Euronext Nv · EURONEXT:ENX
Euronext Nv — Q3 2025 Earnings Presentation
28 slides from Euronext Nv's earnings presentation, Nov 7, 2025
Slide 1: Euronext Q3 2025 results
Euronext Q3 2025 results 7 November 2025
Slide 2: Agenda
Agenda 01 02 03 Q3 2025 highlights Q3 2025 business Q3 2025 financial review review Stéphane Boujnah CEO and Chairman of Giorgio Modica Giorgio Modica the Managing Board CFO CFO Q&A │2
Slide 3: Q3 2025 highlights
& EURONEXT 03 2025 highlights
Slide 4: Euronext delivers sixth consecutive quarter of double-digit growth
Euronext delivers sixth consecutive quarter of double-digit growth, driven by the expansion of non-volume-related businesses, resilient trading and clearing revenues and cost discipline €438.1m €276.7m €1.68 Revenue and income Adjusted EBITDA Adjusted(2) EPS +10.6% +12.6% 60% 63.2% €401.0m non-volum
Slide 5: Euronext pursues European consolidation with the voluntary share exchange offer for ATHEX Group
Euronext pursues European consolidation with the voluntary share exchange offer for ATHEX Group Offer • Share exchange, whereby Euronext will offer new Euronext shares for existing ATHEX Group shares consideration • Financially attractive transaction at a ratio of 1 new Euronext share for every 20 e
Slide 6: Q3 2025 business review
& EURONEXT Q3 2025 business review
Slide 7: Euronext delivers 6th consecutive quarter of double-digit topline growth
Euronext delivers 6th consecutive quarter of double-digit topline growth Non-volume-related revenue and income Q3 2025 revenue and income Securities €77.3m Services +6.0% Capital Markets and Data FICC markets Solutions €168.4m €81.9m Capital Markets €168.4m 38% 19% and Data Solutions +13.9% €438.1m
Slide 8: Continued growth of non-volume-related businesses (1/2)
Continued growth (+12.0%) of non-volume-related businesses (1/2) Securities Services in €m +6.0% 77.3 72.9 Custody and Settlement (€70.6m, +11.8%) Sustainable growth in assets under custody, reaching €7.5 trillion in Q3, resilient settlement activity and continued strong growth of value-added serv
Slide 9: Continued growth of non-volume-related businesses (2/2)
Continued growth (+12.0%) of non-volume-related businesses (2/2) Capital Markets and Data Solutions in €m +13.9% Primary Markets (€46.2m, +3.0%) 168.4 Euronext sustained its leading position for equity listings with a 147.8 solid rebound in the third quarter with 20 new listings 46.2 +3.0% 44.8 Ad
Slide 10: Resilient performance across asset classes boosts volume-related revenue (1/2)
Resilient performance across asset classes boosts volume-related revenue (1/2) FICC Markets in €m Fixed income trading and clearing (€46.8m, +14.7%) +11.0% MTS Cash trading ADV reached €48.8 billion (+29.5%) 81.9 MTS Repo TAADV reached €585.6 billion (+23.0%) 73.8 MTS strong volumes were suppo
Slide 11: Resilient performance across asset classes boosts volume-related revenue (2/2)
Resilient performance across asset classes boosts volume-related revenue (2/2) Equity Markets in €m +6.6% 93.7 87.9 Cash equity trading and clearing (€82.5m, +11.5%) Driven by resilient activity and revenue capture. This quarter, Euronext recorded average daily cash trading volumes of €11.0 billio
Slide 12: Q3 2025 financial review
& EURONEXT Q3 2025 financial review
Slide 13: Q3 2025 adjusted EBITDA grew +12.6% to €276.7 million
Q3 2025 adjusted EBITDA grew +12.6% to €276.7 million in €m +13.9% 276.7 63.2% 275.2 4.3 13.2 7.1 0.4 2.7 1.5 Adj. EBITDA 241.7 29.5 margin +1.2pts Underlying costs up +7.3%, including acquisitions €276.7m Adjusted EBITDA +12.6% Q3 2024 Revenue Cost Revenue Costs FX impact Non- Q3 2025 Non- Q3 2025
Slide 14: Q3 2025 adjusted net income reached €169.0 million
Q3 2025 adjusted net income reached €169.0 million in €m -6.1% 2.1 9.7 €149.7m 33.5 169.0 Reported 23.4 159.5 net income 19.3 6.0 149.7 2.2 Reflecting the Euroclear dividend €169.0m which was Adjusted received in Q2 instead of net income1) Q3 in 2025 €1.68 Adjusted EPS1) Q3 2024 EBITDA Var. of D&A V
Slide 15: A strong financial situation at end of September 2025
A strong financial situation at end of September 2025 CASH FLOW GENERATION in €m Q3 2025 EBITDA to net operating cash flow conversion rate 401.0 Reported EBITDA impacted by: Change in working capital related to Nord Pool and 275.2 274.9 Net operating cash flow 241.7 237.4 230.7 Euronext Clearing C
Slide 16: Euronext demonstrates proactive capital allocation strategy
Euronext demonstrates proactive capital allocation strategy ‘Innovate for Growth 2027’ capital allocation strategy 1 • Focus on organic growth Preserve and enhance core business • Investments across all business segments 2 • Net debt to EBITDA ratio was at 1.5x on 30 September 2025, Maintain strong
Slide 17: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah Giorgio Modica Chief Executive Officer, Chairman Chief Financial Officer of the Managing Board │ 17
Slide 18: Appendix
& EURONEXT Appendix
Slide 19: Liquidity at end of Q3 2025
Liquidity at end of Q3 2025 in €m 1,670.8 600.0 155.8 9.1 29.5 1,070.8 401.0 18.3 3.8 4.8 15.6 1.8 900.8 €400m Targeted cash for operation Cash in Net Exc. Impact Net Net Capex Dividend paid Net interests Payment Transactions Other, inc. FX Cash in Q3- Undrawn Liquidity Q2-25, operating of change in
Slide 20: Q3 2025 last twelve months revenue and income
Q3 2025 last twelve months revenue and income Non-volume-related revenue and income LTM revenue and income Securities Services €324.4m FICC Markets 19% Capital Markets and Capital Markets Data Solutions and Data Solutions €645.1m 36% €1,778.2m Net Treasury +12.2%1 €73.1m Equity Income 59% Markets Vo
Slide 21: 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 nine months of 2025, the average number of outstanding shares (basic) is 101,294,214
Slide 22: Adjusted EPS for Q3 2025
Adjusted EPS for Q3 2025 in €m unless specified otherwise Q3 2025 Q3 2024 Net income reported 149.7 159.5 EPS reported (€) 1.49 1.54 Adjustments for non-underlying items included in : Operating expenses excl. D&A (1.5) (4.1) Depreciation and amortisation (26.1) (26.1) Minority interest 0.8 1.0 Tax r
Slide 23: Q3 2025 income statement
Q3 2025 income statement % var In €m, unless stated otherwise Q3 2025 Q3 2024 % var (like-for-like, The figures in this document have not been audited or reviewed by our external auditor. constant currencies) Total Revenues and income 438.1 396.3 +10.6% +7.5% Securities services 77.3 72.9 +6.0% +3.2
Slide 24: Q3 2025 last twelve months income statement
Q3 2025 last twelve months income statement in €m unless specified otherwise Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM Revenue and income 415.8 458.5 465.8 438.1 1,778.2 Securities services 77.6 83.4 86.2 77.3 324.4 Custody and Settlement 70.0 75.8 77.5 70.6 293.9 Other Post Trade 7.7 7.6 8.6 6.7 30.6 Cap
Slide 25: Balance sheet as of 30 September 2025
Balance sheet as of 30 September 2025 In €million 30 September 2025 30 June 2025 Non-current assets unaudited, in € million As of 30/09/2025 Property, plant and equipment 101.2 103.0 Right-of-use assets 80.4 85.1 CCP clearing business assets Goodwill and other intangible assets 6,584.2 6,586.7 22.8
Slide 26: Q3 2025 cash flow statement
Q3 2025 cash flow statement in €m Q3 2025 Q3 2024 Profit before tax 219.1 220.7 Adjustments for: -Depreciation and amortisation 49.3 47.2 -Share based payments 4.6 3.6 -Results from equity investments - (23.3) -Changes in working capital 151.4 23.7 Cash flow from operating activities 424.5 271.8 Inc
Slide 27: 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 28: 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