Euronext has reported exceptional results for the second quarter (Q2) of 2025, with revenue and income soaring to an all-time high of €465.8 million, marking a 12.8% year-on-year increase. The performance was by both organic growth and recent acquisitions.

FX trading revenue stood out with an 18.9% jump, reaching €9.3 million, bolstered by record trading volumes in April that more than offset the negative impact of the USD exchange rate.

Adjusted EBITDA came in at €297.3 million, up 15.8% from Q2 2024, with a margin of 63.8%—a 1.6 percentage point improvement. Adjusted net income rose to €204.4 million (+23.8%), while adjusted earnings per share reached a record €2.02 (+27.0%). Reported net income was €183.8 million, showing a robust 29.7% increase, and reported EPS climbed 32.1% to €1.81.

Euronext Posts Record Q2 2025 Revenue Driven by FX Trading Surge

Operating expenses excluding depreciation and amortization were €168.4 million, up 7.9%, reflecting strategic growth investments and acquisitions, such as the addition of Admincontrol in May. Euronext’s cost guidance for 2025 remains on track at €670 million, excluding Admincontrol.

Net debt to adjusted EBITDA stood at 1.8x as of June 2025, aligning with Euronext’s target range and accounting for the Admincontrol acquisition and recent dividend payments.

Stéphane Boujnah, CEO and Chairman of the Managing Board, emphasized the company’s consistent performance: “This is the fifth consecutive quarter of double-digit topline growth. Euronext’s diversified model enables us to capture market opportunities and drive sustained profitability.”

Looking ahead, Euronext is focused on expanding its European footprint. The company highlighted its growing role in the European repo markets and reaffirmed its commitment to establishing a Savings and Investments Union. The planned acquisition of ATHEX and the upcoming migration of Nasdaq Nordic’s power futures to Euronext Clearing further signal the firm’s strategic growth across Europe.

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