Euronext: Revenue Up 16.9% and Record Adjusted Earnings Per Share of €2.42 in Q2 2026
Euronext published its second quarter results on July 30, 2026, posting underlying revenue growth of 16.9% and adjusted EBITDA up 21.1%.
This performance marks the ninth consecutive quarter of double-digit growth for the pan-European market operator, with records set in revenue, EBITDA, net income, and earnings per share.
Broad-Based Growth Driven by Diversification
Underlying revenue reached €544.4 million, up 16.9% compared to the second quarter of 2025 (€465.8 million). At constant scope and exchange rates, growth stands at 9.9%. This increase reflects the contribution of acquisitions integrated in 2025 (Admincontrol and the majority stake in the Athex group since November) as well as the group's organic momentum.
Non-volume-related revenues represented 58% of the total, stable year-on-year. Securities Services grew 12.5% to €96.9 million, supported by record levels of assets in custody (€8,117 billion) and growing demand for value-added services. Capital Markets and Data Solutions increased 17.2% to €193.8 million, driven by renewed primary market activity and advanced data solutions.
Volume-related revenues showed comparable strength. Interest rates, commodities and foreign exchange markets (FICC) generated €98.4 million (+12.3%), with record monthly bond volumes and the first full-quarter contribution from Euronext Nord Pool's electricity futures contracts. Equity markets advanced 24.9% to €132.7 million, supported by persistent volatility, ETF growth, and the Athex group's performance in Greece.
Expanded EBITDA Margin Despite Investments
Adjusted EBITDA reached €360.0 million, up 21.1% from €297.3 million in the second quarter of 2025. The adjusted EBITDA margin stands at a record level of 66.1%, up 2.3 percentage points from 63.8% a year earlier. This improvement occurred despite an increase in underlying operating expenses (excluding D&A) of 9.5% to €184.4 million, reflecting growth investments and acquisition integration, in line with the cost trajectory announced for 2026.
Group net income increased 19.1% to €218.8 million, compared to €183.8 million a year earlier. Adjusted net income advanced 19.9% to €245.0 million. Adjusted earnings per share stand at €2.42 (€2.16 reported), up 19.8% from €2.02 in the second quarter of 2025.
The net debt to EBITDA ratio stands at 1.3x at end of June, within the target range of the "Innovate for Growth 2027" strategic plan. The group generated net operating cash flow of €185.5 million in the quarter, compared to €135.0 million a year earlier.
Outlook and Strategic Execution Confirmed
Euronext does not publish numerical guidance beyond elements communicated when publishing the 2025 report, which placed underlying expenses excluding D&A for 2026 at around €770 million, of which approximately €35 million related to the integration of the Athex group and approximately €15 million dedicated to strategic growth projects. At this stage, the group remains on the announced trajectory.
The "Innovate for Growth 2027" plan supports continued expansion, notably with the gradual rollout of its central securities depository (CSD) planned for September 2026, for which initial customers have confirmed their adoption at launch. The group also benefits from a rebound in listing activity (introductions and secondary operations) and renewed engagement from retail investors, with a record number of retail data users in the quarter.
