Euronext NV: 1Q26: Reflecting revenue performance

Research evidence excerpt

Euronext NV: 1Q26: Reflecting revenue performance

Equity Research

European Diversified Financials

21 May 2026

Euronext NV

1Q26: Reflecting revenue

performance

Post-1Q26, we increase 2026/27/28E EPS by 2-3% on better ENX.PA/ENX FP EQUAL WEIGHT

revenue. We continue to see upside to FY26 costs, with ests Unchanged

European Diversified

better than guidance & cons. The SIU remains a long-term Financials POSITIVE

Unchanged

growth lever; however, near term we see limited upside to Price Target EUR 150.00

Unchangedearnings & given the shares trade at 19.7x BARCe 27E EPS,

remain EW. Price (20-May-26) EUR 147.60

Potential Upside/Downside +1.6%

Source: Bloomberg, Barclays Research

Three key points coming out of results:

Market Cap (EUR mn) 15304

1. Increasing earnings on improving revenue: Post-results, we increase EPS 3% in FY26E and

Shares Outstanding (mn) 103.69

2% in FY27/28E on better revenue (increasing 1-2% per year), leaving other lines unchanged.

Free Float (%) 75.31

The 3 main drivers of our revenue increase are as follows: 1) Euronext Athens (supporting

52 Wk Avg Daily Volume (mn) 0.3

equity volumes but also reflecting slightly better revenue capture), 2) Nordic power

Dividend Yield (%) 2.15

derivatives (as discussed on the conference call), and 3) Increased retail participation

Return on Equity TTM (%) 14.98

(supporting Data Solutions and Equity). We continue to see the CSD expansion as a slow-

Current BVPS (EUR) 45.60

burner, so at this point we have limited revenue uplift from the project, but continue to Source: Bloomberg

watch closely for updates.

2. Continue to see upside to costs: We leave our underlying costs for FY26 at €758m, better Price Performance Exchange-PA

than guidance of €770m and company consensus of €764m.