Feb 18 (Reuters) - Stock exchange operator Euronext reported revenue of 456.4 million euros ($539.51 million) for the final quarter of 2025 on Wednesday, up nearly 10% from 2024 and broadly in line
Euronext Q4 Revenue Climbs Nearly 10%, In Line With Market Forecasts
By Jakob Van Calster
Earnings Highlights and Market Context
Feb 18 (Reuters) - Stock exchange operator Euronext reported revenue of 456.4 million euros ($539.5 million) for the final quarter of 2025 on Wednesday, up nearly 10% from 2024 and close to the 457.1 million euros forecast in a company-provided poll.
Revenue and Profit Performance
Continued growth in both trading volume and non-volume businesses lifted core profit 8.9% to 275 million euros, matching expectations but slowing from the double-digit gains of previous quarters.
Dividend Proposal
The company said it would propose a dividend of 321.5 million euros, or 50% of its 2025 reported net income, at its annual general meeting in May.
IPO Momentum on Euronext
LISTINGS PICK UP
CSG and Magnum Debuts
After a lull in fresh listings, activity strengthened towards the end of 2025, marked by high-profile debuts in Amsterdam of Czech arms producer CSG and Magnum Ice Cream, spun off by Unilever.
Defence IPO Demand Drivers
Defence offerings in particular have attracted demand as companies look to tap multi-billion-euro commitments from European governments.
"The defence sector is the sweet spot for IPOs,” Euronext CEO Stéphane Boujnah told Reuters, citing companies' need to raise capital quickly, high sector valuations, and investor demand for earlier-stage growth opportunities.
Upcoming Listings in 2026
Paris is also set to see prominent listings in 2026. KNDS, the Franco-German maker of tanks including the Leopard, plans a Paris-Frankfurt dual listing targeted for June or July.
Pan-European Strategy and M&A
PAN-EUROPEAN STOCK EXCHANGE
Integrating Athens Stock Exchange
Boujnah reiterated his call for deeper pan-European market consolidation as Euronext begins integrating the recently acquired Athens Stock Exchange.
Exchange Rivalry: NYSE and Nasdaq
"If you want to compete against NYSE and Nasdaq, you don’t create another Playmobil exchange," he said, arguing that Europe's problem is fragmented liquidity and that consolidation is the only solution.
He added that some form of consolidation was likely within the next decade, either carried out willingly while exchanges remain strong, "or in an offensive manner when we are under threat".
FX Rate Note ($1 = €0.8460)
($1 = 0.8460 euros)
(Reporting by Jakob Van Calster. Editing by Joe Bavier and Mark Potter)
