Euronext (ENX) AGM 2026 summary

Opening remarks and agenda

• The meeting was opened by the Chairman, who welcomed shareholders and outlined the agenda, confirming the meeting was convened in accordance with all applicable rules and articles of association.

• Attendance included most Supervisory and Managing Board members, nominees for board appointments, senior staff, the notary, and the external auditor.

• Shareholders were informed of the voting procedures and share capital represented at the meeting.

Financial performance review

• Underlying revenue and income grew by 12.1% to €1,823.2m in 2025, with adjusted EBITDA up 13.6% to €1,143.1m.

• 59% of revenue was non-volume driven, with strong contributions from Capital Markets and Data Solutions (+12.1%), FICC Markets (+22.6%), and Equity Markets (+11.7%).

• Adjusted net income reached €736.5m, with adjusted EPS up 10.3% year-on-year to €7.27.

• Adjusted EBITDA margin improved by 0.8 points to 62.7%.

• Net operating cash flow reached €812.1m, and net debt to EBITDA ratio was 1.5x at year-end.

Strategic initiatives and plans

• Progress made on the Innovate for Growth 2027 plan, including launching the first fully integrated ETF market in Europe and Power Futures.

• Major CSD expansion underway, with Euronext Securities set to become the CSD of reference for multiple countries.

• Admincontrol offering expanded to France, with a new Competence Assessment module aligned with European Banking Authority requirements.

• Transferred 100% of open positions in Nasdaq's Nordic power futures to Euronext Clearing in March 2026.

• Greek capital markets reclassified to developed market status by S&P and MSCI, with €12m annual cash synergies expected by 2028.