Euronext, the leading pan-European capital market infrastructure, reported its strongest quarterly performance since its IPO for the third quarter of 2026, with revenue and income rising 24.9% year-on-year to €547.4 million. The group delivered its tenth consecutive quarter of double-digit growth, driven by its diversified business model spanning trading, clearing, settlement and data solutions. Alongside the results, Euronext announced a share repurchase programme of up to €350 million, equivalent to approximately 2% of outstanding share capital, commencing 9 November 2026 for a maximum duration of twelve months. Investors may be watching the group's upgraded full-year cost guidance and the forthcoming CEO transition announced separately on 2 November 2026.

Key Points

  • Euronext N.V. (0QVJ) — pan-European capital market infrastructure operating across Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris
  • Q3 2026 revenue and income reached €547.4 million, up 24.9% year-on-year, with adjusted EBITDA of €364.2 million and a record margin of 66.5%
  • Full-year 2026 underlying operating expense guidance upgraded to €760 million from €770 million; net debt to EBITDA stood at 1.1x at end of September 2026
  • Investors should watch the AGM on 20 May 2027, where shareholders will vote on the nomination of David Knibbe as incoming CEO, and full-year 2026 results due 18 February 2027

Record FICC and Equity Markets Revenue Drives Euronext's Tenth Consecutive Quarter of Double-Digit Growth

Volume-related businesses were the standout performers in Q3 2026. FICC Markets revenue surged 48.1% to €121.3 million, with fixed income trading and clearing alone rising 56.2% to €73.1 million on consecutive record monthly volumes, while commodities trading and clearing grew 42.1% to €39.3 million, supported by record activity in Nord Pool Power Futures. Equity Markets revenue climbed 33.0% to €124.6 million, driven by continued market volatility, strong performance from Euronext Athens — acquired as a majority stake in November 2025 — and dynamic ETF growth. Cash equity trading and clearing revenue reached €110.8 million, with Euronext recording an average market share of 66.8% in Q3 2026.

Adjusted EBITDA Margin Reaches 66.5% as Euronext Upgrades 2026 Cost Guidance

Adjusted EBITDA for the quarter reached €364.2 million, up 31.6% compared to Q3 2025, representing a record adjusted EBITDA margin of 66.5%, an improvement of 3.3 percentage points year-on-year. Underlying operating expenses excluding depreciation and amortisation rose a more modest 13.5% to €183.3 million, reflecting growth investments and the consolidation of Euronext Athens, while rigorous discipline on recurring costs enabled the group to upgrade its full-year 2026 underlying operating expense guidance to €760 million from an initial €770 million. Reported net income attributable to parent company shareholders increased 30.2% to €194.9 million, with reported basic earnings per share of €1.92 and adjusted basic EPS of €2.21.

Euronext Securities Launches New European CSD Model and Completes Full Acquisition of GRSS

Two significant operational milestones were disclosed alongside the financial results. Euronext Securities' new European CSD model went live on 21 September 2026, allowing market participants for the first time to consolidate post-trade activity across multiple markets within a single account, with Euronext Securities acting as the designated default CSD for equities and ETPs on Euronext Amsterdam, Brussels and Paris. Separately, in August 2026 Euronext acquired the remaining 25% stake in Global Rate Set Systems (GRSS), bringing its ownership to 100%. GRSS provides benchmark administration services for EURIBOR, STIBOR and NIBOR, among other critical interest rate benchmarks across Europe and Chile.

€350m Share Repurchase Programme and Incoming CEO Nomination Signal Confidence in Strategic Outlook

The board announced a share repurchase programme of up to €350 million, representing around 2% of Euronext's outstanding share capital, commencing 9 November 2026 for a maximum of twelve months. The announcement states this reflects the group's strong capital position and confidence in its growth prospects under the 'Innovate for Growth 2027' strategic plan, with net debt to EBITDA at 1.1x, within the plan's target range. Separately, the Supervisory Board intends to nominate David Knibbe, currently CEO of NN Group N.V. since 2019, as incoming CEO and Chairman of the Managing Board, subject to regulatory approvals and shareholder vote at the AGM on 20 May 2027, following Stéphane Boujnah's decision to step down.