Euronext NV
PAR:ENX
Euronext NV
Euronext NV, often regarded as a linchpin in the financial architecture of Europe, serves as a vibrant marketplace where equity, derivatives, and commodities find their value crystallized through the flux of buying and selling. Born out of the merger of stock exchanges from Amsterdam, Brussels, and Paris, Euronext has embraced expansion, assimilating other prominent bourses such as those in Lisbon and Dublin. At its core, Euronext makes its mark by facilitating the connection between capital-seeking enterprises and investors eager to diversify their portfolios. Through its state-of-the-art trading platform, the company ensures efficient and transparent transactions, which is crucial in maintaining investor confidence and sustaining the flow of capital within the European economic ecosystem.
The mechanics of Euronext’s business model revolve around revenues garnered from diverse sources: transaction fees, listings, market data, and technology solutions. When companies opt to go public, Euronext provides them with a platform to list their shares and raise capital, earning fees from initial public offerings and subsequent listings. Furthermore, every trade executed on its platform generates transaction fees, creating a steady income stream as the volume of trades flourishes. Beyond its traditional exchange services, Euronext bolsters its financial resilience through the provision of proprietary market data and technological services tailored for financial firms looking to gain an edge in today's competitive landscape. This multi-faceted approach not only fortifies its revenue streams but also cements Euronext's role as a pivotal enabler in the ebbs and flows of European finance.
Euronext NV, often regarded as a linchpin in the financial architecture of Europe, serves as a vibrant marketplace where equity, derivatives, and commodities find their value crystallized through the flux of buying and selling. Born out of the merger of stock exchanges from Amsterdam, Brussels, and Paris, Euronext has embraced expansion, assimilating other prominent bourses such as those in Lisbon and Dublin. At its core, Euronext makes its mark by facilitating the connection between capital-seeking enterprises and investors eager to diversify their portfolios. Through its state-of-the-art trading platform, the company ensures efficient and transparent transactions, which is crucial in maintaining investor confidence and sustaining the flow of capital within the European economic ecosystem.
The mechanics of Euronext’s business model revolve around revenues garnered from diverse sources: transaction fees, listings, market data, and technology solutions. When companies opt to go public, Euronext provides them with a platform to list their shares and raise capital, earning fees from initial public offerings and subsequent listings. Furthermore, every trade executed on its platform generates transaction fees, creating a steady income stream as the volume of trades flourishes. Beyond its traditional exchange services, Euronext bolsters its financial resilience through the provision of proprietary market data and technological services tailored for financial firms looking to gain an edge in today's competitive landscape. This multi-faceted approach not only fortifies its revenue streams but also cements Euronext's role as a pivotal enabler in the ebbs and flows of European finance.
Double-digit Growth: Euronext delivered its sixth consecutive quarter of double-digit revenue growth, with Q3 2025 revenue and income up 10.6% year-on-year to EUR 438.1 million.
Margin Expansion: Adjusted EBITDA margin increased by 1.2 points to 63.2%, supported by strong growth in non-volume-related business and cost discipline.
Cost Guidance Upgraded: Euronext lowered its 2025 underlying operating cost guidance to EUR 660 million from EUR 670 million, excluding Admincontrol, citing sustained cost control.
Share Buyback: The company announced a EUR 250 million share repurchase program to be executed from November 18, 2025, through Q1 2026.
ATHEX Acquisition: Euronext remains committed to its offer for ATHEX Group, targeting EUR 12 million of annual cash synergies by 2028, and will not increase the offer price.
Strong Post-trade Performance: Assets under custody hit a record EUR 7.5 trillion, reflecting growth in equities and bonds.
Balance Sheet Strength: Net debt to adjusted EBITDA improved to 1.5x at quarter-end, aligning with long-term targets.