Euronext Aktie

Good morning, ladies and gentlemen. Dear shareholders, I hereby open the Annual General meeting of Euronext N.V. My name is Piero Novelli, and I am the Chairman of Euronext Supervisory Board. I welcome you on behalf of the Supervisory Board and the Managing Board of Euronext N.V. to our Annual General Meeting as a listed company. Please turn off your mobile or mute your mobile phones during the meeting.

Euronext N.V. is an international company, and its corporate language is English. Therefore, the general meeting will be conducted in English, as announced in the convocation to the meeting. Hereinafter, I will refer to Euronext N.V. either as Euronext or the company interchangeably. I would like to inform you that most of the members of the Supervisory Board the CEO, Mr. Stéphane Boujnah; the CFO; Mr. George Modica, the General Counsel and Corporate Secretary, Ms. Silvia Andresen are present behind this table.

The other members of the managing board are in front of us in the meeting room. One member of the Supervisory Board, Ms. Francesca Scalia is unfortunately not in the position to attend the meeting. Also present in this room is the nominee for appointment to the Supervisory Board, Mr. George Handjinicolaou as well as the nominee for appointment to the Managing Board, Mr. Yianos Kontopoulos. Further, a number of senior staff members of the company are present, Ms. Judith Stein, who is our Head of Investor Relations. In addition, please note the presence of Alexander, our notary, and Mr. Waldo Bakker, the lead partner of KPMG, our external accountant for the 2025 accounts.

In accordance with the Articles of Association, the general meeting is held in Amsterdam, this being the municipality where the company has its registered seat. All shareholders have been called to by the Managing Board and the Supervisory Board, my means of a convening notice published on the 7th of April 2026 on Euronext's website, including the agenda and explanatory notes there, too. This announcement explains the procedure for shareholders who wish to either attend the meeting in person or provide voting instructions or grant a power of attorney.

No requests have been received from shareholders regarding the addition of proposals to the agenda of this general meeting. In accordance with corporate governance recommendations, the draft minutes of this meeting will be made available to shareholders within 3 months of the meeting by publication on the website, giving shareholders the opportunity to comment on these minutes during 3 subsequent months. Having taken into account all that has been expressed before, I conclude that this Annual General Meeting has been convened in accordance with all applicable rules and the articles of associations of Euronext N.V. and that the general meeting may decide on all items that are placed on the agenda.

Before we proceed, I will now inform you about the number of shares represented at this meeting in person or by proxy and about the number of votes that can jointly be cast. Please note that the number of issued shares that I will announce in a few moments correspond to the number of issued shares as of the registration date, which was April 22.

I will now announce the relevant numbers for today's meetings. Issued share capital as per the registration date, 103,689,933 shares, shares we bought in rights 101,236,891 shares, represented shares 87,968,154 shares. Percentage of the issued capital present or represented 86.89%. Absolute majority of the votes, 43,984,078 shares.

I first invite the CEO and Chairman of the Managing Board, Mr. Stéphane Boujnah to present the report of the Managing Board on the financial year 2025 and the Q1 2026 figures, please.

Thank you, Mr. Chairman, and good morning, everybody. I will start with a brief overview of our 2025 performance followed by an update on the execution of the Innovate for Growth 2027 strategic plan.

Let me give you an overview for the full year 2025 highlights on Slide 3. In 2025, Euronext delivered another year of double-digit growth. Our underlying revenue and income grew by plus 12.1% to EUR 1.8 billion. Our underlying expenses, excluding D&A, were at EUR 680.1 million, up 9.6% compared to 2024. And this increase reflects our consistent growth investment and innovation in human capital to build the company fit for the future and the impact of the acquisitions of admin control and Euronext Athens that have changed the perimeter of the company.

For adjusted EBITDA at [indiscernible] compared to last year, reaching EUR 1.1 billion -- as a result, our adjusted EBITDA margin increased by plus 0.8 percentage points compared to 2024 to 62.7%. Adjusted net income was EUR 736.5 million, up 7.9%, representing an adjusted EPS of EUR 7.27 up plus 10.3% compared to full year 2024. A dividend of EUR 3.18 per share is proposed today. This represents an increase of close to 10% in respect of the dividend per share of EUR 2.9 per share paid in 2025. The dividend represents a payout ratio of 50% of reported net income as set in our dividend policy.

Moving now to the business highlights of 2025 on Slide 4, which is a great illustration of how we deliver solid growth in all business segments. Securities Services revenues increased by 6.9% compared to 2024, boosted by sustainable growth in custody and settlement. And this growth has continued in 2026. Capital Markets and Data Solutions underlying revenues increased by 12.1% supported by the -- our volume-related revenue also grew at an equally paced with great performance, especially with fixed income, power and cash equity.

Overall, we saw double-digit growth in almost every area even before the delivery of the key milestones of our Innovate to Grow 2027 strategic plan.

Turning to Slide 6, I will walk you through all the delivery of our strategic plan. At the last year annual general meeting -- of our strategic plan to you. This year, I'm pleased to share that we have already delivered some key milestones of the plan. And I want to insist on that particular message, beyond delivering strong financial performance, the Euronext teams are delivering strong industrial projects that are profoundly transforming the revenue generation going forward of the company and are delivering resilient, scalable revenue generators of revenue engines of the company for the years to come to contribute to the expansion of the company, and the volatility will not be necessarily in the future as high as it is today.

So in September 2025, we successfully launched the first fully integrated ETF market in Europe. And we have created a single pan-European infrastructure that removes fragmentation and that delivers substantial efficiency gains across the entire value chain, including issuers, market makers, distributors, custodians and investors in a segment which is extremely dynamic, which is the ETF segment. Second, the successful launch of Power Futures represents a major milestone in the execution of our strategic plan. The transition was executed in a very seamless manner with 100% of open interest migrated to Europe. So this project has a performed dimension also to the extent that it's reinternal within the Nordic market, both the derivative business beyond the spot business that we operated before. So a broad base of market participants were active from day 1, demonstrating the strong client confidence.

And our offering now strengthens massively European energy market infrastructure support. It supports greater market integration across the continent, and it helps ensure that energy price discovery and risk management remain anchor in Europe, in particular, in the current environment, where anything related to hedging of risk of energy-related topic is a fundamental contributor to the European strategic economy.

Early trading activity confirms the relevance of the Euronext nonpool integrated trading and clearing model, reinforcing the position of Euronext and now pool as the reference and leading marketplace for Nordic power derivatives. Our CSD expansion, which is a major transformational project is showing a very real momentum. As announced previously, in September '26, Euronext Securities will become BCD of reference for equities and ETFs in Belgium, in France and in the Netherlands, complementing the existing markets in Denmark, Greece, Italy, Portugal and Norway.

In December 2025, we announced partnerships with the leading issuing agents in Belgium, France and Netherlands. These partnerships are essential to shift issuance and custody to our European CSD. Thanks to those partnerships, additional issuers have committed to transfer their issuance to Euronext securities, and we have recorded the first listing on Euronext Amsterdam directly issued on Euronext securities.

Now things are getting real, 4 months prior to the launch, which is scheduled in September '26, leading custodians have confirmed that they are supporting the model and are actively preparing to connect their clients to human securities. You may have seen that BNP Paribas, Citi, Credera, for example, have clearly made public that they are committed to deploy all the efforts necessary to be ready in September '26. So September '26 will mark the start of a scalable and efficient European postpaid model that will generate long-term value for issuers and investors.

We are transforming the CSD market in France, Netherlands and Belgium with the emergence of a new fit for the future, scalable, competitive platform. And that's a fundamental change for the profile of Euronext revenue generation for the years to come. In July '26, we will offer in a few weeks' time, a fully integrated European repo solution. New international participants are joining Euronext clearing for repo clearing services for the first time. In parallel, more than 30 existing clearing members are expanding their scope beyond Italian debt to all European surrender.

In July 2026, Euronext will further enhance the platform with the introduction of an efficient sponsored access model for buy-side clients. And this will complete the delivery of a fully competitive offering. So here, again, you have to appreciate that beyond the great MTS fixed income business, we are entering into a more profound extraction of value from the full value chain of fixed income with the provision of new -- totally new repo clearing services that were a segment where Euronext was not present in the past.

In 2025, we continue to execute a disciplined M&A strategy with the acquisition of admin control and Exchange Group. The Euronext European market infrastructure slight progress on our integration processes. The acquisition of Control successfully scales up Euronext's SaaS offering and expands Euronext's presence in the Nordics, an area of the world where we have been very successful since the initial acquisition of Oslo Bors in 2019.

Since the beginning of the year, we successfully expanded and controls offering in France and boarding first French clients and demonstrating the scalability of the platform beyond the core Nordics markets and demonstrating the Pan-European Group, enabling Pan-European expansion of all the business that joined the Euronext family. In April 2026, Athens Exchange Group became Euronext Athens, marking a key step in the integration of the Greek Capital market into Euronext. Euronext also inaugurated a technology and support center in Athens, positioning Athens as a financial and technology hub in Europe with the ambition to replicate not necessarily with the same speed or the same scale future will tell, what we have done so successfully in Portugal with the buildup of our technology center in Porto.

And clearly, Athens will become another center servicing the full group from Greece in all sorts of technology and support functions because we want to position Athens as a financial and technology hub in Europe. Euronext has confirmed the next steps of the integration time line with the migration of optic planned in June 2027, and we are working hard with the various market participants to deliver that the migration, which will connect great equity markets, the single liquidity pool, the single order book and the single technology platform of Euronext.

As you may have seen earlier this year MSCI and stocks announced the decision to upgrade the Greek capital market to the developed market stature. This milestone reflects a strong vote of confidence in the growth trajectory of the Greek Capital Markets. And as we progress with the integration of Euronext Athens, this development creates new opportunities to deepen market participation, support grid companies in accessing capital further and embed the Greek market within the European financial ecosystem.

I do believe that this acquisition was timely both for Euronext and for tax because we are going to enable the acceleration of the integration of Greek Capital Markets within Euronext. And Euronext is going to benefit from an accelerated market in -- within our portfolio.

Moving to Slide 9. The strong performance translated into superior value creation for our shareholders. Since our IPO, the share price has increased by more than 675% and a little bit more since this morning, as you may have seen on your screens following the great Q1 numbers we have released yesterday. At the same time, and I think it's very important, we have not only multiplied the market cap significantly, but at the same time, our strong cash generation capabilities have enabled us to return EUR 2.1 billion to our shareholders through annual dividend payments. In addition, we returned EUR 750 million through the share repurchase programs carried out in '23, '24, '25 and '26.

And if you add the dividend paid today over the next few days, it's more than EUR 3 billion that have been paid to our shareholders in the form of dividend or share buyback. So I don't think there are many companies that combine both or combined a multiplication of the market cap by close to 10 -- the return to shareholders of EUR 3 billion and an EBITDA margin of 60 -- close to 65%. That's the company we are running with your support.

On Slide 10, I will focus on -- allocation has become an increasing important pillar of any listed company strategy. Euronext healthy financial position and swift deleveraging allow us to maintain a strategic approach to capital allocation. At our Investor Day in November '24, we announced that we would proactively reassess special shareholder returns according to our capital allocation, and that's what we have done since 2024. Consistent with these commitments, we completed in January '26, 250 million share repurchase program at an average price of EUR 127 per share, approximately EUR 20 less than the current stock price this morning. This demonstrates both our proactive approach to capital allocation and our strong confidence in the group's long-term growth prospects.

In '25, we took advantage of the positive conditions to secure refinancing until 2028 because at Euronext, we believe that balance sheet does matter and solid and consistent balance sheet management is important. In May 2025, we launched 425 million convertible bonds with an annual coupon of 1.5% and a maturity of 7 years. We successfully issued EUR 600 million of new bonds rated A- and with the maturity of 3 years. In parallel, we performed a tender offer on our existing EUR 600 million bonds maturing in May '26. And as a result of this transaction, only EUR 385.5 million of our existing 2026 bonds remain outstanding and were redeemed on the 18th of May 2026.

In '26, as I told you, we have accelerated the delivery of our strategic plan, supported by favorable market conditions and a solid financial position. Our vision of a united competitive European capital market has become more relevant than ever. This is why we welcome very positively the proposals of the European Commission to speed up the creation of a true savings and investment union, and we are very enthusiastic about the prospect of a decision-making process in the course of '26 to deliver some form of single supervision to deliver incentives to bring more retail investment to lead markets to deliver clarification on market architecture and structures. And we are confident that we will get there. So as I told you, the company is not only delivering solid financial performance, the company is delivering profound transformations to make the company fit for the future and fit for times where volatility may not be as high as it is currently.

Thank you. And on this note, I'll give the floor back to our Chairman.

Thank you, Stephane, for your presentation. The annual report 2025 comes in the form of a universal registration document in reliance of the grandfathering rules set out in Article 9, sub-3 of EU Regulation 2017, 1129, Euronext filed its universal registration document without prior approval of the AFM.

The first item is the explanation of the policy on additions to reserves and dividends, which is a discussion item. I refer to the explanatory notes to the agenda of this meeting for more information about our dividend policy. We believe that Euronext is perfectly equipped to confirm its current policy to distribute 50% of its profits. In our view, this policy remains balanced and does not impair Euronext's flexibility to meet its short- and long-term liabilities and objectives. Are there any shareholders who wish to further discuss this item? If not, we will proceed to the next item.

Before we proceed to the proposals to adopt the remuneration report and to adopt the financial statements, I would like to give the floor to Mr. Waldo Bakker of KPMG, our external auditor for the 2025 financial statements. I point out that Euronext has waived the obligation of KPMG observe confidentiality for the purpose of the AGM, discuss the audit process and procedures in relation to the audit of the financial statements, and he is happy to take any questions from the shareholders after his presentation. I kindly invite Mr. Baker to give our shareholders his views, please.

Thank you, Mr. Chairman. Dear shareholders, my name is Waldbaker. On behalf of KPMG, I have signed the independent auditor's report as included in the 225 URD. I am pleased to address you as Euronext shareholders on our 225 audit of the financial statements. You can proceed to the next slide.

As mentioned on confidentiality, for the duration of this AGM, Euronext has released me from our client confidentiality restrictions. Therefore, I am free to talk to you about our audit and results thereof. What did we audit? We audited the company and consolidated financial statements of Euronext for the year 2025. And we issued an unqualified opinion on the financial statements as included in the URD. We also issued a limited assurance report on the sustainability statement as included in the URD. As a structure for my explanation, I will use our auditor's report as included in the financial statements, and I will briefly summarize some key elements as included in that auditor's report.

Our opinion states as a conclusion, we concluded that the financial statements give a true and fair view of the financial position as at the 31st December 2025 and of the results and cash flows for 2025 based on IFRS EU and Dutch Law. We performed our audit with a materiality of EUR 34 million. And met reality determines the level of detail of how we conduct our audit. What was the scope of our audit? We are the independent external auditor of Euronext in the Netherlands and also in other countries where Euronext is active and we're in scope of our group audit. With the exception of ATAX, where the component wallet was conducted by the statutory audit firm, Grant Thornton.

We held a global planning conference and had risk discussions with the component auditors as we call them to obtain their input relevant for our audit. We determined for group purposes where and with what scope the audit needed to be executed. And we instructed the local auditors to perform audit procedures on our behalf. We assess the results of the local audits by looking into their files, by performing site visits and discuss these with our local teams.

For our audit, we identified so-called significant risks that are relevant, including management override of controls and, for example, revenue recognition. I will discuss the significant risks related to some categories of revenue recognition. These are custody and settlement fees, market data revenues and corporate services revenues. What did we do in our audit? We obtained an understanding of the processes and controls relevant for revenue recognition. We tested design, implementation, and where appropriate operating effectiveness of controls, and we performed substantive testing using sampling.

Our procedures did not reveal any indications of our audit of the financial statements. In addition to significant risks, we also identified so-called key audit matters in our audit opinion. And that are matters that have been most complex in the audit of the financial statements. We have included 3 key audit matters in our statement, and those are the risk of impairment of goodwill, the measurement of financial assets at fair value through OCI, other comprehensive income, and identity access management and change management, the IT part of our audit.

About risk of impairment of goodwill, what did we do? Euronext recognized goodwill for which a risk of impairment exists. We audited that substantively. We challenged management assessment of potential indicators of impairment for goodwill. We reconciled source data used in the model to underlying audit evidence, and we also involved valuation specialists to assist us in the -- our conclusion was that we found management assessment overall reasonable.

Then the second item, the second key audit matter, measurement of financial assets at fair value through OCI. Euronext has the ownership in Euroclear, and Euronext uses an internal valuation model to estimate the fair value. We used a substantive approach to test that fair value. We assessed whether the input parameters in the model applied are reasonable. We also here involve the KPMG specialists to assist us in the procedures performed. And based on our audit work, we found measurement of Euroclear to be reasonable.

Then, the last key audit matter, the identity access management and change management. Euronext is highly dependent on IT for the continuity of its operations. Inappropriate access or changes to an application could compromise the continuity of operations and reliability of data. Therefore, we pay attention to the IT environment. We have tested design, implementation and where applicable, operating effectiveness of general IT controls for the relevant applications. We concluded that there is sufficient basis to rely on the operation of the IT systems for our audit of the financial statements.

Dear shareholders, our audit work provided us with sufficient and appropriate audit evidence to support our opinion that the 2025 financial statements give you a true and fair view.

Chairman, with that, my presentation comes to an end, and I'm available for any questions related to our audit.

Are there any shareholders who have questions? Yes, please.

And of course, the microphone should work. Perhaps -- thank you for the opportunity to ask questions. My name is [indiscernible] Kester, European investors, VEB. I have a question for the auditor on the reconciliation that you also perform where the management report is concerned. This in particular regard to the in-control statement as it's called on Page 151 of the URD. But I'm not quite sure, looking also at the order of the meeting, whether we should discuss that item of the management report, the in-control statement, where I also have a question to the auditor, the reconciliation, whether we should discuss that now or whether we should discuss that at another point, another item in the agenda. So I leave that entirely to you.

I think you can answer now.

Yes. Because the prequel to my question is, of course, a question rather directed to the Management Board on the in-control statement. And then I have a subsequent question to the auditor. Let me just state the full question I have and then we can see where we go with that.

As I said, on Page 151 of the URD, there is the in-control statement, which I assume and I also can take from the continuation of the URD, is the statement on risk management, as it is now required under the Dutch Corporate Governance Code. And quite honestly, although in a more general manner, I also have plenty of, let's just call it, appreciations, which I'd like to express to the company. But where the in-control statement is concerned, we find that very disappointing. What happens where the in-control statement is concerned, if you look in the URD, is that it's a verbatim repetition of the items listed under the best practice that you find in the Dutch corporate governance code. And to my view, in European investors view, it's thereby not in compliance with the Dutch Corporate Governance Code because the corporate governance code quite clearly expresses that the Board makes the statement with clear substantiation. And we find no substantiation whatsoever in the URD.

And so the question that I have is can you inform us, and that's a question directed to the Management Board, why the substantiation is entirely lacking? And to a bit more detail, my question is, if you then look at point one, item 1, then one of the expressions, one of the statements is that the failings are stated, if there were any failings, there is sufficient insight given on these failings in the risk management and control systems, and where such savings are then listed? What measures have been taken to address them? So that would be my 2 barreled question to the Management Board in this regard, where we find the substantiation of the statement on risk management and where any failings, if they have been identified are listed and what measures have been taken to address them.

And my question then, and this is the question to you, Mr. Baker, to the auditor, would be, we are, of course, fully aware that you -- as far as the management report is concerned, you only reconcile that. But where the statement on risk management is concerned, you were satisfied that it complied with the requirement that it is clearly substantiated, and whether you have also come to the conclusion that apparently, no failings that should have been identified where they fund have been listed.

So I'll start answering and then please Well, thank you, first of all, for your remarks. Importantly, we have barely benchmarked our statements in this respect. And we're very satisfied with how we have formulated our in-control statement relative to many listed companies that we consider our peers. We have discussed this directly with our auditors that were fully satisfied, and there were no failings that we felt we had to report. So that's my entry statement, but please, Mr. Baker address the rest, and if necessary, also Mr. Boujnah, but please go ahead.

Sure. So the -- in Dutch the war, right, that is the statement on internal controls is included and extended this year in conformity with the Dutch Corporate Governance Code. We see that as auditors, as we call it as other information in the Management Board report, and we need to assess whether there are any, let's say, material inconsistencies between the other information and the information that we audit that is the audit of the financial statements.

So for the 4, we have looked into how it has been described. And we also attended audit committee meetings, where this information was discussed, including the substantiation that you are referring to. And based on the work that we have done, and based on, let's say, the information that was shared, we think we came to the conclusion that, yes, it was appropriately reflected in the management Board report.

And about the further substantiation that is, I think, a question that can be answered by management because that is something that is dealt with management with that.

I don't have anything to add to the very comprehensive answers provided by the Chairman of the Supervisory Board and auditors.

Question was question two. I know this is the last quarter statement is yours. And I will just rented by the way, thank you for your in. But I would just reiterate what you have done in the U.S. is just a format is the items that you find the Dutch government to you said, okay, this [indiscernible].

General comment, and thank you very much for being, if I can step back and answer on the substance. We are operating regulated exchanges, and we have standards to be best-in-class when it comes to compliance in every respect. If things here and there are not optimal for the reasons that you are rightly pointing out, if there is a misunderstanding, we'll clarify it. If there is something we can improve, we will improve it. But I want to answer your question on substance. I don't know many companies that are investing so many resources, attention, starting with the Supervisory Board with the Risk Committee, which is extremely meticulous; an audit committee, which is extremely meticulous, down to the management with first line, second line, third line of defense and the culture, a culture of risk management, which is very deep and an approach of mitigating risk, which is very profound.

And we are doing everything we believe is in the interest of the shareholders to address the substance of the objectives and the intentions that are behind the specific piece of regulation you are referring to. So I want to reassure you that your objectives are totally shared with the management team that our day-to-day practice is consistent with the objective and the intentions of this particular piece of regulation. If in the implementation making up, there has been a misunderstanding or -- and it might be one because we believe that we have provided the right substantiation. But if it is not enough, not clear enough, let's discuss it and improve it next time. I'm happy to work on that and to take very seriously your remarks, but I just want to reassure you and the other shareholders that the company is exceptionally rigorous and organized from governance to management to address your concerns on the fundamental underlying way.

Yes. Maybe I can add to take away your concern. I have inspected as part of my procedures over other information, the underlying evidence for management statement, right? So there is underlying evidence that I have inspected to be able to ensure that I can also opine on the other information as included in the audit opinion and in the financial statements and the Management Board report.

Well, once again, thank you very much for the replies that you have just given and my appreciation also for that. Perhaps 1 of the, I suppose, very appropriate remarks that was made in passing is that if you look at the way you express the in-control statement in your management report, it looks very similar to what other companies are doing, peer group companies, who also have to make the in-control statement. And, therefore, as a more generic remark, with the appreciation for the additions you have just made in replying to my question, we could say perhaps this is something that is work in progress. It's perhaps a matter of doing something more than just boilerplate representations of text that we find, and we now feel as a sort of conduced to having to comply with. Thank you very much.

Very good. Thank you. Are there any shareholders who have questions, other questions about the audit report in our external auditor? If no, I don't see any other questions. I would like to kindly thank Mr. Baker for his presentation and contributions and move on to the next item on our agenda.

In accordance with Article 2135b Paragraph 2 of the Dutch Civil Code, the remuneration report is submitted to the meeting for an advisory vote. We will now proceed to the advisory vote on the remuneration report, which is the first voting item. Are there any shareholders who have questions about the 2025 remuneration report? I know there are no comments are made and no questions are asked. Are there any shareholders who wish to vote against the proposal to adopt the 2025 remuneration report? Yes, please.

Perhaps to your astonishing surprise, I'm the 1 speaking up again, but it's more a question of order again. If I wanted to ask a question about the work that the Remuneration Committee is doing on succession planning, is it now an appropriate point in the agenda to ask that question? Or would you like me to ask that question later?

So it's actually the Nomination and Governance Committee that is doing the work on this succession process. So I don't think it is now the time to discuss this. But if you -- if that is your question, yes, we during the appointments to the managing Board or maybe we can go -- when it's the right item, we can go through that, and if you're still interested, we can discuss that. Thank you.

So are there any shareholders who wish to vote against the proposal to adopt the 2025 remuneration report? Are there any shareholders who wish to abstain from voting? Shareholders who wish to do so are asked to raise their hand and show the card with the number that you have received at the registration desk. Please mention your name and indicate whether you want to vote against or abstain from voting. If you are a shareholder who wishes to cast both in favor and against and wishes to abstain for other votes, you are kindly requested to mention your name, the total number of shares you represent and for how many shares you vote against the voting item, for how many shares you wish to abstain, and if any, for how many shares you vote in favor. This procedure will be followed at each voting item, so I will not repeat it.

Good morning. My name is Musinzakrawi. I represent OPTEVA the company's registered in its Chair representing order, in its general representing in this meeting in total 87,968,144 shares. I inform the meeting that we have been asserted to vote as per laws. 4,809,781 votes against this item, 419,161 votes as abstentions and 82,668,202 votes in favor of this agent.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor, I conclude that the proposal to adopt the 2025 remuneration report has been adopted. We will proceed to the next item. .

The second voting item in this meeting is the proposal to adopt the 2025 financial statements. Are there any shareholders who have questions about the proposal to adopt the 2025 financial statements? I know that no comments are made and no questions are asked. Are there any shareholders who wish to vote against the proposal to adopt the 2025 financial statements? Are there any shareholders who wish to abstain from voting? I refer to the voting procedure as explained at the first voting item. So please raise your hand and show us the card with the number if you wish to do so.

I inform the meeting that we have been selected to vote as per laws. 89,535 votes against this item; 122,968 votes as abstentions and 87,755,641 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude the proposal to adopt the 2025 financial statements has been adopted. We will proceed to the next item.

The third voting item in this meeting is the proposal to adopt a dividend of EUR 3.18 per share. Are there any shareholders who have questions about the dividend proposal? I know there are no comment are made and no questions are asked. Are there any shareholders who wish to vote against the proposal to adopt a dividend of EUR 3.18 per ordinary share? Are there any shareholders who wish to abstain from voting?

I am from the meeting that we have been -- I am from the meeting that we have been expected to vote as per laws: 14,474 votes as abstentions and 87,953,561 in favor of this item.

Thank you. If there are no further votes against, then no further abstention to adopt a dividend of EUR 3.18 per ordinary share has been adopted. We will proceed to the next item.

The fourth voting item in this meeting is the proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2025. Are there any shareholders who have comments or questions on these items? I note that there are no comments or questions. Are there any shareholders who wish to vote against the proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2025? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per laws. 12,851,906 votes against this item; 344,379 votes as abstentions and 84,771,859 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I concluded the proposal to discharge the members of the Managing Board in respect of their duties performed during the year 2025 has been adopted.

We will proceed to the next item. The fifth voting item in this meeting is the proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2025. Are there any shareholders who have comments or questions about this item? I know that no comments are made and no questions are asked. Are there any shareholders who wish to vote against the advisory Board in respect of their duties performed during the year 2025? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per laws. 2,969,677 votes against this item; 344,388 votes as abstention and 84,654,079 votes in favor of this item.

Thank you. If there are no further votes against no further abstentions. I assume that the remainder of the votes are in favor, I concluded the proposal to discharge the members of the Supervisory Board in respect of their duties performed during the year 2025 has been adopted. We will proceed to the next item.

Further to the rotation schedule that has been adopted by the Supervisory Board and that has been published on the website of Euronext N.V., the terms of appointment of 2 members of the Supervisory Board, Mr. Patrick O'Connor and Mr. Dix Lamers, will end after the AGM. Mr. O'Connor has announced his retirement from the Supervisory Board. We regret to see him leave and express deep gratitude for his valuable contributions to the Supervisory Board.

I'm pleased to announce that Mr. Somers is available for reappointment for a fourth and final term of 2 years. The Supervisory Board has drawn up a binding nomination for the reappointment of Mr. Somers. He believes that the CEO transition in 2027 that will be prepared for in 2026, justifies his renewal -- the renewal of this mandate for this final term of 2 years. The Supervisory Board has also drawn up a binding nomination for the appointment of Mr. George Handjinicolaou, for a term of 4 years. Mr. Handjinicolaou is the former Chairman of Athex Group, which is now Euronext Athens. I refer to the explanatory notes to the agenda in its annex for information about the nominees. All nominees are present in this meeting. You already know Mr. Sluimers. I kindly invite Mr. Handjinicolaou to stand up and briefly introduce himself to the shareholders, please.

Ladies and gentlemen, my name is George Handjinicolaou. And I would like to extend my gratitude for the trust that the members of the Board and the shareholders have extended in appointing me as a member of the Supervisory Board. We live in very interesting times. And I hope that through my contribution to the Board to help guide Euronext in the future years and the maximize shareholder value in doing so. Thank you.

Thank you very much. We are delighted to welcome you to the Supervisory Board. Please note that the appointment of Mr. Handjinicolaou is subject to regulatory approval, which has not yet been obtained.

Let us now proceed to voting on the reappointment and the appointment. The sixth voting item is indeed the proposal to reappoint Mr. Sluimers as a member of the Supervisory Board for a fourth term of 2 years. Are there any shareholders who have comments or questions about this item? Yes, please.

Let me make the comment I have just now. First of all, for the record, it's certainly and by no means my intention to vote against. So that is certainly not an issue. The question is just that, if we look at the functioning of the Remuneration Committee, where succession planning is concerned, if you look at the URD, then the succession -- the CEO succession process has just also been mentioned in passing. It is an issue that will be coming up, albeit, of course, over a term of a couple of years. It is, therefore, also perfectly understandable that the report is entirely silent on, let's put it, putting a bit of meat on the bone on the succession planning process. And my invitation to Mr. Sluimers would just be, could you say something towards what is being done or what will be undertaken to undertake this process? So it's -- as I said, it's just a question to have a little bit more explanation, but certainly not a crisp comment or anything.

I should probably take that as Chairman of the Nomination and Governance Committee would be -- Dick and I work very closely on it. Clearly, the matter that you're raising is of paramount importance and a top priority of the Supervisory Board. We're very confident that we come to it very well prepared, and we have designed a very thorough and thoughtful process, which has already started. We're very confident that the outcome will be a very positive one for Euronext. One of the great qualities of our CEO is that is actually forged a very talented team behind him. So whoever is the fortunate next CEO of this company will be able to rely on a very talented team as Executive Managing Board. So again, it's very early stage for us to make any other formal statements or pronouncements about this. You should be expecting formal communication about this process at the latest early next year. And the process has started, and again, is a very rigorous discipline process, and we're very confident that we are in a very good position.

If you say at the latest early next year, I'll take that as a promise. .

Absolutely, absolutely. Thank you. Yes. The sixth item is [indiscernible] I note that no comments are made and no questions are asked. I suggest to vote on the agenda item to reappoint him to the Supervisory Board. Are there any shareholders who wish to vote against the reappointment of Mr. Sluimers? Are there any shareholders who want to abstain from voting?

I affirm the meeting that we have been selected to vote as per laws. 12,767,046 votes against this item, 126,084 votes as abstentions and 85,075,014 votes in favor of this item.

Thank you. If there are no further votes against no further abstentions. I assume that the remainder of the votes are in favor, I concluded the resolution to reappoint Mr. Sluimers for a term of 2 years has been adopted.

The seventh voting item is the proposal to appoint Mr. George Handjinicolaou as a member of the Supervisory Board for a first term of 4 years subject to regulatory approval. Are there any shareholders who have comments or questions about this item? I know that there are no comments or questions. I suggest to vote on the agenda item to appoint Mr. Handjinicolaou to the Supervisory Board. Are there any shareholders who wish to vote against the appointment of Mr. Handjinicolaou? Are there any shareholders who want to abstain from voting?

I affirm the meeting that we have been selected to vote as per law. 1,254,231 votes against this item; 73,993 votes as abstentions; and 86,639,920 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions. I assume that the remainder of the votes are in favor I conclude that the resolution to appoint Mr. Handjinicolaou for a term of 4 years has been adopted. I congratulate Mr. Sluimers and his reappointment -- on his reappointment and Mr. Handjinicolaou with this appointment. I look forward to working with both on the Supervisory Board.

We will proceed to the next item. The next voting item on the agenda of this meeting are the reappointment of 1 of the members of the Management Board, Mr. Fabrizio Testa and the appointment of a new member, Mr. Yianos Kontopoulos, who is the CEO of Euronext Athens, both for terms of 4 years. The Supervisory Board has drawn up binding nominations for this reappointment and this appointment. I refer to the explanatory notes to the agenda and its annex for information about the candidates. I kindly invite Mr. Kontopoulos to stand up and briefly introduce himself to the shareholders.

Thank you, Mr. Chairman. I'm a U.S.-trained economist with a career of over roughly 30 years in the financial sector, again, roughly equally split between New York, London and Athens. I have worked on the sell side, buy side and as of latest in the market infrastructure in Athens. Very much looking forward, if elected to work with the rest of the members of the Managing Board and the whole organization. Thank you.

Thank you very much. Mr. Kontopoulos. I note that approvals for the appointment of Mr. Kontopoulos from the Dutch Minister of Finance and from the college of regulators have not yet been obtained. It should, therefore, be noted that only the reappointment of Mr. Testa, if approved, will have immediate effect. Are there any shareholders who have comments or questions about these items? I know that no comments are made and no questions are asked. The eighth voting item is the proposal to reappoint Mr. Fabrizio Testa as a member of the Managing Board. Are there any shareholders who wish to vote against the reappointment of Mr. Testa? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per law. 9,126,069 votes against this item; 1,664 votes as abstentions; and 78,840,411 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions. I assume that the remainder of the votes are in favor. I concluded the resolution to reappoint Mr. Testa for a term of 4 years has been adopted.

The ninth voting item is the proposal to appoint Mr. Yianos Kontopoulos as a member of the Managing Board. Are there any shareholders who wish to vote against the appointment of Mr. Kontopoulos? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per law. 715,919 votes against this item; 2,558 votes as abstentions; and 87,240,596 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude that the resolution to appoint Mr. Kontopoulos for a term of 4 years has been adopted. I congratulate Mr. Testa, Mr. Kontopoulos with their appointments. We will proceed to the next item.

The tenth voting item is the proposal to appoint KPMG Accountants NV as Euronext external auditor to audit the financial statements for 2026 and to perform a limited assurance engagement over the CSRD report. In accordance with Article 27.3 of the Articles of Association of Euronext N.V., the meeting is asked to appoint KPMG account NMV as the external auditor to audit the financial statements for the financial year 2026 and to perform a limited assurance engagement over the CSRD report. Are there any shareholders who have comments or questions about this item? I know that no comments are made and no questions are asked. I suggest to vote on the proposal to appoint the external auditor. Are there any shareholders who wish to vote against the proposal to appoint the external auditor? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per law. 1,469 votes against this item; 1,106 votes as abstentions; and 87,965,569 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude the proposal to appoint KPMG Accountant CMV as the external auditor to audit the financial statements for 2026 and to perform a limited assurance engagement over the CSRD report has been adopted. We will proceed to the next item.

The 11th voting item is the proposal regarding the cancellation of the company's own shares purchased by the company under the share repurchase program on the 29th of January 2026, the company announced that we had completed the share repurchase program that we had announced on the 6th of November 2025. The purpose of the program was to reduce the share capital of Euronext, and therefore, it is proposed to the general meeting to cancel 1,967,993 ordinary shares, own ordinary shares, which were purchased under the aforementioned share repurchase program. Are there any shareholders who have comments or questions about these items? I know that no comments are made and no questions are asked. I suggest to vote on the proposal regarding cancellation of the company's own shares purchased by the company under the share repurchase program. Are there any shareholders who wish to vote against the proposal regarding the cancellation of the company's own shares purchased by the company under the same -- the share repurchase program? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per laws. 686,481 votes against this item; 504 votes as abstentions; and 87,281,159 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude the proposal regarding the cancellation of the company's own shares purchased by the company under the share repurchase program has been adopted. We will proceed to the next item.

Agenda Item 8 contains 2 proposals. The first proposal is to designate the Managing Board as the company body to issue ordinary shares, which is voting item #12. The second proposal, voting item 13 is to designate the Managing Board as the competent body to restrict or exclude the preemptive rights of shareholders in relation to the shares that would be issued on the basis of the approval of voting item 12. As you are aware, the first proposal concerns the extension of the designation of the Managing Board as per today for a period of 18 months as the competent body to issue subject to the approval of the Supervisory Board, ordinary shares and grant rights to subscribe for ordinary shares up to a total of 10% of the currently issued ordinary share capital, such in accordance with what is set in the explanatory notes to the agenda.

The second proposal concerns the extension of the designation of the Managing Board as per today for a period of 18 months as the competent body to subject to the approval of the Supervisory Board to restrict or exclude the preemptive rights of shareholders. I refer to the explanatory notes to the agenda for further details.

Are there any shareholders who have comments or questions regarding these 2 items? I know that no comments are made and no questions are asked. You are requested to separately vote on the proposal to designate the Managing Board as the competent body to issue ordinary shares and to restrict or exclude the preemptive rights of shareholders. Are there any shareholders who wish to vote against the proposal to designate the Managing Board as the competent body to issue ordinary shares? Are there any shareholders who wish to abstain from voting?

I affirm to the meeting that we have been selected to vote as per law. 36,274 votes against this item; 704 votes as abstentions; and 87,931,166 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude that the proposal to designate the Managing Board as the competent body to issue ordinary shares has been adopted. Are there any shareholders who wish to vote against the proposal to designate the Managing Board as the competent body to restrict or exclude the preemptive rights of shareholders? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per law. 2,022,336 votes against this item; 670 votes as abstentions; and 85,945,138 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude that the proposal to designate the Managing Board as the competent body to restrict or exclude the preemptive rights of shareholders has been adopted. We will proceed to the next item.

The 14th voting item is the proposal to authorize the Managing Board subject to the approval of the Supervisory Board to acquire ordinary shares in the share capital of the company on behalf of the company of up to 10% of the issued ordinary shares at the time of the purchase. For further details, I refer to the explanatory notes in the agenda. Are there any shareholders who have comments or questions about this item? I note that no comments are made and no questions are asked. I suggest to vote on the proposal to authorize the Managing Board to acquire shares, ordinary shares in the share capital of the company on behalf of the company subject to the approval of the Supervisory Board. Are there any shareholders who wish to vote against the proposal to authorize the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company? Are there any shareholders who wish to abstain from voting?

I affirm the meeting that we have been selected to vote as per law. 470,508 votes against this item; 14,728 votes as abstentions; and 87,482,908 votes in favor of this item.

Thank you. If there are no further votes against and no further abstentions, I assume that the remainder of the votes are in favor. I conclude the proposal to authorize the Managing Board to acquire ordinary shares in the share capital of the company on behalf of the company of up to 10% of the issued ordinary shares at the time of the purchase has been adopted.

Any other businesses, if any of the shareholders present at this meeting wish to make an announcement, raise any other issues or put any remaining questions to the Managing Board or the Supervisory Board, this would be the time to do so. Please?

Thank you very much. It's more of a general statement and 1 question on what you might call a strategic perspective. But I should like to begin with expressing our appreciation for Euronext, your work, your achievements and the constructive relationship that we have. Of course, you must be aware that we are always extremely hesitant to welcome any encroaches into the world of crypto. But beyond that, we are very appreciative, and I would also like to take the opportunity to express our thanks and our appreciation for the very constructive relationship over the recent period also that we've had with Euronext in the Netherlands, where we have cooperated on a couple of issues in which, for example, we made joint statements on the importance of the capital markets, financial markets and the importance of Europe.

And it's, therefore, of course, very impressive and interesting also to see that you fully embrace the need for European strategic autonomy and that just although these may be taken to be symbolical measures, but you have launched funding days promoting the financing of the defense sector and you support employee serving as reservist. So we fully welcome that.

Now, of course, you, Mr. Chairman, you may very well be a great UBS fan. We take that to be the case. We also take that you must, therefore, be a fan of 6 swiss exchange. Let's not discuss clearing and settlement. The issue is whether you agree as a company that Europe in the face of strategic autonomy stands to gain by further consolidation of exchanges. This is, of course, the way on which Euronext very clearly and very decidedly has set out. We see other parties suggesting, no, no, no, it would be a very good idea if there is competition of exchanges within Europe. But are you very much in favor of further consolidation? You have already expressed this where regulation and supervision is concerned. So that would be a more generic strategical question.

I will answer your question, which was at the end of your remarks about European consolidation. Euronext is an open project. It is built, it's designed, it operates to be the home of all the market infrastructure that are seeking scale, efficiency and global relevance. So we will welcome any dialogue with any exchange that is willing to engage in any consolidation discussion. And that's the only way of answering your question because M&A is a consenting game. So you need a willing buyer, but you need also a willing seller. So whether Euronext is a willing buyer of certain assets where there is no willing seller is relevant -- is irrelevant. It's a dead end. So what I can confirm is that, as we have done in the past, in 2018, when we welcome the Irish Stock Exchange in 2019 and we welcome Oslo in 2020, when we welcome CSD platform in Copenhagen VP Securities in '21, we welcome in '25, we welcome Athex. We will be open to further consolidations, but you need to have a dynamic understanding. .

One thing is clear, the platform we have built when it comes to operations with the single liquidity pool, a single order book, the single technology platform when it comes to governance, with our federal governance, with our college of regulators, when it comes to the culture of mutual respect of the best man or the best person for the job, irrespective of citizenship and nationality and passport, when it comes to management team with CEO from Portugal, who has replaced a French CEO and CFO from Italy was replaced a French CFO, a General Counsel from the Netherlands was replaced by a French General Counsel. When it comes to all sorts of functions, we are an open house, which is open for the ones who want to be part of these adventures.

We do believe as an organization that we are all better off succeeding together rather than failing separately, but it's up to us to decide how other organizations in other parts of Europe want to shape and frame their future. We are available. That's the short answer.

And just a couple of comments from my perspective on behalf of the Supervisory Board and myself, I left UBS 5 years ago. I'm very fond of the company and have a lot of relationships in Switzerland, but I'm here in my capacity as Chairman of the Supervisory Board of Euronext N.V. As it relates to the strategy, the Supervisory Board continues to be very supportive of the strategy of the Managing Board. This company has been built very successfully through acquisition transactions and M&A transactions. And so clearly, it is a strength of this company to be able to rely on an exceptionally well-oiled machine that is able to integrate complex assets and complex realities and extract shareholder value. Obviously, that is the strength of this company.

However, as pointed out by Mr. Bucha in his presentation, the company has been very much engaged and committed to develop organic growth and endogenous growth through real industrial projects to serve the European capital markets and to make the company stronger and better for its clients and for its stakeholders. And so the reality is that with or without M&A, we're here to support the investments, the organic growth, the endogenous growth of this company, the investments in technology that have been tremendous in this company over a prolonged period of time. The results you see today over the last 2 years are the hard work on all of these fronts by the company. So with or without M&A, we look forward to -- we look forward generally to a much brighter future that would be equal or better than the past for the company. Thank you.

With that, I conclude that I don't see any other shareholders wishing to make announcements or remarks, and therefore, I hereby close this Annual General Meeting, and thank you all for your patience and for your presence. Thank you.

Hello, and welcome to the Euronext's First Quarter 2026 Results Conference Call. On today's call, we have Stéphane Boujnah, CEO and Chairman of the Managing Board; and Giorgio Modica, CFO. Please note, this conference is being recorded. [Operator Instructions]

I will now hand you over to your host, Stéphane Boujnah, to begin today's conference. Please go ahead, sir.

Good morning, everybody, and thank you for joining us for our next first quarter 2026 results call. Apologies for this delay of a few minutes. I'm Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of this record quarter, and I will provide you with an update on our progress with the Innovate for Growth 2027 strategic plan. Giorgio Modica, the Euronext CFO, will then cover the main business and financial highlights of the first quarter of the year.

I'm now on Slide 4, and I will start with the overview of the first quarter 2026 highlights. I'm very pleased to share that the Euronext has extended its strong growth trajectory. We have achieved a net consecutive quarter of double-digit growth across revenue, a double-digit growth across EBITDA, double-digit growth across EPS. The excellent start of the year translated into record underlying revenue and income of $528.5 million, up plus 15.3% year-on-year.

Growth remained broad-based and was accompanied by clear operating leverage. Our adjusted EBITDA increased faster than revenues to EUR 343.2 million, up plus 16.7%. As a result of our cost discipline, Euronext adjusted EBITDA margin reached 64.1%, represented 0.8 percentage point improvement compared to the first quarter of 2025 despite continued investment in strategic priorities to build the company fit for the future.

Adjusted net income increased by plus 17.7% to $216.1 million. Adjusted earnings per share rose by plus 18.3% to EUR 2.13 per share, underscoring our strong profitability or disciplined cost management and the consistent value creation for shareholders. This remarkable performance demonstrates the resilience of our diversified revenue mix. non-volume-related revenue accounted for 56% of total revenue and income and increased by plus 13.4% year-on-year.

This strong performance was driven by the contributions of admin control, but also the contribution of Euronext Athens alongside commercial expansion and continued sustainable growth in custody and settlement. We also recorded the best start of the year for primary markets over the past 3 years. Volume-related revenue increased by plus 17.7%, driven by elevated market volatility, resilient revenue capture, strong market share management and Euronext Athens and 2 very dynamic weeks of power futures.

Our underlying expenses, excluding D&A, amounted to EUR 185.3 million, representing an increase of plus 12.7%. This cost dynamic reflects our disciplined investments in innovation and talent to support long-term growth and to build the company fit for the future as well as the impact of recent acquisitions. Year-on-year, Euronext average head count has grown by more than 20% and by nearly 30%, including contractors. Excluding impact from acquisition or underlying costs, however, grew only by plus 5.2%. Net debt to last 12-month adjusted EBITDA stood at 1.1x at the end of March 2026, placing leverage at the lower end of our targeted range of 1 to 2x. This level is measured prior to upcoming cash outflows such as the payment of the dividend in the coming days.

As a reminder, at today's Annual General Meeting, we will propose the distribution of a dividend totaling $321.5 million. This represents an increase of nearly 10% in the dividend compared to last year. Turning to Slide 5, I will walk you through our latest progress and update on the delivery of our strategic plan because beyond delivering strong financial performance Euronext delivers strong transformation of its business profile.

Since the beginning of the year, we successfully expanded and mean controls offering in France and boarding our first French clients and demonstrating the scalability of this platform beyond its core Nordic markets and the added value of Euronext as an enabler to pan-European growth. At the same time, the product road map admin control has accelerated. And I mean control launched AI-powered search for virtual data homes as well as competent assessment models embedded directly within the admin control board portal, a first of its kind offering in Europe.

The successful launch of Power Futures represents a major milestone in the execution of this strategic plan. We are not present in an asset class where we were not present in the past. The transition was executed seamlessly with 100% of open interest migrated to Euronext. A broad base of market participants were active from day one. demonstrating strong client confidence in this new and large offering of Nord Pool.

Our offering strengthens European energy market infrastructure supports greater market integration across the continent, and it helps ensure that energy price discovery and risk management remained anchored in Europe. Early training activity confirms the relevance of the Euronext integrated trading and clearing model, reinforcing our position as the reference and leading marketplace for Nordic and Baltic power derivatives.

In April 2026, Athens Exchange Group became Euronext Athens. This marked a key step in the integration of Greek Capital Markets into Euronext. Euronext also integrated a technology and support center in Athens, positioning attends as a financial and technology hub in Europe and creating more opportunities for group level cost management efficiency within Euronext. Euronext has confirmed the next step of the integration time line with the migration to uptick planned in June 2027.

Earlier this year, as you may have noticed, MSCI and stocks announced their decision to upgrade the Greek capital market to develop market stature. This milestone reflects a strong growth of confidence in the growth trajectory of the Greek Capital Markets, and it opens positive prospects of development of liquidity within the Greek market. In July 2026, we will offer our clients a fully integrated European repo solution.

New international participants, including European banks, American banks and debt management offices are joining Euronext clearing for repo clearing services for the first time. In parallel, more than 30 existing clearing members are expanding their scope beyond Italian debt to all European sovereign debt. Euronext will further enhance the platform with the introduction of an efficiency or an efficient sponsored access model for buy-side clients. This will complete the delivery of a fully competitive offering for repos.

Our CSD expansion is showing real momentum. As announced previously, in September 2026, Euronext Securities will become the CSD of reference for for equities and ETFs in Belgium, France and the Netherlands, complementing the existing markets in Denmark, Greece, Italy, Portugal and Norway. In December 2025, we announced significant partnerships with the leading issuing agents in Belgium, France and Netherlands. These partnerships are absolutely essential to shift issuance and custody to our new Fit for the Future European CSD solutions.

Thanks to those partnerships, additional insurers have committed to transfer their issuance to Euronext securities, and we have recorded the first listing on Euronext Amsterdam directly issued on Euronext securities. Now things are getting real and things are accelerating. 4 months prior to the launch, leading custodians, confirmed they are supporting the model and that they are actually getting ready to connect their clients to Euronext securities. We are building this model together with all clients together with the leading custodians.

We have received significant support for the initiative from clients such as BNP Paribas, Citi and Credit Agricole [ cases. ]September 2026 marks the start of a scalable and efficient European post-trade model that will generate long-term value for issuers and investors. And we are doing together with the custodians and together with the issuance agents. We continue to invest in growth and maintained a very strong financial position.

In January 2026, we completed the $250 million share repurchase program announced in November 2025. We have secured refinancing until 2028, including the repayment this week of the remaining portion of our 2026 bonds. As at the end of March 2026, our cash position exceeded $1.7 billion, and our leverage ratio stood at 1.1x net debt to adjusted EBITDA at the lower end of our targeted range. This financial strength provides us with significant strategic flexibility for the coming quarters.

I will now hand over to Giorgio for the business and financial review of the first quarter 2026.

Thank you very much, Stéphane, and good morning, everyone. Let's now focus on the drivers of this strong start of the year. I'm now on Slide 7. This quarter, we delivered record results and double-digit growth in nonvolume-related activities, trading and clearing. Total revenue and income in Q1 2026 reached EUR 28.5 million, up 15.3% compared to last year. 56% of revenue and income was non-volume related despite the strong volatility. This is part of our revenues covered 159% of our underlying operating expenses, excluding D&A. .

Let's take now a closer look at the key drivers behind this continued growth trajectory, beginning with non-volume-related revenue and income on Slide 8. Starting with Security Services. Security service revenue reached EUR 91.6 million in the first quarter of 2026, a solid 9.8% increase compared to the first quarter of 2025. Custody and settlement revenue grew by 11.4% compared to the first quarter of 2025 to EUR 84.4 million. This steady performance was driven by the growth of asset under custody, which reached EUR 7.6 trillion in March 2026, up 7.1% year-on-year and dynamic settlement instructions.

The growth was also supported by the first full quarter contribution of Euronext Securities Athens. Other posttrade revenue declined by 6% compared to the first quarter to EUR 7.2 million. This decrease is mainly due to the migration in June 2025 of Italian markets through our harmonized clearing framework, offering clients both cost savings and more efficient and resilient clearing system.

Net treasury income was down 11.6% compared to the first quarter of 2025. This decrease is mainly due to the migration of the Italian market the new clearing framework, offering clients margin efficiencies. As a reminder, the positive impact from power future on net treasury income is not fully captured this quarter as the migration happened only in mid March 2026.

Turning to Capital Markets and Data Solutions on Slide 9. Revenue reached EUR 185.9 million, marking a 18.2% increase compared to the first quarter 2020. Primary market generated EUR 52.3 million of revenues, up 12.8% compared to the same quarter last year. our listing business delivered the best first quarter in 3 years in terms of new listing activity despite the volatile market environment. The performance was supported by solid follow-on activity, strong growth in ETF and the contribution of Euronext Athens.

Advanced Data Solutions revenue grew to EUR 69.3 million, up 6.5% compared to Q1 2025. This resilient growth highlights the strong retail demand the ongoing monetization of our diversified data set and the contribution of Euronext Athens. The number of retail investors looking at Euronext data has doubled in 2 years, and the momentum is not slowing down, signaling a revival of retail investor engagement in Europe.

Corporate and Investor Solutions and Technology Services reported EUR 64.3 million of underlying revenues in the first quarter of 2026, up 40.1%. This remarkable performance reflects the integration of admin control and Euronext Athens, along with the continued rapid expansion of Euronext colocation and logical access services and investor solution.

Finally, as we discussed last quarter, the recognition of admin controls contract liability under IFRS 3 led to a EUR 1.8 million reduction of reported revenues with no impact on cash flows. As a reminder, this impact of EUR 0.6 million per month run until May 2026, which is 12 months after the closing of the acquisition of admin control.

Moving to our volume-related activity now on Slide 10. Revenue from FICC markets reached EUR 95.5 million, delivering a 5.3% increase compared to the first quarter 2025. Fixed Income Trading and Clearing revenue grew by 0.3% to EUR 52 million, the slight reduction of MTS cash volumes is mainly linked to the impact of the conflict in widening of the bid offer spread. This trend seems now fully reversed in May 2026. Further positive notes for the quarter are the triple-digit growth in volume from Portugal and Spain, improving the geographic diversification of our fixed income business the strong growth of D2C and the very dynamic retail participation.

Commodity trading and clearing revenue increased 13.9% to EUR 33.8 million in the first quarter of 2026. This performance was supported by the continued growth in intraday and they had volumes and 2 weeks of contribution of our new Nordic Power future business. FX trading reached EUR 9.8 million, up 5.8% compared to the first quarter of 2025. This performance is the result of record volumes in and precious metal trading supported by higher market volatility, while this has negatively impacted our revenues in euro. Like-for-like and at current currencies, revenue increased by 17.5%.

Continuing with our review of volume-related revenue on Slide 11. We Equity market revenue increased 28.1% compared to the first quarter 2025, reaching EUR 138.9 million. Cash equity trading and clearing revenue grew 8% compared to the first quarter 2025, reaching EUR 123 million. Average daily volumes traded on Euronext's cash market increased to EUR 16.6 billion with an 18.8% year-on-year increase on a pro forma basis, including tax.

This quarter, Euronext reached an average revenue capture on cash trading of 0.51 basis points Euronext market share on cash equity averaged 64.1%. The performance this quarter was also supported by a strong contribution from Euronext Athens. Lastly, financial derivative trading and clearing, revenue was at EUR 15.9 million, a 10.8% increase compared to the first quarter of 2025. This robust performance reflects strong revenue capture and the contribution of Euronext Athens.

Moving now on with the EBITDA bridge on Slide 13. Euronext reported EBITDA for the quarter grew by 15.2% to EUR 339 million, mainly thanks to EUR 34.8 million of organic revenue growth at constant currencies and EUR 36.2 million of additional revenues from Euronext Athens and [ Armin ] control. This was offset by EUR 8.45 million of additional cost constant perimeter and EUR 13.9 million from change of scope. Euronext reported EUR 2.4 million of non-underlying expenses in Q1 2026.

Around half of this amount relates to the integration cost of admin control and Euronext states and a reminder to other non-underlying costs for the quarter. In total, nonunderlying revenues and expenses, including -- excluding D&A accounted for EUR 4.2 million. Euronext adjusted EBITDA for the quarter grew 16.7% to EUR 343.2 million with adjusted EBITDA margin of 64.9%, up 0.8 points compared to the first quarter of 2025.

Moving to net income on Slide 14. Adjusted net income this quarter reached EUR 216.1 million. Depreciation and amortization increased by EUR 1.9 million, up 4% with respect to the first quarter of 2025. This increase is mostly explained by the contribution and inclusion of the PPA related to or in control.

Net financing expenses increased by EUR 5.1 million, EUR 1.7 million of this increase are noncash interest expenses related to the convertible bond issued in May 2025, while the rest is mainly linked to the refinancing of our bonds due in 2025 and 2026. I remind you that there are no further maturities until 2028. I Income tax increased by EUR 6.8 million as a result of the higher profit before tax this quarter. The effective tax rate decreased to 26.4% for the quarter. Share of noncontrolling interest increased by EUR 3.6 million, mostly due to the strong performance of North pool and the consolidation of Euronext Athens.

As a result, the reported net income share of parent company shareholders reached EUR 192.3 million in the first quarter of 2026, up 16.7% compared to the same quarter last year. Moreover, adjusted EPS was at EUR 2.13 per share this quarter, up 13.8% compared to the same quarter last year. Reported EPS was at EUR 1.9 per share, up 17.3% compared to Q1 2025.

I conclude with cash flow generation and leverage I'm now on Slide 15. In the first quarter of 2026, Euronext reported and net cash flow from operating activities of EUR 499.8 million compared in the first quarter of 2025. This increase reflects higher profit for tax and a strong change in working capital in Q1 2026 at EUR 183.4 million versus minus EUR 37.4 million in the first quarter of 2025. Excluding the impact from the change in working capital, net cash flow from operating activities accounted for 107.6% EBITDA in the first quarter of 2026 versus 81% in the same quarter last year.

Net debt-to-EBITDA ratio was at 1.1x at the end of the quarter. This ratio is prior to the payment of the EUR 322 million dividend in May 2026 in the next coming days. The second installment payment of $89.3 million to NASDAQ for the migration of our future, which includes a very high level of cash in transit at Nord Pool.

And with this, I now would like to give back the floor to Stéphane.

Thank you, Giorgio. As you have heard it this quarter, we have accelerated the delivery of our strategic plan, supported by for sure, favorable market conditions and our very solid financial position.

Before I conclude, let me briefly remind you just how excellent the start of the year has been with record-breaking performance across all our businesses. First, when I look at non-volume revenues, when I look at a few examples in post-trade in listing in technology and data, in March, we processed over 15 million settlement instructions, marking the highest monthly ever recorded. In April to continue and post trade the assets under custody in Euronext securities exceeded EUR 7.8 trillion at plus 9% increase compared to April 2025.

In -- when we move to listing in January, we welcome the world's largest IPO ever of a defense company on Euronext, underlining the attractiveness and international relevance of our markets. Again, our start of the year in listing was quite strong despite high market volatility, and they are very promising projects in our IPO pipeline, including from companies that are not domiciled within Euronext countries. We are becoming the home for international companies that want to be listed in Europe.

When we move to technology, as we continue to integrate markets and broaden our product offerings, our co-location services are becoming increasingly relevant for multi-asset clients with demand accelerating very sharply. At the same time, we saw record levels of data consumption driven by growing interest from retail users. But if we are now moving to the volume-related businesses, beyond equity in energy and fixed income, let me highlight a few numbers.

April was the highest month ever in terms of daily volumes for the intraday power market. 1/3 of intraday market activity now flows through on pool. On equity on March 20, a new record was broken with over $38 billion traded in 1 single day on our cash equity markets, and we continue to see this strong dynamic in Q2. On May 6, we reached a new record in fixed income with close to EUR 94 billion traded in a single day on our MTS cash markets. And this strong trend continues to be supported by sustainable growth in non-Italian government-operated and the expansion of our D2C platform.

So with this dynamic start of the year, we are confident that there are many more records ahead of us. And as we widen our presence across new geographies and asset classes, thanks to the delivery of our strategic plan. Because I really want to convey this conviction that above and beyond delivering strong financial performance, the Euronext teams are delivering strong industrial projects that are fundamentally transforming the group in order to build more diversified, scalable and resilient revenue generation. as we are building together the company fit for the future.

Thank you for your attention. We are now ready to take your questions.

[Operator Instructions] The first question comes from Andrew Lowe from Citi.

Your equity markets revenue capture was stronger than expected in Q1. So I was hoping you could isolate what the revenue capture was in Euronext Athens, how that compares to prior quarters? And how this compares to the rest of the group? Are there any unusual conditions to explain the higher-than-expected revenue capture in this business in Q1?

So I'll give the floor to Nicolas Rivard, who runs our cash equity trading business. .

Thank you for your question. And indeed, I appreciate it's not always easy to assess the yield -- the revenue capture on cash equity. So to answer your question first, the revenue culture on the Euronext market outside of Athens has been very strong. So it's not driven -- it's at is relative to the yield, but to a lesser extent.

So let me give you 3 points so that it will help you to understand and try to assess the yield moving forward. the #1 driver of the yield is the volume. The higher the volume, the lower the yield, and this is clearly in this quarter compared to Q1 2025, an important driver of the -- the second driver of the yield, which is much more complicated for you to assess is the mix of participants, some more liquidity providers in the book, the less the yield and vice versa.

And the third element of the yield is the order size, which in Q1 '26, has been strong compared to Q1 '25. So if you look at driver #1, obviously, this brings the yield down, but driver #2 brings the yield up in Q1 '26. And I will give you 1 proxy to help you maybe moving forward to analyze the yield capture, is to look at the auction weight on overall Euronext volumes. The higher the auction weight, the less liquidity provider in the book.

So the highest the yield is to -- as a proxy for you -- it's not perfect, far from it because even in Q1 '26, we saw less liquidity provider in the book during the continuous phase than in Q1 '25, but it's a good proxy to help you analyze the second driver of yield capture.

The next question comes from Mike Werner from UBS.

I was just on mute there. Two questions from me, please. First, on the CSD. You sounded quite optimistic about the progress and the development. I know in September, you were scheduled to switch over the settlement activity to Euronext securities. I was just wondering how you think about opportunity in the custody and on the issuance side? And how long do you think that might take to come in over the subsequent months and/or quarters? That's number one.

And then number two, just any updates and apologies if I missed this, in terms of your roll-up strategy for the remaining outstanding FX shares.

I will answer the question on the -- taking a [ Atex-private ] and Pierre the head of post trade business will answer your question on the custody segment. As far as Atex is concerned, the ambition and the plan is to proceed towards taking Atex as a listed company to take it private. So we are exploring various avenues to achieve these objectives through all sorts of corporate solutions that are available, but we are confident that we can proceed towards a objective by the end of this year, but ultimately, in order to facilitate the integration and to deliver the full potential of the synergies, Atex will become a fully owned company of the Euronext Group.

I will now address the question on the CSD expansion. As you remember, in September, we will go live with the new settlement model. But when it comes to issuance and custody, let me be a bit specific. So first, on issuance. As we shared, we have now a number of issuers who are committed to move their shares to Euronext securities. And we have actually started or triggered the process to execute such migrations, which we expect to happen after the summer. So this is progressing.

And as you know, issuers we want to follow first movers. And we have these first mover for which we are executing the migration and we, therefore, expect more issuers to follow past once this first wave of migration will have been executed. When it comes to the custody, it's quite simple, right? In September, we offer a new product. We offer a new option to the market. And some of the leading custodians, as Stéphane mentioned, are working with us to allow their clients to custody their assets with us. So what we expect is a gradual ramp-up of the volumes considered with us over the next quarters.

Our next question comes from Benjamin Goy from Deutsche Bank.

Two questions, please. First, if you could confirm on the Nordic power derivatives. I mean it looks like to me, you have about 90% market share. Just wondering how this has developed and whether that's a correct number after now you're live for 2 months?

And then secondly, a bit of a longer-term question on your FTEs, so they went up in 25 significantly to above 3,000. And then naturally, it's driven by acquisitions, but I think also outside of acquisitions, given you a strategic growth objectives. Just wondering, it is now a bit more at and considering how given you employ many engineers, whether you seem like they become much more productive with the rise of AI and you can scale this business much more Yes. .

So I'll answer your questions on the number of FTEs and Camille Beudin, who is the Head of our Diversified Services and and directly in charge of Power business, we'll answer your questions about the dynamic around the power derivatives market share.

On your question of FTEs, we have significantly increased the number of people working for Euronext because we are engaged in something which is a profound transformation of the group to make the company fit for the future, which means that we hire people to develop new technology to market new services to operate new solutions. Clearly, we intend to ramp down some of these resources when some of those projects are delivered and as they are delivered. So you should consider for sure, that it is a plateau.

We are not entering into a sort of uncapped inflation of the workforce. There is no intention to continue growing the workforce, but we do need to have the best talents to deliver with the right level of speed, all the projects that we want to do because if we -- when we are successful with delivering the CID expansions, the new convergence platform, the repo clearing solution, the full scale of of power trading derivatives and a few other projects that are slightly less visible to you than when all those projects are delivered, that will be a contribution of new scalable, resilient source of revenues that will be fit for an environment with potentially less volatility.

So we do need to deliver those solutions, and we need the right people to do it. When it comes to AI, it's clear that we are in the process of deploying AI solutions within a significant number of teams. And I can confirm that we are confident that this will have impact in the resources available because a significant percentage of our -- in particular, technology work, will be benefiting from the deployment of those AI solutions.

What do we do with this incremental capacities that will be generated we allocate them to new projects without changing the cost base, although we restructure the cost base is a debate that we are having like many companies as we speak. So no, there is no ambiguity on the fact that our commitment to deploy AI across the company beyond technology is there, and there is no ambiguity about the fact that it will have an impact in terms of generating additional capacity.

Over to you, Camille, on the power derivatives.

Yes. Thank you, Ben, for your question. And you're absolutely right. The results since the launch of our power derivatives offering on the 16th of March has been super strong. The volumes have been growing nicely, and the market share, as you described, is around 90% and has been very consistent since the launch of the product.

The next question comes from Grace Dargan from Barclays.

Maybe if I could just ask one, coming back on the cost point. It's obviously been a really good performance in the quarter maybe you can help us break that down a little bit more. So I'm just trying to think how much kind of spend within there? And how should we be thinking about the investment spend phasing going forward?

And then secondly, I guess bigger picture around there any key catalyst you're watching over the next 6 months that we should be thinking about?

So I'll take your second question on the impact on the business of the current dynamic on the saving Investment Union. And Giorgio will answer your question on cost and investment. .

On your first question, it's clear that there is an unprecedented momentum to deliver Capital Markets Union for real or saving investment union and I've been around for the past 10 years and I've never seen something as powerful, ambitious and concrete with the right focus of PC makers as what we are experiencing since the release in December, of the paper of [ Mesa Albuquerque, ] Portuguese Commission in charge of of financial services. And the commitment of the commission is consistent with the commitment of the European Parliament, which is going to discuss the matter over the summer and above above the parliament commitment, the commitment of the council with the 6 ministers of the sixth largest economy in Europe, the Minister of Economy of Germany, France, Italy, Netherlands, Poland and Spain, having aligned their views to deliver saving investment union for real now.

What is going to be the impact on our business. The most visible part of of this project is the move towards single supervision. For a company like Euronext, it would be a significant simplification of the way we operate because instead of interacting with depending on the durations supervisors, we will have 1 interlocutor, which would be a sort of federal single supervisor that will simplify many things and that will accelerate scale. But beyond that, which is more a sort of framework issue, there is an ambition to accelerate the the transition of retail investment towards lit markets and towards long-term financial risk.

So I think the most profound transformation for a company like us is that there is now a commitment to create all sorts of tools to make sure that the EUR 13 trillion of savings that exist in Europe that are under-invested in in long term in the financing of risk, hence, in equity is going to find ways to be channeled towards equity markets and towards lead public markets. And that's going to have an impact. It's not -- it may not be spectacular immediately, but it's a profound evolution that will make over time the EU market closer in terms of the allocation of household savings to the -- to what we can observe in the U.S.

And the third aspect is that there is a clear intention to make sure that systematic internalizers, bilateral trading, all the dark pools, all the buffers that had been invented in MiFID II to create flexibility or to large in scale blocks is back to their initial purpose. And there is a clear intention to protect the lit markets and to make sure that large liquidity pools with narrow spreads with a very asymmetric type of market participants gather in a transparent manner on an order book.

And I believe that also on that front, we may be in a situation in a few years' time, where the share of the trading that is done on lit market versus the one that is done in all sort of bilateral platform is going to change in favor of lit market. All I'm saying is part of the discussions that are taking place now with a timetable for conclusion, which should be quite fast by European democracy standards.

I mean, clearly, we don't have any one in Europe who can take a fat pen and sign an executive order. We are democracy of European countries. They're trying to address the challenges that they are facing in Europe together by talking and deciding through deliberation. So it takes more time, but I think consensus is being built.

Over to you, Giorgio.

Thank you very much. With respect to cost, the underlying cost for the quarter is EUR 185 million, which might lead to think that we are running short with respect to the target of EUR 770 million for the end of the year, which, by the way, we confirm. The point is that, as you know, there is a seasonality in costs and Q1 tend to be lower and Q4 tends to be higher.

And this is the reason why -- I believe one should avoid being overoptimistic in Q1 and are pessimistic in Q4 as it usually happens. So what I would say is the following: we should expect an increase of cost in the second part of the year as it usually happens. Stéphane has highlighted, the key reason for that there is no better moment than investing in new technology now also considering our financial performance.

Then longer term, if we're looking at next year, it's a bit early to answer that question because as Stéphane said, we are in the middle of the debate as what to do with the AI efficiency whether to invest in further growth and expand faster or convert those savings into P&L announcement in terms of margin.

The next question comes from Enrico Bolzoni from JPMorgan.

I would like to go back to the very strong print in equity markets, and thanks for the color you already provided. If I play a bit with the margin that you disclosed the 51 basis point, it looks like that actually clearing of cash equity was particularly strong over the quarter. So my first question is, is that the case? And how much of that has to do with Artix?

And second point, precious that the strong print was due to things and not just ate, but the understanding is that OpEx is actually margin enhancing for the group. So my question is, as you deepen the integration of [indiscernible] and perhaps you migrate to uptick, is it reasonable to expect that the OpEx margin will as they are? Or should we expect that to use might come down a bit to align a bit more with the rest of the group?

So Giorgio is going to take your question.

Yes. So thank you very much for your questions. So when it comes to the clearing, is it first to say that a big part of the announcement it come from Artix, this is a fact. So good -- well spotted. The other element when it comes to a progressive convergence, the first element is -- what I would say is that on the trading side, Artix is margin enhancing, but the delta in terms of pricing is not as significant as in other parts of the business.

And then clearly, in the band of integration, we are considering alternatives at the moment, but the ambition objective is that any integration of convergence that we might achieve would not be arrived at the expense of profitability. So clearly, we will need to adjust cost and revenues accordingly.

The next question comes from Hubert Lam from Bank of America.

I just got 2 questions. Firstly, I just want to dig around the power futures a bit more. Can you talk about how much power futures contributed to Q1 revenues. I know it just came in mid-March. And also, what do you expect the run rate revenues to be going forward from our futures. That's the first question.

Second question is, can you just give us an update on succession planning, as I know, Stéphane, you expect it to leave for next year?

Okay. So I'll take the question on succession and Camille will take the question on Power. So on succession. So I'm going to complete my third term at the next general meeting in May 27. And the Supervisory Board is managing the succession process to discussions with to identify potential internal successors or successors and to eventually or possibly look at the market.

Clearly, it's a very structured process with the support of an international enter or advisers in Talent Search. And the ambition is to identify the right person by the end of this year, so that some form of minimal transition in the first month of '27 can be implemented.

I can tell you that I'm fully committed and since the very last minute to the development of the business. We are performing very well, but we are transforming the organization. And this transition is going to be done in a very smooth and extremely structured manner. And as -- but it's conducted by the Supervisory Board and special committee of the supervisory that includes almost, I think, 5 or 6 members of the 10 members Supervisory Board.

Over to you, Camille, on Power.

So you enter your question on the power derivatives contribution. So you have in the P&L of Q1 2026, 12 trading days because we as you know, opened the service on the 16th of March. And the contribution that you see in the P&L for the power derivatives business is around EUR 0.8 million for the quarter.

And that is split in various lines in the P&L because you have a contribution that you could see in commodities trading and clearing revenues you have as well a contribution that you see from the cash we generate through NTI in this line of the P&L. And you have as well some revenues that we book for connectivity and market data is that you see in the relevant business line. But if the EUR 0.8 million that we booked during the quarter is a good proxy for you to look at the future contribution of that piece of business.

The next question comes from Julian Dobrovolschi from ABN AMRO-ODDO BHF.

I have 2. On the CSD migration on the settlement side for the coming September. I was wondering what proportion of the cross-border settlement volume in Belgium, France and the Netherlands, this custodians control that you signed in the same box environment at this point in time? And what's your committed migration share at the glide versus what you will see during the testing phase. That's my first question.

And the second one is on NTI. Really quick, if you can please quantify what NTI run rate should we assume once the repo expansion in Power future collateral are fully reflected. I'm assuming that the repo power features and CD migration will a have a positive impact on NTI and some of that we'll see happening already as of the second quarter.

So Giorgio will take your questions on the net treasury income. And Pierre Davoust, the head of the posttrade will take your question and market share ambitions in roughly correct terms rather than precisely wrong terms.

Giorgio, on NTI.

When it comes to the NTI, yes, it's right. What you shall assume is is a slight increase with respect to the level that we have had in the first quarter. And again, as we said, because you cannot see you only see 12 days of the increased margin coming from the power derivatives. It's fair to say that deadline of P&L is going to be impacted by many things that will come in the next month and quarter. I name one the progress on repo expansion.

So we cannot be super precise, but for the coming quarter, which means you should assume a level which is marginally higher than the one that we have recorded in Q1 2026.

On your second question, maybe 3 elements of response first. The custodians that have made public their support CT BNP and they represent a very significant think of the settlement activity of trades that are executed on our markets.

Second, beyond these 3 custodians, we are also working with other custodians, which have not been mentioned in the press release, but which are at the same stage of development and are picking the platform with us as well.

And third point, the actual market share or the actual proportion of settlements that will go through Euronext in September, depends contain on this custodians, which enable their clients to settle with us but depends on the actual decision of the underlying client to settle with us. And we are working with clients to maximize the adoption and the speed of the adoption.

But if I may add a more strategic comment to what Pierre said. We are building a complete new offering in France, Netherlands and Belgium, which is going to be very scalable. So the ambition is not to replace 100% the incumbent. The ambition is to build a relevant platform with a new technology framework with a new business model with a competitive price offering with -- which is Fit for the Future, which is G2S-compliant et cetera. And it's going to ramp up progressively.

We are confident that with the support of all the ecosystem around issuance and custody of the relevant assets, we are going to be there in September, but you should expect the ramp-up of the revenues to be slow, but powerful because that will be an alternative offering to an existing monopoly, and that will be over time when it is already in place, more and more relevant. And that's what we're running.

So our ambition and our internal targets do not capture super high or majority market share control, but they target a significant ramp up progressively in the development of our commercial offering. So we are very, very enthusiastic. It will be powerful and progressive.

The next question comes from Ian White from Autonomous Research.

First of all, can I just ask on the cash equity market. If I could turn over velocity since the beginning of 2025, it's higher by about 1/3 versus where it was in 2023 and 2024. And that looks to be part of a wider trend in European equity trading where turnover velocity has has risen quite sharply and busted a long-term trend.

Can you talk a bit about what you see as the structural drivers of that higher turnover velocity on the cash equity market, please? That's question one.

Question 2, on the CSD consolidation opportunity. One of the challenges here is that separating investor custody from the issuer business is typically inefficient with respect to both pricing and the process. So I'm thinking about delays in corporate access notifications, for example, moving from the issuer CSD through to a separate investor CSD, how does your proposed consolidation in Euronext securities, Milan address those challenges, please?

And there's a small supplement to that, might you just be prepared to disclose how many issuers you have in the migration wave that you mentioned? I think you talked about a number of issuers migrating towards the end of the summer. Might you be prepared to disclose what that number is, please?

Thank you. So Nicolas Rivard is going to answer your question about the drivers of the velocity that you are highlighting. And Pierre Davoust, the Head of the post-trade is going to answer your questions on the on the passive challenges of the new CSD expansion ambition.

So on the turnover velocity, a couple of points on my side and it's a lot of -- it's very difficult to give a very detailed and structured answer because there are many, many elements going on.

I think first, the baseline you are referring to 2023 and 2024. It's fair to say that the velocity was -- the volume were low and the velocity was low and the volatility was low. Two, even compared to 2025 standards, as the Q1 2026 volatility is relatively high. We element and days of high volatility, but those were more targeted elements and targeted events, while in Q1 2026, we see a very strong momentum days after days.

And Stéphane mentioned that we -- the record day of cash equity trading in March this year. And so the overall volumes average is very sustainable in Q1 '26. I would not -- I mean that's the second element. The third element is but it's very difficult to assess the future and to the contribution to what you mentioned is a very strong performance and a very strong -- is a very active retail investor on European markets.

Stéphane mentioned a few numbers. I want to repeat them. on Euronext book, retail investor has grown 50%, 5-0 percent compared to last year. So retail investors in Europe are much more active than they were a year ago and by all standards, how they were active 2 or 3 years ago. Giorgio mentioned the very strong performance of our market data retail offering and the doubling of the number of retail investor looking at Euronext data since the beginning of 2024.

So there are a number of elements. Some of them are conjunctural, some of them are structural, but it's very difficult, obviously, to to share and to assess what will be the next -- as the next quarter overall, but mentioned by Stéphane, Q2 is going into the same direction as far and including for the retail participation, which is even stronger in Q2 than it is in Q1.

On the question related to the CD. So first, on the number of issuers who are willing to move as I mentioned, we expect to deliver a very first series of if migrations after the summer, and this will represent a handful of issues. And once we execute that first one, we expect more is worth to follow us.

On your other question related to the potential friction coming from using an investor CSD, a couple of remarks. The first remark is, as I mentioned, we are working on is we are stream as well. So our model is not just to offer to clients so-called investor CSD value proposition where they can connect, but there is no issuance. Our model is to offer a fully fledged European CSD, including issuance. That's the first point.

Second point on the pricing. As you know, the price paid by sea declines is a mix of custody settlement and other services. And for custody, their scale, sliding scales, where the unit price gets lower when the volume gets bigger. When we combine the fact that it's about custody settlement and other services, and the fact that we can create scale in our platform, we are quite confident that we can deliver competitive pricing to our clients, and this has been confirmed by many client conversations we had.

The last point is about the process. The potential frictions can come from the fact that not all issuers have moved to Euronext securities, and custodians move their custody to Euronext securities can come from tax, so the management of withholding tax and corporate actions. On tax, we've raised any potential friction by investing into services that completely has any potential tax friction.

On corporate actions, we've invested into a platform that specifically allows to shrink the time it takes to process the corporate action at our executive level to a level which in many of our client conversation is deemed today competitive. We are using AI technology to process the most complex corporate actions, which, in general, requires the biggest buffer to treat, and we are capable of delivering very strong operating performance in this very specific events.

So I will say, in general, we have invested a lot to make uronic Securities future-proof platform, clipable of allowing clients to manage their European business with us, as mentioned by Stephane. And a specific point of attention in this investment has been tax and corporate actions, which could be the 2 friction points and which we believe we've treated with the investments we made.

The next question comes from Oliver Carruthers from Goldman Sachs.

It's Oliver Carruthers from Golman Sachs. Two questions for me, one on head count and then one on retail. The first question on head count. Can I just confirm your answer to Ben's question was that you said that there's no intention to grow the workforce from this plateau.

As I'm sure you're well aware, the context here is one of your global peers recently announced the major head count reduction exercise that surprised the market even if this -- some of this was linked to divestment in exit activity. And I know you're currently in the investment mode, but just as you think about your overall cost footprint, it sounds like you're in the process of assessing if there's sources of efficiencies that you can extract. I just want to check I've understood the math here.

And the second question, I think it's very interesting that you're talking about this revival of European retail trading contributing to more volumes. And clearly, Stéphane, as you say, lots of upside if household allocation to equities move towards the U.S. Can you share your latest thoughts on [ 24/5 ] for extended hours trading in Europe?

Okay. You're asking 3 different questions, 1 on the headcount, another 1 on the revival of retail trading and then 1 other specific question on our views on 24/7. Maybe I'll take the question on 24/7, the questions on the head count and efficiency. And Nicolas Rivard can be more specific on what you characterize as the revival of retail training. .

On 24/7, the position of the company is quite simple. We want to facilitate training and to offer to clients, investors, issuers what they want. If there is a demand to proceed towards a 24/7 or 24/5 or 23/5 or 23/7, whatever solution is applicable, we will be there. how when it very much depends on the demand that is coming from market participants. It's something that is developing in the U.S.

There is, for sure, less demand and less traction for the moment in Europe, but we are embarked in all sort of projects and initiatives that are not public because the revenue model is being tested internally to address this new momentum. So why not? If we can make money with it. Why not, if it is essential to make the company fit for the future.

But for the moment, the pressure except imitating the U.S., the pressure is not there in terms of fundamental underlying client demand, but it's not because it's not there now that we should not be ready in due course, and that's what we are doing. And by the way, we are extending training hours certain asset classes like commodities, like power when to address specific needs of specific segments of our clients.

When it comes to the cost base and the headcount, I want to highlight a few things. When you neutralize on the cost base, the impact of the change of perimeter a cost base increased by 5% approximately. And we are discussing a lot about the cost base of Euronext in a company that has an EBITDA margin of 65%. So it's not like the decisions we take on cost are challenging the profitability because the profitability of the company is increasing. And the EBITDA margin is increasing more than the cost base. So -- and the revenues.

So I really want to highlight that the sort of superior cost discipline of Euronext compared to our peers is going to be there. Our operational leverage is going to remain part of our DNA is just that we felt collectively that, number one, we had to build a strategic to transform the company and have more scalable, resilient projects like becoming a player in CSDs in countries where we were not CSD for historical reasons, becoming a player in derivatives, asset classes where we are just present on spot, becoming a player in the full fixed income value chain and not only on the trading side of client to dealer but also in the repo clearing of the fixed income world, to be a player in ETF, not only in listing and trading, but also through offering of consolidated European platform.

We embarked into that ambition in November '24. And in order to do that because we believe that it's the right time to invest because of the positive tailwind rated to volumes is the best year to invest is last year and this year. And the revenue generation, the revenue profile next year and the year after be significantly different from what it was in '24. And that's why we are hiring the right people the people we need and the contractors to develop new platforms and the talent to meet clients and the project managers to make things happen to deliver those issues.

Clearly, as I told you, this is a plateau because we are going to ramp down some of the resources because most of those projects have a project development cost, one of deployment of teams and the run rate cost. So the run rate is smaller than the one-off development cost. So over time, there will be a reduction of this workforce. Then there is a parallel topic, which is what are the implications of the deployment of AI.

When you have a significant percentage of Watkin is done by our teams today that can be replaced by AI solutions, we need to have a fundamental AI discussion, which is what do we do with those productivity gains? Do we monitor carefully the cost of deploying AI because everyone in to underestimate the full cost of operating solutions. And what sort of risk we are willing to onboard by migrating some of the skills of the company towards AI agents and giving up the control of some of the things. So this discussion on risk, consequences of the high deployment. This question about the actual cost of operating AI solutions.

And the question is about how we ring-fence the productivity gains is a fundamental part of our efficiency discussion. So that's the way we are approaching things. On the one hand, a plateau of workforce because of the ramp down of the teams that are deployed today in one of project development; and second, capturing efficiency gains.

And as I told you, the debate is what do we do with those efficiency gains? Do we do new things? Or do we accelerate deployment or do we improve further the profitability of the company. But again, then get that the starting point is or close to 65% EBITDA margin.

Over to you, Nicolas, on the [indiscernible] of retail trading maybe to complete.

Thank you. I will indeed complete on the retail part and give maybe 4 elements to give more color. The first 1 is the extended trading hours. So I think Stéphane answered the question on the driver behind 24/5 or 24/7. In the meantime, there is a clear trend in Europe to extend the training hour up until the closure of the U.S. market. So -- but this is BAU, this is slight extension of the trailing hours. And Euronext is working with its clients to cope with this clear demand. .

On the second point, on the revival of retail a few more points in addition to what I shared. First, I'm very happy that not only this is driven by exiting existing clients, particularly on the market data, but it's also driven by new clients. So we have new clients taking Euronext data. and sharing with their retail investor. So that's both driven by existing clients and new clients. So that's an interesting point, I believe.

The third point I wanted to share is that we had demand and we reply to those demand to expand the universe of trading stock on Euronext. So we cover basically the most relevant U.S. stocks, all your European stocks. And this was driven by clear retail demand that want to access and trade those markets and the performance is very good. And the last point is I want to share with you is our flagship offering best of book, which you would know as 2 very specific characteristics.

One, is it offers best execution on European stock -- on Euronext stock. So the best execution for retail brokers. Two, it allows Euronext to be very competitive with regard to fees. And this has been extended to Italy in November, and the success has been stellar. It has contributed to basically doubling the size of [ Best book ] and allowing us to be even more competitive and to offer a strong competitive advantage for our clients. So that's a few more data point I wanted to share with you on retail.

There are no more questions at the time. I will now hand back to our speakers for their closing remarks.

Thank you very much, all. Have a good day. And as always, the Investor Relations team, Giorgio Modica Judith, Margo, all the dream team running Investor Relations is available to answer your questions in the next hours and days and weeks. Thank you. Have a good day.

Hello, and welcome to the Euronext Full Year 2025 Results Conference Call. On today's call, we have Stéphane Boujnah, CEO and Chairman of the Managing Board; and Giorgio Modica, CFO. Please note, this conference is being recorded. [Operator Instructions]

I will now hand you over to your host, Stéphane Boujnah, to begin today's conference. Please go ahead, sir.

Good morning, everybody, and thank you for joining us for the Euronext Fourth Quarter and Full Year 2025 Results Call. I am Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext. And I will start with the highlights of this record year, and I will provide you with an update on our progress with the Innovate for Growth 2027 strategic plan. Then Giorgio Modica, the Euronext CFO, will cover the main business and financial highlights of the fourth quarter.

I'm now on Slide 4, and I will start with the overview of the full year 2025 highlights. I'm extremely pleased to share that Euronext delivered double-digit growth in revenue, double-digit growth in EBITDA and double-digit growth in earnings per share. First, in '25, Euronext delivered another year of double-digit growth in underlying revenue and income that grew by 12.1% to more than EUR 1.8 billion.

Our adjusted EBITDA margin increased by 0.8 points compared to '24 to 62.7%. It is worth noting that Q4 2025 was also the seventh consecutive quarter of double-digit top line growth. This remarkable performance proves the resilience of the diversified business mix that we have built over the past few years. Nonvolume-related revenue made up 59% of total revenue and income and posted a plus 10.9% increase compared to last year. This strong performance of nonvolume-related revenue was driven by sustainable growth in custody and settlement and the contribution of Admincontrol. But volume-related revenue also grew and it was up plus 13.9%, fueled by double-digit growth in fixed income and commodities trading and clearing.

Euronext also continues to record robust volumes and revenue capture in cash equity trading and clearing, driven revenue up plus 11.5% year-on-year. When it comes to our cost base, our underlying expenses, including G&A, were at EUR 680.1 million, up plus 9.6% compared to 2024. The increase reflects our consistent growth in investments in innovation and in human capital and obviously, the impact of the acquisitions of Admincontrol and Athex Group in Greece that joined the group in 2025.

Our adjusted EBITDA grew by 13.6% compared to last year, reaching EUR 1.1 billion. This was another year of double-digit growth in EBITDA. Adjusted net income was plus -- was EUR 736.5 million, up plus 7.9%. Adjusted EPS was EUR 7.27 per share, up plus 10.3%, another year of double-digit growth of the EPS. Net debt to last 12 months adjusted EBITDA was at 1.5x at the end of December 2025. This leverage is in line with our target range of 1 to 2x. So robust performance, robust balance sheet management. At the Annual General Meeting, we proposed a dividend for a total amount of EUR 321.5 million, and this represents an increase of almost plus 10% compared to last year.

Let's move to Slide 5, which is a great illustration of how we delivered solid growth in all business segments. Securities and Services revenue increased by plus 6.9% compared to 2024, boosted by sustainable growth in custody and settlement. And this growth is continuing into 2026. We reached a new record level of EUR 7.9 trillion in assets under custody in January 2026.

Capital Markets and Data Solutions underlying revenue increased by plus 12.1%, boosted by the acquisition of Admincontrol. Our volume-related revenue also grew at an equally fast pace with great performance, especially within fixed income, power trading and cash equity trading. Overall, we saw double-digit growth in almost every area in almost every segment of our businesses, even before the delivery of the key milestones of our Innovate for Growth 2027 strategic plan.

In 2025, as you may have seen, we have started the implementation of our strategic plan with a very strong execution discipline. Over the course of the year, we have onboarded talents that will allow us to sustainably transform our growth profile. We have invested in the technology platforms that are required to deliver the objective of our strategy plan. So in May 2025, we completed the acquisition of Admincontrol, a European SaaS provider. Admincontrol is focused on European sovereignty, security, simplicity and local expertise. In January this year, just 7 months after the acquisition of Admincontrol, we expanded the offering of Admincontrol to France, and we have started to onboard the first clients in France.

In September 2025, we successfully launched the first integrated ETF market in Europe to address strong demand from large clients and global clients in the Europe sector. This strategic initiative allows us to benefit from the rapid growth of this asset class across the value chain. But Euronext will accelerate the execution of the strategic plan in 2026.

In March 2026, just a few weeks from now, we will expand our commodities business with the addition of power future. We already saw market confidence building ahead of the expansion in this new segment with significant volume growth across our trading, especially in intraday trading. Our CSD expansion project is also proceeding extremely well with significant support from clients. In December 2025, we announced partnerships with the leading issuing agents in Belgium, in France and in the Netherlands. These partnerships are absolutely essential to shift issuance and custody to the European CSD solution of Euronext. Thanks to those partnerships, the first issuers have already committed to transfer their issuance to Euronext Securities.

And in September 2026, later this year, Euronext Securities will become the CSD of reference for 4 major European markets, France, Italy, Belgium and the Netherlands, both for equities and ETFs. By June 2026, we will offer our clients also a fully integrated, truly European repo solution. We have invested in growth, and we have maintained a very strong financial position and a very strong EBITDA margin. At the end of 2025, our cash position exceeded EUR 1.5 billion.

Our leverage ratio was within our target range of 1.5x net debt to EBITDA. We secured refinancing until 2028 with a tender offer and partial early payment of the Euro 2026 bonds and the successful issuance of a EUR 600 million bonds under favorable conditions. In November 2025, we launched a share repurchase program of EUR 250 million, which we completed in January '26.

In November 2025, we announced the successful outcome of the voluntary exchange offer for Athex Group, the Hellenic Exchange in Athens. This is a new milestone to proceed towards the consolidation of capital markets in Europe to build the backbone of the Savings and Investments Union for real. The new Board of Directors was appointed in January, and the integration has now truly started. We expect to deliver EUR 12 billion of annual cash synergies by the end of '28 through the migration of Greek trading to Optiq trading platforms and the harmonization of central functions, but also through the expansion of various top line initiatives.

Athex Group delivered a very strong '25. We continue to see the dynamic growth in Greece of both Athex as a company and the Greek economy at large, with average daily volume within Athex -- with average daily trading volumes twice larger in January '26 compared to January '25 to 412 million of average daily volumes. And as I was very pleased to announce the opening of the support science and technology centre in Athens from 2026. This is an important initiative similar to the type of ambition we deployed back in the days in Porto when we started with the development of our technology center in Portugal in 2016. This new platform will develop in the upcoming months and years to support the expansion of the Euronext Group.

I will now hand over to Giorgio for the business and financial review of the Q4 2025.

Thank you, Stéphane, and good morning, everyone. Let's now turn to the strong financial performance on the fourth quarter of 2025. I am now on Slide 9. This slide is an excellent demonstration on how well diversified our business is today. In the fourth quarter of 2025, our volume-related and nonvolume-related revenue both grew double-digits. Total revenue and income in Q4 2025 reached EUR 460.8 million, up 10.8% compared to last year. 60% of our revenue is today nonvolume-related. This part of our revenue covers 157% of underlying operating expenses, excluding D&A.

Let's take a closer look at the key drivers behind this performance, beginning with nonvolume-related revenue and income on Slide 10. Starting with Security Services. Revenue was at EUR 83.9 million, marking a solid 8.1% increase compared to the Q4 2024. Custody and settlement revenue reached EUR 76.7 million, a 9.6% increase compared to the fourth quarter of 2024. This strong performance was driven by continued growth in assets under custody, which reached EUR 7.6 trillion in December 2025. This sustained growth was also supported by a resilient settlement activity and double-digit growth of value-added services.

Other post trade revenue declined 6.3% compared to the fourth quarter of 2024 to EUR 7.2 million. This follows the migration of Italian markets to a harmonized clearing framework. Net treasury income was down 19.4% compared to Q4 2024. This decrease reflects lower average collateral posted to the CCP, one-off interest adjustments, and the migration of Italian markets for a more efficient clearing framework as of the end of June 2025.

Turning to Capital Market and Data Solutions on Slide 11. Revenue reached EUR 178.2 million, reflecting a 15.8% increase compared to Q4 2024. Primary market generated EUR 48.1 million of revenue, up 6.2% compared to the same quarter last year. The performance is supported by dynamic listing activity, Euronext's growing ETF business, and the contribution of Athex. Euronext sustained its leading position for equity listing with 16 new listings in the fourth quarter of 2025. Advanced Data Solution revenue grew to EUR 67 million, up 8.1% compared to the fourth quarter of 2024. This strong performance reflects growing client demand for diversified datasets and increased interest from retail clients. It also reflects the catch-up in audit and compliance fees.

I would like to take this opportunity to remind you that our data revenue is mostly coming from the monetization of raw proprietary data and analytics based on those data. Client interaction on Euronext technology creates a unique order book data. This data is unique to Euronext. It is used in real time to make trading decisions and it is time-critical and mandated for regulatory compliance such as best execution, surveillance and reporting. This data cannot be replaced by AI. This is an important message.

Corporate and Investor Solutions and Technology Services reported EUR 63 million of revenues -- of underlying revenue in the Q4 2025, up 35.2%. This outstanding performance reflects the integration of Admincontrol, continued expansion of Euronext colocation services, and the contribution of the Athex Group. In this part of our business, we see an increasing interest for clients who seek secure and sovereign European solutions.

Moving to our volume-related activities now on Slide 12. Revenue from FICC markets reached EUR 82.6 million, marking a 9% increase compared to Q4 2024. Fixed income trading and clearing grew by 11% to EUR 46.3 million, driven by strong volumes. MTS Cash average daily volume traded was up 26.3% year-on-year to EUR 49.8 billion. MTS repo term adjusted average daily trading volume reached EUR 531.3 billion, up 2.9%. These results are also supported by the expansion of the dealer-to-client segment and international growth.

Commodity trading and clearing revenue increased by 12.8% to EUR 28.8 million in the fourth quarter of 2025. This reflects a strong performance of power trading supported by continued double-digit growth, as Stéphane said, in intraday volumes. FX trading revenue reached EUR 7.4 million, down 12.7% compared to the fourth quarter of 2024, reflecting lower volatility and the negative currency impact from the U.S. dollar. Like-for-like at constant currencies, revenue decreased only by 4.7% despite the 9.3% decrease in volumes.

Continuing with our volume-related revenue on Slide 13. Equity market revenue saw double-digit growth with 12.8% increase compared to the fourth quarter of 2024, reaching EUR 101.6 million. Cash equity trading and clearing revenue grew by 15.7% compared to the fourth quarter of 2024, reaching EUR 89.4 million. This growth reflects a 15% increase in average daily volume traded on Euronext market to EUR 12 billion. This quarter, Euronext reached average revenue capture on cash trading of 0.52 basis points. Euronext market share on cash equity averaged 64.2%.

I would like to highlight that those business KPIs do not include the Athex Group. In addition, this performance is also supported by a EUR 3.7 million contribution from the Athex Group. As Stéphane mentioned, the volumes of the Greek market continue to show a very strong dynamic. Athex Group volume will be included in our monthly statistics starting from next month. Lastly, financial derivative trading and clearing revenue was at EUR 12.3 million, a 5% decline compared to the same quarter last year. This decrease mostly reflects the continued low volatility environment from these asset class.

Moving on with the EBITDA bridge on Slide 15. Euronext reported EBITDA for the quarter grew 8.1% to EUR 260.8 million, thanks both to organic and external growth. In particular, in the fourth quarter of 2025, we reported EUR 26.6 million of additional revenue and EUR 12.7 million of additional cost at constant perimeter. In addition, the acquisition of Admincontrol and the Athex Group contributed EUR 19.6 million of additional revenue and EUR 10.9 million of additional costs.

I would like to share with you some consideration on the revenues and costs from acquisitions. With respect to revenues, I would like to highlight that the growth of our EBITDA was impacted by EUR 4.4 million of non-underlying revenue from Admincontrol. As a part of the purchase price allocation of Admincontrol finalized during Q4 2025, we adjusted the value of the fair revenue with a noncash and one-off impact in the P&L. This resulted into a reduction of EUR 4.4 million in reported revenue this quarter, and we expect an additional EUR 2.6 million reduction until mid-May 2026. No further impact is expected beyond 12 months after the closing of the acquisition. I would like to stress that these IFRS 3 adjustments do not affect cash or cash flow.

With respect to the cost, it is important to note that the cost of the Athex Group for the last 5 weeks of 2025 do not represent the run rate for 2026. While at Admincontrol, we've been investing to scale the business across Europe in line with our acquisition ambitions. In total, non-underlying revenue expenses, excluding D&A accounted for EUR 14.2 million. Euronext adjusted EBITDA for the quarter grew 8.9% to EUR 275 million with an adjusted margin of 59.7%, down 1 point compared to the same quarter last year.

Moving to net income on Slide 16. Adjusted net income this quarter reached EUR 179.6 million. We have already commented on EBITDA growth in the previous slide. The result from equity investment increased EUR 0.8 million Euronext received EUR 10.9 million of results from equity investments in the fourth quarter of 2025, reflecting mostly the dividend from Sicovam. Depreciation and amortization increased EUR 4.6 million in the fourth quarter of 2025, a 9.3% more than in the same quarter last year. This increase is mostly explained by the inclusion of the PPA related to Admincontrol from this quarter.

Net financing expenses decreased EUR 10.8 million. The variation reflects decreasing interest rate and the completion of the financing program for the 2025 and 2026 maturities. No more refinancing will be needed until the end of the strategic plan in 2027. Income tax increased EUR 1.3 million. This translated into a stable effective tax rate of 26.7% for the quarter compared to 26.6% in the fourth quarter of 2024.

Share of non-controlling interest increased to EUR 3.5 million as a result of the strong performance of MTS and Nord Pool. As a result, the reported net income share of the parent company shareholders reached EUR 144.7 million. Moreover, adjusted EPS was at EUR 1.77 per share this quarter compared to EUR 1.66 per share in the same quarter last year. Reported EPS was at EUR 1.42 per share.

Now I move to the next slide for the outlook of cost for 2026. In 2025, Euronext reported underlying expenses, excluding D&A in line with the revised guidance of EUR 660 million. This is EUR 10 million less than the initial guidelines of EUR 670 million, thanks to our continued cost discipline. In addition, Admincontrol and Athex contributed for EUR 20 million of operating expenses in 2025, bringing the total underlying expense, excluding D&A, for 2025 to EUR 680 million.

In 2026, we expect the total underlying expenses, excluding D&A, to be around EUR 770 million. We expect 2026 underlying expenses, excluding D&A, to be stable at around EUR 720 million compared to the fourth quarter 2025 annualized expenses, excluding the contribution from Athex Group. In addition, we expect around EUR 35 million of operating expenses from the Athex Group, and we plan to invest around EUR 15 million of underlying expenses to deliver strategic growth projects.

I continue with cash flow generation, and I move now to Slide 18. In the fourth quarter of 2025, Euronext reported a net cash flow from operating activity of EUR 85.5 million compared to EUR 175 million in the fourth quarter of 2024. This decrease mostly reflects the negative impact of working capital from Euronext clearing and Nord Pool CCP activities in the fourth quarter of 2025. Excluding this impact from working capital, net cash flow from operating activity accounted from -- for 60.3% of EBITDA in the fourth quarter of 2025.

In November 2025, we took advantage of the positive condition to anticipate the refinancing until 2028. We successfully issued EUR 600 million new bonds rated A- with a maturity of 3 years. In parallel, we performed a tender offer on our existing EUR 600 million bond maturing in May 2026. As a result of this transaction, only EUR 385.5 million of our existing 2026 bonds remain outstanding and will be redeemed at maturity. Net debt to adjusted EBITDA ratio was at 1.5x at the end of the quarter in the middle of our targeted range. This is despite the completion of the majority of our EUR 250 million share repurchase program still in the fourth quarter of 2025.

And with this, I conclude my presentation, and I give the floor back to Stéphane.

Thank you, Giorgio. As you've seen, we demonstrated in 2025 that we are able to deliver record results and invest in the future of our company. You can see in the presentation of Giorgio that we are delivering and we are going to continue to deliver strong top line growth, strong EBITDA growth, strong EBITDA margin, strong free cash flow generation, strong EPS and dividend distribution, strong balance sheet and strong liquidity position and a strong start of the year, both in volume-related businesses where we can share the information every day with all of you, but also a strong start of the year in the delivery of key projects to transform Euronext.

In 2026, we will accelerate the delivery of all of our strategic initiatives, supported by, as I said, very favorable market conditions that you can observe every day and a solid financial position. In January, we have welcomed the world's largest IPO of a defense company in history and all markets, and we do see a real momentum in the aerospace and defense sector. And the first weeks of '26 are very promising, as I said earlier, when it comes to volume-related revenues.

Our vision of a united competitive European capital market has become more relevant than ever and is being endorsed now at the European level more than ever before. This is why we welcome the proposals of the European Commission to speed up the creation of a true Savings and Investment Union. For the first time for many years, there is a sort of parallel development of the Euronext corporate project and the European policymaking agenda. And this is all good news for Euronext for the years to come.

Thank you for your attention. We are now ready to take your questions.

[Operator Instructions] The first question comes from Michael Werner of UBS.

Congrats on the results. I have 2 questions, please. First, thank you for the updates on the issuer activity within the CSD opportunity. I'm just wondering if you can offer an update as to where you sit with the custodians. I know you guys were signing up and looking to sign up custodians. And I was just wondering if there's any update on progress there or any other kind of guideposts that you can provide.

And then, second, just a real quick question. In terms of Athex, I believe you acquired 75% of the business through the tender. With regards to the remaining 25% of the shares, I was just curious as to what your strategy there was. Thank you.

So I will take the question on the developments of Athex as a listed company. And Pierre Davoust, who is the head of our CSD expansion program will answer the question about the strategy update of the onboarding of custodians.

On Athex, we own now close to 76% of the shares in the company. The objective is to take the company private to accelerate the integration. We are pursuing 2 parallel tracks. One track would be to organize a new offer and squeeze or -- and organize a technical squeeze out of minority shareholders when we pass over 90% of the ownership of the company. And the second track is to proceed towards a merger of Athex within the Euronext group. But in both cases, the objective is to delist the company, and we are just looking at the 2 options.

As for the custodians, Pierre Davoust will answer your question within the limit of what we can share without disclosing segment numbers.

Good morning, and thank you for the question. Let me first highlight the importance of the breakthrough that we announced on issuance. We all know that CSDs are very sticky business, and what's most difficult is to generate first movers. And what we shared with you earlier today is that now we have issuers who have decided to be the first movers and to switch from where they are today to Euronext Securities. So it's a breakthrough in the dynamic of the project because now all other issuers will be able to follow these first movers. And today, we have the first listing on Euronext Amsterdam, where the shares of the new listed company will be issued in Euronext Securities.

Let me now move to the custodian side of the market. So where we are with custodians is that we're working now with the largest settlement agents and custodians for them to be ready to offer the model to their clients, starting in September 2026. They are very engaged in building the clients' heavy lifting project that will allow them to load their own clients, whether it's trading firms by themselves [indiscernible] Euronext Securities, starting September 2026, when Euronext Securities will be appointed as the CSD of reference for Euronext Paris, Euronext Amsterdam, Euronext Brussels across equities and ETFs.

The next question comes from Benjamin Goy from Deutsche Bank.

Maybe, I mean, you can shed a bit more light on your cost guidance because annualizing Q4 historically was typically too conservative for you. Maybe explain why this is different in '26. And then, Stéphane, I think after your titanic comments on data, I don't ask on M&A here, but given you have that Admincontrol and wondering about more software deals as the multiples come down here, will you have more appetite?

Okay. I'll take the question on data and Admincontrol. Admincontrol is a SaaS provider. Nothing in what they do is affected by the current noise and impact of the AI debate. Clearly, the core of the debate is around undifferentiated or derivative data distributors or aggregators that are being replaced by AI and through SaaS developers of codes that can be replaced by AI solutions. So we don't see any impact.

As I said in an earlier conversation, there is a huge difference -- Giorgio made the point very eloquently, I believe. There is a huge difference between data businesses that do process information that already exists because the fundamental underlying assumption behind any AI is that it processes very efficiently things that already exist. But the data we produce are data that do not exist, and we create them. The data we produce are the output of the matching of a bid and ask.

And until the bid and ask are matched on our platform in a very demanding latency environment, these data do not exist, which is very, very, very different from what AI does, which is to process better than human beings things that already exist. So that's why what used to be perceived as raw data or robust or primitive data, it happens to be primary data, which cannot be replaced by AI.

So for the moment, we do not see for sure in our data business and for sure in our SaaS business, any of the threats that affect some of our peers. And as you know, in the past, we did not buy data because we just felt that we could not justify the valuations that were in the markets. So on many occasions, we did bid for data assets at the valuation that we felt was reasonable in the surrounding circumstances at that time, and we lost those options because other people had the more bullish view of those assets. Clearly, the valuation multiples of Euronext over the past few years have been lower than the valuation multiples of the other peers -- of peers who were more exposed to the data trend.

For years, I was told Euronext is missing the data revolution. Data is the new oil. You are missing the data boat. As I said earlier, all of us are finding out that maybe we missed the data boat, that maybe this data boat was a Titanic boat, that we missed the Titanic boat. So this is what it is again. Companies that were engaged in the data theme over the past few years had valuation multiples higher than Euronext.

We are just at the moment of truth where this theme is being dislocated and we are back to the fundamentals of business, which is generating real top line growth, generating real EBITDA, generating real free cash flow generation, generating real balance sheet position, generating real sustained growth, and we are delivering numbers even if we are not part of the data/new oil revolution.

On the cost guidance, Giorgio?

Yes. I wanted as well, Stéphane, to complement your question on data, especially on the SaaS business. What I wanted to highlight is the following. It is true that AI can help to develop faster SaaS solutions, but our clients are actually searching for something else, something which is safe, secure and is stored in Europe and is completely safe. And this is something that cannot be developed off the shelf by AI. This is absolutely fundamental.

So if AI might be an interruption to the lower end of the market, then still there is a very relevant market for the one who really consider valuable their information. The other element that I wanted to add is today, in many of our SaaS software, AI is actually an opportunity because our clients are adding to strengthen the value proposition, adding an AI layer on top of our existing solution.

Now moving to cost, I wanted to make a few comments. The first comment is that I believe that you should really take into consideration how this beginning of the year is starting, which is quite exceptional. If I look at the volumes year-to-date, we are 17% up on our largest trading business, which is the equity one, 17%, 1-7. Stéphane mentioned that if we look at the volumes in Greece, we moved from around 220 million, 230 million per day to in excess of 400 million, so we are with a growth of 100%.

Our derivative franchise is trading 10% up with respect to the average of last year. And if I look even at our fixed income business, we are above last year average. So when it comes to revenue generation, we are really in a very strong position, and we have already delivered more than 50% of the first quarter. This is something that I believe should be really considered.

Then coming to your question, why are we annualizing Q4 costs? First, as you can understand, this is not exactly how it works. Our target comes from a bottom-up assessment and then we try to make it palatable using easier KPIs. So what you need to consider is that the cost base that we have today does not include all the revenue streams. And Stéphane alluded to some of those -- power derivatives, the clearing expansion, and those activities prove that our cost base is largely fixed, but it's not completely and entirely fixed. There are as well some costs coming from sales -- cost of sales that we include among our OpEx that you should consider as well. This is one consideration. The second consideration is that I believe you have not missed that we did not include inflation in the target for 2026. But even in the Euronext countries, we have some inflation that we need to offset through cost discipline.

Then I take the opportunity to take a few comments as well on the additional elements for the cost of 2026. So EUR 35 million is today the budget of Athex, and we started working with the team, with Camille, with the rest to clearly deliver and do as much as we can. But as you can understand, those are very early days into the integration. And finally, EUR 15 million what I wanted to highlight is that first, we have a strong financial position, 1.5x net debt to EBITDA. Second, last year, we have delivered to shareholders EUR 700 million in total if you include the 2 share buybacks plus the dividend. And what we're envisaging is to invest EUR 15 million because we see an unprecedented environment to deliver further growth and this represents only a week of cash flow of Euronext.

So if this is not the right time to do it, then my question is when is the right time to invest for growth? Our ambition is to maximize EBITDA in 2027. This is the end of the plan, and this is what we are working to do.

The next question comes from Grace Dargan of Barclays.

So the first one, maybe on medium-term targets. I mean, since the CMD, you've made really good progress. I mean you're highlighting another quarter of double-digit growth. You've obviously got Athex. But you haven't revisited your medium-term targets. So I just really like to hear your thoughts on what you might think are more realistic revenue and EBITDA CAGRs now? And then, secondly, just on a slightly different theme around digitalization and tokenization of markets. I mean, it hasn't been a big feature of your plans. So I just wanted to ask whether your thinking on this theme has evolved or changed at all, and is there a risk of you perhaps being left behind if you don't prioritize investment in this area?

Okay, thank you for your questions, and let me be very clear. We have announced in November '24 a set of initiatives and -- with a target to deliver by the end of '27 top line growth CAGR of above 5% compared to where the situation was in December '23. We are committed to deliver above 5% CAGR growth on EBITDA by the end of '27 as well. When you look at the numbers that we have achieved so far, you can see that in terms of delivering financial performance, we are already within those targets or close to those targets. So the ambition is to deliver above 5%, and as I said in November '24, above is as important in the phrase as 5%. So there is no cap to the ambition, and we want to deliver significantly above 5% on top line expansion and significantly above 5% on EBITDA expansion, and that's what we are working toward.

Now the question as to whether or not there will be a revised guidance is hard to predict true, because the plan is not only financial performance. The financial performance of the company in terms of top line and in terms of EBITDA is a blended financial concept. What matters as much as financial performance is the transformation of the organization and the transformation of the organization to build a machine that will generate resilient growth and resilient profitability requires the delivery of some industrial projects that are heavy-lifting transformation projects.

One of them will be delivered in a few weeks' time when we become a player in power derivatives. We were not a player in power derivatives. We were a player in spot electricity markets. We are going to disrupt the market environment and the market structure by becoming a challenger of some incumbents and to -- and by creating a new business. This is an industrial project, which is as important as delivering the financial targets. In June, we'll be a player of repo clearing in asset classes where we were not present before. We will disrupt the market structure and what the other incumbents are doing for years. This is a project which is as important as delivering on the target numbers that were part of the November '24 guidance.

In September '26, we are going to deliver the new CSD platform that will offer to custodians, issuers, all the market participants, a solution integrated within Euronext Securities that will be fit for the future and that will be more competitive than the incumbent solutions. This is a very important project, and there are many -- there is a lot of hard work of heavy-lifting operational and commercial work to be done to transform the organization.

So for me, the plan will be over, or the plan will deserve to be updated, or guidance will -- time will come for changing the guidance only when, number one, we have delivered significantly above 5% on those 2 metrics, CAGR growth since '23 for top line and CAGR growth since '23 for EBITDA and when we have delivered the transformation of the organization.

When it comes to tokenization of assets, you have to distinguish the guidance and the projects that we launch and the internal developments within the company. There are many things we do that we don't share with investors because we believe that the downside of creating expectations is bigger than the flexibility of pivoting, innovating, and inventing new things. So it's not because we don't do growth by press release, it's not because we don't follow themes, or it's not because we don't feed those discussions with you or PowerPoints with buzzwords.

It's not because we don't put -- it's not because I don't show up with a black T-shirt with the PowerPoint presentations entitled change of paradigm. It's not because we don't position ourselves in that way that we do not do the hard meticulous work of trying to assess where is the right legitimate role for Euronext. So we are exploring several initiatives in the tokenization world. We are really entering into a phase now where blockchain that exists for almost 15 years and what was for years just a land of solid, profitable use cases for crypto players is now becoming available through the tokenization trend across the financial food chain. And we are going to be part of that, and we are working on it.

When will we come out with a plan and when will we create expectation in this domain is related to the moment where we'll be confident enough that we will deliver. And -- because the best asset of Euronext with my lips is credibility. We always, always, always, for the past 10 years, under-promise, over-deliver. For the past 10 years, everyone is telling us, yes, you are too shy, but we always over-deliver. So on tokenization, we will apply the same credibility things. We will not do growth by press release. We will not proclaim intents. We will deliver real projects, we will make them happen for real, and we will make money out of them to address the needs of our clients and the requirements of our shareholders.

The next question comes from Thomas Mills from Jefferies.

I just had 3 questions, please. Firstly, on revenues, it's clear that volumes are off to a strong start for the year, well ahead of consensus on the cash equity side. Volumes at Athex are positively booming. Giorgio, am I right in thinking consensus does not yet fully reflect the incorporation of Athex? So that could be a positive on the revenue side as people revise estimates.

Then on the Savings and Investment Union, Euronext is extremely well-positioned to benefit from this and particularly from a shift to a single supervisor model. I saw last week there's a new sense of urgency around making progress on that by June, and if it doesn't happen on an EU-27 basis, it can proceed via enhanced cooperation with a minimum of 9 states. Stéphane, can we get your take on how you're seeing things as likely to develop there?

And then finally, Stéphane, it's clear from recent and not-so-recent interviews that you're itching to get a decent-sized deal done before the end of your tenure. Is there a point though where if that's not forthcoming, you determine that it's time to up the ante on share buybacks? The U.S. capital market exchanges are now the most favored subsector across all of diversified financials. And the fact that your multiple is increasingly lagging makes little sense. I think this is your Euronext's time to shine. So just intrigued to hear your thoughts on that.

Okay. I will answer your question on Savings and Investment Union for real, your question on basically the share buyback and capital allocation in M&A, and Giorgio will answer your questions on volumes as part of the consensus.

On the Savings and Investment Union, things are very simple. For the first time, we have a massive acceleration of the momentum. The Capital Markets Union was invented 10 years ago by Jonathan Hill when he was the U.K. commissioner and when there was a total coherence and consistency between what was good for Europe and what was good for London, which at that time was the largest financial center of the European Union.

The U.K. left the European Union. London has become now the largest financial center of the United Kingdom. And the project was relatively a slow-motion project for almost 10 years. With this new Commission, with Mrs. Maria Luis Albuquerque, who is the former Minister of Finance of Portugal, in charge, the level of ambition and the level of speed has changed big time. A very robust paper was produced in December by the Commission, so we have a framework.

One of the main ambitions -- and I don't want to go into all the details, but one of the main ambitions, because you mentioned it is the single supervision. There will be a single supervision one way or the other, in one form or the other. That's now quite clear that there is a consensus to believe that the sort of fragmented supervision, fragmented interpretation of rules, similar rules that are different because when the rules are similar, they are different, is not helping to create speed and scale. So there is a consensus to say, okay, for the ones who want to remain very local, let it be. They have the right to remain very local. And so the ones who have a pan-European ambition, they need to have a single rule-of-law-driven, integration-focused, efficiency-driven interface with the right supervisors at the European level.

When will it happen? How wide will it be? It's being discussed. And as you rightly pointing out, the sort of ultimate signal that resignation and low and slow motion is not accepted is the clear determination of leaders of countries that, by the way, happen to be large finance makers, like Italy, France, Germany, Spain, Netherlands to get aligned to say, okay, if it is too slow at '27, we'll make it work among the countries that represent most of the finance industry in Europe.

So we are extremely excited because it's going to accelerate and simplify the development of Euronext. There will be a transition period. Things are not going to -- we need to produce a lot of bottom-up ideas with partners to bridge the gap between where we are today and where we will be in a few years' time. But this is going to make the life of Euronext and the prospects of growth of Euronext much, much more exciting.

When it comes to share buyback and valuations, we are industrialists, we are shopkeepers, we are merchants. And we try to grow the top line to be disciplined in execution of our integration projects, to be disciplined in cost management, not to miss innovation, heavy-lifting transition projects to maximize the EBITDA margin, to create capital, to allocate capital in projects that provide a return for shareholders which is above the WACC of the company. We are not in the business of valuing Euronext vis-a-vis peers or vis-a-vis other sectors or vis-a-vis. This is your job. This is the job of our investors.

We just make the company a cash machine and a growing and robust machine and a relevant machine to clients by increasing the competition by proposing new fit-for-the-future solutions. Whether other projects are more profitable than ours, it's not up to us to make a view. Whether data is the new oil, I don't know. I mean, for years I told everyone, we don't want to overpay data assets. And when everyone was telling me you are missing the data revolution, okay. We missed it and we are where we are today. So my job is not to compare the performance of Euronext vis-a-vis the performance of our peers.

What I can tell you, though, is very clear. Share buyback is an output of a capital allocation set of decisions. The way we see things is extremely clear. Just like M&A is a tool, it's not an objective. What we want to do is to continue building a resilient, solid, robust, relevant, fit-for-the-future organization with a superior financial performance when it comes to top line expansion and to cost management with the right flexibility to jump on innovative trends and in order to do that to create resilience of the performance of the company and to diversify the top line of the company to allocate capital wherever we believe that we are legitimate owners of assets.

Last year was a clinically pure example of what I'm saying. We started to invest in cash to buy Admincontrol to diversify our top line. Then we expanded our infrastructure business with the acquisition of Athex and then we did it in shares. And then we found out that we didn't need the cash available, and we created a share buyback. So share buyback will be an output of the way we will deploy our cash in the course of '26.

Over to you, Giorgio, for volumes.

Thank you very much, Stéphane. So one thing, it's difficult for me to comment as to whether the consensus is right or wrong or complete. But what I can assure you that we're -- we have been giving you and we will give you all the elements that you need to make sure that the consensus gets right. It's always difficult to do the first consolidation of a new acquisition, but what you have now is the following. We've provided you a Q4 excluding the Athex Group, which means that you can extrapolate line by line what is the contribution of Athex. So you have 5 weeks of Athex consolidation. You have the volumes and the average market cap that you can use as a driver to derive what Q1 would look like.

And if I look at where things are today, what I can share with you, as we said, that the volumes are roughly speaking, if you look at the -- or you can do differently; you can take the yearly P&L and make an assumption of a monthly contribution and then adjust. But you have several ways, and we can help you at -- with Judith and Investor Relations to have a fair sense of the level of revenues that is legitimate to anticipate based on those values.

The element that is important for you is that, on average, in 2025, Athex traded slightly more than 200 million per day and now we are in excess of 400 million. Last year, on average, the market cap was around EUR 130 billion, and now we are in excess of EUR 150 billion. And then my take is that the consensus does not fully incorporate the full potential of Athex, because this growth that is partially linked as well to the developed market status of the Greek market was very difficult to anticipate. So yes, I believe that there is upside there.

The next question comes from Enrico Bolzoni from JPMorgan.

Hi, can you hear me?

Yes, we can.

I have a couple, please. So one on your CSD ambitions. It's been a few months now that you've clearly been working at this project. Migration is expected to occur later this year. Can you -- would you be able to give us an update in terms of what proportion of, for example, settlement that is currently happening on third-party CSDs you think reasonably to internalize already by the end of the year? And perhaps what is your expectation for 2027 in terms of volumes?

And then my second question relates to the market integration package that was released by the European Commission last year -- quite ambitious with various proposals. I would like to hear your thoughts on 2 in particular. So one, the Commission said that basically the tape, so the consolidated tape needs to be improved, so increase the transparency, the amount of information provided. So that's one. And the other one is that they want to interlink basically various CSDs across all the exchanges that are, let's say, systemically important like definitely you are. So I wanted to hear your thoughts on whether you think that these measures have come with the risk of increasing transparency for competition and perhaps being price deflationary.

So I'll answer your second question and Pierre Davoust will answer your first question on CSD ambitions, bearing in mind that we do not disclose specific operational numbers or specific financial numbers by per segment at this stage. So we'll provide you roughly correct answer to your question.

On the Commission's package, among the issues that are being debated and where there is no consensus, there is clearly this consolidated tape review. I mean, clearly, member states are not supporting it for one very simple reason, which is consolidated tape season one is not even finished. It has actually not even started. So the commission or, sorry, ESMA has selected a provider. They are working on building what will be a consolidated tape a European way. So some member states, many member states actually are saying, whoa, whoa, whoa, before we start to undo and reshuffle things. And as we are still at the level of PowerPoint projects, maybe let's see how the market dynamics develop around CTP. So we do not anticipate any progress or any changes on the consolidated tape beyond what is on the table and what has been decided in the previous round.

When it comes to CSD's interconnectivity, it's a very broad concept that when you move to making it happen for real, gets to extreme complexity. And that's why as of now, we believe that the prospects of the full, that deciding just universal peace and love interconnectivity is not going to be a trend that will affect our plan at least for the years to come. So maybe Pierre Davoust can be a bit more specific when he answers your question about CSD ambition, but you should not consider that those 2 debatable items are going to have a negative impact on the top line. Actually, we do not see any justification to revise or blend in the guidance in any way whatsoever because of those 2 debates.

I will address your question on the European expansion project. So as mentioned by Stéphane, we don't intend to give a precise guidance on the proportion of settlement volumes or the revenues coming from settlement volumes that will come through the project. What I can tell you is that, one, we believe we have a very strong value proposition for market participants both on pricing and on the simplicity of the model that we offer, especially with the perspective of the T+1 migration that will make it even more important for market participants to dispose over a simplified settlement infrastructure.

Two, I want to insist on the fact that the progress we've shared with you on issuers is not only a positive development for other issuers to move, but it's making our value proposition towards market participants even more attractive. Every time we move issuers from where they are today to your Euronext Securities, we make the value proposition of Euronext Securities or market participants more attractive because the number of issuers, the market cap of issuers that is directly accessible in Euronext Securities at an even cheaper price is increasing. So you should consider that the breakthrough announced on the issuer migration is making our value proposition stronger on the settlement and on the custody, and this makes us confident that we'll deliver success on the project.

Our next question comes from Hubert Lam from Bank of America.

I've got 2 questions. Again, sorry, on the question on the CSD expansion, particularly on the custody side. I know it's still early stages, but can you talk about the feedback you've received from custodians in your discussion on the CSD project? Are they open to the project? And how did they view your value proposition?

Second question is on M&A. Do you see more M&A opportunities out there either in the volume type of businesses or maybe there's more opportunity now in the non-volume types of businesses, just given where maybe valuations have gone down to?

So let me take the M&A question, which is a very open-ended question, and Pierre will be more specific on the interactions with custodians and what it means needs for the delivery of the project. As I said, I'm sorry for repeating, but your question was very open-ended. M&A is not an objective, but it is a tool. The objective is growth, performance -- to growth and performance, so profitability and resilient growth and resilient performance.

We are going to use M&A as a tool to accelerate the diversification of the top line of the group. And clearly in an environment where interest rates have increased, private equity owners are more under pressure, not all of them, but not everyone is under pressure to exit, but with quarters after quarters, more and more PE players under pressure of their LPs to return capital and to consider exits, we are in a market that is slightly changing. Clearly, things have to be nuanced because very large Godzilla funds are not under pressure and can sustain holding for a while. But we are seeing changes in the market.

We are seeing also contamination in the private markets of what is happening in public markets in the field of data. I mean as I said a few years ago, the reason why we didn't buy data assets is that we did not believe that it was the right thing to do to pay 30, 35, 40x earnings for these data assets. Now, some of those assets, not all of them have a strong residual value because they are embedded in the workflow of clients and they have some form of pricing power. And they have -- they are AI-proofed. Others are not.

Clearly, in the field of post-trade, in the field of data, in the field of energy, in the field of commodities, in the field of value-added services to our CSD business, we believe that there might be opportunities and partners who would be more willing to consider an exit than before. The reason -- M&A is a consenting other game. For M&A, you need a willing buyer and we are a willing buyer, and we are a buyer with strong cash position, et cetera. But you need also a willing seller.

And in parallel to diversification, as I've described it, we have always the fear of consolidation of equity markets in Europe, which is probably the business that is the most profitable within all our businesses because that's where we create more synergies in terms of plugging more volumes to a very powerful and efficient infrastructure. So for the infrastructure part of our business, which is all about volumes, we are open house and whoever wants to connect the local market to a pan-European ambition to fix the problems or the shortfalls of the local market which is subscale when it comes to equity and to be part of a pan-European single integrated liquidity pool, single integrated order book, single integrated technology platform, we are open.

Now these deals happen when we have a willing seller. In the case of Greece, we started the year '25 without any clue about the fact that over the summer we'd be discussing with the Greek system the acquisition of Athex. So I do not know when and how other sellers will be available. So we will remain very disciplined. We are not going to burn cash. We will miss more opportunities than others, but we will make much fewer mistakes than others as well because we have this steel rule of not deploying capital if the return on capital employed is not above the WACC of the company between year 3 and 5. And if we find deals that help us to diversify the top line or to grow the infrastructure business within this financial discipline framework, we'll do those deals. And if we don't find, then we'll do a share buyback. That's as simple as that.

Pierre Davoust, on the custodians?

Yes. So maybe 3 points on the custodians. First, custodians for decades have seen a European CSD landscape which is, A, fragmented, and, B, non-competitive. When we come with a value proposition where we tell them we'll increase the competition in the CSD landscape in Europe and we offer you the ability to overcome the fragmentation and to consolidate, we receive positive feedback. They are telling us eventually someone is doing the job of getting rid of the fragmentation and bringing competition in Europe.

Then to be more specific, second point, we've spent hours and hours and hours with all large custodians to make sure that the service we deliver is fit for their needs. And the feedback we get is that the service we will deliver by September 2026 in Euronext Securities matches the needs of large custodians.

And this is why -- and that's my third point, this is why now we have some of the largest custodians in the world who are actually doing developments in their platforms, in their operating models, to become able to offer the service to their clients by September. And the reason they do it is that they believe there is value. The proof is in the pudding. They would not invest in their platforms; they will not invest in the change of their operating models to accommodate for a model if they thought that the model would not bring value to them and to their clients.

The next question comes from Andrew Lowe from Citi.

You've been very clear that your data cannot be replaced by AI. I was wondering if you could provide a bit more detail on what exactly the sort of mix of data is and how the clients are using it. Who the client end users of this data are, the share of data revenue that's linked to headcount? And then finally, how much of the growth in your data revenues has been driven by pricing versus volume over time?

Okay. So within the same limitations of not disclosing specific numbers or specific metrics by segment, I'll leave the floor to Nicolas Rivard, who is the head of this business and who will tell you how, why, and more specifically, all that are different and how the pricing positioning is being deployed.

Thank you for your question. So in term of replicability of the data, I think Stéphane answered previously this question. Our data is coming from our technology, our order book and is fundamentally unique. And so if you ask the first question, which is, can the data be replaced by AI building this data, the answer is no. The second point of your question is then who are the users that can be replaced. So you need to understand that we are agnostic of who is using the data. We are agnostic of the tools using the data. We have a commercial model which is basically linked to display usages and non-display usages. Whether the tool is from one vendor or another, for us, is irrelevant, and the commercial model is resilient to this type of usage. And we have made sure of that.

Then, to answer a bit more precisely on the users, the users are, you would imagine, all the investment communities, traders, investors, asset managers, so you can name them, retail investors, which is a growing part of our business. With regard to pricing and volume, we don't share the details with regard to -- which I can tell you that both are positively oriented, both in terms of volume and pricing within the framework of which we can share.

So now in term of non-real-time versus real-time, what is -- we are growing the business in term of non-real-time. This is an important development for us. It has been very successful over the last years across the group. We did not only the acquisition of -- the expansion of Euronext and diversification, we have been able to build data around those new asset classes.

But what you need to understand is that even those new businesses, even those new data projects are built on proprietary data. So it's not as if we take public data and we build analytics on it. We take our own proprietary data and we build analytics on it. So once again, to the comments of Stéphane before, this is data which is not replicable. So in both cases, we are very confident that the data is unique.

Maybe one clarification on the price. You can roughly estimate that this is linked to inflation, so if you want to build a model which is a bit more precise, you take inflation as the value.

[indiscernible]

The next question comes from Arnaud Giblat from BNP Paribas.

I've got 2 quick questions, please. Firstly, on -- back to Euronext Securities. You mentioned that you had some issuers that were moving. As far as I'm aware, it's Euronext and Exor who have moved so far their issuance to Italy. Are there any others? Could you name them, please?

And my second question is on the EUR 15 million of underlying expenses to deliver your strategic growth projects in 2026. You made the parallel during your comments that, that was 1 week's worth of cash flow. And that, I mean, confused me a bit. I thought the incremental EUR 15 million of OpEx were there to stay. So it was part of your recurring OpEx base. And the parallel does suggest to me that it's a one-time expense in 2026. So which one is it? Could you clarify that for me, please? And maybe if you could itemize it as well, that'd be interesting, just so I can draw parallels between the OpEx and the prospective revenue growth attached.

Okay. So Pierre Davoust is going to clarify the Euronext Securities developments and to be sure -- I don't know whether we are authorized by them to mention who they are, but if we are, he will share that with will do. If we are not, he will not. And then that's just wish words, that you don't want to expect a relationship issue. And then Giorgio will clarify the question, your question on cost.

So to take your question on the issuers, what we mean when we say that a couple of issuers have decided to move to Euronext Italy, we mean beyond the ones who were already announced, i.e., beyond Euronext, beyond Stellantis, beyond Exor. So this morning we published a press release announcing that a company called SWI Capital listed on Euronext Amsterdam and will issue the shares or has issued the shares in Euronext Securities. So that's one new listing where EUR 1.6 billion market cap, we have 2 issuance of shares happens in Euronext Securities, and that's public. We made the press release this morning.

In addition to this company, we have a number of issuers who are already listed today on Euronext Markets who have confirmed to us that they want to move their shares. So we still have to execute the migration, but we have their confirmation, their commitment to move their shares, their existing shares, from where they are today to Euronext Securities. So this is all on top of what was already known, i.e., your Euronext, Stellantis, and Exor.

Giorgio?

Yes, absolutely. And sorry for being potentially misleading. My point was to highlight the fact that it's a very, very small proportion. I could say it's 2% of our cost. One week of cash flow is just to say that it's a very, very small amount related to the possibility to invest. So usually even very, very minor changes in our cost base trigger very detailed question that I believe that do not really serve the purpose. So my intention was not really to define whether it was one-off or recurring was more to say it's a very minor investment.

Then with respect whether it's one-off or recurring, this is going to be recurring because we want to build a new capacity to deliver new projects. And this includes the delivery of existing Euronext projects together with the development of new ideas. And then Stéphane named a few. So again, the objective of my comment was to highlight how small and is this pocket for investment that we're giving to ourselves.

Although, I'm celebrating with you my 40th conversation because we speak for 10 years now 4 times a year, and this is my 40th, 4-0, quarterly result announcement. And for the past 10 years, you have demonstrated a very meticulous interest for Euronext with the consistent level of skepticism. So what I'm trying to say and what Giorgio is trying to say is the following. The focus on cost is absolutely legitimate. Maybe, maybe it makes sense to have this discussion on cost with the starting point, which is a 62.7% EBITDA margin.

So we are talking about a very marginal expansion of cost in a year where we invest a lot on things you've seen and on things you don't see, because there was a question from a young lady about the tokenization ambitions. So we are not going to disclose any specific guidance or we are not going to create any specific expectations on tokenization until we believe it's the right time to do it. But believe me, we spend time, money, and on this new technological development. So we do that starting from 62.7% EBITDA margin, which I believe without comparing with our peers -- this is your job to benchmark us against our peers -- is not bad compared to the peers which have a higher valuation multiples.

And we are doing those cost developments in an environment where we want to deliver new projects. And compared to our peers, we don't have a bad track record of delivering above expectations that we have created. So that's why it's absolutely fair and legitimate to discuss all cost-based development. And I fully understand that, as it is one of the few guidance we provide on a yearly basis, it's absolutely legitimate to discuss it. I'm just trying to put things in perspective about the fact that it's small and it's on the basis of a company that is extremely profitable and it's growing and that has consistently had an EBITDA expansion above the top line expansion, in both cases, double digit.

And actually, for next year -- for last year, we had a single-digit cost base expansion. So things might be different, but when you pile up acquisitions and when you neutralize the impact of acquisitions, when you focus on really what is the real new money spent, you get something which, in my view, is much less problematic than what can be perceived sometimes.

Next question comes from Tobias Lukesch from Kepler Cheuvreux.

Also 2 questions from my side, please. Stéphane, I have to touch on costs again. I mean that was very explicit, thank you. But just to get a feeling a bit, I mean, last year you talked about the investments and also FTE investments. I was just wondering, is that really now more into systems? You mentioned projects like tokenization, but it's like if you were to split costs and what might come, it's like how much would be to really increase revenue generation potentially also via AI applications? How much could be on AI cost-saving side? And also in terms of the spending horizon, I mean, are we talking more about Q1, H1? Or is it more a linear approach you're taking that might even go into next year?

And then secondly, on the MTS business, maybe you can just remind us, like, of the geographic split of the assets and revenues you're generating there and how this is, like potentially shifting towards some other countries' contributions you see this year, maybe in the medium term would be very helpful.

Can you -- sorry, can you repeat your second question because I got lost with the second question. Can you repeat it?

Sure.

The first one was very clear.

Yes. On the MTS question, the question around did you get geographic split of the assets, of the revenues attached to that and how this is moving into additional countries, additional European countries and how you do see the development in '26 and potentially also going into '27 to further grow that business?

Okay. So I'll take the question -- both questions. So on MTS, the performance of MTS is impressive. It's a business that has grown extensively, since we acquired it as part of the Borsa Italiana acquisition. Since then, the growth of MTS was a combination of organic growth in relation to the core business of MTS, which is Italian govies, and the development of the efforts we have done together with the MTS management and the Euronext management to pitch and convince the European Union to organize the secondary trading of next-generation EU bonds within MTS.

We are expanding businesses in other jurisdictions. We have constructive dialogues with countries that are already part of the MTS program and solutions but not necessarily with the full incentives to deploy them. And each debt management office takes things at the level of priority and gets to the right level of concerns about liquidity of their debt at a different pace. So recently, we have announced that we are becoming a player of a scale with the Greek debt. It was announced a few weeks ago, I think just before Christmas. We are working in the same directions with all the other European players.

I'm not in a position to make any announcement. And the discussions are very different. The perception of MTS as a solution is different everywhere. So we remain very active from a marketing point of view. I'm personally involved in many of those discussions because many of those discussions take place both at the level of the debt management office and at the level of the Minister of Finance, and we'll see. We'll announce the outcome when they are positive. For the moment, it's still work in progress. I mean, because countries don't change easily the way they manage liquidity or the other.

Talking about where do we spend the money, I'm going to suggest -- to offer you a framework to be roughly correct rather than precisely wrong. So the way you have to look at the cost that we deploy is that if you want to deliver something for real, you need to have in your organization people who know what they are talking about. Then you need to have systems that are flexible, robust, reliable and fit for the future. And then you need to make supervisors neutral about those projects and you need to have clients enthusiastic.

To make supervisors neutral and to appease them, that's relatively easy and not extremely expensive. But to make clients enthusiastic about the new solutions that you're offering, you need to talk to them and you need to have salespeople or business development people creating intimacy to anticipate their needs and to manage competitors. So you recruit people for developing new systems and new ideas and inventing new solutions that are not necessarily with skills that are necessarily available someday in your nation. You recruit new people to do sales and to do business development, and in the middle, you build new platforms, which is a combination of technology developments, which may need people, but also with some CapEx.

So that's how we deploy the money because at the end of the day, these are the 3 areas. So it all ends up in headcounts, but headcounts of a different nature if they are here to invent new things and fill skill gaps in your organization, headcounts to deploy or develop new technologies, headcounts to sell stuff and to be time to market ahead of the competitors. So I have some difficulties to describe you the Rubik's Cube between these 3 categories of people.

Then why I'm using the Rubik's Cube metaphor is that clearly the allocation of these teams is very different if we talk about power trading -- or power derivatives, sorry, if we talk about repo clearing, if we talk about CSD expansion, the allocation [indiscernible] so the breakdown in my view would be very artificial even if I were comfortable disclosing those numbers that are really granular management accounting numbers.

The last question comes from Ian White from Autonomous.

Two from my side, please. Firstly, we're hearing a lot of political support now for the idea of a single European stock exchange. From your perspective, are you open to innovative structures or partnership to achieve that? Or in your mind, is it simply that the Euronext itself is the consolidator? That's question one.

And question two, can you talk a little bit about the competitive outlook in Italian government debt markets? In recent months, 2 competitors have announced settlement offerings in Italian government debt. What makes you sanguine on the risks to your next market share, please?

So on the second question, I'll give the floor to Giorgio Modica, who is familiar with the recent dynamic of the Italian debt market, and he will provide you his perspective. And maybe also Pierre Davoust can complement because it's more a question on settlement than on the fundamental underlying debt market. So both Giorgio and Pierre can elaborate.

On the first question, let me be very crystal clear. Yes, leaders in Europe want to have a single pan-European stock exchange. But the reality of the drivers of these goals are very different. There was a quote from Chancellor Merz in particular that was very vocal and Chancellor Merz, as a person is very knowledgeable when it comes to finance because of his personal background.

And clearly, he tried to say -- he tried to highlight, if I may say so the sort of anomaly between the size of the German GDP, the anomaly between the dynamism and the strength of German technology players on the one hand, and the fact that in Germany, the equity market, for all sorts of historical reasons, is relatively small. And the GDP of Germany is about EUR 4.3 trillion approximately, and the total aggregate market capitalization of Frankfurt Exchange is approximately EUR 2 trillion. The Euronext single liquidity pool of the book is about EUR 6.8 trillion. It's more than 3 times larger than the Frankfurt exchange.

So Chancellor Merz was addressing a sort of specific situation in Germany and that has again nothing to do with the quality of Deutsche Boerse, which is a great company, an amazing company. The transformation that has been implemented by Theodor Weimer over the past years has been amazing. And this is a great company. But when it comes to equity -- to equity only, it's true that the exchange part of Deutsche Boerse is much, much smaller than it used to be and much, much smaller than the equity part within Euronext.

So we do not have the problems within Euronext countries that other countries have, because since we have EUR 12 billion of average daily volumes, and since we have EUR 6.8 trillion of aggregate market capitalizations on Euronext and since we have approximately 25% of the equity market -- of the equities traded on Euronext, we have built a liquid market. And again, it's not a judgmental comment. The valuation multiples of our peers are stronger because they have less equity trading. But there is a tension between policymakers who do want a large equity market and corporates who operate those markets who believe that they create more value by walking away from equity. And that's okay.

That's what happened in the U.K. where the London Stock Exchange became a smaller part much more than it used to be of the London Stock Exchange Group, just like the Frankfurt Exchange is a much smaller part of Deutsche Boerse, especially, that's fine. They have bigger, better valuation because of those choices. But it's true that from a policymaker point of view, there is an aspiration to have stronger exchanges as what we've built within Euronext.

What does it mean in practice? One thing is clear. Liquidity cannot be fragmented. Liquidity must be consolidated. In any business, in any trading venture, what everyone is looking for is to consolidate liquidity because that's -- with consolidation of liquidity, you have to create the best spreads. Therefore, you create the most value for your clients because you create an environment that produces better prices. So any idea that would be, let's create a new platform out of the blue, which eventually will have no issuers, no investors, no research, is a bad idea.

So what makes sense is to consolidate liquidity. I do believe -- I do believe that Euronext is in advance in this ambition because our purpose was to build a consolidated equity market, and I do believe that we have to invent ways to work together to consolidate equity markets around what already exists, rather than to fragment liquidity. So I believe that it's the right ambition, but it's the right ambition with consolidation of liquidity, not fragmentation of liquidity. Pierre?

Yes. So I will address the question on the Italian settlement. So indeed, our competitors have made steps to provide direct settlement services on Italian debt. What I want to highlight is, one, this is not new. This is not new. We are the issuer of CSD. Euronext Securities Milan is the issuer CSD for Italian bodies. And Euroclear Bank, Clearstream Banking Luxembourg, all those custodians are all connected to Euronext Securities Milan to perform settlement on Italian ventures.

Our competitors are, in fact, our clients for this particular business, and they already do and perform settlement activity. With what they've announced, they are taking an extra step, bringing their clients to directly settle with them, trades cleared at LCH SA. Will that allow them to win more settlements over some of our other clients who are today channeling settlements through Euronext Securities Milan? Maybe. But it's more a stretch for some of our clients than for Euronext Securities Milan itself.

Third point, settlement in govies business is a very small part of the business, because a big part of the business is custody, and that stays with us because we're the issuer of CSD. And last point, I think you need to realize that these steps are taking place in a context which is a total range of settlement, which is about creating fixed income value chain.

And Euroclear and Clearstream have announced that they will partner with NCH SA, and we are working in Euronext across the value chain with MTS with Euronext Clearing and Euronext Securities to develop and scale a value proposition and fixed income across Europe. And we believe we have very strong selling points for clients to use the Euronext value chain across MTS, Euronext Clearing, and Euronext Securities Milan on Italian bodies and on non-Italian bodies.

There are no more questions at this time. I will now hand the call back to our speakers for their closing remarks.

Thank you very much for your time. I wish you a very good day. And if you have any questions, please do not hesitate to reach out to the dream team when it comes to Investor Relations with Judith and all our colleagues. Thank you very much. Have a good day.

Good morning, and welcome to the Euronext Third Quarter 2025 Results Conference Call. On today's call, we have Stephane Boujnah, CEO and Chairman of the Managing Board; and Giorgio Modica, CFO. Please note this conference is being recorded.

[Operator Instructions] I will now hand over to your host, Stephane Boujnah, to begin today's conference. Please go ahead, sir.

[Audio Gap] quarter 2025 results call. I'm Stephane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of this quarter of the year. Giorgio Modica, the Euronext CFO, will then develop the main business and financial highlights of the quarter.

As an introduction, I would like to highlight three points. First, Q3 2025 is Euronext's sixth consecutive quarter of double-digit top line growth. This quarter, our revenue and income grew by 10% plus 6% (sic) [ plus 10.6% ] compared to Q3 2024 to EUR 438.1 million.

Our adjusted EBITDA margin increased also double -- increased by 1.2 points to 63.2%. This strong performance was driven by the expansion of non-volume-related business, driven also by resilient trading and clearing revenues and also driven by continued cost discipline.

Second, during this quarter, we were very proud to announce the inclusion of Euronext within the CAC 40 Index. This milestone demonstrates that when Europeans decide to succeed together, they can transform European capital markets and the financial infrastructure landscape. And this inclusion in the French blue-chip index will have a positive impact on the liquidity of our stock.

Third, we are at a cornerstone moment for the development of the group in terms of industrial developments. All the Euronext teams are fully engaged to deliver the ambitious targets of the Innovate for Growth 2027 strategic plan. Progress accelerates with all our clients and partners to achieve these objectives and to create more competition in the European market.

We recently launched the first fully integrated European marketplace for ETFs with substantial efficiency gains for the entire value chain, including issuers, market makers, distributors, custodians and investors. To boost retail participation, we have introduced the first ever mini-sized cash-settled futures on main European government bonds, and we were pleased to see that they have been trading from day 1.

We are providing the innovative and competitive post-trade solutions that the European market needs. This is reflected in the growing momentum with clients that actively commit to support our CSD expansion program, a key requisite for the success of this initiative.

Let me give you now a quick overview of the Q3 2025 highlights on Slide 4. As I said earlier, Euronext delivered double-digit revenue growth in Q3 2025 for the sixth quarter in a row. This quarter, revenue and income grew by plus 10.6% year-on-year up to EUR 438.1 million.

So first, our non-volume revenue reached 60% of total revenue and income and posted a strong performance overall. This plus 12% increase of non-volume-related revenue year-on-year was driven by sustainable growth in custody and settlement and the first full quarter contribution of Admincontrol.

This quarter, we reached a new record level of EUR 7.5 trillion in assets under custody, driven by growth in equities and bonds. And that tells a lot about the strength and the growth of our post-trade business.

Second, volume-related business was fueled by double-digit growth in fixed income and commodities trading and clearing. Euronext continues to record robust volumes and revenue capture in cash equity trading and clearing, driving revenue up plus 11.5% year-on-year.

Our underlying expenses, excluding D&A, were EUR 161.4 million, up plus 7.3% compared to Q3 2024. And this increase reflects our consistent growth, investments in innovation and human capital and the impact of acquisitions. But in February this year, we announced an underlying cost guidance of EUR 670 million for 2025.

Thanks to this continuous rigorous cost discipline on recurring expenses, Euronext today upgrades its underlying operating cost guidance for 2025 to EUR 660 million. As a reminder, this guidance does not include Admincontrol.

Our Q3 2025 adjusted EBITDA grew by plus 12.6% compared to last year, reaching EUR 276.7 million. Euronext's adjusted EBITDA margin increased by 1.2 points to 63.2%, reflecting strong top line growth and cost discipline.

Adjusted net income was EUR 169 million. Reported EPS was EUR 1.49 per share and adjusted EPS was EUR 1.68 per share. As a reminder, and this is quite important for comparison purpose, last year, Euronext received a dividend of EUR 23.4 million in Q3. This year, this dividend was received in Q2. Therefore, net income and EPS are not really comparable year-on-year.

In our continued commitment towards deleveraging, net debt to last 12 months adjusted EBITDA was 1.5x at the end of September 2025 from 1.8x at the end of June 2025. The large decrease compared to Q3 2024 reflects our strong operating leverage and ability to generate cash flow. The leverage is in line with our target range between 1 and 2x announced as part of the Innovate for Growth 2027 plan.

On the basis of this strong financial position and in line with our capital allocation principles, I am pleased to announce the launch of a EUR 250 million share repurchase program to be executed from the 18th of November until the end of Q1 2026.

Today -- moving to Slide 5. Today, Euronext is ready to contribute to the next level of consolidation of markets in Europe. Our offer for ATHEX Group is a step towards this consolidation of European market infrastructure to support European listings and economic growth and create even deeper liquidity pool in Europe.

Euronext expects to deliver significant synergies from the integration of ATHEX into its European market infrastructure, into its single liquidity pool, single order book, single technology platform. And we expect EUR 12 million of annual cash synergies to be targeted and delivered by the end of '28. This combination is fully aligned with our investment criteria to have a return on capital employed above the WACC of the company in year 3 to 5 after the closing of the transaction and post synergies.

The transaction is expected to be accretive for shareholders following the delivery of synergies from year 1. The deal provides major benefits for the Greek market, which is going to become much more integrated into European flows and into global flows. This transaction is clearly a sign of confidence in the recovery of the Greek economy.

I now give the floor to Giorgio for the business and financial review of Q3 2025.

Thank you very much, Stephane, and good morning, everyone. Let's now have a look together the strong financial performance recorded in the third quarter of 2025. I'm now on Slide 7. I like this slide because it shows how we have truly increased the share of our revenue that is not related to volumes.

Capital Markets and Data Solutions are today the largest contributor to our top line and a sustainable source of recurring revenue growth. This is also the case for Securities Services, driven by another quarter of double-digit growth of custody and settlement.

Total revenue and income in the third quarter 2025 reached EUR 438.1 million, up 10.6% compared to last year. Today, non-volume-related revenue represents 60% of our top line and covers 162% of underlying operating expenses, excluding D&A.

Let's take a closer look at the key drivers behind this performance, beginning with non-volume-related revenue and income and move together to Slide 8. Starting with Securities Services. Revenue was at EUR 77.3 million, marking a solid 6% increase compared to the third quarter of 2024.

Custody and Settlement revenue reached EUR 70.6 million, an 11.8% increase compared to the third quarter of 2024. The strong performance was driven by the growth in assets under custody that reached another record at EUR 7.5 trillion. This double-digit growth was also supported by resilient settlement activity and continued growth of value-added services.

Other Post Trade revenue declined 32% compared to the third quarter of 2024 to EUR 6.7 million. This, as discussed in previous quarters, stems from the migration of derivative clearing from LCH SA to Euronext Clearing and the internalization of the related treasury income into the net treasury income line of our P&L.

Net Treasury Income was up 23.8% compared to the third quarter of 2024, benefiting from the expansion of Euronext Clearing that I just mentioned. As announced during the previous results, we have successfully migrated Italian markets to a harmonized clearing framework at the end of June 2025.

These important milestones offer Euronext clearing clients material risk management benefits and operational efficiency and helps them to optimize their total trading cost. This optimized clearing system provides clients with resilient, stable and efficient infrastructure. It will serve as the pillar of all new product and services Euronext Clearing is developing, notably for our repo expansion initiative.

Turning to Capital Markets and Data Solutions. I'm now on Slide 9. Revenue reached EUR 168.4 million, reflecting a 13.9% increase compared to the third quarter of 2024. Primary Markets generated EUR 46.2 million of revenue, up 3%. Euronext maintained its leading position for equity listing in Europe with a solid rebound in the third quarter, recording 20 new listings.

Advanced Data Solutions revenue grew to EUR 66.2 million, up 6.5% compared to the same quarter last year. This good performance was driven by steady growth in our data solutions, thanks to rising demand for diversified data sets and increasing interest from our retail clients.

Corporate and Investor Solutions and Technology Services reported EUR 56 million of revenue in the third quarter of 2025, up 37.3%. This outstanding performance reflects the full quarter contribution of Admincontrol, alongside the growth of Investor Solutions and colocation services.

Moving to our volume-related activities. I'm now on Slide 10. Revenue of FICC Markets reached EUR 81.9 million, marking an 11% increase compared to 2024. Revenue for FICC Markets include fixed income trading and clearing, whose revenue grew 14.7% to EUR 46.8 million, driven by the continued strong volumes.

In particular, MTS Cash average daily volume was up 29.5% year-on-year at EUR 44.8 billion (sic) [ EUR 48.8 billion ]. MTS Repo term adjusted average daily volume reached EUR 585.6 billion, up 23%. The strong performance was also supported by the expansion of our D2C segment and the growing volumes outside of Italy with significant growth in Portugal and Spain.

Commodity trading and clearing revenue increased 11.3% to EUR 27.6 million in the third quarter of 2025. This reflects record intraday power volumes and the recovery of volumes on agricultural commodities trading and clearing.

FX trading revenue reached EUR 7.5 million, down 8.3% compared to the same quarter last year. This reflects lower volatility and the negative currency impact on the U.S. dollar. Like-for-like revenue decreased only 2.5% despite an 11.8% decrease in volume, thanks to proactive revenue capture management.

Continuing with our review of volume-related revenue, I'm now on Slide 11. Equity Markets revenue saw a 6.6% increase compared to the third quarter 2024, reaching EUR 93.7 million. Cash equity trading and clearing revenue grew 11.5% compared to 2024, reaching EUR 82.5 million. This reflects a 14.8% increase in average daily volume traded to EUR 11 billion. This quarter, Euronext reached solid average revenue capture on cash trading at 0.53 basis points.

Lastly, financial derivatives trading and clearing revenue was at EUR 11.2 million, a 19.4% decline compared to 2024. This performance mostly reflects lower volatility. Following clearing migration, certain clearing fees are now reported in the Other Post Trade revenue, and as such, is not fully comparable with the third quarter of 2024.

Now I move to Slide 13 with the EBITDA bridge. Euronext's reported EBITDA for the quarter grew 13.9% to EUR 275.2 million, mainly thanks to EUR 29.5 million of additional revenues at constant perimeter and EUR 13.2 million of additional revenue generated through acquisitions. This was offset by EUR 4.3 million of additional cost at constant perimeter and EUR 7.1 million of additional cost coming from the change of scope.

Non-underlying expenses, excluding depreciation and amortization, were at EUR 1.5 million. This is slightly lower than the third quarter of 2024 due to the completion of the Borsa Italiana Group integration last year. Euronext's adjusted EBITDA for the quarter grew 12.6% to EUR 276.7 million with an adjusted EBITDA margin of 63.2%, up 1.2 points compared to 2024.

The underlying operating expenses, excluding depreciation and amortization, increased 7.3% compared to 2024, mostly related to the growth investment for the delivery of our strategic plan and acquisitions. In parallel, we remain highly disciplined in managing our recurring expenses.

I'm now moving on Slide 14. Adjusted net income this quarter reached EUR 169 million. Please note, as Stephane already reminded that the Euroclear dividend was received in the second quarter this year and not in the third quarter as last year. Depreciation and amortization accounted for EUR 49.3 million, up 4.4% versus the third quarter of 2024. PPA related to the acquired businesses accounted for EUR 19.7 million.

Euronext reported net financing expense of EUR 6.8 million in the third quarter of 2024 compared to EUR 2.9 million of net financing income in 2024. The variation reflects decreasing interest rate, lower cash position after the redemption of our EUR 500 million bond and the impact of currency variations. Please note that it also recognizes noncash interest expenses related to the convertible bonds.

Income tax for the third quarter of 2025 was EUR 58.5 million. This translated into an effective tax rate of 26.7% for the quarter compared to 23.8% in the third quarter 2024. As a reminder, in the third quarter of 2024, the tax rate was positively impacted by the tax exempt EUR 23.4 million dividend received from Euroclear.

Share of noncontrolling interest amounted to EUR 11 million correlated to the resilient performance of MTS and Nord Pool mainly. As a result, the reported net income share of parent company reached EUR 149.7 million. Moreover, adjusted EPS was at EUR 1.68 per share this quarter compared to EUR 1.74 per share in the third quarter of 2024. And reported EPS was EUR 1.49 per share.

I continue with cash flow generation and leverage. I'm now on Slide 15. In the third quarter of 2025, Euronext reported a solid net cash flow from operating activities of EUR 401 million compared to EUR 237.4 million in the third quarter of 2024. This increase mainly reflects higher working capital from Euronext Clearing and Nord Pool CCP activities this quarter.

Excluding the impact of such a change in working capital, the net cash flow from operating activities accounted for 99.9% of EBITDA this quarter. As Stephane already reminded us, net debt to adjusted EBITDA ratio was at 1.5x at the end of the quarter, right in the middle of our long-term target range.

I'm now on Slide 16, and I wanted to say that at our Investor Day last year, we have announced that we would have proactively assessed special shareholder returns according to the -- our capital allocation principles. In line with this principle, Euronext has decided to launch a share repurchase program of a maximum of EUR 250 million, which represents around 2% of Euronext outstanding share capital.

The share repurchase will start on 18 November and is expected to be completed by the end of the first quarter of next year. This program underlines the strong confidence in the growth prospect of the group and will not impact our strategic flexibility to invest and capture market opportunity.

This concludes my presentation. And with this, I give back the floor to Stephane.

Thank you, Giorgio. And to round things off, we have delivered a very strong third quarter financial results. This quarter's results reflect the strength of our diversified business model with increasing diversification, both in volume-related revenues and in non-volume-related revenues, and our ability to collaborate effectively with our clients, with our partners on their evolving priorities in order to create new offerings and in order to create more competition.

Since the beginning of the year, we have demonstrated a sharp focus on the execution of our strategic plan. We are today in an ideal position to deliver our Innovate for Growth 2027 targets. We are confident in our ability to achieve our strategic objectives and to deliver sustainable long-term growth.

Our unique integrated value chain has once again proven its strength. We are very pleased to share that we have kicked off the last quarter of the year on an even stronger note. Our assets under custody reached another record at the end of October 2025. And across the business, we continue to benefit from elevated volatility and long-term structural growth drivers as we speak.

Our ongoing offer for ATHEX further reinforces our position as the consolidator of European capital markets and creates further attractive growth prospects for the group. Thank you for your attention, and we are now ready to take your questions with Giorgio Modica and Anthony Attia.

[Operator Instructions] The first question come from the line of Michael Werner of UBS.

Congrats on the results. Two questions from me, please. In terms of the Q3 costs, they were certainly below, I think, consensus expectations. You brought down your guidance for costs for the full year. I was just wondering, is this a scenario where you maybe you pushed out some of the investment spend that you had anticipated just because of changing dynamics in the marketplace? Or is this something more sustainable? This is the first question.

And then the second question, I think, Stephane, you mentioned at the beginning in terms of the consolidation of the post-trade space that there's a growing list of clients that are supporting this effort. Is it possible to kind of give us an indication as to the number of potential custodians you have signed up or what other signposts we should be looking for when it comes to measuring the progress of the CSD opportunity?

Thank you for those two questions. Giorgio will answer the question on cost. I will answer the question on the CSD expansion. And let me be a bit blunt. I mean we are implementing an industrial project, which has a certain time line and a certain pace of execution, and we talk once every 3 months about the financial results.

Now there is sometimes a disconnect between the pace of financial results every quarter and the pace of delivery of those industrial projects. And let me be a bit more specific. The go-live will happen in September '26. We are in the process of signing all sorts of market participants, custodians, issuers, other critical people in the project. And at the moment, the process of cementing those and signing those -- this support is ongoing.

So our intention is to share with the market an interim status update whenever it's ready, let's say, within the next few months, irrespective of the timing of the quarterly results -- financial results announcement. I can't be more specific. And if you want me to be roughly correct or precisely wrong, I would tell you that things are going in the right direction.

We are in the process of signing the relevant people. Before sharing with the market where we are, we want to have a sort of critical mass of homogenous signing to be shared and to be communicated. Unfortunately, I can't be more specific at this current moment.

Yes. On cost for the third quarter, the message is that this does not come at the expense of investments. We are going full speed to deliver things as quickly as we can. There are three elements that I would like to highlight just to give you a sense of what has happened in the third quarter. So there is an element you are all aware, which is the seasonality in the third quarter, where we record lower salary expenses linked to the holiday season. This is something that you are aware of.

The second element that I would like to highlight because it's meaningful and not necessarily -- what we've seen is that what we have recorded in the third quarter is a reduction of the social contribution related to our long-term incentive plan which is driven by the share price performance. So we have recorded extremely high increases in the share price in the first and second quarter and more muted dynamic in the third quarter, which has resulted in a less steep increase of that line of cost.

And the last element I would like to highlight is that our cost base, as you know, is largely fixed, but it's not entirely fixed. So there is a small component of cost of sales and as the cost of the third quarter -- sorry, the revenues of the third quarter were lower than the previous quarter, then we record some savings. So to make a long story short, this performance is sustainable, point one, does not come at the expense of investment, and is explained mainly by the element that I just mentioned.

The next question comes from Enrico Bolzoni calling from JPMorgan.

So one question on MTS volumes. They seem to have plateaued a little bit. I was looking at the statistics for October as well. I just wanted to ask you, what should happen for volume growth to be picking up again basically? And related to that, do you think that the current situation in France with the political instability and clearly, the yields having gone up increases a bit the probability of French debt being migrated near term to MTS? So that's my first question.

And the second question is on technology. There's been a bit of rumors, a bit of conversation around the potential disruption that blockchain could bring to post-trade services, for example, by making instantaneous settlement of trades or accelerating the velocity of collateral within clearing houses. Can you just give us some color what are your thoughts there? Is something that worries you, something you're investing into to protect the business? Or you think these fears are a bit inflated and actually nothing will materialize anytime soon?

Thank you. So Anthony will answer your question on technology impact of the post-trade. Giorgio will answer your question on MTS volumes, and I'm going to answer your question on the French dynamics around the way the French Republic is managing the liquidity and the trading and the secondary trading of its sovereign debt.

On that particular point, we have an ongoing dialogue with the French debt management office and with the relevant ministers in charge to demonstrate the benefits of the MTS solution to increase liquidity and to reduce spreads on the French sovereign debt. For the time being, the French Republic is still focusing on the primary dealers only type of structure. But we have a dialogue. But where you have a point is that things have changed significantly.

One year ago, well, at least last summer, the 10-year for France was more expensive than Germany, but cheaper than the one of Portugal, Spain, Greece and Italy. The 10-year for France is now more expensive than Greece, Portugal, Spain and Italy. And there is an ongoing analysis within the French Ministry of Finance about what can be done in this new environment, which is fundamentally different from what the situation was 18 months ago.

When they will agree to migrate to a form of MTS solution, whether they will do it, how it will be implemented, I can't be specific because I can tell you that there is a dialogue, but -- and that clearly, the more French debt, French sovereign debt looks like the Italian sovereign debt and the numbers are at least in terms of 10-year costs are clear. The more the situation is similar, the better the chances that things will move. But at this current moment, there is no decision taken.

Giorgio on the MTS volumes and then Anthony on the impact of technology on post-trading?

Yes, absolutely. What I can say is that if I look at the current trading, I see that quarter-to-date, we are above 30% up with respect to where we were last year. If I look at the month-to-date, the increase in excess of 50%, and I now have the statistic of the 5th of November, where the volume traded on MTS were EUR 65 billion. So what I'm trying to say is that the volume remains extremely elevated.

And what I can comment is the fact that the market conditions remain highly constructive going forward, and we don't see any reason for a change in the short to midterm. Then elaborating more on what are going to be the volume first quarter next year and the trend is difficult. But again, the message is that the performance remain very strong and the market condition highly constructive.

This is Anthony. Thank you for your question on the impact of DLT on post-trade and in particular, on clearing houses. Look, to make a short answer, we believe that the impact is neutral to positive with some opportunities. But the longer answer is we need to look at the impact of DLT by asset class. So the role of the clearing house is to provide guarantee and manage potential default.

The fact that we have some market demand, some market trend to tokenize collateral is actually a positive thing, and at Euronext, we are working with the market to look at that specific technology change and test it. It is positive, sorry, because it would create some fluidity in the way collateral is allocated and in the way margins are called. So that's the positive part.

Now this is true for derivative market, OTC clearing -- OTC cleared market. Now if you move to cash equity, the move towards T+1 gets us closer to a form of a same-day settlement or some would say, instantaneous one.

We're not there yet in terms of real-time settlement because we would lose the netting effect. And so some less liquid asset class could benefit from DLT nuclear settlement, if you wish. But in the market that we operate, where it's highly liquid asset classes, the market still benefit from netting effect. So I don't believe there is a negative effect there.

The next question comes from the line of Hubert Lam calling from Bank of America.

I've got three of them. Firstly, on European exchange consolidation, which has now been brought up by Chancellor Merz, how realistic do you think this is for further and broader consolidation within Europe, including Germany?

Second question is on costs. As you said, you improved your cost guidance for this year while you continue to invest. How should we think about cost growth now into next year? Should we expect cost growth to be slower just given a lot of investments assumed are kind of front loaded?

And lastly, on -- question on ATHEX. If I look at the implied offer price today, it's close to the spot price. Just wondering if you would consider increasing your offer? And if not, how confident are you in terms of getting the required take-up for your offer?

Okay. So I will answer your question on ATHEX and your question on the European exchange consolidation and Giorgio will answer your question on cost. On ATHEX, let me reiterate that we do not intend to change the price of the offer and that we will communicate on this offer in accordance with appropriate requirements under Greek law. But we do not intend to change the price of the offer.

As you know, the offer is open until the 17th of November. We are intensively communicating and sharing views with all the relevant group of shareholders in order to convince them that the premium we are offering is very attractive and to make sure that they understand the value proposition of making ATHEX business, the Greek capital markets part of an integrated European project.

And so far, the dialogue is very constructive. But as I said, the offer is open until the 17th of November, and we will communicate the results of this tender offer on the 19th of November.

On the European exchange consolidation, three remarks. We welcome the comments or the aspirations expressed by the German Chancellor that echoed with the ones of Mrs. Christine Lagarde, the President of the European Central Bank. And we share that vision, and we are available to contribute to the next phase of potential consolidation within Europe.

Euronext today is the backbone of the Capital Markets Union, is the backbone of the integrated equity markets because as many of you know, the aggregate market capitalization of the companies listed and traded on Euronext amounts to approximately EUR 6.5 trillion, which is more than twice the aggregate market capitalization of companies listed on the London equity market and which is more than 3x, almost 4x the size of the Frankfurt equity market.

This is just because we have focused for years on the equity markets, even if at group level, equity trading represents within Euronext 17% of our top line, it's still a multiple of what the other places in Europe, the large players in Europe are doing.

And one of the reasons why this vision makes sense is that for all sorts of good historical and corporate reasons, we have found ourselves as focusing historically on equity markets and in fixing the equity financing ambitions of local stakeholders, whereas other players have been focusing in diversifying away from equity markets, sometimes in a very intense way.

And by the way, this difference of focus on equity markets is also reflected in the difference of valuation multiples historically because markets tended for long to value diversification away from equity markets more than focus on equity markets. But this is a difference between investors' preferences and stakeholders' aspirations.

So we are in a situation where we have been able to build Europe platform that raised 25% of the equities within Europe, which is probably the backbone of any future consolidation because we have the federal governance which is available, we have the integrated processes that are available, we have the strategic focus which is available. We have the operational performance, which is available to be what Mr. Merz and Mrs. Lagarde want to happen.

Now why it is not taking place and why it may or may not take place is that because when you do M&A, you operate into a consenting added game. To do an M&A transaction, you need a willing buyer or willing consolidator and Euronext is a willing buyer and is a willing consolidator, but you need also a willing seller. And for the moment, there is just no willing seller. So I think you should not ask us whether we are available.

You should ask Deutsche Borse whether they are willing to enter into this type of conversations. And as always in Germany, what the Chancellor says in Berlin is interesting, but what is decided in Frankfurt by Deutsche Borse and in [ Eschborn ] by the government of the land of [ Essen ], which is the supervisor of Deutsche Borse is much more relevant to deliver the output. So that's where we are for the German situation. So we are available, but the answer is in the hands of decision-makers.

Yes. On the cost, what I can say is that we will follow the usual time line for cost guidance, which means that we will share with you cost for next year in February next year. And the reason is simple and is the fact that we have not concluded the budget process, which will be approved in December. So it would be a little bit complex to share and commit with you before having secured approval from our governments.

The next question comes from Ian White from Autonomous Research.

Three from my side as well, please. Just a follow-up on this consolidation or M&A topic. Can you just say a bit about your openness or otherwise to innovative structures or partnerships to boost scale and liquidity in European equity markets? I know there was a proposed joint project with Vitura, I think, a couple of years ago. Would you revisit something like that? Or are you clear that sort of consolidation of European markets in Euronext's own business is the only option you're really sort of thinking about, please? That's question one.

Secondly, can I just ask a follow-up as well on the drivers of the performance at MPS? And in terms of the growth, how much is coming from sort of more trading of Italian govies and how much is coming from new pockets, maybe products outside of Italy, B2C, sort of new trading user types, the algo-focused traders that I think you talked about at the Capital Markets Day last year, a bit more detail on that would be helpful, please.

And finally, ESMA has issued some new proposals regarding commercial practices with respect to selling market data and particularly with respect to pricing of data across different types of user and restrictions around auditing practices by the exchanges. What's your view on those proposals at this stage? And what impact do you think that might be for Euronext, please?

So I'll take your question on consolidation, and Giorgio will take your question on MTS and the dynamic on our market data business. On consolidation, when it comes to equity trading, which is the core of the discussion for the moment because the motivation of the German Chancellor was to secure a proper downstream for the liquidity of all the great companies that are developing in Germany that look for exiting public markets.

For equities, consolidation is needed to deliver a single liquidity pool because if you want a single liquidity pool, you need to have a single order book, and to enable a single order book, you need a single technology platform. So -- and you need to have processes, harmonized rule book and consolidation is necessary to create scale.

Hybrid model and IDs have been very creative. They have not really delivered not because people were not acting in good faith or were not positive and enthusiastic, because it just doesn't fit with what is needed to create a deep, low latency, large liquidity pool.

So we are happy to consider all sorts of cooperation when it comes to, let's say, indices, when it comes to listing initiatives, when it comes to facilitating or using tools that facilitate the retail onboarding in public markets. But when you want to create impact, you need more liquidity, and to create more liquidity, you need a bigger order book. And to have a bigger book, you need a solid, robust centralized integrated technology platform. And that's why this is a prerequisite.

Okay. Yes. So let's start with MTS. You're absolutely right. One of the ambition of the project is to grow platforms which are different from the traditional dealer-to-dealer and shift more in the dealer to clients. This is -- this platform is something that is performing extremely well, and we can see volumes on that platform growing, I would say, exponentially with growth rate exceeding 50% year-on-year. But still is not a huge proportion of the overall revenues, but the direction of travel is very strong.

And the other interesting feature is that we are expanding into the three key segments of the space of the dealer to clients. So we are seeing very good traction in rates, the beginning of an activity in credit, and we are developing the swap. So the results so far are good. The partnership with dealers is performing well, but clearly, this is just the beginning.

Then when it comes to the traditional dealer-to-dealer, Italy remains the largest contributor to the pool. However, as I have highlighted during the presentation, we have seen very good growth coming from countries outside of Italy, namely Spain and Portugal.

When it comes to market data, we are a recipient of regulation. We are adjusting ourselves. It's difficult to comment at this stage because the game is not over, which means that we are still analyzing the situation. What I can comment is that we are going to see what is going to be the outcome and whether -- who's going to be the actual beneficiary of the change, whether are going to be the large resellers of data or the smaller players in the market.

The next question comes from the line of Arnaud Giblat calling from Exane BNP.

I've got two quick follow-up questions, please. Firstly, on the potential movement of OAT on MTS. I'm just wondering, I heard your comments. I'm just wondering in terms of potential competition, who are you facing up to and how well are you positioned to win that business if it eventually comes over? And my second question is, again, a follow-up on Euronext Securities. I'm just wondering if you can report any progress on getting issuers moved to Italy.

Your second question, sorry, Arnaud?

Yes. I think so far, it's just Euronext and Exor that have shifted their issuance to Euronext Securities. Are they -- are you seeing any progress with any other issuers?

Okay. So on the second question, which is basically the pace of CSD expansion. So as I said a few minutes ago, following question of one of your colleagues, we are trying to find the right moment to wrap up what is the precise status of onboarding. As you know, for making that project impactful, we need to have a combination of conditions.

One avenue is to go one by one to migrate each individual issuers as it was the case of Stellantis or [indiscernible] company, et cetera, and we are working with others. This will be also filled with some new IPOs that have the possibility to decide their full post-trade chain. So that's one avenue.

The other avenue is the custodians and in general, beyond the custodians, all the players who are intermediating issuers with the post-trade chain. So we are working on it. And I hope that soon, and I can't be more specific, we will be in a position to share status of that.

But as I said, you have to understand that industrial projects do not have necessarily the same pace and timing as our quarterly meetings. We have in March, the go-live of the power derivatives market that will happen after our full year results, but this is a very important step.

We had the ETF moment and European ETF listing trading platform that took place in September, at the end of September. So these things happen when they are ready, and we communicate when they are ready because the go-live for the CSD expansion as a whole is September '26. We need to share with you where we are. We will be in a position to do so soon, but it is not now.

On the competition for the French OAT, for the French 10-year, I don't know. I think the MTS situation -- platform is quite unique. It's a European design. It's European-proved. It's a good platform to combine the sort of European primary dealers' culture and practices together with an electronic platform that provides transparency and that has ultimately an impact on spreads.

I think as much as the French OAT was perceived as being massively different from the Italian liquidity problems back in the days, just even back in the days means even 15 months ago. Now the facts are that French sovereign debt belongs to the same league as the Italian sovereign debt. And therefore, we believe that there is an opportunity to continue this dialogue.

I know you are asking a question you want, but systematically, we continue to explain to [indiscernible]. I must -- my conviction is that the more there is a sort of normalization of French sovereign debt around the debt of Italy and countries that have been through similar type of environments, the stronger the likelihood of all solution being considered and then implemented alongside the traditional primary dealers scheme.

The next questions comes from the line of Herve Drouet calling from CIC Market Solutions.

The first one is, could you share with us what is the percentage of your cost which is externalized in terms of operation? And could the seasonality we've seen in third quarter be reflected by the fact some of your external costs, either on development, on operations, which are externalized, tends to be lower during that period of time?

And the second question is on ATHEX as well. Is there something you can share with us in terms of already what you have secured in terms of acceptance for your open offer for exchange of equity, if there are any you can communicate at this stage?

I'll take the question on ATHEX and Giorgio will take your question on cost. We will not communicate any interim acceptance level in accordance with applicable laws and regulations. We will communicate the result of the offer on the 19th of November.

As you can imagine, we have a close dialogue with the three different constituencies that are owning shares in ATHEX, the local Greek institutions, the international asset managers or the international investors that own shares in ATHEX. And the third group is the local retail investors that interact through their brokers.

So we have a very intense, continuous and precise and updated dialogue with those three constituencies. But in accordance with appropriate rules and relevant laws and regulations, we will communicate the outcome of the offer on the 19th of November.

With respect to your first question, the percentage of activity which is outsourced is inexistent or absolutely negligible. Our business model is based on the fact that we operate what we do. And the synergies of the transaction we do are exactly based on that, which means that we take care of others' operation and not the other way around.

When it comes to the seasonality in our P&L, this is more simply, it's the full-time employees of Euronext. When they go to holidays, we do not record part of the cost in our P&L, and this gives the seasonality. But it has nothing to do with outsourcing. It's an accounting treatment for holidays across the different countries.

So what you will see is that there is -- in Nordic countries, this is more June, July. In the rest of Europe, it is more July, August. And this is the reason why it has an impact which is stronger in the third quarter. Nothing more to highlight.

The last question comes from the line of Reg Watson calling from ING. I don't think we have more questions at this time. I will now hand back to our speakers for their closing remarks. Thank you.

So if there are no further questions, I thank you very much for your attention and for your time, and I wish you a very good day.

Good day, ladies and gentlemen, and welcome to the Euronext Second Quarter 2025 Results Conference Call. On today's call, we have Stéphane Boujnah, CEO and Chairman of the Managing Board; and Giorgio Modica, CFO. Please note this call is being recorded.

[Operator Instructions] I will now hand you over to your host, Stéphane Boujnah, to begin today's conference. Thank you.

Good morning, everybody, and thank you for joining us this morning for the Euronext Second Quarter 2025 Results Conference Call and Webcast. I am Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of the second quarter of the year.

I would like to say a few words also on the completed acquisition of ATHEX, the Greek financial infrastructure operator. Giorgio Modica, the Euronext CFO, will then develop the main business and financial highlights of the second quarter of 2025.

As an introduction, I would like to highlight 2 main points. First, we have delivered all-time record quarterly results. Q2 2025 is Euronext's fifth consecutive quarter of double-digit top line growth. For Q2 2025, revenue and income grew by plus 12.8% compared to Q2 2024 to EUR 465.8 million, driven by both organic growth and strategic acquisitions.

This remarkable performance reflects the Euronext's diversified business model that allows us to capture favorable market conditions, but also to generate non-volume related [Technical Difficulty] in many respects. Europe shows an unprecedented commitment to establish a savings and investments union for real. And Euronext is a key player to accelerate the delivery of this commitment.

Since the beginning of the year, we have continued to deploy capital to expand across Europe. In July, we have also launched the expansion of our repo offering across Europe. Euronext is now well positioned to become the clearing house of choice for European repo. With a strong footprint in Italian repo with a growing list of government bond coverage and with the majority of key clearing members already connected, this strategic initiative is proceeding very well.

Second, we have also expanded our presence in the Nordics over the past few months with the acquisition of Admincontrol, and we will further strengthen our position with the migration of NASDAQ Nordic power futures to Euronext Clearing scheduled in Q1 2026.

And third, as announced yesterday morning, we are further diversifying our geographic presence in Europe with the contemplated acquisition of the Greek Financial Market Infrastructure Group, ATHEX. This transaction strengthens Euronext and enhances its strategic prospects for future growth. It also provides major benefits to the Greek market, which are going to become much more integrated into global flows -- into European flows, but also into global flows.

Let me walk you through the structure of these transactions and also the key benefits of this compelling combination for Euronext and for Greek markets at large. Starting on Page 4. Yesterday, we announced the launch of a no share voluntary tender offer to all shareholders of ATHEX at a fixed conversion rate of 20 ATHEX shares for each new Euronext shares.

The offer values ATHEX at EUR 7.14 per share and represents a total valuation of approximately EUR 412.8 million, based on Euronext share price as of 30th of July. This contemplated transaction is subject to customary regulatory approvals. The contemplated combination of Euronext and ATHEX marks a significant milestone for the harmonization of capital markets and for the benefits of local investors and global investors. It definitely strengthened, once again, Euronext as the consolidator of European capital markets.

As you have noticed it, ATHEX Board of Directors recommends the offer of -- recommends the offer to ATHEX shareholders and entered into a cooperation agreement with Euronext for the delivery of the contemplated combination. This combination is fully aligned with our investment criteria of delivering a return on capital employed above the WACC of the company in year 3 to 5 after the closing of the transaction and after synergies.

It is expected to be accretive for shareholders following the delivery of synergies from year 1. Euronext expects to deliver significant synergies indeed from the integration of ATHEX into its European market infrastructure. We expect EUR 12 million annual cash synergies by the end of 2028. This is our target. And restructuring costs to deliver those synergies are expected to amount to EUR 25 million.

Over the past years, ATHEX has benefited from a very supportive macro environment, fueled by the ongoing recovery of the Greek economy. Between 2020 and 2024, ATHEX's net revenue has increased by plus 70% to EUR 52 million, and its EBITDA has tripled to EUR 23.7 million. ATHEX's activities are diversified across custody and settlement, across clearing, across cash equity and derivatives trading, across IT and digital services, across listing and data services. In 2024, close to 50% of ATHEX's net revenues were generated from its CSD and clearing business.

In addition, ATHEX owns 21% of the Greek Power Exchange, EnEx. And Euronext and ATHEX will seek together to strengthen the links between EnEx Group, the Greek Exchange for power derivatives and spot trading and the Euronext European Electricity Exchange, Nord Pool. The Greek economy is expected to continue to significantly support the exchange business through a continued repricing of assets and increased international appeal. This is the right time to invest in Greece.

Euronext has an unparalleled track record in integrating European capital markets. On Slide 6, you can see the benefits of integrated Euronext single liquidity pool, single order book, single technology platform. Since 2018, we have demonstrated as a team our ability to deliver strong benefits to the local ecosystems in each market operator we acquire.

ATHEX will join this journey and will join the Europe's largest liquidity pool, bringing greater visibility and broader access to Greek issuers and investors. ATHEX will benefit from joining Europe's leading equity listing franchise, creating sustainable benefits for market volumes. Euronext aims to establish Athens Stock Exchange as a key hub for listing in the Southeast Europe region and to establish its comprehensive pre-IPO program in Greece.

Following the migration of Euronext Dublin, Euronext Oslo Børs, Borsa Italiana onto the Euronext trading platform Optiq, the average daily value traded on the market has materially increased and market quality metrics have improved significantly.

Today, the benefits of joining Euronext Group reached beyond trading. We have built a unique integrated value chain in Europe across diversified asset classes from free trade to post-trade. By integrating more European exchanges within the Euronext framework and more market infrastructures within the Euronext model, we meaningfully simplify investments in Europe at large.

Greece would be the eighth European country to join Euronext federal model when the transaction is completed. As you can see on Slide 7, the combined group will have an even stronger revenue profile. The contemplated combination allows Euronext to continue the geographic diversification of the group and deliver on our ambition to consolidate European capital markets with growth and synergies opportunities.

Thanks to the migration of Greek trading to Optiq and harmonization of central functions, as I said earlier, we expect to deliver EUR 12 million cash synergies by the end of '28, and we expect restructuring costs to deliver those synergies to be -- amount to approximately EUR 25 million. The transaction positions Euronext as the backbone of the European Savings and Investment Union to the benefit of European Union global competitiveness and to the benefit of all the local market participants and to the benefit of all the European and global market participants.

Let me give you a quick overview of the Q2 2025 highlights on Slide 9 before Giorgio provides you with much more details. Overall, as I said earlier, Euronext delivered double-digit revenue growth in Q2 2025 for the fifth quarter in a row. In Q2 2025, revenue and income grew by plus 12.8% year-on-year, up to EUR 465.8 million. Non-volume-related revenue amounted to 58% of total revenue and income and posted strong performance overall.

In particular, Securities Services revenues grew by plus 6.5% to EUR 86.2 million, driven by increasing assets under custody, higher settlement activity and I'm proud to say double-digit growth in value-added services. Capital Markets and Data Solutions contributed meaningfully to our record performance in Q2 2025. Advanced Data Solutions grew by plus 7.5% to EUR 65.2 million, driven by growing demand for diversified data sets and dynamic retail usage.

Data Solutions were also supported by the diversification of our offering with the acquisition of GRSS on 3rd June last year. Corporate and Investor Solutions and Technology Services grew by 29.2% to EUR 53.7 million. The strong growth in this Corporate Investor Solutions business is supported by the acquisition of Admincontrol, which completed on 13th of May 2025 and a double-digit growth of our investor solutions and colocation services.

Volume-related businesses continued to be fueled by high volatility. The fixed income and currency FICC markets revenues was up 20.1% compared to Q2 2024 at EUR 88.7 million, driven by another record performance in fixed income trading and clearing. Equity markets revenues was up plus 9.5% compared to Q2 2024 at EUR 106.2 million.

On the cost side, our underlying expenses, excluding D&A, were at EUR 168.4 million, up plus 79% compared to Q2 2024. The increase compared to Q2 2024 reflects growth investments and the impact of acquisitions that are partially offset by strong cost discipline. This is in line with the ramp-up of growth investments we announced as part of the underlying cost guidance of EUR 670 million for 2025.

As a reminder, the $670 million for 2025 guidance does not include the admin control cost base. Consequently, our Q2 2025 adjusted EBITDA grew by plus 15.8% compared to Q2 2024, reaching close to EUR 300 million. Euronext adjusted EBITDA margin increased by 1.6 points to 63.8%, reflecting the strong top line growth.

Supported by the dividends from Euroclear, Euronext adjusted net income reached EUR 204.4 million, up plus 23.8% compared to Q2 2024. We reached record adjusted EPS at EUR 2.02 per share. Q2 2025 reported net income was EUR 183.8 million, up plus 29.7%. Reported EPS grew by 32.1% compared to Q2 2024 to EUR 1.81 per share.

Now on balance sheet size, our net debt to last 12 months adjusted EBITDA was at 1.8x at the end of June 2025. This is in line with our target leverage that we announced in November 2024, which is between 1x and 2x net debt to EBITDA announced as part of Innovate for Growth for 2027. The increase in this leverage ratio compared to Q1 2025 reflects the impact of 2 events; the acquisition of Admincontrol and the dividend payment in May 2025.

I now give the floor to Giorgio for the business and financial review of Q2 2025.

Let's now have a look at the strong performance of the second quarter of 2025. I'm now on Slide 10. We reported all-time record results supported by organic growth, favorable market condition and a disciplined capital allocation. Total revenue and income is up 12.8% compared to last year, reaching EUR 465.8 million, of which 58% is non-volume related, covering 161% of underlying operating expenses, excluding D&A.

Let me deep dive into the drivers of this record performance, starting with non-volume-related revenue and income on Slide 11. Let's begin with the asset-driven revenue segment. Securities Services revenue was at EUR 86.2 million, marking a 6.5% increase. Custody & Settlement revenue reached EUR 77.5 million, a 10.8% increase compared to the second quarter of 2024. This strong performance was driven by growing assets under custody at EUR 7.3 trillion alongside dynamic settlement destruction. Value-added services continued to grow double digits, supported as well by the acquisition of Acupay.

Other Post Trade revenue declined 21.1% compared to the second quarter of 2024 and they were at EUR 8.6 million. This stems from the migration of the derivative clearing from LCH SA to Euronext Clearing and the internalization of the net treasury income in September 2024.

On the other side, the net treasury income was up 45.1% compared to the second quarter of 2024, benefiting from the expansion of Euronext Clearing and the internalization, as I just said, of the net treasury income from LCH SA following the derivative clearing migration. It also reflects higher cash collateral posted to the CCP due to the elevated market volatility.

Turning to Capital Markets and Data Solutions on Slide 12. Revenue reached EUR 165.4 million, reflecting a 12% increase compared to the second quarter of 2024. Primary market generated EUR 46.5 million of revenues, up 2.3% compared to the same quarter last year. This is an illustration of the resilience of our listing revenue in a volatile environment.

Advanced Data Solutions revenue grew to EUR 65.2 million, up 7.5% compared to the second quarter of 2024, driven by the contributions from GRSS, the strong appetite from retail investors and growing monetization of our diversified data sets.

Corporate and Investor Solutions and Technology Services reported EUR 53.7 million in revenue for the second quarter of 2025, up 29.2% compared to the same quarter last year. The strong performance reflects the contribution of Admincontrol for half the quarter and the double-digit growth of investor solutions and colocation services. Like-for-like revenue of this line grew 13.5%.

Moving to our volume-related activity now on Slide 13. Revenue from FICC markets reached EUR 87.7 million, marking a 20.1% increase compared to the second quarter of 2024. Fixed income trading and clearing revenue grew by 31.9% to EUR 51.7 million, driven by the continued favorable market condition, wider adoption of algorithmic trading and the supportive debt management policies.

MTS Cash average daily volumes traded was up by 63.1% year-on-year at EUR 59.2 billion. MTS repo term adjusted average daily trading volume reached EUR 612.8 billion, up 36.6%. Commodities trading and clearing revenue increased by 2.7% to EUR 26.7 million in the second quarter of 2025, reflecting record intraday volumes in power, offset by softer agricultural commodity trading and clearing revenues.

Lastly, FX revenue reached a new record of EUR 9.3 million this quarter, up 18.9% compared to the second quarter of 2024. This reflects the strong performance of FX trading and the record trading volumes in April 2025, which is partially offset by the negative U.S. dollar depreciation impact. Like-for-like revenues for this line grew 25.2%.

Continuing with the review of our volume-related revenue, I'm now on Slide 14. Equity Markets revenue saw a 9.5% increase compared to the same quarter last year, reaching EUR 106.2 million. Cash equity trading and clearing revenue grew by 16.2% compared to the second quarter of 2024, reaching EUR 93.4 million. This reflects a 21.2% increase in average daily volumes traded, driven by market volatility and a solid average revenue capture of 0.52 basis points despite higher volumes and larger average order size.

Financial derivatives trading and clearing revenue was at EUR 12.8 million this quarter, a 22.9% decline compared to the second quarter of 2024 due to lower volatility and the decrease of the average clearing fees. Following the clearing migration in September 2024, certain clearing fees are now reported in the line other post-trade revenues. And as such, this line is not fully comparable.

Moving on with EBITDA bridge on Slide 16. Euronext reported EBITDA for the quarter grew 17.6% to EUR 293.9 million, mainly thanks to EUR 43 million of additional revenues at constant perimeter and EUR 10.7 million additional revenues generated through the acquisition performed over the period. This was offset by EUR 6.1 million of additional cost at constant perimeter and EUR 6.5 million of additional costs from the change of scope. Non-underlying expenses were EUR 3.5 million lower than in the second quarter of 2024 due to the completion of the Borsa Italiana Group integration last year.

Euronext adjusted EBITDA for the quarter grew 15.8% to EUR 297.3 million with an adjusted EBITDA margin of 63.8% this quarter, up 1.6 points compared to the second quarter of 2024. The underlying operational expenses, excluding depreciation and amortization increased, as Stéphane said, by 7.9%, mostly related to the growth investment for the delivery of our Innovate for Growth 2027 strategic plan and the impact of acquisitions.

Moving to net income on Slide 17. Adjusted net income in the second quarter of 2025 reached a new record of EUR 204.4 million, which represents an increase of 23.8% compared to the second quarter of 2024. This reflects mainly the strong EBITDA growth in the second quarter of 2025 and the EUR 24.5 million dividend received from Euroclear this quarter. Depreciation and amortization accounted for EUR 48.2 million in the second quarter of 2025, plus 0.5% more than in the second quarter of 2024. PPA related to the acquired businesses accounted for EUR 19.1 million.

Euronext reported net financing expense of EUR 5.7 million in the second quarter of 2025 compared to EUR 3.5 million of net financing income in the second quarter of 2024. This variation reflects decreasing interest rates, lower cash position after the redemption of the EUR 500 million bond and the acquisition of Admincontrol funded by the issuance of a convertible bond. With respect to the latter, it is important to highlight that the portion of the P&L interest related to the convertible bond are noncash.

Income tax for the second quarter of 2025 was EUR 68.1 million. This translated into an effective tax rate of 25.7% for the quarter compared to 27% in the second quarter of 2024. The tax rate this quarter was positively impacted by the tax-exempt dividend received from Euroclear.

Share of non-controlling interest amounted to EUR 12.6 million, correlated with the strong performance of MTS and Nord Pool. As a result, the reported net income share of the parent company shareholders increased by 29.7% for the second quarter of 2025 compared to the second quarter of 2024 to EUR 183.8 million.

EPS adjusted, basic, was up 27% this quarter at EUR 2.02 per share compared to EUR 1.59 per share in the second quarter of 2024. This increase reflects higher profit and lower number of outstanding shares over the second quarter of 2025 compared to the second quarter of 2024. Reported EPS, basic, increased by an impressive 32.1% year-on-year to EUR 1.81 per share.

I will conclude now on Slide 18 with the cash flow generation and leverage. In the second quarter of 2025, Euronext reported a net cash flow from operating activities of EUR 135 million compared to EUR 111.5 million in the second quarter of 2024. This reflects higher profit before tax and higher income tax paid in the second quarter of 2025. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in the second quarter of 2025.

Net debt to adjusted EBITDA ratio was at 1.8x at the end of the quarter, in line with our target range. Finally, the success of our EUR 425 million convertible bond offering on the 22nd May secured the funding for the acquisition of Admincontrol and underscored the strong investor confidence in Euronext's strategic vision and growth potential.

And with this, I would like to give now the floor back to Stéphane.

Thank you, Giorgio. We have delivered, as you have seen, an exceptionally strong first half of the year with record results. Since the beginning of the year, we have demonstrated a sharp focus on the execution of our strategic plan, which is proceeding as expected, and we are in an ideal position now to deliver our Innovate for Growth 2027 strategic plan targets.

Our unique, integrated value chain has, once again, proven its strength. Actually, the contemplated acquisition of ATHEX has further reinforced our position as the natural consolidator of European capital markets infrastructure, created additional attractive growth prospects for the group. So, thank you for your attention, and we are now ready to take your questions.

[Operator Instructions]

I don't think we are hearing the operator. You seemed to be on mute.

[Operator Instructions]

We are sorry, we don't hear the operator, and so, we cannot proceed with the questions. Please bear with us. We hope to solve it in the seconds or minutes.

[Operator Instructions] The first question comes from the line of Benjamin Goy calling from Deutsche Bank.

Yes, the first question is on the ATHEX deal. Maybe I missed it, but you mentioned EUR 12 million of cash synergies. How this is split in costs and potentially revenues or are revenue synergies on top? And then secondly, Stéphane, you mentioned fifth consecutive quarter with double-digit growth. So, it feels like you're ahead of your plan, but you keep your cost guidance. So, just maybe you can highlight a bit about the thinking about, yes, investing, pull forward of investments and then maybe sooner payout versus cost control?

So, the big picture is that we will keep -- Giorgio will answer your question on the cost guidance. On the ATHEX synergies, the EUR 12 million synergies are both cost and revenues. As you can imagine, this is not the first deal of this nature that we are doing. The integration of ATHEX -- at the Athens Stock Exchange, if the deal is completed, will be -- will have similar feature with the acquisition of the Irish Stock Exchange in 2019; the acquisition of Oslo Børs VPS in 2019; to a certain extent, the acquisition of VP Securities in Copenhagen, which was also an integration process in 2020; and Borsa Italiana in 2021.

So, it's a combination of cost and revenues. It's clear that the first part of the synergies will be related to the plugging of Greek markets into the single technology platform, the single liquidity pool of the Euronext Group and will be cost driven, but there are also some ambitions to drive revenue expansion through the deployment in Greece of all our products. And clearly, we will here save on CapEx in this particular environment.

Giorgio, on the cost guidance.

Yes. With respect to the cost guidance, so the first element I would like to highlight is that the [ EUR 670 million ] are within the organic perimeter, so do not include the additional cost from Admincontrol. And based on where we are now, we are proceeding in line with the plan. So, we confirm with the target at EUR 670 million. In parallel, we are considering with Stéphane and the Managing Board, the opportunity to potentially further accelerate throughout the next quarters. But at the moment, no decision has been taken, and we confirm again our target at EUR 670 million.

The next question comes from the line of Hubert Lam calling from Bank of America.

I got 3 of them. Firstly, for the ATHEX deal, why did you use shares to pay for ATHEX when you have plenty of cash, I think? Just wondering what the rationale behind that. The second question, again, is on the synergies. How should we think about the phasing of the EUR 12 million of synergies? How long will this take? And lastly, for the NASDAQ Nordic Power business, it seems like you brought it forward to Q1 '26. Just wondering if you can now quantify the potential revenue opportunities there.

Giorgio?

Yes. So, the first question is, why did we decided to use shares. There are many reasons for that. Let me start with the list. First, we are able to deliver, as we have announced, an EPS accretive transaction year 1, which means that we tick that box, which is very relevant also thanks to our current trading multiple.

The second element is that this is one of the occasions where [indiscernible] share to execute the transaction, which is not always the case. And here, I make reference, for example, to a potential bilateral trade with -- on private companies in competition with other buyers within the context of an option.

And third, you are absolutely right. We have cash, but now we are touching a bit the limit of our targeted range, and we want to keep firepower to deliver true diversification, i.e., integrating activities that can foster sustainable long-term growth and reduce our exposure to volumes. So those are the key reasons why we decided to use the shares. So, it's a relative valuation opportunity, a willingness to keep meaningful firepower for true diversification.

Yes. And then with respect to the -- this is for the first question. The second question, phasing of synergies; we are at the very early stage of the process and the actual phasing of synergies, as you know very well, is going to depend on the phasing of the migration and those discussions have not even started. So, it's too early to propose a phasing for you.

So, I mean, we will keep you posted depending on the evolution, the success of the offer. And finally, yes, you're right. The transaction of NASDAQ Power derivatives is concluded. Migration is expected for the first quarter of 2026. But we are not yet providing any specific target for the revenues for next year. This will come at a later stage.

The next question comes from the line of Enrico Bolzoni calling from JPMorgan.

One in Corporate Solutions, you had a very good print, which I think is partially due to the integration of Admincontrol, which, however, was integrated only mid of the quarter. I was just wondering whether you think the figure you printed this quarter is a good run rate for the second half of the year or whether it can be even better? So, that's my first question.

And my second question is on the partnership with Clearstream and Euroclear that you announced. So, I was just wondering whether if you can provide some color in terms of how this in practical terms will benefit, I guess, the clients of Euronext, but also the shareholders? In other terms, how can you monetize that, if you can? I'm just a bit curious to get some color because clearly, some of these partners are also competitors of yours and you have ambitions in the repo market that they also seem to have. So, I was just wondering if you can provide some color there.

So, Anthony Attia will provide you some substance to your question about the agreements with Clearstream and Euroclear as he is responsible for our post-trading derivative business and leading the repo clearing ambition.

And as far as your Corporate Solution question is concerned, I don't think we should extrapolate at this stage numbers in any way either for the upside or the downside because we are in the process of deploying the integration of Admincontrol. We have ambitions as indicated at the time of the announcement of the transaction to grow the top line.

The cross-selling workshops are in progress, and we have an ambition to extract revenue synergies from that acquisition. But when it comes to the second part of the year, this is still work-in-progress. So, we are not in a position to provide specific guidance in this respect.

This is Anthony. Thank you for your question. So, indeed, we have announced the opening of the service in the clearing house to work with Euroclear and Clearstream on what we call the tri-party collateral management. This is a feature of large, growing clearing houses, which is the case of Euronext Clearing. It's about delivering a service to our clearing members, which helps them optimizing the allocation of their margin and default fund contribution through tri-party collateral management.

We are working with Clearstream and Euroclear as ICSDs. So, it's Clearstream Bank and Euroclear Bank. This is an existing service that they deliver to some of our clients for other CCPs, so we are offering it as well. And as for the benefit for the clearing business, it's an acceleration of the growth of our clearing house by providing flexibility and agility in the allocation of collateral to our clients in support of our repo clearing expansion, but as well in support of all the other clearing services that the CCPs is providing.

So, I guess, rather than being a monetization opportunity for you, it's just a better service for your clients?

Yes. And it comes as a feature to support the expansion of the CCP as we detailed in the past announcement on repo clearing, but also on the future expansion of the clearing house on diversified asset classes, in particular, on listed derivatives.

The next question comes from the line of Julian Dobrovolschi calling from ABN AMRO.

Julian from ABN ODDO. Two from my side, please. One on the data business. Some of your peers flagged recently some price pressure on the data business with some data vendors supplying seemingly steep discounts to some of their products. And I was wondering if those price pressures are somehow translating into headwinds to your own data business. So, I would appreciate some comments on this point.

And the other one is on the Corporate Investor Solutions and Tech Services, so the whole segment combined. You reported about a 14% growth in Q2 organically. And I was just wondering if you could please isolate the Tech Services business and speak about its growth momentum. I think you flagged some colocation there, but I'm wondering if that's driven primarily by the pricing or there is also a bit of the volume component in the growth.

So, I'll give the floor to Nicolas Rivard, who is responsible for [indiscernible], our data businesses and tech services related to colocation. He will provide you some color on the dynamics of those 2 segments.

On the data business, I must underline that we have always been extremely cautious in creating expectations about our data business. We never created open-ended expectations like, data is a new oil or these sort of things. We have a very strong, robust growing data business, which is based on fundamental needs of clients and not on far and aspirational expectations.

So, over to you, Nicolas.

Thank you, Stéphane, and thank you for your questions. The [indiscernible] business of Euronext is, we are in the business of providing proprietary data, data which is specific, valuable for clients with a specific IP. What we have been developing over the last years is our new products that are based on Euronext proprietary data. So, I would argue that we are in a business which is different from the one of the data vendors. We are in a competitive business because there are some providers of data which are competing with our solutions, but our data is valuable for clients.

We see a very good traction for our data, both for the retail investor and from institutional investors. And we keep on innovating, creating new products, leveraging notably the expansion of the value chain, so being in a different asset classes, but also through the CCP and the CLT. So, I would argue that our data business is very competitive. And in that sense, there is still a strong demand from clients.

The next question comes from the line of Andrew Coombs calling from Citi.

A couple of questions. So firstly, just on the equities result. If I look at your revenue capture, it's up again in the quarter now at 0.52 basis points. You talked about higher volumes and order size. Historically, when you have more volume, some of the discounts have kicked in. It seems to be actually going the opposite way now. So, perhaps you can comment on the sustainability of the revenue capture within the equities business in this higher volume environment.

And then a much broader question that I know the Investor Day wasn't that long ago, but your 5% or greater than 5% revenue and EBITDA CAGR already appear to be substantially out of date. I mean I think consensus is now at 8% to 10%, and that's even before ATHEX closes. So, do you plan to revise those targets or update those targets at any point?

Nicolas Rivard is going to answer your question about revenue capture momentum. And as far as the guidance for 2027, we do not intend to revise the guidance for the time being.

So, that you very much for that question. I will answer in 2 ways. The first one is that we have not done any structural change on the pricing in Q2 2025. Therefore, we need to look at the drivers of the yield. There are 3 key drivers on the yield. The first one are the volumes. The second one are the order size, and the third one is the mix of participants.

As mentioned previously in the introduction of the call, the volume are in line with Q1. The order size are also in line with Q1. So, the reason for the change of yield is the mix of participants. We have witnessed in Q2 '25, a lower participation in relative terms, of liquidity providers compared to other market participants. And you know that the yield on liquidity provider is lower to the one of other participants, hence, the relative increase of the yield compare to Q1, all things being equals.

The next question comes from the line of Arnaud Giblat calling from BNP Paribas.

It's Arnaud Giblat here from BNP Paribas Exane. Three quick questions, please. Can I come back to your cost guidance? I mean clearly, you're running a bit ahead here and yet you're not changing the guidance. So, I'm just wondering if we should be thinking about this as a phasing issue like you're ramping up investments of H2?

My second question is to come back on the ATHEX synergies, the split between costs and revenue. So, I was wondering if you could quantify that split for us. And my final question is on MTS. I'm just wondering where you're at in terms of discussion with the French government in terms of OAT issuance and whether you're gaining more traction there?

Okay. So, I'll take your question on MTS, and I'll take your question on the ATHEX synergies, and Giorgio will put some context and clarity about this debate on the cost guidance, and I will tell you why we are not revising it. On the ATHEX synergies, we are targeting EUR 12 million of cash synergies by the end of '28, period. The deal is announced. The offer is not even open. We have had a very stimulating due diligence interactions with the company. We are comfortable in targeting this number.

We do know that a significant part of this number will come from the usual cost synergies we extract by plugging a listed stand-alone company into a group which doesn't need all the overhead of a stand-alone listed company by plugging stand-alone market infrastructure into an integrated technology platform, an integrated liquidity pool and an integrated order book. And we have done that several times.

So, we are comfortable with the concept that a significant part of the synergies will come from cost restructuring. We do know that we are going to be able to deploy in Greece all sorts of their products, value-creative opportunities for the clients that we have deployed in Norway, in Italy and -- for which we have identified tractions. And we do know that there will be on the top of cost synergies, revenue synergies.

All in all, at this stage, we are talking about -- we are committed to deliver EUR 12 million. But at this stage, I do want to be roughly correct rather than precisely wrong. And in my view, it will not be wise to try to micro -- to do micro segregation between revenue synergy and cost synergies when the ticket is a EUR 12 million ticket. But in due course, when the company has become 100% or part or fully controlled by Euronext, when the integration plan is specified, I would assume that just as it took place for the acquisition of the Borsa Italiana Group, where we revised twice the synergy expectations, by the way, upwards. I would expect that we would be in a position to be more specific over time.

When it comes to MTS, so we have an ongoing dialogue with the French treasury. As you know, the dynamic on the cost of debt for France is quite peculiar because now French sovereign debt is in the territory of Greek and Spain sovereign debt, and the spread would be -- between France and Italy is smaller than the spread between France and Germany, which was the usual metric.

So, there is a growing interest for what can be done to improve the liquidity of the French sovereign debt, but nothing material and good as has happened. As you know, it is a very structural change to move from a pure primary dealer relationship for any debt management office towards a combined situation where you have both primary dealers and electronic platform like MTS. This is a structural change. Dialogues are very intense at all levels of the French Ministry of Finance from elected officials to leading officials in the organization and the bureaucrats, but work in progress.

So, Giorgio, on the cost guidance.

Absolutely. With respect to the cost guidance, what you should keep in mind is that we are executing a very significant ramp-up in terms of teams. If we compare where we are now with respect to where we are 1 year ago, there is a significant increase in the staff, and we are executing the plan. If I look at the plan, EUR 670 million is what is the result at the end of the year, which means that implicit, yes, there is going to be an increase of cost in the following quarter linked to the delivery of the investments in growth that we have planned last year.

So, to make a long story short, yes, we will onboard new colleagues in the second part of the year. The cost will go up, and we are still targeting, on a fully organic basis, EUR 670 million of OpEx.

There are no further questions. So, I will hand you back to Stéphane Boujnah to conclude today's conference. Thank you.

Thank you very much. Have a good day. And if you have any further questions, the Investor Relations team here with Judith Stein, with Aurélie Cohen is available to take your calls and answer your questions at any time. Thank you very much. Have a good day.

Thank you for joining today's call. You may now disconnect.