Euronext Posts Record Q3 as Revenue Jumps 24.9%, Unveils €350 Million Buyback

Pan-European exchange operator Euronext reported record third-quarter results on Thursday, with revenue and income rising 24.9% from a year earlier to €547.4 million, and announced a share repurchase programme of up to €350 million.

The company said the quarter marked its tenth in a row of double-digit growth. On a like-for-like basis at constant currencies, revenue grew 17.6%.

Adjusted EBITDA climbed 31.6% to a record €364.2 million, lifting the adjusted EBITDA margin to 66.5% from 63.2% a year earlier. Reported net income attributable to shareholders rose 30.2% to €194.9 million, while adjusted net income increased 32.0% to €223.2 million. Adjusted basic earnings per share came in at €2.21, up from €1.68.

Chief executive Stéphane Boujnah said the group “delivered the strongest quarterly performance since IPO”, adding that “Euronext has never been stronger.”

Trading businesses lead growth

Fixed income, currencies and commodities (FICC) markets posted the sharpest gain, with revenue up 48.1% to €121.3 million. Within that unit, fixed income revenue rose 56.2% and commodities revenue increased 42.1%.

Equity markets revenue grew 33.0% to €124.6 million, as cash equities revenue rose 34.3%. Euronext said its average cash market share was 66.8% during the quarter.

Capital markets and data solutions revenue increased 14.1% to €192.2 million, and securities services rose 12.2% to €86.7 million, with assets under custody at €8.1 trillion. Net treasury income grew 34.8% to €22.5 million.

Underlying operating expenses excluding depreciation and amortisation rose 13.5% to €183.3 million. The company booked €8.4 million in non-underlying expenses, mainly tied to the integration of Euronext Athens, Admincontrol and GRSS.

Buyback and cost guidance

The new buyback, worth up to €350 million or about 2% of outstanding share capital, will begin on 9 November 2026 and run for a maximum of 12 months, according to the statement.

Euronext also lowered its 2026 guidance for underlying operating expenses excluding depreciation and amortisation to €760 million, from €770 million initially, citing cost discipline on recurring expenses. Net debt stood at 1.1 times EBITDA at the end of September, which the company said was within the target range of its “Innovate for Growth 2027” plan.

What’s next

The results come days after Euronext said on 2 November that its supervisory board intends to nominate David Knibbe, chief executive of NN Group since 2019, as CEO and chairman of the managing board at the annual general meeting on 20 May 2027, when Boujnah is due to step down. The appointment is subject to regulatory approvals.

Euronext will hold an investor webcast on 6 November and plans to publish full-year 2026 results on 18 February 2027.

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