Euronext Nv · EURONEXT:ENX
Euronext Nv — Q3 2026 Earnings Presentation
26 slides from Euronext Nv's earnings presentation, November 2026
Slide 1: Euronext Q3 2026 results
Euronext Q3 2026 results Investor and analyst presentation 6 November 2026
Slide 2: Agenda
Agenda Q3 2026 Q3 2026 Q3 2026 highlights business review financial review Stéphane Boujnah Giorgio Modica Giorgio Modica CEO and Chairman of CFO CFO the Managing Board EURONEXT 2
Slide 3: Q3 2026 highlights
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Slide 4: Euronext delivers tenth consecutive quarter of double-digit growth
Euronext delivers tenth consecutive quarter of double-digit growth €547.4m €364.2m €2.21 Revenue and income Adjusted EBITDA Adjusted (2) EPS +24.9% +31.6% +31.5% 66.5% 55% Adjusted EBITDA margin €208.2m Non-volume driven(1) revenue +3.3pts Net operating cash flow €183.3m €223.2m Adjusted net income
Slide 5: Euronext continues execution of Innovate for Growth 2027 milestones
Euronext continues execution of Innovate for Growth 2027 milestones Four strategic launches since September 2025, confirming Euronext’s execution discipline Sep 2025 Jul 2026 ETF Europe European Repo Launch of Roll-out of the European Repo Euronext ETF Europe offering Mar 2026 Sep 2026 Power Futures
Slide 6: Q3 2026 business review
+ EURONEXT Q3 2026 business review
Slide 7: Euronext recorded double-digit growth in all business lines
Euronext recorded double-digit growth in all business lines Non-volume-related revenue and income Q3 2026 Securities Services €86.7m Revenue and income +12.2% Capital Markets and FICC Markets 22% Capital Markets €192.2m Data Solutions and Data Solutions +14.1% 35% €547.4m +24.9% Net Treasury Income
Slide 8: Non-volume-related businesses revenue increased by +14.8% (1/2)
Revenue and income of non-volume-related businesses increased by +14.8%, driven by continued strategic execution (1/2) Securities Services in €m Custody and Settlement €78.9m, +11.8% +12.2% 86.7 Strong performance was supported by the consolidation of Euronext Athens, growing assets 77.3 under cus
Slide 9: Non-volume-related businesses revenue increased by +14.8% (2/2)
Revenue and income of non-volume-related businesses increased by +14.8%, driven by continued strategic execution (2/2) Capital Markets and Data Solutions in €m +14.1% Primary Markets €53.3m, +15.6% 192.2 Strong admission activity and follow-on transactions volumes despite a volatile market environ
Slide 10: Volume-related businesses grew by +40.1% (1/2)
Revenue and income of volume-related businesses grew by +40.1%, driven by supportive market environment and strategic execution (1/2) FICC Markets in €m Fixed income trading and clearing €73.1m, +56.2% 121.3 MTS Cash trading reached record ADV of €88.1 billion (+80.4%) +48.1% MTS Repo reached €5
Slide 11: Volume-related businesses grew by +40.1% (2/2)
Revenue and income of volume-related businesses grew by +40.1%, driven by supportive market environment and strategic execution (2/2) Equity Markets in €m +33.0% Cash equity trading and clearing €110.8m, +34.3% 124.6 Strong performance reflects continued market volatility, strong growth in ETFs an
Slide 12: Q3 2026 financial review
+ EURONEXT Q3 2026 financial review
Slide 13: Q3 2026 adjusted EBITDA grew +31.6% to €364.2 million
Q3 2026 adjusted EBITDA grew +31.6% to €364.2 million 66.5% +29.3% in €m 364.2 7.4 3.2 6.8 355.8 8.4 28.2 14.4 Adjusted EBITDA margin 275.2 77.8 +3.3pts €183.3m Underlying costs excl. D&A €364.2m Adjusted EBITDA Q3 2025 Revenue Cost variation Revenue Costs FX impact Non- Q3 2026 Non- Q3 2026 +31.6%
Slide 14: Q3 2026 adjusted net income grew +32.0% to €223.2 million
Q3 2026 adjusted net income grew +32.0%, to €223.2 million €194.9m in €m +30.2% 5.0 223.2 1.6 0.3 19.0 194.9 28.3 Reported net income 10.1 80.6 +30.2% 149.7 €223.2m Adjusted net income1) +32.0% €2.21 Adjusted EPS1) Q3 2025 reported EBITDA growth Variation of D&A Variation of net Variation of Variati
Slide 15: Strong cash flow and leverage enable shareholder returns and strategic flexibility
Strong cash flow and leverage enable shareholder returns and strategic flexibility CASH FLOW GENERATION in €m 401.0 Q3 2026 EBITDA to net operating cash flow conversion rate impacted by: 355.8 314.8 275.2 275.0 Reported EBITDA Impact of change in working capital related to Nord Pool and Euronext C
Slide 16: Euronext demonstrates proactive capital allocation strategy
Euronext demonstrates proactive capital allocation strategy ‘Innovate for Growth 2027’ capital allocation framework 1 • Focus on organic growth Investment in organic growth • Investments across all business segments 2 • Net debt to EBITDA ratio was at 1.1x on 30 September Maintain strong balance she
Slide 17: Questions and answers
Questions and answers Stéphane Boujnah Giorgio Modica Camille Beudin CEO and Chairman of the Chief Financial Officer Chief Diversification Officer Managing Board Q&A Nicolas Rivard Mathieu Caron Pierre Davoust Global Head of Cash Equity Head of Primary Markets Head Euronext Securities and Data Servi
Slide 18: Appendix
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Slide 19: Euronext's well-diversified business model captures value through the cycle
Euronext’s well-diversified business model allows the Group to capture value through the cycle Non-volume-related revenue and income Last twelve months underlying revenue and income Securities Services €359.1m FICC Markets 19% Capital Markets and €397.8m Capital Markets Data Solutions 36% and Data S
Slide 20: Liquidity at the end of Q3 2026
Liquidity at the end of Q3 2026 1,909.5 600.0 6.6 41.2 1,309.5 87.0 0.9 17.4 4.8 4.8 0.4 4.3 208.2 1,083.2 €415m Regulatory capital requirements Cash in Net Exc. Impact Net Net Capex Dividends Dividends Net interests Payment Transactions Other, Cash in Undrawn Liquidity in Q2 2026 operating of chang
Slide 21: Adjusted EPS for Q3 2026
Adjusted EPS for Q3 2026 in €m unless specified otherwise Q3 2026 Q3 2025 Net income reported 194.9 149.7 EPS reported (€) 1.92 1.49 Adjustments for non-underlying items included in : Operating expenses excl. D&A (8.4) (1.5) Depreciation and amortisation (30.0) (26.1) Non-controlling interests 0.7 0
Slide 22: Q3 2026 income statement
Q3 2026 income statement % var In €m, unless stated otherwise Q3 2026 Q3 2025 % var (like-for-like, The figures in this document have not been audited or reviewed by our external auditor. constant currencies) Revenue and income 547.4 438.1 +24.9% +17.6% Securities services 86.7 77.3 +12.2% +5.4% Cap
Slide 23: Last twelve month income statement
Last twelve month income statement in €m unless specified otherwise Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM Underlying revenue and income 460.8 528.5 544.4 547.4 2,081.1 Reported revenue and income 456.4 526.7 543.5 547.4 2,074.0 Securities services 83.9 91.6 96.9 86.7 359.1 Custody and Settlement 76.7
Slide 24: Balance sheet as of 30 September 2026
Balance sheet as of 30 September 2026 In €million 30 September 2026 30 June 2026 Non-current assets Property, plant and equipment 125.0 119.3 As of unaudited, in € million Right-of-use assets 83.9 90.7 30/09/2026 Investment property 6.3 6.3 Goodwill and other intangible assets 6,858.2 6,826.1 CCP cl
Slide 25: Q3 2026 cash flow statement
Q3 2026 cash flow statement in €m Q3 2026 Q3 2025 Profit before tax 293.5 219.1 Adjustments for: - Depreciation and amortisation 54.2 49.3 - Share-based payments 5.8 4.6 - Share of profit from associates and joint ventures (0.3) - - Changes in working capital (107.4) 151.4 Cash flow from operating a
Slide 26: Disclaimer
Disclaimer This publication is for information purposes only and is not a recommendation to engage in investment activities. This publication is provided “as is” without representation or warranty of any kind. Whilst all reasonable care has been taken to ensure the accuracy of the content, Euronext