Euronext chief executive Stéphane Boujnah said he expected the trend of exceptionally high trading volumes on the Athens Stock Exchange to continue, speaking during a conference call with journalists to present the European group’s financial results for the third quarter of 2026.
The head of Euronext focused in particular on the Greek market, noting that the integration of the Athens Stock Exchange into the group continued to deliver tangible results. He said the Greek market’s momentum was gaining further strength following Greece’s reclassification as a developed market, and noted that trading volumes were exceptionally high in the third quarter. He said he expected the trend to continue.
Athens’ contribution and shipping
Boujnah also highlighted shipping, noting that a third shipping company was listed on the Athens Stock Exchange in October. He said the development strengthened Euronext’s position as an international stock market hub for the shipping sector.
He also discussed Euronext Athens’ contribution to the group’s growth. In particular, he attributed part of the increase in non-volume-related revenue to the integration of the Greek market, alongside commercial expansion and the development of custody and settlement services.
The acquisition of the Athens Stock Exchange also affected the group’s operating costs. Boujnah said operating expenses, excluding depreciation, rose 13.5% to €183.3 million, reflecting both investment in innovation and staff and the impact of the acquisition of Euronext Athens. On a comparable basis, excluding the impact of acquisitions, the increase in expenses was limited to 8%.
Record revenues and higher profits
Presenting the financial results, Boujnah described the third quarter of 2026 as the strongest in Euronext’s history since its stock market listing, with group revenue reaching a record €547.4 million, up 24.9% year on year.
This was the tenth consecutive quarter of double-digit revenue growth, a performance he attributed to the diversification of the group’s business. Adjusted EBITDA rose 31.6% to €364.2 million, with the margin increasing to 66.5%, from 63.2% a year earlier. Adjusted net profit was €223.2 million, up 32%, while reported net profit came to €194.9 million, an increase of 30.2%.
Non-volume-related revenue accounted for 55% of the total and rose 14.8%, while revenue linked to trading activity increased 40.1%.
Boujnah also discussed the group’s expansion in fixed-income, commodities and energy markets, as well as the opportunities created by greater participation by retail investors in European capital markets.
A closer look at the results announcement
Earlier, Euronext had released its financial results, which included further details on the contribution of the Greek market.
According to the announcement, the group’s revenue from equity markets rose 33% to €124.6 million, reflecting, among other factors, strong activity at Euronext Athens and robust growth in ETFs.
In particular, revenue from equity trading and clearing came to €110.8 million, up 34.3%, while revenue from financial derivatives increased 23.6% to €13.9 million, with the Greek market also making a positive contribution.
In securities services, revenue rose 12.2% to €86.7 million. The integration of Euronext Athens was among the factors supporting performance, alongside growth in assets under custody and settlement activity.
Meanwhile, revenue from capital markets and data services came to €192.2 million, up 14.1%. Within this category, revenue from primary markets was €53.3 million, an increase of 15.6%, with Euronext also pointing to the contribution of the Athens Stock Exchange.
These figures relate to Euronext’s overall operations, as the group does not publish a separate financial breakdown of the Athens Stock Exchange’s contribution.
€350 million share buyback
In the group’s other businesses, revenue from fixed-income, commodities and foreign exchange markets rose 48.1% to €121.3 million, driven by bond trading and growth in electricity and agricultural commodities markets.
Euronext also announced a new share buyback programme of up to €350 million, equivalent to about 2% of its share capital. The programme will begin on 9 November and will run for a maximum of 12 months.
Finally, the group revised down its forecast for 2026 operating expenses to €760 million, from €770 million previously, citing discipline in cost management.