Euronext NV (EUXTF) Q4 2025 Earnings Call Highlights: Strong Revenue Growth Amid Strategic …

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Fri, February 20, 2026 at 12:01 AM GMT+9 3 min read

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Euronext NV (EUXTF) reported double-digit growth in revenue, EBITDA, and earnings per share for the full year 2025.

The company achieved a 12.1% increase in underlying revenue and income, reaching over 1.8 billion.

Non-volume related revenue, which constitutes 59% of total revenue, grew by 10.9%, driven by sustainable growth in custody and settlement.

Euronext NV (EUXTF) maintained a strong financial position with a cash position exceeding 1.5 billion and a leverage ratio of 1.5 times net debt to adjusted EBITDA.

The company proposed a dividend increase of nearly 10% at the annual general meeting, reflecting robust financial performance.

Negative Points

Underlying expenses, including ENA, increased by 9.6% to 680.1 million, reflecting growth in investments and acquisitions.

Net treasury income decreased by 19.4% due to lower average collateral costs and interest adjustments.

Other prorate revenue declined by 6.3% following the migration of the Italian market to a harmonized clearing framework.

Financial derivatives trading and clearing revenue declined by 5% due to a low volatility environment.

The adjusted EBITDA margin decreased by 1 point to 59.7% compared to the same quarter last year.

Q & A Highlights

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Q: Can you provide an update on the progress with custodians for the CSD opportunity and your strategy regarding the remaining 25% of Athex Group shares? A: (Stefan Bujna, CEO) We now own close to 76% of Athex Group and aim to take the company private to accelerate integration. We’re considering a new offer to squeeze out minority shareholders or a merger with Euronext. Regarding custodians, Pierre Devo, head of our CSD expansion program, mentioned that we are working with the largest settlement agents and custodians to offer the model to their clients by September 2026.

Q: Could you elaborate on your cost guidance for 2026 and your appetite for more software deals as multiples come down? A: (Giorgio Modica, CFO) Our cost guidance is based on a bottom-up assessment, and we expect underlying expenses to be stable. We are investing in strategic growth projects, and the current market environment presents opportunities for software deals, especially as valuations decrease. We remain disciplined in our approach to acquisitions.

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Q: What are your thoughts on medium-term targets given your recent progress, and how do you view digitalization and tokenization of markets? A: (Stefan Bujna, CEO) We are committed to delivering above 5% growth in revenue and EBITDA by 2027. While we haven’t revised our medium-term targets, we are focused on transforming our organization to ensure resilient growth. Regarding digitalization and tokenization, we are exploring initiatives but will only announce plans when we are confident in their success.

Q: How do you see the development of the savings and investment union, and what is your stance on share buybacks given your current valuation? A: (Stefan Bujna, CEO) The momentum for a savings and investment union is accelerating, with a focus on single supervision. This will simplify Euronext’s development. Regarding share buybacks, we prioritize capital allocation for growth and will consider buybacks if we don’t find suitable acquisition opportunities.

Q: Can you provide an update on your CSD ambitions and thoughts on the European Commission’s market integration package? A: (Stefan Bujna, CEO) We have a strong value proposition for market participants, and the progress with issuers enhances our offering. Regarding the European Commission’s package, we don’t anticipate significant changes to the consolidated tape or CSD interconnectivity that would impact our top-line.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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