Euronext publishes Q2 2026 results

Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2026. Q2 2026 underlying revenue and income1 was up +16.9% at €544.4 million: Non-volume-related revenue and income represented 58% of total revenue and income and covered 170% of underlying operating expenses, excluding D&A2: Securities Services revenue grew to €96.9 million (+12.5%), driven by record levels of assets under custody, steady settlement activity and growing demand for value-added services; Capital Markets and Data Solutions revenue grew to €193.8 million (+17.2%), driven by the consolidation of Admincontrol and Euronext Athens, and supported by renewed momentum in Primary Markets and Advanced Data Solutions; Net treasury income grew to €22.5 million (+12.5%), driven by a combination of higher collateral linked to power futures, volatility and spread. Volume-related revenue reflected the strength of Euronext’s diversified trading and clearing business: FICC3 Markets revenue grew to €98.4 million (+12.3%), driven by consecutive record monthly volumes in fixed income and the first full quarter contribution of Euronext Nord Pool Power Futures; Equity Markets revenue grew to €132.7 million (+24.9%), with growth exceeding an already robust comparable quarter last year, underpinned by continued market volatility, strong growth in ETFs and the dynamic performance of Euronext Athens. Underlying operating expenses excluding D&A were at €184.4 million (+9.5%). The increase compared to Q2 2025 reflects the impact of acquisitions and investments in growth, in line with Euronext’s cost guidance. Adjusted EBITDA was €360.0 million (+21.1%) and adjusted EBITDA margin was 66.1% (+2.3pts). Adjusted net income was €245.0 million (+19.9%) and adjusted EPS was €2.42 (+19.8%). Reported net income was €218.8 million (+19.1%) and reported EPS was €2.16 (+19.3%). Net debt to EBITDA4 was at 1.3x at the end of June 2026, within Euronext’s target range of the ‘Innovate for Growth 2027’ strategic plan. Key figures for the second quarter of 2026: In €m, unless stated otherwise Q2 2026 Q2 2025 % var % varLike-for-like at constant currencies Underlying revenue and income 544.4 465.8 +16.9% +9.9% Underlying operational expenses excluding D&A2 (184.4) (168.4) +9.5% +3.5% Adjusted EBITDA 360.0 297.3 +21.1% +13.4% Adjusted EBITDA margin 66.1% 63.8% +2.3pts +2.1pts Net income, share of the parent company shareholders 218.8 183.8 +19.1% Adjusted net income, share of the parent company shareholders 245.0 204.4 +19.9% Adjusted EPS (basic, in €) 2.42 2.02 +19.8% Reported EPS (basic, in €) 2.16 1.81 +19.3% Adjusted EPS (diluted, in €) 2.39 2.01 +18.9% Reported EPS (diluted, in €) 2.14 1.81 +18.2% Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:"As we have consistently done for more than two years, Euronext once again delivered double-digit growth this quarter. Euronext delivered record results with double-digit growth across all business segments. The strong performance in both volume-related and non-volume-related activities confirmed the relevance of our diversified business model. We maintained our cost discipline and invested in future growth, reaching record revenue, EBITDA, net income and EPS.We further strengthened our leadership in European capital markets, with a strong rebound in listings and follow-ons powered by a simpler and faster listing process. International companies headquartered in non-Euronext countries accounted for nearly half of the new listings, including the first listing of a global shipping company on Euronext Athens. We also saw growing retail investor engagement, with stronger participation in IPOs and a record number of retail data users.These results demonstrate the successful execution of our ‘Innovate for Growth 2027’ strategic plan. The first full-quarter contribution from power futures supported growth across our trading, clearing, data and technology activities. The continued international expansion of MTS and increased adoption by buy-side clients drove further record performance. Furthermore, Euronext has become the official administrator of the key reference benchmark indices5 for the French sovereign debt market based on MTS data. This appointment reflects the confidence public authorities and market players place in Euronext in servicing the French sovereign debt market.As the September 2026 go-live date of our CSD expansion approaches, the first clients have confirmed they will use the model from day one, laying the foundations for broad-based market adoption. Preparations for the first issuer migrations are progressing well, and market participants increasingly recognise the value of our competitive post-trade model.We see unprecedented momentum across Europe in support of a more integrated, liquid and competitive European capital market. The European Commission’s Market Integration and Supervision Package marks a real step forward, reducing fragmentation and improving scalability for EU market infrastructures. Euronext strongly supports measures that boost liquidity, fair competition, investor choice, and market consolidation. Over the past few weeks, the E6 Minister’s initiative and the European Parliament Rapporteur have explicitly called for central supervision and wide-ranging changes to market structure. A growing number of EU countries are implementing initiatives to increase retail participation to lit markets. These developments are encouraging and closely aligned with Euronext’s long-standing vision for Europe’s capital markets.Euronext has never been stronger. Our scalable business model, integrated value chain and disciplined execution position us ideally to deliver the next level of growth for European capital markets.”Q2 2026 financial performance In €m, unless stated otherwise Q2 2026 Q2 2025 % var % varLike-for-like at constant currencies Underlying revenue and income 544.4 465.8 +16.9% +9.9% Reported revenue and income 543.5 465.8 +16.7% +9.9% Securities Services 96.9 86.2 +12.5% +5.3% Custody and Settlement 88.1 77.5 +13.7% +5.7% Other Post Trade 8.8 8.6 +1.7% +1.5% Capital Markets and Data Solutions (underlying) 193.8 165.4 +17.2% +8.6% Primary Markets 54.2 46.5 +16.4% +6.7% Advanced Data Solutions 72.3 65.2 +11.0% +9.1% Corporate and Investor Solutions and Technology Services(underlying) 67.3 53.7 +25.4% +9.7% FICC markets 98.4 87.7 +12.3% +12.1% Fixed income trading and clearing 55.9 51.7 +8.2% +8.0% Commodities trading and clearing 34.0 26.7 +27.2% +25.8% FX trading 8.5 9.3 -7.9% -5.6% Equity markets 132.7 106.2 +24.9% +13.8% Cash equity trading and clearing 118.5 93.4 +26.9% +15.2% Equity derivatives trading and clearing 14.1 12.8 +10.2% +3.1% Net treasury income 22.5 20.0 +12.5% +10.6% Other income 0.1 0.3 n/a n/a Underlying operating expenses excl. D&A (184.4) (168.4) +9.5% +3.5% Adjusted EBITDA 360.0 297.3 +21.1% +13.4% Adjusted EBITDA margin 66.1% 63.8% +2.3pts +2.1pts Operating expenses excl. D&A (189.0) (171.8) +10.0% +3.9% EBITDA 354.5 293.9 +20.6% +13.2% Depreciation & amortisation (53.3) (48.2) +10.6% +7.7% Total expenses (242.2) (220.0) +10.1% +4.9% Adjusted operating profit 337.6 274.7 +22.9% +15.8% Operating profit 301.2 245.8 +22.6% Net financing expense (7.5) (5.7) +31.1% Results from equity investments 27.0 24.5 +10.4% Profit before income tax 320.8 264.5 +21.3% Income tax expense (84.7) (68.1) +24.3% Non-controlling interests (17.3) (12.6) +36.8% Net income, share of the parent company shareholders 218.8 183.8 +19.1% Adjusted net income, share of the parent company shareholders 245.0 204.4 +19.9% Adjusted EPS (basic, in €) 2.42 2.02 +19.8% Reported EPS (basic, in €) 2.16 1.81 +19.3% Adjusted EPS (diluted, in €) 2.39 2.01 +18.9% Reported EPS (diluted, in €) 2.14 1.81 +18.2% Q2 2026 revenue and income In Q2 2026, Euronext’s underlying revenue and income was €544.4 million, up +16.9% compared to Q2 2025. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of acquisitions. Following the final PPA assessment of Admincontrol, contract liabilities have been adjusted to fair value at the initial recognition. This fair value adjustment was partially released as a non-underlying item in Q4 2025. The remainder was released in 2026, reducing reported revenue by €0.9 million in Q2 2026, with no impact on cash and cash equivalents.On a like-for-like basis and at constant currencies, Euronext’s consolidated revenue and income was up +9.9% in Q2 2026, at €511.0 million, compared to Q2 2025. Non-volume-related revenue and income accounted for 58% of underlying Group revenue and income in Q2 2026, stable compared to Q2 2025. Non-volume-related revenue covered 170% of underlying operating expenses excluding D&A, compared to 161% in Q2 2025. Q2 2026 adjusted EBITDA Underlying operating expenses excluding D&A were at €184.4 million (+9.5%). The increase compared to Q2 2025 reflects investments in growth and the impact of acquisitions performed in 2025, in line with the underlying cost guidance for full-year 2026. Driven by the double-digit growth in revenue, adjusted EBITDA for the quarter reached €360.0 million, up +21.1% compared to Q2 2025. This represents a record adjusted EBITDA margin of 66.1%, up +2.3pts vs. Q2 2025. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +13.4% compared to Q2 2025.Euronext reported €4.6 million of non-underlying expenses in Q2 2026, mostly related to the integration of Euronext Athens and Admincontrol. Q2 2026 reported EBITDA was at €354.5 million, up +20.6% compared to Q2 2025. Q2 2026 net income, share of the parent company shareholders Depreciation and amortisation accounted for €53.3 million in Q2 2026, +10.6% more than Q2 2025. PPA related to acquired businesses accounted for €25.2 million.Adjusted operating profit was €337.6 million, up +22.9% compared to Q2 2025.Euronext reported a net financing expense of €7.5 million in Q2 2026, compared to €5.7 million net financing expense in Q2 2025. This difference resulted from higher financing expense due to the new bond issuances with higher financing costs, as well as the non-cash interest expense related to the convertible bonds issued in May 2025.Income tax for Q2 2026 was €84.7 million. This translated into an effective tax rate of 26.4% for the quarter, compared to 25.7% in Q2 2025.Share of non-controlling interests amounted to €17.3 million, correlated with the strong performance of MTS, Euronext Athens and Nord Pool.As a result, the reported net income, share of the parent company shareholders, increased by +19.1% for Q2 2026 compared to Q2 2025, to €218.8 million. This represents a reported EPS of €2.16 basic and €2.14 diluted. Adjusted net income, share of the parent company shareholders, was up +19.9% to €245.0 million. Adjusted EPS was €2.42 basic and €2.39 diluted.The weighted number of shares used over the second quarter of 2026 was 101,318,098 for the basic calculation and 103,799,408 for the diluted calculation, compared to 101,374,346 and 102,130,793 respectively over the second quarter of 2025. The difference is due to the share repurchase programme executed by Euronext, the share issuance for the acquisition of Euronext Athens and the impact of the convertible bonds on the diluted share count.In Q2 2026, Euronext reported a net cash flow from operating activities of €185.5 million, compared to €135.0 million in Q2 2025, reflecting higher profit before tax and higher income tax in Q2 2026. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 57.3% of EBITDA in Q2 2026.Q2 2026 business highlights Q2 2026 revenue and income In €m Q2 2026 Q2 2025 % var % var l-f-l Underlying revenue and income 544.4 465.8 +16.9% +9.9% Securities Services 96.9 86.2 +12.5% +5.3% Capital Markets and Data Solutions (underlying) 193.8 165.4 +17.2% +8.6% FICC Markets 98.4 87.7 +12.3% +12.1% Equity Markets 132.7 106.2 +24.9% +13.8% Net treasury income 22.5 20.0 +12.5% +10.6% Other income 0.1 0.3 n/a n/a Non-volume-related revenue Securities Services In €m Q2 2026 Q2 2025 % var % var l-f-l Revenue 96.9 86.2 +12.5% +5.3% Custody and Settlement 88.1 77.5 +13.7% +5.7% Other Post Trade 8.8 8.6 +1.7% +1.5% Revenue from Custody and Settlement in Q2 2026 was at €88.1 million, +13.7% compared to Q2 2025. This strong performance was supported by double-digit revenue growth in custody and settlement, supported record levels of assets under custody, steady settlement activity and growing demand for value-added services. At the end of the quarter, Assets under Custody amounted to €8.1 trillion. Over 38.0 million instructions were settled via Euronext Securities during the second quarter of 2026.Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.8 million in Q2 2026. The +1.7% increase compared to Q2 2025 is mainly explained by higher guarantee deposit and the contribution from power futures. Capital Markets and Data Solutions In €m Q2 2026 Q2 2025 % var % var l-f-l Revenue (underlying) 193.8 165.4 +17.2% +8.6% Primary Markets 54.2 46.5 +16.4% +6.7% Advanced Data Solutions 72.3 65.2 +11.0% +9.1% Corporate and Investor Solutions and Technology Services (underlying) 67.3 53.7 +25.4% +9.7% Primary Markets revenue was €54.2 million in Q2 2026, an increase of +16.4% compared to Q2 2025. This renewed momentum was driven by the strongest admission activity and follow-on transactions volumes since 2023 despite a volatile market environment. The performance was also supported by the contribution of Euronext Athens, with the first listing of a global shipping company and the largest follow-on capital raise over more than a decade in Greece. Nearly half of Euronext’s new listings were international listings from companies headquartered in non-Euronext countries, notably from Canada, Australia, Spain and Czech Republic.Advanced Data Solutions revenue was €72.3 million in Q2 2026, up +11.0% compared to Q2 2025. This performance reflects record retail demand, strong growth of the index franchise and the successful commercialisation of new data products.Corporate and Investor Solutions and Technology Services revenue grew by +25.4% in Q2 2026 to €67.3 million. This strong performance is driven by growth in SaaS activities, record revenue in Investor Solutions and steady upward trend in colocation services. Net treasury income Net treasury income grew to €22.5 million (+12.5%), driven by a combination of higher collateral linked to power futures and volatility, and higher spread. Volume-related revenue FICC Markets In €m Q2 2026 Q2 2025 % var % var l-f-l Revenue 98.4 87.7 +12.3% +12.1% Fixed income trading and clearing 55.9 51.7 +8.2% +8.0% Commodities6 trading and clearing 34.0 26.7 +27.2% +25.8% FX trading 8.5 9.3 -7.9% -5.6% Fixed income trading and clearing revenue reached €55.9 million in Q2 2026, up +8.2% compared to Q2 2025. This reflects strong growth in MTS Cash volumes reaching a record quarter, supported by the continued expansion of MTS fixed income model internationally and in the Dealer-to-Client space.Commodities trading and clearing revenue reached €34.0 million in Q2 2026, up +27.2% compared to Q2 2025, supported by the first full quarter of contribution from Euronext Nord Pool Power Futures and continued structural growth in Intraday power trading volumes.FX trading revenue was €8.5 million in Q2 2026, down -7.9% compared to Q2 2025. This reflects normalisation in volatility and the impact from US dollar depreciation on reported figures. Like-for-like at constant currencies, revenue was down -5.6%. Equity Markets In €m Q2 2026 Q2 2025 % var % var l-f-l Revenue 132.7 106.2 +24.9% +13.8% Cash equity trading and clearing 118.5 93.4 +26.9% +15.2% Financial derivatives trading and clearing 14.1 12.8 +10.2% +3.1% Cash equity trading and clearing revenue was €118.5 million in Q2 2026, up +26.9% compared to Q2 2025 driven by continued volatility, strong growth in ETFs and the contribution of Euronext Athens. Revenue capture on cash trading averaged 0.50 bps for the second quarter of 2026, reflecting higher volumes, volume mix and larger average order size. In Q2 2026, Euronext recorded an average market share of 66.2%.Financial derivatives trading and clearing revenue was €14.1 million in Q2 2026, +10.2% compared to Q2 2025. The increase reflects higher volumes, resilient revenue capture and the contribution from Euronext Athens. Results Webcast A webcast will be held on Friday, 31 July 2026, at 09:00 CEST (Paris time) / 08:00 BST (London time): For the live webcast, visit https://euronext.engagestream.euronext.com/2026-07-31-q2-results-2026 The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

Euronext publishes Q2 2026 results

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