Slide 1: Euronext Q2 2025 results
Euronext Q2 2025 results 1 August 2025
Slide 2: Agenda
Agenda 01 02 03 Q2 2025 highlights Q2 2025 business Q2 2025 financial and ATHEX Offer review review Stéphane Boujnah CEO and Chairman of Giorgio Modica Giorgio Modica the Managing Board CFO CFO Q&A │2
Slide 3: Q2 2025 highlights and ATHEX Offer
Q2 2025 highlights and ATHEX Offer
Slide 4: Euronext announces the submission of a voluntary share exchange offer for ATHEX
Euronext announces the submission of a voluntary share exchange offer for ATHEX An attractive transaction in line with Euronext investment criteria ̶ Euronext announces the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”
Slide 5: ATHEX in a nutshell
ATHEX in a nutshell Group description Key financials 41% 38% 42% 45% CAGR ATHEX operates the Greek Capital Market, offering trading services for 28% 34% ‘19-’24 equities, derivatives, bonds, and ETFs; performing clearing and settlement services, maintaining the registry of securities, and providing
Slide 6: Integration into the largest liquidity pool in Europe enhances liquidity
The integration into the largest liquidity pool in Europe enhances liquidity and brings significant benefits to investors ✓ Visibility ✓ Market efficiency ✓ Cost efficiency • Single Order Book powered by Optiq®, Euronext’s advanced Irish Stock Exchange case study: KPIs post-integration technological
Slide 7: Combined Group with a stronger, more diversified revenue profile
Combined Group with a stronger, more diversified revenue profile + Trading Capital markets Ancillary 17% Capital markets & NTI & data solutions services 3) NTI data solutions1) 3% 37% 3% 3% 37% = IT & Digital FICC FICC 2024 Revenue markets €1,627m services €52m Post-trading markets €1,679m 16% 14% 4
Slide 8: Euronext's diversified business drives all-time record quarterly results
Euronext’s diversified business drives all-time record quarterly results, supported by organic growth, favourable market conditions and disciplined capital allocation €465.8m €297.3m €1.81 Revenue and income, up +12.8% Adjusted EBITDA, up +15.8% Reported(2) EPS, +32.1% 58% 63.8% €135.0m non-volume r
Slide 9: Q2 2025 business review
& EURONEXT Q2 2025 business review
Slide 10: Euronext delivers 5th consecutive quarter of double-digit topline growth
Euronext delivers 5th consecutive quarter of double-digit topline growth Non-volume-related revenue and income Q2 2025 revenue and income Securities €86.2m Services +6.5% Capital Markets and Data FICC markets Solutions €165.4m €87.7m Capital Markets €165.4m 36% 19% and Data Solutions +12.0% €465.8m
Slide 11: Continued robust performance of non-volume-related revenue and income (1/2)
Continued robust performance of non-volume-related revenue and income (1/2) Securities Services in €m +6.5% Custody and Settlement (€77.5m, +10.8%) 86.2 80.9 Strong performance driven by an increase of the AuC to €7.3 trillion and dynamic settlement instructions Continued double-digit growth in
Slide 12: Continued robust performance of non-volume-related revenue and income (2/2)
Continued robust performance of non-volume-related revenue and income (2/2) Capital Markets and Data Solutions in €m +12.0% Primary Markets (€46.5m, +2.3%) 165.4 Slower equity listing activity explained by a volatile environment Euronext sustained its leading position for equity listing with 6 n
Slide 13: Strong quarter for volume-related revenue, driven by market volatility (1/2)
Strong quarter for volume-related revenue, driven by market volatility (1/2) FICC Markets in €m Fixed income trading and clearing (€51.7m, +31.9%) +20.1% Record fixed income trading activity supported by favourable 87.7 market conditions MTS Cash trading ADV reached €59.2 billion (+63.1%) 73.0
Slide 14: Strong quarter for volume-related revenue, driven by market volatility (2/2)
Strong quarter for volume-related revenue, driven by market volatility (2/2) Equity Markets in €m +9.5% 106.2 97.0 Cash equity trading and clearing (€93.4m, +16.2%) Euronext recorded average daily cash trading volumes of €13.4 billion (+21.2%), fuelled by volatility in the first part of the quarte
Slide 15: Q2 2025 financial review
& EURONEXT Q2 2025 financial review
Slide 16: Q2 2025 adjusted EBITDA up +15.8% to €297.3 million
Q2 2025 adjusted EBITDA up +15.8% to €297.3 million in €m +17.6% 293.9 297.3 6.1 10.7 6.5 0.6 3.5 3.4 43.0 63.8% 249.9 Adj. EBITDA margin +1.6pts Underlying costs up +7.9%, including acquisitions €297.3m Adjusted EBITDA Q2 2024 Revenue Cost Revenue Costs FX impact Non- Q2 2025 Non- Q2 2025 Reported
Slide 17: Q2 2025 adjusted net income at €204.4 million, up +23.8%
Q2 2025 adjusted net income at €204.4 million, up +23.8% in €m 29.7% 204.4 €183.8m 12.4 183.8 20.6 0.2 23.2 3.4 Reported 9.2 Net Income 44.0 +29.7% 141.7 €204.4m Adjusted Net Income1) +23.8% €2.02 Adjusted EPS1) +27.0% Q2 2024 EBITDA Var. of D&A Var. of net Var. of Var. of Var. of share Q2 2025 Tota
Slide 18: A strong financial situation at end of June 2025
A strong financial situation at end of June 2025 CASH FLOW GENERATION in €m Reported EBITDA Q2 2025 EBITDA to net operating cash flow conversion rate 293.9 impacted by: 249.9 Net operating cash flow Change in working capital related to Nord Pool and Euronext Clearing CCP activities for €-18.8 mill
Slide 19: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah Giorgio Modica Chief Executive Officer, Chairman Chief Financial Officer of the Managing Board │ 19
Slide 20: Appendix
& EURONEXT Appendix
Slide 21: Liquidity at end of Q2 2025
Liquidity at end of Q2 2025 in €m 4.1 0.6 31.3 24.5 1,619.7 135.0 311.6 1,500.8 400.4 600.0 21.9 3.4 27.7 78.8 900.8 6.8 €400m Targeted cash for operation Cash in Net operating Exc. Impact of Net Net Capex Dividends Dividend paid Business Net interests Payment Asset Net Other, inc. FX Cash in Undraw
Slide 22: Q2 2025 last twelve months revenue and income
Q2 2025 last twelve months revenue and income Non-volume-related revenue and income Securities LTM revenue and income Services €320.1m Capital FICC Markets and Markets Data 19% Capital Markets Solutions and Data Solutions €624.5m 36% Net Treasury €69.9m €1,736.4m Income +12.1% 1 58% Volume-related r
Slide 23: 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 first semester of 2025, the average number of outstanding shares (basic) is 101,374,346 F
Slide 24: Adjusted EPS for Q2 2025
Adjusted EPS for Q2 2025 in €m unless specified otherwise Q2 2025 Q2 2024 Net income reported 183.8 141.7 EPS reported (€) 1.81 1.37 Adjustments for non-underlying items included in : Operating expenses excl. D&A (3.4) (6.8) Depreciation and amortisation (25.6) (26.0) Results from equity investments
Slide 25: Q2 2025 income statement
Q2 2025 income statement In €m, unless stated otherwise % var The figures in this document have not been audited or reviewed by our external Q2 2025 Q2 2024 % var (like-for-like, auditor. constant currencies) Total Revenues and income 465.8 412.9 +12.8% +10.5% Securities services 86.2 80.9 +6.5% +3.
Slide 26: Q2 2025 last twelve months income statement
Q2 2025 last twelve months income statement in €m unless specified otherwise Q3 2024 Q4 2024 Q1 2025 Q2 2025 LTM Revenue and income 396.3 415.8 458.5 465.8 1,736.4 Securities services 72.9 77.6 83.4 86.2 320.1 Custody and Settlement 63.1 70.0 75.8 77.5 286.4 Other Post Trade 9.8 7.7 7.6 8.6 33.7 Cap
Slide 27: Balance sheet as of 30 June 2025
Balance sheet as of 30 June 2025 In €million 30 June 2025 31 March 2025 Non-current assets unaudited, in € million As of 30/06/2025 Property, plant and equipment 103.0 107.4 Right-of-use assets 85.1 88.2 CCP clearing business assets Goodwill and other intangible assets 6,586.7 6,096.5 CCP trading as
Slide 28: Q2 2025 cash flow statement
Q2 2025 cash flow statement in €m Q2 2025 Q2 2024 Profit before tax 264.5 206.7 Adjustments for: - Depreciation and amortisation 48.2 47.9 - Share based payments 5.6 2.9 -Results from equity investments (24.5) - -Gain on sale of associate - (1.2) -Share of profit from associates and joint ventures -
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 Aurélie Cohen, Chief Communications and Investor Relations Officer Judith Stein, Investor Relations Senior Manager www.euronext.com/en/investor-relations Margaux Kurver, Investor Relations Officer +33 6 15 23 91 97 ir@euronext.com