Euronext delivers the eighth consecutive quarter of double-digit growth. Strong start of the year with record results in non-volume related activities, trading and clearing. Good progress with the delivery of the strategic plan and strong contribution from Euronext Athens.
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 income1 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&A2:
- 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:
- FICC3 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 EBITDA4 was at 1.1x5 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&A2 | (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 options6, 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.7
- 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 Athens8, 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 agents9, 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 202610.
- 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.”
Q1 2026 financial performance
| 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% |
| Reported revenue and income | 526.7 | 458.5 | +14.9% | +7.6% |
| Securities Services | 91.6 | 83.4 | +9.8% | +4.7% |
| Custody and Settlement | 84.4 | 75.8 | +11.4% | +5.9% |
| Other Post Trade | 7.2 | 7.6 | -6.0% | -7.1% |
| Capital Markets and Data Solutions (underlying) | 185.9 | 157.4 | +18.2% | +7.1% |
| Primary Markets | 52.3 | 46.3 | +12.8% | +6.3% |
| Advanced Data Solutions | 69.3 | 65.1 | +6.5% | +5.1% |
| Corporate and Investor Solutions and Technology Services (underlying) |
64.3 | 45.9 | +40.1% | +10.8% |
| FICC markets | 95.5 | 90.7 | +5.3% | +6.2% |
| Fixed income trading and clearing | 52.0 | 51.8 | +0.3% | +0.2% |
| Commodities trading and clearing | 33.8 | 29.6 | +13.9% | +13.5% |
| FX trading | 9.8 | 9.2 | +5.8% | +17.5% |
| Equity markets | 138.9 | 108.4 | +28.1% | +15.1% |
| Cash equity trading and clearing | 123.0 | 94.0 | +30.8% | +16.8% |
| Equity derivatives trading and clearing | 15.9 | 14.4 | +10.8% | +4.2% |
| Net treasury income | 16.4 | 18.6 | -11.6% | -13.3% |
| Other income | 0.2 | 0.1 | N/A | N/A |
| Underlying operating expenses excl. 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 |
| Operating expenses excl. D&A | (187.7) | (164.3) | +14.2% | +6.8% |
| EBITDA | 339.0 | 294.2 | +15.2% | +8.1% |
| Depreciation & Amortisation | (50.2) | (48.3) | +4.0% | +1.6% |
| Total Expenses | (237.9) | (212.6) | +11.9% | +5.6% |
| Adjusted operating profit | 321.7 | 272.6 | +18.0% | +10.3% |
| Operating Profit | 288.8 | 245.9 | +17.4% | |
| Net financing income / (expense) | (6.6) | (1.5) | N/A | |
| Results from equity investments | 0.2 | 0.0 | N/A | |
| Profit before income tax | 282.4 | 244.4 | +15.6% | |
| Income tax expense | (74.6) | (67.8) | +10.0% | |
| Non-controlling interests | (15.5) | (11.9) | +30.7% | |
| 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% |
- Q1 2026 revenue and income
In Q1 2026, Euronext’s underlying revenue and income was €528.5 million, up +15.3% compared to Q1 2025. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of acquisitions. Following the final PPA assessment of Admincontrol, contract liabilities have been adjusted to fair value at the initial recognition. This fair value adjustment was recognised as a non-underlying item, reducing reported revenue by €1.8 million, with no impact on cash and cash equivalents.
On a like-for-like basis and at constant currencies, Euronext’s consolidated revenue and income was up +7.6% in Q1 2026, at €492.7 million, compared to Q1 2025. Non-volume related revenue and income accounted for 56% of underlying Group revenue and income in Q1 2026, compared to 57% Q1 2025. This reflects the resilient growth in non-volume related revenue, keeping a solid share despite high market volatility. Non-volume-related revenue covered 159% of underlying operating expenses excluding D&A, stable compared to last year.
- Q1 2026 adjusted EBITDA
Underlying operating expenses excluding D&A1 were at €185.3 million (+12.7%). The increase compared to Q1 2025 reflects investments in growth and the impact of acquisitions performed in 2025, in line with the underlying cost guidance for full-year 2026. Driven by the double digit growth in revenue, adjusted EBITDA for the quarter reached €343.2 million, up +16.7% compared to Q1 2025. This represents an adjusted EBITDA margin of 64.9%, up 0.8pts vs. Q1 2025. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +8.9% compared to Q1 2025.
Euronext reported €2.4 million of non-underlying expenses in Q1 2026, mostly related to the integration of Admincontrol and Euronext Athens. Q1 2025 non-underlying expenses profited from a one-off release of accruals. Q1 2026 reported EBITDA was at €339.0 million, up +15.2% compared to Q1 2025.
- Q1 2026 net income, share of the parent company shareholders
Depreciation and amortisation accounted for €50.2 million in Q1 2026, +4.0% more than Q1 2025. PPA related to acquired businesses accounted for €22.6 million.
Adjusted operating profit was €321.7 million, up +18.0% compared to Q1 2025.
Euronext reported a net financing expense of €6.6 million in Q1 2026, compared to €1.5 million net financing expense in Q1 2025. This difference resulted from less interest income due to decreasing interest rates, and higher financing expense due to the new bond issuances with higher financing costs, as well as the non-cash interest expense related to the convertible bonds issued in May 2025.
Income tax for Q1 2026 was €74.6 million. This translated into an effective tax rate of 26.4% for the quarter, compared to 27.7% in Q1 2025.
Share of non-controlling interests amounted to €15.5 million, correlated with the strong performance of Euronext Athens, Nord Pool and MTS.
As a result, the reported net income, share of the parent company shareholders, increased by +16.7% for Q1 2026 compared to Q1 2025, to €192.3 million. This represents a reported EPS of €1.90 basic and €1.87 diluted. Adjusted net income, share of the parent company shareholders, was up +17.7% to €216.1 million. Adjusted EPS (basic) was €2.13. This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2026 compared to Q1 2025.
The weighted number of shares used over the first quarter of 2026 was 101,310,087 for the basic calculation and 103,952,795 for the diluted calculation, compared to 101,695,588 and 102,166,786 respectively over the first quarter of 2025. The difference is due to the share repurchase programme executed by Euronext, the share issuance for the acquisition of Euronext Athens and the impact of the convertible bonds on the diluted share count.
In Q1 2026, Euronext reported a net cash flow from operating activities of €499.8 million, compared to €190.6 million in Q1 2025, reflecting higher profit before tax and higher changes in working capital in Q1 2026. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 107.6% of EBITDA in Q1 2026.
Q1 2026 business highlights
- Q1 2026 revenue and income
| In €m | Q1 2026 | Q1 2025 | % var | % var l-f-l |
| Underlying revenue and income | 528.5 | 458.5 | +15.3% | +7.6% |
| Securities Services | 91.6 | 83.4 | +9.8% | +4.7% |
| Capital Markets and Data Solutions (underlying) | 185.9 | 157.4 | +18.2% | +7.2% |
| FICC Markets | 95.5 | 90.7 | +5.3% | +6.2% |
| Equity Markets | 138.9 | 108.4 | +28.1% | +15.1% |
| Net treasury income | 16.4 | 18.6 | -11.6% | -13.3% |
| Other income | 0.2 | 0.1 | N/A | N/A |
- Non-volume-related revenue
- Securities Services
| In €m | Q1 2026 | Q1 2025 | % var | % var l-f-l |
| Revenue | 91.6 | 83.4 | +9.8% | +4.7% |
| Custody and Settlement | 84.4 | 75.8 | +11.4% | +5.9% |
| Other Post Trade | 7.2 | 7.6 | -6.0% | -7.1% |
Revenue from Custody and Settlement this quarter was at €84.4 million, +11.4% compared to Q1 2025. This steady performance was supported by dynamic settlement instructions and resilient custody activity, along with the first full quarter of contribution of Euronext Securities Athens. At the end of the quarter, Assets under Custody amounted to €7.6 trillion. Over 44.2 million instructions were settled via Euronext Securities during the first quarter of 2026.
Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €7.2 million in Q1 2026. The -6.0% decrease compared to Q1 2025 is mainly explained by the migration of Italian markets to a harmonised clearing framework, offering clients an optimised, efficient and resilient clearing system.
- Capital Markets and Data Solutions
| In €m | Q1 2026 | Q1 2025 | % var | % var l-f-l |
| Revenue (underlying) | 185.9 | 157.4 | +18.2% | +7.1% |
| Primary Markets | 52.3 | 46.3 | +12.8% | +6.3% |
| Advanced Data Solutions | 69.3 | 65.1 | +6.5% | +5.1% |
| Corporate and Investor Solutions and Technology Services (underlying) | 64.3 | 45.9 | +40.1% | +10.8% |
Primary Markets revenue was €52.3 million in Q1 2026, an increase of +12.8% compared to Q1 2025. The first quarter delivered strong performance, driven by robust new listings and solid follow-on activity despite a volatile market environment and supported by strong growth in ETFs. Euronext sustained its leading position for equity listings with 12 new listings, of which 50% were international listings. The performance was supported by the contribution of Euronext Athens.
Advanced Data Solutions revenue was €69.3 million in Q1 2026, up +6.5% compared to Q1 2025. This resilient growth reflects strong retail demand and the ongoing monetisation of diversified datasets, the contribution of Euronext Athens.
Corporate and Investor Solutions and Technology Services revenue grew by +40.1% in Q1 2026 to €64.3 million. This strong performance is driven by the contribution of Admincontrol and Euronext Athens, and continued double-digit growth in investor solutions and colocation services.
- Net treasury income
Net treasury income was at €16.4 million (-11.6%). This reflects the migration of Italian markets to a harmonised clearing framework, offering clients an optimised, efficient and resilient clearing system, partly offset by the first positive impact from power futures.
- Volume-related revenue
- FICC Markets
| In €m | Q1 2026 | Q1 2025 | % var | % var l-f-l |
| Revenue | 95.5 | 90.7 | +5.3% | +6.2% |
| Fixed income trading and clearing | 52.0 | 51.8 | +0.3% | +0.2% |
| Commodities11 trading and clearing | 33.8 | 29.6 | +13.9% | +13.5% |
| FX trading | 9.8 | 9.2 | +5.8% | +17.5% |
Fixed income trading and clearing revenue reached €52.0 million in Q1 2026, up +0.3% compared to Q1 2025. This resilient performance reflects strong growth of volumes from Portugal and Spain, robust performance of MTS Repo and very dynamic retail participation, partly offset by softer Dealer-to-Dealer MTS Cash volumes in the context of geopolitical instability.
Commodities trading and clearing revenue reached €33.8 million in Q1 2026, up +13.9% compared to Q1 2025, supported by continued growth in Intraday and Day-Ahead volumes, and two weeks of contribution from Nasdaq Nordic Power Futures.
FX trading revenue was €9.8 million in Q1 2026, up +5.8% compared to Q1 2025. This reflects record volumes in FX and precious metal trading, supported by high market volatility. Like-for-like at constant currencies, revenue was up +17.5%, reflecting the impact from US dollar depreciation on reported figures.
- Equity Markets
| In €m | Q1 2026 | Q1 2025 | % var | % var l-f-l |
| Revenue | 138.9 | 108.4 | +28.1% | +15.1% |
| Cash equity trading and clearing | 123.0 | 94.0 | +30.8% | +16.8% |
| Financial derivatives trading and clearing | 15.9 | 14.4 | +10.8% | +4.2% |
Cash equity trading and clearing revenue was €123.0 million in Q1 2026, up +30.8% driven by high market volatility and a strong first full quarter of contribution from Euronext Athens. Revenue capture on cash trading averaged 0.51 bps for the first quarter of 2026, impacted by higher volumes, volume mix and larger average order size. Euronext market share on cash equity trading averaged 64.1% in Q1 2026.
Financial derivatives trading and clearing revenue was €15.9 million in Q1 2026, +10.8% compared to Q1 2025. The growth reflects resilient revenue capture and the contribution from Euronext Athens.
Q1 2026 corporate highlights since publication of the fourth quarter and full year 2025 results on 18 February 2026
- Euronext successfully launched Euronext Nord Pool Power Futures market12
On 19 March 2026, Euronext announced the successful launch of Euronext Nord Pool Power Futures in the Nordics and Baltics. The market became fully operational on 16 March 2026, after the successful migration of 100% of open interest from Nasdaq Clearing to Euronext Clearing. All Nordic and Baltic contracts are now available for trading on Optiq®, Euronext’s trading platform, and cleared on Euronext Clearing. The market is designed to revitalise liquidity in Nordic and Baltic Power Futures through dedicated liquidity-provider initiatives that deepen market activity and support long-term trading capacity. Clearing efficiency is enhanced using Euronext Clearing’s Value-at-Risk (VaR) model, improving capital efficiency for participants.
Corporate highlights since 1 April 2026
- Dividend payment schedule for 202613
The Managing Board, upon the approval of the Supervisory Board, has decided to propose for approval at the Annual General Meeting the payment of a dividend of €3.18 per ordinary share (based on the total number of eligible shares). The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the dividend record date set on 26 May 2026 (ex-dividend date is set on 25 May 2026 and payment date is set on 27 May 2026). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext’s current dividend policy.
- Euronext volumes for April 202614
The following volume indicators include Euronext Athens since January 2025 on a pro forma basis. Percentages compare April 2026 with April 2025. In April 2026, Euronext Securities reported 12,601,621 settlement instructions, down –3.7%. The total Assets Under Custody reached €7.8 trillion in April 2026, up +9.3%. MTS Cash average daily volumes were down -10.4% to €50.0 billion. MTS Repo term adjusted average daily volume stood at €563.0 billion, down -22.1%. €2,773 billion of wholesale bonds were cleared (double counted), up +0.8%. 1,126,180 bond retail contracts were cleared (double counted), up +2.2%. The average daily volume on Euronext FX’s spot foreign exchange market stood at $28.3 billion, down -25.8%. The average daily volume on Euronext commodity derivatives stood at 144,426 lots, up +7.4%. Average daily day-ahead power traded was 2.72TWh, up +0.4%, and average daily intraday power traded was 0.63TWh, up +26.4%. The average daily transaction value on the Euronext cash order book stood at €16.4 billion, up +1.5%. Euronext Clearing cleared 24,797,274 shares, down -23.3%. The average daily volume on Euronext equity derivatives stood at 535,400 lots, down -14.6%.
- Euronext Securities launched its testing phase with leading custodians to deliver a simpler, more efficient European post-trade model through its CSD expansion15
On 6 May 2026, Euronext announced the launch of the testing phase for the European CSD expansion. From September 2026, Euronext Securities aims to offer a competitive European CSD service for equities and ETFs in Belgium, France and the Netherlands, complementing its existing markets in Denmark, Greece, Italy, Portugal and Norway.
The testing window allows participants to onboard, test connectivity and validate operational readiness during Q2 2026 ahead of go-live. For the first time, the full settlement chain, from issuance to custody, is being validated end-to-end within Euronext Securities' consolidated European infrastructure. The architecture is designed to deliver a single, harmonised platform for settlement and custody across multiple EU markets, with streamlined corporate action management, enhanced transparency and reduced operational costs.
Leading custodians, including BNP Paribas’ Securities Services business, Citi Investor Services and CACEIS have expressed their support for Euronext’s value proposition, which facilitates optionality across markets.
Results Webcast
| A webcast will be held on Wednesday, 20 May 2026, at 09:00 CEST (Paris time) / 08:O0 BST (London time): |
For the live webcast, visit https://euronext.engagestream.euronext.com/2026-05-20-q1-analysts
The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.
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CONTACTS
ANALYSTS & INVESTORS – ir@euronext.com
| Investor Relations | Judith Stein | +33 6 15 23 91 97 |
| Margaux Kurver | +33 6 84 16 85 03 |
MEDIA – mediateam@euronext.com
| Europe | Andrea Monzani | +33 1 70 48 24 45 |
| Sandra Machado | +351 917 776 897 | |
| Belgium | Marianne Aalders | +32 26 20 15 01 |
| France, Corporate | Flavio Bornancin-Tomasella | +33 1 70 48 24 45 |
|
Greece
|
Ioulia Zafolia | +30 694 570 1070 |
| Ireland | Catalina Augspach | +33 6 82 09 99 70 |
| Italy | Ester Russom | +39 02 72 42 67 56 |
| The Netherlands | Marianne Aalders | +31 20 721 41 33 |
| Norway | Cathrine Lorvik Segerlund | +47 41 69 59 10 |
| Portugal | Sandra Machado | +351 917 776 897 |
Full press release attached