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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Euronext
Euronext (ENX) investor relations material
Euronext Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record double-digit growth in revenue, EBITDA, and EPS for full year 2025, with underlying revenue up 12.1% to €1,823.2 million and adjusted EBITDA margin rising to 62.7%.
Non-volume-related revenue comprised 59% of total, up 10.9% year-over-year, covering 157% of underlying operating expenses, driven by custody, settlement, and Admincontrol acquisition.
Strategic acquisitions (Admincontrol, Athex Group) and investments in SaaS and ETF markets supported growth and diversification.
Integration of Athex Group expected to deliver €12 million in annual run-rate synergies by 2028.
Q4 2025 marked the seventh consecutive quarter of double-digit topline growth, with underlying revenue and income up 10.8% year-over-year to €460.8 million.
Financial highlights
Adjusted EBITDA grew 13.6% to €1,143.1 million; adjusted net income reached €736.5 million, up 7.9%; adjusted EPS increased 10.3% to €7.27 per share.
Q4 2025 adjusted EBITDA was €275 million, margin 59.7%; adjusted net income rose 4.2% to €179.6 million.
Proposed dividend of €321.5 million, up 9.8% year-over-year.
Net debt to adjusted EBITDA at 1.5x, within target range.
Cash position at end of 2025 was €1.5 billion, excluding €600 million revolving credit facility.
Outlook and guidance
2026 underlying expenses (excluding D&A) expected at €770 million, with €35 million from Athex Group and €15 million for strategic growth projects.
Underlying expenses (excluding D&A) for 2026 expected to be stable at around €720 million, with total including Athex and strategic investments.
Committed to delivering above 5% CAGR in both top-line and EBITDA through 2027, with no cap on ambition.
Acceleration of strategic plan execution in 2026, including expansion in power futures, repo solutions, and settlement services.
Underlying expenses for 2026 to remain stable compared to normalized annualized Q4 2025 expenses (~€720 million).
Athex Group: net financial impact of integration
CSD expansion: expected market share or revenue growth
Explain Q4 2025 operating cash flow decline
CSD expansion: custodian onboarding progress
Athex integration: synergy realization timeline
2026 strategic investments: key project focus
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Next Euronext earnings date
Q1 202620 May, 2026
Euronext
Next Euronext earnings date
Q1 202620 May, 2026
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Euronext N.V. is a pan-European stock exchange operator providing trading, listing, clearing, and market data services. The company manages regulated markets in several European countries and offers a range of financial instruments, including equities, ETFs, and derivatives. It also supports corporate financing and post-trade services. Euronext N.V. is headquartered in Amsterdam, Netherlands, and its shares are listed on the Euronext Amsterdam.
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