Half Year 2026 Flow Traders Ltd Earnings Call Transcript
Key Points
- Flow Traders Ltd (FLTLF) delivered a solid Q2 with a net profit of EUR40.8 million and earnings per share of EUR0.93.
- The company's ETF value traded increased 34% year-on-year, outperforming the broader market which saw volumes decline 14% quarter-on-quarter.
- Flow Traders Ltd (FLTLF) achieved a strong 53% return on trading capital in Q2 and a 55% return for H1 2026.
- The company's shareholders' equity reached a record EUR970 million, up 6% quarter-on-quarter, with a 20% return on equity for H1.
- The Americas region saw continued NTI increases, supported by stable ETF volumes despite reduced market activity.
- The company maintained a solid 43% EBITDA margin, underscoring the resilience of its operating model.
- Global ETF market activity declined in Q2, with ETF value traded down 14% quarter-on-quarter, marking the first down quarter since Q2 '24.
- The digital assets business saw a significant decline, with NTI down 36% year-on-year for H1 and 26% quarter-on-quarter for Q2.
- EMEA crypto ETF value traded decreased by 40% quarter-on-quarter and 20% for H1 year-on-year, reflecting subdued market activity.
- The company's Asia-Pacific business failed to capture the significant year-on-year increase in market value traded, with no material uplift in its own ETF value traded.
- Fixed operating expenses increased 6% quarter-on-quarter and 15% for H1 year-on-year, driven by technology investments and one-off expenses.
- The Bitcoin price is down 33% year-to-date and 53% from its peak, negatively impacting overall crypto market activity and sentiment.
Hello and welcome to the Flow Traders second-quarter 2026 results conference call. (Operator Instructions)
I would now like to hand over the call to Dick Peters. Please go ahead.
Thank you. Good morning and thank you for joining Flow Traders second-quarter 2026 results presentation. As you may have seen, we published our results earlier this morning. I'm joined by our CEO, Thomas Spitz; and our Co-Chief Trading Officer, Marc Jansen, who will take you through the results. As for our prepared remarks, we will be happy to take any questions you may have.
Before we begin, let me draw your attention to the disclaimer on page 2. 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 for the update.
Thank you, Dick. And let me start with a high-level overview of our Q2
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