European capital market infrastructure Euronext today published its results for the third quarter of 2026.
FX trading revenue was €8.9 million in Q3 2026, up 19.6% compared to Q3 2025. This reflects high volatility at the end of the quarter. Like-for-like at constant currencies, revenue was up 17.8%.
Across all business segments, in Q3 2026, Euronext’s revenue and income was €547.4 million, up 24.9% compared to Q3 2025. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the consolidation of Euronext Athens.
On a like-for-like basis and at constant currencies, Euronext’s consolidated revenue and income was up 17.6% in Q3 2026, at €519.5 million, compared to Q3 2025. Non-volume-related revenue and income accounted for 55% of underlying Group revenue and income in Q3 2026. This represents a decrease compared to the 60% in Q3 2025, driven by the dynamic trading environment. Non-volume-related revenue covered 165% of underlying operating expenses excluding D&A, compared to 162% in Q3 2025.
Underlying operating expenses excluding D&A were at €183.3 million (+13.5%). The increase compared to Q3 2025 reflects investments in growth and the impact of Euronext Athens acquired in November 2025, in line with the underlying cost guidance for full-year 2026. Driven by the double-digit growth in revenue, adjusted EBITDA for the quarter reached €364.2 million, up 31.6% compared to Q3 2025. This represents a record adjusted EBITDA margin of 66.5%, up 3.3pts vs. Q3 2025. On a like-for-like basis at constant currencies, adjusted EBITDA grew by 23.2% compared to Q3 2025.
Euronext reported €8.4 million of non-underlying expenses in Q3 2026, mostly related to the integration of Euronext Athens, Admincontrol and GRSS. Q3 2026 reported EBITDA was at €355.8 million, up 29.3% compared to Q3 2025.
Depreciation and amortisation accounted for €54.2 million in Q3 2026, 10.1% more than Q3 2025. PPA related to acquired businesses accounted for €24.3 million.
Adjusted operating profit was €340.0 million, up 34.1% compared to Q3 2025.
Euronext reported a net financing expense of €8.4 million in Q3 2026, compared to a €6.8 million net financing expense in Q3 2025. This difference resulted from higher financing expenses due to the new bond issuances with higher financing costs, and FX impacts.
Income tax for Q3 2026 was €77.5 million. This translated into an effective tax rate of 26.4% for the quarter, compared to 26.7% in Q3 2025.
Share of non-controlling interests amounted to €21.1 million, correlated with the strong performance of MTS, Euronext Athens and Nord Pool.
As a result, the reported net income, share of the parent company shareholders, increased by 30.2% for Q3 2026 compared to Q3 2025, to €194.9 million. This represents a reported EPS of €1.92 basic and €1.90 diluted. Adjusted net income, share of the parent company shareholders, was up 32.0% to €223.2 million. Adjusted EPS was €2.21 basic and €2.17 diluted.
In Q3 2026, Euronext reported a net cash flow from operating activities of €208.2 million, compared to €401.0 million in Q3 2025, reflecting higher profit before tax, negative changes in working capital from CCP activities and higher income tax in Q3 2026. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 88.5% of EBITDA in Q3 2026.
Euronext will launch a share repurchase program of a maximum of €350 million (around 2% of Euronext’s outstanding share capital). The program will commence on 9 November 2026 for a maximum duration of twelve months.
