Euronext: Revenue Up 15.3% to €528.5M and Adjusted EPS of €2.13
Euronext reported its Q1 2026 results on Tuesday, showing an underlying revenue growth of 15.3% to €528.5 million, driven by a 28.1% increase in the equities market segment and a strong contribution from Euronext Athens. The adjusted EBITDA margin improved to 64.9%, despite increased operational costs related to acquisitions and strategic investments. The challenge for investors: ensuring the integrated platform can turn this growth into a sustainable acceleration of earnings per share.
Steady Revenue Growth, Diversified Portfolio
The underlying revenue of €528.5 million increased by 15.3% year-over-year, driven by both volume-related activities and post-trading services. Non-volume-related revenues accounted for 56% of the total and covered 159% of underlying operational expenses (excluding amortization), showing remarkable stability amidst market volatility.
Securities services generated €91.6 million (+9.8%), fueled by custody and settlement which reached €84.4 million (+11.4%), while capital markets and data solutions grew by 18.2% to €185.9 million, benefiting from contributions from Admincontrol and Euronext Athex. The interest rate, currency, and commodities derivatives market segment rose by 5.3% to €95.5 million, particularly driven by commodities (+13.9%) and energy futures launched in March.
The equities markets segment led the growth: €138.9 million (+28.1%), fueled by high volatility and a full initial contribution from Athex, bringing the market share in cash equity to 64.1%.
Stable Margin Despite Acquisition Integration
Adjusted EBITDA reached €343.2 million, up 16.7% year-over-year, while the adjusted EBITDA margin improved by 0.8 points to 64.9%. This margin improvement withstands a 12.7% increase in underlying operational expenses (excluding amortization), reflecting both the integration of Admincontrol and Euronext Athex and investments in strategic growth projects.
The adjusted net income grew by 17.7% to €216.1 million, while the adjusted earnings per share were set at €2.13 (+18.3%), benefiting from a reduction in the number of shares outstanding due to the buyback program. The leverage effect on earnings per share remains one of the key value creation drivers for shareholders.
Strategic Plan in Execution Phase, Integration of Athex Underway
Euronext has confirmed key milestones of its 'Innovate for Growth 2027' plan. The Euronext ETF Europe platform, launched in September 2025, recorded an average daily volume of €1.6 billion in the first quarter, up 84%. The Euronext Nord Pool Power Futures, launched in March 2026, became fully operational after migrating 100% of open positions from Nasdaq Clearing to Euronext Clearing.
The integration of Athex is progressing: in April 2026, Athens Exchange Group became Euronext Athens, following the majority acquisition by Euronext in November 2025. Euronext confirmed the migration to its Optiq trading platform by June 2027. In the post-trade arena, Euronext Securities has initiated its testing phase with major custodians for its European expansion as a central securities depository (CSD), with a planned start in September 2026 in Belgium, France, and the Netherlands.
The net debt leverage ratio stood at 1.1 times adjusted EBITDA (last twelve months), in line with the strategic plan's target range. Euronext repaid a €385.5 million bond loan on May 18, 2026, issued in 2021 for the acquisition of the Borsa Italiana group.
