Hellenic Exchanges (EXAE) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with significant growth in turnover, profitability, and trading activity, reflecting renewed momentum in Greek capital markets and successful integration with Euronext.

• Market activity and capital formation reached levels last seen before the global financial crisis, with historic highs in liquidity and foreign investor participation.

Financial highlights

• Turnover rose 58.9% year-over-year to €86.3m in 2025 from €54.3m in 2024.

• Operating expenses increased 43.0% to €40.6m, mainly due to higher personnel and consulting costs.

• EBITDA grew 78.1% to €42.2m, and EBIT surged 93.3% to €37.7m.

• Earnings after tax (EAT) increased 82.7% to €31.6m, with EPS at €0.622 versus €0.350 in 2024.

• Adjusted revenue (excluding METLEN) was €72.1m; adjusted EBITDA and EAT were €39.6m and €29.8m, respectively.

• Board intends to propose a dividend of €0.11 per share.

Outlook and guidance

• Integration with Euronext expected to enhance international visibility, connectivity, and growth prospects, positioning the group as a gateway between Greece and global capital markets.