Euronext: revenue up 24.9% in the third quarter, ahead of expectations, and share buyback
Euronext published on 5 November 2026 revenue and income of €547.4 million for the third quarter, up 24.9% year on year. This total exceeds the €524 million on average expected by analysts.
At constant scope and exchange rates, growth stood at 17.6%, to €519.5 million. The 7.3-point gap between reported growth and growth at constant scope and exchange rates reflects scope and currency effects, notably the contribution of the Athens Stock Exchange, acquired in November 2025.
Growth came first from volume-related activities. Non-volume-related revenues now account for only 55% of the total, compared with 60% a year earlier. The group also announced a share buyback programme of up to €350 million, representing approximately 2% of its share capital.
Adjusted EBITDA margin up 3.3 points, to 66.5%
Underlying operating expenses excluding depreciation and amortisation rose 13.5%, to €183.3 million, a pace nearly half that of revenue. Adjusted EBITDA thus increased 31.6%, to €364.2 million, and its margin gained 3.3 points, to 66.5%.
At constant scope and exchange rates, adjusted EBITDA rose 23.2% and its margin by 3.0 points. Reported EBITDA, which includes €8.4 million of non-recurring charges mainly linked to the integration of Euronext Athens, Admincontrol and GRSS, rose 29.3%, to €355.8 million.
Net profit attributable to the group stood at €194.9 million, up 30.2%, and adjusted net profit at €223.2 million, up 32.0%.
Diluted adjusted earnings per share reached €2.17, above the €2.02 on average anticipated by analysts. The group lowered its 2026 target for underlying operating expenses excluding depreciation and amortisation to €760 million, from €770 million initially.
Bonds and power lead, Athens contributes part of the rise in equities
The fixed income, commodities and currencies (FICC) division posted the strongest growth, up 48.1%, to €121.3 million, and 47.1% at constant scope and exchange rates. Bond trading and clearing jumped 56.2%, to €73.1 million, thanks to successive monthly volume records on MTS.
Commodities rose 42.1%, to €39.3 million, driven by activity in Nord Pool power futures and agricultural products.
The equities division increased 33.0%, to €124.6 million, but by only 16.2% at constant scope and exchange rates: the consolidation of Athens accounts for a significant share of the reported increase.
The group's leading division, Capital Markets and Data Solutions, grew 14.1%, to €192.2 million (+8.4% organically). Custody and settlement-delivery gained 12.2%, to €86.7 million (+5.4% organically). Non-volume-related revenues cover 165% of underlying operating expenses, compared with 162% a year earlier.
Lower operating cash flow, linked to clearing houses
Net operating cash flows fell to €208.2 million, compared with €401.0 million a year earlier. The group attributes this decline to the negative change in the working capital requirement of the clearing houses, as well as to higher tax. Excluding this effect, these flows represent 88.5% of EBITDA.
Cash reached €1,450.5 million at 30 September, compared with €1,311.2 million at 30 June. The net debt to EBITDA ratio stands at 1.1 times, within the range targeted by the “Innovate for Growth 2027” strategic plan.
The buyback programme will begin on 9 November 2026, for a maximum duration of twelve months. It comes as Stéphane Boujnah, who described “the best quarterly performance since the IPO”, will step down in May 2027.
The supervisory board intends to propose David Knibbe, chief executive of NN Group, as his successor, subject to the required authorisations and the vote of the general meeting on 20 May 2027.
Overall, the rise in revenue, faster than that of expenses, is reflected in the margin, while the share of recurring activities in revenue declines in the face of growing trading volumes.
