Core Viewpoint - Euronext has announced a share repurchase programme with a maximum amount of €250 million, reflecting its proactive capital allocation strategy and confidence in growth prospects [1][2]. Group 1: Share Repurchase Programme Details - The programme aims to reduce Euronext's share capital, with all repurchased shares to be cancelled [6]. - The maximum amount allocated for the programme is €250 million, and it will run from 18 November 2025 until a maximum of 31 March 2026 [6]. - Euronext plans to repurchase approximately 2% of its ordinary shares, as authorized by the General Meeting on 15 May 2025, with a limit of 10% [6]. Group 2: Financial and Regulatory Compliance - The programme is designed to maintain Euronext's credit rating and financial flexibility while adhering to its dividend policy of a 50% payout of reported net income [2]. - Euronext has established a non-discretionary arrangement with a financial intermediary to conduct the repurchase, ensuring compliance with applicable regulations, including the Market Abuse Regulation [2][3]. Group 3: Company Overview - Euronext is a leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, and settlement [7]. - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion, handling 25% of European lit equity trading [8].

Core Insights - Euronext reported a revenue increase of 10.6% to €438.1 million in Q3 2025, marking the sixth consecutive quarter of double-digit growth driven by non-volume-related businesses and resilient trading revenues [1][6][23] - The company announced a share repurchase program of up to €250 million, reflecting confidence in its growth prospects and a proactive approach to capital allocation [4][9] Financial Performance - Revenue and income for Q3 2025 reached €438.1 million, up from €396.3 million in Q3 2024, representing a 10.6% increase [3][23] - Adjusted EBITDA was €276.7 million, a 12.6% increase from €245.8 million in Q3 2024, with an adjusted EBITDA margin of 63.2% [4][26] - Reported net income decreased by 6.1% to €149.7 million, with adjusted net income down 6.5% to €169.0 million [30][24] Revenue Breakdown - Non-volume-related revenue accounted for 60% of total revenue, covering 162% of underlying operating expenses [1][4] - Securities Services revenue grew to €77.3 million, up 6.0%, driven by growth in custody and settlement services [4][12] - Capital Markets and Data Solutions revenue increased by 13.9% to €168.4 million, supported by contributions from Admincontrol and Advanced Data Solutions [4][14] - FICC Markets revenue rose 11.0% to €81.9 million, while Equity Markets revenue increased by 6.6% to €93.7 million [4][21] Strategic Developments - Euronext launched the first fully integrated European marketplace for ETFs, aiming to unify the ETF market and enhance operational efficiency [7][34] - The company introduced mini-sized, cash-settled futures on major European government bonds, expanding its derivatives offerings [10][33] - Euronext initiated a voluntary exchange offer to acquire all shares of ATHEX, enhancing its competitive position in the European capital market [10][35] Operational Efficiency - Underlying operating expenses, excluding depreciation and amortization, were €161.4 million, reflecting a 7.3% increase due to growth investments [4][25] - The company successfully reduced its net debt to EBITDA ratio from 1.8x to 1.5x within three months, indicating effective deleveraging [9][4]

Core Insights - Euronext announced its trading volumes for October 2025, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] - Euronext provides clearing and settlement services through Euronext Clearing and its CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of September 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.5 trillion [3] - Euronext is recognized as the largest global center for debt and fund listings, handling 25% of European lit equity trading [3] - The company offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3]

Core Viewpoint - German Chancellor Frederick Matz advocates for greater stock market integration in Europe to address the fragmented market for companies seeking listings [1] Group 1: Market Integration and Liquidity - The underlying concern driving discussions about a pan-European stock exchange is the relative levels of liquidity and access to capital compared to the US market [2] - There is an opportunity for greater consolidation among European exchanges to enhance liquidity and capital access [2][3] - Euronext currently trades 25% of the equity in Europe, with an aggregate market capitalization exceeding €6.5 trillion, making it significantly larger than the London Stock Exchange (approximately €3 trillion) and Frankfurt (below €2 trillion) [5][6] Group 2: Historical Context and Future Aspirations - Euronext's historical focus on equity markets contrasts with other exchanges that have diversified into data and post-trade services, leading to a debate between the aspirations of European leaders and the strategies of market operators [6][7] - The London Stock Exchange has shifted its focus away from equity markets, which were once central to European capital markets, particularly after Brexit [9][10] - There is a potential for consolidation in the future, contingent on the willingness of market participants to engage in mergers and acquisitions [8][11]

Core Viewpoint - Euronext CEO Stéphane Boujnah supports the initiative by German Chancellor Friedrich Merz for the establishment of a European stock exchange aimed at bolstering European companies and fostering growth [1] Group 1 - The call for a European stock exchange is seen as a strategic move to enhance the support for European companies [1] - The initiative is expected to contribute positively to the growth of the European economy [1]

Core Viewpoint - Euronext has received all necessary regulatory approvals to launch a voluntary exchange offer for all common registered shares of Hellenic Exchanges-ATHEX Stock Exchange S.A. (ATHEX), proposing an exchange ratio of one Euronext share for every twenty ATHEX shares [1][4]. Strategic Rationale for the Tender Offer - The integration of ATHEX into Euronext's Group will connect Greek financial market participants to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion, reflecting Euronext's confidence in the Greek economy and its growth potential [2]. - The combination aims to enhance the visibility and attractiveness of the Greek market on an international scale, positioning ATHEX as a financial hub in Southeast Europe [4][7]. Support from ATHEX Board of Directors - The Board of Directors of ATHEX has unanimously supported the Tender Offer and has signed a cooperation agreement with Euronext, with all directors owning shares committing to tender their shares [3]. Details of the Tender Offer - The Acceptance Period for the Tender Offer commences on 6 October 2025 and ends on 17 November 2025, requiring a minimum of 38,759,500 ATHEX shares to be tendered for the offer to proceed [7][8]. - Euronext will exercise its squeeze-out right if it acquires at least 90% of ATHEX's voting rights, allowing non-accepting shareholders to exercise their sell-out rights [10]. Financial Impact and Integration Plan - Euronext anticipates annual run-rate cash synergies of €12 million by the end of 2028, with implementation costs estimated at €25 million, making the transaction accretive for Euronext shareholders in the first year [12]. - The transaction aligns with Euronext's investment criteria, preserving debt capacity for future diversification deals and enhancing stock liquidity [13]. Governance and Regulatory Oversight - The CEO of ATHEX is proposed to join Euronext's Managing Board, and an independent representative from the Greek financial ecosystem will be nominated for the Supervisory Board [14]. - The Hellenic Capital Market Commission (HCMC) will remain the primary supervisory authority for Greek markets and will join Euronext's College of Regulators [14]. Expected Timetable of Events - Key dates include the approval of the Information Circular on 3 October 2025, the commencement of the Acceptance Period on 6 October 2025, and the announcement of the results on 19 November 2025 [15][16].

Core Viewpoint - Euronext has received all necessary regulatory approvals to launch a voluntary exchange offer to acquire all common registered shares of Hellenic Exchanges-ATHEX Stock Exchange S.A. (ATHEX) at an exchange ratio of one Euronext share for every twenty ATHEX shares, reflecting confidence in the Greek economy and the potential for integration into the Eurozone [1][2][4]. Group 1: Strategic Rationale - The integration of ATHEX into Euronext's Group will connect Greek financial market participants to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion [2]. - Euronext's interest in ATHEX indicates strong confidence in the growth potential of the Greek economy and the benefits of further integration with international investors [2]. - The combination aims to enhance the visibility and attractiveness of the Greek market on an international scale, establishing ATHEX as a financial hub in Southeast Europe [4][5]. Group 2: Board Support and Governance - The Board of Directors of ATHEX has unanimously supported the Tender Offer and has entered into a cooperation agreement with Euronext [3]. - All ATHEX Board members owning shares, including the CEO, have committed to tender their shares, pending a favorable opinion from the Board as required by Greek law [3]. Group 3: Tender Offer Details - The Acceptance Period for the Tender Offer commences on 6 October 2025 and ends on 17 November 2025 [7][15]. - A minimum of 38,759,500 ATHEX shares, representing 67.0% of total voting rights, must be tendered for the offer to proceed [8]. - If Euronext acquires at least 90.0% of ATHEX's voting rights, it will exercise its squeeze-out right, allowing non-accepting shareholders to sell their shares [10]. Group 4: Financial Impact and Integration - Euronext anticipates annual run-rate cash synergies of €12 million by the end of 2028, primarily through the migration of Greek trading to its Optiq platform and the harmonization of central functions [12]. - The transaction is expected to be accretive for Euronext shareholders after the realization of synergies in the first year [12]. - Euronext aims to maintain spare debt capacity for future diversification deals while enhancing the liquidity of its stock [13]. Group 5: Future Governance and Structure - The CEO of ATHEX is proposed to join Euronext's Managing Board, and an independent representative from the Greek financial ecosystem will be nominated for the Supervisory Board [14]. - The Hellenic Capital Market Commission (HCMC) will continue as the primary supervisory authority for Greek markets and will be invited to join Euronext's College of Regulators [14].

Group 1: Market Performance - French stocks are experiencing a positive trend, with the benchmark CAC 40 reaching a six-month high at 8,060.52, up 93.57 points or 1.17% [1] - The rise in the CAC 40 is attributed to strong buying in the auto sector and easing concerns about a potential U.S. government shutdown [1] Group 2: Company-Specific Developments - Stellantis shares increased by 7.1% following stronger than expected U.S. sales figures, alleviating concerns over potential tariff impacts on demand [2] - Morgan Stanley noted a turnaround in Stellantis' market share, with U.S. sales momentum strengthening in September [2] - Other companies such as Thales, LVMH, Renault, and Airbus also saw gains ranging from 1.4% to 4.2% [2] - Worldline shares surged by 9.3% after announcing a strategic partnership with YeePay, a Chinese payment provider in the airline and travel sector [3] - Companies like Capgemini, Michelin, Societe Generale, and Accor also reported impressive gains [3] Group 3: Economic Indicators - Euro Area's seasonally adjusted unemployment rate rose to 6.3% in August from a record low of 6.2% in July, indicating a slight increase in unemployment [4]

London Stock Exchange Group would not sell its flagship market, the chief executive officer of the bourse said — even though it could have a willing buyer in rival Euronext https://t.co/26dNsLqBWY ...

Market Dynamics - London Stock Exchange CEO states the exchange is "not for sale" [1] - Euronext CEO expressed interest in acquiring the London Stock Exchange [1]