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]

Financial Data and Key Metrics Changes - Adjusted net revenues for the second quarter of 2025 were $405 million, with an operating margin of 18.1% and adjusted EPS of $2.95, all higher compared to the same period last year [6][20][21] - Advisory revenues reached $206 million during the quarter, up 12% year over year, driven by a higher average fee and a total of 71 transactions completed [6][7] - For the first half of 2025, net revenues totaled $789 million, with an operating income of $142 million and an operating margin of 18% [20][21] Business Line Data and Key Metrics Changes - Advisory services accounted for 54% of total net revenues, increasing 24% year over year, with strong performance in M&A and non-M&A advisory services [21][22] - Corporate financing revenues were $35 million, down 31% from the previous year, with 26 financings completed, raising $10 billion for corporate clients [10][11] - Municipal financing revenues increased by 66% year over year to $42 million, driven by strong demand and favorable market conditions [14] - Equity brokerage revenues were $58 million, up 12% year over year, with robust trading activity [16] - Fixed income revenues reached $54 million, up 21% from the first quarter and 37% from the previous year, driven by strong activity with depository clients [17] Market Data and Key Metrics Changes - The economic fee pool for companies with sub-five billion dollars of market cap decreased by 19% year over year, with a significant 61% decline in the biopharma sector [11] - The IPO market is showing signs of improvement, particularly in med tech, although biotech IPOs remain slow [43][44] Company Strategy and Development Direction - The company is focused on expanding its M&A business and technology capabilities, as evidenced by the acquisition of G Squared Capital Partners [26][28] - There is a strategic emphasis on managing headcount and driving productivity while enhancing sector and product expertise [12][13] Management's Comments on Operating Environment and Future Outlook - The macro environment has shown improvement, with increased client engagement and a robust pipeline of transactions expected to continue into the third quarter [5][9] - Management expressed optimism about the advisory services outlook, despite some volatility impacting deal processes earlier in the quarter [9][10] Other Important Information - The company repurchased approximately 85,000 shares for $21 million and paid $17 million in dividends during the quarter [24][25] - A $0.05 increase in the quarterly cash dividend to $0.70 per share was announced, effective September 12 [24][25] Q&A Session Summary Question: What does a more normal bank consolidation market mean for revenue? - Management noted that conditions for depository M&A have improved, with quicker regulatory approvals and an increase in transaction announcements expected to impact revenues positively [32][33] Question: How is the Avidity acquisition enhancing client connectivity? - Management reported that the acquisition has met expectations, enhancing relationships with senior partners and improving overall transaction activity [36][38] Question: What is the outlook for the IPO market, particularly in biotech? - Management indicated that while the IPO market is improving, biotech remains slow, with a need for continued improvement before significant activity resumes [43][44] Question: How do the fixed income trading and bank M&A outlooks align? - Management clarified that the strong second quarter in fixed income does not contradict the positive outlook for bank M&A, as both areas are experiencing different dynamics [46][50] Question: What is the current state of conversations with sponsor clients? - Management observed increased activity and a positive outlook for transactions in the second half of the year, although caution remains [55][56] Question: What is the trajectory for compensation and non-compensation expenses? - Management expects the compensation ratio to remain stable, while non-compensation expenses may trend higher due to increased occupancy and legal fees [76][78]

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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]

Derivatives Offerings Expansion - Coinbase Derivatives 将于 8 月 18 日推出 nano SOL 和 nano XRP 美国永久期货 [1] - 此举旨在扩大其衍生品产品范围，为美国投资者提供更强的市场准入性 [1]

Core Insights - KeyCorp reported a revenue of $1.8 billion for Q2 2025, reflecting a 21% increase year-over-year, driven by a 10% growth in noninterest income and a 4% increase in net interest income [1][2][6] - The net income attributable to Key common shareholders for Q2 2025 was $387 million, or $0.35 per diluted common share, compared to $370 million, or $0.33 per diluted common share in Q1 2025, and $237 million, or $0.25 per diluted common share in Q2 2024 [1][5][49] - The company experienced a decline in net loan charge-offs by 8% quarter-over-quarter, indicating stable to improved credit metrics [1][20] Revenue and Income - Total revenue for Q2 2025 was $1.84 billion, up 20.6% from $1.526 billion in Q2 2024, with net interest income at $1.15 billion, a 27.9% increase year-over-year [6][49] - Noninterest income reached $690 million, a 10% increase from $627 million in Q2 2024, driven by higher investment banking and debt placement fees [10][11][49] Expenses - Noninterest expenses increased to $1.154 billion, a 7% rise from $1.079 billion in Q2 2024, primarily due to higher personnel expenses related to incentive compensation [13][14][49] - The company managed to keep deposit costs below 2%, with average deposits totaling $147.4 billion, reflecting a 2.3% increase year-over-year [18][19] Asset Quality - Net loan charge-offs for Q2 2025 were $102 million, or 0.39% of average total loans, compared to $91 million, or 0.34%, in Q2 2024 [20][22] - Nonperforming loans at the end of Q2 2025 totaled $696 million, representing 0.65% of period-end portfolio loans, stable compared to previous quarters [23][22] Capital Position - KeyCorp's Common Equity Tier 1 ratio was 11.7% as of June 30, 2025, maintaining a strong capital position above regulatory benchmarks [25][27] - The company declared a dividend of $0.205 per common share in May 2025, consistent with previous quarters [28][49] Business Segments Performance - The Consumer Bank segment generated $912 million in revenue, a 20.3% increase from Q2 2024, with net income of $122 million [32][35] - The Commercial Bank segment reported $974 million in revenue, up 26.8% year-over-year, with net income of $349 million [31][38]

Market Expansion - Kraken Derivatives US 在美国 20 个州上线，标志着业务的开始 [1] - Kraken Derivatives US 计划提供完全访问权限，预示着进一步的扩张 [1]

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].