Euronext beats forecasts as diversification reduces reliance on market volatility

CSG NV

30/07/2026 16:55

Adj. EBITDA beats Q2 forecast at €360 million
Company nets ninth quarter of double-digit growth
Volatility boosts equity trading division
By Mateusz Rabiega and Jakob Van Calster
July 30 (Reuters) - Euronext ENX.PA reported second-quarter earnings above market expectations on Thursday, helped by growth across all its businesses as the pan-European exchange operator continued to benefit from its diversification strategy.
Adjusted earnings before interest, taxes, depreciation and amortisation rose 21% to a €360 million ($413 million), versus €332.6 million forecast in a company-compiled poll.
Chief Executive Stephane Boujnah said the results showed Euronext was relying less on market volatility to drive growth.
"We have built a company which is more and more immune from any downturn on equity volumes," Boujnah told Reuters. 
Non-volume revenue accounted for 58% of total revenues, the earnings report showed.
Boujnah also said the pan-European stock exchange operator continued to benefit from shifts in European capital markets following Brexit, noting the London equity market has become shallower than it used to be.
He said listings such as private equity group CVC  CVC.AS and Czech defence company CSG CSG.AS reflected a broader shift that, before Brexit, would have favoured London. 
"Ten years ago, these companies would probably have listed in London when it was the largest financial centre in the European Union," Boujnah said. 
"After Brexit, London chose to stop being the largest financial centre of the European Union and instead become the largest financial centre of the United Kingdom." 
While a higher number of IPOs did not translate into greater proceeds from new listings, funds raised through follow-on share sales more than doubled from a year earlier to more than 9 billion euros.
Boujnah said investors had adapted to an uncertain environment after last year predicting that market volatility would "become the new normal".
"Markets can get used to everything," he said. "They seem to be getting used to an environment in which companies can still go public and operate despite less stormy than before, but still very windy conditions."
($1 = 0.8711 euros)

 (Reporting by Mateusz Rabiega)
 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))