Euronext Posts Ninth Consecutive Quarter of Double-Digit Growth on Record Trading Volumes
The pan-European exchange operator reported record Q2 revenue of €544 million as its EBITDA margin expanded to 66.1%, driven by strength across all business segments.
Record Performance Across All Segments
Euronext N.V. reported record second-quarter results on July 31, extending a streak of double-digit growth across revenue, EBITDA, net income, and earnings per share for the ninth consecutive quarter. Total revenue and income reached €544.4 million, up 16.9% year-over-year, while adjusted EBITDA climbed 21.1% to €360 million (earnings call, 2026-07-31).
The pan-European exchange operator's adjusted EBITDA margin expanded to 66.1%, representing a 2.3 percentage point improvement compared to Q2 2025, despite continued investments in growth initiatives (earnings call, 2026-07-31). Adjusted earnings per share rose 19.8% to €2.42.
"Euronext has never been so strong," said CEO Stéphane Boujnah, highlighting the company's diversified business model and execution of strategic initiatives (earnings call, 2026-07-31).
Balanced Growth Between Volume and Non-Volume Revenue
Non-volume-related revenue, which now accounts for 58% of total revenue, increased 15.2% year-over-year. This segment was driven by contributions from recent acquisitions Admincontrol and Euronext Athens, alongside growth in custody and settlement services and a "renewed momentum in primary markets," according to Boujnah (earnings call, 2026-07-31).
Volume-related revenue surged 19.2%, powered by record trading volumes across asset classes. Cash equity trading revenue jumped 26.9% to €118.5 million, with average daily volumes reaching €16.7 billion—a 22.7% increase on a pro forma basis including Athens (earnings call, 2026-07-31). Euronext maintained a 66.2% market share in cash equities.
The quarter also marked the first full period of contribution from Power Futures, following the company's expansion into Nordic and Baltic power markets. CFO Giorgio Modica noted that commodity trading and clearing revenue increased 27.2% to €34 million (earnings call, 2026-07-31).
Cost Discipline and Strategic Progress
Underlying expenses excluding depreciation and amortization rose 9.5% to €184.4 million. However, Boujnah emphasized that "excluding the impact from acquisitions," the underlying cost base grew only 3.5%, demonstrating continued operational leverage (earnings call, 2026-07-31).
The company recorded its strongest second quarter for listings and follow-ons in three years, with nearly half of new listings coming from international companies outside Euronext's home markets, including Canada, Australia, Spain, and the Czech Republic. Euronext Athens secured the first listing of a global shipping company and the largest capital raise in Greece in over a decade (earnings call, 2026-07-31).
Net debt to adjusted EBITDA stood at 1.3x at quarter-end, within the company's target range of 1-2x when normalized for cash in transit at Nord Pool. This was achieved despite over €700 million in cash outflows related to dividend payments and bond redemption (earnings call, 2026-07-31).
Looking Ahead
Euronext is preparing for the September 2026 launch of its CSD expansion, with first clients already confirmed for day-one participation. The company also began client onboarding for its renewed fixed income clearing franchise in May 2026 (earnings call, 2026-07-31).
According to MarginX data, the company is scheduled to report Q3 2026 results on November 5, 2026.
This article was generated by MarginX from the earnings call on 2026-07-31. It is not investment advice.