Core Points - Euronext has announced the cancellation of 2,692,979 ordinary shares following the completion of its €300 million share repurchase program on March 10, 2025 [1] - The cancellation aligns with the company's intention to reduce capital, as stated in the announcement of the share repurchase program on November 7, 2024, and was approved by shareholders during the Annual General Meeting on May 15, 2025 [1] - After the cancellation, Euronext's issued share capital is now €162,468,044.80, divided into 101,542,528 ordinary shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [4] - As of June 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, making it a significant player in European equity trading [5] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [5]

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 announced trading volumes for June 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 Securities CSDs in Denmark, Italy, Norway, and Portugal [2] Market Position - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 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 - Euronext is in discussions to potentially acquire up to 100% of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), valuing ATHEX at €6.90 per share, which would amount to approximately €399 million for the entire share capital on a fully diluted basis [1][4]. Group 1: Euronext's Strategic Intent - Euronext aims to consolidate European capital markets through a potential combination with ATHEX, enhancing growth and synergy opportunities [2]. - The merger would promote the harmonization of European capital markets, utilizing a unified trading and post-trade technology framework [2]. Group 2: Market Position and Impact - Euronext manages about 25% of cash equity trading in Europe and operates in major financial hubs, which would allow Greek market participants access to a network of over 1,800 listed companies with a combined market capitalization exceeding €6 trillion [3][8]. - The integration of ATHEX into Euronext's infrastructure is expected to enhance the development and international attractiveness of Greek markets [3]. Group 3: Confidence in Greek Economy - Euronext's interest in ATHEX reflects confidence in the growth potential of the Greek economy and the integration of Greek capital markets into the Eurozone and EU [4].

Investment Rating - The report indicates a bullish outlook for stocks, credit, and energy, while being neutral on bonds and bearish on the USD [6][11]. Core Insights - Geopolitical tensions and resistance levels in major indices are impacting stock momentum, but declining volatilities in Europe and Asia may stabilize positioning [2][6]. - CTAs have shifted from a very short to a moderately long position in energy commodities, indicating a significant repositioning trend [5][20]. - The USD's weak reaction to geopolitical events suggests a potential loss of its safe-haven status, which is favorable for CTAs holding short positions in the currency [4][11]. Summary by Sections Equities - The report suggests a bullish stance on most indices except for US small and mid-cap stocks, which are neutral, and Asia excluding China, which is bearish [6][11]. - Key resistance levels to watch for the S&P 500 are at 6050, with current momentum showing signs of weakening [21][22]. Bonds - CTAs are currently moderate duration buyers in bonds, with a preference for Italian and Australian bonds while remaining neutral on Korea and EU bonds, and bearish on US, UK, and Japanese bonds [11][29]. Credit - The report indicates a bullish outlook across the credit market, with CTAs maintaining a long position [11][20]. Currencies - The USD is viewed as bearish against all currencies, with a notable bullish sentiment towards emerging market currencies like the Brazilian Real and Mexican Peso [11][20]. Commodities - The focus is primarily on energy commodities, with CTAs significantly increasing their long positions, while also reducing shorts in agricultural commodities [5][11].

Core Insights - Euronext announced trading volumes for May 2025, aligning its reporting framework with the new standards implemented in Q1 2025 [1] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, including listing, trading, clearing, settlement, and custody [3] - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion, making it the largest global center for debt and fund listings [4] - Euronext handles 25% of European lit equity trading and offers a diverse range of products, including equities, FX, ETFs, bonds, derivatives, commodities, and indices [4]

Core Viewpoint - The Monetary Authority of Singapore (MAS) and the Singapore Police Force announced a ban on unlicensed trading platforms Octa and XM starting June 20, due to violations of the Securities and Futures Act [1] Group 1: Regulatory Actions - The MAS and Singapore Police Force will block access to the websites of Octa and XM from June 20 [1] - These platforms have been providing and promoting services such as leveraged forex trading, commodities, indices, and stocks to Singapore customers without the necessary licenses [1] - The actions taken are in accordance with Section 82 of the Securities and Futures Act, which mandates that a capital markets services license is required to engage in regulated activities related to capital market products [1]

Core Insights - UBS Group AG's subsidiary, UBS Asset Management, has reached a definitive agreement to sell its hedge fund, private credit, and commodities business, O'Connor, to Cantor Fitzgerald as part of its strategy to streamline operations [1][5] - The transaction involves approximately $11 billion in assets under management and is expected to close in the fourth quarter of 2025, pending regulatory approvals [2][5] - UBS will maintain a long-term commercial arrangement with Cantor Fitzgerald to ensure continuity for UBS Global Wealth Management clients [3] Company Strategy - The divestiture aligns with UBS's broader strategy of focusing on core operations following the acquisition of Credit Suisse in 2023, aiming to reduce non-core and legacy risk-weighted assets to below $8 billion by the end of 2025 [5] - UBS has also formed a strategic partnership with 360 ONE WAM Ltd, acquiring a 4.95% share while selling its onshore Indian wealth business [6] Financial Performance - UBS aims to achieve $13 billion in gross cost savings by the end of 2026 through its restructuring efforts [7] - Despite these efforts, UBS shares have decreased by 2.4% over the past six months, contrasting with the industry's growth of 21.7% [8]

Core Points - Euronext's Annual General Meeting (AGM) approved all resolutions except for the advisory vote [1] - The annual dividend of €2.90 per ordinary share will be paid on 28 May 2025, with the ex-dividend date on 26 May 2025 and record date on 27 May 2025 [1] Voting Items Summary - Proposal to adopt the 2024 remuneration report [2] - Proposal to adopt the 2024 financial statements [2] - Proposal to discharge the members of the Managing Board for their duties in 2024 [2] - Proposal to discharge the members of the Supervisory Board for their duties in 2024 [2] - Re-appointment of Piero Novelli and Olivier Sichel as members of the Supervisory Board [2] - Appointment of Francesca Scaglia as a member of the Supervisory Board [2] - Re-appointment of Delphine d'Amarzit and appointment of René van Vlerken as members of the Managing Board [2] - Proposal to amend the remuneration policy for both the Managing and Supervisory Boards [2] - Proposal to appoint the external auditor [2] - Proposal regarding the cancellation of the company's own shares purchased under the share repurchase program [2] - Proposal to designate the Managing Board as the competent body to issue ordinary shares and restrict or exclude pre-emptive rights [2] - Proposal to authorize the Managing Board to acquire ordinary shares on behalf of the company [2] - Proposal to authorize the Supervisory Board or Managing Board to grant rights to French beneficiaries to receive shares [2] Company Overview - Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain [4] - As of March 2025, Euronext's regulated exchanges host nearly 1,800 listed issuers with a market capitalization of €6.3 trillion [5] - Euronext handles 25% of European lit equity trading and offers a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [5]

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]