Annual report 2025 | euronext.com

Underlying revenue

€1,823.2 million

+12.1% year-on-year

Adjusted EBITDA

€1,143.1 million

+13.6% year-on-year

Adjusted EPS

€7.27

+10.3% year-on-year

Proposed dividend

€321.5 million

+9.8% year-on-year

In 2025, we delivered exceptional results. Euronext achieved the first meaningful milestones of the Innovate for Growth 2027 strategic plan. In 2026, we will intensify the execution of our strategic initiatives. 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.

Stéphane Boujnah
CEO and Chairman of the Managing Board

Euronext is laying the groundwork to achieve our 2027 growth ambitions, with strategic investments and key milestones already realised. The successful migration of open interest from Nasdaq to Euronext Nord Pool Power Futures market will strengthen our FICC trading and clearing capabilities, while the acquisition of Admincontrol has expanded our SaaS and subscription-based revenues. We have further advanced our repo clearing franchise through a collaboration with Euroclear and launched ETF Europe, the first fully integrated ETF marketplace. These achievements, together with our inclusion in the CAC 40® Index and the integration of Athex Group, reinforce Euronext’s leadership in European capital markets.

On 6 November 2025, Euronext announced a share repurchase programme for a maximum amount of €250 million. This repurchase programme was executed by a financial intermediary between 18 November 2025 and 27 January 2026. During this period, 1,967,993 shares, or approximately 1.90% of Euronext’s share capital, were repurchased at an average price of €127.03 per share. The General Meeting will be requested during the 2026 Annual General Meeting on 20 May 2026 to authorise the Managing Board of the Company to confirm the cancellation by way of withdrawal of the shares that were purchased under the share repurchase programme.


FY 2025 Results	Innovate for Growth 2027	2025 Universal Registration Document (PDF)	2025 Sustainability Statements

Key highlights of 2025

Acquisition of Athex Group

In November 2025, Euronext successfully completed its voluntary share exchange tender offer for ATHEX Group. By 31 December 2025, Euronext held 75.62% of ATHEX voting rights, reflecting strong shareholder support and confidence in Euronext’s growth strategy. ATHEX will benefit from Euronext’s advanced trading and post-trade technology, increasing the Greek market’s international visibility.

Euronext joins the CAC 40® Index

In September 2025, Euronext joins the CAC 40® Index, marking a significant milestone in its growth journey. Since its IPO in 2014, Euronext has expanded from four to eight regulated markets, quadrupled its revenue, quintupled its EBITDA and grown its market capitalisation tenfold. This inclusion reflects Euronext’s transformation into the leading European capital market infrastructure and its fundamental role in the region’s financial markets.

Innovate for Growth 2027

With our "Innovate for Growth 2027" strategic plan , Euronext has successfully advanced digital transformation and delivered solutions that benefit clients across the entire market value chain, from trading to post-trade. By strengthening partnerships and enhancing connectivity, Euronext has improved efficiency, accessibility and resilience for all market participants. These achievements have reinforced Euronext’s position as a leading provider of integrated market infrastructure in Europe.

Financial review

Euronext delivered record results in 2025, achieving strong top line growth, robust EBITDA and EBITDA margin, and record free cash flow generation, supported by its integrated value chain and disciplined cost management. Euronext reached record EPS and maintained a strong dividend distribution, balance sheet and liquidity position. These achievements, alongside a strong start to the year in both volume-related businesses and the delivery of key transformation projects, confirm the successful execution of Euronext’s strategy and its commitment to investing in future growth.

Giorgio Modica
Chief Financial Officer

Non-volume-related revenue and income represented 59% of total revenue and income (compared to
58% in 2024) and covered 157% of underlying operating expenses, excluding D&A. (vs. 153% in 2024):

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:

FICC 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.

On 18 November 2025, Euronext completed a successful €600 million , 3-year senior unsecured fixed-rate bond issuance, offering a 2.625% annual coupon and rated “A-” by S&P. The bonds were issued in Euronext Securities Copenhagen and listed on Euronext Dublin, further demonstrating the strength of Euronext’s integrated European model and the market’s confidence in its credit profile.
On 25 November 2025, Euronext announced the successful completion of a tender offer on its outstanding €600 million bonds maturing on 17 May 20262, with €214.5 million in principal amount validly tendered and accepted for purchase.€385.5 million of the bonds remained outstanding.


Quarterly P&L (Excel)	Selected financial information (Excel)	Consolidated financial statements (PDF - Extract from the 2025 URD)

Empowering sustainable finance

In 2025, Euronext further strengthened its non-financial reporting, in line with the Corporate Sustainability Reporting Directive. During the year, we reviewed our Double Materiality Assessment, updated our climate transition plan with deeper analysis of climate-related risks, and continued improving the consistency, accuracy, and transparency of our disclosures. These steps reflect our commitment to integrating sustainability across our operations, while providing stakeholders with meaningful and reliable information.

Sylvia Andriessen
Genral Counsel

Progress achieved in 2025:

5% reduction in location-based GHG emissions vs. 2024
15% reduction in carbon intensity (Location-based GHG emission in tCO² / revenue in M€) vs. 2024
17% reduction in Scope 1 GHG emissions compared vs. 2024
37% reduction in Scope 2 location-based GHG emissions vs. 2024
1% reduction in Scope 3 GHG emissions vs. 2024
Joined the Net Zero Financial Stock Exchange - SSE Climate Leaders initiative, part of the global ‘Race to Zero’ coalition. In 2025, Euronext published its Progress Report.
2,078 green bonds listed on the Euronext ESG Bond Platform, with 535 new listings in 2025, solidifying Euronext’s position as the world’s leading venue for green bonds.
39% female representation in senior leadership positions (35% in 2024)
98% of employees trained

In 2025, Euronext continued to improve its ESG ratings, reinforcing investor and stakeholder confidence in our sustainability performance.
Key achievements include:
Sustainalytics score improvement: 13.4 → 13.1,
CDP Supplier Engagement Assessment: A- → A
Learn more here.


2025 Sustainability Statement	Our ESG Policies & Statements	Euronext ESG News

Document download

Euronext 2025 URD - PDF

English Version

Euronext 2025 URD - ESEF

English Version

2025 Annual Report