Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 19 May 2026 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter of 2026.
- Q1 2026 underlying revenue and income was up +15.3% at €528.5 million:
Non-volume-related revenue and income represented 56% of total revenue and income and covered 159% of underlying operating expenses, excluding D&A:
- Securities Services revenue grew to €91.6 million (+9.8%), driven by double-digit revenue growth in custody and settlement, supported by dynamic settlement activity and resilient custody activity;
- Capital Markets and Data Solutions revenue grew to €185.9 million (+18.2%), driven by the contribution from Admincontrol and Euronext Athens, commercial expansion and resilient growth in Primary Markets and Advanced Data Solutions;
- Net treasury income was €16.4 million (-11.6%), as a consequence of a more efficient risk model for clients.
Volume-related revenue was driven by high market volatility and successful expansion in Q1 2026:
- FICC Markets revenue grew to €95.5 million (+5.3%), driven by strong expansion in commodities trading and clearing, the successful launch of Euronext Nord Pool Power Futures and record FX and precious metals trading;
- Equity Markets revenue grew to €138.9 million (+28.1%), driven by high volatility and resilient revenue capture. The performance was supported by the growing momentum on the Greek market and by the dynamic growth in ETFs.
- Underlying operating expenses excluding D&A were at €185.3 million (+12.7%). The increase compared to Q1 2025 reflects the impact of acquisitions and investments in growth, in line with Euronext’s cost guidance.
- Adjusted EBITDA was €343.2 million (+16.7%) and adjusted EBITDA margin was 64.9% (+0.8pts).
- Adjusted net income was €216.1 million (+17.7%) and adjusted EPS was €2.13 (+18.3%).
- Reported net income was €192.3 million (+16.7%) and reported EPS was €1.90 (+17.3%).
- Net debt to adjusted EBITDA was at 1.1x at the end of March 2026, within Euronext’s target range of the “Innovate for Growth 2027” strategic plan. On 18 May 2026, Euronext redeemed the €385.5 million outstanding bond issued in 2021 for the Borsa Italiana Group acquisition.
Key figures for the first quarter of 2026:
| In €m, unless stated otherwise | Q1 2026 | Q1 2025 | % var | % var Like for like at constant currencies |
| Underlying revenue and income | 528.5 | 458.5 | +15.3% | +7.6% |
| Underlying operational expenses excluding D&A | (185.3) | (164.5) | +12.7% | +5.2% |
| Adjusted EBITDA | 343.2 | 294.1 | +16.7% | +8.9% |
| Adjusted EBITDA margin | 64.9% | 64.1% | +0.8pts | +0.8pts |
| Net income, share of the parent company shareholders | 192.3 | 164.8 | +16.7% | |
| Adjusted net income, share of the parent company shareholders | 216.1 | 183.5 | +17.7% | |
| Adjusted EPS (basic, in €) | 2.13 | 1.80 | +18.3% | |
| Reported EPS (basic, in €) | 1.90 | 1.62 | +17.3% | |
| Adjusted EPS (diluted, in €) | 2.10 | 1.80 | +16.7% | |
| Reported EPS (diluted, in €) | 1.87 | 1.61 | +16.1% |
Euronext continues delivery of the “Innovate for Growth 2027” strategic plan:
– Euronext’s strategic plan delivers tangible results. Since the September 2025 launch of Euronext ETF Europe, the average daily value traded surged by +84% and reached €1.6 billion in the first quarter of 2026. In March 2026, Euronext launched mini ETF options, which improve access to these products for retail investors and meet the increasing role of ETFs in European investors’ portfolios.
– On 16 March 2026, Euronext successfully launched Euronext Nord Pool Power Futures in the Nordics and Baltics, after the migration of 100% of open interest from Nasdaq to Euronext Clearing.
– In April 2026, Athens Exchange Group became Euronext Athens, marking a key step in the integration of the Greek capital market into Euronext. Euronext also inaugurated a Technology and Support Centre in Athens, positioning Athens as a financial and technology hub in Europe. Euronext confirms the next steps of the integration timeline with the migration to Optiq® planned in June 2027.
– In addition to the partnerships with leading issuing agents, the first listing on Euronext Amsterdam directly issued in Euronext Securities and the commitment of additional issuers to move, leading custodians support the model and have confirmed that they are getting ready to implement Euronext’s efficient European custody and settlement model from September 2026.
– Euronext accelerates the delivery of the pan-European repo clearing expansion. Major institutions already using Euronext Clearing’s repo service are expanding their scope beyond Italian debt to all European sovereign debts and supranationals. In parallel, new international participants are joining Euronext Clearing for repo clearing services for the first time. In July 2026, Euronext will further enhance the platform with the introduction of an efficient sponsored access model for buy-side clients.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“The first quarter of 2026 was another demonstration of the strength of our diversified business model. This eighth consecutive quarter of double-digit growth demonstrates how we transformed our vision of integrated European markets into reality.
Euronext is now positioned at the forefront to capture growth trends in Europe. Each new product reinforces the relevance of our unified platform for the entire industry, from institutional to retail clients. The successful launch of Euronext Nord Pool Power Futures in March allows us to capture benefits across the full value chain.
Our CSD expansion is showing real momentum. Leading custodians support the model and are actually getting ready for the go-live in September 2026. We also successfully kicked off client onboarding on our European Repo platform. At the heart of the Savings and Investments Union, we offer market participants a genuine choice between a European project and local silos.
We continue to scale our model across Europe. We notably observe a sharp increase of volumes from MTS in Portugal and Spain. We also benefit from growing momentum in the Greek market, supported by the reclassification to developed market status. At the same time, we progressed with the expansion of Admincontrol in France.
Our primary markets activity delivered the best first quarter in three years, despite elevated market volatility. It was supported by the largest ever defence IPO globally and very active follow-on activity. Combined with a solid IPO pipeline, this demonstrates that we provide the relevant solution for European and global financing needs.
These strong results create an excellent backdrop for the delivery of key milestones in our “Innovate for Growth 2027” strategic plan. With a very solid financial position, we are well equipped to embark European capital markets on the next level of innovation and sustainable growth.”