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Flow Traders Ltd. 3Q26 trading update 29 October 2026
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2 Disclaimer This presentation is prepared by Flow Traders Ltd. and is for information purposes only and the material contained in this document is provided ‘as is’. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments. The information and materials contained in this presentation are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This presentation is not intended to be and shall not constitute in any way a binding or legal agreement or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders. This presentation may include forward - looking statements, which are based on Flow Traders’ current expectations and projections about future events and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward - looking statements. By their nature, forward - looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward - looking statements. Accordingly, no undue reliance should be placed on any forward - looking statements. Forward - looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward - looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material. Efficiencies are net, before tax and on a run - rate basis, i.e. taking into account the full - year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations. By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document. All results published in this presentation are unaudited.
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3 3Q26 results reflect seasonally lower market activity 1,473 1,699 564 553 48,194 68,139 21,962 20,550 YTD25 YTD26 2Q26 3Q26 151.7 180.2 59.3 64.8 YTD25 YTD26 2Q26 3Q26 ETF value traded (€bn) 1 Net trading income (€m) and RoTC 2 (%) 149.8 153.4 63.6 17.5 YTD25 YTD26 2Q26 3Q26 Net profit (€m) Basic EPS (€) 98.5 97.6 40.8 6.4 YTD25 YTD26 2Q26 3Q26 Flow Traders Market Fixed operating expenses (€m) 266.3 336.4 131.7 70.8 95.7 51.7 YTD25 YTD26 16.1 2Q26 13.8 3Q26 362.0 388.2 147.8 84.5 EBITDA (€m) and margin (%) 2.26 2.22 0.93 0.15 YTD25 YTD26 2Q26 3Q26 ▪ Flow Traders’ ETF value traded fell 2% QoQ in 3Q26, against a 6% in the market ▪ On a YTD basis, Flow Traders’ ETF value traded increased 15% YoY, compared with 41% in the market, reflecting continued ETF market growth ▪ Flow Traders delivered a RoTC of 30% in 3Q26 and 47% in YTD26 ▪ NTI decreased 43% QoQ to €84.5m in 3Q26, amid lower market activity, while YTD26 NTI increased 7% YoY to €388.2m ▪ Fixed operating expenses increased to €64.8m in 3Q26, up 9% QoQ ▪ 3Q26 EBITDA was €17.5m with a 20% margin, while YTD26 EBITDA was €153.4m, up 2% YoY ▪ 3Q26 net profit was €6.4m with basic EPS of €0.15, while YTD26 net profit was €97.6m, down 1% YoY, with basic EPS of €2.22 59% 47% 53% 30% 42% 39% 43% 20% Traditional Digital assets Note(s): 1) Includes Traditional and DA volumes; 2) Return on trading capital is defined as annualized NTI divided by the ave rag e of trading capital for the applicable period.
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4 ETF market activity and velocity decreased in 3Q26, while continued AuM growth and structural ETF adoption support a strong outlook ETF AuM (€bn) Average implied volatility (VIX) ET F v elocity 1 ETF value traded (€bn) 0 1 2 3 4 5 6 7 8 9 10 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 8,206 9,033 9,115 8,449 8,525 8,652 9,100 9,636 9,754 10,542 11,772 12,263 3Q21 14,341 13,943 14,317 15,911 12,988 17,379 20,209 3Q26 21,097 16,888 Equity Fixed Income Commodities Other 8,853 10,666 15,085 13,676 11,410 11,640 11,349 9,872 10,146 11,714 11,981 11,018 11,745 13,190 14,425 16,509 17,260 20,735 25,628 21,962 20,550 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 0 5 10 15 20 25 30 35 40 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 ▪ ETF AuM increased to €21,097bn in 3Q26, compared to €15,911bn in 3Q25 resulting in a 33% YoY growth ▪ Market ETF value traded increased 41% YTD26 compared to YTD25 and decreased by 6% QoQ, contracting by 20% compared to peak in 1Q26 ▪ Average implied volatility (VIX) decreased by 12% QoQ and was flat YoY ▪ The reduction in volatility translated to reduced ETF velocity which decreased by 10% both QoQ and YoY ▪ Despite lower ETF traded volumes QoQ, the ETF market continues to grow structurally Source: Bloomberg, iShares, Tradeweb, Bloomberg RfQ , Flow Traders. Note: 1) ETF v elocity is c alculated as annualized ETF value traded divided by ETF AuM . Mean Mean
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5 Structural growth in digital assets remains intact despite continued subdued digital assets market Bitcoin volume (m) and price ($) Global crypto market cap ($ tn ) Source: Bloomberg, TradeWeb , CoinGecko , RWA.xyz , The Block, Flow Traders analysis 2 11 16 10 31 22 16 10 8 12 12 10 22 223 145 326 281 450 539 404 308 0 100 200 300 400 500 600 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 1 159 260 288 ▪ Since the start of the year the bitcoin price is down 6% and is down 33% since its peak in Oct - 2025 ▪ The crypto market capitalization moved in tandem with the price of bitcoin ▪ Global digital assets ETF value traded was up 7% QoQ and down 31% vs. 3Q25 ▪ Strong momentum in tokenized markets continued with tokenized assets increasing by 7% QoQ and 62% vs. 3Q25 ▪ Despite recent market conditions, long - term growth trends in digital assets remain in place Global digital assets ETF value traded (€bn) Global tokenized RWAs ($bn) 0.3 0.8 1.8 1.5 1.9 2.3 2.2 0.9 1.0 0.8 1.2 1.2 1.1 1.7 2.7 2.3 2.3 3.3 2.7 3.4 4.0 3.1 2.4 2.2 3.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 3 5 5 10 10 16 24 26 33 36 39 0 5 10 15 20 25 30 35 40 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 20,000 40,000 60,000 80,000 100,000 120,000 Volume (m) Price
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6 Continued YTD growth in our Traditional business, despite lower market activity EMEA 2,413 3,105 1,041 892 YTD25 YTD26 2Q26 3Q26 +29% - 14% 674 824 279 257 YTD25 YTD26 2Q26 3Q26 +22% - 8% 135 177 72 34 YTD25 YTD26 2Q26 3Q26 +31% - 52% 35,977 47,966 15,286 13,731 YTD25 YTD26 2Q26 3Q26 +33% - 10% 639 683 218 235 YTD25 YTD26 2Q26 3Q26 +7% +8% 49 72 27 20 YTD25 YTD26 2Q26 3Q26 +45% - 25% 8,814 16,068 5,347 5,619 YTD25 YTD26 2Q26 3Q26 +82% +5% 119 167 61 52 YTD25 YTD26 2Q26 3Q26 +41% - 14% 81 87 33 16 YTD25 YTD26 2Q26 3Q26 +7% - 50% U.S. APAC Market ETF value traded (€bn) Flow Traders’ ETF value traded (€bn) ▪ EMEA: QoQ, traded volumes across both the market and Flow Traders fell, while lower volatility led to fewer market dislocations, resulting in a larger decline in NTI; on a YTD basis, NTI grew 31%, in line with broader market growth ▪ U.S.: Flow Traders' traded volumes outpaced the market QoQ, though lower volatility led to a decline in NTI; on a YTD basis, NTI grew 45% compared with YTD25 ▪ APAC: Value traded grew YTD, up 82% for the market and 41% for Flow Traders, though QoQ Flow Traders' traded volumes declined, coupled with lower volatility, resulting in a 50% fall in NTI, with YTD NTI up 7%. APAC remains a core growth region for Flow Traders Net trading income (€m)
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7 Despite lower digital asset trading activity YTD, tokenized markets continued to grow 20.9 13.5 3.6 4.0 YTD25 YTD26 2Q26 3Q26 - 35% +11% 11.1 7.4 2.0 2.4 YTD25 YTD26 2Q26 3Q26 - 33% +21% 96 52 16 14 YTD25 YTD26 2Q26 3Q26 - 46% - 15% ▪ EMEA digital assets ETF value traded declined 35% and 33% YTD26 versus YTD25 for the market and Flow Traders respectively, re fle cting the contraction in digital assets markets since the October 2025 peak ▪ While the EMEA digital assets ETF market grew 11% QoQ (21% for Flow Traders), centralized exchange trading volumes across the br oader digital assets market declined, reaching multi - year lows during the quarter ▪ As NTI is driven by activity across the wider digital assets market, digital assets NTI fell 15% QoQ to €14m, with YTD26 NTI dow n 46% to €52m ▪ Structural growth in digital assets remains in place, underpinned by continued growth in the tokenized RWA market, in line wi th Flow Traders' Horizon 2030 strategy EMEA Market digital asset ETF v alue traded (€bn) 1 EMEA Flow Traders’ digital asset ETF v alue traded (€bn) 1 Digital assets NTI (€m) Note(s): 1) As indicated during our CMD – EMEA digital asset ETF value traded serves as a proxy for our digital assets NTI. If i n the future we deem other metrics a more useful proxy given the development of our digital assets business, we will amend data accordingly
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8 Increased fixed operating expenses driven by continued employee and technology investments 175 179 193 190 200 278 282 298 291 273 169 174 166 160 158 3Q25 4Q25 1Q26 2Q26 3Q26 622 635 657 641 630 Trading Technology Other Fixed operating expenses (€m) 28.0 28.4 11.1 52.1 63.5 20.6 22.9 71.6 88.3 27.7 33.1 YTD25 YTD26 2Q26 8.7 3Q26 151.7 180.2 59.3 64.8 +19% +9% Employee expenses (fixed) Technology expenses Other expenses YTD25 YTD26 2Q26 3Q26 42% 39% 43% 20% EBITDA margin (%) ▪ Fixed operating expenses increased by 19% to €180.2m YTD26 (YTD25: €151.7m), primarily driven by adding subject matter expert s, technology expenses, and one - off expenses ▪ EBITDA margin decreased YoY to 39% YTD26, driven by increased fixed operating expenses, including one - off expenses ▪ During our Capital Markets Day we updated our fixed operating expenses guidance for the year to €235 - 245m, given additional tech nology investments and targeted additions of subject matter experts in growth areas. YTD26 fixed operating expenses are in line with our guidanc e ▪ FTEs decreased by 2% to 630 at the end of 3Q26, while we have continued to make targeted additions FTEs 1
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9 Trading capital and shareholders’ equity continues to strengthen Trading Capital (€m) and Return on Trading C apital 1 (%) Shareholders’ Equity (€m ) and Return on Equity 2 (%) ▪ Flow Traders maintained a strong capital base, with trading capital of €1,137m in 3Q26 (vs. €1,150m at 2Q26) following a repa yme nt of the RCF, and achieved an RoTC of 47% during YTD26 ▪ Shareholders' equity further strengthened over the period, increasing by 13% versus FY25 to €984m at the end of 3Q26, with YT D26 RoE at 14% (vs. 16% in FY25) 270 254 341 331 590 508 606 586 767 868 984 0 10 20 30 40 50 60 70 80 90 100 110 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 36% FY16 15% FY17 54% FY18 16% FY19 101% FY20 21% FY21 24% FY22 FY24 23% 16% FY25 6% 14% YTD26 FY23 Shareholders’ Equity (€m) Return on Equity (%) 343 272 425 368 772 611 651 775 1,137 0 20 40 60 80 100 120 140 160 180 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 73% FY16 54% FY17 110% FY18 55% FY19 164% FY20 56% FY21 73% FY22 584 49% FY23 69% FY24 1,044 53% FY25 47% YTD26 Trading Capital (€m) Return on Trading Capital (%) Note(s): 1) Return on trading capital is defined as annualized NTI divided by the average of trading capital for the applicab le period. 2) Return on equity is defined as annualized net profit divided by the average shareholders’ equity for the period.
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10 Q&A
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Thank You