Euronext has posted positive annual results, with underlying revenue and income up to €1.82 billion in 2025 – a 12.1% increase from 2024.
The Q4 results mark the firm’s seventh consecutive quarter of double-digit growth, with Euronext putting this increase largely down to non-volume related business expansion and resilient trading.
Specifically, in the past year, the firm has enhanced its footprint in the Nordics with the acquisition of software company, Admincontrol, as well expansion into Greece with the addition of Athex Group, with further plans to invest approximately €15 million of underlying expenses into the delivery of strategic growth projects.
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In addition, the firm also launched the first fully integrated European marketplace for ETFs in September 2025 – Euronext ETF Europe – with further plans to establish Euronext Securities as the central securities depository (CSD) for four European markets by September 2026.
Speaking to The TRADE, Stéphane Boujnah, chief executive and chairman of the managing board of Euronext, said: “What makes me happy is our consistency. For years, we have under-promised and over-delivered. We’ve stayed focused on profitability and free cash flow, choosing not to follow the crowd, but to build a resilient, disciplined business. Every decision has been guided by one simple question: will we create capital or destroy it?”
Within FICC markets, revenue increased by 16.2% to €342.8 million, largely boosted by strong fixed income, commodities trading and clearing growth throughout the year.
Fixed income trading and clearing, in particular, recorded marked growth, noting a 22.3% increase from €160.8 million in 2024, to €196.6 million in 2025.
Elsewhere, increases in volumes and revenue capture in cash equity trading saw the equity markets division up by 11.7% to €410 million, while FX trading recorded a 6% growth to €33.4 million.
Cash trading and clearing also increased by 16.5%, up from €308.4 million in 2024 to €359.3 million in 2025.
On the other hand, equity derivatives trading recorded a decrease from 2024, down by 13.4% to €50.7 million.
Euronext noted that this decline is largely a reflection of lower volatility throughout the year.
The exchange’s results also align with Euronext’s ‘Innovate for Growth 2027’ strategy, which aims to accelerate non-volume business growth, expand the firm’s FICC trading clearing franchise and expand the cash equity and ETF offering.
Boujnah added: “This is now our seventh consecutive quarter of double-digit growth, proof that we deliver. When I look back over my 11 years here and compare past perceptions with where we stand today, it’s clear how far we’ve come. We’ve built a strong, robust pan-European platform, and we remain focused on generating cash, creating capital, and staying agile and hands-on.”