Euronext posts record Q3 and launches EUR 350m share buyback
The pan-European exchange group logged its tenth straight double-digit growth quarter and cut 2026 underlying opex guidance to EUR 760m.
Euronext published third-quarter 2026 results on 5 November showing revenue and income of EUR 547.4 million, up 24.9% year on year (up 17.6% like-for-like at constant currencies). Adjusted EBITDA rose 31.6% to EUR 364.2 million, for a 66.5% margin, and reported net income was EUR 194.9 million.
The company also announced a share repurchase programme of up to EUR 350 million, about 2% of outstanding shares, starting 9 November 2026 for up to 12 months. Reuters via Euronext Live noted adjusted EBITDA beat a company-compiled poll of EUR 343.9 million, and that underlying 2026 opex excluding D&A guidance was cut to EUR 760 million from EUR 770 million.
Record quarter on a diversified model
According to Euronext's release, non-volume-related revenue was 55% of the total and covered 165% of underlying operating expenses excluding depreciation and amortisation. FICC markets revenue rose 48.1% to EUR 121.3 million, while equity markets revenue rose 33.0% to EUR 124.6 million. Securities Services grew 12.2% to EUR 86.7 million and Capital Markets and Data Solutions 14.1% to EUR 192.2 million. Net treasury income was EUR 22.5 million, up 34.8%.
Adjusted EPS was EUR 2.21 (+31.5%); reported EPS was EUR 1.92. Net debt to EBITDA stood at 1.1x at end-September 2026. Underlying operating expenses excluding D&A were EUR 183.3 million (+13.5%), reflecting growth investment and the consolidation of Euronext Athens.
CEO commentary and strategic markers
CEO Stephane Boujnah called it the strongest quarterly performance since IPO and the tenth consecutive quarter of double-digit growth, citing the diversified model and delivery of the Innovate for Growth 2027 plan. He highlighted the 21 September go-live of Euronext Securities' European CSD model and continued integration of Euronext Athens, including shipping listings.
The results land days after Euronext said it intends to nominate NN Group CEO David Knibbe as Boujnah's successor from May 2027. See our earlier report: Euronext to nominate David Knibbe as CEO.
Buyback and capital allocation
The EUR 350 million programme is framed as proactive capital allocation alongside continued investment. Reuters quoted Boujnah saying that in absolute terms this was Euronext's strongest quarter and that the group is "harvesting the success" of diversification. He also told Reuters he expected volatility to persist into the next year as major European democracies head into elections.
Why it matters for European founders and investors
Euronext is the listing, trading and post-trade rail for many European growth companies. Strong FICC and power-market revenues, a lower opex guide and a buyback signal balance-sheet confidence even while CEO succession is underway. For founders planning IPOs or follow-ons, the Athens consolidation and European CSD model are practical plumbing changes that can cut fragmentation costs.
The print also contrasts with mixed industrial guidance elsewhere in Europe this week, from Deutsche Telekom's raised outlook to Rheinmetall's cut. Market-infrastructure cash flows remain a distinct European earnings story.
What happens next
The buyback starts 9 November 2026. Euronext scheduled a results webcast for 6 November and set full-year 2026 results for 18 February 2027. Investors will watch volume trends in fixed income and power, Athens contribution, and any update on the Knibbe approval path ahead of the May 2027 AGM.
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