Slide 1: Euronext Q1 2026 results
Euronext Q1 2026 results 20 May 2026
Slide 2: Agenda
Agenda 01 02 03 Q1 2026 Q1 2026 business Q1 2026 financial highlights review review Stéphane Boujnah CEO and Chairman of Giorgio Modica Giorgio Modica the Managing Board CFO CFO Q&A │2
Slide 3: Q1 2026 highlights
7 EURONEXT Q1 2026 highlights
Slide 4: Euronext extends growth trajectory with an eighth consecutive quarter of double-digit growth
Euronext extends growth trajectory with an eighth consecutive quarter of double- digit growth €528.5m €343.2m €2.13 Underlying revenue and income Adjusted EBITDA Adjusted(2) EPS +15.3% +16.7% +18.3% 56% 64.9% €499.8m non-volume driven(1) revenue Adjusted EBITDA margin Net operating cash flow +0.8pts
Slide 5: Continued progress with the delivery of strategic milestones
Continued progress with the delivery of strategic milestones Milestones achieved Upcoming strategic milestones September 2025 December 2025 March 2026 July 2026 September 2026 Launch of Euronext ETF Euronext Securities Transfer of 100% of open Completion of European Euronext Securities extends Europ
Slide 6: Q1 2026 business review
7 EURONEXT Q12026 business review
Slide 7: Euronext achieves record results in all four revenue segments
Euronext achieves record results in all four revenue segments Non-volume-related revenue and income Q1 2026 Underlying revenue and income Securities €91.6m Services +9.8% FICC Markets Capital Markets 18% Capital Markets €185.9m and Data and Data Solutions +18.2% Solutions 35% €528.5m Net Treasury €1
Slide 8: Record performance of non-volume-related businesses (+13.4%), driven by commercial expansion (1/2)
Record performance of non-volume-related businesses (+13.4%), driven by commercial expansion (1/2) Securities Services in €m +9.8% 91.6 83.4 Custody and Settlement (€84.4m, +11.4%) ▪ Solid growth supported by dynamic settlement instructions, resilient custody activity and the first full quarter of c
Slide 9: Record performance of non-volume-related businesses (+13.4%), driven by commercial expansion (2/2)
Record performance of non-volume-related businesses (+13.4%), driven by commercial expansion (2/2) Capital Markets and Data Solutions in €m +18.2% Primary Markets (€52.3m, +12.8%) 185.9 ▪ Delivery of the best first quarter in three years, despite elevated market volatility. Euronext sustained its le
Slide 10: Continued double-digit growth in volume-related revenue (+17.7%), driven by elevated market volatility (1/2)
Continued double-digit growth in volume-related revenue (+17.7%), driven by elevated market volatility (1/2) FICC Markets in €m +5.3% 95.5 Fixed income trading and clearing (€52.0m, +0.3%) 90.7 ▪ MTS Cash trading ADV reached €54.9 billion (-3.3%) ▪ MTS Repo TAADV reached €549.8 billion (+8.0%) ▪ Res
Slide 11: Continued double-digit growth in volume-related revenue (+17.7%), driven by elevated market volatility (2/2)
Continued double-digit growth in volume-related revenue (+17.7%), driven by elevated market volatility (2/2) Equity Markets in €m +28.1% 138.9 Cash equity trading and clearing (€123.0m, +30.8%) ▪ Record performance reflects high market volatility and strong first full quarter contribution from Euron
Slide 12: Q1 2026 financial review
7 EURONEXT Q1 2026 financial review
Slide 13: Q1 2026 adjusted EBITDA grew +16.7% to €343.2 million
Q1 2026 adjusted EBITDA grew +16.7% to €343.2 million +15.2% in €m 13.9 339.0 343.2 36.2 0.6 4.4 4.2 34.8 8.5 64.9% 294.2 Adj. EBITDA margin +0.8pts Underlying costs up +12.7%, including acquisitions €343.2m Adjusted EBITDA +16.7% Reported Revenue Cost Revenue Costs FX impact Non- Q1 2026 Non- Q1 20
Slide 14: Q1 2026 adjusted net income grew +17.7%, to €216.1 million
Q1 2026 adjusted net income grew +17.7%, to €216.1 million in €m +16.7% 216.1 1.9 5.1 0.2 6.8 23.7 €192.3m 192.3 3.6 Reported 44.8 net income 164.8 €216.1m Adjusted net income1) +17.7% €2.13 Adjusted EPS1) +18.3% Q1 2025 EBITDA Var. of D&A Var. of net Var. of Var. of Var. of share Q1 2026 Total non-
Slide 15: A strong financial position at end of March 2026
A strong financial position at end of March 2026 CASH FLOW GENERATION in €m Q1 2026 EBITDA to net operating cash flow conversion rate 499.8 impacted by: Reported EBITDA 339.0 364.6 ▪ Impact of changes in working capital related to Nord Pool 294.2 259.1 Net operating cash flow and Euronext Clearing C
Slide 16: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah Giorgio Modica Chief Executive Officer, Chairman Chief Financial Officer of the Managing Board │ 16
Slide 17: Appendix
& EURONEXT Appendix
Slide 18: Liquidity at end of Q1 2026
Liquidity at end of Q1 2026 in €m 2,335.3 600.0 193.3 7.0 28.7 6.4 3.8 1,735.3 499.8 57.5 7.3 7.4 1,519.3 €415m Regulatory capital requirements Cash in Net Exc. Impact Net purchase Net Capex Net interests Payment Transactions Acquisition Other, inc. FX Cash in Undrawn RCF Liquidity Q4 2025 operating
Slide 19: Q1 2026 last twelve months revenue and income
Q1 2026 last twelve months revenue and income Non-volume-related revenue and income LTM revenue and income Securities Services €338.9m FICC Markets Capital Markets and 18% Data Solutions €347.6m 37% Capital Markets €697.9m and Data Solutions €697.9m €1,893.2m +12.5%1 Net Treasury €67.5m Equity Marke
Slide 20: 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 quarter of 2025, the average number of outstanding shares (basic) is 101,310,087 ▪ Fo
Slide 21: Adjusted EPS for Q1 2026
Adjusted EPS for Q1 2026 in €m unless specified otherwise Q1 2026 Q1 2025 Net income reported 192.3 164.8 EPS reported (€) 1.90 1.62 Adjustments for non-underlying items included in : Revenue and income (1.8) 0.0 Operating expenses excl. D&A (2.4) 0.1 Depreciation and amortisation (28.7) (26.8) Non-
Slide 22: Q1 2026 income statement
Q1 2026 income statement % var In €m, unless stated otherwise Q1 2026 Q1 2025 % 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 528.5 458.5 +15.3% +7.6% Reported revenue and income 526.7 45
Slide 23: Last twelve month income statement
Last twelve month income statement in €m unless specified otherwise Q2 2025 Q3 2025 Q4 2025 Q1 2026 LTM Underlying revenue and income 465.8 438.1 460.8 528.5 1,893.2 Reported revenue and income 465.8 438.1 456.4 526.7 1,887.0 Securities services 86.2 77.3 83.9 91.6 338.9 Custody and Settlement 77.5
Slide 24: Balance sheet as of March 2026
Balance sheet as of 31 March 2026 In €million 31 March 2026 31 December 2025 Non-current assets Property, plant and equipment 121.4 125.2 unaudited, in € million As of 31/03/2026 Right-of-use assets 75.1 77.0 Investment property 6.3 6.3 CCP clearing business assets Goodwill and other intangible asse
Slide 25: Q1 2026 cash flow statement
Q1 2026 cash flow statement in €m Q1 2026 Q1 2025 Profit before tax 282.4 244.4 Adjustments for: -Depreciation and amortisation 50.2 48.3 -Share-based payments 5.4 3.9 -Share of profit from associates and joint ventures (0.2) - -Changes in working capital 183.4 (37.4) Cash flow from operating activi
Slide 26: 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 27: Investor Relations
Investor Relations Judith Stein, Head of Investor Relations Margaux Kurver, Investor Relations Manager www.euronext.com/en/investor-relations +33 6 15 23 91 97 ir@euronext.com