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Investor Relations14 Oct 2025
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Euronext (ENX) investor relations material
Euronext Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Achieved record Q2 2025 results with revenue and income up 12.8% year-over-year to €465.8 million, marking the fifth consecutive quarter of double-digit top-line growth, driven by organic growth, acquisitions, and favorable market conditions.
Announced the acquisition of ATHEX, a Greek financial infrastructure operator, for €412.8 million, expected to deliver €12 million in annual cash synergies by 2028 and be EPS accretive in year 1 post-synergies.
Expanded presence in the Nordics with the Admincontrol acquisition and upcoming migration of Nasdaq's Nordics power futures to Euronext clearing in Q1 2026.
Launched expansion of repo offering across Europe, positioning as a leading clearinghouse for European repo markets.
Non-volume-related revenue represented 58% of total, covering 161% of underlying operating expenses (excluding D&A).
Financial highlights
Q2 2025 revenue and income grew 12.8% year-over-year to €465.8 million; 58% of revenue was non-volume related.
Adjusted EBITDA rose 15.8% to €297.3 million, with margin up 1.6 points to 63.8%.
Adjusted net income reached €204.4 million, up 23.8% year-over-year; reported net income was €183.8 million, up 29.7%.
Adjusted EPS reached €2.02 per share (+27.0%); reported EPS at €1.81 (+32.1%).
Net cash flow from operating activities was €135 million, up from €111.5 million year-over-year; net debt to adjusted EBITDA at 1.8x.
Outlook and guidance
Cost guidance for 2025 remains at €670 million (organic perimeter), excluding Admincontrol costs; ramp-up in investments and staff expected in H2.
No revision to 2027 strategic plan targets despite strong performance; potential for future acceleration under consideration.
ATHEX transaction expected to close by end of 2025, with €12 million annual cash synergies by 2028 and ROCE exceeding WACC in years 3 to 5.
Offer for ATHEX anticipated to be open for acceptance from Q4 2025, subject to regulatory approvals.
Synergy realization from ATHEX acquisition expected to be both cost and revenue driven, with details to be refined post-integration.
Assess ATHEX acquisition synergy target.
Explain drivers of Securities Services growth.
How will Clearstream enhance Euronext Clearing?
ATHEX synergies: cost vs revenue split?
Euronext's cost guidance: revise upwards?
Quantify NASDAQ Nordic power revenue?
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Next Euronext earnings date
Q3 20257 Nov, 2025
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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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