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 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].

Core Insights - Euronext achieved record revenue and income of €465.8 million in Q2 2025, reflecting a 12.8% increase year-over-year, driven by organic growth and acquisitions [1][8][26] - The company reported a strong adjusted EBITDA of €297.3 million, up 15.8% compared to Q2 2024, with an adjusted EBITDA margin of 63.8% [9][29][30] - Euronext's diversified business model allowed it to capture favorable market conditions, resulting in five consecutive quarters of double-digit topline growth [8][9] Financial Performance - Total revenue and income for Q2 2025 was €465.8 million, a 12.8% increase from €412.9 million in Q2 2024 [3][26] - Underlying operational expenses excluding depreciation and amortization (D&A) were €168.4 million, reflecting a 7.9% increase year-over-year [28][26] - Adjusted net income rose to €204.4 million, a 23.8% increase compared to €165.2 million in Q2 2024, with adjusted EPS at €2.02, up 27.0% [27][33] Revenue Breakdown - Securities Services revenue grew to €86.2 million, a 6.5% increase, driven by higher assets under custody and settlement activity [5][16] - Capital Markets and Data Solutions revenue increased to €165.4 million, up 12.0%, supported by the expansion of Advanced Data Solutions and strong performance in Corporate and Investor Solutions [5][18] - FICC Markets revenue reached €87.7 million, a 20.1% increase, driven by record performance in fixed income trading and clearing [15][22] Strategic Initiatives - Euronext is expanding its presence in the Nordics through the acquisition of Admincontrol, enhancing its subscription-based revenue and SaaS offerings [14][11] - The company announced a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (ATHEX), valued at approximately €412.8 million [41][42] - Euronext aims to integrate European capital markets and expects the ATHEX acquisition to deliver €12 million in annual run-rate cash synergies by the end of 2028 [43][44] Market Position - Euronext's market share in cash equity trading averaged 63.5% in Q2 2025, with average daily cash trading volumes of €13.4 billion, up 21.2% year-over-year [24][25] - The company is well-positioned to become the clearing house of choice for European repo markets, supported by strategic partnerships and initiatives [10][11] - Euronext's total assets under custody reached €7.34 trillion, reflecting a 4.5% increase compared to the end of Q2 2024 [16]

Core Viewpoint - Euronext has announced a voluntary share exchange offer to acquire all shares of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), aiming to enhance the integration of European capital markets and provide significant benefits to the Greek market [1][3][6]. Company Overview - Euronext is the leading European capital market infrastructure, managing approximately 25% of European cash equity trading and operating in major financial hubs [4][24]. - ATHEX operates the Greek capital market, with diversified operations including custody, settlement, clearing, and trading, generating significant revenue from its CSD and clearing business [7][8]. Offer Details - The offer is structured as a share exchange at a fixed conversion rate of 20,000 ATHEX ordinary shares for each new Euronext share, valuing ATHEX at €7.14 per share, approximately €412.8 million on a fully diluted basis [2][15]. - The offer represents a premium of approximately 27% on ATHEX's 3-month volume-weighted average undisturbed share price as of June 30, 2025 [16]. Strategic Rationale - The combination is expected to enhance the visibility of Greek markets to global investors, increase market liquidity, and create new growth opportunities [3][10][11]. - Euronext aims to deliver €12 million in annual run-rate cash synergies by 2028, with implementation costs expected to be €25 million [6][14]. Economic Context - Greece has experienced strong economic growth, supported by rising investment and growing international confidence, making it an opportune time for investment [7][8]. - ATHEX recorded a net revenue of €52.0 million in 2024, a 76% increase compared to 2020, indicating a robust recovery and growth potential [8]. Governance and Management - Following the acquisition, Greece will be represented at the Group level in Euronext's governance, with plans for an independent figure from the Greek financial ecosystem to join the Supervisory Board [20]. - The CEO of ATHEX is expected to join the Managing Board of Euronext, ensuring continued local representation [20].

Core Insights - Euronext reported a strong performance in Q1 2025, achieving record revenue and income of €458.5 million, a 14.1% increase compared to Q1 2024, driven by growth in non-volume-related revenue and exceptional market volatility [1][7][29] Financial Performance - Revenue and income for Q1 2025 reached €458.5 million, up from €401.9 million in Q1 2024, reflecting a 14.1% increase [3][24] - Adjusted EBITDA was €294.1 million, representing a 17.0% increase year-over-year, with an adjusted EBITDA margin of 64.1%, up 1.6 percentage points [3][26] - Net income attributable to parent company shareholders was €164.8 million, a 17.9% increase from €139.7 million in Q1 2024 [3][29] - Adjusted net income was €183.5 million, up 11.8% from €164.2 million in Q1 2024, with adjusted EPS (basic) at €1.80, a 13.9% increase [3][29] Revenue Breakdown - Non-volume-related revenue accounted for 57% of total revenue, covering 158% of underlying operating expenses [1] - Securities Services revenue grew to €83.4 million, a 6.8% increase, driven by growth in custody and settlement revenue [5][11] - Capital Markets and Data Solutions revenue increased to €157.4 million, up 6.6%, supported by the expansion of Euronext Corporate and Investor Solutions and Technology Services [5][14] - FICC Markets revenue reached €90.7 million, a 25.1% increase, driven by record performance in fixed income and commodities trading [5][19] - Equity Markets revenue grew to €108.4 million, an 18.0% increase, reflecting high volatility in cash equity trading [5][22] Strategic Initiatives - Euronext is implementing its "Innovate for Growth 2027" strategic plan, which includes consolidating settlement for equity trades in Amsterdam, Brussels, and Paris to enhance competitiveness [8][32] - The launch of a European Common Prospectus aims to facilitate access to capital markets and promote IPO activity across the EU [9][35] - The acquisition of Admincontrol is expected to accelerate the development of Euronext Corporate Solutions in the Nordics and increase subscription-based revenue [10][34] Market Conditions - The first quarter of 2025 experienced exceptional market volatility, which significantly contributed to the increase in trading volumes and revenues across various segments [1][2][7] - Average daily cash trading volumes reached €13.8 billion, up 31.8% compared to Q1 2024, indicating strong market activity [22]