Euronext N.V.

Euronext reported record Q2 2026 revenue and income of EUR 544.4 million, up 16.9% year on year. Adjusted EBITDA was EUR 360 million, up 21.1%, with adjusted EBITDA margin at 66.1% versus 63.8% in Q2 2025, a 2.3 percentage point improvement. Adjusted net income rose 19.9% to EUR 245 million, and adjusted EPS increased 19.8% to EUR 2.42; reported EPS was EUR 2.16, up 19.3%. Underlying expenses excluding D&A were EUR 184.4 million, up 9.5%, though management said the underlying cost base grew only 3.5% excluding acquisitions. Net debt to EBITDA was 1.3x at end-June 2026, or 1.5x excluding Nord Pool cash in transit; cash position exceeded EUR 1 billion. On cash flow, operating cash flow was EUR 185.5 million versus EUR 135 million a year ago. Management reiterated no change to Innovate for Growth 2027 guidance, saying it is ahead of its above-5% CAGR top-line and EBITDA ambitions, but did not provide new numeric targets.

Stéphane Boujnah emphasized that Euronext is in its ninth consecutive quarter of double-digit growth and said the company is 'stronger than ever.' He highlighted diversification across businesses, operating leverage, and strategic execution in areas like listings, Power Futures, retail participation, and post-trade expansion. He also said the company is ahead of its 2027 plan but will continue to underpromise and overdeliver, while AI-related efficiency gains are still being evaluated and partly reinvested.

Giorgio Modica focused on the quarter’s broad-based revenue momentum and the quality of the earnings bridge. He pointed to EUR 544.4 million of revenue and income, EUR 360 million of adjusted EBITDA, and EUR 245 million of adjusted net income, with non-volume-related revenue covering 170% of operating expenses excluding D&A. He also noted EUR 185.5 million of operating cash flow, EUR 322 million of dividends paid, EUR 386 million of bonds redeemed, and a $89 million payment to Nasdaq for the Power Futures migration, while leverage remained at 1.3x net debt to EBITDA, or 1.5x excluding cash in transit.

Analysts focused on MTS growth outside Italy, France’s sovereign debt market, CSD expansion, AI-driven efficiencies, pricing/revenue capture, retail-driven data demand, and the sustainability of Advanced Data Solutions. Management said MTS growth is being driven by getting DMOs to move liquidity into electronic order books, with Spain and Portugal cited as successes and France described as an important first step through the new index-administration role. On the CSD project, management said go-live is set for 21 September, technology and regulatory risks are behind them, early adopters are lined up, and adoption should ramp gradually over the next quarters. They also said the consolidated tape should not have a material near-term revenue impact and that Advanced Data Solutions is mostly subscription-based, with no specific one-off driving the quarter.