European capital market infrastructure Euronext today published its results for the first quarter of 2026.
FX trading revenue was €9.8 million in the first quarter of 2026, up 5.8% compared to the first quarter of 2025. This reflects record volumes in FX and precious metal trading, supported by high market volatility. Like-for-like at constant currencies, revenue was up 17.5%, reflecting the impact from US dollar depreciation on reported figures.
Across all segments, in Q1 2026, Euronext’s underlying revenue and income was €528.5 million, up 15.3% compared to Q1 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.
On a like-for-like basis and at constant currencies, Euronext’s consolidated revenue and income was up 7.6% in Q1 2026, at €492.7 million, compared to Q1 2025. Non-volume related revenue and income accounted for 56% of underlying Group revenue and income in Q1 2026, compared to 57% Q1 2025. This reflects the resilient growth in non-volume related revenue, keeping a solid share despite high market volatility. Non-volume-related revenue covered 159% of underlying operating expenses excluding D&A, stable compared to last year.
Underlying operating expenses excluding D&A were at €185.3 million (+12.7%). The increase compared to Q1 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 €343.2 million, up 16.7% compared to Q1 2025. This represents an adjusted EBITDA margin of 64.9%, up 0.8pts vs. Q1 2025. On a like-for-like basis at constant currencies, adjusted EBITDA grew by 8.9% compared to Q1 2025.
Euronext reported €2.4 million of non-underlying expenses in Q1 2026, mostly related to the integration of Admincontrol and Euronext Athens. Q1 2025 non-underlying expenses profited from a one-off release of accruals. Q1 2026 reported EBITDA was at €339.0 million, up 15.2% compared to Q1 2025.
Depreciation and amortisation accounted for €50.2 million in Q1 2026, +4.0% more than Q1 2025. PPA related to acquired businesses accounted for €22.6 million.
Adjusted operating profit was €321.7 million, up 18.0% compared to Q1 2025.
Euronext reported a net financing expense of €6.6 million in Q1 2026, compared to €1.5 million net financing expense in Q1 2025. This difference resulted from less interest income due to decreasing interest rates, and 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 Q1 2026 was €74.6 million. This translated into an effective tax rate of 26.4% for the quarter, compared to 27.7% in Q1 2025.
Share of non-controlling interests amounted to €15.5 million, correlated with the strong performance of Euronext Athens, Nord Pool and MTS.
As a result, the reported net income, share of the parent company shareholders, increased by 16.7% for Q1 2026 compared to Q1 2025, to €192.3 million. This represents a reported EPS of €1.90 basic and €1.87 diluted. Adjusted net income, share of the parent company shareholders, was up 17.7% to €216.1 million. Adjusted EPS (basic) was €2.13. This increase reflects higher profit and a lower number of outstanding shares over the first quarter of 2026 compared to Q1 2025.
In Q1 2026, Euronext reported a net cash flow from operating activities of €499.8 million, compared to €190.6 million in Q1 2025, reflecting higher profit before tax and higher changes in working capital in Q1 2026. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 107.6% of EBITDA in Q1 2026.
