Record Revenue and Strong Top-Line Growth
Total underlying revenue and income reached EUR 528.5 million, up 15.3% year‑on‑year, marking a record quarter and the eighth consecutive quarter of double‑digit revenue growth.
Robust EBITDA and Margin Expansion
Adjusted EBITDA grew 16.7% to EUR 343.2 million and adjusted EBITDA margin improved to 64.9% (up 0.8 percentage points versus Q1 2025), demonstrating operating leverage.
Net Income and EPS Growth
Adjusted net income increased 17.7% to EUR 216.1 million. Adjusted earnings per share rose to EUR 2.13, up 18.3% year‑on‑year (reported EPS EUR 1.90, up 17.3%).
Strong Cash Generation and Solid Balance Sheet
Net cash flow from operating activities was EUR 499.8 million (vs EUR 190.6 million in Q1 2025). Cash on hand exceeded EUR 1.7 billion and net debt / last‑12‑month adjusted EBITDA stood at 1.1x (at lower end of 1–2x target range).
Non‑Volume Revenue Resilience and Diversification
Non‑volume‑related revenue accounted for 56% of total revenue and rose 13.4% year‑on‑year, driven by Admincontrol, Euronext Athens, and growth in custody & settlement.
Equity Market Outperformance
Equity market revenue increased 28.1% to EUR 138.9 million; cash equity trading & clearing revenue rose 30.8% to EUR 123.0 million. Average daily cash market volumes increased to EUR 16.6 billion (pro‑forma +18.8%) and market share averaged 64.1% with average revenue capture of 0.51 basis points.
Post‑trade & Custody Growth
Custody and settlement revenue grew 11.4% to EUR 84.4 million; assets under custody reached EUR 7.6 trillion in March (+7.1% YoY) and exceeded EUR 7.8 trillion in April (+9% YoY).
Strategic Milestones: Admincontrol, Athens, Power Futures, CSD
Key strategic progress: Admincontrol expansion (AI features launched, first French clients); Athens Exchange rebranded to Euronext Athens and tech hub opened; Power Futures migration completed with 100% open interest migrated and ~90% market share in Nordic power derivatives; CSD expansion timeline confirmed (Euronext Securities to be CSD of reference in BE/FR/NL from Sept 2026).
Capital Returns and Financial Flexibility
Completed EUR 250 million share repurchase program (Jan 2026) and proposed dividend of EUR 321.5 million (nearly +10% vs prior year). Refinancing secured through 2028 with no further maturities until 2028.