Euronext (ENX) Q2 2026 earnings summary

Executive summary

• Achieved ninth consecutive quarter of double-digit growth, with record revenue, EBITDA, net income, and EPS, driven by a diversified business model, strategic execution, and significant contributions from recent acquisitions and international expansion.

• Underlying revenue and income rose 16.9% year-over-year to €544.4 million, with adjusted EBITDA up 21.1% to €360.0 million and adjusted net income up 19.9% to €245.0 million.

• Non-volume-related revenue accounted for 58% of total, reflecting strategic diversification and growth in Admincontrol, Euronext Athens, custody and settlement, and advanced data solutions.

• Maintained cost discipline while investing in future growth, supporting the 'Innovate for Growth 2027' strategic plan.

• Completed migration of Nasdaq's Nordic power futures business and expanded stakes in HenEx and Athex Group.

Financial highlights

• Adjusted EBITDA margin reached 66.1%, up 2.3 percentage points year-on-year.

• Adjusted EPS increased by 19.8% to €2.42; reported EPS at €2.16, up 19.3% year-on-year.

• Net cash flow from operating activities was €185.5 million, up from €135 million in Q2 2025.

• Net debt-to-EBITDA stood at 1.3x at quarter-end, within target range.

• Operating profit increased 22.6% to €301.2 million.

Outlook and guidance

• On track to achieve 'Innovate for Growth 2027' targets, with revenue and adjusted EBITDA growth above 5% CAGR (2023–2027e), and continued disciplined approach to guidance.

• Revised cost guidance expected in November, factoring in AI-driven efficiencies.

• Capex/sales targeted at 4–6% for growth investments; net debt/adjusted EBITDA targeted at 1.0–2.0x, with a 50% dividend payout plus potential special returns.

• Preparations for CSD expansion in September 2026 progressing well, with early client adoption.

• Supportive regulatory developments in Europe expected to enhance market integration and liquidity.