The Pan-European Capital Market Infrastructure Euronext has published its results for the second quarter of 2025 today.
Revenue from FX negotiation increased by 18.9%to € 9.3 million in the 2nd quarter of 2025, reflecting record volumes in April 2025, which expressed the negative impact of the dollar currency.
In all departments, revenue and revenue of Q2 2025 increased by 12.8% to € 465.8 million.
The underlying operating expenses excluding D&A were € 168.4 million (+7.9%), according to 2025’s 2025 guidance. Euronext’s underlying guidance, with the exception of D&A of 670m euros, excludes Admincontrol, which was acquired on May 13, 2025.
The custom EBITDA was € 297.3 million (+15.8%) and the customized EBITDA margin was 63.8% (+1.6T).
The custom net income amounted to € 204.4 million (+23.8%) and the custom EPS was € 2.02 (+27.0%), supported by dividends.
The reported net income was EUR 183.8 million (+29.7%) and the EPS mentioned was € 1.81 (+32.1%).
The net debt to the custom EBITDA was 1.8 times at the end of June 2025, according to the Euronext target range. This ratio reflects the impact of admincontrol’s acquisition on 13 May 2025 and the payment of dividends in May 2025.
Stéphane Boujnah, Managing Director and Chairman of the Board of Directors of Euronext, said:
“In the second quarter of 2025, Euronext achieved revenue and income of 465.8 million euros, is driven by organic growth and acquisitions.
We continued to invest in growth while maintaining a strong cost discipline. Euronext reached a custom EBITDA close to EUR 300 million in the third quarter of 2025, marking a significant +15.8% increase compared to Q2 2024. The Q2 2025, we reached a record of custom EPS worth € 2.02 per share. The reported EPS increased by +32.1% compared to Q2 2024 to € 1.81 per share.
We continue to promote the completion and competitiveness of European capital markets through strategic initiatives. With a powerful footprint in the Italian Repo, a growing list of government bond coverage and the majority of key clearance members already linked, Euronext is able to liquidate the choice for the European RepO.
Europe has an unprecedented commitment to establish a savings and investment union, and Euronext is a key player in Europe to speed up the tradition of this ambition. Since the beginning of the year, Euronext has continued to develop capital to expand throughout Europe. We have expanded our presence to Nordics with the acquisition of Admincontrol and will further enhance our position by migration of future future future future future migration of Nasdaq Nordic to Euronext Clearing to Q1 2026.
The intended acquisition of ATHEX will expand our integrated model throughout Europe to deliver the Union of Saving and Investment. We are strongly committed to enhancing the growth and attractiveness of Greek markets internationally and the creation of effectiveness and competitiveness throughout the team. “