Euronext today announced robust financial results for the first quarter (Q1) of 2025, buoyed by record trading activity across several asset classes.

Foreign exchange (FX) trading revenue surged 30.4% year-on-year to €9.2 million, reflecting record trading volumes and a positively geared volume mix. Fixed income trading and clearing revenue jumped 32.4% to €51.8 million, driven by exceptional fixed income activity amid favorable market conditions.

Commodities trading and clearing also delivered solid performance, rising 12.8% to €29.6 million. This was underpinned by strong intraday power trading volumes and dynamic agricultural commodity activity.

Euronext Posts Q1 2025 Results with Record Trading Volumes

In contrast, financial derivatives trading and clearing revenue declined 4.8% to €14.4 million. This drop is primarily due to reduced average clearing fees following a clearing migration, which has led to certain fees being reclassified under “Other Post Trade revenues,” making a direct comparison with Q1 2024 less reflective.

Euronext’s adjusted EBITDA rose 17.0% to €294.1 million, with a margin of 64.1%—a 1.6-point increase. Adjusted net income climbed 11.8% to €183.5 million, while adjusted earnings per share (EPS) grew 13.9% to €1.80. Reported net income reached €164.8 million, up 17.9%, with reported EPS up 20.0% at €1.62.

The company’s net debt-to-EBITDA ratio stood at 1.4x at the end of March 2025, well within the target range of its “Innovate for Growth 2027” strategic plan. Euronext also successfully redeemed a €500 million bond issued for its 2018 acquisition of Euronext Dublin.

The Managing Board, with Supervisory Board approval, will propose a dividend of €2.90 per ordinary share at the upcoming Annual General Meeting. This represents a 50% payout ratio of reported net income, aligning with Euronext’s current dividend policy. The dividend is for payment on 28 May 2025, with an ex-dividend date of 26 May and record date of 27 May.

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