Q2 2026 Euronext NV Earnings Call Transcript
Key Points
- Euronext NV (EUXTF) delivered its ninth consecutive quarter of double-digit growth, with record underlying revenue of EUR544.4 million, up 16.9% year-on-year.
- Adjusted EBITDA reached a record EUR360 million, up 21.1%, with the adjusted EBITDA margin improving to 66.1%, a 2.3 percentage point increase year-on-year.
- Non-volume related revenues grew 15.2% and now account for 58% of total revenue, providing a stable and diversified revenue base that covers 170% of underlying operating expenses.
- The company saw strong performance across all business segments, including record volumes in cash equity (ADV up 22.7%), fixed income (MTS cash volume up 8.2%), and commodities (up 27.2%), driven by the first full quarter contribution from Power Futures.
- Euronext NV (EUXTF) maintained disciplined cost management, with underlying cost growth of only 3.5% excluding acquisitions, and generated strong cash flow, ending the quarter with a net debt-to-EBITDA ratio of 1.3x (1.5x normalized), within its target range.
- The company is making significant strategic progress, including the successful onboarding of clients for its renewed fixed income clearing franchise, the upcoming CSD expansion go-live in September 2026, and the appointment as administrator for French sovereign debt indices.
- Retail investor engagement is surging, with the number of non-professional users for data products more than doubling year-on-year to nearly 9 million, and retail ETF participation up 87%.
- Euronext NV (EUXTF) is well-positioned for future growth, with a strong pipeline of IPOs, including international listings, and the successful integration of Euronext Athens and AdminControl, which are contributing to revenue synergies.
- FX trading revenue declined 7.9% year-on-year due to normalization in volatility and the impact of US dollar depreciation, with like-for-like revenue down 5.6%.
- The company faces ongoing competitive pressures in certain areas, which may require downward price adjustments to remain competitive, potentially impacting revenue capture.
- The CSD expansion project is expected to have a gradual adoption curve, with management noting that it will take time to ramp up and that they do not provide specific guidance on its revenue contribution.
- There is uncertainty regarding the impact of the upcoming consolidated tape, which could potentially affect data revenues, although management currently sees no material impact.
- The company is still in the process of determining how to allocate efficiency gains from AI, with no clear guidance on whether these will be passed to shareholders or reinvested, creating some uncertainty for investors.
- The integration of Euronext Athens and AdminControl has led to increased costs, including higher depreciation and amortization (up 10.6%) and non-underlying expenses related to integration, which could pressure margins in the near term.
- Management declined to revise its mid-term guidance despite outperforming, citing a conservative approach, which may disappoint investors expecting an upward revision.
- The company's revenue capture in cash equity declined to 0.50 basis points, reflecting higher volumes and order sizes, which could signal pricing pressure in the future.
Hello and welcome to the Euronext Second Quarter 2026 Results Conference Call. On today's call, we have Stefan Bujna, 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. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing pound key five on your telephone keypad to enter the queue.
I will now hand you over to your host, Stefan Boujna, to begin today's conference. Please go ahead, sir.
Good morning, everybody, and thank you for joining us for EuroNext second quarter 2026 results call.
I am Stefan Boujna, CEO and Chairman of the Managing Board of EuroNext.
And I will start with the highlights of this record quarter. Then Giorgio Modica, the Euronex Group CFO, will cover the main business and financial highlights of the second quarter of the year.
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