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]