Core Viewpoint - Stewards Inc. is actively participating in the 38th Annual ROTH Conference to enhance its visibility and discuss the integration of traditional finance with digital finance alongside its strategic partner Dolomite [1][4]. Company Participation - Stewards will engage in two panels at the ROTH Conference, focusing on the convergence of traditional financial systems and decentralized finance (DeFi) [2][3]. - The panels include discussions on the future of finance and insights into North American exchange listings, reflecting Stewards' strategy for uplisting and capital market engagement [3][4]. Strategic Focus - The collaboration with Dolomite emphasizes the integration of institutional capital markets with onchain financial innovation, aiming to drive scalable and compliant adoption of digital assets [2][4]. - Glen Steward, Chairman of Stewards, highlighted the company's commitment to building a technology-enabled financial platform and advancing towards a national exchange [4]. Company Overview - Stewards Inc. operates as a diversified financial platform across private credit, real assets, and digital finance, providing financing solutions to small and mid-sized businesses in the U.S. [5][8]. - The company is focused on responsible growth through disciplined underwriting and technology-driven analytics, aiming to enhance long-term balance sheet strength [8]. About Dolomite - Dolomite is a decentralized finance protocol that supports capital-efficient lending, borrowing, and margin trading, bridging traditional finance with decentralized infrastructure [6]. - The platform emphasizes risk management and compliance while enabling access to a wide range of digital assets [6]. About ROTH Conference - The ROTH Conference is a significant investor event in the U.S., bringing together institutional investors, executives, and growth companies across various industries [7]. - Stewards' participation in this conference underscores its commitment to increasing visibility and positioning for future growth [4].

Core Insights - Flow Traders reported a decrease in Net Trading Income and Total Income for 4Q25 compared to 4Q24, with Net Trading Income at €123.8 million, down 20%, and Total Income at €121.0 million, down 24% [5][6] - For the full year 2025, Net Trading Income increased by 4% to €485.8 million, while Total Income remained stable at €480.5 million, reflecting a 0% change year-on-year [5][6] - The company experienced a significant increase in ETP Value Traded, which rose by 22% in 4Q25 to €516 billion, and by 26% year-on-year to €1,940 billion for the full year [5][8] Financial Overview - Fixed Operating Expenses for 4Q25 were €52.4 million, a 17% increase from 4Q24, primarily due to higher Employee and Technology expenses [5][6] - Total Operating Expenses decreased by 6% to €71.8 million in 4Q25, attributed to lower Variable employee expenses, while full year Total Operating Expenses increased by 7% to €281.6 million [5][6] - EBITDA for 4Q25 was €49.2 million, down 41% from 4Q24, with an EBITDA margin of 41% compared to 52% in the previous year [5][6] Profitability Metrics - Net Profit for 4Q25 was €35.1 million, a 44% decrease from €63.2 million in 4Q24, resulting in basic and diluted EPS of €0.81 and €0.78, respectively [5][6] - For the full year, Net Profit was €133.6 million, a 16% decrease year-on-year, with basic EPS of €3.07 and diluted EPS of €2.98 [5][6] Trading Capital and Returns - Trading Capital at the end of 4Q25 stood at €1,044 million, a 35% increase from €775 million at the end of 4Q24, generating a 53% Return on average trading capital [5][8] - Shareholders' equity increased to €868 million at the end of 4Q25, up from €767 million at the end of 4Q24 [5] Regional Revenue Breakdown - Revenue from Europe in 4Q25 was €76.9 million, down 12% from €86.9 million in 4Q24, while the Americas saw an 11% increase to €20.2 million [5][7] - Asia's revenue dropped significantly by 56% to €23.9 million in 4Q25 compared to €53.9 million in 4Q24 [5][7] Market Environment - In Europe, trading volumes increased for major exchange operators in 4Q25 compared to the same period last year, with average volatility remaining relatively flat [9] - In the Americas, equity trading volumes on Nasdaq and NYSE increased year-on-year and quarter-on-quarter, while fixed income volumes decreased quarter-on-quarter but increased year-over-year [12] - In Asia, mixed trends were observed in equity trading volumes, with some exchanges seeing increases year-on-year but declines quarter-on-quarter [13] Strategic Initiatives and Outlook - The company plans to increase fixed operating expenses for 2026 to €220-230 million, driven by technology investments and talent acquisition [15] - Flow Traders aims to strengthen its global ETP leadership and enhance its trading capabilities through investments in AI and technology [16][17] - The company has expanded its operations in Asia, particularly in the Chinese markets, and is focusing on the tokenization of real-world assets as a new growth segment [18][20]