example in market analysis It's also going to become more and more strategic in a 24/7 world, where at the same time, people want to be able to trade all the time, but also, not all markets are still open at the same time. And also you have more and more diversity of agents trading, and agents' behavior. So for us, it's a long-term strategy, it's a long-term investment, and it's part of some of the roadmap I will be expanding more upon during our Capital Market Day. It's also going to become more and more strategic in a 24/7 world, where at the same time, people want to be able to trade all the time, but also, not all markets are still open at the same time. it's also going to become more and more strategic in a 24/7 world where at the same time people want to be able to trade all the time but also not all markets are still open at the same time And also you have more and more diversity of agents trading, and agents' behavior. and also you have more and more diversity of agents trading and agents' behavior So for us, it's a long-term strategy, it's a long-term investment, and it's part of some of the roadmap I will be expanding more upon during our Capital Market Day. so for us it's a long-term strategy it's a long-term investment and it's part of some of the roadmap i will be expanding more upon during our capital market day

Speaker 1: Then finally, the question on prediction markets. So it is, for us, very interesting, and to connect to those markets, both from the market data side, so the information that is disseminated there through the expression of many investors in their probabilities around market themes or market-moving teams. We can use that in our trading decisions, either systematically or discretionarily, and we are looking into whether it makes sense for us also to become actively trading participant on those venues as well. So for us, it's still too early to comment on the predicted return on trading capital, et cetera, but it's definitely an area that we look at from a market and pricing perspective, and we are exploring whether to become active there as well. Then finally, the question on prediction markets. then finally the question on prediction markets So it is, for us, very interesting, and to connect to those markets, both from the market data side, so the information that is disseminated there through the expression of many investors in their probabilities around market themes or market-moving teams. so it is for us very interesting and to connect to those markets both from the market data side so the information that is disseminated there through the expression of many investors in their probabilities around market themes or market-moving teams We can use that in our trading decisions, either systematically or discretionarily, and we are looking into whether it makes sense for us also to become actively trading participant on those venues as well. we can use that in our trading decisions either systematically or discretionarily and we are looking into whether it makes sense for us also to become actively trading participant on those venues as well So for us, it's still too early to comment on the predicted return on trading capital, et cetera, but it's definitely an area that we look at from a market and pricing perspective, and we are exploring whether to become active there as well. so for us it's still too early to comment on the predicted return on trading capital et cetera but it's definitely an area that we look at from a market and pricing perspective and we are exploring whether to become active there as well

Speaker 3: Sounds good. Thank you very much. Sounds good. sounds good Thank you very much. thank you very much

Speaker 4: Ladies and gentlemen, just as a reminder, you may submit questions via the form at the bottom of the player. If you're connected via phone, please press pound key five on your telephone keypad. It appears that we currently have no more incoming questions. Therefore, I would like to hand the word over to Caroline for any closing remarks. Ladies and gentlemen, just as a reminder, you may submit questions via the form at the bottom of the player. ladies and gentlemen just as a reminder you may submit questions via the form at the bottom of the player If you're connected via phone, please press pound key five on your telephone keypad. if you're connected via phone please press pound key five on your telephone keypad It appears that we currently have no more incoming questions. it appears that we currently have no more incoming questions Therefore, I would like to hand the word over to Caroline for any closing remarks. therefore i would like to hand the word over to caroline for any closing remarks

Speaker 2: Thank you, operator, and thank you all for joining today's call. We appreciate your continued interest in Flow Traders, and look forward to speaking with you again when we release our first quarter of 2026 results. This concludes today's presentation. Have a great day. Thank you, operator, and thank you all for joining today's call. thank you operator and thank you all for joining today's call We appreciate your continued interest in Flow Traders, and look forward to speaking with you again when we release our first quarter of 2026 results. we appreciate your continued interest in flow traders and look forward to speaking with you again when we release our first quarter of 2026 results This concludes today's presentation. this concludes today's presentation Have a great day. have a great day

Speaker 4: Ladies and gentlemen, you may now disconnect. Ladies and gentlemen, you may now disconnect. ladies and gentlemen you may now disconnect