Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility.
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 14 May 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework[1].
- Q1 2025 revenue and income was up +14.1% at €458.5 million:
Non-volume-related revenue and income represented 57% of total revenue and income and covered 158% of underlying operating expenses, excluding D&A[2]:
- Securities Services revenues grew to €83.4 million (+6.8%), driven by double-digit growth in custody and settlement revenue;
- Capital Markets and Data Solutions revenue grew to €157.4 million (+6.6%), driven by the continued commercial expansion of Euronext Corporate and Investor Solutions and Technology Services and the strong performance of Advanced Data Solutions, supported by the acquisition of GRSS and by retail participation;
- Net treasury income was €18.6 million (+58.8%), demonstrating the benefits of the Euronext Clearing expansion and the internalisation of net treasury income following the derivatives clearing migration in Q3 2024.
Volume-related revenue was driven by high market volatility in Q1 2025:
- FICC[3] Markets reported €90.7 million of revenue (+25.1%), driven by record performance in fixed income trading and clearing, commodities trading and clearing and FX trading;
- Equity Markets revenue grew to €108.4 million (+18.0%), reflecting high volatility.
- Underlying operating expenses excluding D&A were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, combined with strong costs discipline, in line with the ramp-up of growth investments set out as part of Euronext’s underlying cost guidance of €670 million for the full year 2025.
- Adjusted EBITDA was €294.1 million (+17.0%) and adjusted EBITDA margin was 64.1% (+1.6pts).
- Adjusted net income was €183.5 million (+11.8%) and adjusted EPS was €1.80 (+13.9%).
- Reported net income was €164.8 million (+17.9%) and reported EPS was €1.62 (+20.0%).
- Net debt to EBITDA[4] was at 1.4x at the end of March 2025, within Euronext’s target range of the “Innovate for Growth 2027” strategic plan. On 22 April 2025, Euronext had successfully redeemed the €500 million bond issued in connection with the acquisition of Euronext Dublin in April 2018.
Key figures for the first quarter of 2025:
| In €m, unless stated otherwise | Q1 2025 | Q1 2024 | % var | % var l-f-l3F[5] |
| Revenue and income | 458.5 | 401.9 | +14.1% | +12.9% |
| Underlying operational expenses excluding D&A[2] | (164.5) | (150.7) | +9.1% | +7.2% |
| Adjusted EBITDA | 294.1 | 251.3 | +17.0% | +16.4% |
| Adjusted EBITDA margin | 64.1% | 62.5% | +1.6pts | +1.9pts |
| Net income, share of the parent company shareholders | 164.8 | 139.7 | +17.9% | |
| Adjusted net income, share of the parent company shareholders | 183.5 | 164.2 | +11.8% | |
| Adjusted EPS (basic, in €) | 1.80 | 1.58 | +13.9% | |
| Reported EPS (basic, in €) | 1.62 | 1.35 | +20.0% | |
| Adjusted EPS (diluted, in €) | 1.80 | 1.58 | +13.9% | |
| Reported EPS (diluted, in €) | 1.61 | 1.34 | +20.1% |
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“In the first quarter of 2025, Euronext has delivered a remarkable performance. We achieved record revenue and income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX, power and commodities. Our diversified business model has allowed us to invest in growth and reach an adjusted EBITDA of €294.1 million, marking a significant +17.0% increase compared to Q1 2024. In Q1 2025, we reached record adjusted EPS (basic) of €1.80 per share. Our reported EPS (basic) grew by an impressive +20.0% compared to Q1 2024, to €1.62 per share.
We have launched significant initiatives of our ‘Innovate for Growth 2027’ strategic plan to reinforce Euronext as a leader in the European financial markets. The upcoming consolidation of settlement for Amsterdam, Brussels and Paris equity trades in Euronext Securities represents a significant optimisation of the European post-trade landscape. With this strategic move, we foster the integration and competitiveness of European capital markets at an unprecedented speed.
The launch late April 2025 of a European Common Prospectus[6] in English will pursue this ambition. This new initiative facilitates access to European capital markets and addresses the need for a competitive, integrated Savings and Investment Union. In addition, we are proud to launch a comprehensive set of measures to support the financing needs of companies that contribute to Europe’s strategic autonomy[7].
The acquisition in May 2025 of Admincontrol[8], leader in the governance SaaS space, accelerates the development of Euronext Corporate Solutions in the Nordics, and reinforces Euronext’s subscription-based revenue.
With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way to a stronger, more innovative and more competitive European capital market.”
[1] Download reconciliation table – new reporting
[2] Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
[3] Fixed income, commodities and currencies
[4] Last twelve months reported and adjusted EBITDA
[5] Like-for-like basis at constant currency
[6] euronext.com/about/media/euronext-press-releases/euronext-launches-european-common-prospectus-accelerate-capital
[7] euronext.com/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic
[8] euronext.com/about/media/euronext-press-releases/euronext-completes-acquisition-admincontrol