Flow Traders Ltd

Welcome to the FlowTrainers full year 2025 results conference call. For the first part of the call, participants will be in listen-only mode. And afterwards, there will be a question and answer session. If you wish to ask a question, please press pound key five on your telephone keypad. You may also submit written questions via the form at the bottom of the player. I would now like to hand the call over to Caroline Lenders. Please go ahead.

Good morning and thank you for joining Clotrader's 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 Beetz, and our Co-Chief Trading Officer, Alex Keeft, 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 unanswered. 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 133.6 million euros and an EPS of 3.07 euros. 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 €123.8 million, offset slightly by €2.8 million loss in other income, leading to a total income of €121 million. Fixed operating expenses were €52.4 million in Q4 and €204.1 million for the year, in line with guidance. EBITDA reached €49.2 million for Q4 and €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.