Euronext Group (ENX.PA): Updating estimates post 2Q results

Research evidence excerpt

Euronext Group (ENX.PA): Updating estimates post 2Q results

Equity Research

3 August 2026 | 6:34PM BST

We update our forecasts to reflect ENX’s 2Q26 results (post market, July 30), Oliver Carruthers, CFA

+44(20)7552-9364 |

comments from management on the earnings call, and the latest volume trends. oliver.carruthers@gs.com

Goldman Sachs International

Overall, reflecting stronger-than-expected 2Q26 results, particularly across

Anshika Mehrotra

non-volume related revenue streams, continued momentum in trading volumes +1(212)934-7679 |

through July, and higher net treasury income assumptions, we raise our adjusted net anshika.mehrotra@gs.comGoldman Sachs India SPL

income estimates by c.2% across FY26-28E. We expect pre-results Naimeh Sabourian

company-compiled consensus to revise upwards, with our revisions implying +44(20)7051-0573naimeh.sabourian@gs.com|

c.mid-single-digit upgrades to earnings expectations. Our PT increases to €162 Goldman Sachs International

Ferguson(from €159 prior), and we maintain our Neutral rating. Going forward and Tom | +44(20)7051-0547

incremental to these results, we expect investors will focus on: (i) the early strength tom.ferguson@gs.com Goldman Sachs International

and sustainability of trading volumes through 2H26 and beyond, with management

highlighting continued momentum in July across cash equities, fixed income and

commodities (which together point to modest upside to pre-results consensus); (ii)

the delivery and ramp-up of the CSD expansion (Sep-26 go-live), with ENX noting

that early adopters are committed to use the platform from day one and first issuer

migrations are expected shortly thereafter; (iii) the continued development of MTS,

including the benefits of Euronext’s appointment as administrator of key French