Euronext publishes Q1 2025 results
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:
In €m, unless stated otherwise Q1 2025 Q1 2024 % var % var l-f-l 5
Revenue and income 458.5 401.9 +14.1% +12.9%
Underlying operational expenses excluding D&A2 (164.5) (150.7) +9.1% +7.2%
Adjusted EBITDA 294.1 251.3 +17.0% +16.4%
Adjusted EBITDA margin 64.1% 62.5% +1.6pts +1.9pts
Net income, share of the parent company shareholders 164.8 139.7 +17.9%
Adjusted net income, share of the parent company shareholders 183.5 164.2 +11.8%
Adjusted EPS (basic, in €) 1.80 1.58 +13.9%
Reported EPS (basic, in €) 1.62 1.35 +20.0%
Adjusted EPS (diluted, in €) 1.80 1.58 +13.9%
Reported EPS (diluted, in €) 1.61 1.34 +20.1%




1
www.euronext.com/en/media/13322/download
2
Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
3
Fixed income, commodities and currencies
4
Last twelve months reported and adjusted EBITDA
5
Like-for-like basis at constant currency

| 1 of 15
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
"In the first quarter of 2025, Euronext has delivered a remarkable performance. We achieved record revenue and
income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related
revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX,
power and commodities. Our diversified business model has allowed us to invest in growth and reach an adjusted
EBITDA of €294.1 million, marking a significant +17.0% increase compared to Q1 2024. In Q1 2025, we reached record
adjusted EPS (basic) of €1.80 per share. Our reported EPS (basic) grew by an impressive +20.0% compared to Q1
2024, to €1.62 per share.
We have launched significant initiatives of our ‘Innovate for Growth 2027’ strategic plan to reinforce Euronext as a
leader in the European financial markets. The upcoming consolidation of settlement for Amsterdam, Brussels and
Paris equity trades in Euronext Securities represents a significant optimisation of the European post-trade
landscape. With this strategic move, we foster the integration and competitiveness of European capital markets
at an unprecedented speed.
The launch late April 2025 of a European Common Prospectus 1 in English will pursue this ambition. This new
initiative facilitates access to European capital markets and addresses the need for a competitive, integrated
Savings and Investment Union. In addition, we are proud to launch a comprehensive set of measures to support the
financing needs of companies that contribute to Europe’s strategic autonomy 2.
The acquisition in May 2025 of Admincontrol 3, leader in the governance SaaS space, accelerates the development
of Euronext Corporate Solutions in the Nordics, and reinforces Euronext’s subscription-based revenue.
With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way
to a stronger, more innovative and more competitive European capital market.”




1
www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-european-common-prospectus-accelerate-capital
2
www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic
3
www.euronext.com/en/about/media/euronext-press-releases/euronext-completes-acquisition-admincontrol

| 2 of 15
Q1 2025 business highlights
 Q1 2025 revenue and income
Q1 2025 Q1 2024 % var % var l-f-l
Revenue and income (in €m) 458.5 401.9 +14.1% +12.9%
Securities Services 83.4 78.1 +6.8% +4.8%
Capital Markets and Data Solutions 157.4 147.6 +6.6% +4.5%
Net treasury income 18.6 11.7 +58.8% +58.8%
FICC Markets 90.7 72.5 +25.1% +25.2%
Equity Markets 108.4 91.9 +18.0% +18.0%
Other income 0.1 0.2 N/A N/A



 Non-volume-related revenue
• Securities Services
Q1 2025 Q1 2024 % var % var l-f-l
Revenue (in €m) 83.4 78.1 +6.8% +4.8%
Custody and Settlement 75.8 67.9 +11.6% +9.4%
Other Post Trade 7.6 10.2 -25.3% -25.3%

Revenue from Custody and Settlement this quarter was at €75.8 million, +11.6% compared to Q1 2024. This strong
performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-
digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody
amounted to €7.1 trillion, up +3.8% compared to end of Q1 2024. Over 39.3 million instructions were settled via Euronext
Securities during the first quarter of 2025, up +9.3% compared to the first quarter of 2024.

Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was
€7.6 million in Q1 2025. The -25.3% decrease compared to Q1 2024 stems from the internalisation of the net treasury
income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income
line.

• Capital Markets and Data Solutions
Q1 2025 Q1 2024 % var % var l-f-l
Revenue (in €m) 157.4 147.6 +6.6% +4.5%
Primary Markets 46.3 45.5 +1.8% +2.1%
Advanced Data Solutions 65.1 60.2 +8.1% +3.7%
Corporate and Investor Solutions and Technology
45.9 41.8 +9.8% +8.1%
Services

Primary Markets revenue was €46.3 million in Q1 2025, an increase of +1.8% compared to Q1 2024. The first quarter
recorded slower equity listing performance explained by a volatile environment. Euronext sustained its leading
position for equity listing with 8 new listings.
Advanced Data Solutions revenue was €65.1 million in Q1 2025, up +8.1% compared to Q1 2024. This dynamic
performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified
datasets.
Corporate and Investor Solutions and Technology Services revenue grew by +9.8% in Q1 2025 to €45.9 million. This
strong performance reflects the continued commercial expansion of the governance SaaS offering, the increased use
of colocation and microwave connectivity, and double-digit growth of investor solutions, supported by the acquisition
of Substantive Research.
Following the completion of the acquisition of Admincontrol on 13 May 2025, Admincontrol’s revenue will be integrated
with Corporate and Investor Solutions and Technology Services revenue from Q2 2025.



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• Net treasury income
Net treasury income was at €18.6 million (+58.8%). This reflect the benefit from the Euronext Clearing expansion and
the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as
well as higher cash collateral posted to the CCP due to the elevated market volatility.

 Volume-related revenue

• FICC Markets
% var
Q1 2025 Q1 2024 % var
l-f-l
Revenue (in €m) 90.7 72.5 +25.1% +25.2%
Fixed income trading and clearing 51.8 39.1 +32.4% +32.4%
Commodities 1 trading and clearing 29.6 26.3 +12.8% +13.9%
FX trading 9.2 7.1 +30.4% +26.5%

Fixed income trading and clearing revenue reached €51.8 million in Q1 2025, up +32.4% compared to Q1 2024, driven by
record fixed income trading activity supported by favourable market conditions.
Commodities trading and clearing revenue reached €29.6 million in Q1 2025, up +12.8% compared to Q1 2024, reflecting
record intraday power trading volumes and dynamic agricultural commodity trading and clearing.
FX trading revenue was up +30.4%, at €9.2 million in Q1 2025, reflecting record trading volumes, and a positively geared
volume mix.

• Equity Markets
% var
Q1 2025 Q1 2024 % var
l-f-l
Revenue (in €m) 108.4 91.9 +18.0% +18.0%
Cash equity trading and clearing 94.0 76.8 +22.5% +22.5%
Financial derivatives trading and clearing 14.4 15.1 -4.8% -4.8%

Cash equity trading and clearing revenue was €94.0 million in Q1 2025, up +22.5% driven by exceptional market
volatility. Euronext recorded average daily cash trading volumes of €13.8 billion, up +31.8% compared to Q1 2024.
Revenue capture on cash trading averaged 0.50 bps for the first quarter of 2025, impacted by higher volumes, stronger
intraday volatility and larger average order size. Euronext market share on cash equity trading averaged 64.1% in Q1
2025.
Financial derivatives trading and clearing revenue was €14.4 million in Q1 2025, -4.8% compared to Q1 2024. This
decrease is mostly linked to the decrease of the average clearing fees, as following the clearing migration certain
clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q1 2024.




1
Including revenue from power trading and clearing

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Q1 2025 financial performance
% var
Q1 2025 Q1 2024 % var
In €m, unless stated otherwise l-f-l
Revenue and income 458.5 401.9 +14.1% +12.9%
Underlying operational expenses exc. D&A (164.5) (150.7) +9.1% +7.2%
Adjusted EBITDA 294.1 251.3 +17.0% +16.4%
Adjusted EBITDA margin 64.1% 62.5% +1.6pts +1.9pts
Operating expenses exc. D&A (164.3) (159.4) +3.1% +1.2%
EBITDA 294.2 242.6 +21.3% +20.6%
Depreciation & Amortisation (48.3) (44.0) +9.8% +10.6%
Total Expenses (inc. D&A) (212.6) (203.4) +4.6% +2.9%
Adjusted operating profit 272.6 232.3 +17.4% +16.8%
Operating Profit 245.9 198.6 +23.8%
Net financing income / (expense) (1.5) 4.7 N/A
Profit before income tax 244.4 203.3 +20.2%
Income tax expense (67.8) (54.7) +24.0%
Share of non-controlling interests (11.9) (8.9) +33.6%
Net income, share of the parent company shareholders 164.8 139.7 +17.9%
Adjusted Net income, share of the parent company 183.5 164.2 +11.8%
shareholders 1
Adjusted EPS (basic, in €) 1.80 1.58 +13.9%
Reported EPS (basic, in €) 1.62 1.35 +20.0%
Adjusted EPS (diluted, in €) 1.80 1.58 +13.9%
Reported EPS (diluted, in €) 1.61 1.34 +20.1%

 Q1 2025 adjusted EBITDA
Underlying operating expenses excluding D&A1 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, partially offset by cost discipline. In
addition, Q1 2024 expenses were positively impacted by one-off releases.
Driven by the double digit growth in revenue, adjusted EBITDA for the quarter reached €294.1 million, up +17.0%
compared to Q1 2024. This represents an adjusted EBITDA margin of 64.1%, up 1.6pts vs. Q1 2024. On a like-for-like
basis at constant currencies, adjusted EBITDA grew by +16.4% compared to Q1 2024.
Q1 2025 non-underlying expenses profited from a one-off release of accruals. As a consequence, reported EBITDA was
at €294.2 million, up +21.3% compared to Q1 2024.

 Q1 2025 net income, share of the parent company shareholders
Depreciation and amortisation accounted for €48.3 million in Q1 2025, +9.8% more than Q1 2024. PPA related to
acquired businesses accounted for €20.4 million.
Adjusted operating profit was €272.6 million, up +17.4% compared to Q1 2024.
Euronext reported a net financing expense of €1.5 million in Q1 2025, compared to €4.7 million net financing income in
Q1 2024. The variation reflects short-term FX movements and decreasing interest rates.
Income tax for Q1 2025 was €67.8 million. This translated into an effective tax rate of 27.7% for the quarter, compared
to 26.9% in Q1 2024.
Share of non-controlling interests amounted to €11.9 million, correlated with the strong performance of MTS and Nord
Pool.
As a result, the reported net income, share of the parent company shareholders, increased by +17.9% for Q1 2025
compared to Q1 2024, to €164.8 million. This represents a reported EPS of €1.62 basic and €1.61 diluted. Adjusted net
income, share of the parent company shareholders, was up +11.8% to €183.5 million. Adjusted EPS (basic) was €1.80.
This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2025 compared
to Q1 2024.




1
For the total adjustments performed please refer to the Appendix of this press release

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The weighted number of shares used over the first quarter of 2025 was 101,695,588 for the basic calculation and
102,166,786 for the diluted calculation, compared to 103,640,164 and 104,040,256 respectively over the first quarter of
2024. The difference is due to the share repurchase programme executed by Euronext.
In Q1 2025, Euronext reported a net cash flow from operating activities of €190.6 million, compared to €184.6 million in
Q1 2024, reflecting higher profit before tax and higher income tax paid in Q1 2025. Excluding the impact on working
capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for
88.1% of EBITDA in Q1 2025.

Q1 2025 corporate highlights since publication of the fourth quarter 2024
results on 13 February 2025
 Euronext consolidates settlement on its markets to improve the competitiveness of European
capital markets
On 12 March 2025, Euronext has announced that from September 2026, Euronext Amsterdam, Brussels, and Paris will
designate Euronext Securities as the central securities depository (CSD) for equity trade settlements. This aligns with
Euronext's “Innovate for Growth 2027” strategic plan and aims to enhance the competitiveness of European capital
markets by addressing post-trade fragmentation. Currently, equity trade settlement in Europe is fragmented across
over 30 CSDs. This initiative allows clients to consolidate settlement and custody activities across multiple markets
into a single CSD, streamlining operations and enhancing liquidity. It also aids them adapting to regulatory changes,
such as the move to T+1 settlement in October 2027. Additionally, Euronext has moved its own shares to Euronext
Securities, showcasing the benefits of this consolidation for equity issuers.
 Dividend payment schedule for 2025
The Managing Board, upon the approval of the Supervisory Board, has decided to propose for approval at the Annual
General Meeting the payment of a dividend of €2.90 per ordinary share (based on the total number of eligible shares).
The dividend would be distributed evenly (pro rata the number of shares held) to holders of ordinary shares on the
dividend record date set on 27 May 2025 (ex-dividend date is set on 26 May 2025 and payment date is set on 28 May
2025). This dividend represents a pay-out ratio of 50% of the reported net income, in line with Euronext’s current
dividend policy.

Corporate highlights since 1 April 2025
 Euronext completes the acquisition of Admincontrol
On 13 May 2025, Euronext announced the completion of the acquisition of 100% of the shares of Admincontrol for an
enterprise value of NOK 4,650 million. This transaction complies with Euronext's capital allocation policy, with a ROCE
expected to exceed the WACC within three to five years post-closing 1. Admincontrol will be part of Euronext Corporate
Solutions, strengthening the development of the franchise in the Nordics and the UK. This acquisition supports
Euronext's strategy to expand its software-as-a-service (SaaS) offering and increases Euronext’s share of
subscription-based revenue. Admincontrol has experienced double-digit growth over the past five years, with NOK 452
million in revenue and NOK 200 million in EBITDA in 2024 2. From the second quarter of 2025, Admincontrol’s revenue
will be integrated into Euronext’s revenue line Corporate and Investor Solutions and Technology Services.
 Launch of European Common Prospectus to accelerate capital market integration and boost
IPO activity across the EU
On 25 April 2025, Euronext has launched the European Common Prospectus, a standardised template for equity
issuances, with the aim to integrate European capital markets more deeply. This initiative seeks to reduce regulatory
fragmentation, enhance transparency, and promote cross-border investment. The prospectus, developed since
November 2024, aligns with existing EU regulations and simplifies the listing process by reducing the required sections
from 21 to 11. It uses English as the preferred language, facilitating cross-border access to capital. This new format
benefits issuers by streamlining the listing process, and investors by providing consistency and comparability across
EU jurisdictions. The full implementation of the Listing Act is expected by June 2026; but this prospectus addresses
the immediate need to boost IPO activity in Europe in the meantime.




1
The cashflow related to the transaction will be communicated as part of Q2 2025 results
2
Unaudited figures

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 Euronext strengthens its support for European strategic autonomy
On 6 May 2025, Euronext announced the implementation of a full set of initiatives to support investments in European
strategic autonomy. This includes the creation of a new series of thematic indices covering companies that contribute
to Europe’s strategic autonomy, tailored solutions to enhance equity financing of European aerospace and defence
companies and facilitated issuance of European defence bonds 1.
 Euronext volumes for April 2025
In April 2025, the average daily transaction value on the Euronext cash order book stood at €16.0 billion, up +44.1%
compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 712,389 lots,
up +6.4% compared to April 2024, and the open interest was 25,388,147 contracts at the end of April 2025, up +6.4%
compared to April 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $38.2 billion,
up +33.1% compared to the same period last year. Average daily day-ahead power traded was 2.7TWh, down -3.5%
compared to the same period last year, and average daily intraday power traded was 0.5TWh, up +37.4% compared to
April 2024. MTS Cash average daily volumes were up +55.4% to €55.8 billion in April 2025, MTS Repo term adjusted
average daily volume stood at €723.1 billion, up +50.1% compared to the same period last year. Euronext Clearing
cleared 32,206,770 shares in April 2025, +58.2% compared to April 2024. €2,752 billion of wholesale bonds were cleared
in April 2025 (double counted), up +19.7% compared to the same period in 2024. 1,098,474 bond retail contracts were
cleared in April 2025 (double counted), down -18.0% compared to April 2024. The number of derivatives contracts
cleared was 14,247,781, up +934.7% compared to April 2024 (single counted). Euronext Securities reported 12,506,259
settlement instructions in April 2025, up +14.0% compared to the same period last year. The total Assets Under Custody
reached over €7.0 trillion in April 2025, up +3.0% compared to the same period last year.


Results Webcast
A webcast will be held on Thursday, 15 May 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):
Live webcast:

For the live webcast go to: Webcast
The webcast will be available for replay after the call at the webcast link and on the Euronext Investor
Relations webpage.
Contacts
ANALYSTS & INVESTORS – ir@euronext.com
Investor Relations Aurélie Cohen
Judith Stein +33 6 15 23 91 97

MEDIA – mediateam@euronext.com
Europe Aurélie Cohen +33 1 70 48 24 45
Andrea Monzani +39 02 72 42 62 13
Belgium Marianne Aalders +32 26 20 15 01
France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45
Ireland Andrea Monzani +39 02 72 42 62 13
Italy Ester Russom +39 02 72 42 67 56
The Netherlands Marianne Aalders +31 20 721 41 33
Norway Cathrine Lorvik Segerlund +47 41 69 59 10
Portugal Sandra Machado +351 91 777 68 97
Corporate Solutions Andrea Monzani +39 02 72 42 62 13




1
www.euronext.com/en/about/media/euronext-press-releases/euronext-strengthens-its-support-for-european-strategic

| 7 of 15
About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from
listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of
Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also
provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark,
Italy, Norway and Portugal.
As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and
Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the
largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles
25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and
indices.
For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer
This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided
“as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external
auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or
completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on
information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation.
The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s
subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with
this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its
affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-
use.
© 2025, Euronext N.V. - All rights reserved.
The Euronext Group processes your personal data in order to provide you with information about Euronext (the "Purpose"). With
regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the
European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules
and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In
accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information
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| 8 of 15
Appendix
The figures in this Appendix have not been audited or reviewed by our external auditor.
Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:
- Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding
depreciation and amortisation;
- EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:
- Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and
other operational expenses;
- Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee
benefits, and other operational expenses, excluding non-recurring costs;

- Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
- Non-underlying items as items of revenue, income and expense that are material by their size and/or that are
infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of
business and are classified as non-underlying items on the face of the income statement within their relevant
category in order to provide further understanding of the ongoing sustainable performance of the Group. These
items can include:
o integration or double run costs of significant projects, restructuring costs and costs related to
acquisitions that change the perimeter of the Group;
o one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
o amortisation and impairment of intangible assets which are recognised as a result of acquisitions and
mostly comprising customer relationships, brand names and software that were identified during
purchase price allocation (PPA);
o tax related to non-underlying items.
- Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-
underlying costs, including PPA of acquired businesses;

- EBITDA as the operating profit before depreciation and amortisation;
- Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-
underlying operational expenses excluding depreciation and amortisation;

- EBITDA margin as EBITDA divided by total revenue and income;

- Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
- Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying
items and related tax impact.
Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures
and should be read only in conjunction with the consolidated financial statements.




| 9 of 15
Consolidated income statement

Q1 2025 Q1 2024
Non- Non-
in €m, unless stated otherwise Underlying Reported Underlying Reported
underlying underlying
Revenue and income 458.5 - 458.5 401.9 - 401.9
Securities Services 83.4 - 83.4 78.1 - 78.1
Custody and Settlement 75.8 - 75.8 67.9 - 67.9
Other Post Trade 7.6 - 7.6 10.2 - 10.2
Capital Markets and Data Solutions 157.4 - 157.4 147.6 - 147.6
Primary Markets 46.3 - 46.3 45.5 - 45.5
Advanced data solutions 65.1 - 65.1 60.2 - 60.2
Corporate and Investor Solutions and
45.9 - 45.9 41.8 - 41.8
Technology Services
Net treasury income 18.6 - 18.6 11.7 - 11.7
FICC Markets 90.7 - 90.7 72.5 - 72.5
Fixed income trading and clearing 51.8 - 51.8 39.1 - 39.1
Commodities income trading and
29.6 - 29.6 26.3 - 26.3
clearing
FX trading 9.2 - 9.2 7.1 - 7.1
Equity Markets 108.4 - 108.4 91.9 - 91.9
Cash equity trading and clearing 94.0 - 94.0 76.8 - 76.8
Financial derivatives trading and
14.4 - 14.4 15.1 - 15.1
clearing
Other income 0.1 - 0.1 0.2 - 0.2
Operating expenses excluding D&A (164.5) 0.1 (164.3) (150.7) (8.7) (159.4)
Salaries and employee benefits (86.9) (0.5) (87.3) (80.7) (4.4) (85.1)
Other operational expenses, of which (77.6) 0.6 (77.0) (70.0) (4.3) (74.3)
System & communication (25.9) (0.1) (26.0) (24.6) (1.4) (26.0)
Professional services (18.1) 1.0 (17.1) (11.9) (1.9) (13.8)
Clearing expense (0.2) - (0.2) (9.1) - (9.1)
Accommodation (4.6) (0.2) (4.8) (3.8) (0.3) (4.1)
Other operational expenses (28.8) - (28.8) (20.6) (0.7) (21.3)
EBITDA 294.1 0.1 294.2 251.3 (8.7) 242.6
EBITDA margin 64.1% 64.2% 62.5% 60.4%
Depreciation & amortisation (21.5) (26.8) (48.3) (19.0) (25.0) (44.0)
Total expenses (185.9) (26.7) (212.6) (169.7) (33.7) (203.4)
Operating profit 272.6 (26.7) 245.9 232.3 (33.7) 198.6
Net financing income / (expense) (1.5) - (1.5) 4.7 (0.0) 4.7
Profit before income tax 271.1 (26.7) 244.4 237.0 (33.7) 203.3
Income tax expense (74.9) 7.1 (67.8) (63.4) 8.7 (54.7)
Non-controlling interests (12.7) 0.9 (11.9) (9.3) 0.4 (8.9)
Net income, share of the parent company
183.5 (18.8) 164.8 164.2 (24.5) 139.7
shareholders
EPS (basic, in €) 1.80 1.62 1.58 1.35
EPS (diluted, in €) 1.80 1.61 1.58 1.34




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Adjusted EPS definition
Q1 2025 Q1 2024
Net income reported 164.8 139.7
EPS reported 1.62 1.35
Adjustments for non-underlying items included in:
Operating expenses exc. D&A 0.1 (8.7)
Depreciation and amortisation (26.8) (25.0)
Minority interest 0.9 0.4
Tax related to adjustments 7.1 8.7
Adjusted net income 183.5 164.2
Adjusted EPS 1.80 1.58



Consolidated comprehensive income statement

Q1 2025 Q1 2024
Profit for the period 176.6 148.6

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations 16.9 (26.3)
– Income tax impact on exchange differences on translation of foreign operations (1.1) 2.6
- Gains and losses on cash flow hedges 2.2 -
– Change in value of debt investments at fair value through other comprehensive income - 0.2
– Income tax impact on change in value of debt investments at fair value through
- (0.1)
other comprehensive income

Items that will not be reclassified to profit or loss:
– Remeasurements of post-employment benefit obligations (2.5) (0.3)
Other comprehensive income for the period, net of tax 15.5 (23.8)
Total comprehensive income for the period 192.1 124.8

Comprehensive income attributable to:
– Owners of the parent 179.9 116.6
– Non-controlling interests 12.2 8.2




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Consolidated statement of financial position
in €m 31 March 2025 31 December 2024
Non-current assets
Property, plant and equipment 107.4 106.2
Right-of-use assets 88.2 57.5
Goodwill and other intangible assets 6,096.5 6,096.2
Deferred income tax assets 29.1 30.4
Investments in associates and joint ventures 0.8 0.8
Financial assets at fair value through OCI 357.0 357.0
Other non-current assets 3.4 3.5
Total non-current assets 6,682.4 6,651.6


Current assets
Trade and other receivables 574.2 412.9
Income tax receivable 17.5 11.4
Derivative financial instruments 2.2 -
CCP clearing business assets 341,647.6 270,288.7
Other current financial assets 59.5 63.8
Cash & cash equivalents 1,642.3 1,673.5
Total current assets 343,943.3 272,450.3


Total assets 350,625.7 279,101.8


Equity
Shareholders' equity 4,224.6 4,245.2
Non-controlling interests 161.7 156.8
Total Equity 4,386.3 4,402.0


Non-current liabilities
Borrowings 2,537.5 2,537.0
Lease liabilities 71.7 46.2
Other non-current financial liabilities 3.5 3.5
Deferred income tax liabilities 495.1 496.8
Post-employment benefits 23.0 21.0
Contract liabilities 54.2 56.4
Other provisions 7.0 7.2
Total Non-current liabilities 3,192.1 3,168.2


Current liabilities
Borrowings 524.0 516.5
Lease liabilities 21.9 15.8
Derivative financial instruments - 0.1
CCP clearing business liabilities 341,695.3 270,357.9
Income tax payable 99.3 91.1
Trade and other payables 526.5 464.3
Contract liabilities 176.2 80.1
Other provisions 4.1 5.9
Total Current liabilities 343,047.3 271,531.7


Total equity and liabilities 350,625.7 279,101.8
*The comparative figures for CCP clearing business assets and liabilities were both adjusted upwards by €69,713.3 million in the Universal Registration
Document 2024 as published on 28 March 2025 due to an adjustment in the recognition of clearing business assets and clearing business liabilities, when
compared to the positions in the press release dated 13 February 2025.



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Consolidated statement of cash flows
in €m Q1 2025 Q1 2024
Profit before tax 244.4 203.3
Adjustments for:

- Depreciation and amortisation 48.3 44.0

- Share based payments 3.9 3.9

- Changes in working capital (37.4) (36.6)
Cash flow from operating activities 259.2 214.7
Income tax paid (68.6) (30.0)
Net cash flows from operating activities 190.6 184.6


Cash flow from investing activities
Purchase of current financial assets (0.7) (21.7)
Redemption of current financial assets 5.7 18.6
Purchase of property, plant and equipment (6.8) 0.1
Purchase of intangible assets (23.0) (16.4)
Interest received 10.3 10.4
Proceeds from sale of property, plant, equipment and intangible assets - 0.1
Net cash flow from investing activities (14.6) (8.9)


Cash flow from financing activities
Interest paid (0.8) (0.2)
Payment of lease liabilities (5.5) (5.5)
Transactions in own shares (204.5) (2.1)
Dividends paid to non-controlling interests - (0.3)
Net cash flow from financing activities (210.8) (8.2)


Total cash flow over the period (34.8) 167.6
Cash and cash equivalents - Beginning of period 1,673.5 1,448.8
Non-cash exchange gains/(losses) on cash and cash equivalents 3.6 (6.8)
Cash and cash equivalents - End of period 1,642.3 1,609.6




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Volumes for the first quarter of 2025
 Securities Services
Euronext Securities activity Q1 2025 Q1 2024 % var
Number of settlement instructions over the period 39,317,842 35,963,785 +9.3%
Assets under Custody (in €bn), end of period 7,132 6,871 +3.8%
 Capital Markets
Q1 2025 Q1 2024 % var
Number of trading days 63 63 -
Listings
Number of Issuers on Equities
Euronext 1,786 1,860 -4.0%
SMEs 1,397 1,463 -5.0%
Number of Listed Securities
Funds 2,163 2,392 -10.0%
ETFs 4,158 3,861 +8.0%
Bonds 55,645 56,862 -2.0%
Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings 8 10
Money Raised - New equity listings (including over-allotment) 237 156 +52.0%
Money Raised - Follow-ons on equities 2,850 8,012 -64.0%
Money Raised - Bonds 316,716 380,183 -17.0%
Total Money Raised 319,803 388,352 -18.0%
of which SMEs
Number of new equity listings 8 9
Money Raised - New equity listings (including over-allotment) 237 156 +52.0%
Money Raised - Follow-ons on equities 1,278 4,957 -74.0%
Money Raised - Bonds 396 478 -17.0%
Total Money Raised 1,911 5,591 -66.0%
 FICC Markets
Fixed income trading
Q1 2025 Q1 2024 % var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash 56,791 34,658 +64.0%
TAADV MTS Repo 508,929 491,789 +3.0%
Other fixed income
ADV Fixed income 1,932 1,744 +11.0%
Fixed income clearing
Number of transactions and lots cleared Q1 2025 Q1 2024 % var
Bonds – Wholesale (nominal value in €bn – double counted) 8,160 7,392 +10.0%
Bonds – Retail (number of contracts – double counted) 4,175,846 3,800,084 +10.0%
Commodities markets
Q1 2025 Q1 2024 % var
Number of trading days 90 91 -1.1%
Power volume (in TWh)
ADV Day-ahead Power Market 3.28 3.32 -1.2%
ADV Intraday Power Market 0.43 0.29 +47.3%

Q1 2025 Q1 2024 % var
Number of trading days 63 63 -
Derivatives Volume (in lots)
Commodity 7,886,335 7,193,909 +9.6%
Futures 7,570,868 6,756,390 12.1%
Options 315,467 437,519 -27.9%
Derivatives ADV (in lots)
Commodity 125,180 114,189 9.6%
Futures 120,173 107,244 12.1%
Options 5,007 6,945 -27.9%




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31 March 2025 31 March 2024 % var
Open interest (in lots)

Commodity 1,043,370 923,004 +13.0%
Futures 841,449 584,361 +44.0%
Options 201,921 338,643 -40.4%

FX Markets
Q1 2025 Q1 2024 % var
Number of trading days 63 63 -
FX volume ($m, single counted)
Total Euronext FX 1,856,742 1,583,472 +17.3%
ADV Euronext FX 29,472 24,742 +19.1%

 Equity Markets
Cash trading
Q1 2025 Q1 2024 % var
Number of trading days 63 63 -
Number of transactions (buy and sell)
Total Cash Market 188,721,610 152,340,714 +24.0%
ADV Cash Market 2,995,581 2,418,107 +24.0%
Transaction value (€ million, single counted)
Total Cash Market 867,015 657,688 +31.8%
ADV Cash Market 13,762 10,439 +31.8%
Cash clearing
Number of transactions and lots cleared Q1 2025 Q1 2024 % var
Shares (number of contracts – single counted) 76,849,676 58,446,470 +31.0%
Derivatives (number of contracts – single counted) 42,112,910 5,823,089 +623.0%

Financial derivatives markets
Q1 2025 Q1 2024 % var
Number of trading days 63 63 -
Derivatives Volume (in lots)
Equity 34,226,575 32,815,066 +4.3%
Index 11,889,419 12,477,980 -4.7%
Futures 6,946,746 7,240,666 -4.1%
Options 4,942,673 5,237,314 -5.6%
Individual Equity 22,337,156 20,337,086 +9.8%
Futures 489,757 574,911 -14.8%
Options 21,847,399 19,762,175 +10.6%

Derivatives ADV (in lots)
Equity 543,279 520,874 +4.3%
Index 188,721 198,063 -4.7%
Futures 110,266 114,931 -4.1%
Options 78,455 83,132 -5.6%
Individual Equity 354,558 322,811 +9.8%
Futures 7,774 9,126 -14.8%
Options 346,784 313,685 +10.6%

Open interest (in lots) 31 March 2025 31 March 2024 % var
Equity 23,589,360 21,831,754 +8.1%
Index 1,052,853 878,571 +19.8%
Futures 477,425 638,777 -25.3%
Options 575,428 239,794 +140.0%
Individual Equity 22,536,507 20,953,183 +7.6%
Futures 165,404 564,408 -70.7%
Options 22,371,103 20,388,775 +9.7%




| 15 of 15