Euronext published results for the second quarter of 2026.
- Q2 2026 underlying revenue and income1 was up +16.9% at €544.4 million:
Non-volume-related revenue and income represented 58% of total revenue and income and covered 170% of underlying operating expenses, excluding D&A2:
- Securities Services revenue grew to €96.9 million (+12.5%), driven by record levels of assets under custody, steady settlement activity and growing demand for value-added services;
- Capital Markets and Data Solutions revenue grew to €193.8 million (+17.2%), driven by the consolidation of Admincontrol and Euronext Athens, and supported by renewed momentum in Primary Markets and Advanced Data Solutions;
- Net treasury income grew to €22.5 million (+12.5%), driven by a combination of higher collateral linked to power futures, volatility and spread.
Volume-related revenue reflected the strength of Euronext’s diversified trading and clearing business:
- FICC3 Markets revenue grew to €98.4 million (+12.3%), driven by consecutive record monthly volumes in fixed income and the first full quarter contribution of Euronext Nord Pool Power Futures;
- Equity Markets revenue grew to €132.7 million (+24.9%), with growth exceeding an already robust comparable quarter last year, underpinned by continued market volatility, strong growth in ETFs and the dynamic performance of Euronext Athens.
- Underlying operating expenses excluding D&A were at €184.4 million (+9.5%). The increase compared to Q2 2025 reflects the impact of acquisitions and investments in growth, in line with Euronext’s cost guidance.
- Adjusted EBITDA was €360.0 million (+21.1%) and adjusted EBITDA margin was 66.1% (+2.3pts).
- Adjusted net income was €245.0 million (+19.9%) and adjusted EPS was €2.42 (+19.8%).
- Reported net income was €218.8 million (+19.1%) and reported EPS was €2.16 (+19.3%).
- Net debt to EBITDA4 was at 1.3x at the end of June 2026, within Euronext’s target range of the ‘Innovate for Growth 2027’ strategic plan.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
"As we have consistently done for more than two years, Euronext once again delivered double-digit growth this quarter. Euronext delivered record results with double-digit growth across all business segments. The strong performance in both volume-related and non-volume-related activities confirmed the relevance of our diversified business model. We maintained our cost discipline and invested in future growth, reaching record revenue, EBITDA, net income and EPS.
We further strengthened our leadership in European capital markets, with a strong rebound in listings and follow-ons powered by a simpler and faster listing process. International companies headquartered in non-Euronext countries accounted for nearly half of the new listings, including the first listing of a global shipping company on Euronext Athens. We also saw growing retail investor engagement, with stronger participation in IPOs and a record number of retail data users.
These results demonstrate the successful execution of our ‘Innovate for Growth 2027’ strategic plan. The first full-quarter contribution from power futures supported growth across our trading, clearing, data and technology activities. The continued international expansion of MTS and increased adoption by buy-side clients drove further record performance. Furthermore, Euronext has become the official administrator of the key reference benchmark indices5 for the French sovereign debt market based on MTS data. This appointment reflects the confidence public authorities and market players place in Euronext in servicing the French sovereign debt market.
As the September 2026 go-live date of our CSD expansion approaches, the first clients have confirmed they will use the model from day one, laying the foundations for broad-based market adoption. Preparations for the first issuer migrations are progressing well, and market participants increasingly recognise the value of our competitive post-trade model.
We see unprecedented momentum across Europe in support of a more integrated, liquid and competitive European capital market. The European Commission’s Market Integration and Supervision Package marks a real step forward, reducing fragmentation and improving scalability for EU market infrastructures. Euronext strongly supports measures that boost liquidity, fair competition, investor choice, and market consolidation. Over the past few weeks, the E6 Minister’s initiative and the European Parliament Rapporteur have explicitly called for central supervision and wide-ranging changes to market structure. A growing number of EU countries are implementing initiatives to increase retail participation to lit markets. These developments are encouraging and closely aligned with Euronext’s long-standing vision for Europe’s capital markets.
Euronext has never been stronger. Our scalable business model, integrated value chain and disciplined execution position us ideally to deliver the next level of growth for European capital markets.”
