Company Reports

Euronext is a European exchange group with a strong presence in cash equities trading and operates the largest collective liquidity pool across the region. Leveraging this position, Euronext offers proprietary indexes and index derivatives. Its indexes are not as ubiquitous as those of its larger competitors, but they are a crucial input for regional money managers. Euronext has also increased its footprint in post-trade capabilities with the acquisition of Borsa Italiana, allowing the group to decouple itself over the next several years from relying on peers for crucial trading value chain operations.

In a Financial Times interview, Euronext CEO Stéphane Boujnah said that the pan-European exchange group is open to a combination with Deutsche Boerse.

Euronext is a European exchange group with a strong presence in cash equities trading and operates the largest collective liquidity pool across the region. Leveraging this position, Euronext offers proprietary indexes and index derivatives. Its indexes are not as ubiquitous as those of its larger competitors, but they are a crucial input for regional money managers. Euronext has also increased its footprint in post-trade capabilities with the acquisition of Borsa Italiana, allowing the group to decouple itself over the next several years from relying on peers for crucial trading value chain operations.

Euronext recorded a good first quarter of 2026, with underlying revenue up 8% and underlying costs up 5% on a like-for-like basis.

Euronext grew underlying revenue by 11% in the fourth quarter of 2025, 6% on a like-for-like basis with strong performances in FICC and equity markets. The adjusted operating margin declined half a percentage point to 59.7%.

Euronext reported third-quarter adjusted EBITDA of EUR 277 million. Year-to-date performance is outpacing our expectations in data solutions and fixed-income trading. Cost guidance for 2025 was improved to EUR 660 million from EUR 670 million previously.

Euronext is a European exchange group with a strong presence in cash equities trading and operates the largest collective liquidity pool across the region. Leveraging this position, Euronext offers proprietary indexes and index derivatives. Its indexes are not as ubiquitous as those of its larger competitors on a global scale, but they are a crucial input for regional money managers. Euronext has also increased its footprint in post-trade capabilities with the acquisition of Borsa Italiana, allowing the group to decouple itself over the next several years from relying on peers for crucial trading value chain operations.

Euronext is a European exchange group with a strong presence in cash equities trading. It operates the largest collective liquidity pool across the region. Leveraging this position, Euronext offers proprietary indexes and index derivatives. Its indexes are not as ubiquitous as those of its larger competitors on a global scale, but they are a crucial input for regional money managers. Euronext has also increased its footprint in post-trade capabilities with the acquisition of Borsa Italiana, allowing the group to decouple itself over the next several years from relying on peers for crucial trading value chain operations.

We raise our fair value estimate for Euronext to EUR 114 from EUR 102 previously. The European exchange group has enjoyed a strong first quarter, driven by increased market activity and volatility. While predicting volatility, even on a short-term basis, is challenging, we anticipate that the current environment will eventually subside. Shares look expensive.

We maintain our EUR 102 per share fair value estimate for Euronext after the exchange group reported results in line with our expectations. 2024 was a good year for Euronext, which grew revenue 10% to EUR 1.6 billion while keeping good control of underlying costs (up 2%). As a result, the EBITDA margin on an adjusted basis grew over 3 percentage points to 62%. Our narrow economic moat rating is unchanged.

Euronext announced the acquisition of Nasdaq’s Nordic power futures business, pending regulatory approvals. Euronext is pushing further into the European power market after it acquired Nord Pool, the second-largest European power market and largest power spot provider in the Nordics, in 2020. The deal anticipates moving Nasdaq’s Nordic power futures trading to Euronext Amsterdam and all existing open positions to Euronext clearing by the first half of 2026. Nord Pool is already building its power derivatives trading and clearing infrastructure, which it expects to go live by June 2025 and it hopes to add Nasdaq’s volumes in 2026. Financial details of the deal have not been disclosed. We maintain our EUR 102 per-share fair value estimate for Euronext and narrow moat.

Euronext is a pure European exchange group with a strong presence in cash equities trading. It operates the largest collective liquidity pool across the region. Leveraging this position, Euronext offers proprietary indexes and index derivatives. Its indexes are not as ubiquitous as those of its larger competitors on a global scale, but they are a crucial input for regional money managers. Euronext has also increased its footprint in post-trade capabilities with the acquisition of Borsa Italiana, allowing the group to decouple itself over the next several years from relying on peers for crucial trading value chain operations.

We are raising our fair value estimate to EUR 102 per share from EUR 88 per share for Euronext after revisiting our model. Half of the increase in our fair value estimate is due to time value of money with the other half a result of continuous strong performance in trading and clearing recently and an improved outlook. After the completion of the Borsa Italiana Group acquisition and integration of its clearing and settlement operations into the Euronext group, we believe the European stock exchange is structurally in a better position to capture value stemming from its dominant cash equities liquidity pool in Europe. Euronext's exposure in European fixed-income trading and power trading is promising in our view and diversifies the group from the volatile cash equities business. We don't expect competitive pressures in cash equities to subside over the next half-decade, weighing on growth prospects for Euronext. However, high-single-digit to low-double-digit growth in fixed-income, foreign-exchange trading, power trading, clearing, and investor services will allow for a 5% revenue compound annual growth rate over the next five years at group level. Our narrow moat rating is unchanged. Shares are fairly valued.

Narrow-moat Euronext reported third-quarter adjusted operating profit of EUR 224.7 million, up 15% versus last year. We maintain our EUR 88 per share fair value estimate.

Euronext posted good second-quarter results, with revenue increasing 12%, outpacing underlying operating expenses, which grew 3%. Trading revenue was strong across the board (up 21%), with fixed-income trading, currency trading, and power trading standing out positively. However, clearing also had a good quarter (up 33% on a like-for-like basis).

Euronext reported a good set of results for the first quarter of 2024. Revenue increased 8.5% to EUR 401.9 million, while underlying operating expenses declined 1.6% to EUR 150.7 million. The adjusted EBITDA margin increased 3.8 percentage points to 62.5% as a result. On the top line, Euronext peformed well across all segments with just a few exceptions. Cash trading declined 1.6%, driven by a 9.2% decline in volumes traded. Larger average order sizes also weighed on cash trading revenue, albeit offset by the migration of the Italian cash markets onto Euronext’s trading platform Optiq. There were strong results in fixed-income trading (up 34.5%) on higher money market activity, driving volumes and clearing (up 23.1%) benefitting from the equity clearing expansion into cash markets in Belgium, France, Ireland, and the Netherlands.

Euronext reported a good fourth-quarter 2023. After weaker performances in its trading business through most of 2023, the European exchange benefited from an exceptionally strong performance in fixed-income trading, driven by higher interest rates and market volatility. Fixed-income trading grew revenue in the quarter by 39% on a like-for-like basis. Power trading also contributed positively, with revenue up 31% on a like-for-like basis, driven primarily by higher volumes traded in the quarter. Other positive performances in the quarter were good activity in clearing and higher assets under custody driving custody and settlement revenue. In sum, revenue and income grew 8% to EUR 374 million in the quarter from a year ago. Underlying operating expenses were flat as Euronext achieved good cost-controls, offsetting inflationary pressures. We maintain our EUR 88 per-share fair value estimate and narrow moat rating.

Euronext is a pure European exchange group with a strong presence in cash equities trading, operating the largest collective liquidity pool across the region. Leveraging this position, Euronext offers proprietary indexes and index derivatives. Its indexes are not as ubiquitous as those of its larger competitors on a global scale, but they are a crucial input for regional money managers. Euronext has also increased its footprint in post-trade capabilities with the acquisition of Borsa Italiana, allowing the group to decouple itself over the next several years from relying on peers for crucial trading value chain operations.

Narrow-moat Euronext reported adjusted EBITDA of EUR 146.5 million, up 7% on a like-for-like basis as the exchange group saw good traction in nontrading-related segments. We maintain our EUR 88 per-share fair value estimate.

We maintain our EUR 88 per-share fair value estimate after Euronext posted a quarter within our expectations, with revenue down 1.8% to EUR 368 million and adjusted EBITDA down 2.5% to EUR 216 million. Much like the first quarter of this year, nontrading-related revenue performed well, underlining management’s strategy to further diversify income streams. However, lower volatility after increased levels of activity through last year did prove challenging for the group in its trading activities again this quarter, as was to be expected. Our narrow moat rating is unchanged.