Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) today released its unaudited 2Q19 results
and its Half Year 2019 report. Highlights are:
. 2Q19 NTI of € 53.9m, against € 63.1m in 1Q19 and € 53.8m in 2Q18
. 1H19 NTI of € 117.0m, against € 266.9m in 1H18, driven by a record 1Q18
. Fixed operating expenses up 2% Q-o-Q in 2Q19 and 9% YoY in 1H19, well within annual fixed cost growth
guidance
. 2Q19 EBITDA margin at 39%, leading to a 1H19 EBITDA margin of 41%
. Net Profit at € 13.8m in 2Q19 and € 33.0m in 1H19, resulting in a 1H19 EPS of € 0.71
. Under CRR capital requirements regulation, Flow Traders’ own funds requirement was € 148m at 30 June
2019, resulting in excess capital of € 146m
. Interim dividend for FY19 is set at € 0.35, ex-dividend date will be 12 August 2019
. Flow Traders will continue to focus on its growth strategy of gaining scale through diversification and
improving efficiency to maximize NTI growth
. 465 FTEs at end June 2019, up 6.6% against end December 2018
Overview of Flow Traders’ quarterly and Half Year consolidated results (unaudited)

€million, unless otherwise stated 2Q19 1Q19
Q-o-Q Change 1H19 1H18 Y-o-Y Change
Net Trading Income 53.9 63.1 (15%) 117.0 266.9 (56%)
EMEA (Europe) 32.1 37.5 (15%) 69.6 81.9 (15%)
Americas 15.3 17.3 (11%) 32.6 167.4 (81%)
APAC (Ex China) 6.5 8.3 (21%) 14.8 17.7 (16%)
Fixed operating expenses 23.9 23.4 2% 47.3 43.6 9%
EBITDA 20.9 26.8 (22%) 47.7 153.3 (69%)
EBITDA Margin 39% 42% 41% 57%
Net Profit 13.8 19.2 (28%) 33.0 126.8 (74%)
EPS (EUR) 0.30 0.41 (28%) 0.71 2.73 (74%)
Flow Traders ETP Value Traded (€bn) 235.4 258.6 (9%) 494.0 443,4 11%
EMEA (Europe) 121.0 128.7 (6%) 249.7 253.7 (2%)
Americas 105.0 121.2 (13%) 226.2 173.1 31%
APAC (Ex China) 9.3 8.7 7% 18.1 16.6 9%
Flow Traders’ non ETP Value Traded (€bn) 694 738 (6%) 1,433 1,288 11%
Market ETP Value Traded (€bn) 5.842 6,093 (4%) 11,934 12,084 (1%)
EMEA (Europe incl MTF) 355 355 0% 710 720 (1%)
Americas 5,002 5,281 (5%) 10,283 10,237 0%
APAC 485 456 6% 941 1,127 (16%)
APAC (ex China) 209 217 (4%) 426 509 (16%)

Current Trading and Outlook
Market trading activity picked up at the start of 2019. After that, market value traded slowed down as
geopolitical developments influenced investor appetite to trade. As a result of this, market value traded fell
back versus the second half of 2018. Growth in global ETP assets under management on the other hand picked
up again. Overall the underlying trends in the ETP market remained healthy.
Flow Traders’ 1H19 results follow the disciplined execution of its growth strategy, as the growth of its value
traded led to market share gains. This was the result of growth in venues connected to and growth in the
number of counterparties and products, especially in APAC and the Americas. Regulatory developments
regarding the implementation of IFR/IFD are underway and EBA with ESMA and national governments are now
working on implementing the necessary legislation. Based on current drafts available, Flow Traders anticipates
it will have a neutral to slightly positive impact on its business. Taking all this into account, Flow Traders will
further continue to execute on its growth strategy to maximize NTI growth.
Management Board statements
CEO Dennis Dijkstra stated:
“In 2Q19 Flow Traders continued to build on the foundation presented during our Capital Markets Day in April
2019. From a technological and regulatory perspective, financial markets have become more efficient and
transparent in the first half of 2019, allowing market participants to provide liquidity in the most optimal way,
based on technology and pricing while maintaining a low risk profile. In that context, Flow Traders’ strategy is
focused on gaining scale through diversification of trading and improving efficiency. By improving and
expanding our portfolio of products traded, while at the same time continue growing our presence in the global
ETP ecosystem, we optimize our growth potential. Our 1H19 performance is reflective of that intention. While
keeping a tight grip on cost growth, Flow Traders grew its global value traded relatively more than the market.
The financial performance tracks the profit potential in the market and confirms the long term growth path we
want to follow to maximize NTI growth.”
Chief Trading Officer Folkert Joling added:
“In that goal to maximize our NTI growth, we grew the number of products traded, the number of
counterparties set up and the number of venues. This resulted in a growth of market share in the first 6 months
of 2019, achieved both in ETPs and non-ETP products, across assets classes including currencies, crypto and
fixed income. Flow Traders realized an NTI of € 117m over that same period, with an increase in overall Value
Traded. Especially in the US we saw a good pickup in trading Fixed Income ETPs. As such, and in light of our
future growth strategy, we have recently hired a number of experienced professionals in different areas. Flow
Traders will continue to invest in its resources and infrastructure to support its ambition of eventually becoming
a global one-stop shop liquidity platform.”
Preliminary Financial Calendar 2H19
12 August 2019 Ex-dividend date interim dividend FY19
13 August 2019 Record date interim dividend FY19
15 August 2019 Payment date interim dividend FY19
27 September 2019 Start silent period ahead of 3Q19 trading update
17 October 2019 Release 3Q19 trading update (no analyst conference call)