Flow Traders reports Q3 EBITDA miss of 59% on weak revenues

Flow Traders on Thursday reported third-quarter EBITDA of €17.5 million, missing analyst expectations by 59%, the company said Thursday. The miss was driven by weaker revenues across multiple regions.

Net trading income reached €84.5 million, down 43% from the previous quarter and up 11% year-over-year. The figure came in 30% below analyst forecasts.

The revenue shortfall stemmed from weaker-than-expected performance in Europe and Asia, where lower revenue capture rates affected results. Industry-wide ETF volumes in Asia also fell short of expectations.

Fixed costs for the quarter totaled €64.8 million, 7% above consensus estimates. The deviation included a one-off €4 million in severance-related costs. Variable expenses came in 76% below analyst projections.

Profit before tax for the third quarter missed estimates by 77%.

Total trading capital stood at €1.14 billion at the end of the quarter, down 1% from the previous quarter. The nine-month revenue return on average trading capital was 47%, compared to 53% in 2025.

Fixed costs for the first nine months of 2026 rose 16% year-over-year, excluding one-off items, a slight increase from the 15% growth recorded in the first half.

Flow Traders maintained its full-year guidance for fixed operating costs of €235-245 million, implying year-over-year growth of 15-20%.