Euronext N.V. Q3 2026 Earnings Recap

Euronext shares fell 6.8% after earnings, suggesting investors focused on the outlook rather than the record quarter. The transcript cites no guidance cut; the likely concern is that reported growth was heavily supported by record trading volumes, which drove volume-related revenue up 40.1%, while comparable underlying costs still rose 8%.

Key Takeaways

• Revenue and income reached a record €547.4 million, up 24.9% year over year; adjusted EBITDA rose 31.6%, lifting the margin by 3.3 percentage points to 66.5%.
• Volume-related revenue increased 40.1% on record volumes across asset classes. Non-volume-related revenue, 55% of the total, grew 14.8%.
• Underlying expenses excluding D&A rose 13.5% to €183.3 million; excluding acquisitions, costs increased 8% against like-for-like revenue growth of 18%.
• Management lowered its 2026 underlying operating-expense guidance to €760 million from €770 million. Net debt to EBITDA was 1.1x, or 1.2x normalized for Nord Pool cash in transit, and Euronext announced a €350 million share repurchase program.