Flow Traders' Q4 performance exceeds expectations, with strong revenue from European operations

Investing.com – Flow Traders reported on Thursday that its Q4 2025 EBITDA exceeded expectations by 9%, primarily driven by stronger-than-expected revenue capture rate in its European operations, despite the company’s 2026 cost guidance being higher than analyst estimates.

According to a research report from UBS, this Dutch market maker’s Q4 EBITDA was €49.2 million, surpassing consensus expectations by 9%. Net trading revenue reached €123.8 million, up 58% quarter-over-quarter but down 20% year-over-year, exceeding consensus estimates by 7%.

The better-than-expected revenue performance was mainly due to Flow Traders’ European business, which achieved a 3.2 basis point revenue capture rate, higher than the expected 2.7 basis points, resulting in net trading revenue in the region exceeding expectations by 15%. This was enough to offset weaker performance in the US and Asia, which were respectively 9% and 14% below expectations.

Fixed costs for Q4 were €52.4 million, in line with consensus estimates. The company’s earnings per share were €0.81, beating expectations by 14%, thanks to lower depreciation and amortization expenses.

Total trading capital at the end of Q4 was €1.044 billion, up 23% quarter-over-quarter, aided by a €200 million private bond issuance.

Looking ahead, Flow Traders announced a 2026 fixed operating expense guidance of €220 million to €230 million, above the consensus estimate of €213 million. The midpoint of this range implies a 10.2% increase compared to 2025 levels.

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