Euronext (ENX) Q4 2025 earnings summary

Executive summary

• Achieved double-digit growth in revenue, EBITDA, and EPS for FY 2025, with revenue up 12.1% to €1,823.2 million and adjusted EBITDA margin rising to 62.7%.

• Non-volume-related revenue comprised 59% of total, growing 10.9% year-over-year, and covered 157% of underlying operating expenses.

• Strategic acquisitions (Admincontrol, Athex Group) and investments in SaaS, ETF, and retail markets supported growth.

• Adjusted net income reached €736.5 million (+7.9%), adjusted EPS €7.27 (+10.3%), and a proposed dividend of €321.5 million (+9.8%).

• Integration of Athex Group expected to deliver €12 million in annual run-rate synergies by 2028.

Financial highlights

• Q4 2025 revenue was €460.8 million (+10.8% year-over-year), with 60% non-volume-related.

• Adjusted EBITDA for Q4 grew 8.9% to €275 million (margin 59.7%).

• Adjusted net income for Q4 2025 rose 4.2% to €179.6 million, and adjusted EPS increased 6.6% to €1.77.

• Fixed income trading and clearing revenue up 11% to €43.3 million; cash equity trading and clearing up 15.7% to €89.4 million.

• Net debt to adjusted EBITDA at 1.5x, within target range.

Outlook and guidance

• 2026 underlying expenses (excl. D&A) expected at €770 million, including €35 million from Athex Group and €15 million for strategic growth projects.

• Underlying expenses (excl. D&A) for 2026 expected to be stable at around €720 million, with total including Athex and strategic investments.

• Committed to delivering above 5% CAGR for both top-line and EBITDA through 2027.

• Acceleration of strategic initiatives in 2026, including expansion in power futures, repo solutions, and settlement services.