In 2025, Euronext delivered another year of double-digit growth, driven by the expansion of non-volume-related businesses, resilient trading, clearing revenues and cost discipline. Euronext will accelerate the execution of its strategic plan in 2026.
Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 18 February 2026 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2025.
- Full year 2025 underlying revenue and income1 was up +12.1%2 to €1,823.2 million:
Non-volume-related revenue and income represented 59% of total revenue and income and covered 157% of underlying operating expenses, excluding D&A3:
- Securities Services revenue grew to €330.7 million (+6.9%), driven by double-digit revenue growth in custody and settlement, supported by sustainable growth in assets under custody, dynamic settlement activity and strong growth of value-added services;
- Capital Markets and Data Solutions underlying revenue grew to €669.3 million (+12.1%), driven by the contribution from Admincontrol and continued growth in Advanced Data Solutions;
- Net Treasury Income grew to €69.6 million (+22.6%), demonstrating the benefits of the Euronext Clearing expansion.
Volume-related revenue was driven by a resilient performance across asset classes:
- FICC4 Markets revenue grew to €342.8 million (+16.2%), driven by continued strong growth in fixed income and commodities trading and clearing;
- Equity Markets revenue grew to €410.0 million (+11.7%), driven by robust volumes and revenue capture in cash equity trading and clearing.
- Underlying operating expenses excluding D&A were at €680.1 million (+9.6%). This reflects underlying expenses in line with the revised guidance of €660 million (compared to €670 million announced initially) and the impact of Admincontrol and Athex Group (€19.8 million), acquired in May 2025 and November 2025.
- Adjusted EBITDA was €1,143.1 million (+13.6%) and adjusted EBITDA margin was 62.7% (+0.8pts).
- Adjusted net income was €736.5 million (+7.9%) and adjusted EPS was €7.27 (+10.3%).
- Reported net income was €642.9 million (+9.8%) and reported EPS was €6.34 (+12.2%).
- Net debt to EBITDA5 was at 1.5x at the end of December 2025, within Euronext’s target range.
Key figures for full year 2025:
| In €m, unless stated otherwise | FY 2025 | FY 2024 | % var | % var Like for like at constant currencies |
| Underlying revenue and income | 1,823.2 | 1,626.9 | +12.1% | +9.5% |
| Underlying operating expenses exc. D&A | (680.1) | (620.5) | +9.6% | +5.3% |
| Adjusted EBITDA | 1,143.1 | 1,006.4 | +13.6% | +12.1% |
| Adjusted EBITDA margin | 62.7% | 61.9% | +0.8pts | +1.5pts |
| Adjusted net income6 | 736.5 | 682.5 | +7.9% | |
| Net income6 | 642.9 | 585.6 | +9.8% | |
| Adjusted EPS (basic, in €)7 | 7.27 | 6.59 | +10.3% | |
| Reported EPS (basic, in €)7 | 6.34 | 5.65 | +12.2% |
Dividend proposal at the 2026 Annual General Meeting
A dividend of €321.5 million will be proposed at the Annual General Meeting on 20 May 2026. This represents 50% of 2025 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +9.8% compared to 20248.
- Euronext continues its cost discipline and invests in strategic growth
2025 was a year of investments with new hirings to support the delivery of the strategic growth initiatives. In 2025, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €660 million. This compares to an initial guidance of €670 million, which did not take into account the impact of any acquisitions executed over the course of 2025. Including the acquisitions of Admincontrol and Athex Group, Euronext recorded €680.1 million of underlying expenses excluding D&A.
Euronext expects its underlying expenses (excl. D&A) for 2026 to be stable compared to the normalised annualised Q4 2025 expenses, at around €720 million. In addition, Euronext expects around €35 million of operating expenses from Athex Group and plans to invest around €15 million of underlying expenses to deliver strategic growth projects. As a result, Euronext expects its total underlying expenses (excl. D&A) for 2026 to be around €770 million.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“2025 was an excellent start to our ‘Innovate for Growth 2027’ strategic plan, with double-digit growth in revenue, EBITDA and EPS. Performance was driven by balanced contributions from volume and non-volume related activities, supported by disciplined capital allocation. At the same time, we continued to invest for the future.
In 2025, Euronext delivered the first meaningful milestones of its strategic plan. We scaled up our SaaS offering and increased our footprint in the Nordics with the acquisition of Admincontrol. We successfully built the first integrated ETF market in Europe. This industry-led initiative received strong support from issuers, representing more than 90% of the European ETF Assets under Management, as well as major European brokers. We delivered value-creative M&A through the acquisition of Athex Group entirely in shares, in line with Euronext’s disciplined investment criteria and our vision of building more integrated European capital markets.
In 2026, we will intensify the execution of our strategic initiatives. In March 2026, we will diversify our commodities franchise with the addition of power futures. We will complete our Repo offering to create a truly European Repo market by June 2026. In September 2026, Euronext Securities will start to settle cash equities traded in Amsterdam, Brussels and Paris, an important step in becoming the CSD of choice in Europe.
We enter 2026 with confidence and determination. Confidence because we know that we have the right value proposition and talents to further expand our integrated value chain across Europe, and determination because our vision of a united, competitive European capital market has become more relevant than ever. We welcome the ambitious proposals of the European Commission to accelerate the delivery of the Savings and Investments Union. The proposals align with our ambition to serve as the backbone of deep and integrated European markets and to contribute actively to such a development.”
Notes
1. The recognition of Admincontrol’s contract liabilities under IFRS 3 leads to a €4.4 million reduction of the reported revenue, with no impact on cash flows.
2. Unless stated otherwise, variations compare FY 2025 figures to FY 2024.
3. Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
4. Fixed income, commodities and currencies.
5. Last twelve months reported and adjusted EBITDA.
6. Share of the parent company shareholders.
7. The weighted number of shares used over 2025 was 101,352,825 for the basic calculation and 103,070,023 for the diluted calculation including the convertible bond, compared to 103,578,980 and 103,983,870 respectively over 2024.
8. On 29 January 2026, Euronext announced the completion of the €250 million share repurchase programme. The 1,967,993 repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 20 May 2026. The repurchased shares will be excluded from the payment of the dividend.