Euronext N.V. Earnings Recaps
Q1 2026
May 22, 2026
Euronext's shares rose modestly by 1.2% following a quarter marked by broad-based double-digit revenue and EBITDA growth alongside disciplined cost management. The market appears to regard the results as in line with expectations, reflecting steady progress without clear upside surprises.
Key takeaways
- Revenues increased 15.3% year-on-year to EUR 528.5 million, reflecting diversified growth across both volume- and non-volume-related segments.
- Adjusted EBITDA rose 16.7% to EUR 343.2 million, with margin expansion of 0.8 percentage points to 64.9% despite ongoing investments and acquisitions.
- Adjusted net income grew 17.7% to EUR 216.1 million, supporting an 18.3% increase in adjusted EPS to EUR 2.13.
- Non-volume-related revenues, with significant contributions from Admincontrol and Euronext Athens, accounted for 56% of total revenues and increased 13.4%.
- Operating expenses rose 12.7%, driven by acquisitions and a 20% increase in headcount, though underlying costs excluding acquisitions grew only 5.2%.
Q3 2025
Nov 10, 2025
Euronext achieved a robust performance in Q3 2025, marking its sixth consecutive quarter of double-digit revenue growth with a 10.6% year-on-year increase to EUR 438.1 million. The company also announced its inclusion in the CAC 40 Index, bolstering market liquidity.
Key takeaways
- Non-volume-related revenue grew to 60% of total revenue, driven by strong growth in custody, settlement, and contributions from recent acquisitions.
- Adjusted EBITDA climbed 12.6% year-on-year to EUR 276.7 million, with a margin increase to 63.2%.
- Euronext upgraded its 2025 underlying operating cost guidance to EUR 660 million, reflecting disciplined cost management.
- A EUR 250 million share repurchase program was announced, expected to be executed between November 2025 and Q1 2026.
- Euronext is pursuing consolidation through its offer for ATHEX Group, aiming for EUR 12 million in annual cash synergies by the end of 2028.