⦿ Executive Snapshot

• What: Euronext reports record trading volumes and revenue growth amid high market volatility in Q1 2026.
• Who: Euronext, Euronext Athens, investors in cash equity and commodities markets.
• Why it matters: This performance indicates strong market resilience and growth potential in trading operations, reflecting investor confidence and effective product offerings.

⦿ Key Developments

• Cash equity trading and clearing revenue increased by 30.8% year-on-year to €123.0 million in Q1 2026.
• Total underlying revenue reached €528.5 million, up 15.3% compared to Q1 2025, marking the eighth consecutive quarter of double-digit growth.
• Average daily transaction value on the Euronext order book was €16.4 billion in April 2026, maintaining a 64.1% market share in cash equity trading.

⦿ Strategic Context

• Euronext's performance aligns with the broader trend of exchanges benefiting from heightened market volatility, which typically drives trading volumes and revenues.
• The successful integration of Euronext Athens into its operations represents a significant expansion of Euronext's market footprint and product offerings.

⦿ Strategic Implications

• The immediate consequence is an enhanced competitive position for Euronext in European markets, potentially attracting more retail and institutional participants.
• Long-term implications include sustained growth in trading volumes and revenues, especially with new product launches like mini ETF options enhancing retail access.

⦿ Risks & Constraints

• Potential risks include regulatory changes that could impact trading practices or market conditions, affecting future performance.
• Competition from other exchanges and trading platforms remains a significant concern, as they may seek to capture market share from Euronext.

⦿ Watchlist / Forward Signals

• Upcoming milestones include the impact of the newly launched Euronext Nord Pool Power Futures on trading volumes in subsequent quarters.
• Monitoring the performance of mini ETF options and their adoption rate among retail investors will signal the success of Euronext's product diversification efforts.