EURONEXT NV (-) : Cash Machine

Research evidence excerpt

EURONEXT NV (-) : Cash Machine

EQUITIES

DIVERSIFIED FINANCIALS

EURONEXT NV UNDERPERFORMPRICE* EUR147.6  TARGET PRICE EUR125 (DOWNSIDE 15%) TARGET 5%PRICE EPS 3%26e EPS 2%27e

Cash Machine

Cash equities are a source of strength21 MAY 2026

Securities Research Report While Euronext has sought to downplay the exposure to cash equities at times, in Q1 it was the

Production time: 02:28* (London time) star part of the business with cash equity ADV running at record levels (~€17bn), driving 17%

Research Analysts & Publishing Entities segmental LfL growth, and this volume level has continued into April and May so far. It is

Arnaud Giblat interesting that cash equities in Europe do seem to be seeing better growth trends and volatility

BNP Paribas London Branch response than equity derivatives today: YTD Euronext cash equity volumes are up 31% and 53%(+44) 203 430 8513

arnaud.giblat@uk.bnpparibas.com vs. 2Y ago (last year had liberation day) in terms of number of trades and value traded respectively

while their equity index derivatives are -13% and single stock derivatives +6%. Similar analysis forGregory Simpson

BNP Paribas London Branch Deutsche Boerse shows two-year growth of 57% in cash equity turnover while equity index

(+44) 203 430 8548 derivatives volumes are +11% (ex. KOSPI) and single equity derivatives +27% in the same period.

gregory.simpson@uk.bnpparibas.com

Athens Exchange looking an increasingly smart deal

As of year-end 2025, Euronext had paid €284m for ~76% of the Athens Exchange. Based on 2025

Athex reported earnings, we estimate this was ~13x trailing PE. However, with YTD Greek equity

volumes currently nearly ~50% higher than FY25 average levels and some room for optimism on

this continuing (e.g.