Euronext, which operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal, said its full year 2025 underlying revenue and income rose 12.1% to €1.823 billion.
As of December 2025, Euronext’s regulated exchanges hosted over 1,700 listed issuers with €6.7 trillion in market capitalisation and the largest global centre for debt and fund listings.
Euronext said that in 2025, non-volume-related revenue and income represented 59% of total revenue.
It said Securities Services revenue grew to €330.7 million (+6.9%), driven by double-digit revenue growth in custody and settlement “supported by sustainable growth in assets under custody, dynamic settlement activity and strong growth of value-added services.”
Capital Markets and Data Solutions underlying revenue grew to €669.3 million (+12.1%), driven by the contribution from Admincontrol and continued growth in Advanced Data Solutions.
Net Treasury Income grew to €69.6 million (+22.6%), demonstrating the benefits of the Euronext Clearing expansion.
Volume-related revenue was driven by a resilient performance across asset classes.
FICC Markets revenue grew to €342.8 million (+16.2%), driven by continued strong growth in fixed income and commodities trading and clearing.
Equity Markets revenue grew to €410.0 million (+11.7%), driven by robust volumes and revenue capture in cash equity trading and clearing.
Adjusted EBITDA was €1.143 billion (+13.6%).
A dividend of €321.5 million will be proposed at the Euronext Annual General Meeting on May 20, 2026. This represents 50% of 2025 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +9.8% compared to 2024.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“2025 was an excellent start to our ‘Innovate for Growth 2027’ strategic plan, with double-digit growth in revenue, EBITDA and EPS. Performance was driven by balanced contributions from volume and non-volume related activities, supported by disciplined capital allocation. At the same time, we continued to invest for the future.
“In 2025, Euronext delivered the first meaningful milestones of its strategic plan. We scaled up our SaaS offering and increased our footprint in the Nordics with the acquisition of Admincontrol. We successfully built the first integrated ETF market in Europe.
“This industry-led initiative received strong support from issuers, representing more than 90% of the European ETF Assets under Management, as well as major European brokers. We delivered value-creative M&A through the acquisition of Athex Group entirely in shares, in line with Euronext’s disciplined investment criteria and our vision of building more integrated European capital markets.
“In 2026, we will intensify the execution of our strategic initiatives. In March 2026, we will diversify our commodities franchise with the addition of power futures. We will complete our Repo offering to create a truly European Repo market by June 2026. In September 2026, Euronext Securities will start to settle cash equities traded in Amsterdam, Brussels and Paris, an important step in becoming the CSD of choice in Europe.
“We enter 2026 with confidence and determination. Confidence because we know that we have the right value proposition and talents to further expand our integrated value chain across Europe, and determination because our vision of a united, competitive European capital market has become more relevant than ever.
“We welcome the ambitious proposals of the European Commission to accelerate the delivery of the Savings and Investments Union. The proposals align with our ambition to serve as the backbone of deep and integrated European markets and to contribute actively to such a development.”