In the second quarter of 2025, Euronext experienced a significant rise in foreign exchange trading revenue, which was reported at €9.3 million, marking an impressive year-on-year increase of 18.9%. This surge is attributed largely to record trading volumes in April 2025, which successfully countered the adverse effects of a fluctuating US dollar.
Overall, revenues for the quarter showcased a robust growth trajectory, with total income rising by 12.8% to reach €465.8 million. The underlying operating expenses, excluding depreciation and amortization, were reported at €168.4 million, reflecting an increase of 7.9% compared to the previous year. This uptick in expenses aligns with strategies aimed at fostering growth and the integration of acquired companies, although careful cost management helped mitigate some impacts.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €297.3 million in this quarter, demonstrating a healthy growth rate of 15.8%. The adjusted EBITDA margin was slightly improved at 63.8%. Additionally, adjusted net income was noted at €204.4 million, a rise of 23.8%, translating into an adjusted earnings per share (EPS) of €2.02, which is up by 27.0%. Reported net income also showed a remarkable growth of 29.7%, hitting €183.8 million, with reported EPS increasing to €1.81, up 32.1% from the previous year.
The financial stability of the organization remains strong, with a net debt to adjusted EBITDA ratio reported at 1.8x as of June 2025, comfortably fitting within the targeted range. This metric accounts for the recent acquisition of Admincontrol and the dividend disbursement, both executed in May 2025.
The results underscore the robust performance of Euronext’s diversified business model which has successfully navigated favorable market conditions, thereby facilitating ongoing revenue growth not solely tied to transaction volumes. Highlights of the quarter included the fifth consecutive quarter of double-digit revenue growth and an approximate calculation of adjusted EBITDA nearing €300 million.
Plans to enhance Europe’s capital markets infrastructure continue to be a priority. Efforts to integrate and boost the competitiveness of European markets were emphasized, notably with a strong presence in the Italian repo market and an increasing portfolio of government bonds. These initiatives are positioned to establish Euronext as a preferred clearing house for European repo transactions.
In light of the growing commitment to forming a Savings and Investments Union within Europe, significant investments have been made to extend Euronext’s European footprint. The recent acquisition of Admincontrol reinforces the Nordic presence and provides a strategic edge as the organization anticipates the migration of Nasdaq Nordic’s power futures to Euronext Clearing scheduled for the first quarter of 2026.
Moreover, advancements are underway concerning the potential acquisition of ATHEX, which would extend the integrated business model across the continent with a focus on enhancing the attractiveness and efficiency of the Greek markets at an international level. These strategic endeavors underline the intention to not only foster growth but also to improve the overall competitiveness across the group, thereby supporting the development and expansion of capital markets throughout Europe.
The results from Q2 2025 paint a promising picture for future growth and highlight Euronext’s commitment to innovation and strategic investments in a dynamic market landscape.