Euronext (ENX) Q2 2025 earnings summary

Executive summary

• Achieved all-time record quarterly results in Q2 2025, 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, favorable market conditions, and strategic acquisitions.

• Completed the acquisition of Admincontrol and announced a voluntary share exchange offer for ATHEX, valued at €412.8 million, expected to be EPS accretive in year 1 post-synergies.

• Integration of ATHEX aims to enhance liquidity, efficiency, and investor access, leveraging advanced technology and broad market reach.

• Launched expansion of repo offering across Europe and advanced integration of Nasdaq's Nordic power futures business, scheduled for Q1 2026.

• Non-volume-related revenue represented 58% of total, covering 161% of underlying operating expenses (excluding D&A).

Financial highlights

• Revenue and income grew by 12.8% year-over-year to €465.8 million in Q2 2025; adjusted EBITDA up 15.8% to €297.3 million with a margin of 63.8% (+1.6pts year-over-year).

• Adjusted net income increased 23.8% to €204.4 million; reported net income up 29.7% to €183.8 million.

• Adjusted EPS reached €2.02 (+27.0%); reported EPS at €1.81 (+32.1%).

• Net debt to adjusted EBITDA at 1.8x, reflecting recent acquisitions and dividend payments.

• Net cash flow from operating activities was €135.0 million, representing 52.3% of EBITDA.

Outlook and guidance

• Cost guidance for 2025 confirmed at €670 million, excluding Admincontrol, with ongoing ramp-up in growth investments and staff.

• No revision to 2027 revenue and EBITDA CAGR guidance despite current outperformance; further updates may follow post-ATHEX integration.

• ATHEX acquisition 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.

• Underlying operating expenses excluding D&A at €168.4 million (+7.9%), in line with full-year guidance.