European capital market infrastructure Euronext today published its results for the second quarter of 2026.
FX trading revenue was €8.5 million in Q2 2026, down 7.9% compared to Q2 2025. This reflects normalisation in volatility and the impact from US dollar depreciation on reported figures. Like-for-like at constant currencies, revenue was down 5.6%.
In Q2 2026, Euronext’s underlying revenue and income was €544.4 million, up 16.9% compared to Q2 2025. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of acquisitions. Following the final PPA assessment of Admincontrol, contract liabilities have been adjusted to fair value at the initial recognition. This fair value adjustment was partially released as a non-underlying item in Q4 2025. The remainder was released in 2026, reducing reported revenue by €0.9 million in Q2 2026, with no impact on cash and cash equivalents.
On a like-for-like basis and at constant currencies, Euronext’s consolidated revenue and income was up 9.9% in Q2 2026, at €511.0 million, compared to Q2 2025. Non-volume-related revenue and income accounted for 58% of underlying Group revenue and income in Q2 2026, stable compared to Q2 2025. Non-volume-related revenue covered 170% of underlying operating expenses excluding D&A, compared to 161% in Q2 2025.
Underlying operating expenses excluding D&A were at €184.4 million (+9.5%). The increase compared to Q2 2025 reflects investments in growth and the impact of acquisitions performed in 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 €360.0 million, up 21.1% compared to Q2 2025. This represents a record adjusted EBITDA margin of 66.1%, up 2.3pts vs. Q2 2025. On a like-for-like basis at constant currencies, adjusted EBITDA grew by 13.4% compared to Q2 2025.
Euronext reported €4.6 million of non-underlying expenses in Q2 2026, mostly related to the integration of Euronext Athens and Admincontrol. Q2 2026 reported EBITDA was at €354.5 million, up 20.6% compared to Q2 2025.
Adjusted operating profit was €337.6 million, up 22.9% compared to Q2 2025.
Euronext reported a net financing expense of €7.5 million in Q2 2026, compared to €5.7 million net financing expense in Q2 2025. This difference resulted from higher financing expense due to the new bond issuances with higher financing costs, as well as the non-cash interest expense related to the convertible bonds issued in May 2025.
Income tax for Q2 2026 was €84.7 million. This translated into an effective tax rate of 26.4% for the quarter, compared to 25.7% in Q2 2025.
Share of non-controlling interests amounted to €17.3 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 19.1% for Q2 2026 compared to Q2 2025, to €218.8 million. This represents a reported EPS of €2.16 basic and €2.14 diluted. Adjusted net income, share of the parent company shareholders, was up 19.9% to €245.0 million. Adjusted EPS was €2.42 basic and €2.39 diluted.
In Q2 2026, Euronext reported a net cash flow from operating activities of €185.5 million, compared to €135.0 million in Q2 2025, reflecting higher profit before tax and higher income tax in Q2 2026. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 57.3% of EBITDA in Q2 2026.
