Double Materiality Assessment | |
2025 Financials | |||
Global ETP value traded | Flow Traders total value traded | ||
€68,915 billion | €6,702 billion | ||
2024: €47,933 billion | 2024: €6,248 billion | ||
Flow Traders ETP value traded | Total income | ||
€1,940 billion | €480.5 million | ||
2024: €1,545 billion | 2024: €479.3 million | ||
EBITDA | Net profit | ||
€198.9 million | €133.6 million | ||
2024: €217.1 million | 2024: €159.5 million | ||
Owain Lloyd (CTO), Hermien Smeets-Flier (CFRO), Thomas Spitz (CEO), Marc Jansen (CTrO) | |
Financial overview | For the year ended 31 December | |
Net trading income | 485,800 | 467,794 |
Other income or (expense) | (5,317) | 11,525 |
Total income | 480,483 | 479,319 |
Fixed employee expenses | 97,251 | 81,651 |
Technology expenses | 70,604 | 66,636 |
Other expenses | 36,273 | 28,665 |
Adjusted operating expenses* | 204,128 | 176,952 |
Variable employee expenses | 77,430 | 85,267 |
Depreciation of property and equipment | 17,536 | 16,559 |
Amortization of intangible assets | 607 | 728 |
Write off of (in) tangible assets | — | 148 |
(Reversal of) impairment of intangible assets | 10,716 | — |
Operating result | 170,066 | 199,665 |
add back: Depreciation of property and equipment | 17,536 | 16,559 |
add back: Amortization and write off of intangible assets | 607 | 876 |
add back: (Reversal of) impairment of intangible assets | 10,716 | — |
EBITDA* | 198,925 | 217,100 |
EBITDA margin* | 41.4% | 45.3% |
For the year ended 31 December | ||
Profit before tax | 164,649 | 194,364 |
Tax expense | 31,084 | 34,827 |
Profit for the year attributable to the owners of the Company | 133,565 | 159,537 |
For the year ended 31 December 2025 | ||||
Reconciliation to revenue by region | Europe | Americas | Asia | Total |
Net trading income | 311,961 | 75,175 | 98,664 | 485,800 |
Inter-segment revenue related to trading activities | – | 1,577 | 23,328 | 24,905 |
Inter-segment expense related to trading activities | (24,905) | – | – | (24,905) |
Other income or (expense) | (5,317) | – | – | (5,317) |
Revenue by region | 281,739 | 76,752 | 121,992 | 480,483 |
For the year ended 31 December 2024 | ||||
Reconciliation to revenue by region | Europe | Americas | Asia | Total |
Net trading income | 312,954 | 73,357 | 81,483 | 467,794 |
Inter-segment revenue related to trading activities | – | 20,278 | 30,060 | 50,338 |
Inter-segment expense related to trading activities | (50,338) | – | – | (50,338) |
Other income or (expense) | 11,525 | – | – | 11,525 |
Revenue by region | 274,141 | 93,635 | 111,543 | 479,319 |
We are one team |  | |
We are entrepreneurial |  | |
We are driven |  | |
We are responsible |  | |
“Flow Traders is built on a relentless pursuit of excellence, as a globally trusted market maker at the forefront of ETP and digital asset liquidity. Our technology leadership, disciplined culture, and commitment to transparency allow us to connect traditional and digital finance, enhancing market quality for investors worldwide." | |
Thomas Spitz CEO |
“We empower teams to experiment, iterate, and implement innovative ideas quickly, solving complex challenges together and continuously pushing the Company forward.” | |
Owain Lloyd CTO |
AMERICAS | EMEA | APAC | ||||
▪ Flow Traders ETP value traded: €898bn (€776bn in 2024) ▪ FTE: 96 (98 in 2024) | ▪ Flow Traders ETP value traded: €890bn (€655bn in 2024) ▪ FTE: 453 (431 in 2024) | ▪ Flow Traders ETP value traded: €152bn (€114bn in 2024) ▪ FTE: 86 (80 in 2024) | ||||
Primary market | Secondary market | ||||||
Ability to create and redeem daily | On-exchange liquidity provision | ||||||
ETP Issuers ETP creation / redemption | ETPs vs. basket of assets / cash | ETPs vs. cash | Exchanges and trading venues | ||||
Institutional / off-exchange liquidity provision | |||||||
Global risk transfer between market participants | Counterparties | ||||||
“We’re excited about the structural shifts in global markets, especially the convergence of traditional finance and digital assets. Tokenized real-world assets and new digital market infrastructures are reshaping capital markets. With our strengths in ETPs, tech-driven liquidity, and digital assets, Flow Traders is well positioned to provide liquidity and support the next generation of market structure.” | |
Marc Jansen CTrO |
ETP growth $25 trillion AuM by 2030 | AuM reached $19 trillion at the end of 2025 and is predicted to increase to $25 trillion by 2030, a secular industry trend that supports our core business growth. 2025 saw another record year of inflows into ETPs, demonstrating the continued growth potential and adoption of this financial instrument. | |||
Tokenization $30 trillion Tokenized RWA by 2030 | While stablecoins continue to show robust growth and usage, with a market cap of $317 billion at the end of 2025, up from $189 billion in 2024, the growth in tokenized real world assets has surged in the last year, up to $21 billion in 2025, up from just $5 billion in 2024. Combined, these trends reflect the continued adoption of this category which is estimated to grow to $30 trillion by 2030. | |||
Distribution franchise 2,000 + Institutional counterparties | The global ETP market is entering a new expansion, with AuM projected to reach $25 trillion by 2030, driven by rising retail adoption, deeper institutional engagement, and growth in APAC. Traditional institutions are expanding ETP and digital asset activity, creating new partnership opportunities for Flow Traders. With 2,000+ institutional counterparties on RFQ and access to 180+ exchanges, our 20-year franchise positions Flow Traders to play a leading role in both the continued scaling of the global ETP ecosystem and the convergence of Digital Assets and Traditional Finance. | |||
Regulation  Enhanced global regulations | In 2025, we saw growing regulatory acceptance of digital assets, including the introduction of MiCAR in Europe, the passage of the Genius Act and the reversal of SAB 121 in the U.S., as well as increasing acceptance by regulators across Asia. We expect regulatory standards to continue to evolve, supporting trade execution, reporting and settlement harmonization. This includes changes such as enhanced bond transparency and reporting regimes, the upcoming global transition into T+1 settlement and the proposed EU consolidated tape. | |||
“As we build on a year of solid financial performance, we continued to execute against our strategic priorities. We advanced our Trading Capital Expansion Plan allowing for asset class and regional expansion and targeted investments in technology and talent. Combined with our diversified global trading setup and disciplined growth agenda, these actions enable us to capture opportunities across markets and deliver consistent, stable results for our stakeholders.” | |
Hermien Smeets-Flier CFRO |
Prime broker capital requirements | ||
For the year ended 31 December (in millions of euro) | ||
2025 | 2024 | |
Net liquidity at clearing/ prime brokers | 1,036.3 | 766.5 |
Cash at bank | 7.2 | 8.4 |
Net trading capital | 1,043.6 | 774.9 |
The Board (Audit Committee and Risk & Sustainability Committee) | Flow Traders Leadership | ||||
Risk management organization | Internal Audit | ||||
Regulators | |||||
Exchanges and trading venues | |||||
Counterparties | |||||
Prime brokers | Trading | ||||
“Our priority in 2025 was further embedding a resilient risk culture across the organization. We continued practical, training and clear guidance so every employee, across all regions and functions, understands their responsibilities and feels empowered to speak up, challenge, and act.” | |
Tamara Maris-Mravunac Global Head of Risk and Compliance |
Risk taxonomy domain | Risk category | Description of the risk | ||
Financial risk | Capital risk | Capital risk (cost of doing business) refers to the situation where potential loss of investment value happens due to factors such as market volatility, regulatory and prime broker requirements, economic downturns, or poor financial performance of a company. It is the risk of failing to meet compulsory capital requirements invested in an asset or investment which are needed to maintain a firm’s trading licenses and normal business activities and relationships with prime brokers. | ||
Liquidity risk | Liquidity risk refers to the inability to replenish capital to the required level. This can happen when: 1) we are not able to obtain additional funding in a timely manner at a reasonable cost and 2) an inefficient internal management on liquidity. This is the risk of not being able to quickly convert an investment into cash without experiencing a significant loss in value, due to a lack of buyers or sellers in the market, restrictions on trading, or the illiquid nature of the asset itself that leads to an inability to easily buy or sell an asset without incurring significant costs. It can also happen because of a lack of access to alternative sources of funding such as short-term loans, trading credit from certain platforms, and so on, in a timely manner. This is the risk of internal management deficiency which can lead to liquidity constraints. | |||
Market risk | Market risk is the risk to an institution resulting from movements in market prices; in particular, changes in interest rates, foreign exchange rates, and equity, cryptocurrency and commodity prices. | |||
Credit risk | Credit risk is the risk that a counterparty and/or an issuing institution involved in the trading or issuance of a financial instrument fails to meet its obligations. |
Risk taxonomy domain | Risk category | Description of the risk | ||
Business and strategic risk | Strategy risk | Risk that may arise from the pursuit of a company’s business plan, from strategic changes in the business environment, and/or from adverse strategic business decisions. Market activity risk is part of this risk as trading income and profitability are primarily a function of the level of trading activity, or trading volumes, in the financial instruments traded. | ||
Concentration risk | Probability of loss arising from heavily lopsided exposure to a particular group of counterparties or products. Concentration risk also includes supplier dependency risks. | |||
Project delivery & management risk | The risk of inaccurate project management leading to inadequate realization of strategic project objectives. | |||
Sustainability & environment risk | The risk that an environment, social or governance (related) issue or event will impact the entity financially, non-financially and/or in the realization of strategic objectives of the entity. | |||
Compliance and ethical risk | Fraud risk | Acts intended to defraud, misappropriate assets, deceive or circumvent regulations or the law, attempted or perpetrated against the entity. | ||
Reputation risk | The reputation risk is the risk of loss resulting from negative exposure to stakeholders. | |||
Financial crime risk | The risk of money laundering, sanctions violations, bribery and corruption, and Know Your Customer (KYC) failure. | |||
Regulatory compliance risk | Failure to comply with any legal or regulatory obligations that are not captured through other risks. | |||
Conduct risk | Failure to act in accordance with internal and external stakeholders and society's best interests, fair market practices, and codes of conduct. | |||
Operational risk | Business continuity risk | The risk of failure to provide and maintain appropriate Business Continuity Management (BCM), including inadequate business continuity plans. | ||
Trading execution risk | The risk of losses due to errors in the execution. | |||
Legal risk | Legal risk refers to the potential exposure and negative consequences that an individual or organization may face as a result of non-compliance with applicable laws, regulations, and legal obligations. | |||
People risk | The risk that the entity is not able to develop, retain and attract the necessary skills and diverse capabilities in its workforce to realize strategic objectives. | |||
Model risk | Model risk for a trading firm refers to the potential for adverse consequences resulting from errors or limitations in the financial models and algorithms used for trading and risk management. This risk arises from the reliance on mathematical models and computer algorithms to make trading decisions, value financial instruments, and manage risk. Model risk can stem from inaccuracies in the models, inappropriate assumptions, data errors, or the failure to account for all relevant market factors. | |||
Reporting risk | The risk of not being able to report adequately to stakeholders (e.g., regulatory reporting). | |||
Taxation risk | The risk of unexpected tax charges, including interest and penalties, as well as tax-related events that may result in, for example, damage to the Company’s reputation with tax authorities, investors, employees and the public at large. |
Risk taxonomy domain | Risk category | Description of the risk | ||
Operational risk | Third-party risk | The risk of failing to manage third-party relationships and related risks appropriately. | ||
Trade settlement risk | The risk of ineffective trading leading to financial performance variability and non-compliance with internal and external regulation. | |||
Physical security risk | The risk of damage to the organization's physical assets or harming of employees at the workplace. | |||
Financial reporting risk | The risk of incorrectly reporting financial information (balance sheet, income statement, cash flow statement, statement of changes in equity, Annual Report) to various stakeholders, such as shareholders, investors, creditors, and government regulatory bodies. | |||
Technology risk | Technology systems risk | Risks in technology surrounding malfunctions, algorithmic risk, natural disasters, software bugs, and hardware failures resulting in service interruptions, lack of available data, financial losses and reputational damage. | ||
Cyber security risk | The risk of not protecting computer systems, networks, data from digital attacks, unauthorized access and therefore posing damage or disruption to the firm. | |||
Data management risk | The risk of failing to appropriately manage and maintain data, including all types of data, for example, counterparty data, employee data, and the organization’s proprietary data. | |||
Technology strategy risk | The risk that the IT strategy is not described, is unclear or incomplete and thereby not sufficient to contribute to IT and business objectives. This includes the risk of the strategy not being properly executed. |
Enterprise risk management roles and responsibilities | ||||||||
The Board Audit Committee / Risk & Sustainability Committee / Remuneration & Appointment Committee / Trading & Technology Committee | ||||||||
Executive Directors and Flow Traders senior leadership Financial & Capital Risk and Non-Financial Risk & Compliance Committee | ||||||||
Global Heads / Local Heads | ||||||||
1st line defense | 2nd line defense | 3rd line defense | ||||||
Trading | Preventive | Detective | Internal Audit | |||||
Technology | Risk | Compliance | ||||||
Operations | Legal | Finance | ||||||
The annual Risk Management Cycle follows the ERMF set out below | ||||||||
Business model and strategy | ||||||||
Enterprise Risk Management Framework | ||||||||
Control environment (design) ▪ Risk Policy ▪ Risk appetite ▪ Business structure | Assessment & Control (implementation) ▪ Risk assessment cycle ▪ Process and controls ▪ Incident management | Monitoring ▪ Internal Audit department | Reporting ▪ Communications internally ▪ Communications externally ▪ Annual Report ▪ ICARAP Report | |||||
▪ Risk heatmap ▪ Service level alignment ▪ Standard operating procedure | ||||||||
Topical standards | Material topics |
Environment | Theme 1: Environmental footprint |
ESRS E1 Climate change | Impact materiality |
Renewable energy | |
Scope 2 GHG emissions | |
Scope 3 GHG emissions | |
Social | Theme 2: Sustainable employment |
ESRS S1 Own workforce | Impact materiality |
Diversity | |
Employment and inclusion of persons with disabilities | |
Training and skills development | |
Employee support programs | |
Impact & financial materiality | |
Privacy | |
Entity specific (S1) | Impact & financial materiality |
Employee engagement survey | |
Governance | Theme 3: Good governance |
ESRS G1 Business conduct | Impact materiality |
Anti-bribery and corruption | |
Anti-trust (Competition law) | |
Due diligence | |
Corporate culture | |
Impact & financial materiality | |
Political influence and lobbying | |
Entity specific (G1) | Impact & financial materiality |
Cyber security | |
Taxation |
 | |||||
Understanding the context | Identifying IROs | Assessing and determining the materiality of IROs | Stakeholder validation | Strategy development | |
Define the value chain, identify the affected stakeholders and other relevant parties to determine the audience of the sustainability information. | Leveraging business knowledge, internal expertise, stakeholder insights, and other sources to identify positive and/or negative IROs. | Each sustainability and business-specific topic is assessed and scored based on its impact and financial materiality. These scores are used to determine the materiality threshold. | Every three years, we conduct a stakeholder survey to validate our material topics, engaging employees, leadership, shareholders, counterparties and suppliers on key ESG matters. | The results of the DMA inform our sustainability priorities. Material topics are grouped into themes and linked to value drivers to ensure we focus on the most significant impacts. | |
Theme | No. | Ambitions | Metrics and objectives | SDGs | ||
Environment al footprint | i | Renewable energy consumption at our offices in Amsterdam, Hong Kong and New York | Achieve full renewable energy consumption for our Amsterdam and New York offices by 2030, and for our Hong Kong office by 2035 |  | ||
ii | Reduction of scope 1 and 2 emissions by 2030 | Achieve a 42% reduction in emissions compared with 2023 baseline by 2030 | ||||
iii | Reduction of scope 3 emissions at data centers by 2030 | Achieve a 50% reduction in emissions compared with from 2023 baseline by 2030 | ||||
Sustainable employment | i | Employee engagement score | Par with true benchmark (annually) |   | ||
ii | Diversity, equity and inclusion threshold levels | Annually, achieve threshold target levels from DE&I Policy | ||||
iii | ▪ Strive to have more than 20% of world’s nationalities working at Flow Traders ▪ Strive to have at least one- third female and one-third male representation among Non-Executive Directors ▪ Strive to have at least one female and one male Executive Director ▪ Ensure that the gender composition of Flow Traders’ senior management team reflects that of the total workforce | |||||
Good governance | i | Compliance awareness score | Annually achieving 100% |  | ||
(Unit: t CO2e) | 2023 (Baseline) | 2024 | 2025 |
Scope 1 GHG emissions | |||
Gross scope 1 | 233 tCO2e | 10 tCO2e | 10 tCO2e |
Scope 2 GHG emissions | |||
Gross location-based scope 2 | — | 2,010 tCO2e | 1,842 tCO2e |
Gross market-based scope 2* | 966 tCO2e | 692 tCO2e | 661 tCO2e |
Significant scope 3 GHG emissions | |||
Cat. 1 – Purchased services and goods (including data centers server space) | 1,138 tCO2e | 1,227 tCO2e | 1,679 tCO2e |
Cat. 5 – Operational waste (Amsterdam only) | 0 tCO2e | 192 tCO2e | 255 tCO2e |
Cat. 6 – Business travel | 1,293 tCO2e | 1,332 tCO2e | 2,138 CO2e |
Cat. 7 – Employee travel | 527 tCO2e | 98 tCO2e | 152 tCO2e |
Total scope 1 & 2 GHG emissions | |||
Total location-based emissions | 0 tCO2e | 2,020 tCO2e | 1,852 tCO2e |
Total market-based emissions* | 1,199 tCO2e | 702 tCO2e | 671 tCO2e |
GHG emissions intensity - location based (per net revenue)* | 4 CO2e | 4 CO2e | |
GHG emissions intensity - market based (per net revenue)* | 2 CO2e | 1 CO2e |
Energy consumption and mix (Unit: in MWh) | 2023 (Baseline) | 2024 | 2025 |
0 MWh | 0 MWh | ||
(2) Fuel consumption from crude oil and petroleum products | 7 MWh | 8 MWh | |
(3) Fuel consumption from natural gas | 41 MWh | 38 MWh | |
0 MWh | 0 MWh | ||
(5) Consumption from nuclear products | 0 MWh | 0 MWh | |
(6) Consumption of purchased or acquired electricity, heat, steam, and cooling from non renewable sources | 1,512 MWh | 1,542 MWh | |
(7) Total non-renewable energy consumption | 1,560 MWh | 1,588 MWh | |
Share of non-renewable sources in total energy consumption (%) | 27% | 29% | |
(8) Fuel consumption from renewable sources (including biomass, biogas, non-fossil fuel waste, renewable hydrogen, etc.) | 0 MWh | 0 MWh | |
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | 4,284 MWh | 3,839 MWh | |
(10) Consumption of self-generated non-fuel renewable energy | 0 MWh | 0 MWh | |
(11) Total renewable energy consumption | 4,284 MWh | 3,839 MWh | |
Share of renewable sources in total energy consumption (%) | 73% | 71% | |
Total energy consumption | 5,844 MWh | 5,427 MWh |
Employee experience journey | |||||
 | |||||
Recruitment | Onboarding | Learning | Growing | Leading | |
Attracting the best talent and hiring the best fit. | Make our workforce feel welcome and connected. | Develop the skills and knowledge required for their job. | Development pathways for advancement and opportunities. | Become part of our leadership and inspire others. | |
Evaluate employee feedback and performance review | |||||
Our metrics in 2025 | |||
Metric and objectives | 2023 Baseline | 2024 | 2025 |
Employee engagement score to be on par with true benchmark (annually) | 7.0 | 7.2 | 7.2 |
Metric and objectives | 2023 Baseline | 2024 | 2025 |
Annually, achieve threshold target levels from DE&I Policy | |||
▪ Percentage of world’s 195 nationalities working at Flow Traders | 28% | 29% | 31% |
▪ Gender ratio of female to male Non-Executive Directors (NEDs) | 2 females and 4 males | 2 females and 4 males | 3 females and 4 males |
▪ Gender ratio of female to male Executive Directors (EDs) | 1 female and 1 male | 1 female and 2 males | 1 female and 3 males |
▪ Gender distribution within the senior management team compared to the total workforce | 28% against 18% overall | 31% against 20% overall | 29% against 19% overall |
Please refer to the diversity table in the social metrics for gender distribution disclosures. *True benchmark is 7.6 for 2025. The true benchmark is the aggregated data on key facts about the company and its employees, like demographics and locations from comparable companies and adjusts the industry benchmark to a fairer comparison figure. | |||
Total employee base by gender | 2025 | ||||
Male | Female | Other | Not disclosed | Total | |
Headcount | 519 | 128 | 0 | 13 | 660 |
Full-time equivalent (FTE) | 505 | 125 | 0 | 5 | 635 |
Gender distribution | 2025 | ||||
(Unit: # FTE) | Male | Female | Other | Not disclosed | Total |
Top Management | 3 | 1 | 0 | 0 | 4 |
Senior Management | 10 | 4 | 0 | 0 | 14 |
Middle Management | 26 | 8 | 0 | 0 | 34 |
Junior Management | 53 | 11 | 0 | 0 | 64 |
Non-Management | 414 | 100 | 0 | 5 | 519 |
Total top management | 13 | 5 | 0 | 0 | 18 |
Total non-top management | 79 | 19 | 0 | 0 | 98 |
Non-management | 414 | 100 | 0 | 5 | 519 |
Age distribution | 2025 | ||||
(Unit: # fte) | < 30 years | 30 – 50 years | > 50 years | Not disclosed | Total |
Top Management | 0 | 3 | 1 | 4 | |
Senior Management | 0 | 12 | 2 | 14 | |
Middle Management | 1 | 30 | 3 | 34 | |
Junior Management | 7 | 52 | 5 | 64 | |
Non-Management | 218 | 272 | 27 | 2 | 519 |
Total top management | 0 | 15 | 3 | 0 | 18 |
Total non-top management | 8 | 82 | 8 | 0 | 98 |
Non-management | 218 | 272 | 27 | 2 | 519 |
Our five cultural pillars define our identity | ||||
 |  |  |  |  |
Building deep connections | A shared purpose | All employees feel valued | Enable flexibility | Pursue personal growth |
Objective | Description | 2023 (baseline) | 2024 | 2025 | |
Compliance awareness score | The Compliance awareness score ensures that incidents raised as part of the Financial & Capital Risk and Non- Financial Risk & Compliance Committees are reported on a timely basis to the Board. | 100% | 100% | 100% |
Corporate governance | | Functioning of the Board | FLOW TRADERS | ANNUAL REPORT 2025 | 55 | |||
Rudolf Ferscha | Jan van Kuijk | Linda Hovius | Delfin Rueda | Paul Hilgers | Karen Frank | Caroline Terry | |
Audit Committee | X | X | n/a | C | n/a | X | n/a |
Remuneration & Appointment Committee | X | X | C | X | n/a | n/a | n/a |
Risk & Sustainability Committee | X | X | X | X | C | X | X |
Trading & Technology Committee | X | C | X | X | X | X | X |
 | ||||
Thomas Spitz | Hermien Smeets-Flier | Owain Lloyd | ||
Chief Executive Officer (CEO) | Chief Financial and Risk Officer (CFRO) | Chief Technology Officer (CTO) | ||
Gender: Male | Gender: Female | Gender: Male | ||
Year of birth: 1975 | Year of birth: 1971 | Year of birth: 1980 | ||
Nationality: French | Nationality: Dutch | Nationality: British | ||
First term (2025 - 2029) | First term (2023 - 2027) | First term (2024 - 2028) | ||
Thomas Spitz was elected as Chief Executive Officer (CEO) and Executive Director of the Flow Traders Ltd. Board in October 2025. In his role as CEO, Thomas is responsible for shaping and executing the Company’s future by providing clear and consistent strategic direction, ensuring strong operational execution, cultivating long-term key stakeholder relationships, as well as further developing and expanding business development initiatives. Thomas has more than 25 years of experience at global financial institutions and has a strong and proven track record of leading trading, sales and research divisions, managing large and diverse international teams, and successfully driving sustainable growth. He has led innovative business strategies, product development and technology initiatives, positioning himself as a thought leader in the financial sector. Prior to joining Flow Traders, Thomas was Chief Executive Officer of QuantCube Middle East, a technology firm specialising in alternative data and analytics. He also served as Group Head of Global Markets at First Abu Dhabi Bank from 2022 to 2024, where he was responsible for a broad range of activities, including Trading, Sales, Research and the Group Investment Team. Before that, Thomas spent over 20 years at Crédit Agricole, where he most recently held the role of Head of Global Markets Trading, FICC and EQD. Thomas holds a degree from ENSAE Paris, a leading French Grande École specialising in Economics, Econometrics, Finance and Actuarial Science. | Hermien Smeets-Flier was elected as CFO and Executive Director of the Flow Traders Ltd. Board in September 2023 and in 2025 formally assumed the role as CFRO. As CFRO, she is responsible for the Company’s finance and control functions, focusing on supporting the execution of Flow Traders’ strategic growth agenda. Hermien joined Flow Traders in July 2023 as Global Finance Director. Hermien has more than 20 years of experience leading and scaling finance, risk, control and operational functions across the insurance and asset management sectors. Prior to joining Flow Traders, Hermien served as Chief Financial and Risk Officer and member of the Management Board at Achmea Investment Management. Before that, she served as Chief Financial Officer and Board member at AEGIS London. Prior to joining AEGIS London, Hermien served as Chief Financial Officer and Board member at Amlin Underwriting Ltd. She started her career at KPMG, where she provided audit, financial and M&A advisory services to listed companies. Hermien is a chartered accountant, registered in the Netherlands. | Owain was elected as Chief Technology Officer (CTO) and Executive Director of the Flow Traders Ltd. Board in June 2024. As CTO, he is responsible for the Company’s global Technology function. Owain joined Flow Traders in May 2024 as Director of Technology. Owain has more than 20 years of experience designing, developing and scaling global technology functions across leading financial institutions. Prior to joining Flow Traders, he served as Chief Technology Officer and Partner at Numeus Research and was a Founding Partner at Mercury Trading from 2019 until 2022. Owain has also held senior leadership roles at J.P. Morgan as Chief Business Technologist and Global Head of Electronic Market Making from 2016 to 2019, and at Morgan Stanley as Executive Director and Global Head of Automated Market Making Technology from 2010 to 2016. In addition, he worked at Citadel Investment Group in Options Market Making Technology from 2004 to 2010, and at Credit Suisse First Boston in Fixed Income Research from 2002 to 2004. Owain holds a degree in Computer Science from the University of Cambridge. |
Marc Jansen | ||
Co-Chief Trading Officer (CTrO) | ||
Gender: Male | ||
Year of birth: 1990 | ||
Nationality: Dutch | ||
First term (2025 - 2029) | ||
Marc was elected Executive Director of the Flow Traders Ltd. Board in June 2025, effective 1 September 2025. He joined Flow Traders as a Trader in 2013, initially focusing on commodity products, and in 2016 expanded his scope to include FX. Marc was promoted to Head of Trading for EMEA in 2018. In this capacity, he enhanced his leadership and management skills, leading multidisciplinary trading teams and coordinating closely with, for example, risk and compliance functions. He then spent 18 months in New York as Co- Head of the Americas to strengthen trading operations there. In 2021, Marc returned to Amsterdam and became Head of Trading with a focus on Digital Assets. At the beginning of 2024, he was appointed Global Head of Trading and a member of the Flow Traders B.V. Board, the Company’s largest operating entity. These successive leadership appointments equipped him with extensive management experience at both regional and global levels, including stakeholder engagement, strategic planning, and performance oversight. Marc was subsequently appointed Co-Chief Trading Officer in April 2025. In his role, Marc manages trading operations with a focus on Digital Assets, leads diverse teams across multiple locations, and contributes to the Company’s strategy formulation and execution. Marc holds two master’s degrees from Erasmus University Rotterdam: one in Econometrics and Management Science (specializing in Quantitative Finance) and one in Economics and Business (specializing in Entrepreneurship & Strategy Economics). |
Rudolf Ferscha | Jan van Kuijk | Linda Hovius | ||
Chairman of the Board | Vice-Chairman of the Board | Chairwoman of the Remuneration & Appointment Committee | ||
Gender: Male | Gender: Male | Gender: Female | ||
Year of Birth: 1961 | Year of Birth: 1966 | Year of Birth: 1961 | ||
Nationality: Austrian | Nationality: Dutch | Nationality: Dutch | ||
Fourth term (2023 - 2027) | Fourth term (2024 - 2028) | First term (2021 - 2025) | ||
Rudolf serves as an Independent Non-Executive Director and Chairman of the Flow Traders Ltd. Board. He is a member of the Remuneration & Appointment Committee, the Trading & Technology Committee, the Audit Committee and the Risk & Sustainability Committee. Rudolf was first appointed as a member of the Supervisory Board of Flow Traders in July 2015, re-appointed for a second term in 2018 and a third term in 2021. Rudolf was appointed Chairman of the Supervisory Board in March 2021 and in 2023 he was re-elected for a fourth term to the Board as Chairman. Originally a corporate finance and capital markets lawyer, he has over 25 years’ board-level experience at international financial institutions, including executive roles on the Management Boards of Goldman Sachs Bank in Frankfurt and of Deutsche Börse AG. For more than a decade, he held direct oversight responsibility for FSA and BaFin regulated derivatives and securities trading businesses. Between 2000 and 2005, Rudolf served as CEO of Eurex and from 2003 to 2005 Rudolf was Chairman of the Management Board of the Frankfurt Stock Exchange. Rudolf is currently a partner at Gledhow Capital Partners and Chairman of the Advisory Board at Mainberg Asset Management GmbH. | Jan serves as Non-Executive Director on the Flow Traders Ltd. Board and is Chair of the Trading & Technology Committee. He is also member of the Audit Committee, the Risk & Sustainability Committee, and the Remuneration & Appointment Committee. Jan is one of the co-founders of Flow Traders and served as its co-CEO from its inception in 2004 until 2014. He was appointed Vice- Chairman of the Supervisory Board of Flow Traders in July 2015. Until 1996, Jan served as a partner at Optiver, where he was involved in establishing their first electronic trading activities at Deutsche Börse in 1993. He subsequently co-founded Newtrade Financial Group in 1997, an options market-making firm that was later discontinued, prior to co-founding Flow Traders. | Linda serves as an Independent Non-Executive Director on the Flow Traders Ltd. Board and is Chairwoman of the Remuneration & Appointment Committee. She is also a member of the Risk & Sustainability Committee and the Trading & Technology Committee. Linda was appointed as a member of the Supervisory Board of Flow Traders in April 2021. Linda has more than 30 years of experience leading and managing professional organizations, defining strategic direction and driving organizational change. In 2012, Linda founded Aberkyn – Change Leadership Partners, with the objective of supporting top teams of multinationals in the transformation of leadership capabilities and organizational effectiveness. Linda is currently a member of the Supervisory Board of Royal Flora Holland and KPMG Netherlands. She is also Chairwoman of the Board of the Koninklijke Hollandsche Maatschappij der Wetenschappen (Royal Dutch Society for the Sciences and Humanities). In addition, Linda is the owner of Hovius Consultancy, which specializes in boardroom consultancy. |
Delfin Rueda | Paul Hilgers | Karen Frank | ||
Chair of the Audit Committee | Chair of the Risk & Sustainability Committee | |||
Gender: Male | Gender: Male | Gender: Female | ||
Year of Birth: 1964 | Year of Birth: 1968 | Year of Birth: 1968 | ||
Nationality: Spanish | Nationality: German | Nationality: American | ||
First term (2023 - 2026) | First term (2023 - 2026) | First term (2023 - 2027) | ||
Delfin serves as Independent Non-Executive Director on the Flow Traders Ltd. Board and Chair of the Audit Committee. He is also a member of the Remuneration & Appointment Committee, the Risk & Sustainability Committee and the Trading & Technology Committee. Delfin was elected as Non-Executive Director in April 2023. Delfin brings a wealth of experience in finance, strategy and financial markets. He previously served as the CFO, CRO and member of the Management Board at Atradius and held leadership positions at J.P. Morgan, UBS and Andersen Consulting. Delfin was also the CFO and Vice-Chair of the Executive Board and Management Board at NN Group as well as Chairman of the European Insurance CFO Forum. Currently, Delfin is a member of the Supervisory Board of Adyen and Chair of its Audit & Risk Committee, as well as Independent Non- Executive Director of Allfunds. He is also a Venture Partner at Mundi Ventures. | Paul serves as Independent Non-Executive Director on the Flow Traders Ltd. Board and Chair of the Risk & Sustainability Committee. He is also a member of the Trading & Technology Committee. Paul was elected as Non-Executive Director in April 2023. Paul has an extensive and proven track record within global financial markets, particularly within trading, clearing and market infrastructure. Paul previously served as CEO APAC and as Director Market Structure for Optiver and then became global CEO of Optiver from 2014 until 2017. Paul was a member of the Supervisory Board at EuroCCP, and Managing Director at Hilgers Consulting. Most recently Paul worked at Deutsche Börse AG as Managing Director, heading the firm’s cash market business. | Karen serves as an Independent Non-Executive Director on the Flow Traders Ltd. Board. She is also a member of the Audit Committee, the Risk & Sustainability Committee and the Trading & Technology Committee. Karen was elected as a Non-Executive Director in April 2023. Karen is an experienced investor, executive and business leader in the financial services industry. Most recently, Karen served as Executive Managing Director and Global Head of Equities at Ontario Teachers’ Pension Plan, where she also chaired the Investment Committee. She previously held senior leadership positions at Barclays plc, where Karen was Chief Executive Officer of Barclays Global Private Bank and a member of the International Executive Committee. Earlier in her career, Karen worked in the private equity industry, including roles at Goldman Sachs within its Merchant Banking and Financial Sponsors businesses. Karen is Chair of the British Heart Foundation and Chair of the Dean’s Council for Harvard Kennedy School of Government |
Caroline Terry |
Gender: female |
Year of Birth: 1964 |
Nationality: British |
First term (2025 - 2029) |
Caroline Terry serves as Independent Non-Executive Director on the Flow Traders Ltd. Board and continues to serve as an Independent member of the Supervisory Board of Flow Traders B.V. She was elected as Non-Executive Director in November 2025. Caroline has more than 30 years of experience in the financial and banking sectors. She has held several leadership roles in the derivatives businesses of Citibank and derivatives and cash businesses of Bank of America Merrill Lynch, where she served as a Managing Director in the Equities Division, focusing on market making and high frequency trading. Caroline is a founding member and a Managing Director of Amicos Advisors, a firm providing consultancy services to a broad range of companies at various stages of growth. She is also a non-executive director of CAN Ltd (Child and Adult Neurodevelopmental Assessment Ltd), focused upon mental health and neurodiversity in adults and children in the workplace and education, and a trustee on charity boards including the Old Vic Endowment Fund. Caroline has been an active diversity champion throughout her career across gender, ethnicity and social diversity. |
Shareholdings as per filing dates | ||
Filing/notification dates | ||
J.T.A.G. van Kuijk (Javak Investments B.V.) | 12.22% | 2/5/2018 |
R. Hodenius (Avalon Holding B.V.) | 10.07% | 7/12/2018 |
Flow Traders Ltd. (treasury shares) | 4.61% | 3/4/2025 |
▪ Thomas Spitz (Chief Executive Officer) |
▪ Hermien Smeets-Flier (Chief Financial and Risk Officer) |
▪ Owain Lloyd (Chief Technology Officer) |
▪ Marc Jansen (Co-Chief Trading Officer) |
▪ Thomas Spitz (Chief Executive Officer) |
▪ Hermien Smeets-Flier (Chief Financial and Risk Officer) |
▪ Owain Lloyd (Chief Technology Officer) |
▪ Marc Jansen (Co-Chief Trading Officer) |
Rudolf Ferscha Chairman of the Board |
Unit | Female | Male | Female/Male ratio |
(headcount) | |||
Executive Directors | 1 (2024: 1) | 3 (2024: 2) | 25% (2024: 33%) |
Non-Executive Directors | 3 (2024: 2) | 4 (2024: 4) | 43% (2024: 33%) |
Board | 4 (2024: 3) | 7 (2024: 6) | 36% (2024: 33%) |
Board meetings | Audit Committee | Remuneration & Appointment Committee | Risk & Sustainability Committee | Trading & Technology Committee | Non-Executive Directors | |
Rudolf Ferscha | 8/8 | 6/6 | 8/8 | 4/4 | 4/4 | 2/2 |
Jan van Kuijk | 7/8 | 5/6 | 8/8 | 4/4 | 4/4 | 2/2 |
Linda Hovius | 7/8 | N/A | 8/8 | 4/4 | 4/4 | 2/2 |
Karen Frank | 8/8 | 6/6 | N/A | 4/4 | 4/4 | 2/2 |
Paul Hilgers | 8/8 | N/A | N/A | 4/4 | 4/4 | 2/2 |
Delfin Rueda | 8/8 | 6/6 | 8/8 | 4/4 | 4/4 | 2/2 |
Caroline Terry*** | 2/2 | N/A | N/A | N/A | N/A | 1/1 |
Thomas Spitz** | 2/2 | N/A | N/A | N/A | N/A | N/A |
Hermien Smeets-Flier | 8/8 | N/A | N/A | N/A | N/A | N/A |
Owain Lloyd | 8/8 | N/A | N/A | N/A | N/A | N/A |
Marc Jansen* | 3/3 | N/A | N/A | N/A | N/A | N/A |
Remuneration report | ||
Linda Hovius Chairwoman of the Remuneration & Appointment Committee |
Total remuneration of Executive Directors of the Board (in thousands of euro) | ||||||||||||||||
Fixed remuneration | Variable remuneration | Extraordinary items | Pension scheme | Total remuneration | Proportional split (%) of remuneration in fixed/variable | |||||||||||
Name | Base salary | Cash | Company shares’ | Variable | ||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
Upfront | Deferred | Upfront | Deferred | |||||||||||||
Thomas Spitz, CEO (2025-)1 | 99 | — | 463 | 163 | — | — | 325 | — | — | — | — | — | 1,049 | — | 13%/87% | — |
Mike Kuehnel, CEO (2023 - 2025)2 | 225 | 300 | 125 | 125 | 400 | 400 | 250 | 800 | — | — | — | — | 725 | 1,900 | 26%/74% | 16%/84% |
300 | 300 | 275 | 275 | 416 | 381 | 550 | 763 | — | — | — | — | 1,400 | 1,860 | 21%/79% | 16%/84% | |
Owain Lloyd, CTO (2024-) | 300 | 201 | 288 | 288 | 219 | 219 | 575 | 438 | — | — | — | — | 1,450 | 1,077 | 21%/79% | 19%/81% |
Marc Jansen, CTrO (2025-)3 | 267 | — | 300 | 300 | — | — | 600 | — | — | — | — | — | 1,467 | — | 17%/83% | — |
1 Thomas Spitz joined Flow Traders as of 1 September 2025 and was appointed as Chief Executive Officer and Executive Director of the Board as of 1 November 2025. The upfront cash includes Thomas’ sign on fee | ||||||||||||||||
2 Mike Kuehnel completed his term as Chief Executive Officer on 31 August 2025 | ||||||||||||||||
3 Marc Jansen was appointed as Co-Chief Trading Officer and Executive Director of the Board as of 1 September 2025 | ||||||||||||||||
Years of vesting for cash-settled instruments (before 2023) and awarded shares (2023 onwards) (in thousands of euro) | |||||
Executive Directors of the Board | 2025 | 2026 | 2027 | 2028 | 2029 |
Thomas Spitz, CEO | |||||
2025 | — | 81 | 81 | 81 | 81 |
Mike Kuehnel | |||||
2021 | 125 | 125 | — | — | — |
2022 | 213 | 213 | 213 | — | — |
2023 | 63 | 63 | 63 | — | — |
2024 | 200 | 200 | 200 | 200 | — |
2025 | — | 63 | 63 | 63 | 63 |
Hermien Smeets-Flier, CFRO | |||||
2023 | 50 | 50 | 50 | — | — |
2024 | 191 | 191 | 191 | 191 | — |
2025 | — | 138 | 138 | 138 | 138 |
Owain Lloyd, CTO | |||||
2024 | 109 | 109 | 109 | 109 | — |
2025 | — | 144 | 144 | 144 | 144 |
Marc Jansen, CTrO | |||||
2025 | — | 150 | 150 | 150 | 150 |
Dennis Dijkstra | |||||
2020 | 963 | — | — | — | — |
2021 | 181 | 181 | — | — | — |
2022 | 213 | 213 | 213 | — | — |
Folkert Joling | |||||
2020 | 963 | — | — | — | — |
2021 | 181 | 181 | — | — | — |
2022 | 213 | 213 | 213 | — | — |
Thomas Wolff | |||||
2020 | 481 | — | — | — | — |
2021 | 100 | 100 | — | — | — |
Share plan | Tranche | Grant date | Vesting date | End of retention period | Outstanding at the beginning of 2025 | Granted | Dividend reinvestment | Vested | Forfeited | Outstanding at the end of 2025 | Fair value per share at the grant date |
Thomas Spitz | |||||||||||
2025 1 | Tranche 1 | 23-Jan-26 | 23-Jan-26 | 23-Jan-27 | — | — | — | — | — | — | — |
Tranche 2 | 23-Jan-26 | 2-Jan-27 | 2-Jan-28 | — | — | — | — | — | — | — | |
Tranche 3 | 23-Jan-26 | 2-Jan-28 | 2-Jan-29 | — | — | — | — | — | — | — | |
Tranche 4 | 23-Jan-26 | 2-Jan-29 | 2-Jan-30 | — | — | — | — | — | — | — | |
Mike Kuehnel | |||||||||||
2023 | Tranche 2 | 12-Jan-24 | 2-Jan-25 | 2-Jan-26 | 3,802 | — | — | 3,802 | — | — | €17.42 |
Tranche 3 | 12-Jan-24 | 2-Jan-26 | 2-Jan-27 | 3,802 | — | — | — | — | 3,802 | €17.42 | |
Tranche 4 | 12-Jan-24 | 2-Jan-27 | 2-Jan-28 | 3,802 | — | — | — | — | 3,802 | €17.42 | |
2024 | Tranche 1 | 17-Jan-25 | 12-Mar-25 | 12-Mar-26 | — | 7,681 | — | 7,681 | — | — | €23.88 |
Tranche 2 | 17-Jan-25 | 2-Jan-26 | 2-Jan-27 | — | 7,681 | — | — | — | 7,681 | €23.88 | |
Tranche 3 | 17-Jan-25 | 2-Jan-27 | 2-Jan-28 | — | 7,681 | — | — | — | 7,681 | €23.88 | |
Tranche 4 | 17-Jan-25 | 2-Jan-28 | 2-Jan-29 | — | 7,681 | — | — | — | 7,681 | €23.88 | |
2025 1 | Tranche 1 | 23-Jan-26 | 23-Jan-26 | 23-Jan-27 | — | — | — | — | — | — | — |
Tranche 2 | 23-Jan-26 | 2-Jan-27 | 2-Jan-28 | — | — | — | — | — | — | — | |
Tranche 3 | 23-Jan-26 | 2-Jan-28 | 2-Jan-29 | — | — | — | — | — | — | — | |
Tranche 4 | 23-Jan-26 | 2-Jan-29 | 2-Jan-30 | — | — | — | — | — | — | — | |
Hermien Smeets-Flier | |||||||||||
2023 | Tranche 2 | 12-Jan-24 | 2-Jan-25 | 2-Jan-26 | 3,019 | — | — | 3,019 | — | — | €17.42 |
Tranche 3 | 12-Jan-24 | 2-Jan-26 | 2-Jan-27 | 3,019 | — | — | — | — | 3,019 | €17.42 | |
Tranche 4 | 12-Jan-24 | 2-Jan-26 | 2-Jan-28 | 3,019 | — | — | — | — | 3,019 | €17.42 | |
2024 | Tranche 1 | 17-Jan-25 | 12-Mar-25 | 12-Mar-26 | — | 7,321 | — | 7,321 | — | — | €23.88 |
Tranche 2 | 17-Jan-25 | 2-Jan-26 | 2-Jan-27 | — | 7,321 | — | — | — | 7,321 | €23.88 | |
Tranche 3 | 17-Jan-25 | 2-Jan-27 | 2-Jan-28 | — | 7,321 | — | — | — | 7,321 | €23.88 | |
Tranche 4 | 17-Jan-25 | 2-Jan-28 | 2-Jan-29 | — | 7,321 | — | — | — | 7,321 | €23.88 | |
Share plan | Tranche | Grant date | Vesting date | End of retention period | Outstanding at the beginning of 2025 | Granted | Dividend reinvestment | Vested | Forfeited | Outstanding at the end of 2025 | Fair value per share at the grant date |
Hermien Smeets-Flier (continued) | |||||||||||
2025 1 | Tranche 1 | 23-Jan-26 | 23-Jan-26 | 23-Jan-27 | — | — | — | — | — | — | — |
Tranche 2 | 23-Jan-26 | 2-Jan-27 | 2-Jan-28 | — | — | — | — | — | — | — | |
Tranche 3 | 23-Jan-26 | 2-Jan-28 | 2-Jan-29 | — | — | — | — | — | — | — | |
Tranche 4 | 23-Jan-26 | 2-Jan-29 | 2-Jan-30 | — | — | — | — | — | — | — | |
Owain Lloyd | |||||||||||
2024 | Tranche 1 | 17-Jan-25 | 12-Mar-25 | 12-Mar-26 | — | 4,200 | — | 4,200 | — | — | €23.88 |
Tranche 2 | 17-Jan-25 | 2-Jan-26 | 2-Jan-27 | — | 4,200 | — | — | — | 4,200 | €23.88 | |
Tranche 3 | 17-Jan-25 | 2-Jan-27 | 2-Jan-28 | — | 4,200 | — | — | — | 4,200 | €23.88 | |
Tranche 4 | 17-Jan-25 | 2-Jan-28 | 2-Jan-29 | — | 4,200 | — | — | — | 4,200 | €23.88 | |
2025 1 | Tranche 1 | 23-Jan-26 | 23-Jan-26 | 23-Jan-27 | — | — | — | — | — | — | — |
Tranche 2 | 23-Jan-26 | 2-Jan-27 | 2-Jan-28 | — | — | — | — | — | — | — | |
Tranche 3 | 23-Jan-26 | 2-Jan-28 | 2-Jan-29 | — | — | — | — | — | — | — | |
Tranche 4 | 23-Jan-26 | 2-Jan-29 | 2-Jan-30 | — | — | — | — | — | — | — | |
Marc Jansen | |||||||||||
2025 1 | Tranche 1 | 23-Jan-26 | 23-Jan-26 | 23-Jan-27 | — | — | — | — | — | — | — |
Tranche 2 | 23-Jan-26 | 2-Jan-27 | 2-Jan-28 | — | — | — | — | — | — | — | |
Tranche 3 | 23-Jan-26 | 2-Jan-28 | 2-Jan-29 | — | — | — | — | — | — | — | |
Tranche 4 | 23-Jan-26 | 2-Jan-29 | 2-Jan-30 | — | — | — | — | — | — | — | |
Total Executive Directors | 20,463 | 76,808 | — | 26,023 | — | 71,248 | |||||
(in thousands of euro) | 2021 | 2022 | 2023 | 2024 | 2025 |
The Board: Total remuneration awarded (actual) | |||||
Thomas Spitz, CEO (2025-)1 | — | — | — | — | 1,049 |
Mike Kuehnel, CEO (2023 - )2 | 1,040 | 1,795 | 656 | 1,900 | 725 |
Hermien Smeets-Flier, CFRO (2023 - ) | — | — | 534 | 1,860 | 1,400 |
Owain Lloyd, CTO (2024-) | — | — | — | 1,077 | 1,450 |
Marc Jansen, CTrO (2025-)3 | — | — | — | — | 1,467 |
Dennis Dijkstra, CEO (2014 - 2022 ) | 1,545 | 1,795 | 41 | — | — |
Folkert Joling, CTrO (2018 - 2023) | 1,553 | 1,803 | 475 | — | — |
Comparative company performance (comparative) | 2021:2022 | 2022:2023 | 2023:2024 | 2023:2024 | 2024:2025 |
Net trading income (NTI) | (59%) | 20% | (35%) | 56% | 4% |
EBITDA | (52%) | (67%) | (55%) | 223% | (9%) |
Basic EPS | 129% | 1% | 11% | 335% | (16%) |
FTE total remuneration | 2021:2022 | 2022:2023 | 2023:2024 | 2023:2024 | 2024:2025 |
Average FTE total remuneration | (59%) | 4% | (36%) | 58% | (6%) |
1 Thomas Spitz joined Flow Traders as of 1 September 2025 and was appointed as Chief Executive Officer and Executive Director of the Board as of 1 November 2025 2 Mike Kuehnel completed his term as Chief Executive Officer on 31 August 2025 3 Marc Jansen was appointed as Co-Chief Trading Officer and Executive Director of the Board as of 1 September 2025 | |||||
31 December 2025 shares held by Executive Directors | Number of shares | % of outstanding total shares |
Mike Kuehnel | 34,967 | 0.08% |
Hermien Smeets-Flier (CFRO) | 6,756 | 0.01% |
Owain Lloyd (CTO) | 2,121 | 0.005% |
Marc Jansen (CTrO) | 117,525 | 0.26% |
Total | 161,369 | 0.35% |
Remuneration of the Non-Executive Directors | Committee fees, annualized (€) | |||||||
Chair | Board fee (€) | Audit Committee | Remuneration & Appointment Committee | Risk & Sustainability Committee | Trading & Technology Committee | Total annualized fees (€) | Actual fees paid, 2025 (€) 1 | |
Rudolf Ferscha | Board | 112,500 | 8,500 | 8,500 | 8,500 | 8,500 | 146,500 | 130,000 |
Jan van Kuijk | Trading & Technology | 78,750 | 8,500 | 8,500 | 8,500 | 11,250 | 115,500 | 102,500 |
Linda Hovius | Remuneration & Appointment | 78,750 | — | 16,875 | 8,500 | 8,500 | 112,625 | 100,000 |
Paul Hilgers | Risk & Sustainability | 78,750 | — | — | 11,250 | 8,500 | 98,500 | 98,500 |
Delfin Rueda | Audit Committee | 78,750 | 16,875 | 8,500 | 8,500 | 8,500 | 121,125 | 121,125 |
Karen Frank | 78,750 | 8,500 | — | 8,500 | 8,500 | 104,250 | 104,250 | |
Caroline Terry | 14,583 | — | — | 1,583 | 1,583 | 17,750 | 17,750 | |
Total 2025 | 520,833 | 42,375 | 42,375 | 55,333 | 55,333 | 716,250 | 674,125 | |
Remuneration of the Non-Executive Directors | Committee fees, annualized (€) | |||||||
Chair | Board fee (€) | Audit Committee | Remuneration & Appointment Committee | Risk & Sustainability Committee | Trading & Technology Committee | Total annualized fees (€) | Actual fees paid, 2024 (€) | |
Rudolf Ferscha | Board | 100,000 | 7,500 | 7,500 | 7,500 | 7,500 | 130,000 | 130,000 |
Jan van Kuijk | Trading & Technology | 70,000 | 7,500 | 7,500 | 7,500 | 10,000 | 102,500 | 102,500 |
Linda Hovius | Remuneration & Appointment | 70,000 | 15,000 | 7,500 | 7,500 | 100,000 | 100,000 | |
Paul Hilgers | Risk & Sustainability | 70,000 | 10,000 | 7,500 | 87,500 | 87,500 | ||
Delfin Rueda | Audit Committee | 70,000 | 15,000 | 7,500 | 7,500 | 7,500 | 107,500 | 107,500 |
Karen Frank | 70,000 | 7,500 | 7,500 | 7,500 | 92,500 | 92,500 | ||
Total 2024 | 450,000 | 37,500 | 37,500 | 47,500 | 47,500 | 620,000 | 620,000 | |
2025 Financial statements | ||
Consolidated statement of financial position (in thousands of euro) | As at 31 December | ||
Note | 2025 | 2024 | |
Assets | |||
Cash and cash equivalents | 14 | ||
Financial assets held for trading | 15 | ||
Trading receivables | 16 | ||
Other assets held for trading | 17 | ||
Other receivables | 18 | ||
Current tax assets | 13 | ||
Investments measured at fair value through OCI | 19 | ||
Investments measured at fair value through PL | 20 | ||
Equity-accounted investments | 21 | ||
Property and equipment | 22 | ||
Intangible assets | 23 | ||
Deferred tax assets | 13 | ||
Total assets | |||
Liabilities | |||
Financial liabilities held for trading | 24 | ||
Trading payables | 25 | ||
Other liabilities held for trading | 26 | ||
Other liabilities | 27 | ||
Current tax liabilities | 13 | ||
Loans and borrowings | 28 | ||
Lease liabilities | 29 | ||
Provisions | 31 | ||
Deferred tax liabilities | 13 | ||
Total liabilities | |||
Consolidated statement of financial position (in thousands of euro) | As at 31 December | ||
Note | 2025 | 2024 | |
Equity | |||
Share capital | 30 | ||
Share premium | 30 | ||
Treasury shares | 30 | ( | ( |
Share-based payment reserve | 30 | ||
Retained earnings | 30 | ||
Currency translation reserve | 30 | ( | |
Fair value reserve | 30 | ||
Total equity | |||
Total equity and liabilities | |||
Consolidated statement of profit or loss and other comprehensive income (in thousands of euro) | For the year ended 31 December | ||
Note | 2025 | 2024 | |
Gross trading income | |||
Fees related to the trading activities | |||
Net financial expenses related to the trading activities | |||
Net trading income | 9 | ||
Other income or (expense) | 10 | ( | |
Total income | |||
Employee expenses | 11 | ||
Depreciation of property and equipment | 22 | ||
Amortization of intangible assets | 23 | ||
Write off of (in) tangible assets | 23 | ||
(Reversal of) impairment of intangible assets | 23 | ||
Other expenses | 12 | ||
Operating expenses | |||
Operating result | |||
Finance cost | 28 | ( | ( |
Impairment of equity-accounted investments | 21 | ( | |
Share of profit/(loss) of equity-accounted investments, net of tax | 21 | ( | |
Profit before tax | |||
Tax expense | 13 | ||
Profit for the year attributable to the owners of the Company | |||
Other comprehensive income (loss) | |||
Items that are or may be reclassified subsequently to profit or loss | |||
Foreign currency translation differences - foreign operations | 30 | ( | |
Items that will not be reclassified subsequently to profit or loss | |||
Changes in investments at fair value through other comprehensive income | 30 | ( | |
Other comprehensive income for the year, net of tax | ( | ||
Net other comprehensive income for the year attributable to the owners of the Company | |||
Earnings per share | |||
Basic earnings per share | 8 | ||
Diluted earnings per share | 8 | ||
Consolidated statement of changes in equity (in thousands of euro) | 2025 | ||||||||
Note | Share capital | Share premium | Treasury shares | Share-based payment reserve | Currency translation reserve | Fair value reserve | Retained earnings | Total | |
Balance at 1 January 2025 | ( | ||||||||
Profit | |||||||||
Total other comprehensive income | ( | ( | ( | ||||||
Total comprehensive income for the period | ( | ( | |||||||
Transactions with owners of the Company | |||||||||
Transfer to Retained earnings | ( | ||||||||
Dividends | |||||||||
Cancellation of shares | |||||||||
Repurchase of shares | |||||||||
Share-based payments | 11, 30 | ( | ( | ||||||
Total transactions with owners of the Company | ( | ( | |||||||
Balance at 31 December 2025 | ( | ( | |||||||
Note | Share capital | Share premium | Treasury shares | Share-based payment reserve | Currency translation reserve | Fair value reserve | Retained earnings | Total | |
Balance at 1 January 2024 | ( | ||||||||
Profit | |||||||||
Total other comprehensive income | |||||||||
Total comprehensive income for the period | |||||||||
Transactions with owners of the Company | |||||||||
Dividends | ( | ( | |||||||
Cancellation of shares | 30 | ( | ( | ||||||
Repurchase of shares | 30 | ( | ( | ||||||
Share based payments | 11, 30 | ( | ( | ||||||
Total transactions with owners of the Company | ( | ( | ( | ( | |||||
Balance at 31 December 2024 | ( | ||||||||
Consolidated statement of cash flows (in thousands of euro) | For the year ended 31 December | ||
Note | 2025 | 2024 | |
Cash flows from operating activities | |||
Profit for the year | |||
Adjusted for: | |||
Depreciation of property and equipment | 22 | ||
Amortization of intangible assets | 23 | ||
Write off of (in) tangible assets | 23 | ||
(Reversal of) impairment of intangible assets | 23 | ||
Impairment of equity-accounted investees (net of tax) | 21 | ||
Share of profit/(loss) of equity-accounted investees (net of tax) | 21 | ( | |
Share-based payment transactions | 11 | ||
Tax expense | 13 | ||
Net (gains)/losses on Investments at FVPL | 20 | ( | |
Interest expense on loans and borrowings | 28 | ||
Interest expense on leases | 29 | ||
Changes in working capital | |||
▪ (Increase)/decrease financial assets held for trading | 15 | ( | ( |
▪ (Increase)/decrease trading receivables | 16 | ( | ( |
▪ (Increase)/decrease other assets held for trading | 17 | ( | |
▪ (Increase)/decrease other receivables | 18 | ( | ( |
▪ Increase/(decrease) financial liabilities held for trading | 24 | ||
▪ Increase/(decrease) trading payables | 25 | ( | |
▪ Increase/(decrease) other liabilities held for trading | 26 | ( | |
▪ Increase/(decrease) other liabilities | 27 | ( | |
▪ Corporate income tax paid | 13 | ( | ( |
▪ Change in provisions | 31 | ( | |
Cash flows from operating activities | ( | ||
Cash flows from investing activities | |||
Investments and acquisitions of financial assets held at FVOCI | 19 | ( | |
Disposals or sales of financial assets held at FVOCI | 19 | ||
Investments and acquisitions of financial assets held at FVPL | 20 | ( | ( |
Disposals or sales of financial assets held at FVPL | 20 | ||
Consolidated statement of cash flows (in thousands of euro) | For the year ended 31 December | ||
Note | 2025 | 2024 | |
Investments and acquisitions of equity-accounted investees | 21 | ( | ( |
Disposals or sales of equity-accounted investees | 21 | ||
Acquisition of intangible assets | 23 | ( | |
Disposals of intangible assets | 23 | ||
Acquisition of property and equipment | 22 | ( | ( |
Cash flows from investing activities | ( | ( | |
Cash flows from financing activities | |||
Dividend paid | 30 | ( | |
Payment of lease liabilities | 29 | ( | ( |
Proceeds from loans and borrowings | 28 | ||
Repayment of loans and borrowings | 28 | ( | |
Interest paid on loans and borrowings | 28 | ( | ( |
Transaction costs related to loans and borrowings | 28 | ( | ( |
Repurchases of shares | 30 | ( | |
Cash flows from financing activities | ( | ||
Effect of movements in exchange rates on cash and cash equivalents | ( | ||
Change in cash and cash equivalents | ( | ||
Change in cash and cash equivalents | |||
Cash and cash equivalents at opening | 14 | ||
Cash and cash equivalents at close | 14 | ||
Change in cash and cash equivalents | ( | ||
Segment reporting | For the year ended 31 December 2025 | |||
Europe | Americas | Asia | Total | |
Gross trading income | 519,504 | 150,360 | 128,359 | 798,223 |
Fees related to the trading activities | 108,550 | 35,573 | 14,367 | 158,490 |
Net financial expenses related to the trading activities | 98,993 | 39,612 | 15,328 | 153,933 |
Net trading income | 311,961 | 75,175 | 98,664 | 485,800 |
Other income or (expense) | (5,317) | — | — | (5,317) |
Total Income | 306,644 | 75,175 | 98,664 | 480,483 |
Inter-segment revenue related to trading services | — | 1,577 | 23,328 | 24,905 |
Inter-segment revenue related to other intercompany transactions | 52,559 | — | — | 52,559 |
Total revenues | 359,203 | 76,752 | 121,992 | 557,947 |
Employee expenses | 118,428 | 32,386 | 23,867 | 174,681 |
Inter-segment expense related to trading services | 24,905 | — | — | 24,905 |
Inter-segment expense related to other intercompany transactions | — | 4,545 | 48,014 | 52,559 |
Other expenses | 43,042 | 25,956 | 37,879 | 106,877 |
Total operating expenses | 186,375 | 62,887 | 109,760 | 359,022 |
Depreciation of property and equipment | 8,151 | 5,192 | 4,193 | 17,536 |
Amortization of intangible assets | 591 | 16 | — | 607 |
Write off of (in) tangible assets | — | — | — | — |
(Reversals of) impairment of intangible assets | 10,716 | — | — | 10,716 |
Operating result | 153,370 | 8,657 | 8,039 | 170,066 |
Finance cost | (4,890) | (1,225) | (149) | (6,264) |
Result/(impairment) of equity-accounted investments | 847 | — | — | 847 |
Profit before tax | 149,327 | 7,432 | 7,890 | 164,649 |
Tax expense | 25,896 | 3,129 | 2,059 | 31,084 |
Profit for the year | 123,431 | 4,303 | 5,831 | 133,565 |
Assets | 7,561,526 | 6,672,655 | 1,710,172 | 15,944,353 |
Liabilities | 7,196,428 | 6,332,568 | 1,546,977 | 15,075,973 |
Capital expenditure | 4,570 | 2,696 | 2,022 | 9,288 |
FTE | 453 | 96 | 86 | 635 |
Segment reporting | For the year ended 31 December 2024 | |||
Europe | Americas | Asia | Total | |
Gross trading income | 527,592 | 162,520 | 110,663 | 800,775 |
Fees related to the trading activities | 81,624 | 36,558 | 11,576 | 129,758 |
Net financial expenses related to the trading activities | 133,014 | 52,605 | 17,604 | 203,223 |
Net trading income | 312,954 | 73,357 | 81,483 | 467,794 |
Other income or (expense) | 11,525 | — | — | 11,525 |
Total Income | 324,479 | 73,357 | 81,483 | 479,319 |
Inter-segment revenue related to trading services | — | 20,278 | 30,060 | 50,338 |
Inter-segment revenue related to other intercompany transactions | 58,666 | — | — | 58,666 |
Total revenues | 383,145 | 93,635 | 111,543 | 588,323 |
Employee expenses | 109,929 | 33,409 | 23,580 | 166,918 |
Inter-segment expense related to trading services | 50,338 | — | — | 50,338 |
Inter-segment expense related to other intercompany transaction | — | 15,269 | 43,397 | 58,666 |
Other expenses (a) | 51,129 | 19,277 | 24,895 | 95,301 |
Total operating expenses | 211,396 | 67,955 | 91,872 | 371,223 |
Depreciation of property and equipment | 7,689 | 5,030 | 3,840 | 16,559 |
Amortization of intangible assets | 708 | 20 | — | 728 |
Write off of (in) tangible assets | 144 | 4 | — | 148 |
(Reversals of)Impairment of Intangible Assets | — | — | — | — |
Operating result | 163,208 | 20,626 | 15,831 | 199,665 |
Finance cost (a) | (1,732) | (1,322) | (234) | (3,288) |
Result/(impairment) of equity- accounted investments | (1,093) | (920) | — | (2,013) |
Profit before tax | 160,383 | 18,384 | 15,597 | 194,364 |
Tax expense | 30,533 | 2,661 | 1,632 | 34,827 |
Profit for the year | 129,850 | 15,723 | 13,965 | 159,538 |
Assets | 6,523,738 | 5,550,557 | 826,971 | 12,901,266 |
Liabilities | 6,083,405 | 5,342,621 | 708,632 | 12,134,658 |
Capital expenditure | 6,262 | 5,858 | 1,428 | 13,548 |
FTE | 431 | 98 | 80 | 609 |
Type | Valuation technique | Significant unobservable input | Inter-relationship between significant unobservable input and fair value measurement |
Investments measured at fair value through profit or loss and other comprehensive income | Income approach | Implied volatility (50%-140%) | The estimated fair value would decrease if implied volatility were lower |
Market approach | Earnings multiples ▪ EV/EBITDA: (7x-17x) ▪ EV/Revenue: (7x-10x) | The estimated fair value would increase if the earnings multiples were higher | |
Other liabilities held for trading | Income approach | Implied volatility (80%-120%) | The estimated fair value would increase if the implied volatility were higher |
Fair value hierarchy | As at 31 December 2025 | |||
Level 1 | Level 2 | Level 3 | Total | |
Long positions in equity securities - trading | 63,681 | 6,679,451 | — | 6,743,132 |
Long positions in debt securities - trading | — | 249,422 | — | 249,422 |
Mark to market derivative assets | 1,172 | 67,671 | — | 68,843 |
Financial assets held for trading | 64,853 | 6,996,543 | — | 7,061,396 |
Other assets held for trading | — | 343,209 | — | 343,209 |
Investments measured at fair value through PL | — | — | 10,778 | 10,778 |
Investments measured at fair value through OCI | — | 1,279 | 25,707 | 26,986 |
Total long positions | 64,853 | 7,341,031 | 36,485 | 7,442,369 |
Short positions in equity securities- trading | 423,983 | 4,385,862 | — | 4,809,845 |
Short positions in debt securities- trading | — | 343,603 | — | 343,603 |
Mark to market derivative liabilities | 16,333 | 43,860 | — | 60,193 |
Financial liabilities held for trading | 440,316 | 4,773,325 | — | 5,213,641 |
Other liabilities held for trading | — | 183,787 | 56,408 | 240,195 |
Total short positions | 440,316 | 4,957,112 | 56,408 | 5,453,836 |
Fair value hierarchy | As at 31 December 2024 | |||
Level 1 | Level 2 | Level 3 | Total | |
Long positions in equity securities - trading | 100,039 | 5,395,223 | — | 5,495,262 |
Long positions in debt securities - trading | — | 309,140 | — | 309,140 |
Mark to market derivative assets | — | 314,585 | — | 314,585 |
Financial assets held for trading | 100,039 | 6,018,948 | — | 6,118,987 |
Other assets held for trading | — | 625,085 | — | 625,085 |
Investments measured at Fair value through PL | — | — | 24,697 | 24,697 |
Investments measured at Fair value through OCI | — | 1,817 | 31,277 | 33,094 |
Total long positions | 100,039 | 6,645,850 | 55,974 | 6,801,863 |
Short positions in equity securities- trading | 325,011 | 3,317,072 | — | 3,642,083 |
Short positions in debt securities- trading | — | 396,549 | — | 396,549 |
Mark to market derivative liabilities | — | 236,071 | — | 236,071 |
Financial liabilities held for trading | 325,011 | 3,949,692 | — | 4,274,703 |
Other liabilities held for trading | — | 382,195 | 130,297 | 512,492 |
Total short positions | 325,011 | 4,331,887 | 130,297 | 4,787,195 |
Investments | As at 31 December 2025 | ||
FVPL | FVOCI | Total | |
Balance at 1 January | 24,697 | 31,277 | 55,974 |
Additions | 4,841 | 484 | 5,325 |
Disposals | (13,211) | (2,817) | (16,029) |
Net gain/(loss) | (4,204) | (472) | (4,676) |
Effect of movement in foreign exchange differences | (1,344) | (2,765) | (4,110) |
Balance at 31 December | 10,778 | 25,707 | 36,485 |
Investments | As at 31 December 2024 | ||
FVPL | FVOCI | Total | |
Balance at 1 January | 6,485 | 18,887 | 25,372 |
Additions | 10,175 | 4,687 | 14,862 |
Disposals | (4,293) | — | (4,293) |
Net gain/(loss) | 11,525 | 6,278 | 17,803 |
Effect of movement in foreign exchange differences | 805 | 1,425 | 2,230 |
Balance at 31 December | 24,697 | 31,277 | 55,974 |
Other liabilities held for trading | As at 31 December | |
2025 | 2024 | |
Balance at 1 January | 130,297 | 69,472 |
Additions | 162,752 | 228,587 |
Disposals | (71,144) | (90,966) |
Transfer to Level 2 | (6,297) | (4,138) |
Net (gain)/ loss | (159,200) | (72,657) |
Balance at 31 December | 56,408 | 130,297 |
Day-one gain reserve | As at 31 December | |
2025 | 2024 | |
Balance at 1 January | 28,272 | 13,007 |
Additions | 37,309 | 66,590 |
Amounts recognized in profit or loss | (47,127) | (51,325) |
Balance at 31 December | 18,453 | 28,272 |
as at 31 December 2025 | |||
Carrying amount (€000) | |||
Notional amount (US$000) | Assets | Liabilities | |
Private credit facility | 199,500 | — | 164,938 |
as at 31 December 2024 | |||
Carrying amount (€000) | |||
Notional amount (US$000) | Assets | Liabilities | |
USD short position | 8,700 | — | 8,402 |
For the year ended 31 December 2025 | ||
Change in value used to calculate hedge ineffectiveness (€000) | ||
Private credit facility | (2,040) | |
For the year ended 31 December 2024 | ||
Change in value used to calculate hedge ineffectiveness (€000) | ||
USD short position | (70) | |
For the year ended 31 December 2025 | |||
Change in value of hedging instruments recognized in OCI | |||
Change in fair value used for measuring ineffectiveness (€000) | Continuing hedges | Discontinued hedges | |
USD net investment | 2,040 | (2,040) | (354) |
For the year ended 31 December 2024 | |||
Change in value of hedging instruments recognized in OCI | |||
Change in fair value used for measuring ineffectiveness (€000) | Continuing hedges | Discontinued hedges | |
USD net investment | 354 | (70) | (284) |
Earnings per share | ||
For the year ended | ||
2025 | 2024 | |
Profit for the year | 133,565 | 159,537 |
Profit attributable to ordinary shareholders | 133,565 | 159,537 |
Weighted average number of ordinary shares | 43,523,641 | 43,236,079 |
Dilutive effect of share-based payments | 1,304,061 | 1,570,990 |
Weighted average number of ordinary shares for diluted net profit | 44,827,702 | 44,807,069 |
Basic earnings per share | 3.07 | 3.69 |
Diluted earnings per share | 2.98 | 3.56 |
For the year ended | ||
2025 | 2024 | |
Wages and salaries | 74,251 | 64,624 |
Social security charges | 8,043 | 7,100 |
Recruitment and other employment costs | 14,957 | 9,927 |
Fixed employee expenses | 97,251 | 81,651 |
Variable compensation paid in cash | 61,443 | 61,512 |
Variable compensation paid in shares | 15,987 | 23,755 |
Variable employee expenses | 77,430 | 85,267 |
Employee expenses | 174,681 | 166,918 |
FTE | 635 | 609 |
Share-based payment expense per plan | For the year ended | |
2025 | 2024 | |
Variable remuneration share plans | 15,617 | 22,977 |
Company loyalty and sign-on package share plans | 370 | 778 |
Total expenses arising from equity settled share-based payments | 15,987 | 23,755 |
Expenses arising from cash settled share-based payments | 1,614 | 2,006 |
Total expenses arising from share-based payments | 17,601 | 25,761 |
Total share awards outstanding per plan (number of shares) | As at 31 December | |
2025 | 2024 | |
Company loyalty and sign-on package share plans | 46,459 | 75,541 |
Variable remuneration share plans | 1,702,935 | 2,006,706 |
Total number of shares outstanding | 1,749,394 | 2,082,247 |
Variable remuneration share plan year | 2024 | 2023 | 2022 |
Fixed monetary value in € | 29,346 | 3,241 | 27,432 |
Fair value share price at grant date | €23.88 | €17.42 | €23.26 |
VWAP share price of first open period | €26.04 | €16.56 | €26.64 |
Number of shares | ||
For the year ended | ||
2025 | 2024 | |
Outstanding at 1 January | 2,006,706 | 1,902,516 |
Granted during the year | 725,494 | 1,239,551 |
Changes due to dividend reinvestment | — | 7,460 |
Vested during the year | (776,458) | (1,059,344) |
Forfeited during the year | (127,994) | (110,063) |
Changes in shares recalculated based on final VWAP | (124,813) | 26,586 |
Outstanding at 31 December | 1,702,935 | 2,006,706 |
Number of shares | ||
For the year ended | ||
2025 | 2024 | |
Outstanding at 1 January | 75,541 | 111,590 |
Granted during the year | 23,400 | 19,241 |
Changes due to dividend reinvestment | — | 389 |
Vested during the year | (33,687) | (48,535) |
Forfeited during the year | (18,795) | (7,144) |
Outstanding at 31 December | 46,459 | 75,541 |
For the year ended | ||
2025 | 2024 | |
Technology | 70,604 | 66,636 |
Housing | 4,696 | 5,192 |
Advisors and assurance | 8,745 | 6,542 |
Regulatory costs | 3,068 | 2,677 |
Fixed exchange costs | 7,283 | 6,822 |
Travel expenses | 3,898 | 2,544 |
Various expenses | 8,583 | 4,888 |
Other expenses | 106,877 | 95,301 |
For the year ended | ||
2025 | 2024 | |
Current Tax expense | ||
Current year tax expense | 27,529 | 34,895 |
Adjustment for prior years | 1,043 | 279 |
Deferred Tax expense | ||
Movement deferred tax | 2,513 | (347) |
Income tax expense reported in the statement of profit or loss | 31,084 | 34,827 |
Reconciliation of effective tax rate | ||||
For the year ended | ||||
2025 (€) | 2025 | 2024 (€) | 2024 | |
Dutch standard tax rate | 42,479 | 25.8% | 50,146 | 25.8% |
Different weighted average statutory rate of group | (6,811) | (4.1%) | (6,390) | (3.3%) |
Income (partly) exempted | (9,356) | (5.7%) | (12,559) | (6.5%) |
Other non deductible costs | 4,771 | 2.9% | 3,630 | 1.9% |
Subtotal | (11,395) | (6.9%) | (15,319) | (7.9%) |
Effective tax rate | 31,084 | 18.9% | 34,827 | 17.9% |
For the year ended 31 December 2025 | ||
Statutory tax rate | Effective tax rate | |
Europe | 25.8% | 21.3% |
Americas | 21.9% | 30.1% |
Asia | 16.5% | 6.3% |
Group | 18.9% | |
For the year ended 31 December 2024 | ||
Statutory tax rate | Effective tax rate | |
Europe | 25.8% | 20.1% |
Americas | 21.9% | 19.9% |
Asia | 16.5% | 5.6% |
Group | 17.9% | |
Current tax assets and liabilities per region | ||
As at 31 December | ||
2025 | 2024 | |
Assets | ||
Europe | 481 | 2,239 |
Americas | 2,246 | 2,325 |
Asia | 83 | 302 |
Total current tax assets | 2,810 | 4,866 |
Liabilities | ||
Europe | 15,840 | 20,938 |
Americas | 834 | 514 |
Asia | 737 | 1,188 |
Total current tax liabilities | 17,411 | 22,640 |
As at 31 December | ||
2025 | 2024 | |
Revaluation of investments to fair value | (1,879) | (1,715) |
Deferred bonus | 680 | 699 |
Right-of-use assets | (5,865) | (7,769) |
Lease liabilities | 7,582 | 9,613 |
Accelerated depreciation for tax purposes | (1,060) | (649) |
Share based payments | 1,150 | 1,455 |
Capitalized R&D for tax purposes | 1,999 | 4,153 |
Carry forward losses | 1,690 | 2,108 |
Other | 59 | 57 |
Net asset/(liability) | 4,356 | 7,952 |
Deferred tax assets | 4,465 | 8,059 |
Deferred tax liabilities | (110) | (107) |
Deferred tax assets, net | 4,355 | 7,952 |
Category | Amount | Expiry |
Unused tax losses | 10,865 | Never expire |
As at 31 December | ||
2025 | 2024 | |
Europe | 1,556 | 3,890 |
Americas | 343 | 745 |
Asia | 5,328 | 3,754 |
Total cash and cash equivalents | 7,227 | 8,389 |
As at 31 December | ||
2025 | 2024 | |
Long positions in equity securities-trading | 6,743,131 | 5,495,262 |
Long positions in debt securities-trading | 249,422 | 309,140 |
Mark to market derivative assets | 68,843 | 314,585 |
Total financial assets held for trading | 7,061,396 | 6,118,987 |
As at 31 December | ||
2025 | 2024 | |
Receivables for securities sold | 7,317,474 | 5,049,192 |
Due from brokers and exchanges | 1,064,099 | 911,029 |
Total trading receivables | 8,381,573 | 5,960,221 |
As at 31 December | ||
2025 | 2024 | |
Other assets held for trading | 343,209 | 625,085 |
Total other assets held for trading | 343,209 | 625,085 |
As at 31 December | ||
2025 | 2024 | |
Prepayments | 12,469 | 21,929 |
Dividend withholding tax | 1,521 | 1,639 |
Security deposits | 2,763 | 3,166 |
Receivable from employees | 3 | 7 |
Other receivables | 8,723 | 8,723 |
Total other receivables | 25,479 | 35,464 |
As at 31 December | ||
2025 | 2024 | |
Debt instruments | 1,876 | 4,846 |
Equity instruments | 25,110 | 28,248 |
Total Investments measured at fair value through OCI | 26,986 | 33,094 |
As at 31 December | ||
2025 | 2024 | |
Debt instruments | 6,816 | 13,119 |
Equity instruments | 3,962 | 11,578 |
Total Investments measured at fair value through PL | 10,778 | 24,697 |
2025 | 2024 | |
Percentage ownership Interest | 29.23% | 35.52% |
Non-current assets | 6,587 | 7,135 |
Current assets | 27,701 | 4,847 |
Current financial liabilities | (3,420) | (1,124) |
Non-current financial liabilities | — | — |
Net assets | 30,868 | 10,858 |
Group's share of net assets (ownership %) | 9,023 | 2,934 |
Goodwill | 5,250 | 4,971 |
Carrying amount of interest in associate | 14,273 | 7,905 |
Profit/(loss) from continuing operations | (4,955) | (1,670) |
Other comprehensive income | — | (121) |
Total comprehensive Income (ownership %) | (1,454) | (414) |
Global Tokenization Holdings Limited | ||
2025 | 2024 | |
Percentage ownership Interest | 33.33% | 33.33% |
Non-current assets | 7,932 | 3,932 |
Current Assets | 23,139 | 7,748 |
Current financial liabilities | (17,697) | (1,110) |
Non-current financial liabilities | — | — |
Net assets | 13,374 | 10,570 |
Group's share of net assets (ownership %) | 4,458 | 3,524 |
Goodwill | — | — |
Carrying amount of interest in joint venture | 4,458 | 3,524 |
Profit/(loss) from continuing operations | (8,670) | (1,955) |
Other comprehensive income | — | — |
Total comprehensive Income (ownership %) | (2,890) | (652) |
Hardware | Office fixtures | Office space right- of-use assets | Hardware right- of-use assets | Total | |
Cost | |||||
Balance at 1 January 2024 | 31,288 | 12,919 | 63,560 | 12,170 | 119,937 |
Additions | 4,897 | 2,124 | 1,693 | 1,505 | 10,219 |
Disposals | (1,608) | (436) | — | (2,792) | (4,836) |
Effect of movements in exchange rates | 955 | 451 | 3,515 | 95 | 5,016 |
Balance at 31 December 2024 | 35,532 | 15,058 | 68,768 | 10,978 | 130,336 |
Balance at 1 January 2025 | 35,532 | 15,058 | 68,768 | 10,978 | 130,336 |
Additions | 5,487 | 1,274 | 3,799 | 1,433 | 11,992 |
Disposals | (6,791) | (1,480) | (5,259) | (2,879) | (16,409) |
Effect of movements in exchange rates | (1,309) | (1,619) | (6,458) | (32) | (9,419) |
Balance at 31 December 2025 | 32,919 | 13,233 | 60,850 | 9,499 | 116,500 |
Depreciation and impairment losses | |||||
Balance at 1 January 2024 | 14,282 | 2,556 | 23,836 | 6,829 | 47,503 |
Depreciation for the year | 5,279 | 2,060 | 6,436 | 2,784 | 16,559 |
Disposals | (1,608) | (436) | — | (2,792) | (4,836) |
Exchange rate differences | 798 | (172) | 1,432 | 147 | 2,205 |
Balance at 31 December 2024 | 18,751 | 4,008 | 31,704 | 6,968 | 61,431 |
Balance at 1 January 2025 | 18,751 | 4,008 | 31,704 | 6,968 | 61,431 |
Depreciation for the year | 5,673 | 3,184 | 5,939 | 2,741 | 17,536 |
Disposals | (6,899) | (1,490) | (4,504) | (2,879) | (15,773) |
Exchange rate differences | (843) | (395) | (2,909) | (97) | (4,243) |
Balance at 31 December 2025 | 16,681 | 5,307 | 30,230 | 6,733 | 58,951 |
Carrying amounts | |||||
At 1 January 2024 | 17,006 | 10,363 | 39,724 | 5,341 | 72,434 |
As at 31 December 2024 | 16,781 | 11,050 | 37,064 | 4,010 | 68,905 |
As at 31 December 2025 | 16,237 | 7,925 | 30,620 | 2,766 | 57,549 |
Software | Software right-of-use assets | Goodwill | Investments | Total | |
Cost | |||||
Balance at 1 January 2024 | 2,055 | 1,698 | 502 | — | 4,255 |
Additions | — | — | — | — | — |
Disposals | (529) | (246) | — | — | (775) |
Exchange rate differences | 99 | 82 | — | — | 181 |
Balance at 31 December 2024 | 1,625 | 1,534 | 502 | — | 3,661 |
Balance at 1 January 2025 | 1,625 | 1,534 | 502 | — | 3,661 |
Additions | 163 | — | — | 18,850 | 19,013 |
Disposals | (933) | — | — | (4,711) | (5,644) |
Exchange rate differences | 5 | — | — | (872) | (867) |
Balance at 31 December 2025 | 860 | 1,534 | 502 | 13,268 | 16,164 |
Amortization and (Reversal of) impairment losses | |||||
Balance at 1 January 2024 | 1,160 | 417 | — | — | 1,577 |
Amortization for the year | 379 | 349 | — | — | 728 |
Disposals | (533) | (246) | — | — | (779) |
Exchange rate differences | 84 | 49 | — | — | 133 |
Balance at 31 December 2024 | 1,090 | 569 | — | — | 1,659 |
Balance at 1 January 2025 | 1,090 | 569 | — | — | 1,659 |
Amortization for the year | 300 | 307 | — | — | 607 |
(Reversal of) impairment losses | — | — | — | 10,716 | 10,716 |
Disposals | (916) | — | — | — | (916) |
Exchange rate differences | 11 | (2) | — | — | 9 |
Balance at 31 December 2025 | 485 | 874 | — | 10,716 | 12,075 |
Carrying amounts | |||||
At 1 January 2024 | 895 | 1,281 | 502 | — | 2,678 |
As at 31 December 2024 | 535 | 965 | 502 | — | 2,002 |
As at 31 December 2025 | 375 | 660 | 502 | 2,552 | 4,089 |
As at 31 December | ||
2025 | 2024 | |
Short positions in equity securities-trading | 4,809,845 | 3,642,082 |
Short positions in debt securities-trading | 343,603 | 396,549 |
Mark to market derivatives liabilities | 60,193 | 236,071 |
Total financial liabilities held for trading | 5,213,641 | 4,274,703 |
As at 31 December | ||
2025 | 2024 | |
Payables for cash market products | 6,576,334 | 5,265,981 |
Credit facilities | 2,719,665 | 1,884,583 |
Total trading payables | 9,295,999 | 7,150,564 |
As at 31 December | ||
2025 | 2024 | |
Other liabilities held for trading | 240,195 | 512,492 |
Total other liabilities held for trading | 240,195 | 512,492 |
As at 31 December | ||
2025 | 2024 | |
Long-term variable compensation payable | 15,961 | 25,743 |
Subtotal non-current liabilities | 15,961 | 25,743 |
Wages and variable compensation payable | 60,086 | 45,472 |
Wage tax payable | 3,398 | 1,756 |
Creditors and accruals | 22,007 | 24,046 |
Subtotal current liabilities | 85,491 | 71,274 |
Total other liabilities | 101,452 | 97,017 |
As at 31 December | ||
2025 | 2024 | |
Current liabilities | 3,383 | 24,957 |
Private credit facility | 3,383 | — |
Term Loan | — | 24,957 |
Non-current liabilities | 161,555 | — |
Private credit facility | 161,555 | — |
Total Loans and borrowings | 164,938 | 24,957 |
As at 31 December 2025 | ||
Right-of-use assets | Lease liabilities | |
Balance at 1 January 2025 | 42,039 | 52,178 |
Additions | 5,232 | 5,084 |
Depreciation expense | (8,987) | — |
Disposals | (755) | (1,570) |
Interest expense | — | 1,866 |
Payments | — | (10,485) |
Exchange rate differences | (3,482) | (4,846) |
Balance at 31 December 2025 | 34,047 | 42,227 |
As at 31 December 2024 | ||
Right-of-use assets | Lease liabilities | |
Balance at 1 January 2024 | 46,346 | 53,042 |
Additions | 3,198 | 3,640 |
Depreciation expense | (9,569) | — |
Disposals | — | — |
Interest expense | — | 2,189 |
Payments | — | (9,354) |
Exchange rate differences | 2,064 | 2,661 |
Balance at 31 December 2024 | 42,039 | 52,178 |
As at 31 December | ||
2025 | 2024 | |
In issue 1 January | 45,671,645 | 45,671,645 |
Treasury shares | (2,103,204) | (2,602,889) |
Total | 43,568,441 | 43,068,756 |
Legal | Total | |
As at 1 January 2024 | 4,111 | 4,111 |
Provisions made during the year | 402 | 402 |
Provisions used during the year | 4,513 | 4,513 |
Provisions reversed during the year | — | — |
Unwind of discount | — | — |
As at 31 December 2024 | — | — |
2026 | 2027 | 2028 | 2029 | Total | |
SARs 2021 | 2 | — | — | — | 2 |
SARs 2022 | 40 | 61 | — | — | 101 |
SARs 2023 | 62 | — | — | — | 62 |
SARs 2024 | 21 | 66 | — | — | 87 |
Total | 126 | 127 | — | — | 252 |
Remuneration of the Executive and Non-Executive Directors | 2025 | ||||
Base salary | Cash from profit- share | Share- based payments | Extra- ordinary | Total | |
Executives | 1,167 | 2,600 | 2,300 | — | 6,067 |
Non-Executives | 674 | — | — | — | 674 |
Remuneration of the Executive and Non-Executive Directors | 2024 | ||||
Base salary | Cash from profit- share | Share- based payments | Extra- ordinary | Total | |
Executives | 801 | 2,035 | 2,000 | — | 4,836 |
Non-Executives | 620 | — | — | — | 620 |
Subsidiaries | Country of incorporation | Ownership interest | |
2025 | 2024 | ||
Flow Traders B.V. | Netherlands | 100% | 100% |
Flow Traders Technologies B.V. | Netherlands | 100% | 100% |
INIT Capital B.V. | Netherlands | 100% | 100% |
Flow Traders Investments B.V. | Netherlands | 100% | 100% |
Flow Traders Amsterdam Services B.V. | Netherlands | 100% | - |
RETI Technologies Holding B.V. | Netherlands | 100% | - |
RETI Technologies B.V. | Netherlands | 100% | - |
Flow Traders Holding, LLC | USA | 100% | 100% |
Flow Traders U.S. Holding LLC | USA | 100% | 100% |
Flow Traders U.S. LLC | USA | 100% | 100% |
Flow Traders U.S. Institutional Trading LLC | USA | 100% | 100% |
FTTNY LLC | USA | 100% | 100% |
Flow Traders U.S. Digital LLC | USA | 100% | - |
Flow Traders Asia Pte. Ltd. | Singapore | 100% | 100% |
Flow Traders Fu Ying Pte. Ltd. | Singapore | 100% | - |
Flow Traders Hong Kong Ltd. | Hong Kong | 100% | 100% |
Flow Traders Hong Kong Services Ltd. | Hong Kong | 100% | 100% |
Flow Traders UK Services Ltd. | United Kingdom | 100% | 100% |
Flow Traders London Ltd | United Kingdom | 100% | 100% |
RETI Technologies UK Ltd | United Kingdom | 100% | - |
Flow Traders Technologies SRL | Romania | 100% | 100% |
Flow Traders Investments Limited | Jersey | 100% | 100% |
Branch | Trading Name | Country |
New York | INIT Capital B.V. | USA |
Milan | Flow Traders B.V. (Milan Branch) | Italy |
Shanghai | Flow Traders Hong Kong Ltd. (Shanghai Branch) | China |
Hong Kong | INIT Capital B.V. (Hong Kong Branch) | China |
Cyprus | RETI Technologies B.V. | Cyprus |
Korea | Flow Traders Asia Pte. Ltd. (Korea Branch) | Korea |
Carrying amount | As at 31 December | |
2025 | 2024 | |
Cash and cash equivalents | 7,227 | 8,389 |
Trading receivables | 8,381,573 | 5,960,221 |
Other receivables | 25,479 | 35,464 |
Offsetting | As at 31 December 2025 | |||||||||||
Offsetting recognized on the Statement of financial position | Netting potential not recognized on the Statement of financial position | Assets not subject to netting arrangements | Maximum exposure to risk | |||||||||
Gross assets/ liabilities before offset | offsetting with gross liabilities (IAS 32) | Net positions recognized on the Statement of financial position | Netting Potential | Positions after consideration of netting potential | Positions not subject to netting arrangements | Positions recognized in the Statement of financial position | After consideration of netting potential | |||||
Financial assets | ||||||||||||
Long positions, cash market products and amounts receivable from clearing agent | 16,670,544 | (1,227,575) | 15,442,969 | (14,509,640) | 933,329 | — | 15,442,969 | 933,329 | ||||
Total financial assets | 16,670,544 | (1,227,575) | 15,442,969 | (14,509,640) | 933,329 | — | 15,442,969 | 933,329 | ||||
Financial liabilities | ||||||||||||
Short positions, cash market products amounts payable to clearing agents, and borrowings | 15,737,215 | (1,227,575) | 14,509,640 | (14,509,640) | — | — | 14,509,640 | — | ||||
Total financial liabilities | 15,737,215 | (1,227,575) | 14,509,640 | (14,509,640) | — | — | 14,509,640 | — | ||||
Offsetting | As at 31 December 2024 | |||||||||||
Offsetting recognized on the Statement of financial position | Netting potential not recognized on the Statement of financial position | Assets not subject to netting arrangements | Maximum exposure to risk | |||||||||
Gross assets/ liabilities before offset | offsetting with gross liabilities (IAS 32) | Net positions recognized on the Statement of financial position | Netting Potential | Positions after consideratio n of netting potential | Positions not subject to netting arrangements | Positions recognized in the Statement of financial position | After consideration of netting potential | |||||
Financial assets | ||||||||||||
Long positions, cash market products and amounts receivable from clearing agent | 12,808,470 | (729,262) | 12,079,208 | (11,425,267) | 653,941 | — | 12,079,208 | 653,941 | ||||
Other assets held for trading | — | — | — | — | — | 625,085 | 625,085 | 625,085 | ||||
Total financial assets | 12,808,470 | (729,262) | 12,079,208 | (11,425,267) | 653,941 | 625,085 | 12,704,293 | 1,279,026 | ||||
Financial liabilities | ||||||||||||
Short positions, cash market products amounts payable to clearing agents, and borrowings | 12,154,529 | (729,262) | 11,425,267 | (11,425,267) | — | — | 11,425,267 | — | ||||
Other liabilities held for trading | — | — | — | — | — | 512,492 | 512,492 | 512,492 | ||||
Total financial liabilities | 12,154,529 | (729,262) | 11,425,267 | (11,425,267) | — | 512,492 | 11,937,759 | 512,492 | ||||
Maturity Analysis | As at 31 December 2025 | ||||
Total | Receivable/payable on demand | Within 3 months | 3 months to 1 year | >1 year | |
Assets | |||||
Cash and cash equivalents | 7,227 | 7,227 | — | — | — |
Financial assets held for trading | 7,061,396 | 7,061,396 | — | — | — |
Trading receivables | 8,381,573 | 8,381,573 | — | ` | — |
Other assets held for trading | 343,209 | 343,209 | — | — | — |
15,793,405 | 15,793,405 | — | — | — | |
Liabilities | |||||
Financial liabilities held for trading | 5,213,641 | 5,213,641 | — | — | — |
Trading payables | 9,295,999 | 9,295,999 | — | — | — |
Other liabilities held for trading | 240,195 | 171,767 | 24,567 | 40,064 | 3,797 |
Lease liabilities | 50,433 | — | 1,892 | 9,136 | 39,405 |
Other liabilities | 101,452 | — | 63,484 | 22,007 | 15,961 |
Loans and borrowings | 255,271 | — | 6,784 | 12,130 | 236,357 |
15,156,991 | 14,681,407 | 96,727 | 83,337 | 295,520 | |
Maturity Analysis | As at 31 December 2024 | ||||
Total | Receivable/ payable on demand | Within 3 months | 3 months to 1 year | >1 year | |
Assets | |||||
Cash and cash equivalents | 8,389 | 8,389 | — | — | — |
Financial assets held for trading | 6,118,987 | 6,118,987 | — | — | — |
Trading receivables | 5,960,221 | 5,960,221 | — | — | — |
Other assets held for trading | 625,085 | 625,085 | — | — | — |
Other receivables | 35,464 | — | 29,152 | 1,639 | 4,673 |
Investments measured at fair value through OCI | 33,094 | — | — | — | 33,094 |
Investments measured at fair value through PL | 24,697 | — | — | — | 24,697 |
12,805,937 | 12,712,682 | 29,152 | 1,639 | 62,464 | |
Liabilities | |||||
Financial liabilities held for trading | 4,274,703 | 4,274,703 | — | — | — |
Trading payables | 7,150,564 | 7,150,564 | — | — | — |
Other liabilities held for trading | 512,492 | 428,051 | 36,149 | 43,531 | 4,761 |
Lease liabilities | 52,178 | — | 3,126 | 6,344 | 42,707 |
Other payables | 97,017 | — | 43,874 | 27,400 | 25,743 |
Loans and borrowings | 24,957 | — | — | 24,957 | — |
12,111,911 | 11,853,318 | 83,149 | 102,233 | 73,211 | |
Executive Directors | Non-Executive Directors |
▪ Thomas Spitz (Chief Executive Officer) | ▪ Rudolf Ferscha (Chairman) |
▪ Hermien Smeets-Flier (Chief Financial & Risk Officer) | ▪ Jan van Kuijk (Vice-Chairman) |
▪ Owain Lloyd (Chief Technology Officer) | ▪ Linda Hovius |
▪ Marc Jansen (Co-Chief Trading Officer) | ▪ Delfin Rueda |
▪ Paul Hilgers | |
▪ Karen Frank | |
▪ Caroline Terry |
Flow Traders Ltd. | ||
Parent Company balance sheet | ||
Parent Company income statement | ||
Parent Company balance sheet (Before result appropriation in thousands of euro) | As at 31 December | ||
Note | 2025 | 2024 | |
Assets | |||
Equity-accounted investments | 1 | 852,949 | 756,071 |
Total non-current assets | 852,949 | 756,071 | |
Cash and cash equivalents | 17 | 56 | |
Receivables from related parties | 2 | 25,035 | 33,017 |
Other receivables | 164 | 77 | |
Current tax assets | 99 | 149 | |
Deferred tax assets | 10 | — | 886 |
Total current assets | 25,315 | 34,185 | |
Total assets | 878,264 | 790,256 | |
Liabilities | |||
Liabilities to related parties | 3 | 2,985 | 14,924 |
Other liabilities | 5 | 4,688 | 3,204 |
Total current liabilities | 7,673 | 18,128 | |
Other non-current liabilities | 4 | 2,212 | 5,520 |
Total non-current liabilities | 2,212 | 5,520 | |
Total liabilities | 9,885 | 23,648 | |
Equity | |||
Share capital | 6 | 159,851 | 159,851 |
Share premium | 6 | 556 | 556 |
Treasury shares | 6 | (42,569) | (57,857) |
Revaluation reserve | 6 | 4,877 | 19,042 |
Currency translation reserve | 6 | (957) | 35,400 |
Other legal reserves | 6 | 203,595 | 233,733 |
Share based payment reserve | 6 | 28,322 | 35,307 |
Retained earnings | 6 | 381,138 | 181,038 |
Result for the year | 6 | 133,565 | 159,538 |
Total Equity before result appropriation | 868,379 | 766,608 | |
Total equity and liabilities | 878,264 | 790,256 | |
Parent Company income statement (in thousands of euro) | For the year ended 31 December | ||
Note | 2025 | 2024 | |
Intercompany revenue | 7 | 9,888 | 5,681 |
Intercompany expenses | 375 | 605 | |
Personnel expenses | 8 | 8,360 | 5,607 |
Other expenses | 9 | 1,857 | 2,408 |
Operating expenses | 10,217 | 8,015 | |
Operating result | (704) | (2,939) | |
Profit / (Loss) before tax | (704) | (2,939) | |
Tax (expense)/ income | 10 | (886) | 743 |
Share in result from participating interests, after taxation | 1 | 135,155 | 161,733 |
Profit for the year | 133,565 | 159,537 | |
As at 31 December | ||
2025 | 2024 | |
Equity-accounted investments | 852,949 | 756,071 |
Total investments in group companies | 852,949 | 756,071 |
As at 31 December | ||
2025 | 2024 | |
Balance at 1 January | 756,071 | 562,534 |
Changes: | ||
▪ exchange rate differences | (36,357) | 17,328 |
▪ revaluation reserve | (1,920) | 6,813 |
▪ share in result of investments | 135,155 | 161,733 |
▪ addition | — | 7,663 |
Balance at 31 December | 852,949 | 756,071 |
As at 31 December | ||
2025 | 2024 | |
Share-based payment receivable subsidiaries | 25,035 | 33,017 |
Balance at 31 December | 25,035 | 33,017 |
As at 31 December | ||
2025 | 2024 | |
Intercompany loans from group companies | 2,977 | 14,913 |
Liabilities to employees | 8 | 11 |
Balance at 31 December | 2,985 | 14,924 |
As at 31 December | ||
2025 | 2024 | |
Long term bonus payable | 2,212 | 5,520 |
Subtotal non-current liabilities | 2,212 | 5,520 |
As at 31 December | ||
2025 | 2024 | |
Wages and bonuses payables | 3,833 | 1,425 |
Wages tax payable | 55 | 419 |
Other current liabilities | 800 | 1,360 |
Subtotal current liabilities | 4,688 | 3,204 |
Statement of changes in equity (in thousands of euro) | 2025 | |||||||||
Share capital | Share premium | Treasury Shares | Currency translation reserve1 | Revaluation reserve1 | Other legal reserves1 | Share based payment reserve | Retained earnings | Net Profit / (loss) | Total | |
Balance at 1 January 2025 | 159,851 | 556 | (57,857) | 35,400 | 19,042 | 233,733 | 35,307 | 181,038 | 159,537 | 766,608 |
Profit | — | — | — | — | — | — | — | — | 133,565 | 133,565 |
Total other comprehensive income | — | — | — | (36,357) | (1,920) | — | — | — | — | (38,277) |
Total comprehensive income for the period | — | — | — | (36,357) | (1,920) | — | — | — | 133,565 | 95,288 |
Transactions with owners of the Company | ||||||||||
Transfer to Retained earnings | — | — | — | — | (12,245) | — | — | 171,782 | (159,537) | — |
Transfer to/(from) Other legal reserve | — | — | — | — | — | (30,138) | — | 30,138 | — | — |
Share-based payments | — | — | 15,288 | — | — | — | (6,985) | (1,819) | — | 6,484 |
Total transactions with owners of the Company | — | — | 15,288 | — | (12,245) | (30,138) | (6,985) | 200,100 | (159,537) | 6,484 |
Balance at 31 December 2025 | 159,851 | 556 | (42,569) | (957) | 4,877 | 203,595 | 28,322 | 381,138 | 133,565 | 868,379 |
Statement of changes in equity (in thousands of euro) | 2024 | |||||||||
Share capital | Share premium | Treasury Shares | Currency translation reserve1 | Revaluation reserve1 | Other legal reserves1 | Share based payment reserve | Retained earnings | Net Profit / (loss) | Total | |
Balance at 1 January 2024 | 162,871 | 556 | (88,008) | 18,072 | 5,010 | 128,501 | 40,740 | 294,932 | 23,163 | 585,837 |
Profit | — | — | — | — | — | — | — | — | 159,537 | 159,537 |
Total other comprehensive income | — | — | — | 17,328 | 6,813 | — | — | — | — | 24,141 |
Total comprehensive income for the period | — | — | — | 17,328 | 6,813 | — | — | — | 159,537 | 183,678 |
Transactions with owners of the Company | ||||||||||
Transfer to Retained earnings | — | — | — | — | — | — | — | 23,163 | (23,163) | — |
Transfer to Other legal reserve | — | — | — | — | — | 105,232 | — | (105,232) | — | — |
Transfer to Fair value reserve | — | — | — | — | 7,219 | — | — | (7,219) | — | — |
Dividends | — | — | — | — | — | — | — | (6,480) | — | (6,480) |
Cancellation of shares | (3,020) | — | 20,001 | — | — | — | — | (16,981) | — | — |
Repurchase of shares | — | — | (11,804) | — | — | — | — | — | — | (11,804) |
Share based payments | — | — | 21,954 | — | — | — | (5,433) | (1,145) | — | 15,376 |
Total transactions with owners of the Company | (3,020) | — | 30,151 | — | 7,219 | 105,232 | (5,433) | (113,894) | (23,163) | (2,908) |
Balance at 31 December 2024 | 159,851 | 556 | (57,857) | 35,400 | 19,042 | 233,733 | 35,307 | 181,038 | 159,537 | 766,608 |
For the year ended | ||
2025 | 2024 | |
Wages and salaries | 1,589 | 1,377 |
Social security charges | 30 | 26 |
Recruitment and other employment costs | 19 | 19 |
Variable compensation paid in cash and shares | 6,722 | 4,185 |
Total personnel expenses | 8,360 | 5,607 |
For the year ended | ||
2025 | 2024 | |
Advisors and assurance | 943 | 1,392 |
Regulatory costs | 95 | 61 |
Shareholder meeting costs | 128 | 37 |
Various expenses | 691 | 918 |
Other expenses | 1,857 | 2,408 |
For the year ended | ||
2025 | 2024 | |
Tax recognized in profit or loss | ||
Movement deferred tax | 886 | (478) |
Adjustment for prior years | — | (265) |
Tax expense/(income) | 886 | (743) |
For the year ended | ||
2025 | 2024 | |
Profit/ (Loss) before tax | (704) | (2,939) |
Income tax at Dutch statutory rate (25.8%) | (182) | (758) |
Non-deductible costs | 182 | — |
Derecognition of deferred tax assets | 886 | — |
Prior year adjustments and non deductible costs | — | 15 |
Subtotal | 1,068 | 15 |
Actual income tax charge | 886 | (743) |
2026 | 2027 | Total | |
SARs 2021 | 2 | — | 2 |
SARs 2022 | 15 | 61 | 76 |
Total | 17 | 61 | 79 |
For the year ended 2025 | |||
EY Accountants B.V. | Other EY member firms and affiliates | Total EY | |
Statutory audit of annual accounts | 801 | 120 | 921 |
Other assurance services | 416 | 20 | 436 |
Total auditor fees | 1,217 | 140 | 1,357 |
For the year ended 2024 | |||
EY Accountants B.V. | Other EY member firms and affiliates | Total EY | |
Statutory audit of annual accounts | 814 | 113 | 927 |
Other assurance services | 680 | 10 | 690 |
Total auditor fees | 1,494 | 123 | 1,617 |
Executive Directors | Non-Executive Directors |
▪ Thomas Spitz (Chief Executive Officer) | ▪ Rudolf Ferscha (Chairman) |
▪ Hermien Smeets-Flier (Chief Financial and Risk Officer) | ▪ Jan van Kuijk (Vice-Chairman) |
▪ Owain Lloyd (Chief Technology Officer) | ▪ Linda Hovius |
▪ Marc Jansen (Co-Chief Trading Officer) | ▪ Delfin Rueda |
▪ Paul Hilgers | |
▪ Karen Frank | |
▪ Caroline Terry |
Investor Relations contact information | |
Eric Pan | Head of Investor Relations |
Telephone | +31 20 7996799 |
E-mail | investor.relations@flowtraders.com |
Key share information | |
ISIN* | BMG3602E1084 |
Bloomberg ticker: | FLOW NA |
Reuters ticker: | FLOW.AS |
Number of shares outstanding | 43,568,441 |
Number of shares in treasury | 2,103,204 |
Free float | 69% |
Market cap at year end (€) | €1,147,271,722 |
Share price performance | |
Opening price 2 January 2025 | €21.52 |
Annual highest price (closing) | €30.96 |
Annual lowest price (closing) | €21.86 |
Closing price 31 December 2025 | €25.12 |
Office | Country | Region |
Amsterdam | Netherlands | EMEA |
London | United Kingdom | EMEA |
Milan | Italy | EMEA |
Cluj | Romania | EMEA |
Hong Kong | China | APAC |
Shanghai | China | APAC |
Singapore | Singapore | APAC |
New York | Americas | Americas |
Chicago | Americas | Americas |
GHG Protocol emissions category | Calculation method | Estimations, assumptions and data limitations | Reporting scope |
Scope 1: Heating (natural gas) | Calculation based on secondary data method, by: ▪ Actual natural gas consumption (in kWh) from meter reading ▪ Multiplied by the emission factor of natural gas to CO 2 e | Meter reading data is sourced from energy supplier invoices. As invoicing occurs throughout the month rather than on the first day of each month, a prorated proxy methodology is applied to calculate emissions for the reporting period from 1 January 2025 to 31 December 2025. In addition, where invoices were unavailable for two months, emissions have been estimated on a pro rata basis over 365 days for the year. We use UK Government Department for Environment, Food and Rural Affairs (DEFRA) conversion factors to convert natural gas consumption into CO₂e emissions. | Worldwide |
Scope 1: Company car | Calculation based on primary data method, by: ▪ Distance driven in KM ▪ Multiplied by average emission factor of medium-sized petrol car (unknown) | The distance driven is determined using meter reading data obtained from the fleet manager’s application. As readings are taken intermittently throughout the reporting year, the most recent available readings, taken in early December 2024 and mid-January 2025, are used to calculate the total distance driven during the period. The total kilometers driven are estimated on a pro rata basis over 365 days for the year. We use DEFRA conversion factors to convert the total KM driven in the car into CO2. | Worldwide |
Scope 2: Electricity (location-based) | Calculation based on primary data method, by: ▪ Amsterdam, New York, Singapore, Hong Kong, London, Cluj, Shanghai office: actual electricity consumption from meter reading (in kWh) as provided by the electricity supplier/landlord on the invoices, multiplied by country-specific emission factor of the electricity grid ▪ Milan office: estimation based on floor size in m2 multiplied by average emissions per m2 | Meter reading data is sourced from energy supplier invoices. As invoicing occurs throughout the month rather than on the first day of each month, a prorated proxy methodology is applied to calculate emissions for the reporting period from 1 January 2025 to 31 December 2025. In addition, due to the absence of invoices for New York (2 months & 15 days), Chicago (2-3 months), Hong Kong (2 months) and Cluj (1 month), the annual emissions total has been estimated on a pro rata basis over 365 days for the year. We use UK Government DEFRA conversion factors to convert natural gas consumption into CO₂e emissions. | Worldwide |
Scope 2: Electricity (market-based) | Calculation based on primary data method, by: ▪ Total scope 2 electricity location-based ▪ The total location-based emissions from all reported offices minus the total location- based emissions from Amsterdam and London as the electricity from these two locations comes from renewable energy sources ▪ Milan is calculated using average square meters for each office | For the share of renewable electricity, we rely on renewable energy certificates provided by our office landlords. As of year end 2025, the electricity consumption for our offices in Amsterdam and London was sourced from renewable energy. No actual CO 2 data is available for any office location, as such location-based data is used for the calculation to market based emissions). Green certificates for buildings that do not fully cover the reporting period cannot be fully relied upon for 2025 for audit purposes. As a result of timing differences between the issuance of the Annual Report and the receipt of updated 2025 green certificates, certain buildings have been classified as gray rather than green for the reporting period. For the Milan offices, where actual energy consumption data is not available, we use the square meter footprint of each office and assume an average kWh consumption per square meter. This is then converted into CO₂e emissions using UK Government DEFRA conversion factors. | Worldwide (although renewable electricity is used in Amsterdam and London offices only) |
GHG Protocol emissions category | Calculation method | Estimations, assumptions and data limitations | Reporting scope |
Scope 3: Cat. 7 – Employee commuting | Calculation based on primary data method, by: ▪ Commuting by various modes ▪ CO2 emissions per travel as provided by NS Business Card railway agent | Our employee commuting emissions are calculated using available activity data for the Amsterdam office, where commuting by public transport is recorded through the NS Business Card system. These data represent actual kilometers travelled by employees using rail and other public transport modes. Commuting undertaken through other modes—such as car, bicycle, walking, or privately purchased public transport—is not captured in the Amsterdam dataset and is therefore excluded. This represents a data limitation that will be addressed in future reporting cycles. For our APAC and US offices, we conducted an employee commuting survey to collect information on typical travel distances, modes of transport used (e.g., car, bicycle, walking, train, metro, bus), and average weekly office attendance. Using this self-reported information, adjusted for public holidays, we estimate the total annual commuting distance per employee and allocate emissions by transport mode. Emission factors for all regions are applied using weighted average values from the UK Government GHG Conversion Factors for Company Reporting, consistent with GHG Protocol guidance on using recognized secondary data sources where primary data are unavailable. | Worldwide |
Scope 3: Cat. 15 - Investments | Flow Traders has strategic investments that are not part of the direct emissions (scope 1) but are in scope for indirect emissions (scope 3). The investments accounted for under the equity method, the related organizations, do not form part of our value chain, either upstream or downstream. Furthermore, none of the investments would fall under the definition of operational and financial control. | At present, no emissions data is available from the investee companies, and there are no comparable companies with sufficiently similar business activities for which an average CO₂ footprint could be used to support a reliable estimation of Scope 3 emissions. Flow Traders intends to engage with relevant investee companies to obtain this information in the future. Until such data becomes available, we are unable to calculate these emissions. | Worldwide |
Scope 3: Cat. 1 – Purchased services from data center server space | Calculation based on secondary data method, by: ▪ Total server space capacity purchased (from contract agreement / invoice) in kVa (kilo volt ampere) (APAC and US) ▪ Server capacity for actual power draw (EMEA only). Note that one EMEA data center relies on contracted power usage ▪ Converted kVa to full year kWh ▪ Total server space capacity purchased (from contract agreement / invoice) in kW (kilo Watt) full year ▪ The percentage of electricity consumption from renewable and non-renewable sources are as provided by the data center supplier ▪ Multiplied by country-specific emission factor of the electricity grid | We rely on confirmations provided by our data center service providers to determine the share of renewable electricity consumed. As of year-end 2025, the data center service providers were unable to provide green energy certificates for the reporting year due to timing constraints. For reasons of confidentiality, we do not disclose the number or specific locations of these data centers. Currently, no actual CO₂ emissions data is available from any data center service provider. Instead, our calculations are based on (i) contracted space and power capacity, and (ii) actual power draw data obtained for EMEA data centers, which is captured in our internal reporting dashboard. One data center is not included in this dashboard, for which contracted power capacity data is used as a proxy. Power usage is subsequently converted into CO₂e greenhouse gas emissions using emissions factors provided by Carbon Footprint Ltd. | Worldwide |
GHG Protocol emissions category | Calculation method | Estimations, assumptions and data limitations | Reporting scope |
Scope 3: Cat. 1 – Purchased goods from hardware | Calculation based on primary data method, by: ▪ Spend-based method for scope 3 calculation ▪ Total hardware-related spend includes servers, storage hardware, networking peripherals, switches, laptops, screens, data communication, computers, racks and other hardware ▪ Multiplied by supply chain industry (NAICS)- specific emission factors | Since we use a spend-based calculation, local pricing differences may lead to variations in the emissions calculated for the same product. Additionally, we rely on industry-specific emissions factors for the supply chain, which are sourced from public data and based on historical figures from previous years. There is data limitations at regional offices for all scope 3 categories. We use NAICS conversion factors to convert spend amounts into CO₂. | EMEA excluding London and Cluj, APAC and U.S. |
Scope 3: Cat. 5 - Waste generated in operations | Calculation based on primary data method, by: ▪ Waste volumes (in kilograms) and the corresponding waste treatment methods (recycling, anaerobic digestion, landfill) as provided by the waste treatment handler ▪ Total volumes of organic waste, general waste, plastics, drinks packaging and light metals (PDM), and paper and cardboard ▪ Application of average emissions factors per disposal method | We rely on average emissions factors per disposal method, which are sourced from public data and based on historical figures from previous years. We use the UK Government DEFRA conversion factors to convert waste into CO2. | Amsterdam |
Scope 3: Cat. 6 – Business travel | Calculation based on primary data method, by: ▪ Itinerary of travel by air or railway ▪ CO2 emissions per travel as provided by the travel service agency | Our data calculation includes all business travel booked through our designated travel agents in EMEA, APAC, and the Americas. However, business travel arranged outside these channels, such as trips booked individually by employees and reimbursed through expenses, is not included in the calculations. | Worldwide |
Other | Calculation method | Estimations, assumptions and data limitations | Reporting scope |
Full-time equivalents (FTEs) | For the calculation of the total number of FTEs, Flow traders applies a service obligation model. | Employees that are on garden leave, unpaid leave, or paid leave are not included within the total reported number of FTEs. | Worldwide |
Materiality | €8.2 million (2024: €9.8 million) |
Benchmark applied | 5% of profit before tax for the year ended 31 December 2025 (rounded) |
Explanation | Based on our professional judgment and our perception of the financial information needs of the users of the financial statements, a benchmark of 5% of profit before tax is an appropriate quantitative indicator of materiality as profit before tax best reflects the financial performance of Flow Traders. We determined materiality consistently with the previous financial year. Our materiality reflects the decrease in profit before tax as compared to previous financial year. |
Fair value measurement of financial assets and liabilities held for trading | |
Risk | At 31 December 2025 the financial assets held for trading (long positions in equity-trading, debt securities-trading and mark to market derivatives assets) amounted to €7.1 billion (2024: €6.1 billion) and the financial liabilities held for trading (short positions in equity securities-trading, debt securities- trading and mark to market derivatives liabilities) amounted to €5.2 billion (2024: €4.3 billion), as disclosed in Note 15 and Note 24 to the consolidated financial statements, respectively. Flow Traders’ fair value measurement of financial assets and liabilities held for trading is based on internally determined theoretical prices as disclosed in Note 6 to the consolidated financial statements. These prices can differ from closing prices at various stock exchanges or prices from clearers. Such differences may arise due to market illiquidity, variety in opening hours of the stock exchanges and the prices used for identical or similar positions. The determination of these fair values require judgment which represents a risk of inappropriate valuation directly impacting the gross trading income. Therefore, we considered the valuation of financial assets and liabilities held for trading a key audit matter. |
Our audit approach | Our audit procedures included, amongst others, assessing the appropriateness of Flow Traders’ accounting policies related to valuation of financial assets and liabilities in accordance with IFRS 9 “Financial Instruments” and IFRS 13 “Fair Value Measurement”. We also obtained an understanding of the valuation process, including management’s verification controls, and we evaluated the design and implementation of internal controls relevant to fair value measurement. |
Our audit approach | In addition, we performed the following procedures: ▪ Risk-based sample testing on the valuation of individual positions by comparing the internally determined theoretical prices with market prices from independent sources ▪ Independently confirming year-end positions with third parties (clearers, banks, exchanges) to verify the positions in financial assets/liability held for trading as at 31 December 2025 ▪ Subsequent cash receipt testing in January 2026 for transactions recorded directly after 31 December 2025 to assess the valuation of financial assets and liabilities held for trading ▪ Cut-off procedures to ensure that transactions were recorded in the appropriate reporting period Furthermore, we evaluated that the presentation and disclosure in the financial statements comply with IFRS 7 “Financial Instruments: Disclosure” and IFRS 13 “Fair Value Measurement” on disclosure requirements for financial assets and liabilities held for trading, including the fair value hierarchy. |
Key observations | Based on our procedures performed, we consider the fair value of the financial assets and liabilities held for trading to be reasonable as at 31 December 2025. |
Existence, rights and obligations and valuation of digital assets | |
Risk | At 31 December 2025, the other assets held for trading including digital assets traded on centralized and decentralized exchanges amounted to €343.2 million (2024: €625.0 million) as disclosed in Note 17 to the consolidated financial statements. Digital assets can be exchanged directly between parties through decentralized networks that record transactions and positions on a publicly observable blockchain. These are digital assets held in private wallets, each safeguarded by a private key. As possession of the private key provides access to the digital assets, effective safeguarding of these keys is critical. Consequently, there is a risk of loss arising from stolen, lost or compromised private keys or misappropriation of the digital assets. In contrast, digital assets held on centralized exchanges and related positions are not observable on the blockchain, as such exchanges hold digital assets in commingled wallets. Ownership is established based on legal terms rather than on-chain evidence. The exchanges are unregulated and due to the lack of transparency of transactions and positions there is an increased risk to existence and rights and obligations indicated positions. The fair value measurement of digital assets prices is based on the market data from the various exchanges, where prices may vary per exchange. Reference is made to the information on digital assets in Note 6 and Note 34 to the consolidated financial statements. Due to the risks associated with digital assets held in both private wallets and in commingled wallets, as well as judgment involved in determining prices and further verifying the quantity of digital assets owned by Flow Traders, we considered existence, rights and obligations and valuation of digital assets a key audit matter. |
Our audit approach | Our audit procedures included, amongst others, assessing the appropriateness of Flow Traders’ accounting policies related to the classification and measurement of the digital assets under IFRS Accounting Standards, including IAS 2 “Inventories” and IFRS 13 “Fair value Measurement” and current market practice. We evaluated the design and implementation of controls related to digital assets, including risk assessment checks performed by the Risk and Operations and the Compliance departments in onboarding exchanges as well as trading in certain digital assets, involving our own experts in the area of auditing digital assets.We also evaluated the design and implementation of the daily trades reconciliation controls and procedures for deposits and withdrawals with cryptocurrency exchanges. In addition, we evaluated the design and implementation of controls around the safeguarding of the private keys. For digital assets in private wallets, we tested Flow Traders’ reconciliation of digital asset ending balances recorded in its books to the underlying blockchain and investigated any unusual and other reconciling items as at 31 December 2025. We further verified that Flow Traders had access to its wallets, and therefore control over the related digital assets, both before and after the reporting date. For digital assets held on centralized exchanges, we observed the positions held with the majority of the exchanges at year-end to verify the existence and rights and obligation of the reported digital asset balances. We evaluated the valuation methodology applied by management and consistency of its application. In addition, we tested the valuation of individual positions by comparing the internally determined prices to independent sources as at 31 December 2025. |
Key observations | Based on the procedures performed, we did not identify any material audit findings in relation to the rights and obligations, existence and valuation of digital assets as at 31 December 2025. |
Valuation of (long-term) investments accounted for at fair value | |
Risk | Long-term investments include investments measured at fair value through other comprehensive Income and through profit or loss. Flow Traders invests in private companies across all geographies, with an emphasis on three key themes: platform, data, and connectivity. These investments consist primarily of equity stakes in companies of which most are in the start-up and scale-up phase. At 31 December 2025, the investments measured at fair value through Other Comprehensive Income and Profit or Loss totaled to €37.8 million (2024: €57.8 million), as disclosed in Note 19 and Note 20 to the consolidated financial statements, respectively. As described in Note 6 to the consolidated financial statements, management estimates the fair value of (long-term) investments measured at fair value, by applying reference to their quoted closing bid price at the reporting date or, if unquoted, determined using a valuation technique using market observable and unobservable inputs and assumptions. Determining the fair value of investments using unobservable inputs and assumptions is a complex process and requires judgment from management as these investments exhibit higher estimation uncertainty, including performance adjustments and discounts for liquidity. Due to the matters described, we considered the valuation of (long- term) investments accounted for at fair value a key audit matter. |
Our audit approach | With involvement of our valuation specialists, we obtained an understanding and evaluated the design and implementation of controls over the estimation of the valuation of the (long-term) investments and the appropriateness of the valuation methodologies applied, including the review of Flow Traders policies in line with the International Private Equity and Venture Capital (IPEV) Valuation Guidelines and IFRS 13 “Fair Value Measurement”. |
Our audit approach | We evaluated the reasonableness of the key inputs used in the valuation models and assumptions made by management as part of their valuation process, by performing validation procedures using external data where relevant and underlying source documentation. For a sample of investment valuations, we obtained the valuation models and compared objective inputs used in the models to agreements or underlying source documents as provided by the company. In addition, we tested the mathematical accuracy of the valuation models. We also evaluated subsequent events and transactions and considered whether these provided corroborative or contradictory evidence in relation to the fair value estimates as at year-end. Finally, we evaluated the completeness and accuracy of the disclosures related to the fair value measurement of these investments in conformity with IFRS Accounting Standards. |
Key observations | Based on our procedures performed we consider the valuation of (long-term) investments accounted for at fair value as at 31 December 2025 to be reasonable. |
Reliability and continuity of the IT environment | |
Risk | Flow Traders’ activities, including its financial reporting process, are highly dependent on the reliability and continuity of the IT environment. Flow Traders operates within a complex IT landscape, including IT services outsourced to service organizations and continuous IT environment improvements and implementations. Effective general IT controls over change management, logical access, IT operations and infrastructure are fundamental to ensuring the reliability and continuity of the IT environment, as well as the operating effectiveness of the automated business controls. Moreover, Flow Traders as an internationally operating group, is inherently exposed to higher risks of cybersecurity attacks. We refer to the risk category “Technology risk” as discussed in the “Our risk management” section of the annual report. In our audit of the financial statements, we identified the risk that the general IT control measures may not always operate as intended. Given the significant reliance on the IT environment, deficiencies in general IT controls could result in material misstatements in financial reporting. Therefore, we considered the reliability and continuity of the IT environment a key audit matter. |
Our audit approach | With the support of IT audit professionals, who are an integral part of the audit team, we assessed the reliability and continuity of the IT environment and evaluated the design and existence of general IT controls for the applications relevant to the trading process in the context of our audit of the financial statements. Our audit was not designed to express an opinion on the continuity and reliability of Flow Traders’ automated data processing (or parts thereof). |
Our audit approach | As part of our audit of the financial statements, we assessed the impact of changes to the IT environment during the year for the IT applications in scope of the audit of the financial statements. Furthermore, we performed the following procedures: ▪ Evaluating the design of the IT general control processes and testing the operating effectiveness of IT general controls for the main IT processes being logical access management and change management. This was done for the IT applications in scope of our financial statements audit as well as for the relevant underlying operating system including database management and tooling supporting access management and change management IT processes. ▪ Designing and executing IT substantive procedures when IT general controls were lacking or not operating effectively ▪ Reviewing relevant third-party assurance reports of service providers on the design and the operating effectiveness of controls when one or more of the main IT processes have been outsourced ▪ Testing application controls within the trading process and interfaces relevant to this process Our audit was not aimed at making a statement about the cybersecurity procedures, controls and reporting of Flow Traders. However, we did obtain an understanding of the cybersecurity procedures, controls and reporting as performed by Flow Traders. |
Key observations | Based on our IT general controls testing procedures and IT substantive procedures performed, we have obtained sufficient assurance about the reliability and continuity of the IT environment relevant in the context of our financial statements audit. |
AGM | Annual General Meeting of shareholders |
AFM | The Dutch Authority for the Financial Markets |
AML | Anti-Money Laundering |
AMX | Amsterdam Midcap Index |
AP | Authorized Participant |
APAC | Asia Pacific |
APM | Alternative Performance Metrics |
APT | Dutch Association of Proprietary Traders |
AuM | Asset Under Management |
CapEx | Capital expenditure |
CEO | Chief Executive Officer |
CFRO | Chief Financial and Risk Officer |
CRD IV | EU Capital Requirements Directive (2013/36/EU) |
CRR | EU Capital Requirements Regulation (575/2013) |
CSDD | Corporate Sustainability Due Diligence Directive |
CSDR | Corporate Sustainability Reporting Directive |
CTO | Chief Technology Officer |
CTrO | Co-Chief Trading Officer |
DLOM | Discount for lack of marketability |
DNB | Dutch Central Bank |
DMA | Double materiality assessment |
EBITDA | Earnings before interest tax deprecation & amortization |
EMEA | Europe, Middle East, and Africa |
EPS | Earnings per share |
ERMF | Enterprise Risk Management Framework |
ESG | Environmental, Social and Governance |
ESRS | European Sustainability Reporting Standards |
ETF | Exchange-Traded Funds |
ETP | Exchange traded product |
EY | EY Accountants B.V. |
FCIP | Flow Cash Incentive Plan |
FIA EPTA | FIA European Principal Traders Association |
FICC | Fixed income, currency and commodities |
FLIP | Flow Loyalty Incentive Plan |
FTE | Full-time equivalent |
FWD | Forward |
FVPL | Fair value through Profit or Loss |
FVOCI | Fair value through Other Comprehensive Income |
FX | Foreign currency |
GAAP | Generally accepted accounting principles |
GHG | Greenhouse gas |
IA | Internal audit function |
IFD | Directive (EU) 2019/2034 on the prudential supervision of investment firms |
IFR | Regulation (EU) 2019/2033 on the prudential requirements of investment firms |
IFRS | International Financial Reporting Standards |
IR | Investor Relations |
KPI | Key Performance Index |
KYC | Know Your Client |
kWh | Kilowatt hour |
L&D | Learning and Development |
MiFID II | Markets in Financial Instruments Directive (Directive 2014/65/EU; as amended) |
MWh | Megawatt hour |
NTI | Net trading income |
OECD | Organization for Economic Cooperation and Development |
OTC | Over the counter |
QFII | Qualified Foreign Institutional Investor China |
ROE | Net profit divided by average end of period equity |
SDG | Sustainable Development Goals |
VWAP | Volume weighted average price |
