Hellenic Exchanges (EXAE) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2025 was €64.7m, up 62.6% from €39.8m year-over-year, driven by strong trading and post-trading activity.

• Earnings after tax reached €26.8m, more than doubling from €13.2m in the prior year period.

• EPS increased to €0.513 from €0.248 year-over-year; adjusted EPS was €0.464 from €0.229.

• Integration into the Euronext Group was completed, marking a significant milestone for strategic growth.

• The Athens Exchange General Index rose 40.1% year-over-year, with market capitalization up 25.7%.

Financial highlights

• EBITDA for the period was €36.0m, up 95.7% from €18.4m year-over-year.

• EBIT reached €32.7m, compared to €15.3m in the same period last year, a 113.7% increase.

• Total assets increased to €616.8m from €491.0m at year-end 2024.

• Cash and cash equivalents rose to €94.2m from €68.5m at year-end 2024.

• Retained earnings grew to €72.6m from €60.4m at year-end 2024.

Outlook and guidance

• Management considers the going concern principle appropriate, supported by strong liquidity and financial position.

• Management highlights strong momentum and increased international investor participation, supporting future growth.