Euronext isn’t just “a stock exchange operator” anymore. In late 2025 it’s behaving more like a full-stack piece of European financial infrastructure: trading venues, clearing, settlement and custody (through its CSD network), fixed income via MTS, ETFs via a newly integrated marketplace, plus a growing set of subscription software and data businesses. That mix is exactly why Euronext keeps showing up in the same conversations as the EU’s long-running ambition to make Europe’s capital markets less fragmented—and more globally competitive.
As of 20 December 2025, the most consequential Euronext storylines are clustering around three big themes:
- Market data is being reorganised at the EU level (consolidated tape).
- Post-trade is being reorganised inside Euronext’s own network (CSD/settlement strategy—and regulatory scrutiny).
- The business model is shifting toward “non-volume” revenue (data, post-trade services, and SaaS), backed by buybacks and multi-year targets.
Below is the full roundup of the current news, forecasts, and analysis shaping the Euronext outlook right now.
EuroCTP wins the EU consolidated tape tender—why that matters for Euronext
One of the week’s biggest European market-structure headlines: ESMA has selected EuroCTP as the first Consolidated Tape Provider (CTP) for shares and ETFs. ESMA is inviting EuroCTP to apply for authorisation, and—once authorised—EuroCTP would operate the tape for five years under ESMA’s direct supervision under MiFIR. [1]
This is not a small “industry plumbing” footnote. A consolidated tape is meant to create a single, consolidated view of market activity across EU venues—something the US has had for decades. Proponents argue it can reduce the cost and complexity of accessing fragmented market data and improve transparency for both retail and institutional investors. [2]
So where does Euronext fit?
- Euronext is among the major exchange operators backing the effort via the EuroCTP venture, according to industry reporting. [3]
- For Euronext specifically, the tape is both a competitive and commercial issue: market-data monetisation is a strategic priority, but regulators and buy-side firms have long pushed back on the cost and fragmentation of European data. [4]
- AFME (the European banking industry body) welcomed the selection while also flagging that scope and design choices will determine how useful the tape becomes in practice. [5]
Timing to watch: industry coverage points to a target go-live around July 2026, subject to authorisation. [6]
Euronext’s post-trade strategy: building a pan-European CSD model—progress and pushback
If the consolidated tape is about seeing the market, Euronext’s post-trade programme is about settling it—more cheaply, more centrally, and with more of the value chain inside the group.
What Euronext is trying to do
On 18 December 2025, Euronext published a major update on its post-trade ambition: accelerating its “European CSD expansion” to reduce fragmentation and offer a consolidated settlement and custody model across multiple EU markets. [7]
Euronext says that from September 2026, Euronext Securities will become the CSD of reference for France, Italy, Belgium and the Netherlands for equities and exchange-traded products, with clients able to onboard and test in the first half of 2026. [8]
This is part of the broader “Innovate for Growth 2027” roadmap, where Euronext is explicitly prioritising non-volume businesses and post-trade scale. [9]
Regulators intervene on “open access” conditions
The tension is that post-trade sits inside a thick forest of regulation (and incumbent economics).
On 10 December 2025, Euronext acknowledged it had received orders from the French AMF and Dutch AFM, and had been informed the Belgian FSMA intended to issue a similar order—focused on open access conditions related to how other CSDs could be confirmed as an “alternative CSD” under Euronext’s “Place of Settlement change guidelines.” [10]
Euronext’s position in that update is notably firm:
- the correspondence does not change the plan to roll out the European-wide CSD offering;
- it does not change Euronext’s Innovate for Growth 2027 financial targets;
- and the new settlement model remains scheduled for September 2026, with trading members on Euronext Amsterdam, Brussels and Paris settling at Euronext Securities Milan unless they select another CSD under the regulatory framework. [11]
Euroclear’s counterpunch
Euroclear (a dominant CSD group in Europe) published its own update on 26 November 2025, stating that—after complaints by several Euroclear entities—regulators assessed Euronext’s proposed conditions as discriminatory under CSDR and not justified by risk/efficiency arguments (as framed in Euroclear’s summary). [12]
That’s the core conflict in a sentence:
- Euronext’s narrative: competition + choice + integration = lower friction and a more competitive Europe. [13]
- Euroclear’s narrative: the way “choice” is implemented could itself be anti-competitive under CSDR. [14]
In market-structure terms, this isn’t just corporate drama—it’s a live test of how far Europe will let a vertically integrated exchange group push post-trade consolidation.
ETFs: Euronext ETF Europe launches—and settlement becomes the battleground
Euronext’s ETF push is one of the clearest examples of its “value chain” strategy: make the product, the liquidity, the clearing, and the settlement feel like one coherent system.
On 30 September 2025, Euronext announced the launch of Euronext ETF Europe, calling it the first fully integrated European marketplace for ETFs and ETPs—combining listing, trading, clearing and settlement to reduce fragmentation. [15]
Euronext argues the model offers:
- one listing to reach all Euronext markets,
- a consolidated order book,
- and a more transparent, cost-effective on-exchange experience—especially for retail investors. [16]
But as the December regulatory correspondence shows, the place of settlement is exactly where the fight is. Euronext’s plan ties together ETF ambitions with the broader shift to Euronext Securities Milan as a default settlement hub from 2026, while keeping an “alternative CSD” pathway. [17]
Fixed income: Greece, bonds, and the “make MTS bigger” play
Euronext has been steadily expanding its fixed income footprint, and December brought two very concrete updates.
MTS Greece gets enhanced recognition after the ATHEX deal
On 15 December 2025, Euronext said MTS Greece (its venue for Greek government bonds) will receive enhanced recognition from Greece’s Public Debt Management Agency (PDMA). Under the new framework, primary dealers get incentives to increase activity on MTS Greece, complementing trading on the HDAT system. [18]
Euronext explicitly links the move to the Athens Stock Exchange (ATHEX) acquisition, framing it as a step in modernising Greece’s market infrastructure inside the broader Euronext network. [19]
Streamlined government bond settlement
Also on 15 December 2025, Euronext announced it is expanding a streamlined settlement workflow for government bonds—using Euronext Securities Milan as the settlement destination via T2S. Euronext stated it had asked LCH SA to open settlement of European government debt currently cleared by LCH SA, and described the service as available for a range of European sovereign bonds cleared at Euronext Clearing. [20]
If you’re squinting, the pattern is consistent: Euronext is trying to pull more fixed-income activity into an integrated ecosystem—execution + clearing + settlement—with Milan increasingly positioned as a gravitational centre.
New government bond futures (and why)
Earlier in 2025, Reuters reported Euronext launched a suite of mini-sized, cash-settled futures on major European government bonds (including France’s OAT, Germany’s Bund, and Italian BTPs), explicitly pitching them as tools for volatility management amid political uncertainty and shifting sovereign issuance. [21]
SaaS and governance tech: Admincontrol + iBabs push Euronext deeper into subscription revenue
Euronext’s quiet superpower in 2025 has been turning “exchange group” into “enterprise software + data + post-trade services”—which tends to be stickier revenue than pure trading volume.
Admincontrol acquisition: completed and contributing
Euronext completed the acquisition of Admincontrol on 13 May 2025, stating an enterprise value of NOK 4,650 million, and positioning it as a scale move for subscription-based governance SaaS inside Euronext Corporate Solutions. [22]
Euronext highlighted Admincontrol’s recent growth and disclosed 2024 figures (as presented by the company): NOK 452 million revenue, NOK 200 million EBITDA, and 44% EBITDA margin. [23]
By Q3, Euronext explicitly credited the “first full-quarter contribution from Admincontrol” as a driver for growth in Capital Markets and Data Solutions. [24]
iBabs launches an AI meeting assistant
On 17 December 2025, Euronext’s subsidiary iBabs launched an AI-enabled meeting assistant called iBabs Debrief, aimed at producing transcripts, summaries and minutes quickly, inside a secured environment. [25]
Euronext also leaned hard into the compliance story—GDPR-aligned storage in Europe, ISO certifications, and a claim that no third-party AI integrations are used. [26]
The strategic subtext: Euronext is trying to be the company that runs markets and runs the boring-but-critical governance workflows of the companies in those markets.
Financial performance: Q3 growth, cost discipline, deleveraging—and a €250m buyback
Euronext’s latest detailed financial snapshot is its Q3 2025 release, which reads like a case study in what it wants investors to believe: “diversified, disciplined, and no longer just an equity-volume proxy.”
Key Q3 2025 highlights (company-reported):
- Revenue and income:€438.1m (+10.6%) [27]
- Adjusted EBITDA:€276.7m (+12.6%); EBITDA margin:63.2% [28]
- Adjusted net income:€169.0m; Adjusted EPS:€1.68 [29]
- Net debt / EBITDA:1.5x at end-September 2025 (down from 1.8x at end-June) [30]
- Share repurchase programme: up to €250m (around 2% of outstanding share capital), running from 18 Nov 2025 to no later than 31 Mar 2026 [31]
- Cost guidance upgrade: underlying operating costs (ex D&A) guidance for 2025 moved to €660m from €670m initially [32]
Reuters’ coverage of the same quarter reinforced the narrative that Euronext is shifting away from reliance on equity volumes, noting the buyback and quoting CEO Stéphane Boujnah arguing the company is “not a proxy of equity volumes” anymore. [33]
Euronext’s own 2027 guidance: the “official” forecast to benchmark everything else against
For forward-looking numbers, Euronext’s strategic plan “Innovate for Growth 2027” provides clear financial targets (not guarantees, but an anchor for analyst models).
Euronext’s 2027 targets include:
- Revenue and income growth:above 5% CAGR (’23–’27e)
- Adjusted EBITDA growth:above 5% CAGR (’23–’27e)
- Capex / Sales:4–6%
- Target long-term net leverage:net debt / adjusted EBITDA 1.0–2.0x
- Capital distribution:dividend payout 50% + special return depending on leverage [34]
Those targets are tightly aligned with what you see operationally in late 2025: post-trade consolidation, ETF integration, fixed income expansion, data monetisation, and SaaS scaling. [35]
Euronext stock forecast: what analysts are pricing in right now
Analyst targets move constantly, but one accessible real-time snapshot comes from Investing.com’s consensus view (as displayed on 20 December 2025).
According to that page:
- 15 analysts set an average price target around €147.73, with a high estimate €173 and low estimate €120.
- The consensus rating is shown as “Buy” (with a split of buy/hold/sell).
- The 52‑week range shown spans roughly €104.40 to €153.50. [36]
Two nerdy-but-important caveats:
- Analyst targets are not probabilities; they’re conditional stories about execution, regulation, and market conditions.
- For Euronext specifically, the “story risk” is unusually tied to market structure and regulatory outcomes—especially in post-trade.
The real debate going into 2026: integration tailwinds vs. regulatory friction
If you want the cleanest lens for Euronext right now, it’s this: Euronext is trying to make Europe’s capital markets feel like one system, while parts of Europe’s regulatory and incumbent ecosystem are asking whether the way it’s doing that crosses competition lines.
Catalysts to watch
- EuroCTP authorisation pathway and implementation details: the consolidated tape is a landmark project, but its commercial design (scope, depth, attribution, pricing) will determine winners and losers across exchanges, data vendors and brokers. [37]
- Resolution of “alternative CSD” conditions: Euronext says it remains on schedule for September 2026 and that the regulators’ correspondence doesn’t change the plan or financial targets. [38]
- Further fixed-income expansion: Greece integration steps via MTS and Euronext’s push to streamline sovereign bond settlement indicate continued focus on FICC scale. [39]
- SaaS execution: Admincontrol integration and iBabs’ AI feature rollout show Euronext still investing in subscription offerings that can smooth the volatility of trading-driven revenue. [40]
Risks that can bite
- Regulatory outcomes that force changes to settlement design, economics, or timing (which then ripple into Euronext’s integrated ETF and post-trade thesis). [41]
- Competitive responses from incumbents and other exchange groups as Europe inches toward a more unified market-data and post-trade framework. [42]
Bottom line
As of 20 December 2025, the “Euronext story” is less about daily trading volume and more about who gets to run (and monetise) the infrastructure layer of Europe’s capital markets.
- The EU consolidated tape decision is a strong signal that Europe is finally moving from talk to implementation on market-data integration. [43]
- Euronext’s post-trade consolidation push is advancing, but it’s also stepping directly into regulatory and competitive tripwires—especially around open access and settlement choice. [44]
- Financially, Euronext is delivering growth and returning capital via buybacks, while anchoring expectations with explicit 2027 targets that depend on executing this integrated strategy. [45]
References
1. www.esma.europa.eu, 2. www.esma.europa.eu, 3. www.fnlondon.com, 4. www.euronext.com, 5. www.afme.eu, 6. www.fnlondon.com, 7. www.euronext.com, 8. www.euronext.com, 9. www.euronext.com, 10. www.euronext.com, 11. www.euronext.com, 12. www.euroclear.com, 13. www.euronext.com, 14. www.euroclear.com, 15. www.euronext.com, 16. www.euronext.com, 17. www.euronext.com, 18. www.euronext.com, 19. www.euronext.com, 20. www.euronext.com, 21. www.reuters.com, 22. www.euronext.com, 23. www.euronext.com, 24. www.euronext.com, 25. www.euronext.com, 26. www.euronext.com, 27. www.euronext.com, 28. www.euronext.com, 29. www.euronext.com, 30. www.euronext.com, 31. www.euronext.com, 32. www.euronext.com, 33. www.reuters.com, 34. www.euronext.com, 35. www.euronext.com, 36. www.investing.com, 37. www.esma.europa.eu, 38. www.euronext.com, 39. www.euronext.com, 40. www.euronext.com, 41. www.euronext.com, 42. www.euroclear.com, 43. www.esma.europa.eu, 44. www.euronext.com, 45. www.euronext.com
