Euronext Delivers Its Ninth Straight Double-Digit Quarter — But Guidance Stays Put
A Ninth Consecutive Double-Digit Quarter
Euronext extended its impressive run, posting record second-quarter results: revenue and income up 16.9% to €544.4 million, adjusted EBITDA up 21.1% to €360 million, and adjusted EPS up 19.8% to €2.42. The quarter marked the ninth consecutive period of double-digit growth, a feat management attributes to the group's retail participation surge, the full contribution of Euronext Athens, and a resilient non-volume-related revenue base that grew 15.2% and now covers 170% of underlying operating expenses. “As we have done for over 2 years now, Euronext extended the double-digit growth trajectory.” — Stéphane Boujnah · 2026-07-31
Guidance Under Pressure
Despite blowing past organic growth targets, management refuses to revise the Innovate for Growth 2027 guidance, a deliberate, almost defiant stance.
The reason? Under-promise, over-deliver is company culture, they say. The real catalyst is the pending cost guidance revision in November, where the impact of AI efficiency gains on the cost base will be quantified. “We don't want to share numbers today for 2 reasons. The time for the revised cost guidance has not come... The second reason is significant work in progress.” — Stéphane Boujnah · 2026-07-31We are not going to revise the Innovate for Growth guidance for 2027 despite the fact that anyone who computes the number since 2023 can observe that we are significantly ahead of the above 5% CAGR growth for the top line ambition, the above 5% CAGR growth for the EBITDA ambition that we had committed to deliver in November 2024.
Strategic Bets: France, CSD, and AI
Euronext is methodically advancing its strategic agenda. The appointment as administrator of the French sovereign debt index family is a meaningful first step toward expanding MTS into France. “This is a first step because we are making a real breakthrough on indices administration, but it is a signal that things are improving in the direction of making MTS much closer than ever to the debt management offices.” — Stéphane Boujnah · 2026-07-31 The CSD expansion goes live September 21, with early adopters confirmed and issuers lined up.
Retail participation continues to accelerate, with ETF volumes up 87% year-on-year and non-professional data users doubling to nearly 9 million.I think Pierre Davoust articulated in a very transparent manner where we are... the definition of success is the successful delivery of an industrial project that is live and where early adopters are demonstrating that this is the right solution and the most competitive solution.
Data and Integrated Value Chain
Advanced Data Solutions grew 11% to €72.3 million, driven by the Data Solutions franchise and strong retail demand. Extended trading hours have been well adopted, and the family of indices win in France underscores Euronext's deepening role in European market infrastructure. The company is also quietly exploring digital assets and tokenization, though it avoids creating expectations. In prior quarters, management flagged the potential of AI to reshape its cost base: “And I can confirm that we are confident that this will have an impact in the resources available because a significant percentage of our - in particular, technology work will be benefiting from the deployment of those AI solutions.” — Stéphane Boujnah, CEO and Chairman of the Managing Board · 2026-05-21 MTS growth, the CSD rollout, and the French index mandate are all threads of the same strategy: building an integrated, diversified value chain that is resilient to market cycles. As Stéphane Boujnah put it, “On the retail, indeed, I think we shared a number of KPIs showing the strong retail participation in the cash equity market and also exemplified by the data consumption from those participants.” — Nicolas Rivard, Expert on indices and data solutions · 2026-07-31