Euronext publishes Q4 and full year 2025 results

Core Insights - Euronext achieved double-digit growth in 2025, with underlying revenue and income increasing by 12.1% to €1,823.2 million, driven by non-volume-related businesses and resilient trading performance [2][14][24] - The company plans to accelerate the execution of its strategic initiatives in 2026, including diversifying its commodities franchise and enhancing its European capital market infrastructure [8][10][11] Financial Performance - Full year 2025 underlying revenue and income rose to €1,823.2 million, a 12.1% increase from 2024, with non-volume-related revenue accounting for 59% of total revenue [3][16] - Adjusted EBITDA for 2025 was €1,143.1 million, up 13.6%, with an adjusted EBITDA margin of 62.7%, reflecting disciplined cost management [4][19] - Reported net income increased by 9.8% to €642.9 million, resulting in a reported EPS of €6.34 [24][25] Revenue Breakdown - Securities Services revenue grew to €330.7 million, a 6.9% increase, driven by strong growth in custody and settlement services [4][13] - Capital Markets and Data Solutions revenue reached €669.3 million, up 12.1%, supported by contributions from Admincontrol and Advanced Data Solutions [4][30] - FICC Markets revenue increased by 16.2% to €342.8 million, while Equity Markets revenue grew by 11.7% to €410.0 million, reflecting robust trading activity [4][36] Cost Management - Underlying operating expenses (excluding D&A) were €680.1 million, a 9.6% increase, aligning with revised guidance [6][17] - Euronext expects stable underlying expenses for 2026 at around €720 million, with additional costs from acquisitions and strategic growth investments [7] Strategic Initiatives - Euronext made significant progress in its "Innovate for Growth 2027" strategic plan, including the acquisition of Admincontrol and the establishment of an integrated ETF market in Europe [9][11] - The company plans to enhance its European CSD model and expand its retail offerings, aiming to improve liquidity and access across European markets [53][54] Dividend Proposal - A dividend of €321.5 million will be proposed at the 2026 Annual General Meeting, representing 50% of 2025 reported net income, marking a 9.8% increase from 2024 [5]