Euronext Results Beat on Volatility-Led Trading, Greek Exchange

ay92l8ui6}8xwqntigr6xv(9_media_dl_1.png Bloomberg

Article content

(Bloomberg) — Euronext NV’s results beat expectations as market volatility boosted trading volumes and the newly acquired Athens stock exchange contributed to revenue.

Article content

Sales jumped 28% for the equity markets segment in the first quarter, the fastest growth of any division and ahead of analyst estimates. Buoyed by volatile markets, the performance was also “supported by the growing momentum on the Greek market and by the dynamic growth in ETFs,” Euronext said.

Article content

Article content

Article content

“It’s the eighth straight quarter of double-digit growth,” Chief Executive Officer Stephane Boujnah said in an interview. “It’s a real trend, a payoff of our strong diversification strategy.”

Article content

Article content

Trading volatility has been a boon to exchange operators and banks throughout the first quarter. London Stock Exchange Group Plc now expects revenue growth for 2026 to reach the top of its forecast range, thanks in large part to heavy trading volumes, while some of the region’s biggest investment banks were able to capitalize on elevated market activity. 

Article content

“We are also benefiting from the market volatility, in particular in the cash equities market,” Boujnah said, adding that volumes in the first weeks of the second quarter were still important. “The market has pivoted toward thinking the war in Iran will maybe last a bit longer and Europe is benefiting from a search for diversification coming from Asia and Middle East investors, who see the continent is less directly exposed to the conflict than some geographies because of its energy mix.”

Article content

The pan-European exchange operator also exceeded expectations in its non-volume segments, thanks to solid activity in custody and settlement, coupled with strong growth in its data solutions.

Article content

Article content

Euronext’s adjusted earnings before interest, taxes, depreciation and amortization reached €343.2 million ($399 million) in the period, a 17% increase on last year and €18.6 million above expectations.

Article content

Boujnah said the IPO pipeline should continue to be driven by the aerospace and defense sector this year. “We also have an IPO pipeline in the new energy sector,” he said, without naming the companies.

Article content

AI Hacking Threat

Article content

As a major financial player in Europe, Euronext is also preparing for the potential disruption from the hacking capabilities of artificial intelligence models such as Anthropic PBC’s Mythos. European institutions remain largely locked out of access to Mythos, exacerbating fears of a transatlantic security gap.

Article content

“We are adapting proactively to the situation, with a dedicated cybersecurity team,” Boujnah said. Euronext is “taking all the possible steps considering the constraint of having limited access to information, identifying alternative solutions and also putting in place alliances and partnerships with other non-US players that are facing the same issues.”  

Article content