Slide 1: Euronext Q4 and FY 2025 results
Euronext Q4 and FY 2025 results 19 February 2026
Slide 2: Agenda
Agenda 01 02 03 FY 2025 Q4 2025 business Q4 2025 financial highlights review review Stéphane Boujnah CEO and Chairman of Giorgio Modica Giorgio Modica the Managing Board CFO CFO Q&A │2
Slide 3: FY 2025 highlights
& EURONEXT FY 2025 highlights
Slide 4: Another year of double-digit growth, driven by the expansion of non-volume-related businesses
Another year of double-digit growth, driven by the expansion of non-volume-related businesses, dynamic trading and clearing activity across asset classes, and cost discipline €1,823.2m €1,143.1m €812.1m Underlying revenue and income Adjusted EBITDA, +13.6% Net operating cash flow +12.1% 62.7% 59% Ad
Slide 5: Double-digit growth in 2025 driven by strong performance in all segments
Double-digit growth in 2025 driven by strong performance in all segments of Euronext’s diversified business model Non-volume-related revenue and income FY 2025 Underlying revenue and income Securities €330.7m Services +6.9% FICC Markets, 19% Capital Markets €669.3m Capital Markets and Data Solutions
Slide 6: Focus on execution and strategic capital allocation
Focus on execution and strategic capital allocation June 2025 September 2025 December 2025 March 2026 June 2026 September 2026 Launch of cash-settled Euronext Securities Completion of European Euronext Securities Roll-out of new repo Transfer of existing mini futures on partners with Repo offe
Slide 7: Athex Group strong 2025 financial results confirm dynamic growth environment
Athex Group strong 2025 financial results confirm dynamic growth environment Athex Group FY 2025 key financials Update on the integration process Illustrative split of Athex Group revenue in Euronext reporting Successful appointment of new Corporate and Investor Solutions, Board of Directors and T
Slide 8: Q4 2025 business review
& EURONEXT Q4 2025 business review
Slide 9: Euronext delivers 7th consecutive quarter of double-digit topline growth
Euronext delivers 7th consecutive quarter of double-digit topline growth Non-volume-related revenue and income Securities €83.9m Q4 2025 Services +8.1% Underlying revenue and income FICC markets, Capital Markets €178.2m 18% and Data Solutions +15.8% Capital Markets and Data Solutions, 39% Net Treasu
Slide 10: Continued growth of non-volume-related businesses (1/2)
Continued growth (+10.9%) of non-volume-related businesses (1/2) Securities Services in €m +8.1% 83.9 77.6 Custody and Settlement (€76.7m, +9.6%) Continued growth in assets under custody, reaching €7.6 trillion in Q4, resilient settlement activity and double-digit growth of value- added services 7
Slide 11: Continued growth of non-volume-related businesses, driven by the expansion of corporate solutions (2/2)
Continued growth (+10.9%) of non-volume-related businesses, driven by the expansion of corporate solutions (2/2) Capital Markets and Data Solutions in €m +15.8% Primary Markets (€48.1m, +6.2%) 178.2 Euronext sustained its leading position for equity listings with 16 153.9 new listings 48.1 +6.2% A
Slide 12: Resilient performance across asset classes boosts volume-related revenue (1/2)
Resilient performance across asset classes boosts volume-related revenue (+10.7%) (1/2) FICC Markets in €m +9.0% 82.6 Fixed income trading and clearing (€46.3m, +11.0%) 75.7 MTS Cash trading ADV reached €49.8 billion (+26.3%) MTS Repo TAADV reached €531.3 billion (+2.9%) Strong growth driven b
Slide 13: Resilient performance across asset classes boosts volume-related revenue (2/2)
Resilient performance across asset classes boosts volume-related revenue (+10.7%) (2/2) Equity Markets in €m +12.8% 101.6 Cash equity trading and clearing (€89.4m, +15.7%) 90.1 Driven by resilient activity and revenue capture. This quarter, Euronext recorded average daily cash trading volumes of €
Slide 14: Q4 2025 financial review
& EURONEXT Q4 2025 financial review
Slide 15: Q4 2025 adjusted EBITDA grew +8.9% to €275.0 million
Q4 2025 adjusted EBITDA grew +8.9% to €275.0 million +8.1% in €m 275.0 19.6 10.9 0.1 260.8 14.2 12.7 3.0 26.6 241.4 59.7% Adj. EBITDA margin -1.0pts Underlying costs up +13.8%, including acquisitions €275.0m Adjusted EBITDA +8.9% Reported Revenue Cost Revenue Costs FX impact Non- Q4 2025 Non- Q4 202
Slide 16: Q4 2025 adjusted net income grew +4.2%, to €179.6 million
Q4 2025 adjusted net income grew +4.2%, to €179.6 million in €m 179.6 €144.7m Reported 4.6 34.9 net income 19.4 10.8 stable 144.6 0.8 1.3 144.7 3.5 €179.6m Adjusted net income1) +4.2% €1.77 Adjusted EPS1) +6.6% Q4 2024 EBITDA Var. of D&A Var. of net Var. of Var. of Var. of share Q4 2025 Total non- Q
Slide 17: 2026 cost guidance
2026 cost guidance 2025 was a year of investments, with new hirings to support the delivery of the strategic growth initiatives. In 2025, Euronext reported underlying expenses excluding D&A in line with the revised guidance of €660 million. This compares to an initial guidance of €670 million, whi
Slide 18: A strong financial situation at end of 2025, refinancing secured until 2028
A strong financial situation at end of 2025, refinancing secured until 2028 CASH FLOW GENERATION in €m Q4 2025 EBITDA to net operating cash flow conversion rate 260.8 Reported EBITDA impacted by: 241.4 Impact of changes in working capital related to Nord Pool Net operating cash flow 175.0 155.1 15
Slide 19: Liquidity at end of Q4 2025
Liquidity at end of Q4 2025 in €m 2,119.2 600.0 1,519.2 12.0 3.7 4.8 387.5 4.8 104.6 99.8 39.2 10.5 0.9 191.0 1,070.8 85.5 €415m Regulatory capital requirements Cash in Net Exc. Net Net Capex Dividends Dividends Business Net Payment Transactions Net Other, Cash in Undrawn Liquidity Q3 2025 operating
Slide 20: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah Giorgio Modica Chief Executive Officer, Chairman Chief Financial Officer of the Managing Board │ 20
Slide 21: Appendix
& EURONEXT Appendix
Slide 22: Number of outstanding shares used for EPS computation
Number of outstanding shares used for EPS computation For comparative purposes, average numbers of outstanding shares (basic) for previous comparative periods were restated using the bonus fraction. For the full year of 2025, the average number of outstanding shares (basic) is 101,352,825 For th
Slide 23: Adjusted EPS for Q4 2025
Adjusted EPS for Q4 2025 in €m unless specified otherwise Q4 2025 Q4 2024 Net income reported 144.7 144.6 EPS reported (€) 1.42 1.40 Adjustments for non-underlying items included in : Revenue and income (4.4) - Operating expenses excl. D&A (9.8) (11.2) Depreciation and amortisation (32.4) (28.1) Net
Slide 24: Q4 2025 income statement
Q4 2025 income statement % var In €m, unless stated otherwise Q4 2025 Q4 2024 % var (like-for-like, The figures in this document have not been audited or reviewed by our external auditor. constant currencies) Underlying revenue and income 460.8 415.8 +10.8% +6.4% Reported revenue and income 456.4 41
Slide 25: Euronext and Athex Group 2025 standalone income statement
Illustrative representation of Athex Group figures for full- year 2025 in Euronext reporting. Athex Group financials were consolidated from 24 November 2025. Euronext and Athex Group 2025 standalone income statement FY 2025 Athex Group in €m unless specified otherwise FY 2025 (excl. Athex Group) in
Slide 26: Full year 2025 income statement
Full year 2025 income statement in €m unless specified otherwise Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Underlying revenue and income 458.5 465.8 438.1 460.8 1,823.2 Reported revenue and income 458.5 465.8 438.1 456.4 1,818.8 Securities services 83.4 86.2 77.3 83.9 330.7 Custody and Settlement 75.8
Slide 27: Balance sheet as of 31 December 2025
Balance sheet as of 31 December 2025 In €million 31 December 2025 31 December 2024 Non-current assets Property, plant and equipment 125.2 106.2 unaudited, in € million As of 31/12/2025 Right-of-use assets 77.0 57.5 Investment property 6.3 - CCP clearing business assets Goodwill and other intangible
Slide 28: Q4 2025 cash flow statement
Q4 2025 cash flow statement in €m Q4 2025 Q4 2024 Profit before tax 213.3 208.4 Adjustments for: -Depreciation and amortisation 54.2 49.6 -Share-based payments 6.7 5.2 -Results from equity investments (10.5) (10.0) -Share of profit from associates and joint ventures (0.4) (0.1) -Changes in working c
Slide 29: Disclaimer
DISCLAIMER This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information and materials contained in this presentation are provided ‘as is’ and Euronext does not warrant as to the accuracy, adequacy or completeness of the informatio
Slide 30: Investor Relations
Investor Relations Judith Stein, Investor Relations Senior Manager Margaux Kurver, Investor Relations Officer www.euronext.com/en/investor-relations +33 6 15 23 91 97 ir@euronext.com