Euronext (ENX) Q4 2025 earnings summary

Executive summary

• Achieved record double-digit growth in revenue, EBITDA, and EPS for full year 2025, with underlying 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, up 10.9% year-over-year, covering 157% of underlying operating expenses, driven by custody, settlement, and Admincontrol acquisition.

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

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

• Q4 2025 marked the seventh consecutive quarter of double-digit topline growth, with underlying revenue and income up 10.8% year-over-year to €460.8 million.

Financial highlights

• Adjusted EBITDA grew 13.6% to €1,143.1 million; adjusted net income reached €736.5 million, up 7.9%; adjusted EPS increased 10.3% to €7.27 per share.

• Q4 2025 adjusted EBITDA was €275 million, margin 59.7%; adjusted net income rose 4.2% to €179.6 million.

• Proposed dividend of €321.5 million, up 9.8% year-over-year.

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

• Cash position at end of 2025 was €1.5 billion, excluding €600 million revolving credit facility.

Outlook and guidance

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

• Underlying expenses (excluding 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 in both top-line and EBITDA through 2027, with no cap on ambition.

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

• Underlying expenses for 2026 to remain stable compared to normalized annualized Q4 2025 expenses (~€720 million).