Euronext (ENX) Q4 2025 earnings summary

Executive summary

• Achieved double-digit growth in revenue, EBITDA, and EPS for FY 2025, with revenue up 12.1% to €1,823.2 million, driven by expansion in non-volume-related businesses, resilient trading, and cost discipline.

• Q4 2025 marked the seventh consecutive quarter of double-digit top-line growth, with underlying revenue and income up 10.8% year-over-year to €460.8 million.

• Non-volume-related revenue comprised 59% of total, covering 157% of underlying operating expenses, driven by custody, settlement, and Admincontrol acquisition.

• Strategic acquisitions (Admincontrol, Athex Group) and investments in SaaS, ETF markets, and CSD expansion supported growth.

• Integration of Athex Group expected to deliver €12 million in annual run-rate synergies by 2028.

Financial highlights

• Adjusted EBITDA grew 13.6% to €1,143.1 million, with a margin of 62.7%; adjusted net income reached €736.5 million, up 7.9%.

• Adjusted EPS rose 10.3% to €7.27; proposed dividend of €321.5 million, up 9.8%.

• Q4 2025 adjusted EBITDA was €275 million, margin at 59.7%; adjusted net income for Q4 was €179.6 million, up 4.2%.

• Net debt to adjusted EBITDA at 1.5x, within target range.

• Net cash flow from operating activities at €812.1 million, up from €708.6 million in 2024.

Outlook and guidance

• 2026 underlying expenses (excluding D&A) expected around €770 million, including €35 million from Athex Group and €15 million for strategic growth projects.

• Underlying expenses (excluding D&A) for 2026 expected to be stable at around €720 million, with total projected at €770 million including Athex and strategic investments.

• Medium-term targets reaffirmed: top-line and EBITDA CAGR above 5% through 2027, with ambition to exceed these levels.

• Acceleration of strategic initiatives in 2026, including CSD expansion, power futures, and integrated repo solution.