Euronext NV: 1Q26 conference call takeaways

Research evidence excerpt

Euronext NV: 1Q26 conference call takeaways

Equity Research

European Diversified Financials

20 May 2026

Euronext NV

1Q26 conference call takeaways

First LookOur key takeaways from the call: 1) CSD expansion 'slow but

powerful', 2) Headcount plateauing here - the key debate is

how to utilise efficiency gains; 3) Confident in ENX.PA/ENX FP EQUAL WEIGHT European Diversified

FinancialsAthex privatisation by year-end; 4) Assume Nordic power POSITIVE

Price Target EUR 150.00

futures Q1 rev contribution going forward. Price (19-May-26) EUR 140.30

Potential Upside/Downside +6.9%

Source: Bloomberg, Barclays Research

•• CSD expansion - 'slow, but powerful and progressive': Highlighting that a number of European Diversified Financials

issuers have committed to Euronext which has started the migration process (expect post- Grace Dargan

summer); expect more issuers to follow after the first wave. Note Euronext's ambition is not +44 (0)20 3555 4065

to replace incumbent CSD, they aren't looking to take the majority market share, but looking grace.dargan@barclays.com

to offer competitive price offering with T2S-compliant infrastructure. Have done a lot of work Barclays, UK

to reduce frictions around tax/corporate actions. Expecting a gradual ramp-up of revenue. Michael Sanderson

+44 (0)20 3134 2487

•• Costs - headcount plateauing: Have significantly increased headcount as the Group goes michael.sanderson@barclays.com

through its transformation (FTE +20%, contractors +30%); but stress headcount should Barclays, UK

plateau at this level, and could see reduction over time as projects finish. There is a broader

Krystal Han

debate on efficiency gains; in particular whether to expand faster, reallocate resources or +44 (0)20 7116 1890

convert into PnL margin expansion.