Euronext (ENX) Q3 2025 earnings summary

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.