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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Euronext (ENX) investor relations material
Euronext Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved sixth consecutive quarter of double-digit revenue growth, with Q3 2025 revenue up 10.6% year-on-year to €438.1 million, driven by non-volume-related businesses and resilient trading and clearing revenues.
Non-volume-related revenue accounted for 60% of total revenue, covering 162% of underlying operating expenses excluding D&A.
Adjusted EBITDA rose 12.6% to €276.7 million, with a margin of 63.2%.
Announced voluntary share exchange offer for ATHEX Group, targeting €12 million annual synergies by 2028 and expected to be EPS accretive post-synergies in year 1.
Inclusion in the CAC 40 index reflects strong market performance and transformation of European capital markets.
Financial highlights
Adjusted net income reached €169.0 million; reported net income was €149.7 million, both down year-over-year due to dividend timing.
Adjusted EPS (basic) was €1.68; reported EPS (basic) was €1.49.
Net cash flow from operating activities was €401.0 million, up from €237.4 million in Q3 2024.
Net debt to adjusted EBITDA ratio at 1.5x, improved from 1.8x and within target range of 1–2x.
Underlying operating expenses excluding D&A increased 7.3% to €161.4 million, reflecting growth investments and acquisitions.
Outlook and guidance
Upgraded 2025 underlying operating cost guidance to €660 million, reflecting cost discipline.
Share repurchase programme of up to €250 million to be executed by end of Q1 2026, representing about 2% of share capital.
Dividend payout policy remains at 50% of reported earnings.
Confident in achieving Innovate for Growth 2027 targets and sustainable long-term growth.
Continued focus on disciplined capital deployment and growth investments aligned with the Innovate for Growth 2027 plan.
Impact of share repurchase on capital strategy?
How do new ETF and bond futures impact strategy?
Diversification of revenue beyond trading volumes?
How will cost growth evolve post-2025?
CSD expansion client commitments update
French OAT migration to MTS: What are the triggers?
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Frequently asked questions
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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