Euronext (ENX) Q3 2026 earnings summary

Executive summary

• Tenth consecutive quarter of double-digit growth; Q3 revenue and income rose 24.9% YoY to a record €547.4m, and adjusted EBITDA increased 31.6% to €364.2m.

• Growth was broad-based, supported by diversified business lines, favorable market conditions, strategic execution and Athens consolidation.

• Results were tracking ahead of Innovate for Growth 2027 financial targets.

Financial highlights

• Adjusted EBITDA margin was 66.5%, up 3.3 percentage points YoY; adjusted operating profit rose 34.1% to €340.0m.

• Adjusted net income increased 32.0% to €223.2m; reported net income rose 30.2% to €194.9m.

• Adjusted basic EPS rose 31.5% to €2.21; reported basic EPS increased 28.9% to €1.92.

• Revenue growth included €77.8m organic growth at constant currencies and €28.2m from Athens; reported EBITDA rose 29.3% to €355.8m.

• Underlying expenses excluding D&A were €183.3m, up 13.5%; excluding acquisitions, costs rose 8% on a comparable basis versus 18% like-for-like revenue growth.

Outlook and guidance

• FY2026 underlying operating expense guidance excluding D&A was reduced to €760m from €770m.

• Innovate for Growth 2027 targets revenue and EBITDA growth above 5% CAGR for 2023–27, leverage of 1.0–2.0x and capex of 4–6% of sales.

• Management expects continued growth and performance in 2027; next-year cost targets are due in February 2027 after the budget process.

• Power derivatives expansion is planned to begin in Germany in Q2 2027, with a progressive European rollout; Greek equities are expected to join the shared liquidity pool, book and technology platform in June 2027.

• Euronext Securities aims for regular issuer and market-participant onboarding, with revenue impact expected to become visible gradually through 2027.