Euronext (AO) | Buy | Key points from the Q1 results call: investment case reinforced

Research evidence excerpt

Euronext (AO) | Buy | Key points from the Q1 results call: investment case reinforced

News comment

Release date: 20 May 2026

Tobias Lukesch, CIIA

Equity Research Analyst

Buy +49 69 7569 6217Euronext tlukesch@keplercheuvreux.com

France | Financial services Beta Profile: MCap: EUR14.3bn

Target Price: EUR157.00 Bloomberg: ENX FP Reuters: ENX.PA

Current Price: EUR140.30 Free float 72%

Up/downside: 11.9% Avg. daily volume (EURm) 73.8

YTD abs performance 9.6% Market data: 19 May 2026

52-week high/low (EUR) 153.30/113.90

Key points from the Q1 results call: investment case reinforced

Key points:

Euronext used the Q1 call to strongly reaffirm its strategic investment phase, highlighting expansion into CSDs, post-trade

infrastructure, fixed income clearing and ETFs, while simultaneously insisting that EBITDA margins remain exceptionally strong at

c. 65% despite temporary cost inflation.

The call reinforced the investment case that Euronext is transitioning into a broader, higher-quality European market

infrastructure franchise with deeper vertical integration and more recurring post-trade revenues. Management successfully

framed higher costs as growth capex rather than operational inefficiency, which supports confidence in medium-term earnings

durability and strategic positioning.

Investors are likely to view the combination of strong profitability, disciplined strategic investment and stable leadership as

reassuring, particularly given concerns about cost growth heading into the results. The messaging should support both earnings

confidence and valuation resilience. Shares are up c. 5% - we expect the conf. call to support this.

Highlights

Euronext’s Q1 2026 call was dominated by discussion around strategic investment spending, the expansion of the post-