Euronext Group (ENX.PA): Updating estimates ahead of 2Q26 earnings

Research evidence excerpt

Euronext Group (ENX.PA): Updating estimates ahead of 2Q26 earnings

Equity Research

7 July 2026 | 7:13PM BST

Ahead of ENX’s 2Q26 results on July 30 (post-market), we update our estimates to Oliver Carruthers, CFA

+44(20)7552-9364 |

incorporate reported June volumes, which were strong across most asset classes, oliver.carruthers@gs.com

Goldman Sachs International

driving a 2% uplift to our FY26 adjusted EBITDA estimate. Reflecting the stronger

Anshika Mehrotra

MTS Cash volumes, our FICC markets revenues come up by 4% for 2Q. We also raise +1(212)934-7679 |

our Net treasury income to reflect increased collateral linked to power derivatives anshika.mehrotra@gs.comGoldman Sachs India SPL

and ongoing repo expansion. On a 1Q valuation roll-forward, our 12M PT increases Naimeh Sabourian

to €159 (from €154). We expect mid-single digit consensus upgrades to 2Q26 +44(20)7051-0573naimeh.sabourian@gs.com|

adjusted EBITDA as the market incorporates stronger volumes into estimates. Goldman Sachs International

Tom Ferguson

Going forward, we expect investors will focus on: (i) the sustainability of trading +44(20)7051-0547tom.ferguson@gs.com|

volumes through 2H, with ENX reporting strong momentum in 2Q, including stronger Goldman Sachs International

retail participation; (ii) the delivery and ramp‑up of CSD expansion, with

management highlighting initial issuer migrations post‑summer (expected to be a

first wave / handful of issuers) and ongoing engagement with key custodians to

enable client adoption; (iii) progress on the geographical expansion of the MTS

platform where management has noted a larger structural opportunity in France,

although progress remains dependent on regulatory changes and market adoption;