In 2026, Euronext will introduce European Dairy Futures, cash-settled to the BMR Vesper Price Index (VPI-B) administered by Compass. 

Listed on the Euronext Paris Commodity Derivatives market (MATIF), Euronext Dairy Futures will be based on European butter (82%) and skimmed milk powder (food grade).  
 
European Dairy Futures will be settled to the Vesper Price Index (VPI-B), an index under development and administered by BMR-compliant Compass Financial Technologies.

This index is a direct translation of the well-known Vesper Price for Butter and Skimmed Milk Powder, which is widely used among industry producers, buyers and traders.  
 
It will bring: 

• A transparent methodology 

• A predictable settlement price 

• A reliable settlement price that conforms to physical market conditions 

Set to launch in Q2 2026 (subject to regulatory approvals), Euronext European Dairy Futures will respond to a long-awaited need from dairy market participants in Europe for liquid and effective hedging solutions.  
 
Product specifications have been validated through several consultations with industry participants.  

With the introduction of Dairy Futures, Euronext will consolidate its position as the leading agricultural commodity exchange in Europe. 

Key characteristics of the Euronext Dairy Futures 

Traded on Optiq^® and centrally cleared by Euronext Clearing, Euronext Dairy Futures will contain the following characteristics: 

• Underlying: 
  European Butter 82%, Lactic, Unsalted, Fresh or Frozen, Ex Works 
  European Skimmed Milk Powder, Food Grade, Medium Heat, Ex Works

• Origin: the Netherlands, Germany, France, Belgium, Denmark and Ireland

• Lot size: 1 tonne

• Price unit and currency: € per tonne 

• Maturities: Monthly with 18 consecutive months

• Settlement: Cash-settled to a monthly average of the VPI-B; the VPI-B for Butter and for Skimmed Milk Powder are weekly indices

Euronext also plans to activate American Options on Dairy Futures when sufficient liquidity is reached on the underlying futures. 

Why trade Euronext Dairy Futures?

Designed to support dairy producers, buyers and traders seeking to hedge their price risk, secure margins or gain exposure, Euronext Dairy Futures, cash-settled to the BMR Vesper Price Index (VPI-B), offer: 

• Volatility protection: hedge against unpredictable rate fluctuations and reduce exposure to sudden cost surges or drops.  
  

• Price transparency: benefit from continuous trading and weekly publication of index pricing (via Vesper and Compass VPI-B) to gain clear visibility in a traditionally opaque market.  
  

• Budget stability: achieve more predictable input costs and revenues, supporting accurate financial planning and helping to prevent margin erosion.  
  

• Opportunity unlocking: access liquid dairy futures contracts to capitalise on market movements, diversify trading strategies and gain competitive edge. 

For more information

Contact the Euronext Commodities team at Commodities@euronext.com 

Stay informed on developments in Euronext Dairy Derivatives, subscribe.

Euronext is delighted to announce that applications are now open for IPOready 2026, its flagship six-month training programme for business leaders preparing for a public listing. 
Following its tenth anniversary in 2025, IPOready continues to evolve, offering new opportunities and dedicated support to Europe’s most innovative companies.

Discover more

A decade of impact

Since its launch in 2015, IPOready has become a benchmark for ambitious executives, providing practical guidance, expert insights and a strong peer network. In fact,

• IPOready has helped more than 1,200 companies across Europe navigate the path to public markets.
• 100% of last year’s alumni said that they would recommend the programme to their peers.
• 98% of last year’s alumni feel more prepared for a potential IPO.

Mathieu Caron, Group Head of Primary Markets at Euronext, commented: “Since its inception in 2015, IPOready has become a cornerstone for supporting Europe’s most innovative companies. After ten years, the programme stands as a testament to Euronext’s ongoing commitment to helping growing leaders enter the capital markets.”

Executives who have completed IPOready consistently highlight its value:

Karim-Franck Khinouche, CEO, Novolyze: “I would recommend the IPOready programme to any company that wants to learn about the IPO framework and the possibilities of raising money in a different manner. One important step is to check with your board and business partners if they are supportive of it. In our case, they’ve been extremely supportive which led to many great discussions.”

Rudolf Maas Geesteranus, CFO, GET-E International BV: “I value the IPOready programme greatly; it provided me with several eye-openers. One of them is understanding when you are ready or able to do an IPO. I used to think that a company had to be much larger, but I realised that smaller companies can also do an IPO.”

Véronique Foutel, CEO, InBrain Pharma: “I would recommend joining the IPOready programme, organised by Euronext, because it is a great opportunity. Going public is not an overnight decision. Thus, you need to think ahead, think forward, and this is exactly what the six months were about.”

A comprehensive journey to listing

IPOready 2026 is open to European companies from all sectors, with sessions delivered in eight countries. The programme begins in January 2026, with applications closing on 14 November 2025.

Participants will benefit from:

• Expert-led workshops and personalised coaching
• Exclusive webinars, including sessions delivered by INSEAD, one of the world’s leading business schools
• A two-day pan-European campus experience for peer networking and direct access to market specialists

The curriculum covers governance, transparency, capital markets strategy and the cultural transformation required for a successful IPO. Participants consistently quote networking opportunities as the biggest benefit of the programme, providing access to peers considering an IPO, capital-markets experts and first-hand insights from listed company CEOs.

Jérôme Cerisier, CEO, Exosens: "The IPOready programme was instrumental to our IPO journey, connecting us with experienced experts who’ve taken companies public and equipping us to prepare thoroughly for the road ahead."

IPOready is supported by more than 80 expert partners and sponsors at a local and global level, giving participants access to unparalleled industry knowledge and resources, and by INSEAD, the renowned leader in business education, to foster stimulating group discussions among participants from all over Europe. 

Frédéric Godart, Full Professor of Organisational Behaviour, INSEAD, said: “At INSEAD, we believe that IPO readiness goes beyond technical preparation. It’s about developing leadership that can succeed under pressure and uncertainty. Through our collaboration with Euronext on the IPOready programme, we’ve worked with seasoned leaders and learned from the trenches, using real-world case studies to spark reflection and discussion. This hands-on, experience-driven approach is what enables leadership teams to grow with vision, resilience and purpose on their path to the public markets.”

New for 2026: Aerospace and defence track

IPOready 2026 will also include a dedicated track for aerospace and defence companies. Developed with the support of the European Union and the European Investment Bank (EIB) through the InvestEU Advisory Hub, this track will provide tailored content on financing options, regulatory requirements and the IPO roadmap for companies in these strategic sectors.

Defence industry associations and public financial institutions will also contribute, ensuring that participants receive relevant, industry-specific guidance.

Ambroise Fayolle, Vice President at the EIB, said: 
“Preparing for an IPO is not just a financial milestone; it is a strategic transformation for Europe’s innovators. Through our collaboration with Euronext and the IPOready programme, we support high-growth companies in navigating the path to public markets with confidence, contributing to a more integrated and dynamic European capital market.”

Apply now

Applications for IPOready 2026 are open until Friday, 14 November 2025 and places are limited.

Apply NOW for IPOready 2026

Find more information about the IPOready 2026 programme.

In celebration of Euronext Sustainability Week 2025, we are proud to highlight how companies listed on our markets are leading the way toward a more sustainable, resilient and strategically autonomous Europe. 

This year, we explore how issuers are turning sustainability ambition into action, integrating ESG into their business models and helping shape the future of Europe. 

Empowering sustainable finance through corporate leadership 

The following Euronext-listed issuers embody what it means to lead by example in sustainability as they integrate ESG principles into their practices. This year we are pleased to feature the sustainability initiatives put forth by Enel, Veolia and AFYREN, who represent part of the larger community of Euronext-listed companies shaping the future through sustainable leadership across our markets. 

Enel: Aligning strategy with a double materiality assessment 

Italian energy leader Enel, listed on Euronext Milan, has developed a best-in-class double materiality assessment that aligns deeply with its strategic planning and stakeholder engagement. 

By analysing global ESG trends such as climate change, digital transformation and geopolitical instability, Enel identified key sustainability issues and conducted over 370 engagement initiatives such as surveys, focus groups, interviews and document analysis to ensure alignment with internal priorities and external expectations. The result is a robust set of environmental, social, governance and industry-specific topics evaluated across both impact materiality, which assess impacts on the environment and people, as well as financial materiality, which assess risks and opportunities (from the external environment) which may affect the Company’s financial position. 

This granular analysis supports the integration of sustainability into every level of governance and strategic decision-making. Enel’s priorities for 2024, such as resilient grids, climate change and supply chain responsibility, reflect a proactive approach that connects double materiality with action, risk management and long-term value creation. 

Veolia: Net Zero with credible ambition and proven implementation 

Veolia Environnement S.A., a leading French environmental services group listed on Euronext Paris, is setting a precedent in credible climate transition planning. 

In 2024, Veolia’s net zero trajectory was validated by the Science-Based Targets initiative (SBTi), and the company was awarded an advanced NZ-2 score by international rating agency Moody’s Ratings Net Zero Assessment, reflecting the group’s 1.5°C ambition and strong likelihood of achieving its targets. Veolia is committed to cutting scope 1 and 2 emissions by 50% and key scope 3 emissions by 30% by 2032, versus 2021. 

This progress is supported by targeted investments including €1.6 billion over ten years to exit coal in Europe and €85 million to increase the capture of methane at landfill sites in Latin America, along with the group’s efforts in reducing emission such as heat recovery and recycling plastics. 

Veolia also stands out in governance, with sustainability targets embedded into financial oversight and executive incentives. The top 550 executives are now measured against carbon reduction goals, with each business unit reporting on CO2 performance alongside financial budgets. With a tier 1 GHG governance score from Moody’s and a pragmatic approach to transition, Veolia is proving that decarbonisation is a pillar of strategic resilience and sustainability.  

Learn more in the group’s Veolia Climate Report 2024 and Veolia NZA report. 

AFYREN: Sustainability through circular innovation and CSRD progressive alignment 

AFYREN, a sustainable chemistry SME listed on Euronext Growth Paris, exemplifies how smaller industrial players can deliver measurable ESG impact by integrating circularity, responsible innovation and transparent governance. In 2024, the company voluntarily published its first sustainability report, aligning with the European Sustainability Reporting Standards (ESRS) despite not yet being subject to the CSRD.  

AFYREN has a clear strategy to strengthen its positive impact on the environment and society built around three strategic pillars: products & innovation, operations & governance, and employees & stakeholders. The company’s bio-based organic acids deliver an ~80% lower carbon footprint compared to petroleum-based alternatives, with a fully circular production process that generates zero industrial waste. Its only by-product is repurposed as fertiliser in organic farming. Sourcing is 100% regional, and the company aims to reduce 130,000 tonnes of CO2 annually across its value chain by scaling to three production units with optimised energy use and sustainable biomass inputs. In governance, CSR criteria are embedded into project management, while a progressive HR policy has supported fivefold workforce growth, 40% female leadership in top management, and a strong safety culture reflected in a TRIR of 3.56. 

Recognised with an 85/100 score from Ethifinance and a Silver Medal from EcoVadis, placing it in the top 15% of all companies and in the top 8% in its sector, AFYREN is using transparency and voluntary progressive CSRD alignment in order to achieve sustainability and regional impact. As a pioneer in the circular bioeconomy, it is helping define what responsible growth looks like for the next generation of ‘greentech’ leaders.  

Discover more about AYFREN’s vision for the regenerative industry based on a circular economy.  

Capital markets as catalysts for Europe’s sustainable future 

Euronext Sustainability Week provides a platform for discussions on sustainable finance, and this year we are pleased to highlight the leadership of listed companies embedding sustainability into their strategy, operations and governance. The companies featured here are just a few examples of how issuers across our markets are advancing real progress and demonstrating that ESG integration is a driver of resilience, performance and long-term impact. At Euronext, we are proud to support a growing community of issuers that are shaping a sustainable and competitive future for Europe. 

Visit our website to explore our ESG initiatives and discover more about the companies leading this transformation.