Q3 2025 Euronext NV Earnings Call Transcript
Key Points
- Euronext NV (EUXTF) achieved its sixth consecutive quarter of double-digit topline growth, with Q3 2025 revenue and income increasing by 10.6% year-on-year to EUR438.1 million.
- The company was included in the CAC 40 Index, which is expected to positively impact the liquidity of its stock.
- Euronext NV (EUXTF) launched the first fully integrated European marketplace for ETFs, enhancing efficiency across the value chain.
- The company reported a record EUR7.5 trillion in assets under custody, indicating strong growth in its post-trade business.
- Euronext NV (EUXTF) announced a EUR250 million share repurchase program, reflecting confidence in its growth prospects.
- Underlying expenses, excluding depreciation and amortization, increased by 7.3% compared to Q3 2024, reflecting growth investments and acquisitions.
- FX trading revenue decreased by 8.3% compared to the same quarter last year, due to lower volatility and negative currency impacts.
- Financial derivative trading and clearing revenue declined by 19.4% compared to 2024, primarily due to lower volatility.
- The effective tax rate increased to 26.7% in Q3 2025 from 23.8% in Q3 2024, partly due to the absence of a tax-exempt dividend received last year.
- The reported net financing expense was EUR6.8 million in Q3 2025, compared to EUR2.9 million of net financing income in 2024, reflecting decreasing interest rates and currency variations.
Good morning and welcome to the Euronext third-quarter 2025 results conference call. On today's call, we have Stéphane Boujnah, CEO and Chairman of the Managing Board; and Giorgio Modica, CFO.
Please note, this conference is being recorded, and for the duration of the call, your lines will be on listen-only. (Operator Instructions) I will now hand over to your host, Stéphane Boujnah, to begin today's conference. Please go ahead, sir.
(technical difficulty) quarter 2025 results call. I'm Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of this quarter of the year. Giorgio Modica, the Euronext CFO, will then develop the main business and financial highlights of the quarter.
As an introduction, I would like to highlight three points. First, Q3 2025 is Euronext's sixth consecutive quarter of double-digit topline growth. This quarter, revenue and income grew by 10% plus 6% compared to Q3 2024 to
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