Euronext NV: 1Q26 First Look: EBITDA ahead on revenue & costs; guidance unch

研报英文原文证据摘录

Euronext NV: 1Q26 First Look: EBITDA ahead on revenue & costs; guidance unch

Equity Research

European Diversified Financials

19 May 2026

Euronext NV

1Q26 First Look: EBITDA ahead on

revenue & costs; guidance unch First Look

Good beat vs co-cons: EPS 8% ahead on better revenue ENX.PA/ENX FP EQUAL WEIGHT

POSITIVEacross all segments (mainly Equity Markets supported by EuropeanFinancials Diversified

Athex), costs & D&A. FY26 cost guidance unch (as expected Price Target EUR 150.00

this early in the year). CSD expansion progressing albeit no Price (19-May-26) EUR 140.30 Potential Upside/Downside +6.9%

Source: Bloomberg, Barclays Researchincremental update vs early-May. Expect small o/p.

1Q26 results - key takeaways European Diversified Financials

Grace DarganAdj. EBITDA is 6% ahead of company-compiled cons, driven by better revenues (across all

+44 (0)20 3555 4065

segments) and costs; Reported EPS is 8% ahead. grace.dargan@barclays.com

Barclays, UK

• Underlying total revenue is 3% above cons (+15% YoY), with beats vs cons across the board

but particularly Equity markets followed by Capital markets/Data Solutions. Split by Michael Sanderson

segment: +44 (0)20 3134 2487

michael.sanderson@barclays.com

1. Equity Markets is 6% above cons (+28% YoY), in part supported by Athex revenue capture; Barclays, UK

2. Capital Markets and Data Solutions is 2% above cons (+15% YoY); Krystal Han

3. FICC Markets is 2% above cons (+5% YoY); +44 (0)20 7116 1890

4. Securities Services is 1% above cons (+10% YoY). krystal.han@barclays.com

• Underlying operating costs are 2% better than cons, albeit +13% YoY growth in line with the

Claudia Gaspari

FY26 cost guidance (and reflecting the impact of acquisition and investments in growth) +44 (0)20 3134 6039

claudia.gaspari@barclays.com