Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces its unaudited Q121 trading
update
Highlights
? Market ETP Value Traded increased by 26% quarter-on-quarter and decreased 15% vs Q120
? Flow Traders ETP Value Traded increased 12% quarter-on-quarter and decreased 6% vs Q120
? Flow Traders recorded NTI of €142.2m in Q121 reflecting strong trading performance across the board.
This compares to NTI of €130.3m in Q420 and €495.0m in Q120
? Total operating expenses of €63.0m incurred in Q121 which includes €0.7m of one-off COVID-19 and
business continuity plan-related expenses
? 566 FTEs as at 31 March 2021 compared to 554 FTEs as at 31 December 2020
? Q121 EBITDA reached €79.3m with a margin of 56%
? Q121 Net Profit amounted to €61.6m with basic EPS of €1.39
? Regulatory Own Funds Requirement (OFR) as at 31 March 2021 was €226m resulting in excess capital of
€190m as at 31 March 2021. Trading capital stood at €755m at the end of the first quarter
? Completed €25m share buyback announced in February 2021. Announces additional repurchase of shares
of up to €20m commencing on 20 April 2021 over a period of 12 months in connection with employee
incentive plans
Financial Overview
€million Q121 Q420 Q121 Q120
Net Trading Income 142.2 130.3 142.2 495.0
EMEA (Europe) 81.4 93.9 81.4 304.9
Americas 38.8 22.0 38.8 149.0
APAC 22.1 14.3 22.1 41.0
Net Trading Income 142.2 130.3 142.2 495.0
Employee expenses* 47.0 20.4 47.0 154.9
Technology expenses 11.9 12.0 11.9 11.4
Other expenses 3.4 4.0 3.4 4.1
One-off expenses 0.7 3.4 0.7 0.9
Total Operating Expenses 63.0 39.8 63.0 171.2
EBITDA 79.3 90.5 79.3 323.7
Depreciation/Amortisation 3.7 3.7 3.7 3.6
Write offs, tangible assets - - - -
Results subsidiaries - 0.4 - -
Profit Before Tax 75.5 86.3 75.5 320.1
Tax 14.0 20.1 14.0 57.8
Net Profit 61.6 66.2 61.6 262.3
Basic EPS** (€) 1.39 1.47 1.39 5.71
Fully diluted EPS*** (€) 1.35 1.41 1.35 5.71
EBITDA margin 56% 69% 56% 65%

* Q121 employee expenses not directly comparable with Q420 due to the accounting treatment of the new share plan which was implemented in Q420. Fixed
employee expenses were: Q121 - €13.0m; Q420 - €11.9m; Q120 - €11.8m
** Weighted average shares outstanding: Q121 - 44,348,083; Q420 - 45,022,415; Q120 - 45,913,486. 44,306,638 shares outstanding as at 31 March 2021
*** Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees

Value Traded Overview
€billion Q121 Q420 Change Q121 Q120 Change
Flow Traders ETP Value Traded 414.4 370.8 12% 414.4 441.6 (6%)
EMEA (Europe) 199.4 182.4 9% 199.4 232.7 (14%)
Americas 189.6 170.5 11% 189.6 188.9 0%
APAC ex China 25.5 17.9 42% 25.5 20.0 (27%)
Flow Traders’ non-ETP Value Traded 915 765 20% 915 1,215 (25%)
Market ETP Value Traded1 9,313 7,403 26% 9,313 10,948 (15%)
EMEA (Europe) 590 489 21% 590 679 (13%)
Americas 7,780 6,081 28% 7,780 9,421 (17%)
APAC 944 833 13% 944 849 11%
APAC ex China 415 380 9% 415 476 (13%)
1. Source - Flow Traders analysis
Q121 Regional Highlights
EMEA:
? Reinforced position as the leading liquidity provider in ETPs, both on- and off-exchange. Retained #1
position off-exchange in Fixed Income, Equity, Fixed Income and Commodity ETFs
? Resilient trading performance in the core ETP business alongside positive NTI contributions from non-ETP
market making activities
? Successfully registered with the Dutch Central Bank (DNB) in line with recent regulations relating to
cryptocurrency to fiat currency trading
AMERICAS:
? Robust trading performance, particularly in equity-related ETPs
? Continued to support new issues as Lead Market Maker - acted as Lead Market Maker for the VanEck
Vectors Social Sentiment ETF (BUZZ) which saw the third highest volume ever traded for a new ETF launch
? Further expansion of the counterparty base in Q1 including several large asset managers
APAC:
? Consistent strong performance across asset classes throughout the region
? Awarded Best ETF Market Maker by the Tokyo Stock Exchange and received the Top Market Maker - ETP
Coverage award from the HKEX for Flow Traders’ contribution to the ETF market in 2020
? Flow Traders has been a participating market maker from launch on 1 February on JPX’s ETF RFQ Conneqtor platform

Repurchase of Shares
? Flow Traders announces that it will repurchase shares for a total aggregate consideration of up to €20m in connection with its employee incentive plans and to minimise shareholder dilution. The share repurchases will commence on 20 April 2021 for a period of 12 months. As before, any shares repurchased will be held in treasury until such time as they are distributed.

Management Board Comments
CEO Dennis Dijkstra stated:
“Once again our robust business continuity plan has ensured that we have functioned as normal throughout the first quarter. The disciplined execution of our strategic growth agenda meant that investments we have made are continuing to yield meaningful returns. This discipline is reflected in our strong cost control and conservative capital position. It was pleasing to successfully complete our registration with the DNB in line with recent regulations relating to cryptocurrency to fiat currency trading. This is in line with our longstanding advocation of increased regulation and transparency for the markets we operate in. In order to drive forward our strategy
we need to attract and recruit the best and brightest talent and our success in this regard has continued in 2021. Looking ahead to the end of the second quarter, we will finally see the new IFR/IFD prudential regime
apply to Flow Traders. Our assessment of the impact remains the same in that our capital requirements should
be markedly lower. It is still envisaged that this capital relief will be partially offset by growth business activities.”

Chief Trading Officer Folkert Joling added:
“We saw a strong trading performance across the board with all desks and regions contributing to our second strongest ever Q1. ETP flows during the quarter were dominated by sector rotations and the continued shift towards ESG investing. We continued to expand and deepen our ETP trading footprint during the quarter and are thoroughly executing our growth strategy of improving pricing and access to fixed income, commodity, crypto and FX markets and this is reflected in this quarter’s performance."
Preliminary Financial Calendar
23 April 2021 AGM
27 April 2021 FY20 final dividend proposed ex-dividend date
28 April 2021 FY20 final dividend proposed record date
30 April 2021 FY20 final dividend proposed payment date
30 June 2021 Start Silent Period ahead of H121 results
23 July 2021 H121 results release (incl. analyst conference call)
17 August 2021 Proposed 2021 interim dividend ex-dividend date
18 August 2021 Proposed 2021 interim dividend record date
20 August 2021 Proposed 2021 interim dividend payment date

Contact Details
Flow Traders N.V.
Jonathan Berger / Investor Relations Officer