Strong full-year top-line growth
Underlying revenue and income grew 12.1% in FY2025 to more than EUR 1.8 billion, with Q4 revenue at EUR 460.8 million, up 10.8% year‑on‑year.
Double-digit EBITDA expansion and high margins
Adjusted EBITDA for FY2025 rose 13.6% to approximately EUR 1.1 billion; adjusted EBITDA margin expanded by 0.8 percentage points to 62.7% for the year.
EPS and net income growth
Adjusted EPS increased 10.3% to EUR 7.27 for FY2025; adjusted net income was EUR 736.5 million, up 7.9%.
Recurring Q4 profitability
Q4 2025 adjusted EBITDA grew 8.9% to EUR 275 million with an adjusted margin of 59.7%; reported Q4 EBITDA was EUR 260.8 million, up 8.1%.
Balanced revenue mix and strong non-volume revenues
Non‑volume‑related revenue represented 59% of total revenue and rose 10.9% year‑on‑year; management noted non‑volume revenue covers 157% of underlying operating expenses (ex D&A).
Robust growth across trading businesses
Volume‑related revenue rose 13.9% (FY) with double‑digit performance in fixed income and commodities; Q4 highlights include equity market revenue +12.8% to EUR 101.6 million and cash equity trading & clearing +15.7% to EUR 89.4 million (average daily volumes on Euronext +15% to EUR 12bn).
Record and growing asset custody base
Assets under custody reached a record EUR 7.9 trillion in January 2026 (EUR 7.6 trillion in Dec 2025), supporting custody & settlement revenue growth (custody revenue +9.6% in Q4).
Strong balance sheet and capital returns
Net debt / last‑12‑months adjusted EBITDA at 1.5x (within 1–2x target); cash position > EUR 1.5 billion at year end; proposed dividend EUR 321.5 million (~+10% YoY) and completed EUR 250 million share repurchase program in Jan 2026.
Successful strategic M&A and integration starts
Completed Admincontrol acquisition (SaaS) and voluntary exchange for Athex Group; Athex showed very strong performance (January ADVs roughly doubled YoY to ~412 million) and management expects substantial synergies from migration and integration initiatives.
Clear roadmap and product expansion
Near‑term product/market actions: power futures expansion (Mar 2026), fully integrated European repo solution (by Jun 2026), Euronext Securities to become CSD of reference for four markets in Sep 2026; partnerships with leading issuing agents announced (Dec 2025).