Flow Traders Ltd

Hello and welcome to the Flow Traders second quarter 2026 results conference call. For the first part of the call the participants will be in listen-only mode. Afterwards there will be a question and answer session. If you wish to ask a question, please press pound key 5 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 over the call to Dick Peters. Please go ahead.

Thank you. Good morning, and thank you for joining Closerator's 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 coaching trade officer, Marc Jansen, who will take you through the results. After 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. Let me start with a high-level overview of our Q2 performance. We delivered a solid second quarter, resulting in a net profit of €40.8 million and an earnings per share of €0.93. Our ETF value traded increased 34% year-on-year, and was flat quarter-on-quarter, while market volumes were down 14% quarter-on-quarter. In Q2, we generated a net trading income of 147.8 million euros, which equates to 53% return on trading capital. Our NTI consisted of 131.7 million NTI in our traditional business and 16.1 million in our digital assets business. Fixed operating expenses were 59.3 million Q2 in line with our revised guidance of 235 to 245 million for the year EBITDA reached 63.6 million for Q2 which equates to an EBITDA margin of 43% We ended up the quarter with 641 FTEs down from 656 at the end of Q1 2026 Overall, we deliver steady, diversified results across regions and products. I will now hand it over to Marc to walk you through the market environment and regional performance.