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 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]