By Staff Writer
Euronext has reported a strong set of results for Q4 and full-year 2025, pointing to another year of double-digit growth as it expanded its non-trading businesses and kept costs under control.
For the full year, underlying revenue and income rose 12.1% to €1.82 billion, supported by steady trading activity, resilient clearing revenues, and continued growth in services that are less dependent on market volumes. Euronext said non-volume-related revenue accounted for 59% of total revenue, and continued to cover the group’s underlying operating expense base.
The exchange group highlighted strong momentum in its post-trade and data businesses. Securities Services revenue increased 6.9% to €330.7 million, driven by growth in custody and settlement, higher assets under custody, active settlement flows, and stronger demand for value-added services.
Meanwhile, Capital Markets and Data Solutions revenue rose 12.1% to €669.3 million, helped by the contribution from Admincontrol and continued growth in advanced data solutions.
Even with the strategic push toward recurring revenues, volume-related business also grew in 2025. Revenue from fixed income, currencies and commodities markets rose 16.2% to €342.8 million, while equity markets revenue increased 11.7% to €410 million, supported by strong trading volumes.
Profitability improved as well. Adjusted EBITDA climbed 13.6% to €1.14 billion, with the EBITDA margin at 62.7%. Adjusted net income rose 7.9% to €736.5 million, while adjusted EPS increased 10.3% to €7.27. Reported net income was €642.9 million, up 9.8% year-on-year.
Euronext said underlying operating expenses (excluding depreciation and amortisation) were €680.1 million in 2025, reflecting the impact of acquisitions including Admincontrol and Athex Group.
Looking ahead, the company expects 2026 underlying expenses to be around €770 million, including integration costs and investment in growth projects.
The group said it plans to propose a dividend of €321.5 million, equivalent to 50% of reported net income, representing a 9.8% increase compared to 2024.
Chief Executive Stéphane Boujnah said 2025 marked “an excellent start” to Euronext’s strategic plan, with balanced growth across both trading and non-trading activities, and the company signalled it plans to accelerate execution of that strategy in 2026.
