Strong start of the year with growth of non-volume-related revenue, record FICC trading volumes and exceptional market volatility.
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 14 May 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the first quarter 2025 using the new, simplified reporting framework[1].

Q1 2025 revenue and income was up +14.1% at €458.5 million:
Non-volume-related revenue and income represented 57% of total revenue and income and covered 158% of underlying operating expenses, excluding D&A[2]:

Securities Services revenues grew to €83.4 million (+6.8%), driven by double-digit growth in custody and settlement revenue;
Capital Markets and Data Solutions revenue grew to €157.4 million (+6.6%), driven by the continued commercial expansion of Euronext Corporate and Investor Solutions and Technology Services and the strong performance of Advanced Data Solutions, supported by the acquisition of GRSS and by retail participation;
Net treasury income was €18.6 million (+58.8%), demonstrating the benefits of the Euronext Clearing expansion and the internalisation of net treasury income following the derivatives clearing migration in Q3 2024.
Volume-related revenue was driven by high market volatility in Q1 2025:

FICC[3] Markets reported €90.7 million of revenue (+25.1%), driven by record performance in fixed income trading and clearing, commodities trading and clearing and FX trading;
Equity Markets revenue grew to €108.4 million (+18.0%), reflecting high volatility.
Underlying operating expenses excluding D&A were at €164.5 million (+9.1%). The increase compared to Q1 2024 reflects investments in growth and the impact of acquisitions performed in 2024, combined with strong costs discipline, in line with the ramp-up of growth investments set out as part of Euronext’s underlying cost guidance of €670 million for the full year 2025.
Adjusted EBITDA was €294.1 million (+17.0%) and adjusted EBITDA margin was 64.1% (+1.6pts).
Adjusted net income was €183.5 million (+11.8%) and adjusted EPS was €1.80 (+13.9%).
Reported net income was €164.8 million (+17.9%) and reported EPS was €1.62 (+20.0%).
Net debt to EBITDA[4] was at 1.4x at the end of March 2025, within Euronext’s target range of the “Innovate for Growth 2027” strategic plan. On 22 April 2025, Euronext had successfully redeemed the €500 million bond issued in connection with the acquisition of Euronext Dublin in April 2018.
Key figures for the first quarter of 2025:

see & read more on
https://www.euronext.com/en/about/media/euronext-press-releases/euronext-publishes-q1-2025-results