Euronext Reports Double-Digit Growth in 2025
On Thursday, the European stock exchange operator announced its annual results, showing a 12.1% increase in underlying revenue to EUR 1.8232 billion, driven by the expansion of non-volatility services and the acquisitions of Admincontrol and Athex Group.
Financial Performance Highlights
In 2025, Euronext recorded underlying revenue and income of EUR 1,823.2 million, up 12.1% compared to 2024. This growth reflects strong organic expansion in volume-independent activities, a dynamic trading environment, and the positive contribution of recent acquisitions. Revenue at constant scope and exchange rates amounted to EUR 1,776.6 million, up 9.5%. Non-volume related revenues accounted for 59% of the group's revenue, maintaining a stable level compared to 2024, and covered 157% of underlying operational costs excluding depreciation, compared to 156% the previous year. In November 2025, the group completed the acquisition of Athex Group through a voluntary public offer, securing about 74.25% of voting rights. Athex reported adjusted revenues of EUR 72.1 million in 2025, up 38% compared to 2024, and an adjusted net result increasing by 72% to EUR 29.8 million. The integration is expected to generate EUR 12 million in annual cash synergy run-rate by the end of 2028, with implementation costs of EUR 25 million.
Operational and Financial Metrics
The annual adjusted EBITDA reached EUR 1,143.1 million, up 13.6% from 2024, with an adjusted EBITDA margin of 62.7%, improving by 0.8 points. At constant scope and exchange rates, adjusted EBITDA stood at EUR 1,127.4 million, up 12.1%, with a margin of 63.5%, up 1.5 points. The adjusted operating result increased by 14.2% to EUR 1,054.0 million. Underlying operational costs excluding depreciation were EUR 680.1 million, up 9.6%, including EUR 20 million impact from acquisitions. The net result attributable to the group grew by 9.8% to EUR 642.9 million, corresponding to an EPS of EUR 6.34 on a basic and EUR 6.29 on a diluted basis, compared to EUR 5.65 basic and EUR 5.63 diluted in 2024. The adjusted net result attributable to the group improved by 7.9% to EUR 736.5 million, with an adjusted EPS up 10.3% to EUR 7.27, from EUR 6.59 in 2024. Operational cash flow amounted to EUR 812.1 million, up from EUR 708.6 million in 2024.
Dividend and Outlook for 2026
A dividend of EUR 321.5 million will be proposed at the general meeting on May 20, 2026, representing 50% of the 2025 net result and an increase of 9.8% compared to 2024, in line with the group's distribution policy. Euronext anticipates stable underlying operational costs excluding depreciation in 2026 around EUR 720 million compared to the normalized annual expenses of the fourth quarter of 2025, with an additional approximately EUR 35 million from Athex Group and EUR 15 million for strategic growth projects, bringing the total expected expenses to around EUR 770 million.
