Euronext N.V.

Euronext reported Q2 2026 underlying 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%, up 2.3 percentage points. Adjusted net income was EUR 245 million, up 19.9%, and adjusted EPS was EUR 2.42, up 19.8%. Reported net income attributable to parent shareholders was EUR 218.8 million, up 19.1%, and reported basic EPS was EUR 2.16, up 19.3%. Operating cash flow was EUR 185.5 million versus EUR 135 million a year earlier. Looking ahead, management said it is tracking significantly ahead of the Innovate for Growth 2027 financial targets, but did not revise guidance; it said any potential cost guidance update may come in November once the AI impact is clearer. The CSD expansion is scheduled for 21 September 2026, and management expects gradual client adoption after go-live.

Stéphane Boujnah framed the quarter as evidence that Euronext is “stronger than ever,” emphasizing diversified growth, operating leverage and strategic execution. He highlighted progress in listings, Power Futures, retail participation, the CSD expansion, and the new French sovereign debt index administration appointment as signs that Euronext is becoming more central to European market infrastructure. His tone was confident and upbeat, but he repeatedly stressed that the company will keep underpromising and overdelivering rather than raising medium-term targets now.

Giorgio Modica focused on the mix and quality of growth. He said non-volume-related revenue grew 15.2%, Security Services reached EUR 96.9 million, custody and settlement was EUR 88.1 million, and assets under custody were EUR 8.1 trillion, up 8.8%; net treasury income rose 12.5% to EUR 22.5 million. He also noted volume-related revenue rose 19.2%, with cash equity trading and clearing revenue at EUR 118.5 million and average daily cash equity volume at EUR 16.7 billion, while reported operating cash flow improved to EUR 185.5 million. On capital structure, he cited EUR 322 million of dividends paid, EUR 386 million of bonds redeemed, $89 million paid to Nasdaq for the Power Futures migration, and leverage of 1.3x net debt/EBITDA, or 1.5x excluding Nord Pool cash in transit.

Analysts pressed on MTS expansion beyond Italy, especially Spain, Portugal and France, and management said growth outside Italy is being driven by DMOs adopting MTS’s electronic order-book model, not by revenue-sharing incentives from Euronext. On France, management said the new reference index administration is an important first step toward greater relevance in French sovereign debt, but MTS is not yet the recognized secondary trading venue there. Questions on AI-driven efficiencies drew a cautious answer: management said the gains are increasingly clear, but it is too early to quantify them and they are currently being reinvested in future initiatives, with a possible cost-guidance update in November. On the CSD project, management reiterated a 21 September 2026 go-live, early adopters on day 1, and a gradual ramp-up rather than a migration event.