Euronext N.V.

Record performance & strong momentum (Q3 2026) - Euronext delivered its strongest quarterly performance since IPO: Revenue & income of EUR 547.4m, +24.9% YoY and 10th consecutive quarter of double-digit revenue growth. - Adjusted EBITDA +31.6% YoY to EUR 364.2m, with EBITDA margin 66.5% (+3.3pp vs Q3 2025). - Adjusted net income +32% YoY to EUR 223.2m; Adjusted EPS +31.5% to EUR 2.21.

Mix shift: non-volume remains dominant; volume rebounds strongly - Non-volume-related revenue accounted for 55% of total revenue & income (down from 60% in Q3 2025, attributed to trading dynamics), growing +14.8% YoY. - Key non-volume drivers: - Custody & settlement revenue EUR 78.9m (+11.8% YoY); AUC grew to EUR 8.1tn (+5.6% YoY). - Security services EUR 86.7m (+12.2% YoY). - Net treasury income EUR 22.5m (+34.8% YoY) (power futures clearing / volatility / higher spreads). - Volume-related revenue +40.1% YoY: - FICC EUR 121.3m (+48.1%) (notably fixed income). - Commodities EUR 39.3m (+42.1%) (Nord Pool and power futures). - Equities EUR 124.6m (+33.0%); strong cash trading and ETF contribution.

Cost discipline + revised expense outlook - Underlying operating expenses (excl. D&A) EUR 183.3m (+13.5% YoY); comparable underlying costs grew +8% while revenue grew +18% like-for-like. - Management upgraded 2026 underlying operating expenses (ex D&A) guidance to EUR 760m, EUR 10m lower than prior EUR 770m guidance (despite ongoing growth investment and acquisitions). - Investments continue, but the margin expansion suggests improving operating leverage.