Euronext Reports Robust Q3 2025 Results
Euronext has delivered the sixth consecutive quarter of double-digit growth. The company has seen notable success driven by the expansion of non-volume-related businesses, resilient trading, and disciplined cost management.
Key Highlights from Q3 2025: Euronext's results revealed a remarkable increase in revenue, with overall figures showing a +10.6% rise to €438.1 million compared to the previous year.
Financial Performance Overview
Revenue Composition
Non-volume-related revenue accounted for 60% of total revenue and strongly supported the company's operations. This revenue stream covered 162% of underlying operating expenses (excluding depreciation and amortization).
- Securities Services: Revenue grew to €77.3 million, up +6.0%, supported by a consistent increase in custody and settlement activities.
- Capital Markets and Data Solutions: Revenue climbed to €168.4 million, reflecting a +13.9% growth fueled by contributions from new ventures.
- Net Treasury Income: Increased to €16.7 million, indicating a +23.8% growth from the prior year.
Volume-Related Revenue
Volume-related revenue showcased Euronext's strength across various asset classes:
- FICC Markets: Revenue hit €81.9 million, a rise of +11.0% due to strong performances in fixed income and commodities trading.
- Equity Markets: Revenue reached €93.7 million, increasing by +6.6%, highlighting robust trading volumes.
Operational Metrics and Expenses
Underpinning this achievement was a strategic focus on operational expenses, which rose by 7.3% to €161.4 million. Euronext is effectively managing costs while continuing to invest in growth. As a result, the company has upgraded its guidance for underlying operating costs to €660 million for 2025, down from €670 million.
Key figures for Q3 2025 include:
- Adjusted EBITDA: €276.7 million (+12.6%), with an adjusted EBITDA margin of 63.2%.
- Adjusted net income: €169.0 million, while adjusted EPS stood at €1.68.
Share Repurchase Program Announcement
As part of demonstrating its robust financial position, Euronext has announced a share repurchase program valued at up to €250 million, approximately 2% of its total outstanding share capital.
This program is set to begin on 18 November and will conclude no later than 31 March 2026, reflecting Euronext’s confidence in its future growth prospects and proactive capital allocation strategy.
Strategic Developments
Euronext is on track with its strategic initiative ‘Innovate for Growth 2027,’ focusing on:
- Launching innovative mini-sized futures on major European government bonds, enhancing market flexibility.
- Introducing Euronext ETF Europe, a fully integrated marketplace for ETFs across Europe.
Stéphane Boujnah, CEO of Euronext, stated, "In the third quarter of 2025, Euronext showcased solid performance driven by organic growth and strategic acquisitions. This marks another milestone as we maintain a rigorous approach to cost discipline while pursuing our growth trajectory. Our successful entry into the CAC 40® index further underscores our market positioning and commitment to increasing shareholder value."
Q3 2025 Business Highlights
During Q3 2025, Euronext continued to outperform expectations and positioned itself competitively:
- Continued focus on enhancing trading and clearing technologies.
- Demonstrated leadership in equity listings despite market fluctuations.
Frequently Asked Questions
What were Euronext's revenue figures for Q3 2025?
Euronext reported revenues of €438.1 million, a +10.6% increase compared to the previous year.
What significant programs has Euronext launched recently?
Euronext launched several initiatives, including mini-sized futures and an integrated ETF marketplace.
What is Euronext's adjusted EBITDA for Q3 2025?
The adjusted EBITDA for Q3 2025 was €276.7 million, reflecting a positive growth trend.
When will the share repurchase program begin?
The share repurchase program is set to start on 18 November and will conclude no later than 31 March 2026.
How is Euronext positioning itself for the future?
Euronext is investing strategically in growth opportunities and improving operational efficiencies through its Innovate for Growth 2027 initiative.
