Euronext, the pan-European exchange operator, reported another quarter of record results on Thursday, marking its ninth consecutive quarter of double-digit growth as gains across trading, clearing, data and post-trade businesses continued to outpace rising costs.
Underlying revenue and income rose 16.9% year-on-year to €544.4 million in the second quarter of 2026, or 9.9% on a like-for-like basis at constant currencies, at €511.0 million. Non-volume-related revenue -from custody, data and other recurring sources- made up 58% of the total and covered 170% of underlying operating expenses excluding depreciation and amortisation, up from 161% a year earlier.
Profitability hits new highs
Adjusted EBITDA climbed 21.1% to €360.0 million, pushing the adjusted EBITDA margin to a record 66.1%, up 2.3 percentage points from the second quarter of 2025. Adjusted net income, the shareholders' share of the parent company, rose 19.9% to €245.0 million, with adjusted earnings per share up 19.8% to €2.42. Reported net income increased 19.1% to €218.8 million, with reported EPS at €2.16.
Underlying operating expenses excluding depreciation and amortisation rose 9.5% to €184.4 million, which the company attributed to recent acquisitions and continued investment in growth, in line with its full-year cost guidance. Net debt stood at 1.3 times EBITDA at the end of June, within the target range set out in Euronext's "Innovate for Growth 2027" strategic plan.
Broad-based growth across business lines
The quarter's performance was driven by both recurring and trading-related businesses. Securities Services revenue rose 12.5% to €96.9 million, supported by record levels of assets under custody and growing demand for value-added services. Capital Markets and Data Solutions revenue grew 17.2% to €193.8 million, boosted by the consolidation of Admincontrol and Euronext Athens as well as renewed momentum in primary markets. Net treasury income rose 12.5% to €22.5 million on higher collateral linked to power futures and market volatility.
On the trading side, FICC Markets revenue increased 12.3% to €98.4 million, helped by record monthly fixed income volumes and the first full-quarter contribution from Euronext Nord Pool Power Futures. Equity Markets revenue was the standout performer, up 24.9% to €132.7 million, with cash equity trading and clearing revenue rising 26.9%, supported by continued market volatility, growth in ETFs and strong activity on Euronext Athens.
CEO cites diversified model and European market momentum
Chief Executive and Chairman Stéphane Boujnah said Euronext had again delivered double-digit growth across all business segments, pointing to record revenue, EBITDA, net income and EPS as evidence of the strength of its diversified model. He noted a strong rebound in listings and follow-on offerings, helped by a faster listing process, with international companies from outside Euronext's home markets accounting for close to half of new listings. This includes the first listing of a global shipping company on Euronext Athens.
Boujnah also highlighted growing retail investor engagement, with stronger participation in IPOs and a record number of retail data users, as well as the continued international expansion of Euronext's MTS fixed income platform. He noted that Euronext had been appointed official administrator of key benchmark indices for the French sovereign debt market based on MTS data.
Looking ahead, Boujnah pointed to the September 2026 go-live of Euronext's central securities depository (CSD) expansion, saying the first clients had already confirmed they would use the new model from day one. He also welcomed recent European Union initiatives aimed at deepening capital market integration, including the European Commission's Market Integration and Supervision Package and calls from EU finance ministers and the European Parliament for greater central supervision of market structure.
"Euronext has never been stronger," Boujnah said, adding that the company's scalable, integrated business model positioned it to deliver further growth for European capital markets.
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