Euronext shares fall 2% after Q3 results, despite a €350 million share buyback
Euronext declines intraday in a European market clearly trending lower after the correction in artificial intelligence-related stocks on Wall Street. The stock is reacting to a quarterly publication that nonetheless exceeded expectations and to the announcement of a new share buyback programme. An analyst opinion dated today adds to these factors.
Revenue of €547.4 million, above expectations, and a €350 million share buyback
On November 5, Euronext reported revenue and income of €547.4 million for the third quarter, up 24.9% year on year, against €524 million expected on average by analysts.
At constant scope and exchange rates, growth stands at 17.6%, the difference coming from scope and currency effects, notably the contribution of the Athens Stock Exchange, acquired in November 2025.
Revenue not linked to volumes now accounts for only 55% of the total, compared with 60% a year earlier, indicating that volume-based activities drove growth in the quarter.
The group also raised its 2026 guidance for underlying operating expenses excluding depreciation and amortisation to €760 million, from an initial €770 million. At the same time, it announced a share buyback programme of up to €350 million, or approximately 2% of its share capital.
Despite these figures, the stock fell 1.95% to €170.90, while the CAC 40 dropped 1.47%, and the share price slipped back below its MM20, a gap of 0.66%.
Target raised to €185 by CIC Market Solutions and RSI at 51
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CIC Market Solutions raised its price target from €167 to €185, implying a potential of about 8% relative to the day's price, while changing its rating from buy to hold.
The stock remains well above its MM200 (gap of 15.22%) and its MM50 (gap of 3.61%), after an all-time high of €178.20 recorded on October 23.
The RSI at 51 is neutral. The stock thus falls back below its MM20 after a 3.39% decline over one week, but retains a 6.08% gain over three months. Resistance at €178.10 remains close to the latest peak.
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Context
Period
Period: T3 2026
Key reported figures
Revenue: 547,4 millions d'euros
Quarterly revenue: 547,4 millions d'euros
Revenue growth: 24,9 %
EBITDA: 355,8 millions d'euros
EBITDA margin: 65 %
Net income: 194,9 millions d'euros
Guidance from the release
« Thanks to rigorous cost discipline on recurring expenses, Euronext upgraded its guidance for underlying operating expenses excluding D&A in 2026 to €760 million (from €770 million initially). »
Market volatility dependency affecting volume-related revenues which showed lower proportion (55% vs 60% prior year) despite absolute growth
Regulatory and operational challenges in expanding power markets across multiple European jurisdictions with different local frameworks
Opportunities identified
Successful launch of Euronext Securities' new European CSD model on 21 September 2026, enabling consolidation across multiple markets within a single framework
Expansion of the power franchise across Europe with Nord Pool entering 17th European market (Slovenia) and continued growth in Intraday power trading
Consolidation of Euronext Athens acquisition delivering tangible results with third shipping company listing and reclassification of Greece to developed market status
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
