Flow Traders Ltd

Hello and welcome to the Flow Traders Third Quarter 2026 Trading Update Conference Call. For the first part of the call, the 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 5 on your telephone keypad to enter the queue. 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 Dick Peters. Please go ahead.

Good morning and thank you for joining Flow Traders third quarter 2026 results presentation. As you may have seen, we published our results early this morning. I'm joined today by our CEO Thomas Spitz and our Co-Chief Training Officer Alex Kieft 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 Q3 performance. The third quarter saw a seasonally lower ETF market activity. who reported a net profit of €6.4 million and a basic EPS of €0.15 for the quarter, while year-to-date net profit was €97.6 million with a basic EPS of €2.22. Year-to-date, our ETF value traded increased 15% year-on-year, compared with 41% for the market, reflecting continued ETF market growth. During 3Q26, our ETF value traded decreased 2% quarter-on-quarter compared to the market which was down 6%. Year-to-date NTI reached 388.2 million euros, up 7% year-on-year, driven by our traditional business where NTI was up 26% year-on-year. Return on trading capital was 47%. In Q3, we generated an NTI of 84.5 million euros, down 43% quarter on quarter, equating to a 30% return on trading capital. NTI in our traditional business was 70.8 million euros, reflecting lower market volatility. In our digital asset business, NTI was 13.8 million, and the operating environment of this activity remain challenging. Fixed operating expenses were €180.2 million year-to-date, up 19% compared to year-to-date 2025, and in line with our guidance of €235 to €245 million for the full year. In Q3, our fixed operating expenses were €64.8 million, up 9% Q1-Q. Year-to-date EBITDA was 153.4 million euros up 2% year-on-year with a margin of 39%. EBITDA was 17.5 million euros for Q3 equating to an EBITDA margin of 20%. We ended the quarter with 630 FTEs down from 641 at the end of Q2 2026. Overall, we continue to build out flow traders in line with our Horizon 2030 strategy, which is supported by a continuous growth in our traditional business. I will now hand it over to Alex to walk you through the market environment and the regional performances.