Euronext is pleased to release the 2025 edition of the Euronext Tech Pulse Report, offering a comprehensive analysis of performance, access to capital, investor profiles and ESG progress among the 107 Euronext Tech Leaders listed across its markets. Designed as a key resource for investors, policymakers and corporate stakeholders, this year’s report provides a detailed look at how Europe’s most prominent Tech companies are scaling, financing their growth, making an impact and driving sustainable innovation.

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A growing and dynamic community of European Tech leaders

The Euronext Tech Leaders initiative shines a spotlight on high-growth and leading Tech companies across Europe. Together, these companies represent approximately €1 trillion in aggregate market capitalisation, evenly split between large caps and mid caps, and supported by 50 partners across the continent.

They sit within Euronext’s broader Tech ecosystem of around 700 listed Tech companies, with over €1.4 trillion in combined market capitalisation, positioning Euronext as the leading exchange for European Tech companies.

Strong performance momentum

The Euronext Tech Leaders Index increased by 24% since last year, continuing a trend of exceptional performance. Since 2016, the index has significantly outperformed both the Euronext Europe 500 and other leading European Tech indices, reaffirming the segment’s strong growth trajectory and resilience.

Tech listings continue to drive European capital markets

European Tech companies continue to choose Euronext to raise capital. As of November 2025, 38% of all new Euronext listings were Tech companies, reflecting the sustained strength of Europe’s innovation economy.

Since 2021, more than 200 Tech companies have listed on Euronext, raising over €15 billion, with Tech Leaders accounting for over 45% of follow-on offerings.

A uniquely international investor base

Euronext Tech Leaders continue to attract highly international capital. Over 75% of investment flows come from outside the companies’ home countries, with 35% from the United States, 27% from continental Europe, and 19% from the UK. This global reach demonstrates the segment’s strong visibility and appeal among international investors.

Leading Europe’s sustainable transformation

Euronext Tech Leaders also continue to lead on sustainability. Since 2021, they have reduced their carbon and energy intensity and increased their renewable energy share by five percentage points, surpassing the renewable energy usage levels of all Euronext large caps by seven points.

Euronext Tech Leaders companies are also making meaningful progress on diversity and governance, with board gender diversity reaching 44.9%. Meanwhile, the representation of women in management bodies continues to improve, narrowing the gap with other large issuers.

Building a strong, connected and sustainable European Tech sector

The 2025 Tech Pulse Report reinforces the significant role that Euronext Tech Leaders play in European capital markets. With sustained performance, deep international investor engagement and strong ESG leadership, these companies are shaping the future of European Tech.

Learn more about the Euronext Tech Leaders initiative.

Data as of November 2025

Bpifrance has successfully issued its first bond under the European Defence Bond Label on Euronext, raising €1 billion to support companies across the French and European defence sector. This landmark transaction highlights the bank’s role as a catalyst for financing strategic players in the defence ecosystem, particularly SMEs and mid-caps, while offering investors a unique opportunity to access defence-related assets.

Strengthening Europe’s defence ecosystem

The five-year bond, maturing on 25 November 2030, was priced at 2.75% and attracted strong investor interest, with a final order book of over €3.8 billion from 98 investors. This robust demand, spanning banks, asset managers, central banks and official institutions, reflects confidence in Bpifrance’s expertise and commitment to transparency, accountability, and the defence sector’s strategic importance.

Proceeds from the issuance will fund and refinance loans dedicated to SMEs and strategic companies in the Defence Industrial and Technological Base (BITD), specialised groups such as GICAT, GIFAS and GICAN, as well as export financing for European defence projects.

Pioneering a new market framework

This issuance follows the publication of Bpifrance’s European Defence Bond Framework in July 2025, which sets clear eligibility criteria and ensures full traceability of proceeds, excluding controversial weapons. By applying this methodology, investors can engage confidently with a sector critical to European strategic autonomy.

“The European Defence Bond initiative strengthens the strategic autonomy and competitiveness of the defence industry,” said Nicolas Dufourcq, Chief Executive Officer of Bpifrance. “This milestone reinforces our commitment to supporting innovative companies while focusing on SMEs and mid-caps that are vital to the sector’s value chain.”

Leading by example

By issuing the first European Defence Bond from an SSA, Bpifrance demonstrates how capital markets can mobilise private funding to support defence and security initiatives while maintaining full traceability and accountability. The bank’s approach provides a blueprint for future issuances and highlights the potential for the European Defence Bond Label to scale beyond France, attracting interest across the continent.

Euronext is proud to support issuers like Bpifrance that enable strategic projects, strengthen European defence capabilities, and foster long-term growth and innovation.

Want to learn more?

Visit our dedicated webpage to learn more about the European Defence Bond Label and its role in financing Europe’s defence and security priorities.

Visit our EU Defence Bond page