Euronext NV
PAR:ENX

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Euronext NV
PAR:ENX
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Price: 116.9 EUR 0.69%
Market Cap: €11.9B

Euronext NV
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 7, 2025
AI Summary
Q3 2025

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.

Key Financials
Revenue and Income
EUR 438.1 million
Adjusted EBITDA
EUR 276.7 million
Adjusted EBITDA Margin
63.2%
Underlying Operating Expenses (excl. D&A)
EUR 161.4 million
Assets Under Custody
EUR 7.5 trillion
Net Debt to Adjusted EBITDA
1.5x
Adjusted Net Income
EUR 169 million
Reported Net Income (Share of Parent Company)
EUR 149.7 million
Adjusted EPS
EUR 1.68 per share
Reported EPS
EUR 1.49 per share
Net Cash Flow from Operating Activities
EUR 401 million
Share Repurchase Program
EUR 250 million
Non-volume-related Revenue
60% of total revenue
Securities Services Revenue
EUR 77.3 million
Custody and Settlement Revenue
EUR 70.6 million
Other Post Trade Revenue
EUR 6.7 million
Capital Markets and Data Solutions Revenue
EUR 168.4 million
Primary Markets Revenue
EUR 46.2 million
Advanced Data Solutions Revenue
EUR 66.2 million
Corporate/Investor Solutions and Technology Services Revenue
EUR 56 million
FICC Markets Revenue
EUR 81.9 million
Fixed Income Trading and Clearing Revenue
EUR 46.8 million
MTS Cash Average Daily Volume
EUR 48.8 billion
MTS Repo Term Adjusted Average Daily Volume
EUR 585.6 billion
Commodity Trading and Clearing Revenue
EUR 27.6 million
FX Trading Revenue
EUR 7.5 million
Equity Markets Revenue
EUR 93.7 million
Cash Equity Trading and Clearing Revenue
EUR 82.5 million
Average Daily Cash Equity Volume Traded
EUR 11 billion
Financial Derivatives Trading and Clearing Revenue
EUR 11.2 million
Depreciation and Amortization
EUR 49.3 million
Income Tax
EUR 58.5 million
Effective Tax Rate
26.7%
Share of Noncontrolling Interest
EUR 11 million
Earnings Call Recording
Other Earnings Calls

Management

Ms. Isabel Ucha
CEO of Euronext Lisbon & Member of Managing Board
No Bio Available
Mr. Daryl Byrne
CEO of Euronext Dublin, Head of Debt & Funds Listings and ETFs and Member of the Managing Board
No Bio Available
Mr. Øivind Amundsen
Member of Managing Board and CEO & President of Oslo Børs
No Bio Available
Ms. Delphine de Sahuguet d'Amarzit
CEO of Euronext Paris & Member of the Managing Board
No Bio Available
Mr. Fabrizio Testa
CEO of Borsa Italiana, Head of Fixed Income Trading & Member of Managing Board
No Bio Available
Mr. Manuel Bento
COO & Member of the Managing Board
No Bio Available
Mr. Benoit Van den Hove
CEO of Euronext Brussels & Member of the Managing Board
No Bio Available
Mr. Simon Bartholemew Gallagher
CEO of Euronext London, Head of Global Sales & Member of the Managing Board
No Bio Available
Mr. Rene van Vlerken
CEO of Euronext Amsterdam & Member of the Managing Board
No Bio Available
Mr. Alain Courbebaisse
Chief Information & Technology Officer
No Bio Available

Contacts

Address
NOORD-HOLLAND
Amsterdam
Beursplein 5
Contacts
+31205504444.0
www.euronext.com