Euronext (ENX) Q1 2026 earnings summary

Executive summary

• Achieved eighth consecutive quarter of double-digit growth, with underlying revenue and income up 15.3% year-on-year to EUR 528.5 million in Q1 2026.

• Adjusted EBITDA rose 16.7% to EUR 343.2 million, with margin improving to 64.9%.

• Adjusted net income increased 17.7% to EUR 216.1 million; adjusted EPS up 18.3% to EUR 2.13.

• Non-volume-related revenue accounted for 56% of total revenue, up 13.4% year-on-year, reflecting a resilient and diversified revenue mix.

• Strong performance driven by Admincontrol, Euronext Athens, commercial expansion, and growth in custody and settlement.

Financial highlights

• Underlying expenses (excluding D&A) rose 12.7% to EUR 185.3 million, reflecting investments in innovation, talent, and acquisitions.

• Net cash flow from operating activities reached EUR 499.8 million, up from EUR 190.6 million in Q1 2025.

• Net debt to last 12-month adjusted EBITDA at 1.1x, at the lower end of the 1-2x target range.

• Adjusted EBITDA margin improved by 0.8 points to 64.9%.

• Dividend proposal of EUR 321.5 million, up nearly 10% from last year.

Outlook and guidance

• Confident in continued record-breaking performance, supported by strong IPO pipeline and expansion into new geographies and asset classes.

• Strategic milestones include completion of European Repo offering by July 2026 and extension of settlement to cash equities in key markets by September 2026.

• Cost target for 2026 confirmed at EUR 770 million, with expected cost increase in the second half due to seasonality and ongoing investments.

• Strategic flexibility maintained with cash position exceeding EUR 1.7 billion and refinancing secured until 2028.

• Dividend proposal of EUR 3.18 per share, representing a 50% payout ratio.