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"decimals": -3, "dimensions": { "concept": "eur:IncreaseDecreaseFromDeliveryOfShares", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-608": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "eur:IncreaseDecreaseFromDeliveryOfShares", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-609": { "value": "-2933000.0", "decimals": -3, "dimensions": { "concept": "eur:IncreaseDecreaseFromDeliveryOfShares", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-610": { "value": "165904000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-611": { "value": "2216411000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-612": { "value": "-232910000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f-613": { "value": "2188619000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-614": { "value": "-147871000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f-615": { "value": "312266000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember", "unit": "iso4217:EUR" } }, "f-616": { "value": "35317000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfEquityComponentOfConvertibleInstrumentsMember", "unit": "iso4217:EUR" } }, "f-617": { "value": "199712000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-618": { "value": "4537736000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-619": { "value": "197190000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-620": { "value": "4734926000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-622": { "value": "GENERAL INFORMATION
Euronext N.V. (\u201cthe Group\u201d or \u201cthe Company\u201d) is a public limited
liability company incorporated and domiciled at Beursplein 5,
1012 JW, Amsterdam in the Netherlands under Chamber of
Commerce number 60234520 and is listed on the following
Euronext local markets: Euronext Amsterdam, Euronext
Brussels, Euronext Lisbon and Euronext Paris.
MATERIAL ACCOUNTING POLICIES AND SIGNIFICANT JUDGMENTS
The financial statements
for the year ended 31 December 2025 are for the Group
consisting of Euronext N.V. and its subsidiaries.
Foreign currency transactions and translation
(i) Functional and presentation currency
These Consolidated Financial Statements are presented in
Euro (EUR), which is the Group\u2019s presentation currency. The
functional currency of each Group entity is the currency of the
primary economic environment in which the entity operates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "GENERAL INFORMATION
These Consolidated Financial Statements were authorised for
issuance by Euronext N.V.\u2019s Supervisory Board on 27 March
2026 and will be submitted for adoption by the Annual General
Meeting (AGM) of Shareholders on 20 May 2026. The AGM has
the power to amend the Consolidated Financial Statements
after issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "Euronext N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "Beursplein 5, 1012 JW, Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "The Group operates securities and derivatives exchanges in Continental Europe, Ireland and Norway. It offers a full range of exchange- and corporate services, including security listings, cash and derivatives trading, and market data dissemination. It combines the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris exchanges in a highly integrated, cross-border organisation.The Group also operates Interbolsa S.A. (Euronext Securities Porto), Verdipapirsentralen ASA (Euronext Securities Oslo), VP Securities AS (Euronext Securities Copenhagen) and Monte Titoli S.p.A. (Euronext Securities Milan) (respectively the Portuguese, Norwegian, Danish and Italian national Central Securities Depositories (CSDs)) and Cassa di Compensatione e Garanzia S.p.A. (Euronext Clearing), a fully owned Italian multi-asset clearing house. The Group further owns Euronext FX Inc., a US-based Electronic Communication Network in the spot foreign exchange market, and has majority stakes in i) Nord Pool A.S.A., a leading power market in Europe offering intraday and day-ahead trading in the physical energy markets, ii) MTS S.p.A., a leading trading platform for European government bonds, (iii) Global Rate Set Systems Ltd., a provider of services to benchmark administrators, and (iv) the Athens Stock Exchange Group, operating the Athens exchange and clearing house, and the Greek national Central Securities Depository.The Group\u2019s in-house IT function supports its exchange operations. In addition, the Group provides software licenses as well as IT development, operation and maintenance services to third-party exchanges.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
Acquisition of Admincontrol
On 13 May 2025, Euronext completed the acquisition of 100%
of the shares of Admincontrol, a leader in the governance SaaS
space, at a purchase price of NOK 4.908 million (\u20ac425.6
million). This acquisition supports the Group's strategy to
expand its Corporate Solutions offering. For more details on
the acquisition, reference is made to Note 5.
Acquisition of Athens Exchange Group (ATHEX)
On 24 November 2025, Euronext acquired 74.25% of the share
capital in Athex Group, through a share exchange transaction,
in which 42,953,405 of Athex Group shares were exchanged for
2,147,405 of Euronext shares at a ratio of 1:20. At a Euronext
closing share price of \u20ac129.7 on 24 November 2025, the fair
value of consideration transferred approximated \u20ac278.5
million. For more details on the acquisition, reference is made
to Note 5.
BUSINESS COMBINATIONS AND ACQUISITION OF NON-CONTROLLING INTERESTS
The business combinations and acquisitions of non-controlling interests that occurred during the year are set out below.
Acquisition of Admincontrol
On 13 May 2025, the Group acquired 100% of the share capital of Admincontrol, a leader in the governance SaaS space. The
purchase consideration for the 100% stake was NOK4.908 million, or \u20ac426 million.
The Group has acquired Admincontrol to support the Group's strategy to expand its Corporate Solutions offering. The acquisition
contributes to the growth of Euronext\u2019s fixed and subscription-based revenue.
Details of the purchase consideration, the net assets acquired and goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Cash paid
425,610
Purchase consideration
425,610
The purchase price allocation yielded the following results:
In thousands of euros
Fair Value
Assets
Property, plant and equipment
233
Right-of-use assets
2,877
Intangible assets: customer relations
12,227
Intangible assets: software
102,063
Intangible assets: brand names
21,939
Intangible assets: other
160
Deferred tax assets
\u2014
Non-current other assets
206
Trade and other receivables
4,018
Other current assets
598
Cash and cash equivalents
24,957
Liabilities
Non-current lease liabilities
(2,311)
Deferred tax liabilities
(30,378)
Current lease liabilities
(566)
Current income tax liabilities
(256)
Trade and other payables
(2,285)
Current contract liabilities
(10,656)
Current provisions
(402)
Net identifiable assets acquired
122,424
Less: non-controlling interest
\u2014
Add: Goodwill
303,186
Total purchase consideration
425,610
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Admincontrol, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac4.0 million (almost fully related to trade receivables), which is not materially
different to the gross contractual amount. None of the trade receivables have been impaired and it is expected that the full
contractual amounts can be collected.
Revenue and profit contribution
From the date of the acquisition, Admincontrol has contributed \u20ac22.6 million of revenue and \u20ac1.3 million of net profit to the Group.
If the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,831.6\u00a0 million and \u20ac643.7 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(1,749)
Included in cash flow from operating activities
(1,749)
Cash consideration
(425,610)
Less: balances acquired
24,957
Included in cash flow from investing activities
(400,653)
Net cash flow on acquisition
(402,402)
Acquisition related costs
Acquisition related costs of \u20ac1.7 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of Athens Exchange Group (ATHEX)
On 24 November 2025, the Group acquired 74.25% of the share capital in the Athens Exchange Group (ATHEX), comprising the
Athens Stock Exchange, Athens Exchange Clearing House and the Hellenic Central Securities Depository.
The acquisition was executed through a share exchange transaction, in which 42,953,405 of Athex Group shares were exchanged
for 2,147,405 of Euronext shares at a ratio of 1:20. At a Euronext closing share price of \u20ac129.7 on 24 November 2025, the fair value of
consideration transferred approximated \u20ac278.5 million.
The acquisition is a significant step towards a more integrated and more competitive capital market in Europe, establishing the
Athens Exchange Group as a financial hub in the Southeast Europe region.
Details of the purchase consideration, the preliminary net assets acquired, preliminary non-controlling interest and preliminary
goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Equity instruments issued
278,519
Purchase consideration
278,519
The preliminary purchase price allocation yielded the following results:
In thousands of euros
Preliminary
calculation
Fair Value (a)
Assets
Property, plant and equipment
20,627
Investment property
6,300
Intangible assets: customer relations
\u2014
Intangible assets: software
\u2014
Intangible assets: brand names
\u2014
Intangible assets: other
7,989
Deferred tax assets
62
Investments in associates and joint ventures
2,676
Non-current financial\u00a0 assets at FVOCI
17,176
Non-current other assets
4,826
Trade and other receivables
10,666
CCP clearing business assets
534,503
Cash and cash equivalents
104,545
Liabilities
Deferred tax liabilities
(3,628)
Post-employment benefits
(2,031)
Non-current contract liabilities
(7,779)
Non-current other provisions
(266)
CCP clearing business liabilities
(534,503)
Current income tax liabilities
(7,744)
Trade and other payables
(24,058)
Current contract liabilities
(3,491)
Net identifiable assets acquired
125,870
Less: non-controlling interest
(32,449)
Add: Goodwill
185,098
Total purchase consideration
278,519
(a) The valuation of the net identifiable assets acquired had not been completed by the date these consolidated financial statements were authorised for issuance by
Euronext N.V.\u2019s Supervisory Board, as the transaction was closed shortly before the reporting date. Therefore, all line items except for 'cash and cash equivalents' are
subject to subsequent fair value adjustments, with a corresponding adjustment in Goodwill, within the one year measurement period after acquisition.
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Athex Group, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac10.7 million and included \u20ac5.3 million of trade receivables, which is not materially
different to the gross contractual amount. Trade receivables have been impaired for \u20ac1.9 million and it is not expected that the full
contractual amounts can be collected.
Non-controlling interest
The Group has chosen to recognise the non-controlling interest at the proportionate share of the net assets acquired. As such, non-
controlling interest on acquisition amounted to \u20ac32.5 million (25.75% of \u20ac126.2 million).
Revenue and profit contribution
From the date of the acquisition, Athex Group has contributed \u20ac8.8 million of revenue and \u20ac2.4 million of net profit to the Group. If
the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,896.5\u00a0 million and \u20ac664.2 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(5,848)
Included in cash flow from operating activities
(5,848)
Cash balances acquired
104,545
Included in cash flow from investing activities
104,545
Net cash flow on acquisition
98,697
Acquisition related costs
Acquisition related costs of \u20ac5.8 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of additional 1.37% interest\u00a0
Between the acquisition date of 24 November 2025 and 31 December 2025, the Group acquired an additional interest on the market
in Athex Group of 1.37%, at an amount of \u20ac5.0 million. These transactions were paid in cash and accounted for as a transaction with
non-controlling interest through equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
Acquisition of open interest positions in Nasdaq's Nordic
power futures business
On 23 June 2025, the Group closed the acquisition of open
interest positions in Nasdaq's Nordic power futures business.
The acquisition entails the transfer of existing open interest
positions in Nasdaq\u2019s Nordic power derivatives to Euronext
Clearing, with approval of the members. Trading of power
futures will be operated from Euronext Amsterdam and will be
cleared through Euronext Clearing. The transaction qualifies
as an 'asset acquisition'. The full purchase price, consisting of
a fixed amount of US$35.0 million and a contingent
consideration amount depending on specified future
conditions estimated at US$115.0 million, is allocated to
customer relationships (see Note 19). The Group has chosen to
apply the liability approach that follows IFRIC 1 principles for
recognition of the contingent consideration liability, whereby
subsequent changes in the liability are adjusted against the
carrying amount of the related asset.
Acquisition of Admincontrol
On 13 May 2025, the Group acquired 100% of the share capital of Admincontrol, a leader in the governance SaaS space. The
purchase consideration for the 100% stake was NOK4.908 million, or \u20ac426 million.
The Group has acquired Admincontrol to support the Group's strategy to expand its Corporate Solutions offering. The acquisition
contributes to the growth of Euronext\u2019s fixed and subscription-based revenue.
Details of the purchase consideration, the net assets acquired and goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Cash paid
425,610
Purchase consideration
425,610
The purchase price allocation yielded the following results:
In thousands of euros
Fair Value
Assets
Property, plant and equipment
233
Right-of-use assets
2,877
Intangible assets: customer relations
12,227
Intangible assets: software
102,063
Intangible assets: brand names
21,939
Intangible assets: other
160
Deferred tax assets
\u2014
Non-current other assets
206
Trade and other receivables
4,018
Other current assets
598
Cash and cash equivalents
24,957
Liabilities
Non-current lease liabilities
(2,311)
Deferred tax liabilities
(30,378)
Current lease liabilities
(566)
Current income tax liabilities
(256)
Trade and other payables
(2,285)
Current contract liabilities
(10,656)
Current provisions
(402)
Net identifiable assets acquired
122,424
Less: non-controlling interest
\u2014
Add: Goodwill
303,186
Total purchase consideration
425,610
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Admincontrol, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac4.0 million (almost fully related to trade receivables), which is not materially
different to the gross contractual amount. None of the trade receivables have been impaired and it is expected that the full
contractual amounts can be collected.
Revenue and profit contribution
From the date of the acquisition, Admincontrol has contributed \u20ac22.6 million of revenue and \u20ac1.3 million of net profit to the Group.
If the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,831.6\u00a0 million and \u20ac643.7 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(1,749)
Included in cash flow from operating activities
(1,749)
Cash consideration
(425,610)
Less: balances acquired
24,957
Included in cash flow from investing activities
(400,653)
Net cash flow on acquisition
(402,402)
Acquisition related costs
Acquisition related costs of \u20ac1.7 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of Athens Exchange Group (ATHEX)
On 24 November 2025, the Group acquired 74.25% of the share capital in the Athens Exchange Group (ATHEX), comprising the
Athens Stock Exchange, Athens Exchange Clearing House and the Hellenic Central Securities Depository.
The acquisition was executed through a share exchange transaction, in which 42,953,405 of Athex Group shares were exchanged
for 2,147,405 of Euronext shares at a ratio of 1:20. At a Euronext closing share price of \u20ac129.7 on 24 November 2025, the fair value of
consideration transferred approximated \u20ac278.5 million.
The acquisition is a significant step towards a more integrated and more competitive capital market in Europe, establishing the
Athens Exchange Group as a financial hub in the Southeast Europe region.
Details of the purchase consideration, the preliminary net assets acquired, preliminary non-controlling interest and preliminary
goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Equity instruments issued
278,519
Purchase consideration
278,519
The preliminary purchase price allocation yielded the following results:
In thousands of euros
Preliminary
calculation
Fair Value (a)
Assets
Property, plant and equipment
20,627
Investment property
6,300
Intangible assets: customer relations
\u2014
Intangible assets: software
\u2014
Intangible assets: brand names
\u2014
Intangible assets: other
7,989
Deferred tax assets
62
Investments in associates and joint ventures
2,676
Non-current financial\u00a0 assets at FVOCI
17,176
Non-current other assets
4,826
Trade and other receivables
10,666
CCP clearing business assets
534,503
Cash and cash equivalents
104,545
Liabilities
Deferred tax liabilities
(3,628)
Post-employment benefits
(2,031)
Non-current contract liabilities
(7,779)
Non-current other provisions
(266)
CCP clearing business liabilities
(534,503)
Current income tax liabilities
(7,744)
Trade and other payables
(24,058)
Current contract liabilities
(3,491)
Net identifiable assets acquired
125,870
Less: non-controlling interest
(32,449)
Add: Goodwill
185,098
Total purchase consideration
278,519
(a) The valuation of the net identifiable assets acquired had not been completed by the date these consolidated financial statements were authorised for issuance by
Euronext N.V.\u2019s Supervisory Board, as the transaction was closed shortly before the reporting date. Therefore, all line items except for 'cash and cash equivalents' are
subject to subsequent fair value adjustments, with a corresponding adjustment in Goodwill, within the one year measurement period after acquisition.
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Athex Group, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac10.7 million and included \u20ac5.3 million of trade receivables, which is not materially
different to the gross contractual amount. Trade receivables have been impaired for \u20ac1.9 million and it is not expected that the full
contractual amounts can be collected.
Non-controlling interest
The Group has chosen to recognise the non-controlling interest at the proportionate share of the net assets acquired. As such, non-
controlling interest on acquisition amounted to \u20ac32.5 million (25.75% of \u20ac126.2 million).
Revenue and profit contribution
From the date of the acquisition, Athex Group has contributed \u20ac8.8 million of revenue and \u20ac2.4 million of net profit to the Group. If
the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,896.5\u00a0 million and \u20ac664.2 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(5,848)
Included in cash flow from operating activities
(5,848)
Cash balances acquired
104,545
Included in cash flow from investing activities
104,545
Net cash flow on acquisition
98,697
Acquisition related costs
Acquisition related costs of \u20ac5.8 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of additional 1.37% interest\u00a0
Between the acquisition date of 24 November 2025 and 31 December 2025, the Group acquired an additional interest on the market
in Athex Group of 1.37%, at an amount of \u20ac5.0 million. These transactions were paid in cash and accounted for as a transaction with
non-controlling interest through equity.
DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12)GOODWILL AND OTHER INTANGIBLE ASSETS
Intangible assets
recognised on business combinations
and asset acquisitions
In thousands of euros
Goodwill
Internally
developed
software
Purchased
softw. Constr.
in Pr.
Patents &
TrMr
Fair Value
adjustment
Software
Customer
Relations
Brand
Names (a)
Total
As at 1 January 2024
Cost
4,031,263
477,832
74,783
165,548
2,032,571
31,408
6,813,405
Accumulated amortisation and impairment
(54,259)
(315,101)
(70,631)
(72,763)
(187,841)
(4,658)
(705,253)
Net book amount
3,977,004
162,731
4,152
92,785
1,844,730
26,750
6,108,152
As at 1 January 2024 net book amount
3,977,004
162,731
4,152
92,785
1,844,730
26,750
6,108,152
Exchange differences
(17,643)
(295)
\u2014
(641)
(7,563)
251
(25,891)
Additions
\u2014
67,701
1,576
\u2014
\u2014
\u2014
69,277
Impairment charge / write off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers and other
\u2014
(445)
(77)
\u2014
\u2014
\u2014
(522)
Business combinations
39,297
372
\u2014
5,439
41,756
\u2014
86,864
Sales of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge (Note 10)
\u2014
(57,176)
(2,140)
(20,995)
(60,701)
(636)
(141,648)
As at 31 December 2024 net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
As at 31 December 2024
Cost
4,050,823
443,048
62,761
169,417
2,066,157
31,658
6,823,864
Accumulated amortisation and impairment
(52,165)
(270,160)
(59,250)
(92,829)
(247,935)
(5,293)
(727,632)
Net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
As at 1 January 2025 net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
Exchange differences
(27,549)
(395)
74
(1,047)
(9,782)
(1,113)
(39,812)
Additions
\u2014
103,702
1,448
\u2014
\u2014
\u2014
105,150
Impairment charge / write off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers and other
\u2014
179
42
\u2014
(268)
\u2014
(47)
Business combinations / asset acquisitions
488,284
4,694
3,456
21,939
236,905
12,227
767,505
Sales of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge (Note 10)
\u2014
(63,257)
(2,354)
(21,997)
(64,427)
(80)
(152,115)
As at 31 December 2025 net book amount
4,459,393
217,811
6,177
75,483
1,980,650
37,399
6,776,913
As at 31 December 2025
Cost
4,511,558
556,855
83,944
189,719
2,290,783
42,772
7,675,631
Accumulated amortisation and impairment
(52,165)
(339,044)
(77,767)
(114,236)
(310,133)
(5,373)
(898,718)
Net book amount
4,459,393
217,811
6,177
75,483
1,980,650
37,399
6,776,913
a) As per 31 December 2025, brand names include brands with a finite useful live for an amount of nil (2024: \u20ac0.1 million). Regarding the brand names with an indefinite useful
life, management determined that the brand names will continue to contribute indefinitely to the cash flows of the Group. This because the brand names are long
established, continue to have a strong market presence with high customer recognition and there are no material legal, contractual or other factors that limit their useful
life.
In 2025, the increase in internally developed software
investments is primarily related to projects initiated as part of
the Strategic Plan \"Innovate for Growth 2027\", as well as the
ongoing pan-Europeanisation of Euronext CSDs, and further
expansion of clearing activities by Euronext Clearing.
In 2024, the additions in internally developed software
investments primarily related to the ongoing implementation
of Borsa Italiana Group to Euronext's trading platform Optiq\u00ae,
the expansion of clearing activities to all Euronext markets by
Euronext Clearing, the pan-Europeanisation of Euronext CSDs,
and several digital ambition projects within the Group.
The increase in goodwill is due to the acquisitions of
Admincontrol and Athex Group, whereas the increase in
customer relations includes the identified customer
relationship in the acquisition of open interest positions in
Nasdaq's Nordic power futures business. The open interest
positions comprise the number of power future contracts that
are still \u201copen\u201d on the market. These contracts have been
bought or sold but not yet closed out by taking an opposite
position or through expiration.
Furthermore, no indicators of impairment of intangible assets
with a finite useful life were identified and as such no detailed
impairment test was performed. For intangible assets with an
indefinite useful life the impairment tests did not lead to an/
any impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
Acquisition of open interest positions in Nasdaq's Nordic
power futures business
On 23 June 2025, the Group closed the acquisition of open
interest positions in Nasdaq's Nordic power futures business.
The acquisition entails the transfer of existing open interest
positions in Nasdaq\u2019s Nordic power derivatives to Euronext
Clearing, with approval of the members. Trading of power
futures will be operated from Euronext Amsterdam and will be
cleared through Euronext Clearing. The transaction qualifies
as an 'asset acquisition'. The full purchase price, consisting of
a fixed amount of US$35.0 million and a contingent
consideration amount depending on specified future
conditions estimated at US$115.0 million, is allocated to
customer relationships (see Note 19). The Group has chosen to
apply the liability approach that follows IFRIC 1 principles for
recognition of the contingent consideration liability, whereby
subsequent changes in the liability are adjusted against the
carrying amount of the related asset.
Revaluation of direct- and indirect stakes in Euroclear S.A./
N.V.
For the determination of fair value of its direct and indirect
investments in Euroclear S.A./N.V., the Group applied a
weighted approach of the Gordon Growth model and recent
observed market transactions. This valuation method resulted
in an increase in fair value of Euronext S.A./N.V.\u2019s direct- and
indirect investments of \u20ac62.5 million as per 31 December 2025.
This revaluation was recorded in Other Comprehensive Income
(see Note 21).
Contract balances
The Group has recognised the following assets and liabilities related to contracts with customers:
In thousands of euros
31 December
2025
31 December
2024
1 January
2024
Trade receivables (Note 22)
290,235
295,522
262,975
Contract receivables (Note 22)
41,766
31,475
29,259
Contract liabilities (Note 34)
168,368
136,511
139,299
Trade receivables are non-interest bearing and are generally
due on terms of 30 to 90 days and represent amounts in
respect of billed revenue, for which the Group has an
unconditional right to consideration (i.e. only the passage of
time is required before payment of the consideration is due).
Trade receivables decreased by \u20ac5.2 million, as last year's
balance contained one additional trading day of outstanding
invoices at Nord Pool Group. This is partly offset by the
acquired balances of Admincontrol and Athens Exchange
Group, and increased invoicing at Euronext Technologies and
Borsa Italiana Group.
Contract receivables represent amounts in respect of unbilled
revenue, for which the Group has an unconditional right to
consideration (i.e. only the passage of time is required before
payment of the consideration is due). Contract receivables
increased by \u20ac10.3 million, which is mainly attributable to the
acquired balances of Athens Exchange Group and higher
accrued income at Borsa Italiana Group and Nord Pool Group.
In 2025, \u20ac10.6 million (2024: \u20ac7.9 million) was recognised as
provision for expected credit losses on trade and contract
receivables. The loss allowance provision increased primarily
due to the acquisition of Athens Stock Exchange.
Net treasury income through CCP business
Income recognised in the CCP clearing business executed by
Euronext Clearing includes net treasury income earned on
margin and default funds, held as part of the risk management
process.
For the year ended 31 December 2025, net treasury income
through CCP business amounted to \u20ac69.6 million (2024: \u20ac56.8
million) and is the result of gross interest income of \u20ac556.8
million (2024: \u20ac834.0 million), less gross interest expense of
\u20ac487.2 million (2024: \u20ac777.2 million) (see Note 36). In a context
of positive interest rates, the Group realized total interest
earnings from Central Bank and LCH deposits of \u20ac554.9 million
and a net treasury income from financial assets of \u20ac1.9 million.
The Group recognised total interests paid on clearing
members\u2019 margin and default fund as treasury expense, which
amounted to \u20ac487.2 million.
NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
Underlying finance costs for the year, includes the impact of
interest expenses on the Senior Unsecured Notes, that are
held by the Group.
The decline in interest income (effective interest method), was
due to a decrease in outstanding cash balances in 2025.
Gain/(loss) on disposal of treasury investments includes the
impact from changes in fair value of short-term investments in
money market funds (see Notes 26 and 36).
The interest income and interest expenses from CCP clearing
business assets and liabilities are shown in net treasury
income through CCP business (see Note 8.2).
RESULTS FROM EQUITY INVESTMENTS AND GAIN/(LOSS) ON DISPOSALS
Result from equity investments
Year ended
In thousands of euros
31 December
2025
31 December
2024
Dividend income
34,966
33,339
Total
34,966
33,339
In 2025, dividend income relates to dividends received from the Group\u2019s non-current equity investments at FVOCI in Euroclear S.A./
N.V. and Sicovam Holding S.A. In 2024, dividend income relates to dividends received from the Group\u2019s non-current equity
investments at FVOCI in Euroclear S.A./N.V. and Sicovam Holding S.A.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Equity investments
Euroclear S.A./N.V.
298,601
253,681
Sicovam Holding S.A.
116,467
98,900
Boursa Kuwait Securities Co.
16,049
\u2014
Other
4,583
4,430
Total
435,700
357,011
The Group\u2019s financial assets at fair value through other
comprehensive income include long-term investments in
unlisted equity securities, which the Group has irrevocably
elected at initial recognition to recognise in this category. The
classification of the measurement within the fair value
hierarchy is presented in Note 36.
Euroclear S.A./N.V. and Sicovam Holding S.A.
As of 31 December 2025, the Group holds a 3.53% ownership
interest in Euroclear S.A./N.V. (31 December 2024: 3.53%), an
unlisted company involved in the settlement of securities
transaction and related banking services. The Group also holds
a 9.60% ownership interest in Sicovam Holding S.A. (31
December 2024: 9.60%), resulting in an indirect 1.53% interest
in Euroclear S.A./N.V. (31 December 2024: 1.53%). The
common stock of Sicovam Holding S.A. and Euroclear S.A./
N.V. are not listed.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applies a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
In 2025, this valuation method resulted in an increase in fair
value of Euronext N.V./S.A.\u2019s direct- and indirect investments
of \u20ac62.5 million (2024: \u20ac91.5 million). This revaluation was
recorded in Other Comprehensive Income.
Boursa Kuwait Securities Co.
The acquisition of the Athens Exchange Group included an
0.78% investment in Boursa Kuwait Securities Co., the
operator of the Kuwait Stock Exchange.
The Group holds 1,564,500 shares in Boursa Kuwait Securities
Co. Fair value is measured using the listed share price of
Boursa Kuwait Securities Co. at the reporting date.
As such, fair value of this investment amounted to \u20ac16.0\u00a0
million as per 31 December 2025.
Other
Other investments primarily relate to an investment in
EuroCTP B.V., which is a joint initiative of currently 14
European exchanges, respectively exchange groups. EuroCTP
B.V. aims to participate in the future selection process for the
provision of a consolidated tape (CT) for equities in the
European Union.
TRADE AND OTHER RECEIVABLES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Trade receivables
290,235
295,522
Contract receivables
41,766
31,475
Allowance for expected credit losses
(10,567)
(7,891)
Trade and contract receivables net
321,434
319,106
Tax receivables (excluding income tax)
60,500
55,235
Other receivables
10,830
6,749
Total
392,764
381,090
Trade receivables are non-interest bearing and generally on terms of 30 to 90 days. Contract receivables represent amounts in
respect of unbilled revenue, for which the Group has an unconditional right to consideration (i.e. only the passage of time is
required before payment of the consideration is due).
The significant changes in trade and contract receivables are disclosed in Note 8.1.2.
Set out below is the movement in the allowance for expected credit losses of trade and contract receivables:
In thousands of euros
2025
2024
As at 1 January
7,891
8,585
Provision for expected credit losses
3,337
1,355
Receivables written off during the year
(2,691)
(2,049)
Acquisition of subsidiaries
2,030
\u2014
At 31 December
10,567
7,891
Management considers the fair value of the trade and other receivables to approximate their carrying value. The significant
changes in loss allowance provision are disclosed in Note 8.1.2. The information about the credit exposures of trade and other
receivables are disclosed in Note 38.5.1.
DERIVATIVES FINANCIAL INSTRUMENTS
The Group may use derivative instruments to manage financial
risks relating to its financial positions or risks relating to its
ongoing business operations. The Group\u2019s risk management
strategy and how it is applied to manage risk is further
explained in Note 38.
As per 31 December 2025, the derivative financial assets
balance includes an impact of \u20ac110k (2024: liability of \u20ac147k) in
Nord Pool related to the effects of foreign exchange spot
transactions made to facilitate electricity settlement.
In 2025 and 2024, the Group had no derivative financial
instruments designated as hedging instruments.
Fair value hedge
The Group had three interest rate swap agreements in place
with a total notional amount of \u20ac500.0 million, that were used
as a hedging instrument to reduce the variability of the fair
value of the 1% fixed rate Senior Unsecured Note #1. These
swap agreements were terminated on 3 May 2022.
On termination, the Group cash settled the swap agreements
at a carrying amount of \u20ac8.9 million and the hedge relationship
was discontinued. The accumulated fair value adjustments
were amortised over the remaining term of the Senior
Unsecured Note #1.
During 2025, \u20ac0.9 million was amortised (2024: \u20ac2.6 million),
reducing the amount of accumulated fair value adjustments to
zero (31 December 2024: \u20ac0.9 million). The Senior Unsecured
Note #1 was repaid in April 2025\u00a0 (see Note 30).
OTHER CURRENT FINANCIAL ASSETS
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Deposits > 3 months
20,503
21,884
Listed bonds
43,106
41,925
Total
63,609
63,809
The other current financial assets of the Group consist of short-term deposits with a maturity of more than three months, and
investments in listed bonds held by Euronext Securities Copenhagen.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of the following:
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Cash and bank balances
953,185
973,552
Short term investments - deposits / bonds
593,098
536,177
Short term investments - money market funds
47,420
163,726
Total
1,593,703
1,673,455
Short-term investments are presented as cash and cash
equivalents if they have a maturity of three months or less
from the date of acquisition and are repayable with 24 hours\u2019
notice with no loss of interest.
The short-term investments in money market funds are
measured at fair value with gains and losses arising from
changes in fair value included in profit or loss (see Notes 13
and\u00a036).
Cash and cash equivalents included an amount of \u20ac74.4 million
(2024: \u20ac53.0 million) for the purpose of the next day
settlement of power purchases at Nord Pool.
BORROWINGS
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Non-current
Borrowings
Senior Unsecured note #2; (annual coupon of 1.125%; matures June 2029)
750,000
750,000
Senior Unsecured note #3; (annual coupon of 0.125%; matures May 2026)
\u2014
600,000
Senior Unsecured note #4; (annual coupon of 0.75%; matures May 2031)
600,000
600,000
Senior Unsecured note #5; (annual coupon of 1.50%; matures May 2041)
600,000
600,000
Senior Unsecured note #6; (annual coupon of 2.625%; matures November\u00a0 2028)
600,000
\u2014
Convertible note (annual coupon:1.50%; matures May 2032)
380,487
\u2014
Discount, premium and issue costs
(24,874)
(18,524)
Amortisation discount, premium and issue costs
7,918
5,555
Other
\u2014
\u2014
Total
2,913,531
2,537,031
Current
Borrowings
Senior Unsecured note #1 (a); (annual coupon of 1.0%; matured April 2025)
\u2014
499,142
Senior Unsecured note #3; (annual coupon of 0.125%; matures May 2026)
384,901
\u2014
Accrued interest and other
15,592
17,337
Total
400,493
516,479
(a) The Senior Unsecured Note #1 was carried at amortised cost and was adjusted for fair value movements due to the hedged interest rate risk until 3 May 2022 (see
Note\u00a024).
Senior Unsecured Note #1
On 18 April 2025, the Group repaid the Senior Unsecured Note #1
amounting to \u20ac500 million. The Bond had a seven year maturity,
with an annual coupon of 1%. It was rated \u201cA\u201d by Standard &
Poor\u2019s rating agency, and was listed on Euronext Dublin.
Issuance of Convertible Bond
On 30 May 2025, the Group issued a Senior Unsecured Note,
convertible into new Shares and/or exchangeable for existing
Shares of Euronext for a nominal amount of \u20ac425.0 million (the
\"Convertible Bond\"). Transaction costs amounted to \u20ac4.0
million. The Convertible Bond has a seven year maturity, and
coupon is set at 1.50% per annum, payable semi-annually in
arrears. The conversion option may be exercised by the
holders of the notes from 10 July 2025 to the seventh working
day preceding the maturity date (\"Conversion period\"). The
conversion price of the Convertible Bond is set at \u20ac191.2,
representing a conversion premium of 35% above the Group's
reference share price of \u20ac141.6 at the issuance date. The
Convertible Bond is accounted for as a compound financial
instrument, split into a liability component of \u20ac373.2 million
and an equity component of \u20ac47.8 million, both net of an
appropriate allocation of transaction costs. In addition, a
deferred tax liability was formed, lowering the equity
component by \u20ac12.4 million, to recognise deferred tax effects
due to the difference in carrying amount of the liability
component and its tax base.
The net proceeds of the Convertible Bond were used for
repayment of the bridge loan facility, that the Group entered
into on 17 April 2025 to finance the acquisition of Admincontrol.
The Group repaid the Bridge Loan on 2 June 2025.
Senior Unsecured Note #6
On 26 November 2025, the Group settled the issuance of a
Senior Unsecured Note (#6) amounting to \u20ac600 million at a
three year maturity, with an annual coupon of 2.625%. It was
rated \u201cA-\u201d by Standard & Poor\u2019s rating agency, and was listed on
Euronext Dublin. The proceeds of the issuance will be used for
general corporate purposes in line with the Euronext\u2019s
strategy, including to refinance existing indebtedness.
Senior Unsecured Note #3
On 19 November 2025, the Group launched a tender offer to
buy back the Senior Unsecured Note #3, maturing in 2026,
from its bondholders at a price of 99.05% of the principal
amount. At the deadline, a total principal amount of \u20ac214.5
million in bonds was validly submitted to the offer.
On 27 November 2025, the Group settled the submitted bonds
at a price of \u20ac212.5 million, resulting in a \u20ac2.0 million gain that\u00a0
was recognised in the statement of profit or loss.
Subsequently, a total of \u20ac385.5 million will remain outstanding
as per 31 December 2025.
Revolving Credit Facility Agreement
On 12 October 2022, the Group executed its two-year
extension option to the revolving credit facility agreement
(RCF) of \u20ac600.0 million. The RCF allows the Group to apply all
amounts borrowed by it towards (i) general corporate and/or
working capital purposes of the Group, (ii) satisfaction of the
consideration payable for an acquisition and/ or (iii) the
payment of fees, costs and expense incurred in relation to an
acquisition. The revolving credit facility has a remaining
maturity of just below 2 years (November 2027) and bears an
interest rate of EURIBOR plus a margin dependent on rating.
As per 31 December 2025, the facility remained undrawn.
In case of a downgrading event of Euronext, below BBB- or
equivalent by rating agencies, Euronext shall ensure that the
leverage ratio (Euronext total net debt to EBITDA2) as defined
in the Revolving Credit Facility Agreement would not be
greater than 4x. As per 31 December 2025, the rating was A-
with a stable outlook and the leverage ratio was 1.5x.
Revolving Credit Facility at Nord Pool
On 20 March 2025, Nord Pool entered into a revolving credit
facility agreement (RCF) of \u20ac100.0 million. It provides Nord Pool
with short term liquidity to cover short falls, resulting from
delayed payments owed by one or more participants. The RCF
has a maturity of 364 days and bears an interest rate equal to
the relevant EURIBOR rate for the period of the advance plus a
0.70% margin. The revolving credit facility is not expected to be
drawn and is not drawn as per 31 December 2025.
TRADE AND OTHER PAYABLES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Trade payables
217,454
224,543
Social security and other taxes (excluding income tax)
63,083
53,026
Employees' entitlements (a)
101,477
90,253
Accrued expenses
137,793
95,226
Other payables
409
1,219
Total
520,216
464,267
(a) Amounts include salaries payable, bonus accruals, severance (signed contracts) and vacation accruals.
The carrying values of current trade and other payables are
reasonable approximations of their fair values. These balances
do not bear interest.
Trade payables included an impact of \u20ac190.9 million (2024:
\u20ac200.4 million) related to Nord Pool power purchases.
FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
Fair value measurements using quoted prices in active
markets for identical assets or liabilities (level 1)
The listed equity securities relate to the investment in Boursa
Kuwait Securities Co. that was included in the acquisition of
Athens Exchange Group (see Note 21).
The quoted debt instruments primarily relate to investments in
listed bonds held by Euronext Securities Copenhagen.
The quoted debt instruments of CCP clearing businesses
represent an investment portfolio in predominantly
government bonds funded by the margins and default funds
deposited by members of the CCP clearing businesses.
The derivative instruments of CCP clearing businesses
comprise open transactions not settled at the reporting date
on the derivatives market in which Euronext Clearing operates
as a central counterparty.
The other instruments of CCP clearing businesses include
clearing member trading balances for equity and debt
instruments that are marked to market on a daily basis.
Investments in funds are solely composed of money market
funds which are redeemed within a three-month cycle after
acquisition and have contractual cash flows that do not
represent solely payments of principal and interest.
Fair values of the instruments mentioned above are
determined by reference to published price quotations in an
active market.
Fair value measurements using observable market data,
directly or indirectly (level 2)
Foreign exchange spot transactions comprises agreements
between two parties to buy one currency against selling
another currency at an agreed price for settlement on the spot
date. Fair value is based on the foreign exchange rates at the
balance sheet date.
Fair value measurements using unobservable inputs (level 3)
The following table presents the changes in level 3 instruments for the period ended 31 December 2025, which are recognised in the
line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are
reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of
comprehensive income:
Unlisted equity
securities
Contingent
consideration
payable
Combined
derivative
instrument
In thousands of euros
As at 1 January 2024
262,655
\u2014
\u2014
Revaluations recognised in OCI
91,520
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
2,847
1,225
2,250
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
\u2014
\u2014
\u2014
Exchange differences and other
(11)
25
\u2014
As at 31 December 2024
357,011
1,250
2,250
Revaluations recognised in OCI
62,488
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
\u2014
43
\u2014
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
154
\u2014
\u2014
Exchange differences and other
(2)
(63)
\u2014
As at 31 December 2025
419,651
1,230
2,250
Valuation process
Concerning the valuation process for fair value measurement
categorised within level 3 of the fair value hierarchy, the
Group\u2019s central treasury department collects and validates the
available level 3 inputs and performs the valuation according
to the Group\u2019s valuation methodology for each reporting
period. The fair value estimates are discussed with-, and
challenged by the Group Finance Director and the Chief
Financial Officer. Periodically the values of investments
categorised in \u201clevel 3\u201d are validated by staff with extensive
knowledge of the industry in which the invested companies
operate. Although valuation techniques are applied
consistently as a principle, Management, upon advice from the
Group\u2019s valuation experts, may decide to replace a valuation
technique if such a change would improve the quality or the
reliability of the valuation process.
Unlisted equity securities in Euroclear S.A./N.V. and
Sicovam Holding S.A.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applied a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
As from 2023, the high interest rates environment led to a
sharp increase of net interest earnings at Euroclear, which
was predominantly driven by interests linked to frozen assets
as a result of Russian sanctions and countermeasures.
The European Commission contemplated various options to
use the profits generated by sanctioned amounts held by
financial institutions, including Euroclear, for the financing of
Ukraine\u2019s reconstruction.
Since considerable uncertainties persisted, Euroclear
considered it necessary to separate the estimated sanction
related earnings from the \u2018underlying\u2019 financial results when
assessing the company\u2019s performance and resources.
For this reason, the Group uses the \u2018underlying\u2019 financial
results published by Euroclear (i.e. excluding Russian
sanctions related assets/earnings), as an input for its primary
valuation technique.
In addition, for measuring the fair value of Sicovam Holding
S.A, the Group applied a holding discount as an unobservable
input for which a sensitivity impact of +10%/(-10%) would
amount to a decrease or (increase) of \u20ac13.0 million in the fair
value (2024: \u20ac11.0 million). More information on the
investments is further disclosed in Note 21.
The key assumptions used in the Gordon Growth Model
valuation model are shown in the tables below. The sensitivity
analysis shows the impact on fair value using the most
favourable combination (increase), or least favourable
combination (decrease) of the unobservable inputs per
investment in unlisted equity securities.
2025:
In thousands of euros
Fair value at 31
December 2025
Unobservable\u00a0 \u00a0
inputs (* )
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
298,601
Return on equity
15.0% - 15.5% (16.0%)
2,428
(3,153)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
Sicovam Holding S.A.
116,467
Return on equity
15.0% - 15.5% (16.0%)
1,003
(1,168)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
2024:
In thousands of euros
Fair value at 31
December 2024
Unobservable\u00a0 \u00a0 \u00a0
inputs *)
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
253,681
Return on equity
11.7% - 12.7% (12.2%)
4,382
(5,195)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
Sicovam Holding S.A.
98,900
Return on equity
11.7% - 12.7% (12.2%)
1,776
(1,949)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
Contingent consideration payable
The contingent consideration payable of \u20ac1.2 million related to
the acquisition of Substantive Research and is estimated
based on a multiple of total revenue. Management considers
the impact of changes of these unobservable inputs not
material for the total level 3 portfolio.
Combined derivative instrument
The combined derivative instrument related to the acquisition
of GRSS and combines the Group's right to acquire all of the
remaining shares of the other minority shareholders and the
obligation to compensate for any variance between a third
party exercise price of the option (normalized EBITDA x
multiple) and a lower actual third party price offered.
The fair value of this combined derivative instrument is
estimated at a negative \u20ac2.3 million, based on a multiple of
earnings and forecasted EBITDA.
Fair values of other financial instruments
The Group also has a number of financial instruments which
are not measured at fair value in the statement of financial
position. For these instruments the fair values approximate
their carrying amounts, except for non-current borrowings
which fair value amounts to \u20ac2,695.5 million as per 31
December 2025 ( 2024: \u20ac2,250 million).
As per 31 December 2025, trade and other receivables included
\u20ac85.0 million (2024: \u20ac109.9 million) of Nord Pool power sales
positions and trade and other payables included \u20ac190.9 million
(2024: \u20ac200.4 million) of Nord Pool power purchases
positions.
Net Treasury Income through CCP businesses by
classification
For the year ended 31 December 2025, net treasury income
through CCP clearing businesses is earned from instruments
held at amortised cost or fair value as follows:
\u25a0 A total \u20ac68.2 million gain was earned from financial assets
and financial liabilities held at amortised cost (\u20ac554.9
million from interest income on assets held at amortised
cost and \u20ac486.7 million from interest expenses on liabilities
held at amortized cost). In 2024, a total \u20ac54.1 million gain
was earned from financial assets and financial liabilities
held at amortised cost (\u20ac830.8 million from interest income
on assets held at amortised cost and \u20ac776.7 million from
interest expenses on liabilities held at amortized cost).
\u25a0 A net \u20ac1.5 million gain (2024: \u20ac2.7 million gain) was incurred
from assets held at fair value (\u20ac1.7. million income and \u20ac0.2
million expense (2024: \u20ac2.8 million income and \u20ac0.1 million
expense)).
Offsetting within clearing member balances
CCP clearing businesses financial assets and liabilities are
offset and only the net amount is presented in the
consolidated balance sheet when there is a legally enforceable
right to offset the recognised amounts and there is an
intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.
The following table shows the offsetting breakdown by
products:
As at 31 December 2025
In thousands of euros
Gross amounts
Amount offset
Net amount as
reported
Derivative financial asset
284,492,592
(147,067,916)
137,424,676
Reverse repurchase agreements
170,933,873
(14,616,031)
156,317,842
Other
36,228
(22,052)
14,176
Total assets
455,462,693
(161,705,999)
293,756,694
Derivative financial liabilities
(284,492,592)
147,067,916
(137,424,676)
Reverse repurchase agreements
(170,933,873)
14,616,031
(156,317,842)
Other
(36,228)
22,052
(14,176)
Total liabilities
(455,462,693)
161,705,999
(293,756,694)
As at 31 December 2024
In thousands of euros
Gross amounts
Amount offset
Net amount as
reported
Derivative financial asset
224,690,912
(118,431,724)
106,259,188
Reverse repurchase agreements
151,377,811
(14,384,305)
136,993,506
Other
55,779
(34,873)
20,906
Total assets
376,124,502
(132,850,902)
243,273,600
Derivative financial liabilities
(224,690,912)
118,431,724
(106,259,188)
Reverse repurchase agreements
(151,377,811)
14,384,305
(136,993,506)
Other
(55,779)
34,873
(20,906)
Total liabilities
(376,124,502)
132,850,902
(243,273,600)
FINANCIAL RISK MANAGEMENT
As a result of its operating and financing activities, the Group
is exposed to market risks such as interest rate risk, currency
risk and credit risk. The Group has implemented policies and
procedures designed to measure, manage, monitor and report
risk exposures, which are regularly reviewed by the
appropriate management and supervisory bodies. The Group\u2019s
central treasury team is charged with identifying risk
exposures and monitoring and managing such risks on a daily
basis. To the extent necessary and permitted by local
regulation, the Group\u2019s subsidiaries centralise their cash
investments, report their risks and hedge their exposures in
coordination with the Group\u2019s central treasury team. The
Group performs sensitivity analyses to determine the effects
that may result from market risk exposures. The Group uses
derivative instruments solely to hedge financial risks related to
its financial position or risks that are otherwise incurred in the
normal course of its commercial activities. The Group does not
use derivative instruments for speculative purposes.
Liquidity risk
The Group would be exposed to a liquidity risk in the case
where its short-term liabilities become, at any date, higher
than its cash, cash equivalents, short-term financial
investments and available bank facilities and in the case where
the Group is not able to refinance this liquidity deficit, for
example, through new banking lines.
Cash, cash equivalents and short-term financial investments
are managed as a global treasury portfolio invested in non-
speculative financial instruments, readily convertible to cash,
such as bank balances, money market funds, overnight
deposits, term deposits, government bonds and other money
market instruments, thus ensuring a very high liquidity of the
financial assets. The Group\u2019s policy is to ensure that cash, cash
equivalents and available bank facilities allow the Group to
repay its financial liabilities at all maturities, even disregarding
incoming cash flows generated by operational activities,
excluding the related party loans granted by the Group\u2019s
subsidiaries to its Parent.
The net position of current financial assets, financial liabilities
and available credit facilities, excluding working capital items,
as of 31 December, 2025 and 2024 is described in the table
below:
In thousands of euros
2025
2024
Cash cash equivalents and short term investments
1,657,312
1,737,264
Available revolving credit facility (RCF)
600,000
600,000
Financial debt (long term and short term borrowings)
(3,314,024)
(3,053,510)
Net position
(1,056,712)
(716,246)
The Group has a \u20ac600 million revolving credit facility (2024:
\u20ac600 million) that can be used for general corporate or M&A
purposes (see Note 30). As of 31 December 2025, the Group did
not have any amounts drawn under the facility.
In addition, a specific undrawn revolving credit facility of \u20ac100
million is in place for Nord Pool, providing short term liquidity
in case of shortfalls (see Note 30).
The Group reviews its liquidity and debt positions on an
ongoing basis, and subject to market conditions and strategic
considerations, may from time to time re-examine the debt
structure of its debt and modify the maturity profile and the
sources of financing. The Group is able to support short term
liquidity and operating needs through existing cash balance
and its strong ability to generate adequate cash flow. The
Group has generally access to debts markets, including bank
facilities, and may be able to obtain additional debt or other
sources of financing to finance its strategic development,
provided that its financial risk profile allows it to do so.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments,
including principal - and interest amounts, expected throughout the life of the obligations:
In thousands of euros
Maturity < 1
year
Maturity between 1
and 5 years
Maturity > 5
years
Total
31 December 2025
Trade and other payables
520,216
\u2014
\u2014
520,216
Other financial liabilities
103,545
3,480
\u2014
107,025
Borrowings
430,029
1,486,313
1,738,063
3,654,405
Lease liabilities
21,450
63,433
13,115
97,998
31 December 2024
Trade and other payables
464,267
\u2014
\u2014
464,267
Other financial liabilities
\u2014
3,500
\u2014
3,500
Borrowings
527,688
1,438,500
1,317,000
3,283,188
Lease liabilities
16,357
37,643
16,846
70,846
Liquidity risk - CCP clearing business
The Group\u2019s CCPs must maintain a level of liquidity (consistent
with regulatory requirements) to ensure the smooth operation
of its respective markets and to maintain operations in the
event of a single or multiple market stress event or member
failure. This includes the potential requirement to liquidate the
position of a clearing member under a default scenario
including covering the associated losses and the settlement
obligations of the defaulting member.
The Group\u2019s CCPs maintain sufficient cash and cash
equivalents and have access to intraday central bank
refinancing (collateralized with ECB eligible bonds) along with
commercial bank credit lines to meet in a timely manner its
payment obligations. As at 31 December 2025, the Group\u2019s
CCPs had \u20ac450 million (2024: \u20ac450 million) credit lines granted
by commercial banks serving as liquid recourse to mitigate
liquidity risks according to EMIR regulation. None of the credit
lines had been used as of 31 December 2025.
Revised regulations requires the CCPs to ensure that
appropriate levels of back-up liquidity are in place to underpin
the dynamics of a largely secured cash investment
requirement, ensuring that the maximum potential outflow
under extreme market conditions is covered (see credit risk
section). The Group\u2019s CCPs monitor their liquidity needs daily
under normal and stressed market conditions. Where possible,
the Group employs guaranteed delivery versus payment
settlement techniques and manages CCP margin and default
fund flows through central bank or long-established, bespoke
commercial bank settlement mechanisms. Monies due from
clearing members remain the clearing members\u2019 liability if the
payment agent is unable to effect the appropriate transfer. In
addition, the Group's CCPs maintain operational facilities with
commercial banks to manage intraday and overnight liquidity.
In line with the investment policy and the regulatory
requirements, the Group\u2019s CCPs have deposited the default
funds and margin mainly at the Central Banks of Italy and
Greece as per 31 December 2025. The default funds and
margin were partially invested in government bonds with an
average maturity of below 12 months, as per 31 December
2025. Even though these financial assets are generally held to
maturity, a forced liquidation of the investment portfolio could
lead to losses and lack of required liquidity.
In thousands of euros
Maturity <\u00a01 year
Maturity between
1\u00a0and 2 years
Maturity between
2\u00a0and 3 years
Total
31 December 2025
Investment portfolio
117,968
\u2014
\u2014
117,968
31 December 2024
Investment portfolio
66,068
\u2014
\u2014
66,068
The table below analyses the Group\u2019s CCPs financial liabilities into relevant maturity groupings based on the remaining period from
the balance sheet date to the contractual maturity date. The amounts disclosed in the table reflect the contractual undiscounted
cash flows.
In thousands of euros
Maturity < 1
year
Maturity between
1\u00a0and 5 years
Maturity >
5\u00a0years
Total
31 December 2025
CCP clearing member liabilities
318,085,366
\u2014
\u2014
318,085,366
31 December 2024
CCP clearing member liabilities
270,357,949
\u2014
\u2014
270,357,949
Interest rate risk
Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed
rates with an interest term of less than one year, except for the fixed rated Bonds #2, #4 to #6, which have maturities between 3
and 15 years (see Note 30).
As at 31 December 2025 and 2024 the interest rate exposure of the Company was as follows:
Currency
Position in EUR
Positions in GBP
Positions in USD
Positions in NOK
Positions in DKK
Type of rate and maturity
In thousands of euros
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
2025
Interest bearing financial assets (a)
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
Interest bearing financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
Net position after hedging
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
2024
Interest bearing financial assets (a)
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
Interest bearing financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
Net position after hedging
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
(a) Includes cash and cash equivalents and non-current financial assets at amortised cost.
Currency
Position in EUR
Positions in GBP
Positions in USD
Positions in NOK
Positions in DKK
Type of rate and maturity
In thousands of euros
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
2025
Interest bearing financial assets (a)
490,177
\u2014
\u2014
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
Interest bearing financial liabilities
400,493
2,913,521
1,124
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
89,684
(2,913,521)
(1,124)
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
Net position after hedging
89,684
(2,913,521)
(1,124)
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
2024
Interest bearing financial assets (a)
506,055
\u2014
6,704
\u2014
35,264
\u2014
21,287
\u2014
38,587
\u2014
Interest bearing financial liabilities
515,680
2,537,909
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
Net position before hedging
(9,626)
(2,537,909)
6,704
\u2014
35,264
\u2014
21,284
\u2014
38,587
\u2014
Net position after hedging
(9,626)
(2,537,909)
6,704
\u2014
35,264
\u2014
21,284
\u2014
38,587
\u2014
(a) Includes cash and cash equivalents and non-current financial assets at amortised cost.
The Group is exposed to cash-flow risk arising from net
floating-rate positions.
The Group was a net borrower in Euros exposed to fixed
interest rates and a net lender in Euros exposed to floating
rates at 31 December 2025 and 2024. Therefore, the sensitivity
of net interest income to a parallel shift in the interest curves
is that a 0.5% increase/decrease of the rate would have
resulted in an increase/decrease of net interest income of
\u20ac3.7 million based on the positions at 31 December 2025
(2024: \u20ac3.9 million).
The Group was a net lender in Pound Sterling at 31 December
2025 and 2024. The sensitivity of net interest income to a
parallel shift in the interest curves is that a 0.5% increase/
decrease of the rate would have resulted in an increase/
decrease of net interest income of \u20ac0.3 million based on the
positions at 31 December 2025 (2024: \u20ac0.4 million).
The Group was a net lender in US Dollar at 31 December 2025
and 2024. The sensitivity of net interest income to a parallel
shift in the interest curves is that a 0.5% increase/decrease of
the rate would have resulted in an increase/decrease of net
interest income of \u20ac0.1 million based on the positions at
31\u00a0December 2025 (2024: \u20ac0.3 million).
The Group was a net lender in Norwegian Kroner at
31\u00a0December 2025 and 2024. The sensitivity of net interest
income to a parallel shift in the interest curves is that a 0.5%
increase/decrease of the rate would have resulted in an
increase/decrease of net interest income of \u20ac0.8 million
based on the positions at 31 December 2025 (2024:
\u20ac0.8\u00a0million).
The fluctuation of the DKK against the EUR is set within the
bandwidth +/-2.25% as an exchange rate mechanism
established by the Denmark's National Bank. Therefore,
currency risk sensitivity inherent to the Group exposure to that
currency is deemed to be irrelevant.
Interest rate risk - CCP clearing business
As at 31 December 2025 the Group\u2019s CCPs have deposited the
default funds and margin mainly at the Central Banks of Italy
and Greece reducing the interest rate exposure linked to
investment activities. Furthermore, the Group\u2019s CCPs face
minimal interest rate exposure by applying the same reference
rate deriving from the yields achieved through the secured
investment activities, to calculate member liabilities.
In the Group\u2019s CCPs, interest bearing assets are generally
invested in secured instruments or structures and for a longer
term than interest bearing liabilities, whose interest rate is
reset daily. This makes investment revenue vulnerable to
volatility in overnight rates and shifts in spreads between
overnight and term rates. On daily basis the interest rate risk
associated to investments is monitored via the requirements
contained in the CCPs investment policy.
The Group's CCPs have an investment policy, mitigating
market risks. The Group's CCPs investments have an average
duration of less than one year and are generally held until
maturity. Losses will not materialise unless the investment
portfolio is liquidated before maturity or in an event of
portfolio rebalancing before maturity. In case of a forced
liquidation of the CCP's financial investment portfolio before
maturity to provide necessary liquidity, the CCPs may face
higher interest rate exposure on their financial investment
portfolio. The interest rate exposure of the investment
portfolio is predominantly at fixed rates (only a negligible part
is at floating rates) at the amounts and maturities as disclosed
in Note 38.1. As per 31 December 2025, an increase/decrease
of the rate by 100 basis points would have an increasing/
decreasing impact on the investment portfolio market value of
\u20ac0.6 million or 0.24% (2024: \u20ac0.4 million or 0.24%).
Currency risk
Foreign currency translation risk:
The Group\u2019s net assets are exposed to the foreign currency
risk arising from the translation of assets and liabilities of
subsidiaries with functional currencies other than the euro.
The following table summarises the assets and liabilities
recorded in respectively GBP, USD and NOK functional
currency and the related impact of a 10% in/decrease in the
currency exchange rate on balance sheet and profit or loss:
In thousands
2025
2024
Assets
\u00a382,425
\u00a3115,164
Liabilities
\u00a3(11,912)
\u00a3(12,143)
Net currency position
\u00a370,513
\u00a3103,021
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac8,089
\u20ac12,450
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
Not material
Not Material
In thousands
2025
2024
Assets
$274,078
$226,038
Liabilities
$(61,737)
$(33,997)
Net currency position
$212,341
$192,041
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac18,075
\u20ac18,548
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
\u20ac943
\u20ac1,315
In thousands
2025
2024
Assets
kr17,549,282
kr11,987,524
Liabilities
kr(3,817,048)
kr(3,545,961)
Net currency position
kr13,732,234
kr8,441,563
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac115,965
\u20ac71,628
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
\u20ac2,622
\u20ac1,751
Most operating revenue and expenses in the various
subsidiaries of the Group are denominated in the functional
currency of each relevant subsidiary. The Group\u2019s consolidated
income statement is exposed to foreign currency risk arising
from receivables and payables denominated in currencies
different from the functional currency of the related entity.
The Group's general policy is not to hedge foreign exchange risk
related to its net investments in foreign currency. However, the
Group may use derivatives instruments designated as hedge of
net investment or foreign denominated debt to manage its net
Investment exposures. The decision to hedge the exposure is
considered on a case by case basis since the Group is generally
exposed to major, well established and liquid currencies. The
Group would, by the same token, hedge transaction risk arising
from cash flows paid or received in a currency different from the
functional currency of the group contracting entity on a case by
case basis.
Equity Market risk
The Group\u2019s investment in publicly traded equity securities
was limited to the Group's investment in Boursa Kuwait
Securities Co. and was non existent in 2024. The Group's
investments in non-publicly traded equity securities are
disclosed in Note 21.
Credit risk
The Group is exposed to credit risk in the event of a
counterparty\u2019s default. The Group is exposed to credit risk
from its operating activities (primarily trade receivables), from
its financing activities and from the investment of its cash and
cash equivalents and short-term financial investments. The
Group limits its exposure to credit risk by rigorously selecting
the counterparties with which it executes agreements. Most
customers of the Group are leading financial institutions that
are highly rated. Investments of cash and cash equivalents in
bank current accounts and money market instruments, such
as short-term fixed and floating rate interest deposits, are
governed by rules aimed at reducing credit risk: maturity of
deposits strictly depends on credit ratings, counterparties'
credit ratings are permanently monitored and individual
counterparty limits are reviewed on a regular basis. In addition
to the intrinsic creditworthiness of counterparties, the Group's
policies also prescribe the diversification of counterparties
(banks, financial institutions, funds) so as to avoid a
concentration of risk. Derivatives are negotiated with leading
high-grade banks.
Credit risk - CCP clearing business
In their role as CCP clearer to financial market participants, the
Group\u2019s CCPs guarantee final settlement of transactions
acting as buyer towards each seller and as seller towards each
buyer. It manages substantial credit risks as part of its
operations including unmatched risk positions that might arise
from the default of a party to a cleared transaction.
Clearing membership selection is based upon supervisory
capital, technical and organisational criteria. Each member
must pay margins, computed and collected at least daily, to
cover the exposures and theoretical costs which the CCPs
might incur in order to close out open positions in the event of
the member\u2019s default. Margins are calculated using
established and internationally acknowledged risk models and
are debited from participants\u2019 accounts through central bank
accounts and via commercial bank payment systems.
Minimum levels of cash collateral are required. Non-cash
collateral is revalued daily but the members retain title of the
asset and the Group only has a claim on these assets in the
event of a default by the member.
Clearing members also contribute to default funds managed by
the CCPs to guarantee the integrity of the markets in the event
of multiple defaults in extreme market circumstances.
Amounts are determined on the basis of the results of periodic
stress testing examined by the risk committees of the CCPs.
Furthermore, the Group\u2019s CCPs reinforce their capital position
to meet the most stringent relevant regulatory requirements
applicable to it, including holding a minimum amount of
dedicated own resources to further underpin the protective
credit risk framework in the event of a significant market
stress event or participant failure.
An analysis of the aggregate clearing member contributions of
margin and default funds across the CCPs is shown below:
31 December
2025
31 December
2024
In thousands of euros
Total collateral pledged
Margin received in cash
14,312,654
17,594,249
Margin received by title transfer
2,933,196
2,079,405
Default fund total
5,703,651
6,204,892
Total on balance sheet collateral (a)
22,949,501
25,878,546
Total member collateral pledged
22,949,501
25,878,546
(a)The total on balance sheet member collateral pledged is included in the line 'other payables to clearing members' in the table at Note 36.1.
Investment counterparty risk for CCPs margin and default
funds is managed by investing the cash element in
instruments or structures deemed \u2018secure\u2019, including through
direct investments in highly rated, \u2018regulatory qualifying\u2019
sovereign bonds and supra-national debt, investments in tri-
party and bilateral reverse repos (receiving high-quality
government securities as collateral) in certain jurisdictions
and deposits with the central banks of Italy and Greece. As per
December 2025 the margin and default funds were mainly
deposited with the Central Banks of Italy and Greece. The
small proportion of cash that is invested unsecured is placed
for short durations with highly rated counterparties where
strict limits are applied with respect to credit quality,
concentration and tenor.
31 December
2025
31 December
2024
In thousands of euros
Investment portfolio
117,968
66,068
CCP other financial assets (a)
117,968
66,068
Clearing member cash equivalents - short term deposits
10,041
10,011
Clearing member cash\u00a0 - central bank deposits
17,080,030
19,085,474
Clearing member cash\u00a0 - other banks
(7,214)
(138)
Total clearing member cash (b)
17,082,857
19,095,347
(a)\u00a0 The CCP other financial assets are included in the line 'Debt instruments at fair value through other comprehensive income' in the table at Note 36.1.
(b)\u00a0 The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 36.1.
Distress can result from the risk that certain governments may
be unable or find it difficult to service their debts. This could
have adverse effects, particularly on the Group\u2019s CCPs,
potentially impacting cleared products, margin collateral,
investments, the clearing membership and the financial
industry as a whole.
Specific risk frameworks manage country risk for both fixed
income clearing and margin collateral and all clearing
members\u2019 portfolios are monitored regularly against a suite of
sovereign stress scenarios. Investment limits and
counterparty and clearing membership monitoring are
sensitive to changes in ratings and other financial market
indicators, to ensure the Group\u2019s CCPs are able to measure,
monitor and mitigate exposures to sovereign risk and respond
quickly to anticipated changes. Risk Committees maintain an
ongoing watch over these risks and the associated policy
frameworks to protect the Group against potentially severe
volatility in the sovereign debt markets.
The Group\u2019s sovereign exposures at the end of the financial reporting period were:
In thousands of euros
31 December
2025
31 December
2024
Sovereign investments
Italy
50,911
31,365
Spain
24,467
10,011
EU Central (a)
6,940
17,914
France
30,748
\u2014
Ireland
14,943
\u2014
Belgium
\u2014
16,789
Total for all countries (b)
128,009
76,079
(a) ' EU Central' consists of supra-national debts.
(b)\u00a0 The total sovereign investments include the investment portfolio of CCP clearing business assets as disclosed in the line 'Debt instruments at fair value through other
comprehensive income' in the table at Note 36.1.
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
Other debt financial assets at amortised cost or FVOCI
(including CCP clearing business)
The other debt financial assets comprise i) debt investments
at amortised cost, which include short-term deposits with a
maturity over three months, ii) debt investments at FVOCI,
which include investments in listed bonds and government
bonds and iii) CCP clearing business financial assets at
amortised cost or FVOCI.
The other debt financial assets at amortised cost or FVOCI
(including CCP clearing business) are considered to have low
credit risk, as the issuers of the instruments have a low risk of
default evidenced by their strong capacity to meet their
contractual cash flow obligations in the near term. The Group
closely monitors its CCP investment portfolio and invests only
in government debt and other collateralised instruments
where the risk of loss is minimal. There was no increase in
credit risk in the year and none of the assets are past due. The
loss allowance recognised during the period was therefore
limited to 12 months expected credit losses. The Group did not
recognise any material provision for expected credit losses on
its other debt financial assets at amortised cost or FVOCI
(including CCP clearing businesses) as per 31 December 2025
(2024: not material). The amount of credit-impaired financial
assets is considered not significant
Changes in liabilities arising from financing activities
The changes in liabilities arising from the Group\u2019s financing activities in 2025 and 2024 were as follows:
In thousands of euros
Borrowings due
within 1 year
Borrowings due
after 1 year
Leases due
within 1 year
Leases due
after 1 year
Total liabilities
from financing
activity
As at 1 January 2024
17,286
3,031,629
22,159
37,314
3,108,388
Cash flows
(29,433)
\u2014
(20,770)
\u2014
(50,203)
Acquisitions
7
\u2014
\u2014
\u2014
7
Additions
\u2014
\u2014
\u2014
21,955
21,955
Fair Value adjustments
\u2014
2,641
\u2014
\u2014
2,641
Accrued interest
29,477
\u2014
2,224
\u2014
31,701
Amortisation and transfer of issue costs
\u2014
1,903
\u2014
\u2014
1,903
Foreign exchange impacts
\u2014
\u2014
78
247
325
Other
499,142
(499,142)
12,101
(13,291)
(1,190)
As at 31 December 2024
516,479
2,537,031
15,792
46,225
3,115,527
Cash flows
(747,923)
974,127
(18,621)
\u2014
207,583
Acquisitions
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
\u2014
\u2014
\u2014
41,515
41,515
Fair Value adjustments
858
\u2014
\u2014
\u2014
858
Accrued interest
33,701
\u2014
3,912
\u2014
37,613
Amortisation and transfer of issue costs
\u2014
1,779
\u2014
\u2014
1,779
Foreign exchange impacts
\u2014
\u2014
(241)
(441)
(682)
Other
597,378
(599,406)
19,895
(20,866)
(2,999)
As at 31 December 2025
400,493
2,913,531
20,737
66,433
3,401,194
The line \u2018Other\u2019 includes the effect of reclassification of non-current portion of lease liabilities to current due to the passage of time.
It\u00a0also includes the effect of reclassification of non-current borrowings to current, when maturity becomes due within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
Repayment of Senior Unsecured Note #1
On 18 April 2025, the Group repaid the Senior Unsecured Note
#1 amounting to \u20ac500 million (see Note 30). The Bond had a
seven year maturity, with an annual coupon of 1%. It was rated
\u201cA\u201d by Standard & Poor\u2019s rating agency, and was listed on
Euronext Dublin.
Issuance of Convertible Bond
On 30 May 2025, the Group issued a Senior Unsecured Bond,
convertible into new Shares and/or exchangeable for existing
Shares of Euronext for a nominal amount of \u20ac425.0 million (the
\"Offering\"). Transaction costs amounted to \u20ac4.0 million. The
Bond has a seven year maturity, and coupon is set at 1.50% per
annum, payable semi-annually in arrears. The conversion price
of the Bond is set at \u20ac191.2, representing a conversion
premium of 35% above the Group's reference share price of
\u20ac141.6. The Convertible Bond is accounted for as a compound
financial instrument, split into a liability component of \u20ac373.2
million and an equity component of \u20ac47.8 million, both net of
transaction costs (see Note 30). In addition, a deferred tax
liability was formed, lowering the equity component by \u20ac12.4
million, to recognise deferred tax effects due to the difference
in carrying amount of the liability component and its tax base.
The net proceeds from the Offering were used for repayment
of the bridge loan facility, that the Group entered into on 17
April 2025 to finance the acquisition of Admincontrol.
Issuance of Senior Unsecured Note #6
On 26 November 2025, the Group issued a Senior Unsecured
Note (#6) amounting to \u20ac600 million at a three year maturity,
with an annual coupon of 2.625% (see Note 30). The Senior
Unsecured Note (#6) is rated \"A-\" by Standard & Poors.
Partial repayment of Senior Unsecured Note #3
On 26 November 2025, the Group partially repaid Senior
Unsecured Note #3 for \u20ac212.5 million (\u20ac214.5 million nominal),
following a tender offering running from 19 to 26 November
2025. The generated gain of \u20ac2.0 million was recognised in the
statement of profit or loss\u00a0 (see Note 30).
DERIVATIVES FINANCIAL INSTRUMENTS
The Group may use derivative instruments to manage financial
risks relating to its financial positions or risks relating to its
ongoing business operations. The Group\u2019s risk management
strategy and how it is applied to manage risk is further
explained in Note 38.
As per 31 December 2025, the derivative financial assets
balance includes an impact of \u20ac110k (2024: liability of \u20ac147k) in
Nord Pool related to the effects of foreign exchange spot
transactions made to facilitate electricity settlement.
In 2025 and 2024, the Group had no derivative financial
instruments designated as hedging instruments.
Fair value hedge
The Group had three interest rate swap agreements in place
with a total notional amount of \u20ac500.0 million, that were used
as a hedging instrument to reduce the variability of the fair
value of the 1% fixed rate Senior Unsecured Note #1. These
swap agreements were terminated on 3 May 2022.
On termination, the Group cash settled the swap agreements
at a carrying amount of \u20ac8.9 million and the hedge relationship
was discontinued. The accumulated fair value adjustments
were amortised over the remaining term of the Senior
Unsecured Note #1.
During 2025, \u20ac0.9 million was amortised (2024: \u20ac2.6 million),
reducing the amount of accumulated fair value adjustments to
zero (31 December 2024: \u20ac0.9 million). The Senior Unsecured
Note #1 was repaid in April 2025\u00a0 (see Note 30).
BORROWINGS
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Non-current
Borrowings
Senior Unsecured note #2; (annual coupon of 1.125%; matures June 2029)
750,000
750,000
Senior Unsecured note #3; (annual coupon of 0.125%; matures May 2026)
\u2014
600,000
Senior Unsecured note #4; (annual coupon of 0.75%; matures May 2031)
600,000
600,000
Senior Unsecured note #5; (annual coupon of 1.50%; matures May 2041)
600,000
600,000
Senior Unsecured note #6; (annual coupon of 2.625%; matures November\u00a0 2028)
600,000
\u2014
Convertible note (annual coupon:1.50%; matures May 2032)
380,487
\u2014
Discount, premium and issue costs
(24,874)
(18,524)
Amortisation discount, premium and issue costs
7,918
5,555
Other
\u2014
\u2014
Total
2,913,531
2,537,031
Current
Borrowings
Senior Unsecured note #1 (a); (annual coupon of 1.0%; matured April 2025)
\u2014
499,142
Senior Unsecured note #3; (annual coupon of 0.125%; matures May 2026)
384,901
\u2014
Accrued interest and other
15,592
17,337
Total
400,493
516,479
(a) The Senior Unsecured Note #1 was carried at amortised cost and was adjusted for fair value movements due to the hedged interest rate risk until 3 May 2022 (see
Note\u00a024).
Senior Unsecured Note #1
On 18 April 2025, the Group repaid the Senior Unsecured Note #1
amounting to \u20ac500 million. The Bond had a seven year maturity,
with an annual coupon of 1%. It was rated \u201cA\u201d by Standard &
Poor\u2019s rating agency, and was listed on Euronext Dublin.
Issuance of Convertible Bond
On 30 May 2025, the Group issued a Senior Unsecured Note,
convertible into new Shares and/or exchangeable for existing
Shares of Euronext for a nominal amount of \u20ac425.0 million (the
\"Convertible Bond\"). Transaction costs amounted to \u20ac4.0
million. The Convertible Bond has a seven year maturity, and
coupon is set at 1.50% per annum, payable semi-annually in
arrears. The conversion option may be exercised by the
holders of the notes from 10 July 2025 to the seventh working
day preceding the maturity date (\"Conversion period\"). The
conversion price of the Convertible Bond is set at \u20ac191.2,
representing a conversion premium of 35% above the Group's
reference share price of \u20ac141.6 at the issuance date. The
Convertible Bond is accounted for as a compound financial
instrument, split into a liability component of \u20ac373.2 million
and an equity component of \u20ac47.8 million, both net of an
appropriate allocation of transaction costs. In addition, a
deferred tax liability was formed, lowering the equity
component by \u20ac12.4 million, to recognise deferred tax effects
due to the difference in carrying amount of the liability
component and its tax base.
The net proceeds of the Convertible Bond were used for
repayment of the bridge loan facility, that the Group entered
into on 17 April 2025 to finance the acquisition of Admincontrol.
The Group repaid the Bridge Loan on 2 June 2025.
Senior Unsecured Note #6
On 26 November 2025, the Group settled the issuance of a
Senior Unsecured Note (#6) amounting to \u20ac600 million at a
three year maturity, with an annual coupon of 2.625%. It was
rated \u201cA-\u201d by Standard & Poor\u2019s rating agency, and was listed on
Euronext Dublin. The proceeds of the issuance will be used for
general corporate purposes in line with the Euronext\u2019s
strategy, including to refinance existing indebtedness.
Senior Unsecured Note #3
On 19 November 2025, the Group launched a tender offer to
buy back the Senior Unsecured Note #3, maturing in 2026,
from its bondholders at a price of 99.05% of the principal
amount. At the deadline, a total principal amount of \u20ac214.5
million in bonds was validly submitted to the offer.
On 27 November 2025, the Group settled the submitted bonds
at a price of \u20ac212.5 million, resulting in a \u20ac2.0 million gain that\u00a0
was recognised in the statement of profit or loss.
Subsequently, a total of \u20ac385.5 million will remain outstanding
as per 31 December 2025.
Revolving Credit Facility Agreement
On 12 October 2022, the Group executed its two-year
extension option to the revolving credit facility agreement
(RCF) of \u20ac600.0 million. The RCF allows the Group to apply all
amounts borrowed by it towards (i) general corporate and/or
working capital purposes of the Group, (ii) satisfaction of the
consideration payable for an acquisition and/ or (iii) the
payment of fees, costs and expense incurred in relation to an
acquisition. The revolving credit facility has a remaining
maturity of just below 2 years (November 2027) and bears an
interest rate of EURIBOR plus a margin dependent on rating.
As per 31 December 2025, the facility remained undrawn.
In case of a downgrading event of Euronext, below BBB- or
equivalent by rating agencies, Euronext shall ensure that the
leverage ratio (Euronext total net debt to EBITDA2) as defined
in the Revolving Credit Facility Agreement would not be
greater than 4x. As per 31 December 2025, the rating was A-
with a stable outlook and the leverage ratio was 1.5x.
Revolving Credit Facility at Nord Pool
On 20 March 2025, Nord Pool entered into a revolving credit
facility agreement (RCF) of \u20ac100.0 million. It provides Nord Pool
with short term liquidity to cover short falls, resulting from
delayed payments owed by one or more participants. The RCF
has a maturity of 364 days and bears an interest rate equal to
the relevant EURIBOR rate for the period of the advance plus a
0.70% margin. The revolving credit facility is not expected to be
drawn and is not drawn as per 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "
Revaluation of direct- and indirect stakes in Euroclear S.A./
N.V.
For the determination of fair value of its direct and indirect
investments in Euroclear S.A./N.V., the Group applied a
weighted approach of the Gordon Growth model and recent
observed market transactions. This valuation method resulted
in an increase in fair value of Euronext S.A./N.V.\u2019s direct- and
indirect investments of \u20ac62.5 million as per 31 December 2025.
This revaluation was recorded in Other Comprehensive Income
(see Note 21).
RESULTS FROM EQUITY INVESTMENTS AND GAIN/(LOSS) ON DISPOSALS
Result from equity investments
Year ended
In thousands of euros
31 December
2025
31 December
2024
Dividend income
34,966
33,339
Total
34,966
33,339
In 2025, dividend income relates to dividends received from the Group\u2019s non-current equity investments at FVOCI in Euroclear S.A./
N.V. and Sicovam Holding S.A. In 2024, dividend income relates to dividends received from the Group\u2019s non-current equity
investments at FVOCI in Euroclear S.A./N.V. and Sicovam Holding S.A.
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Equity investments
Euroclear S.A./N.V.
298,601
253,681
Sicovam Holding S.A.
116,467
98,900
Boursa Kuwait Securities Co.
16,049
\u2014
Other
4,583
4,430
Total
435,700
357,011
The Group\u2019s financial assets at fair value through other
comprehensive income include long-term investments in
unlisted equity securities, which the Group has irrevocably
elected at initial recognition to recognise in this category. The
classification of the measurement within the fair value
hierarchy is presented in Note 36.
Euroclear S.A./N.V. and Sicovam Holding S.A.
As of 31 December 2025, the Group holds a 3.53% ownership
interest in Euroclear S.A./N.V. (31 December 2024: 3.53%), an
unlisted company involved in the settlement of securities
transaction and related banking services. The Group also holds
a 9.60% ownership interest in Sicovam Holding S.A. (31
December 2024: 9.60%), resulting in an indirect 1.53% interest
in Euroclear S.A./N.V. (31 December 2024: 1.53%). The
common stock of Sicovam Holding S.A. and Euroclear S.A./
N.V. are not listed.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applies a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
In 2025, this valuation method resulted in an increase in fair
value of Euronext N.V./S.A.\u2019s direct- and indirect investments
of \u20ac62.5 million (2024: \u20ac91.5 million). This revaluation was
recorded in Other Comprehensive Income.
Boursa Kuwait Securities Co.
The acquisition of the Athens Exchange Group included an
0.78% investment in Boursa Kuwait Securities Co., the
operator of the Kuwait Stock Exchange.
The Group holds 1,564,500 shares in Boursa Kuwait Securities
Co. Fair value is measured using the listed share price of
Boursa Kuwait Securities Co. at the reporting date.
As such, fair value of this investment amounted to \u20ac16.0\u00a0
million as per 31 December 2025.
Other
Other investments primarily relate to an investment in
EuroCTP B.V., which is a joint initiative of currently 14
European exchanges, respectively exchange groups. EuroCTP
B.V. aims to participate in the future selection process for the
provision of a consolidated tape (CT) for equities in the
European Union.
Fair value measurements using unobservable inputs (level 3)
The following table presents the changes in level 3 instruments for the period ended 31 December 2025, which are recognised in the
line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are
reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of
comprehensive income:
Unlisted equity
securities
Contingent
consideration
payable
Combined
derivative
instrument
In thousands of euros
As at 1 January 2024
262,655
\u2014
\u2014
Revaluations recognised in OCI
91,520
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
2,847
1,225
2,250
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
\u2014
\u2014
\u2014
Exchange differences and other
(11)
25
\u2014
As at 31 December 2024
357,011
1,250
2,250
Revaluations recognised in OCI
62,488
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
\u2014
43
\u2014
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
154
\u2014
\u2014
Exchange differences and other
(2)
(63)
\u2014
As at 31 December 2025
419,651
1,230
2,250
Valuation process
Concerning the valuation process for fair value measurement
categorised within level 3 of the fair value hierarchy, the
Group\u2019s central treasury department collects and validates the
available level 3 inputs and performs the valuation according
to the Group\u2019s valuation methodology for each reporting
period. The fair value estimates are discussed with-, and
challenged by the Group Finance Director and the Chief
Financial Officer. Periodically the values of investments
categorised in \u201clevel 3\u201d are validated by staff with extensive
knowledge of the industry in which the invested companies
operate. Although valuation techniques are applied
consistently as a principle, Management, upon advice from the
Group\u2019s valuation experts, may decide to replace a valuation
technique if such a change would improve the quality or the
reliability of the valuation process.
Unlisted equity securities in Euroclear S.A./N.V. and
Sicovam Holding S.A.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applied a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
As from 2023, the high interest rates environment led to a
sharp increase of net interest earnings at Euroclear, which
was predominantly driven by interests linked to frozen assets
as a result of Russian sanctions and countermeasures.
The European Commission contemplated various options to
use the profits generated by sanctioned amounts held by
financial institutions, including Euroclear, for the financing of
Ukraine\u2019s reconstruction.
Since considerable uncertainties persisted, Euroclear
considered it necessary to separate the estimated sanction
related earnings from the \u2018underlying\u2019 financial results when
assessing the company\u2019s performance and resources.
For this reason, the Group uses the \u2018underlying\u2019 financial
results published by Euroclear (i.e. excluding Russian
sanctions related assets/earnings), as an input for its primary
valuation technique.
In addition, for measuring the fair value of Sicovam Holding
S.A, the Group applied a holding discount as an unobservable
input for which a sensitivity impact of +10%/(-10%) would
amount to a decrease or (increase) of \u20ac13.0 million in the fair
value (2024: \u20ac11.0 million). More information on the
investments is further disclosed in Note 21.
The key assumptions used in the Gordon Growth Model
valuation model are shown in the tables below. The sensitivity
analysis shows the impact on fair value using the most
favourable combination (increase), or least favourable
combination (decrease) of the unobservable inputs per
investment in unlisted equity securities.
2025:
In thousands of euros
Fair value at 31
December 2025
Unobservable\u00a0 \u00a0
inputs (* )
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
298,601
Return on equity
15.0% - 15.5% (16.0%)
2,428
(3,153)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
Sicovam Holding S.A.
116,467
Return on equity
15.0% - 15.5% (16.0%)
1,003
(1,168)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
2024:
In thousands of euros
Fair value at 31
December 2024
Unobservable\u00a0 \u00a0 \u00a0
inputs *)
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
253,681
Return on equity
11.7% - 12.7% (12.2%)
4,382
(5,195)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
Sicovam Holding S.A.
98,900
Return on equity
11.7% - 12.7% (12.2%)
1,776
(1,949)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
Long-Term Incentive Plan 2025
On 19 May 2025, a Long-Term Incentive plan (\u201cLTI 2025\u201d) was
established under the revised Remuneration Policy that was
approved by the AGM in May 2021. The LTI cliff vests after 3
years whereby performance criteria will impact the actual
number of shares at vesting date. The share price for this
grant at grant date was \u20ac147.70 and 137,657 Restricted Stock
Units (\u201cRSU\u2019s\u201d) were granted. The total share based payment
expense at the vesting date in 2028 is estimated to be \u20ac19.2
million. As from the grant date, compensation expense
recorded for this LTI 2025 plan amounted to \u20ac4.2 million in the
income statement for the year ended 31 December 2025.
SHAREHOLDERS\u2019 EQUITY
Reserve own shares
Share-based payments vesting
In 2025, the Group delivered 184,588 shares with a cost of
\u20ac15.5 million to employees for whom share plans had vested
(2024: 125,107 shares with a cost of \u20ac11.4 million). This
movement is disclosed on the line \u2018Other\u2019 in the Consolidated
Statement of Changes in Equity.
SHARE-BASED PAYMENTS
Euronext Long-Term Incentive Plan 2022 (\u201cLTI Plan 2022\u201d)
The Restricted Stock Units (RSUs) granted under LTI Plan 2022
fully cliff-vested in 2025.
Euronext Long-Term Incentive Plans (LTI Plan) 2023, 2024
and 2025\u00a0
Directors and certain employees of the Group benefited from
Restricted Stock Units (RSUs) granted by Euronext N.V. under
the LTI Plans on their applicable grant dates. RSUs granted
under LTI Plans cliff-vest after 3 years, subject to continued
employment and a \u2018positive EBITDA1' performance condition.
These equity awards are measured by reference to the
grant-date market price of Euronext\u2019s common share (grant-
date fair value).
In addition to these RSUs granted to all participants in the LTI
Plans, Performance RSUs have been awarded to members of
the Managing Board and Senior Leadership team. The vesting
of these Performance RSUs for the 2022, 2023 and 2024 plans
is subject to two performance conditions:
\u25a0 50% of the performance RSUs vests subject to a Total
Shareholder Return (TSR) condition;
\u25a0 50% of the performance RSUs vests subject to an EBITDA1-
based performance condition.
The vesting of these Performance RSUs for the 2025 plan is
subject to three performance conditions:
\u25a0 45% of the performance RSUs vests subject to a Total
Shareholder Return (TSR) condition;
\u25a0 45% of the performance RSUs vests subject to an EBITDA1-
based performance condition.
\u25a0 10% of the performance RSUs vests subject to an ESG
based performance condition.
The grant-date fair value of performance shares with a TSR
performance condition was adjusted for the possible
outcomes of this condition. This has been assessed by
applying a Monte Carlo simulation to model possible share
prices of Euronext and its peer companies. At the end of each
reporting period, the number of vesting performance shares is
reconsidered based on the Group\u2019s EBITDA1 performance
relative to budgeted EBITDA1 and the total cost for the
performance RSUs could be adjusted accordingly. Grant-date
fair value of RSUs granted under the LTI Plans 2023, 2024 and
2025 reflect the present value of expected dividends over the
vesting period.
Movements in the number of shares granted as awards is as follows:
In 2024:
Plan
Year
of
grant
1 January
2024
Granted
Adjusted (a)
Vested
Forfeited
31
December
2024
Fair value at grant
date per share
(in \u20ac)
LTI, with performance (b)
2021
72,304
\u2014
\u2014
(71,837)
(467)
\u2014
\u20ac74.84
LTI, no performance (b)
2021
52,551
\u2014
\u2014
(49,488)
(3,063)
\u2014
\u20ac79.98
LTI, with performance (c)
2021
20,309
\u2014
\u2014
(19,659)
(650)
\u2014
\u20ac71.72
LTI, no performance (c)
2021
5,210
\u2014
\u2014
(4,910)
(300)
\u2014
\u20ac86.64
LTI, with performance
2022
103,290
\u2014
\u2014
\u2014
(13,123)
90,167
\u20ac78.59
LTI, no performance
2022
78,475
\u2014
\u2014
\u2014
(8,331)
70,144
\u20ac72.72
LTI, with performance
2023
137,309
\u2014
\u2014
\u2014
(14,461)
122,848
\u20ac57.21
LTI, no performance
2023
116,511
\u2014
\u2014
\u2014
(13,055)
103,456
\u20ac59.99
LTI, with performance (d)
2024
\u2014
39,880
\u2014
\u2014
\u2014
39,880
\u20ac84.90
LTI, with performance
2024
\u2014
104,857
\u2014
\u2014
(4,369)
100,488
\u20ac89.81
LTI, no performance
2024
\u2014
99,206
\u2014
\u2014
(4,361)
94,845
\u20ac82.20
Total
585,959
243,943
\u2014
(145,894)
(62,180)
621,828
(a) Adjustments related to outperformance.
(b) LTI Plan 2021-A, with grant date 17 May 2021.
(c) LTI Plan 2021-B, with grant date 18 November 2021.
(d) Additional LTI Plan 2024, granted in February 2024.
In 2025:
Plan
Year
of
grant
1 January
2025
Granted
Adjusted (a)
Vested
Forfeited
31
December
2025
Fair value at grant
date\u00a0 per share
(in \u20ac)
LTI, with performance
2022
90,167
\u2014
45,078
(135,234)
(11)
\u2014
\u20ac78.59
LTI, no performance
2022
70,144
\u2014
\u2014
(69,206)
(938)
\u2014
\u20ac72.72
LTI, with performance
2023
122,848
\u2014
\u2014
\u2014
(5,627)
117,221
\u20ac57.21
LTI, no performance
2023
103,456
\u2014
\u2014
\u2014
(6,190)
97,266
\u20ac59.99
LTI, with performance (b)
2024
39,880
\u2014
\u2014
\u2014
\u2014
39,880
\u20ac84.90
LTI, with performance
2024
100,488
\u2014
\u2014
\u2014
(7,678)
92,810
\u20ac89.81
LTI, no performance
2024
94,845
\u2014
\u2014
\u2014
(4,769)
90,076
\u20ac82.20
LTI, with performance
2025
\u2014
64,527
\u2014
\u2014
(2,613)
61,914
\u20ac182.36
LTI, no performance
2025
\u2014
73,130
\u2014
\u2014
(1,977)
71,153
\u20ac137.62
LTI, with performance (c)
2025
\u2014
482
\u2014
\u2014
\u2014
482
\u20ac139.13
LTI, with performance (c)
2025
\u2014
2,925
\u2014
\u2014
\u2014
2,925
\u20ac114.14
Total
621,828
141,064
45,078
(204,440)
(29,803)
573,727
(a) Adjustments related to outperformance.
(b) Additional LTI Plan 2024, granted in February 2024.
(c) Additional LTI Plan 2025, granted in October 2025.
Euronext has taken into consideration the fact that the
employees will not receive dividends during the vesting period
of 3 years. The fair value has been adjusted taking into account
the financial loss for the participants to not receive the
payment of the dividends during the vesting period.
Share-based payment expenses recognised in the income
statement for shares granted for all plans to directors and
selected employees in 2025 amounted to \u20ac20.9 million (2024:
\u20ac15.6 million), see Note 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
Share Repurchase Programme of \u20ac300 million\u00a0
On 11 March 2025, the Group announced that it had completed
the share repurchase programme. Between 11 November 2024
and 10 March 2025, 2,692,979 shares, or approximately 2.58%
of Euronext\u2019s share capital, were repurchased at an average
price of \u20ac111.40 per share.
Following the shareholders' approval received at the Annual
General Meeting on 15 May 2025, the 2,692,979 shares that
were repurchased under the programme were cancelled on
4\u00a0August 2025.
Share Repurchase Programme of \u20ac250 million
On 7 November 2025, the Group announced a share repurchase
programme (the \u2018Programme\u2019) for a maximum amount of \u20ac250
million. The Programme was implemented as follows:
\u25a0 Purpose: the purpose of the Programme is to reduce the
share capital of Euronext. All shares repurchased as part of
the Programme will be cancelled;
\u25a0 Maximum amount allocated: \u20ac250 million;
\u25a0 Duration: from 18 November 2025 until 31 March 2026;
\u25a0 Framework: Euronext aimed to repurchase approximately
2% of its ordinary shares, as authorised by the General
Meeting on 15 May 2025 to a limit of 10.0%. The Programme
will be executed on Euronext Paris.
Euronext entered into a non-discretionary arrangement with a
financial intermediary to conduct the repurchase. The
Programme is executed in compliance with applicable rules
and regulations, including the Market Abuse Regulation
596/2014 and the Commission Delegated Regulation (EU)
2016/1052, and based on the authority granted by the annual
general meeting of shareholders on 15 May 2025.
SHAREHOLDERS\u2019 EQUITY
Number of shares outstanding:
In numbers of shares
2025
2024
Issued shares
103,689,933
104,235,507
Treasury shares as at 1 January
(1,475,395)
(3,440,126)
Liquidity contract
\u2014
\u2014
Share buy back
(3,384,003)
(1,031,163)
From share-based payments vesting
184,588
125,107
Cancellation of shares
2,692,979
2,870,787
Treasury shares as at 31 December
(1,981,831)
(1,475,395)
Outstanding as at 31 December
101,708,102
102,760,112
Reserve own shares
Treasury shares are accounted for at trade date and all held by
Euronext N.V.
The movement on the line \u2018acquisitions of own shares\u2019 in the
Consolidated Statement of Changes in Equity consists of the
impact from transactions by the liquidity provider of \u20ac88k cost
(2024: \u20ac109k gain), minus the impact from transactions under
the share repurchase programmes, which was \u20ac410.9 million in
2025, (2024: \u20ac106.8 million). Details of these movements are
disclosed below at (i) and (ii).
(i) Liquidity provider
Part of the movement in the reserve during the reporting
period relates to the transactions in Euronext N.V. shares
conducted by the liquidity provider on behalf of the Group
under the liquidity contract established (\u20ac88k loss in 2025).
The liquidity Agreement (the \"Agreement\") has been
established in accordance with applicable rules, in particular
the Regulation (EC) 2273/2003 of the European Commission of
22 December 2003 implementing the directive 2003/6/EC of
the European Parliament and Council as regards exemptions
for buyback programmes and stabilisation of financial
instruments, the provisions of article 2:95 of the Book II of
Dutch civil code, the provisions of the general regulation of the
French Autorit\u00e9 des March\u00e9s Financiers (the \"AMF\"), the
decision of the AMF dated 21 March 2011 updating the
Accepted Market Practice n\u00b0\u00a02011-07 on liquidity agreements,
the Code of Conduct issued by the French Association
fran\u00e7aise des march\u00e9s financiers (AMAFI) on 8 March 2011 and
approved by the AMF by its aforementioned decision dated 21
March 2011 (the \"AMAFI Code\") and as the case maybe the
relevant Dutch rules applicable to liquidity agreements in
particular the regulation on Accepted Market Practices WFT
(Regeling gebruikelijke marktpraktijken WFT) dated 4 May 2011
and Section 2.6 of the Book II \u2013 General Rules for the Euronext
Amsterdam Stock Market (the \"Dutch Rules\").
As at 31 December 2025, Euronext N.V. holds nil shares under
the programme (2024: nil shares).
The movement schedule for the reported years are as follows:
In 2024:
Transaction date
Buy Euronext
N.V. shares
Sell Euronext
N.V. shares
Average
share price
Total value transaction
including commissions
(in euro)
As at 31 December 2023
\u2014
Purchases January
207,181
\u20ac79.19
16,407,509
Sales January
203,081
\u20ac79.15
(16,073,283)
Purchases February
224,558
\u20ac81.80
18,368,043
Sales February
228,658
\u20ac81.84
(18,713,394)
Purchases March
212,913
\u20ac85.91
18,291,490
Sales March
210,397
\u20ac85.90
(18,073,554)
Purchases April
194,624
\u20ac86.01
16,739,989
Sales April
194,340
\u20ac86.16
(16,744,807)
Purchases May
175,367
\u20ac87.42
15,330,071
Sales May
178,167
\u20ac87.44
(15,578,636)
Purchases June
154,601
\u20ac90.80
14,037,885
Sales June
144,601
\u20ac90.89
(13,142,758)
Purchases July
168,424
\u20ac91.35
15,385,244
Sales July
178,324
\u20ac91.31
(16,283,303)
Purchases August
101,957
\u20ac93.42
9,524,508
Sales August
100,057
\u20ac93.46
(9,350,877)
Purchases September
166,911
\u20ac99.08
16,536,817
Sales September
165,911
\u20ac99.10
(16,442,018)
Purchases October
145,741
\u20ac100.73
14,680,144
Sales October
144,301
\u20ac100.71
(14,533,101)
Purchases November
187,093
\u20ac102.57
19,190,838
Sales November
191,533
\u20ac102.65
(19,660,198)
Purchases December
160,410
\u20ac107.11
17,182,171
Sales December
160,410
\u20ac107.15
(17,187,391)
Total buy/sell
2,099,780
2,099,780
(108,612)
Total as at 31 December 2024
\u2014
In 2025:
Transaction date
Buy Euronext
N.V. shares
Sell Euronext
N.V. shares
Average share
price
Total value transaction
including commissions
(in euro)
As at 31 December 2024
\u2014
Purchases January
175,111
\u20ac108.95
19,077,869
Sales January
171,111
\u20ac108.88
(18,630,600)
Purchases February
206,680
\u20ac116.53
24,085,188
Sales February
210,680
\u20ac116.51
(24,545,498)
Purchases March
175,176
\u20ac126.09
22,088,487
Sales March
175,176
\u20ac126.15
(22,097,663)
Purchases April
139,980
\u20ac138.09
19,330,522
Sales April
139,980
\u20ac138.05
(19,323,678)
Purchases May
260,605
\u20ac146.54
38,188,008
Sales May
258,105
\u20ac146.56
(37,828,353)
Purchases June
234,599
\u20ac144.29
33,850,610
Sales June
237,099
\u20ac144.31
(34,216,682)
Purchases July
195,495
\u20ac147.69
28,872,033
Sales July
188,695
\u20ac147.78
(27,884,915)
Purchases August
126,830
\u20ac141.21
17,910,250
Sales August
131,130
\u20ac141.35
(18,534,965)
Purchases September
147,927
\u20ac135.83
20,093,577
Sales September
138,427
\u20ac135.80
(18,798,461)
Purchases October
145,804
\u20ac126.40
18,429,368
Sales October
154,804
\u20ac126.52
(19,585,584)
Purchases November
159,249
\u20ac127.15
20,249,218
Sales November
162,249
\u20ac127.32
(20,658,261)
Purchases December
93,318
\u20ac126.59
11,813,543
Sales December
93,318
\u20ac126.40
(11,795,861)
Total buy/sell
2,060,774
2,060,774
88,152
Total as at 31 December 2025
\u2014
(ii) Share Repurchase Programmes
The Group has entered into a discretionary management
agreement with a bank to repurchase Euronext shares within
the limits of relevant laws and regulations (in particular EC
regulation 2273/2003) and the Group\u2019s articles of association
to cover the Group\u2019s outstanding obligations resulting from
employee shares plans for 2022, 2023, 2024 and 2025. The
share repurchase programme aims to hedge price risk arising
for granted employee share plans.
On 7 November 2024, the Group announced a share
repurchase programme for an amount of \u20ac300 million. This
programme was executed in compliance with applicable rules
and regulations, including the Market Abuse Regulation
596/2014 and the Commission Delegated Regulation (EU)
2016/1052, and based on the authority granted by the annual
general meeting of shareholders on 15 May 2024. The
programme was finalised in March 2025.
On 7 November 2025, the Group announced a share repurchase
programme (the \u2018Programme\u2019) for a maximum amount of \u20ac250
million. The Programme will be executed in compliance with
applicable rules and regulations, including the Market Abuse
Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052, and based on the authority granted
by the annual general meeting of shareholders on 15 May 2025.
Reference is made to Note 2 for more details on the
Programme.
In 2024, the Group repurchased 1,031,163 shares under the
share repurchase programmes for a total consideration of
\u20ac106.8 million.
In 2025, the Group repurchased 3,384,003 shares under the
share repurchase programmes for a total consideration of
\u20ac410.9 million.
The movement schedule for the reported years are as follows:
In 2024:
Transaction date
Buy Euronext N.V.
shares
Average share
price
Total value transaction
including\u00a0commissions
(in euro)
Purchases January
24,405
\u20ac79.07
1,929,608
Purchases June
100,000
\u20ac93.13
9,313,049
Purchases November
346,246
\u20ac102.73
35,569,962
Purchases December
560,512
\u20ac106.96
59,954,646
Total buy/sell
1,031,163
106,767,265
Total as at 31 December 2024
1,031,163
106,767,265
In 2025:
Transaction date
Buy Euronext N.V.
shares
Average share
price
Total value transaction
including\u00a0commissions
(in euro)
Purchases January
677,959
\u20ac108.66
73,669,857
Purchases February
783,416
\u20ac116.30
91,111,472
Purchases March
324,846
\u20ac122.19
39,694,027
Purchases September
101,000
\u20ac137.75
13,912,325
Purchases November
503,579
\u20ac128.63
64,773,382
Purchases December
993,203
\u20ac128.62
127,750,476
Total buy/sell
3,384,003
410,911,539
Total as at 31 December 2025
3,384,003
410,911,539
(iii) Share-based payments vesting
In 2025, the Group delivered 184,588 shares with a cost of
\u20ac15.5 million to employees for whom share plans had vested
(2024: 125,107 shares with a cost of \u20ac11.4 million). This
movement is disclosed on the line \u2018Other\u2019 in the Consolidated
Statement of Changes in Equity.
Completion of Share Repurchase Programme of \u20ac250 million
On 29 January 2026, Euronext announced the completion of
the \u20ac250 million share repurchase programme. Between
18\u00a0November 2025 and 27 January 2026, 1,967,993 shares, or
approximately 1.90% of Euronext\u2019s share capital, were
repurchased at an average price of \u20ac127.03\u00a0 per share.
Following the completion of this repurchase programme, and
subject to the shareholders' approval at the Annual General
Meeting on 20 May 2026, the 1,967,993 shares that were
repurchased under the programme will be cancelled in the
third quarter of 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
Changes in the Group\u2019s key management personnel during
2025
On 15 May 2025, at the Annual General Meeting, Ren\u00e9 van
Vlerken was appointed as Member of the Managing Board of
Euronext N.V. with immediate effect.
Alessandra Ferone retired from the Supervisory Board of
Euronext N.V. immediately after the Annual General Meeting
that was held on 15 May 2025. Francesca Scaglia was
appointed in her place with effect from 29 May 2025.
Within the Executive Committee, one member stepped down
from its role and one new member was appointed during 2025.
For more details on the Group\u2019s key management personnel,
see Note 37.
Key management remuneration
The other related parties disclosure relates entirely to the key management of the Group, which is defined as the Managing Board,
the Executive Committee (together the 'Extended Managing Board') and the Supervisory Board.
The compensation expense recognised for key management is as follows:
In thousands of euros
2025
2024
Short term benefits
(16,038)
(15,912)
Share-based payment costs (a)
(9,084)
(7,127)
Post-employment benefits (b)
(297)
(282)
Termination benefits
\u2014
\u2014
Total benefits
(25,419)
(23,321)
Of which:
Managing Board remuneration
(12,902)
(11,839)
Supervisory Board remuneration
(1,047)
(1,142)
(a) Share based payments costs are recognised in accordance with IFRS 2.
(b) Post-employment benefits represent the contributions made related to defined contribution plans for the Group's key management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
Changes in the Group\u2019s key management personnel during
2025
On 15 May 2025, at the Annual General Meeting, Ren\u00e9 van
Vlerken was appointed as Member of the Managing Board of
Euronext N.V. with immediate effect.
Alessandra Ferone retired from the Supervisory Board of
Euronext N.V. immediately after the Annual General Meeting
that was held on 15 May 2025. Francesca Scaglia was
appointed in her place with effect from 29 May 2025.
Within the Executive Committee, one member stepped down
from its role and one new member was appointed during 2025.
For more details on the Group\u2019s key management personnel,
see Note 37.
GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
RELATED PARTIES
Transactions with related parties
The Group has related party relationships with its associates
and joint ventures (as described in Note 7). Transactions with
associates and joint ventures are generally conducted with
terms equivalent to arm\u2019s length transactions. Transactions
between subsidiaries are not included in the description as
these are eliminated in the Consolidated Financial
Statements. The interests in Group Companies are set out in
Note 4.
The transactions with related parties and outstanding year-
end balances are reported in the tables below:
In thousands of euros
2025
2024
Sales to related parties
1,300
1,056
Purchases from related parties
279
1,440
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Receivables from related parties
1,118
363
Payables to related parties
7
58
Key management remuneration
The other related parties disclosure relates entirely to the key management of the Group, which is defined as the Managing Board,
the Executive Committee (together the 'Extended Managing Board') and the Supervisory Board.
The compensation expense recognised for key management is as follows:
In thousands of euros
2025
2024
Short term benefits
(16,038)
(15,912)
Share-based payment costs (a)
(9,084)
(7,127)
Post-employment benefits (b)
(297)
(282)
Termination benefits
\u2014
\u2014
Total benefits
(25,419)
(23,321)
Of which:
Managing Board remuneration
(12,902)
(11,839)
Supervisory Board remuneration
(1,047)
(1,142)
(a) Share based payments costs are recognised in accordance with IFRS 2.
(b) Post-employment benefits represent the contributions made related to defined contribution plans for the Group's key management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "MATERIAL ACCOUNTING POLICIES AND SIGNIFICANT JUDGMENTS
The accounting policies applied in the preparation of these
Consolidated Financial Statements are set out below. These
policies have been consistently applied to all the years
presented, unless stated otherwise. The financial statements
for the year ended 31 December 2025 are for the Group
consisting of Euronext N.V. and its subsidiaries.
A). Basis of preparation
The Consolidated Financial Statements of the Group have
been prepared in accordance with International Financial
Reporting Standards (IFRS) adopted by the European Union.
They also comply with the financial reporting requirements
included in Title 9 Book 2 of the Dutch Civil Code, as far as
applicable.
The Consolidated Financial Statements have been prepared on
a historical cost basis, unless stated otherwise. They have also
been prepared on the basis that the Group will continue to
operate as a going concern. Based on management
assessment there are no significant doubts about the ability of
Euronext to continue as a going concern.
B). Principles of consolidation and equity accounting
These Consolidated Financial Statements include the financial
results of all subsidiaries in which entities in the Group have a
controlling financial interest and it also incorporates the share
of results from associates and joint ventures. The list of
individual legal entities which together form the Group, is
provided in Note 4. All transactions and balances between
subsidiaries have been eliminated on consolidation. All
transactions and balances with associates and joint ventures
are reflected as related party transactions and balances (see
Note 37).
(i) Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group
controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the Group. They are
de-consolidated from the date that control ceases. When the
Group loses control over a subsidiary, it derecognises the assets
and liabilities of the subsidiary and any related non-controlling
interest and other components of equity. Any resulting gain or
loss is recognised in the statement of profit or loss. Any interest
retained in the former subsidiary is measured at fair value when
control is lost.
Intergroup transactions, balances and unrealised gains and
losses on transactions between companies within the Group
are eliminated upon consolidation unless they provide
evidence of impairment. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency
with the policies adopted by the Group.
Non-controlling interest in the results and equity of
subsidiaries are shown separately in the consolidated
statement or profit or loss, statement of comprehensive
income, statement of changes in equity and balance sheet
respectively.
(ii) Associates and joint arrangements
Associates are entities over which the Group has the ability to
exercise significant influence, but does not control. Generally,
significant influence is presumed to exist when the Group
holds 20% to 50% of the voting rights in an entity. Joint
arrangements are joint operations or joint-ventures over
which the Group, together with another party or several other
parties, has joint control. Investments in associates and joint
ventures are accounted for using the equity method of
accounting.
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to
recognise the group\u2019s share of the post-acquisition profits or
losses of the investee in profit or loss, and the group\u2019s share of
movements in other comprehensive income of the investee in
other comprehensive income. Dividends received or
receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When
the group\u2019s share of losses in an equity-accounted investment
equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not
recognise further losses, unless it has incurred obligations or
made payments on behalf of the other entity. Unrealised gains
on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group\u2019s interest in
these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure
consistency with the policies adopted by the group. The
carrying amount of equity-accounted investments is tested
for impairment.
C). Business combinations
Business combinations are accounted for using the
acquisition method. The cost of an acquisition is measured as
the aggregate of the consideration transferred, which is
measured at acquisition date fair value, and the amount of any
non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-
controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Acquisition-related costs are expensed as incurred and
included in administrative expenses.
The Group determines that it has acquired a business when
the acquired set of activities and assets include an input and a
substantive process that together significantly contribute to
the ability to create outputs. When the Group acquires a
business, it assesses the financial assets and liabilities
assumed for appropriate classification and designation in
accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition
date. The identifiable assets acquired and liabilities are
measured initially at their fair values at the acquisition date.
Contingent consideration is classified either as equity or as a
financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair
value recognised in profit or loss.
The consideration transferred is measured at the fair value of
any assets transferred, liabilities incurred and equity interests
issued. The excess of the consideration transferred over the
fair value of the Group\u2019s share of the identifiable net assets
acquired is recorded as goodwill. To the extent applicable, any
non-controlling interest in the acquiree and the acquisition-
date fair value of any previous equity interest in the acquiree
are added to consideration transferred for purposes of
calculating goodwill. Goodwill is initially measured at cost.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
D). Segment reporting
Segments are reported in a manner consistent with how the
business is operated and reviewed by the chief operating
decision maker (CODM), who is responsible for allocating
resources and assessing performance of the operating
segments. The Chief Operating Decision Maker of the Group is
the 'Extended Managing Board', comprising the Managing
Board and Executive Committee. The organisation of the
Group reflects the high level of mutualisation of resources
across geographies and product lines. Operating results are
monitored on a group-wide basis and, accordingly, the Group
represents one operating segment and one reportable
segment. Operating results reported to the Extended
Managing Board are prepared on a measurement basis
consistent with the reported Consolidated Statement of Profit
or Loss.
In 2025, the Group changed the presentation of its revenue
lines to provide more meaningful information to the users of
the financial statements, following the completion of the
expansion of Euronext Clearing. See Note 8 for more
information on this change.
Alternative Performance Measures (APMs)
In presenting and discussing the Group\u2019s financial position,
operating results and net results, management uses certain
Alternative performance measures (APMs) not defined by IFRS.
The APMs disclosed in the financial statements comprise
underlying and non-underlying items, as well as EBITDA.
These Alternative performance measures (APMs) should not be
viewed in isolation as alternatives to the equivalent IFRS
measures and should be used as supplementary information in
conjunction with the most directly comparable IFRS measures.
APMs do not have standardised meaning under IFRS and
therefore may not be comparable to similar measures
presented by other companies. The Group believes that these
measures provide valuable supplemental information to the
Group's management, investors and other stakeholders to
evaluate the Group's performance.
The Group measures performance based on EBITDA1, as
management believes that this measurement is most relevant
in evaluating the operating results of the Group. This measure
is included in the internal management reports that are
reviewed by the CODM.
Reference is made to one of the below definitions, whenever
the term \u2018EBITDA\u2019 is used throughout these Consolidated
Financial Statements:
\u25a0 EBITDA1: 'Underlying' operating profit before 'underlying'
depreciation and amortisation (D&A), taking into account
the lines described in the Consolidated Statement of Profit
or Loss;
\u25a0 EBITDA2: Profit before (i) interest expense, (ii) tax, (iii) any
share of the profit of any associated company or
undertaking, except for dividends received in cash by any
member of the Group, (iv) non-underlying items included in
operating profit excluding D&A; and (v) depreciation and
amortisation;
\u25a0 EBITDA3: EBITDA as defined in the Share Purchase
Agreements of the acquired companies involved.
E). Foreign currency transactions and translation
(i) Functional and presentation currency
These Consolidated Financial Statements are presented in
Euro (EUR), which is the Group\u2019s presentation currency. The
functional currency of each Group entity is the currency of the
primary economic environment in which the entity operates.
(ii) Transactions and balances
Foreign currency transactions are converted into the
functional currency using the rate ruling at the date of the
transactions. Foreign exchange gains or losses resulting from
the settlement of such transactions and from the translation
at year-end rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the
Income Statement.
Exceptions to this are where the monetary items form part of
the net investment in a foreign operation or are designated as
hedges of a net investment, in which case the exchange
differences are recognised in Other Comprehensive Income.
(iii) Group companies
The results and financial position of Group entities that have a
functional currency different from the presentation currency
are converted into the presentation currency as follows:
\u25a0 assets and liabilities (including goodwill) are converted at
the closing balance sheet rate.
\u25a0 income and expenses are translated at average exchange
rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions); and
\u25a0 all resulting exchange differences are recognised as
currency translation adjustments within Other
Comprehensive Income.
F). Property, plant and equipment
Property, plant and equipment is carried at historical cost, less
accumulated depreciation and any accumulated impairment
loss. The cost of purchased property, plant and equipment is
the value of the consideration given to acquire the assets and
the value of other directly attributable costs. All repairs and
maintenance costs are charged to expense as incurred.
Property, plant and equipment is depreciated on a straight-line
basis over the estimated useful lives of the assets, except land
and construction in process assets, which are not
depreciated. The estimated useful lives, which are reviewed
annually and adjusted if appropriate, used by the Group in all
reporting periods presented are as follows:
\u25a0 Buildings (including leasehold improvements) 5 to 40 years
\u25a0 IT equipment2 to 3 years
\u25a0 Other equipment 5 to 12 years
\u25a0 Fixtures and fittings4 to 10 years
G). Leases
(i) Right-of-use assets
The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at
cost less any accumulated depreciation and if necessary any
accumulated impairment. The cost of a right-of-use asset
comprise the present value of the outstanding lease
payments, any lease payments made at or before the
commencement date less any lease incentives received, any
initial direct costs and an estimate of costs to be incurred in
dismantling or removing the underlying asset. If the lease
transfers ownership of the underlying asset to the lessee at
the end of the lease term or if the cost of the right-of-use
asset reflects that the lessee will exercise a purchase option,
the right-of-use asset is depreciated to the end of the useful
life of the underlying asset. Otherwise the right-of-use asset is
depreciated to the end of the lease term.
(ii) Lease liabilities
At the commencement date of the lease, the Group recognises
lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments
include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable
payments that depend on an index or rate and amounts
expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments
for penalties for terminating a lease, if the lease term reflects
the Group exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are
recognised as expense in the period on which the event or
condition that triggers the payment occurs. In this context, the
Group also applies the practical expedient that the payments
for non-lease components are generally recognised as lease
payments. In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is
not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change
in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
(iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption
to leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option. It
also applies the lease of low-value assets recognition
exemption to leases of office IT equipment and other staff
equipment that are of low value. Lease payments on short-
term leases and leases of low-value assets are recognised as
expense on a straight-line basis over the lease term.
H). Investment property
Investment properties are those assets which are owned
either for rental income or for capital gains or both. Only plots
of land and buildings are considered investment properties.
Investment properties are initially measured at cost. Initial
cost includes transaction expenses (i.e.\u00a0 professional and legal
expenses, transfer taxes and other direct costs). After initial
measurement, investment properties are measured at fair
value, which is determined by independent appraisers. Any
gain or loss arising from a change in the fair value of
investment properties are recognized in profit or loss in the
period in which it arises.
Transfers of properties from investment properties are made
only when there is a change in use of the property, as
demonstrated by the start of its owner-occupation by the
Group or the start of its development with the intent to sell.
When an asset is retired or sold, the related carrying amount is
derecognised and the related gain or loss arising from the
difference between the current carrying amount and the net
selling price is recognized in the Statement of Profit or Loss.
I). Goodwill and other intangible assets
(i) Goodwill
Goodwill represents the excess of the consideration
transferred in a business combination over the Group\u2019s share
in the fair value of the net identifiable assets and liabilities of
the acquired business at the date of acquisition. Goodwill is
not amortised but is tested at least annually for impairment, or
whenever an event or change in circumstances indicate a
potential impairment.
For the purpose of impairment testing, goodwill arising in a
business combination is allocated to the cash-generating
units (CGUs) or groups of CGUs that are expected to benefit
from the synergies of the combination. Each CGU or CGU
Group to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for
internal management purposes.
The carrying value of a CGU Group is compared to its
recoverable amount, which is the higher of its value in use and
its fair value less costs of disposal. Impairment losses on
goodwill are not subsequently reversed. Value in use is derived
from the discounted future free cash flows of the CGU Group.
Fair value less costs of disposal is based on discounted cash
flows and market multiples applied to forecasted earnings.
Cash flow projections are based on budget and business plan
approved by management and covering a 2-year period in
total. Cash flows beyond the business plan period are
extrapolated using a perpetual growth rate. Key assumptions
used in goodwill impairment test are described in Note 19.
(ii) Internally generated intangible assets
An intangible asset is an identifiable non-monetary asset
without physical substance. Such an asset is identifiable when
it is separable, or when it arises from contractual or other legal
rights.
Software development costs are capitalised only from the date
when all of the following conditions are met:
\u25a0 The technical feasibility of the development project is
demonstrated
\u25a0 It is probable that the project will be completed and will
generate future economic benefits; and
\u25a0 The project development costs can be reliably measured.
Capitalised software development costs are amortised on a
straight-line basis over their useful lives, generally from 3 to 7
years. Other development expenditures that do not meet these
criteria, as well as software maintenance and minor
enhancements, are expensed as incurred.
(iii) Other intangible assets
Other intangible assets, which are acquired by the Group, are
stated at cost less accumulated amortisation and
accumulated impairment losses (if applicable). The estimated
useful lives are as follows:
\u25a0 Purchased software and licenses:2-8 years
\u25a0 Customer relationships:11-40 years
\u25a0 Brand names: generally for brand names an indefinite
useful life is assumed. For brand names with finite useful
lives the expected useful life is up to 3 years.
J). Impairment of non-financial assets other than
goodwill
Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable.
Assets that have an indefinite useful life are not subject to
amortisation nor depreciation and are tested at least annually
for impairment. An impairment loss is recognised for the
amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of
an asset\u2019s fair value less costs to sell or value in use. For
purposes of assessing impairment, assets are grouped into
Cash Generating Units (CGUs). A CGU is the smallest
identifiable group of assets that generates cash inflows that
are largely independent from other groups of assets. Non-
financial assets, other than goodwill, that were previously
impaired are reviewed for possible reversal of the impairment
at each reporting date.
K). Derivative financial instruments and hedging
activities
(i) Initial recognition and measurement
The Group uses derivative financial instruments, such as
forward currency contracts and interest rate swaps, to hedge
its foreign currency risk and interest rate risks. Such
derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as
fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or an unrecognised
firm commitment.
At the inception of a hedge relationship, the Group formally
designates and documents the hedge relationship to which it
wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and
how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u25a0 There is \u2018an economic relationship\u2019 between the hedged
item and the hedging instrument.
\u25a0 The effect of credit risk does not \u2018dominate the value
changes\u2019 that result from that economic relationship.
\u25a0 The hedge ratio of the hedging relationship is the same as
that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging
instrument that the Group actually uses to hedge that
quantity of hedged item.
The hedges relevant to the Group, that meet all the qualifying
criteria for hedge accounting are accounted for, as described
below:
Fair value hedges
The change in the fair value of a hedging instrument is
recognised in the statement of profit or loss. The change in
the fair value of the hedged item attributable to the risk
hedged is recorded as part of the carrying value of the hedged
item and is also recognised in the statement of profit or loss.
For fair value hedges relating to items carried at amortised
cost, any adjustment to carrying value is amortised through
profit or loss over the remaining term of the hedge using the
Effective Interest Rate (EIR) method. The EIR amortisation
may begin as soon as an adjustment exists and no later than
when the hedged item ceases to be adjusted for changes in its
fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value
is recognised immediately in profit or loss.
L). Financial instruments
(i) Classification and initial recognition
The Group classifies its financial instruments in the following
measurement categories:
\u25a0 Amortised cost
\u25a0 Fair value through Other Comprehensive Income (FVOCI)
\u25a0 Fair value through profit or loss (FVPL)
The classification depends on the Group\u2019s business model for
managing the financial instruments and the contractual terms
of the cash flows. For instruments measured at fair value,
gains and losses will either be recorded in profit or loss or
Other Comprehensive Income. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the
time of initial recognition to account for the equity investment
at fair value through Other Comprehensive Income (FVOCI).
Financial assets and financial liabilities are initially recognised
on their settlement date. Except for trade receivables, at
initial recognition the Group measures a financial asset at its
fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining
whether their cash flows are solely payment of principal and
interest. Trade receivables are initially measured at their
transaction price if they do not contain a significant financing
component in accordance with IFRS 15.
(ii) Subsequent measurement
Financial assets at amortised cost
Assets that are held for collection of contractual cash flows
where those cash flows represent solely payments of principal
and interest are measured at amortised cost. Interest income
from these financial assets is measured using the effective
interest rate method and is shown in finance income. Any gain
or loss arising on de-recognition is recognised directly in profit
or loss and presented in other net financing results, together
with foreign exchange gains and losses. Impairment losses are
presented as separate line item in the statement of profit or
loss, if material.
The Group\u2019s financial assets at amortised cost include the
Group\u2019s trade and other receivables, loans and deposits
included under (non-current) Financial assets at amortised
cost, short-term deposits with a maturity of more than three
months included under other current financial assets and cash
and cash equivalents.
Financial assets at amortised cost - CCP clearing business
For financial assets from CCP clearing business all
measurement effects are shown in net treasury income
through CCP business.
This category includes clearing member trading balances
relating to certain collateralised transactions, other
receivables from clearing members of the CCP business and
clearing member cash and cash equivalents, representing
amounts received from the clearing members to cover initial
and variation margins and default fund contributions that are
not invested in bonds.
Financial assets at fair value through Other Comprehensive
Income (FVOCI)
Debt instruments that are held for collection of contractual
cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and
interest, are measured at FVOCI. Movements in the carrying
amount are taken through Other Comprehensive Income,
except for the recognition of impairment gains or losses,
interest income and foreign exchange gains and losses which
are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in Other Comprehensive Income is reclassified
from equity to profit or loss. Interest income from these
financial assets is included in finance income using the
effective interest rate method. Foreign exchange gains and
losses are presented in other net financing results and
impairment expenses are presented as separate line item in
the statement of profit or loss, if material. The Group\u2019s debt
instruments at FVOCI include the Group's investments in
short-term listed bonds and government bonds (long-term and
short-term) linked to Euronext Clearing's own funds.
Where the Group\u2019s management has elected to present fair
value gains and losses on equity investments in Other
Comprehensive Income, there is no subsequent
reclassification of fair value gains and losses to profit or loss
following the de-recognition of the investment. Dividends
from such investments will be recognised in profit or loss as
results from equity investments when the Group\u2019s right to
receive payments is established, except when the Group
benefits from such proceeds as a recovery of part of the cost
of the financial asset, in which case, such gains are recorded
in Other Comprehensive Income. The Group elected to classify
irrevocably its unlisted equity securities that are held as long-
term strategic investments that are not expected to be sold in
the foreseeable future in this category.
Financial assets at fair value through Other Comprehensive
Income (FVOCI) - CCP clearing business
This category includes the investments made in
(predominantly) government bonds, that are funded by the
margins and default funds deposited by members of the CCP
clearing business. These investments are recognised in 'CCP
clearing business assets'. Interest income and reclassified fair
value gains/(losses) from these financial assets are shown in
net treasury income through CCP business.
Financial assets at fair value through Profit or Loss (FVPL)
Assets that do not meet the criteria for amortised cost or
FVOCI are measured at FVPL. Changes in the fair value of
financial assets at FVPL are recognised in other net financing
results in the statement of profit or loss as applicable.
Financial assets at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Financial liabilities at fair value through Profit or Loss (FVPL)
Liabilities that are held for trading are measured at FVPL.
Changes in the fair value of financial liabilities at FVPL are
recognised in other net financing results in the statement of
profit or loss as applicable.
Financial liabilities at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Financial liabilities at amortised cost
Financial liabilities that are not held for trading are generally
accounted for at amortised cost. These instruments are
measured using the effective interest rate method and
interest expense is shown in finance costs. The Group\u2019s
financial liabilities at amortised cost include the Group\u2019s trade
and other payables, borrowings and lease liabilities.
Financial liabilities at amortised cost - CCP clearing business
For financial liabilities from CCP clearing business all
measurement effects are shown in net treasury income
through CCP business. This category includes as well CCP
repurchase agreements and other payables to clearing
members related to initial and variation margins and default
fund contributions.
(iii) Impairment of financial assets
The Group recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective
interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the
next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk
since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).
For trade and contract receivables, the Group applies a
simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a
loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on
its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic
environment.
Impairment losses (and reversal of impairment losses) on
equity investments measured at FVOCI are not reported
separately from other changes in fair value.
Further disclosures relating to impairment of financial assets
are also provided in Note 38.5. Generally, the Group considers
a financial asset in default when contractual payments are 90
days past due. However, in certain cases, the Group may also
consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to
receive the outstanding contractual amounts. A financial asset
is written off when there is no reasonable expectation of
recovering the contractual cash flows.
(iv) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and only the net
amount is presented in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
M). Compound financial instruments
Compound financial instruments issued by the Group comprise
convertible notes denominated in EUR, which can be
converted by the holder at any time until maturity to a fixed
number of ordinary shares.
The liability component of compound financial instruments is
initially recognised at the fair value of a similar liability that
does not have an equity conversion option. The equity
component is initially recognised at the difference between
the fair value of the compound financial instrument as a whole
and the fair value of the liability component. Any directly
attributable transaction costs are allocated to the liability and
equity components in proportion to their initial carrying
amounts. Subsequent to initial recognition, the liability
component of a compound financial instrument is measured at
amortised cost under the effective interest method. The
equity component of a compound financial instrument is not
remeasured. Interest related to the financial liability is
recognised in profit or loss. On conversion at maturity, the
financial liability is reclassified to equity and no gain or loss is
recognised.
N). Trade receivables
Trade receivables are amounts due from customers for
services performed in the ordinary course of business. They
are generally due for settlement within 30 days and therefore
are all classified as current. Trade receivables are recognised
initially at the amount of consideration that is unconditional
unless they contain significant financing components, when
they are recognised at fair value. The Group holds the trade
receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortised
cost using the effective interest method, less loss allowance.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
receivables from period to period.
O). Cash and cash equivalents
Cash and cash equivalents comprise cash at banks, highly
liquid investments with original maturities of three months or
less and investments in money market funds that are readily
convertible to known amounts of cash and are subject to
insignificant risk of changes in value.
P). Borrowings
Borrowings are initially recorded at the fair value of proceeds
received, net of transaction costs. Subsequently, these
liabilities are carried at amortised cost, and interest is charged
to profit or loss over the period of the borrowings using the
effective interest method. Accordingly, any difference
between the proceeds received, net of transaction costs, and
the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest rate
method. Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs. To
the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over the
period of the facility to which it relates.
Q). Provisions
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events; it is
probable that an outflow of resources will be required to settle
the obligation; and the amount can be reliably estimated.
Restructuring provisions primarily comprise employee
termination payments. Provisions are not recognised for
future operating losses, unless there is an onerous contract.
Provisions are measured at the present value of the
expenditures expected to be required to settle the obligation
using a pre-tax risk-free discount rate. The increase in the
provision due to passage of time is recognised as interest
expense.
An onerous contract is a contract in which the unavoidable
costs of meeting the obligations under the contract exceed
the economic benefits expected to be received under it. The
unavoidable costs under a contract reflect the least net cost of
exiting from the contract, which is the lower of the cost of
fulfilling it or any compensation or penalties arising from
failure to fulfil it.
R). Trade and other payables
Trade payables are obligations to pay for goods or services
that have been acquired in the ordinary course of business.
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
payables from period to period.
S). Post-employment benefits
The Group operates defined benefit pension schemes and
defined contribution pension schemes. When the Group pays
fixed contributions to a pension fund or pension insurance
plan and the Group has no legal or constructive obligation to
make further contributions, if the fund\u2019s assets are insufficient
to pay all pension benefits, the plan is considered to be a
defined contribution plan. In that case, contributions are
recognised as employee expense when they become due.
For the defined benefit schemes, the net asset or liability
recognised on the balance sheet comprises the difference
between the present value of the defined benefit pension
obligation and the fair value of plan assets. A net asset is
recognised only to the extent the Group has the right to
effectively benefit from the plan surplus. The service cost,
representing benefits accruing to employees in the period, and
the net interest income or expense arising from the net
defined benefit asset or liability are recorded within operating
expenses in the Statement of Profit or Loss. Actuarial gains
and losses arising from experience adjustments, changes in
actuarial assumptions or differences between actual and
expected returns on assets are recognised in equity as a
component of Other Comprehensive Income. The impact of a
plan amendment, curtailment or settlement is recognised
immediately when it arises in profit or loss.
T). Share-based compensation
Certain employees of the Group participate in Euronext\u2019s
share-based compensation plans. Awards granted by Euronext
under the plans are restricted stock units (RSUs). Under these
plans, Euronext receives services from its employees as
consideration for equity instruments of the group. As the
awards are settled in shares of Euronext N.V., they are
classified as equity settled awards.
The share-based compensation reflected in the Statement of
Profit or Loss relates to the RSUs granted by Euronext to the
Group\u2019s employees. The equity instruments granted do not
vest until the employee completes a specified period of
service, typically three years. The grant-date fair value of the
equity settled RSUs is recognised as compensation expense
over the required vesting period, with a corresponding credit
to equity.
Euronext has performance share plans, under which shares
are conditionally granted to certain employees. The fair value
of awards at grant date is calculated using market-based
pricing, i.e. the fair value of Euronext shares. This value is
expensed over their vesting period, with a corresponding
credit to equity. The expense is reviewed and adjusted to
reflect changes to the level of awards expected to vest, except
where this arises from a failure to meet a market condition or a
non-vesting condition in which case no adjustment applies.
U). Treasury shares
The Group reacquires its own equity instruments. Those
instruments (\u2018treasury shares\u2019) are deducted from equity. No
gain or loss is recognised in profit or loss on the purchase,
sale, issue or cancellation of an entity\u2019s own equity
instruments. Such treasury shares may be acquired and held
by the entity or by other members of the consolidated group.
Consideration paid or received is recognised directly in equity.
V). Revenue (from contracts with customers) and
income
The Group is in the business of providing a diverse range of
products and services combining transparent and efficient
equity, fixed income securities and derivatives markets. The
Group\u2019s main businesses comprise listing and corporate
solutions, cash trading, derivatives trading, fixed income
trading, spot FX trading, power trading, investor solutions,
advanced data solutions, post-trade (clearing, custody and
settlement) and technology solutions & other. Revenue from
contracts with customers is recognised when control of the
good and services are transferred to the customer at an
amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods or services.
The Group has generally concluded that, except for the
revenue sharing agreement that it had in place until April 2024
with Intercontinental Exchange (ICE), it is principal in its
revenue arrangements because it typically controls the goods
or services before transferring them to the customer.
The disclosures of significant accounting judgements,
estimates and assumptions relating to revenue from contracts
with customers are provided in section 'Z-Significant
accounting judgements, estimates and assumptions\u2018.
Revenues from the Group's main businesses are recognised
along the following four major revenue streams.
(i) Securities Services
Securities services comprises revenue earned from Custody
and Settlement and other post trade services.
Custody fees are recognised as the service of holding the
customer\u2019s securities in custody is performed. Revenue is
recognised based on time elapsed over that period of time, as
this best reflects the continuous transfer of services.
Settlement fees are recognised when the settlement of the
trading transaction is completed. Customers obtain control
over the service provided at completion of the settlement of
the securities, which is the only performance obligation.
Revenue is recognised at that point in time.
Other post-trade revenue mostly relate to ancillary clearing
services. Fees are recognised when the clearing of a
transaction is completed. Customers obtain control over the
service provided at completion of clearing the securities.
Revenue is recognised at that point in time.
(ii) Capital Markets and Data Solutions
Capital Markets and Data Solutions comprises revenue earned
from Primary Markets (Listing), Advanced Data Solutions and
Corporate, Technology and Investor Solutions.
a. Primary Markets
Listing fees primarily consist of original listing fees paid by
issuers to list securities on the various cash markets
(admission fees), subsequent admission fees for other
corporate actions (such as admission of additional securities)
and annual listing fees paid by companies whose financial
instruments are listed on the cash markets. The admission
services around initial (and subsequent) admission and its
directly related corporate action services are considered
activities that the Group needs to undertake to enable the
customer to be listed. These activities are combined with the
ongoing listing services and are used as inputs to produce the
combined output, which is the service of being listed.
Consequently, revenue generated from this combined
performance obligation is recognised based on time elapsed
over the listing period, as this best reflects the continuous
transfer of the listing services.
b. Advanced Data Solutions
The Group charges clients on a per-user basis for the access
to its real-time and proprietary market data information
services. The Group also collects periodic license fees from
clients for the right to distribute the Group data to third
parties. Customers obtain control over the market data
service provided during the period over which it has access to
the data. Consequently revenue is recognised based on time
elapsed over the market data access period, as the Group
meets its obligation to deliver data consistently throughout
this period.
The Group generates indices revenues from Index licensing
fees, which gives customers the right to apply Euronext Index
Trademark names in their products and ETFs. The nature of an
index-license is considered a distinct \u2018right-to-access\u2019 license
as the customer can reasonably expect the Group to undertake
ongoing activities to support and maintain the value of its
trademark names. Revenue generated from these licenses are
therefore recognised evenly over the contractual period of the
license, as this best reflects the continuous benefit from the
license by the customer throughout this period.
c. Corporate Solutions
Corporate solutions revenues are earned from webcast
solutions, board portal solutions, insider list management
solutions and investor relationship management solutions. For
corporate solutions that are provided to customers under an
access license, revenue is recognised evenly over the
contractual period of the license, as this best reflects the
continuous benefit from the license by the customer
throughout this period. For corporate solutions that are
provided to customers on an event basis or under a \u2018right-to-
use\u2019 license, revenue will be recognised at the point in time of
the event or acceptance of the license.
d. Technology Solutions and other revenue
Technology Solutions and other revenue include software
license and maintenance services, IT (hosting) services
provided to third-party market operators, connection services
and data centre colocation services provided to market
participants, and other revenue.
Software licenses that are distinct can be considered a \u2018right-
to-use\u2019 license, given the significant stand-alone functionality
of the underlying intellectual property. Consequently revenue
will be recognised at the point in time of acceptance of the
software and the source code by the customer. For software
licenses that are combined with a significant modification
service, revenues are recognised over time, using the input
method of labour hours spend during the significant
modification period, as the Group has no alternative use for
these combined performance obligations and would have an
enforceable right to payment for performance completed to
date. Revenue from software maintenance services are
recognised evenly over the maintenance agreement period, as
this best reflects the continuous transfer of maintenance
services throughout the contract period.
The Group delivers hosting services to customers that are
using the software installed in the Euronext data centre to use
the Group\u2019s trading platforms. Installation services provided
before the start of a hosting service do not include significant
client customisation of the software installed in the Euronext
data centre. The installation service itself does not transfer a
good or service to the customer, but are required to
successfully transfer the only performance obligation for
which the customer has contracted, which is the hosting
service. Revenue generated from this performance obligation
is recognised evenly over the full service period of the hosting
contract, as this best reflects the continuous transfer of
hosting services to the customer.
Part of the connection services and data centre colocation
services were provided under a revenue sharing agreement
with Intercontinental Exchange (ICE) until April 2024. Euronext
was providing ICE the right to provide services directly to
Euronext customers, to which Euronext provided a continuous
customer access to the relevant Euronext Group markets and
as such, Euronext was arranging for the specified services to
be provided by another party as an agent. Euronext customers
connected to its markets via the ICE SFTI\u00ae network or rented
colocation space in the ICE data centres that housed
Euronext\u2019s trading platforms. ICE received fees from Euronext
customers over the period of access to the SFTI\u00ae network and
over the colocation rental period. The Group recognised its
revenue share over that same period of time, using the
practical expedient provided in IFRS 15.B16 that allows an
entity to recognise revenue in the amount to which it has the
right to invoice. The entitled amount that Euronext invoiced to
ICE corresponded directly with the value that Euronext\u2019s
performance obligation had to ICE, which equalled the agreed
commission.
As from the data centre migration in June 2022, revenues for
connection services and data centre colocation services are
also generated from Euronext's core data centre facility in
Bergamo. Fees received for these services are recognised
evenly over the customer's access period and colocation rental
period, as this best reflects the continuous transfer of these
services.
The Group also generates revenue from other connection
services that trading members are using primarily for the
purpose of placing their cash and derivatives trading orders.
Members enter into contracts that generate access availability
for placing trading orders (the active logon session).
Customers obtain control over the service provided during the
period of access to their active logon session. Revenue is
recognised evenly over that period of time, as this best
reflects the continuous transfer of technology services.
e. Investor Solutions
Investor solutions primarily encompass the activity of
Commcise, offering cloud-based investment research
evaluation, commission management and accounting
solutions\u00a0 provided to customers under an access license.
Revenue is recognised evenly over the contractual period of
the license, as this best reflects the continuous benefit from
the license by the customer throughout this period.
(iii) FICC Markets
FICC (fixed income, commodities and currencies) Markets
comprises revenue earned from trading and clearing activities
linked to Fixed income, Commodities and FX.
The Group earns fixed income trading fees for the execution of
trades of debt securities on the Group\u2019s fixed income markets
and earns commodity derivatives trading fees for the
execution of trades of commodity derivative contracts on the
Group\u2019s derivative markets. Spot FX trading fees are earned
for execution of trades of foreign exchange contracts on the
FastMatch markets. Power trading fees are earned for
execution of trades on Nord Pool\u2019s day ahead and intraday
physical energy markets. Customers obtain control over the
service provided at execution of the trade. Revenue is
recognised at that point in time.
Membership and subscription fees are generally paid in
advance on the first day of the membership or subscription
period. The Group recognises revenue on a straight-line basis
over the period to which the fee relates, as this best reflects
the extent of the Group\u2019s progress towards completion of the
performance obligation under the contract.
Clearing fees for fixed income trading and commodity trading
transactions are recognised when the clearing of the trading
transaction is completed. Customers obtain control over the
service provided at completion of clearing the securities,
which is the only performance obligation. Revenue is
recognised at that point in time. The Group earns clearing fees
through the activities from its own clearing house Euronext
Clearing and, until 9 September 2024, through an agreement
with LCH S.A. in which the latter is providing clearing service
as a service provider, executing the service under control of
the Group. The nature of the promise is the execution of a
cleared trade on the Group\u2019s trading platforms. The Group
controls the services that are derived from that promise,
before it is transferred to the customer. This makes the Group
the principal in the transaction of providing clearing services
to its customers and consequently the Group recognises its
clearing revenue on a gross basis.
(iv) Equity Markets
Equity Markets comprises revenue earned from trading and
clearing activities linked to Cash equity and Financial
derivatives.
The Group earns cash trading fees for customer orders of
equity securities and other cash instruments on the Group\u2019s
cash markets, and earns financial derivative trading fees for
the execution of trades of financial derivative contracts on the
Group\u2019s derivative markets. Customers obtain control over the
service provided at execution of the trade. Revenue is
recognised at that point in time.
Membership and subscription fees are generally paid in
advance on the first day of the membership or subscription
period. The Group recognises revenue on a straight-line basis
over the period to which the fee relates, as this best reflects
the extent of the Group\u2019s progress towards completion of the
performance obligation under the contract.
Clearing fees for cash trading and financial derivatives trading
transactions are recognised when the clearing of the trading
transaction is completed. Customers obtain control over the
service provided at completion of clearing the securities,
which is the only performance obligation. Revenue is
recognised at that point in time. The Group earns clearing fees
through the activities from its own clearing house Euronext
Clearing and, until 9 September 2024, through an agreement
with LCH S.A. in which the latter is providing clearing services
as a service provider, executing the service under control of
the Group. The nature of the promise is the execution of a
cleared trade on the Group\u2019s trading platforms. The Group
controls the services that are derived from that promise,
before it is transferred to the customer. This makes the Group
the principal in the transaction of providing clearing services
to its customers and consequently the Group recognises its
clearing revenue on a gross basis.
(v) Net treasury income through CCP business
Income recognised in the CCP clearing businesses includes
net treasury income earned on margin and default funds, held
as part of the risk management process. Net treasury income
is the result of interest earned on cash assets lodged with the
clearing house, less interest paid to the members on their
margin and default fund contributions. Net treasury income is
shown separately from the Group\u2019s revenues on the face of the
income statement to distinguish this income stream from
revenues arising from other activities and provide a greater
understanding of the operating activities of the Group. Where
negative interest rates apply, the Group recognises interest
paid on cash assets as a treasury expense and interest
received on clearing members\u2019 margin as treasury income.
(vi) Other income
Other income generally consists of income that is earned from
non-operating activities, which are typically recognised at the
point the service is rendered.
(vii) Contract balances
Receivables
A receivable represents the Group\u2019s right to an amount of
consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due
from the customer). The Group refers to billed receivables as
trade receivables, whereas unbilled receivables are referred to
as contract receivables by the Group.
Contract liabilities
A contract liability is the obligation to transfer goods or
services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the
customer. If a customer pays consideration before the Group
transfers goods or services to the customer, a contract
liability is recognised when the payment is made or the
payment is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Group performs under the
contract.
(viii) Significant financing component\u00a0
Generally, the Group does not expect to have any contracts
where the period between the transfer of the promised goods
or services to the customer and payment by the customer
exceeds one year. The primary exception considers contracts
containing listing services. As the payment for listing
admission services appears upfront at the start of the
contract, the period between revenue recognition from listing
admission services and payment by the customer can exceed
one year. However the Group determined that the payment
terms were structured not with the primary purpose of
obtaining financing from the customer, but to minimise the
risk of non-payment as there is not a stated duration of the
period of the listing. As a consequence, the Group does not
adjust any of the transaction prices for the time value of
money.
(viv) Cost to obtain or fulfil a contract
The Group does not incur material costs to obtain contracts
such as sales commissions. Costs to fulfil a contract are costs
that relate directly to a contract or a specifically anticipated
contract, generate or enhance resources of the Group that will
be used to satisfy future performance obligations, and are
recoverable. Costs to fulfil a contract are capitalised and
amortised on a straight line basis over the term of the specific
contract it relates to, consistent with the pattern of
recognition of the associated revenue.
W). Non-underlying items
The Group chooses to present non-underlying items on the
face of the income statement within their relevant category in
order to provide further understanding of the performance of
the Group. Non-underlying items are items of income and
expense that are infrequent by their nature or incidence and/
or material by their size. Non-underlying items is not defined
by IFRS and do not have a standardised meaning under IFRS
and therefore may not be comparable to similar measures
presented by other companies.
Non-underlying items include:
\u25a0 Operating income and operating expense items which are
material by their size and/or are infrequent by their nature.
These could be integration costs (cost incurred for
activities to integrate newly acquired businesses with those
of the Group) or double run costs of significant projects
(one side of the cost to resource both the old and the new
services within the project), restructuring costs and costs
related to acquisitions that change the perimeter of the
Group.
\u25a0 Non-operating income and non-operating expense items
which are material by their size and/or are infrequent by
their nature. These are one-off finance costs (borrowing
costs incurred to finance acquisitions that change the
perimeter of the Group), gains or losses on sale of
subsidiaries and impairments of equity investments.
\u25a0 Amortisation and impairment of intangible assets which are
recognised as a result of acquisitions. These intangible
assets comprise customer relationships, brand names and
software that were identified during purchase price
allocation (PPA). This amortisation is presented as a non-
underlying item in order to keep the figures comparable
with the original business before and after the acquisition
in order to provide more meaningful information regarding
the understanding of the Group\u2019s performance before and
after the acquisition.
\u25a0 Tax related to non-underlying items.
X). Taxation
The income tax expense for the fiscal year is comprised of
current and deferred income tax. Income tax expense is
recognised in the Income Statements, except to the extent
that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the income tax
impact is also recognised in other comprehensive income or
directly in equity.
(i) Current income tax
The current income tax expense is calculated on the basis of
the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Group operates and
generates taxable income. The Group recognises liabilities for
uncertain tax treatment when it is not probable that the tax
authorities will accept the tax treatment. The liabilities are
measured through one of the following methods depending on
which method is expected to best predict the resolution of the
tax uncertainty:
a) The most likely amount \u2013 the single most likely amount in a
range of possible outcomes. The most likely amount may
better predict the resolution of the uncertainty if the
possible outcomes are binary or are concentrated on one
value.
b) The expected value \u2013 the sum of the probability-weighted
amounts in a range of possible outcomes. The expected
value may better predict the resolution of the uncertainty if
there is a range of possible outcomes that are neither
binary nor concentrated on one value.
Estimated liabilities for uncertain tax treatments, along with
estimates of interest and penalties, are presented within
income taxes payable on the Balance Sheet and are included in
current income tax expense in the Statement of Profit or Loss.
(ii) Deferred income tax
Deferred income tax is recognised on temporary differences
arising between the tax basis of assets and liabilities and their
carrying amounts in these Consolidated Financial Statements.
However, deferred income tax liabilities are not recognised if
they arise from the initial recognition of goodwill. Deferred
income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction, other than a
business combination, that at the time of the transaction
affects neither accounting nor taxable profit or loss and at the
time of the transaction, does not give rise to equal amounts of
taxable and deductible temporary differences. If a transaction
that is not a business combination gives rise to equal amounts
of taxable and deductible differences, deferred taxation on the
taxable temporary difference and the deductible temporary
differences will be accounted for, which at initial recognition
are equal and offset to zero (i.e. leases).
Deferred income tax is determined using tax rates that have
been enacted or substantively enacted at the balance sheet
date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability
is settled. Deferred income tax assets are recognised only to
the extent that it is probable that future taxable profit will be
available against which the temporary differences or tax
losses can be utilised. Deferred income tax is provided on
temporary differences arising from investments in
subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not
reverse in the foreseeable future. Deferred income tax assets
and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities
and when they relate to income taxes levied by the same
taxation authority on the same taxable entity.
Y). Non-current assets held for sale
The Group classifies non-current assets and disposal groups
as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through
continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. Costs to sell
are the incremental costs directly attributable to the disposal
of an asset (disposal group), excluding finance costs and
income tax expense.
The criteria for held for sale classification is regarded as met
only when the sale is highly probable and the asset or disposal
group is available for immediate sale in its present condition.
Actions required to complete the sale should indicate that it is
unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must
be committed to the plan to sell the asset and the sale
expected to be completed within one year from the date of the
classification.
Property, plant and equipment and intangible assets are not
depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented
separately as current items in the statement of financial
position.
EARNINGS PER SHARE (EPS)
Earnings per share is presented on four bases: (i) basic
earnings per share, (ii) diluted earnings per share, (iii)
'underlying' basic earnings per share and (iv) 'underlying' diluted
earnings per share.
Basic earnings per share is calculated by dividing the profit for
the period attributable to the shareholders of the Company by
the weighted average number of ordinary shares outstanding
during the period.
The calculation of 'underlying' basic earnings per share
excludes non-underlying items, as disclosed in Note 12, from
the profit for the period attributable to the shareholders of the
Company.
Diluted earnings per share is calculated by dividing the diluted
profit for the period attributable to the shareholders of the
Company by the weighted average number of ordinary shares
outstanding during the period plus the weighted average
number of ordinary shares that would be issued on conversion
of all the dilutive potential ordinary shares into ordinary
shares.
The calculation of 'underlying' d earnings per share excludes
non-underlying items, as disclosed in Note 12, from the profit
for the period attributable to the shareholders of the
Company.
The impact of share plans is determined by the number of
shares that could have been acquired at fair value (determined
as the average quarterly market price of Euronext\u2019s shares)
based on the fair value (measured in accordance with IFRS 2)
of any services to be supplied to Euronext in the future under
these plans.
The convertible bonds, issued on 30 May 2025, are considered
to be potential ordinary shares and have been included in the
calculation of diluted earnings per share as of 31 December
2025. A maximum conversion in future would increase the
number of shares by 2,223,206 based on the conversion price.
As per 31 December 2025, the weighted number of assumed
converted shares amounted to 1,315,650 (seven months since
the issue date).
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "Basis of preparation
The Consolidated Financial Statements of the Group have
been prepared in accordance with International Financial
Reporting Standards (IFRS) adopted by the European Union.
They also comply with the financial reporting requirements
included in Title 9 Book 2 of the Dutch Civil Code, as far as
applicable.
The Consolidated Financial Statements have been prepared on
a historical cost basis, unless stated otherwise. They have also
been prepared on the basis that the Group will continue to
operate as a going concern. Based on management
assessment there are no significant doubts about the ability of
Euronext to continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "Basis of preparation
The Consolidated Financial Statements of the Group have
been prepared in accordance with International Financial
Reporting Standards (IFRS) adopted by the European Union.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "Basis of preparationThey have also
been prepared on the basis that the Group will continue to
operate as a going concern. Based on management
assessment there are no significant doubts about the ability of
Euronext to continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "Principles of consolidation and equity accounting
These Consolidated Financial Statements include the financial
results of all subsidiaries in which entities in the Group have a
controlling financial interest and it also incorporates the share
of results from associates and joint ventures. The list of
individual legal entities which together form the Group, is
provided in Note 4. All transactions and balances between
subsidiaries have been eliminated on consolidation. All
transactions and balances with associates and joint ventures
are reflected as related party transactions and balances (see
Note 37).
(i) Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group
controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the Group. They are
de-consolidated from the date that control ceases. When the
Group loses control over a subsidiary, it derecognises the assets
and liabilities of the subsidiary and any related non-controlling
interest and other components of equity. Any resulting gain or
loss is recognised in the statement of profit or loss. Any interest
retained in the former subsidiary is measured at fair value when
control is lost.
Intergroup transactions, balances and unrealised gains and
losses on transactions between companies within the Group
are eliminated upon consolidation unless they provide
evidence of impairment. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency
with the policies adopted by the Group.
Non-controlling interest in the results and equity of
subsidiaries are shown separately in the consolidated
statement or profit or loss, statement of comprehensive
income, statement of changes in equity and balance sheet
respectively.
(ii) Associates and joint arrangements
Associates are entities over which the Group has the ability to
exercise significant influence, but does not control. Generally,
significant influence is presumed to exist when the Group
holds 20% to 50% of the voting rights in an entity. Joint
arrangements are joint operations or joint-ventures over
which the Group, together with another party or several other
parties, has joint control. Investments in associates and joint
ventures are accounted for using the equity method of
accounting.
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to
recognise the group\u2019s share of the post-acquisition profits or
losses of the investee in profit or loss, and the group\u2019s share of
movements in other comprehensive income of the investee in
other comprehensive income. Dividends received or
receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When
the group\u2019s share of losses in an equity-accounted investment
equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not
recognise further losses, unless it has incurred obligations or
made payments on behalf of the other entity. Unrealised gains
on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group\u2019s interest in
these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure
consistency with the policies adopted by the group. The
carrying amount of equity-accounted investments is tested
for impairment.
GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "Subsidiaries
Non-controlling interest in the results and equity of
subsidiaries are shown separately in the consolidated
statement or profit or loss, statement of comprehensive
income, statement of changes in equity and balance sheet
respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "Subsidiaries
Intergroup transactions, balances and unrealised gains and
losses on transactions between companies within the Group
are eliminated upon consolidation unless they provide
evidence of impairment. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency
with the policies adopted by the Group.
Associates and joint arrangements
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to
recognise the group\u2019s share of the post-acquisition profits or
losses of the investee in profit or loss, and the group\u2019s share of
movements in other comprehensive income of the investee in
other comprehensive income. Dividends received or
receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When
the group\u2019s share of losses in an equity-accounted investment
equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not
recognise further losses, unless it has incurred obligations or
made payments on behalf of the other entity. Unrealised gains
on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group\u2019s interest in
these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure
consistency with the policies adopted by the group. The
carrying amount of equity-accounted investments is tested
for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group
controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the
ability to affect those returns through its power to direct the
activities of the entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the Group. They are
de-consolidated from the date that control ceases. When the
Group loses control over a subsidiary, it derecognises the assets
and liabilities of the subsidiary and any related non-controlling
interest and other components of equity. Any resulting gain or
loss is recognised in the statement of profit or loss. Any interest
retained in the former subsidiary is measured at fair value when
control is lost.
Intergroup transactions, balances and unrealised gains and
losses on transactions between companies within the Group
are eliminated upon consolidation unless they provide
evidence of impairment. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency
with the policies adopted by the Group.
Non-controlling interest in the results and equity of
subsidiaries are shown separately in the consolidated
statement or profit or loss, statement of comprehensive
income, statement of changes in equity and balance sheet
respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "Associates and joint arrangements
Associates are entities over which the Group has the ability to
exercise significant influence, but does not control. Generally,
significant influence is presumed to exist when the Group
holds 20% to 50% of the voting rights in an entity. Joint
arrangements are joint operations or joint-ventures over
which the Group, together with another party or several other
parties, has joint control. Investments in associates and joint
ventures are accounted for using the equity method of
accounting.
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to
recognise the group\u2019s share of the post-acquisition profits or
losses of the investee in profit or loss, and the group\u2019s share of
movements in other comprehensive income of the investee in
other comprehensive income. Dividends received or
receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When
the group\u2019s share of losses in an equity-accounted investment
equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not
recognise further losses, unless it has incurred obligations or
made payments on behalf of the other entity. Unrealised gains
on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group\u2019s interest in
these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure
consistency with the policies adopted by the group. The
carrying amount of equity-accounted investments is tested
for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "Associates and joint arrangements
Associates are entities over which the Group has the ability to
exercise significant influence, but does not control. Generally,
significant influence is presumed to exist when the Group
holds 20% to 50% of the voting rights in an entity. Joint
arrangements are joint operations or joint-ventures over
which the Group, together with another party or several other
parties, has joint control. Investments in associates and joint
ventures are accounted for using the equity method of
accounting.
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to
recognise the group\u2019s share of the post-acquisition profits or
losses of the investee in profit or loss, and the group\u2019s share of
movements in other comprehensive income of the investee in
other comprehensive income. Dividends received or
receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When
the group\u2019s share of losses in an equity-accounted investment
equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not
recognise further losses, unless it has incurred obligations or
made payments on behalf of the other entity. Unrealised gains
on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group\u2019s interest in
these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure
consistency with the policies adopted by the group. The
carrying amount of equity-accounted investments is tested
for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "Associates and joint arrangements
Associates are entities over which the Group has the ability to
exercise significant influence, but does not control. Generally,
significant influence is presumed to exist when the Group
holds 20% to 50% of the voting rights in an entity. Joint
arrangements are joint operations or joint-ventures over
which the Group, together with another party or several other
parties, has joint control. Investments in associates and joint
ventures are accounted for using the equity method of
accounting.
Under the equity method of accounting, the investments are
initially recognised at cost and adjusted thereafter to
recognise the group\u2019s share of the post-acquisition profits or
losses of the investee in profit or loss, and the group\u2019s share of
movements in other comprehensive income of the investee in
other comprehensive income. Dividends received or
receivable from associates and joint ventures are recognised
as a reduction in the carrying amount of the investment. When
the group\u2019s share of losses in an equity-accounted investment
equals or exceeds its interest in the entity, including any other
unsecured long-term receivables, the group does not
recognise further losses, unless it has incurred obligations or
made payments on behalf of the other entity. Unrealised gains
on transactions between the group and its associates and joint
ventures are eliminated to the extent of the group\u2019s interest in
these entities. Unrealised losses are also eliminated unless the
transaction provides evidence of an impairment of the asset
transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure
consistency with the policies adopted by the group. The
carrying amount of equity-accounted investments is tested
for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "Business combinations
The consideration transferred is measured at the fair value of
any assets transferred, liabilities incurred and equity interests
issued. The excess of the consideration transferred over the
fair value of the Group\u2019s share of the identifiable net assets
acquired is recorded as goodwill. To the extent applicable, any
non-controlling interest in the acquiree and the acquisition-
date fair value of any previous equity interest in the acquiree
are added to consideration transferred for purposes of
calculating goodwill. Goodwill is initially measured at cost.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
Goodwill
Goodwill represents the excess of the consideration
transferred in a business combination over the Group\u2019s share
in the fair value of the net identifiable assets and liabilities of
the acquired business at the date of acquisition. Goodwill is
not amortised but is tested at least annually for impairment, or
whenever an event or change in circumstances indicate a
potential impairment.
For the purpose of impairment testing, goodwill arising in a
business combination is allocated to the cash-generating
units (CGUs) or groups of CGUs that are expected to benefit
from the synergies of the combination. Each CGU or CGU
Group to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for
internal management purposes.
The carrying value of a CGU Group is compared to its
recoverable amount, which is the higher of its value in use and
its fair value less costs of disposal. Impairment losses on
goodwill are not subsequently reversed. Value in use is derived
from the discounted future free cash flows of the CGU Group.
Fair value less costs of disposal is based on discounted cash
flows and market multiples applied to forecasted earnings.
Cash flow projections are based on budget and business plan
approved by management and covering a 2-year period in
total. Cash flows beyond the business plan period are
extrapolated using a perpetual growth rate. Key assumptions
used in goodwill impairment test are described in Note 19.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "Business combinations
The consideration transferred is measured at the fair value of
any assets transferred, liabilities incurred and equity interests
issued. The excess of the consideration transferred over the
fair value of the Group\u2019s share of the identifiable net assets
acquired is recorded as goodwill. To the extent applicable, any
non-controlling interest in the acquiree and the acquisition-
date fair value of any previous equity interest in the acquiree
are added to consideration transferred for purposes of
calculating goodwill. Goodwill is initially measured at cost.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
Goodwill and other intangible assets
(i) Goodwill
Goodwill represents the excess of the consideration
transferred in a business combination over the Group\u2019s share
in the fair value of the net identifiable assets and liabilities of
the acquired business at the date of acquisition. Goodwill is
not amortised but is tested at least annually for impairment, or
whenever an event or change in circumstances indicate a
potential impairment.
For the purpose of impairment testing, goodwill arising in a
business combination is allocated to the cash-generating
units (CGUs) or groups of CGUs that are expected to benefit
from the synergies of the combination. Each CGU or CGU
Group to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for
internal management purposes.
The carrying value of a CGU Group is compared to its
recoverable amount, which is the higher of its value in use and
its fair value less costs of disposal. Impairment losses on
goodwill are not subsequently reversed. Value in use is derived
from the discounted future free cash flows of the CGU Group.
Fair value less costs of disposal is based on discounted cash
flows and market multiples applied to forecasted earnings.
Cash flow projections are based on budget and business plan
approved by management and covering a 2-year period in
total. Cash flows beyond the business plan period are
extrapolated using a perpetual growth rate. Key assumptions
used in goodwill impairment test are described in Note 19.
(ii) Internally generated intangible assets
An intangible asset is an identifiable non-monetary asset
without physical substance. Such an asset is identifiable when
it is separable, or when it arises from contractual or other legal
rights.
Software development costs are capitalised only from the date
when all of the following conditions are met:
\u25a0 The technical feasibility of the development project is
demonstrated
\u25a0 It is probable that the project will be completed and will
generate future economic benefits; and
\u25a0 The project development costs can be reliably measured.
Capitalised software development costs are amortised on a
straight-line basis over their useful lives, generally from 3 to 7
years. Other development expenditures that do not meet these
criteria, as well as software maintenance and minor
enhancements, are expensed as incurred.
(iii) Other intangible assets
Other intangible assets, which are acquired by the Group, are
stated at cost less accumulated amortisation and
accumulated impairment losses (if applicable). The estimated
useful lives are as follows:
\u25a0 Purchased software and licenses:2-8 years
\u25a0 Customer relationships:11-40 years
\u25a0 Brand names: generally for brand names an indefinite
useful life is assumed. For brand names with finite useful
lives the expected useful life is up to 3 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "Business combinations
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
Goodwill
Goodwill represents the excess of the consideration
transferred in a business combination over the Group\u2019s share
in the fair value of the net identifiable assets and liabilities of
the acquired business at the date of acquisition. Goodwill is
not amortised but is tested at least annually for impairment, or
whenever an event or change in circumstances indicate a
potential impairment.
For the purpose of impairment testing, goodwill arising in a
business combination is allocated to the cash-generating
units (CGUs) or groups of CGUs that are expected to benefit
from the synergies of the combination. Each CGU or CGU
Group to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for
internal management purposes.
The carrying value of a CGU Group is compared to its
recoverable amount, which is the higher of its value in use and
its fair value less costs of disposal. Impairment losses on
goodwill are not subsequently reversed. Value in use is derived
from the discounted future free cash flows of the CGU Group.
Fair value less costs of disposal is based on discounted cash
flows and market multiples applied to forecasted earnings.
Cash flow projections are based on budget and business plan
approved by management and covering a 2-year period in
total. Cash flows beyond the business plan period are
extrapolated using a perpetual growth rate. Key assumptions
used in goodwill impairment test are described in Note 19.
Impairment of non-financial assets other than
goodwill
Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable.
Assets that have an indefinite useful life are not subject to
amortisation nor depreciation and are tested at least annually
for impairment. An impairment loss is recognised for the
amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of
an asset\u2019s fair value less costs to sell or value in use. For
purposes of assessing impairment, assets are grouped into
Cash Generating Units (CGUs). A CGU is the smallest
identifiable group of assets that generates cash inflows that
are largely independent from other groups of assets. Non-
financial assets, other than goodwill, that were previously
impaired are reviewed for possible reversal of the impairment
at each reporting date.
Impairment of financial assets
The Group recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective
interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the
next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk
since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).
For trade and contract receivables, the Group applies a
simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a
loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on
its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic
environment.
Impairment losses (and reversal of impairment losses) on
equity investments measured at FVOCI are not reported
separately from other changes in fair value.
Further disclosures relating to impairment of financial assets
are also provided in Note 38.5. Generally, the Group considers
a financial asset in default when contractual payments are 90
days past due. However, in certain cases, the Group may also
consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to
receive the outstanding contractual amounts. A financial asset
is written off when there is no reasonable expectation of
recovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "Business combinations
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
Goodwill
Goodwill represents the excess of the consideration
transferred in a business combination over the Group\u2019s share
in the fair value of the net identifiable assets and liabilities of
the acquired business at the date of acquisition. Goodwill is
not amortised but is tested at least annually for impairment, or
whenever an event or change in circumstances indicate a
potential impairment.
For the purpose of impairment testing, goodwill arising in a
business combination is allocated to the cash-generating
units (CGUs) or groups of CGUs that are expected to benefit
from the synergies of the combination. Each CGU or CGU
Group to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for
internal management purposes.
The carrying value of a CGU Group is compared to its
recoverable amount, which is the higher of its value in use and
its fair value less costs of disposal. Impairment losses on
goodwill are not subsequently reversed. Value in use is derived
from the discounted future free cash flows of the CGU Group.
Fair value less costs of disposal is based on discounted cash
flows and market multiples applied to forecasted earnings.
Cash flow projections are based on budget and business plan
approved by management and covering a 2-year period in
total. Cash flows beyond the business plan period are
extrapolated using a perpetual growth rate. Key assumptions
used in goodwill impairment test are described in Note 19.
Impairment of non-financial assets other than
goodwill
Assets that are subject to amortisation and depreciation are
reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable.
Assets that have an indefinite useful life are not subject to
amortisation nor depreciation and are tested at least annually
for impairment. An impairment loss is recognised for the
amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of
an asset\u2019s fair value less costs to sell or value in use. For
purposes of assessing impairment, assets are grouped into
Cash Generating Units (CGUs). A CGU is the smallest
identifiable group of assets that generates cash inflows that
are largely independent from other groups of assets. Non-
financial assets, other than goodwill, that were previously
impaired are reviewed for possible reversal of the impairment
at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "Business combinations
Business combinations are accounted for using the
acquisition method. The cost of an acquisition is measured as
the aggregate of the consideration transferred, which is
measured at acquisition date fair value, and the amount of any
non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-
controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Acquisition-related costs are expensed as incurred and
included in administrative expenses.
The Group determines that it has acquired a business when
the acquired set of activities and assets include an input and a
substantive process that together significantly contribute to
the ability to create outputs. When the Group acquires a
business, it assesses the financial assets and liabilities
assumed for appropriate classification and designation in
accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition
date. The identifiable assets acquired and liabilities are
measured initially at their fair values at the acquisition date.
Contingent consideration is classified either as equity or as a
financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair
value recognised in profit or loss.
The consideration transferred is measured at the fair value of
any assets transferred, liabilities incurred and equity interests
issued. The excess of the consideration transferred over the
fair value of the Group\u2019s share of the identifiable net assets
acquired is recorded as goodwill. To the extent applicable, any
non-controlling interest in the acquiree and the acquisition-
date fair value of any previous equity interest in the acquiree
are added to consideration transferred for purposes of
calculating goodwill. Goodwill is initially measured at cost.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
Goodwill
Goodwill represents the excess of the consideration
transferred in a business combination over the Group\u2019s share
in the fair value of the net identifiable assets and liabilities of
the acquired business at the date of acquisition. Goodwill is
not amortised but is tested at least annually for impairment, or
whenever an event or change in circumstances indicate a
potential impairment.
For the purpose of impairment testing, goodwill arising in a
business combination is allocated to the cash-generating
units (CGUs) or groups of CGUs that are expected to benefit
from the synergies of the combination. Each CGU or CGU
Group to which goodwill is allocated represents the lowest
level within the Group at which the goodwill is monitored for
internal management purposes.
The carrying value of a CGU Group is compared to its
recoverable amount, which is the higher of its value in use and
its fair value less costs of disposal. Impairment losses on
goodwill are not subsequently reversed. Value in use is derived
from the discounted future free cash flows of the CGU Group.
Fair value less costs of disposal is based on discounted cash
flows and market multiples applied to forecasted earnings.
Cash flow projections are based on budget and business plan
approved by management and covering a 2-year period in
total. Cash flows beyond the business plan period are
extrapolated using a perpetual growth rate. Key assumptions
used in goodwill impairment test are described in Note 19.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "Business combinations
Business combinations are accounted for using the
acquisition method. The cost of an acquisition is measured as
the aggregate of the consideration transferred, which is
measured at acquisition date fair value, and the amount of any
non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-
controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Acquisition-related costs are expensed as incurred and
included in administrative expenses.
The Group determines that it has acquired a business when
the acquired set of activities and assets include an input and a
substantive process that together significantly contribute to
the ability to create outputs. When the Group acquires a
business, it assesses the financial assets and liabilities
assumed for appropriate classification and designation in
accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition
date. The identifiable assets acquired and liabilities are
measured initially at their fair values at the acquisition date.
Contingent consideration is classified either as equity or as a
financial liability. Amounts classified as a financial liability are
subsequently re-measured to fair value with changes in fair
value recognised in profit or loss.
The consideration transferred is measured at the fair value of
any assets transferred, liabilities incurred and equity interests
issued. The excess of the consideration transferred over the
fair value of the Group\u2019s share of the identifiable net assets
acquired is recorded as goodwill. To the extent applicable, any
non-controlling interest in the acquiree and the acquisition-
date fair value of any previous equity interest in the acquiree
are added to consideration transferred for purposes of
calculating goodwill. Goodwill is initially measured at cost.
After initial recognition, goodwill is measured at cost less any
accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a
business combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that are expected
to benefit from the combination, irrespective of whether other
assets or liabilities of the acquiree are assigned to those units.
Where goodwill has been allocated to a cash-generating unit
(CGU) and part of the operation within that unit is disposed of,
the goodwill associated with the disposed operation is
included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed in
these circumstances is measured based on the relative values
of the disposed operation and the portion of the cash-
generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "Segment reporting
Segments are reported in a manner consistent with how the
business is operated and reviewed by the chief operating
decision maker (CODM), who is responsible for allocating
resources and assessing performance of the operating
segments. The Chief Operating Decision Maker of the Group is
the 'Extended Managing Board', comprising the Managing
Board and Executive Committee. The organisation of the
Group reflects the high level of mutualisation of resources
across geographies and product lines. Operating results are
monitored on a group-wide basis and, accordingly, the Group
represents one operating segment and one reportable
segment. Operating results reported to the Extended
Managing Board are prepared on a measurement basis
consistent with the reported Consolidated Statement of Profit
or Loss.
In 2025, the Group changed the presentation of its revenue
lines to provide more meaningful information to the users of
the financial statements, following the completion of the
expansion of Euronext Clearing. See Note 8 for more
information on this change.
Alternative Performance Measures (APMs)
In presenting and discussing the Group\u2019s financial position,
operating results and net results, management uses certain
Alternative performance measures (APMs) not defined by IFRS.
The APMs disclosed in the financial statements comprise
underlying and non-underlying items, as well as EBITDA.
These Alternative performance measures (APMs) should not be
viewed in isolation as alternatives to the equivalent IFRS
measures and should be used as supplementary information in
conjunction with the most directly comparable IFRS measures.
APMs do not have standardised meaning under IFRS and
therefore may not be comparable to similar measures
presented by other companies. The Group believes that these
measures provide valuable supplemental information to the
Group's management, investors and other stakeholders to
evaluate the Group's performance.
The Group measures performance based on EBITDA1, as
management believes that this measurement is most relevant
in evaluating the operating results of the Group. This measure
is included in the internal management reports that are
reviewed by the CODM.
Reference is made to one of the below definitions, whenever
the term \u2018EBITDA\u2019 is used throughout these Consolidated
Financial Statements:
\u25a0 EBITDA1: 'Underlying' operating profit before 'underlying'
depreciation and amortisation (D&A), taking into account
the lines described in the Consolidated Statement of Profit
or Loss;
\u25a0 EBITDA2: Profit before (i) interest expense, (ii) tax, (iii) any
share of the profit of any associated company or
undertaking, except for dividends received in cash by any
member of the Group, (iv) non-underlying items included in
operating profit excluding D&A; and (v) depreciation and
amortisation;
\u25a0 EBITDA3: EBITDA as defined in the Share Purchase
Agreements of the acquired companies involved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "Foreign currency transactions and translation
(i) Functional and presentation currency
These Consolidated Financial Statements are presented in
Euro (EUR), which is the Group\u2019s presentation currency. The
functional currency of each Group entity is the currency of the
primary economic environment in which the entity operates.
(ii) Transactions and balances
Foreign currency transactions are converted into the
functional currency using the rate ruling at the date of the
transactions. Foreign exchange gains or losses resulting from
the settlement of such transactions and from the translation
at year-end rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the
Income Statement.
Exceptions to this are where the monetary items form part of
the net investment in a foreign operation or are designated as
hedges of a net investment, in which case the exchange
differences are recognised in Other Comprehensive Income.
(iii) Group companies
The results and financial position of Group entities that have a
functional currency different from the presentation currency
are converted into the presentation currency as follows:
\u25a0 assets and liabilities (including goodwill) are converted at
the closing balance sheet rate.
\u25a0 income and expenses are translated at average exchange
rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions); and
\u25a0 all resulting exchange differences are recognised as
currency translation adjustments within Other
Comprehensive Income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "Functional and presentation currency
These Consolidated Financial Statements are presented in
Euro (EUR), which is the Group\u2019s presentation currency. The
functional currency of each Group entity is the currency of the
primary economic environment in which the entity operates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "Property, plant and equipment
Property, plant and equipment is carried at historical cost, less
accumulated depreciation and any accumulated impairment
loss. The cost of purchased property, plant and equipment is
the value of the consideration given to acquire the assets and
the value of other directly attributable costs. All repairs and
maintenance costs are charged to expense as incurred.
Property, plant and equipment is depreciated on a straight-line
basis over the estimated useful lives of the assets, except land
and construction in process assets, which are not
depreciated. The estimated useful lives, which are reviewed
annually and adjusted if appropriate, used by the Group in all
reporting periods presented are as follows:
\u25a0 Buildings (including leasehold improvements) 5 to 40 years
\u25a0 IT equipment2 to 3 years
\u25a0 Other equipment 5 to 12 years
\u25a0 Fixtures and fittings4 to 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "Property, plant and equipment
Property, plant and equipment is depreciated on a straight-line
basis over the estimated useful lives of the assets, except land
and construction in process assets, which are not
depreciated. The estimated useful lives, which are reviewed
annually and adjusted if appropriate, used by the Group in all
reporting periods presented are as follows:
\u25a0 Buildings (including leasehold improvements) 5 to 40 years
\u25a0 IT equipment2 to 3 years
\u25a0 Other equipment 5 to 12 years
\u25a0 Fixtures and fittings4 to 10 years
Internally generated intangible assets
Capitalised software development costs are amortised on a
straight-line basis over their useful lives, generally from 3 to 7
years. Other development expenditures that do not meet these
criteria, as well as software maintenance and minor
enhancements, are expensed as incurred.
Other intangible assets
Other intangible assets, which are acquired by the Group, are
stated at cost less accumulated amortisation and
accumulated impairment losses (if applicable). The estimated
useful lives are as follows:
\u25a0 Purchased software and licenses:2-8 years
\u25a0 Customer relationships:11-40 years
\u25a0 Brand names: generally for brand names an indefinite
useful life is assumed. For brand names with finite useful
lives the expected useful life is up to 3 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "Property, plant and equipment
Property, plant and equipment is carried at historical cost, less
accumulated depreciation and any accumulated impairment
loss. The cost of purchased property, plant and equipment is
the value of the consideration given to acquire the assets and
the value of other directly attributable costs. All repairs and
maintenance costs are charged to expense as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "Leases
(i) Right-of-use assets
The Group recognises right-of-use assets at the
commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at
cost less any accumulated depreciation and if necessary any
accumulated impairment. The cost of a right-of-use asset
comprise the present value of the outstanding lease
payments, any lease payments made at or before the
commencement date less any lease incentives received, any
initial direct costs and an estimate of costs to be incurred in
dismantling or removing the underlying asset. If the lease
transfers ownership of the underlying asset to the lessee at
the end of the lease term or if the cost of the right-of-use
asset reflects that the lessee will exercise a purchase option,
the right-of-use asset is depreciated to the end of the useful
life of the underlying asset. Otherwise the right-of-use asset is
depreciated to the end of the lease term.
(ii) Lease liabilities
At the commencement date of the lease, the Group recognises
lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments
include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable
payments that depend on an index or rate and amounts
expected to be paid under residual value guarantees. The lease
payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments
for penalties for terminating a lease, if the lease term reflects
the Group exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are
recognised as expense in the period on which the event or
condition that triggers the payment occurs. In this context, the
Group also applies the practical expedient that the payments
for non-lease components are generally recognised as lease
payments. In calculating the present value of lease payments,
the Group uses the incremental borrowing rate at the lease
commencement date if the interest rate implicit in the lease is
not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion
of interest and reduced for the lease payments made. In
addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change
in the in-substance fixed lease payments or a change in the
assessment to purchase the underlying asset.
(iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption
to leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option. It
also applies the lease of low-value assets recognition
exemption to leases of office IT equipment and other staff
equipment that are of low value. Lease payments on short-
term leases and leases of low-value assets are recognised as
expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "Investment property
Investment properties are those assets which are owned
either for rental income or for capital gains or both. Only plots
of land and buildings are considered investment properties.
Investment properties are initially measured at cost. Initial
cost includes transaction expenses (i.e.\u00a0 professional and legal
expenses, transfer taxes and other direct costs). After initial
measurement, investment properties are measured at fair
value, which is determined by independent appraisers. Any
gain or loss arising from a change in the fair value of
investment properties are recognized in profit or loss in the
period in which it arises.
Transfers of properties from investment properties are made
only when there is a change in use of the property, as
demonstrated by the start of its owner-occupation by the
Group or the start of its development with the intent to sell.
When an asset is retired or sold, the related carrying amount is
derecognised and the related gain or loss arising from the
difference between the current carrying amount and the net
selling price is recognized in the Statement of Profit or Loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "Internally generated intangible assets
An intangible asset is an identifiable non-monetary asset
without physical substance. Such an asset is identifiable when
it is separable, or when it arises from contractual or other legal
rights.
Software development costs are capitalised only from the date
when all of the following conditions are met:
\u25a0 The technical feasibility of the development project is
demonstrated
\u25a0 It is probable that the project will be completed and will
generate future economic benefits; and
\u25a0 The project development costs can be reliably measured.
Capitalised software development costs are amortised on a
straight-line basis over their useful lives, generally from 3 to 7
years. Other development expenditures that do not meet these
criteria, as well as software maintenance and minor
enhancements, are expensed as incurred.
(iii) Other intangible assets
Other intangible assets, which are acquired by the Group, are
stated at cost less accumulated amortisation and
accumulated impairment losses (if applicable). The estimated
useful lives are as follows:
\u25a0 Purchased software and licenses:2-8 years
\u25a0 Customer relationships:11-40 years
\u25a0 Brand names: generally for brand names an indefinite
useful life is assumed. For brand names with finite useful
lives the expected useful life is up to 3 years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "Internally generated intangible assets
Software development costs are capitalised only from the date
when all of the following conditions are met:
\u25a0 The technical feasibility of the development project is
demonstrated
\u25a0 It is probable that the project will be completed and will
generate future economic benefits; and
\u25a0 The project development costs can be reliably measured.
Capitalised software development costs are amortised on a
straight-line basis over their useful lives, generally from 3 to 7
years. Other development expenditures that do not meet these
criteria, as well as software maintenance and minor
enhancements, are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "Derivative financial instruments and hedging
activities
(i) Initial recognition and measurement
The Group uses derivative financial instruments, such as
forward currency contracts and interest rate swaps, to hedge
its foreign currency risk and interest rate risks. Such
derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as
fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or an unrecognised
firm commitment.
At the inception of a hedge relationship, the Group formally
designates and documents the hedge relationship to which it
wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and
how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u25a0 There is \u2018an economic relationship\u2019 between the hedged
item and the hedging instrument.
\u25a0 The effect of credit risk does not \u2018dominate the value
changes\u2019 that result from that economic relationship.
\u25a0 The hedge ratio of the hedging relationship is the same as
that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging
instrument that the Group actually uses to hedge that
quantity of hedged item.
The hedges relevant to the Group, that meet all the qualifying
criteria for hedge accounting are accounted for, as described
below:
Fair value hedges
The change in the fair value of a hedging instrument is
recognised in the statement of profit or loss. The change in
the fair value of the hedged item attributable to the risk
hedged is recorded as part of the carrying value of the hedged
item and is also recognised in the statement of profit or loss.
For fair value hedges relating to items carried at amortised
cost, any adjustment to carrying value is amortised through
profit or loss over the remaining term of the hedge using the
Effective Interest Rate (EIR) method. The EIR amortisation
may begin as soon as an adjustment exists and no later than
when the hedged item ceases to be adjusted for changes in its
fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value
is recognised immediately in profit or loss.
Financial instruments
(i) Classification and initial recognition
The Group classifies its financial instruments in the following
measurement categories:
\u25a0 Amortised cost
\u25a0 Fair value through Other Comprehensive Income (FVOCI)
\u25a0 Fair value through profit or loss (FVPL)
The classification depends on the Group\u2019s business model for
managing the financial instruments and the contractual terms
of the cash flows. For instruments measured at fair value,
gains and losses will either be recorded in profit or loss or
Other Comprehensive Income. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the
time of initial recognition to account for the equity investment
at fair value through Other Comprehensive Income (FVOCI).
Financial assets and financial liabilities are initially recognised
on their settlement date. Except for trade receivables, at
initial recognition the Group measures a financial asset at its
fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining
whether their cash flows are solely payment of principal and
interest. Trade receivables are initially measured at their
transaction price if they do not contain a significant financing
component in accordance with IFRS 15.
(ii) Subsequent measurement
Financial assets at amortised cost
Assets that are held for collection of contractual cash flows
where those cash flows represent solely payments of principal
and interest are measured at amortised cost. Interest income
from these financial assets is measured using the effective
interest rate method and is shown in finance income. Any gain
or loss arising on de-recognition is recognised directly in profit
or loss and presented in other net financing results, together
with foreign exchange gains and losses. Impairment losses are
presented as separate line item in the statement of profit or
loss, if material.
The Group\u2019s financial assets at amortised cost include the
Group\u2019s trade and other receivables, loans and deposits
included under (non-current) Financial assets at amortised
cost, short-term deposits with a maturity of more than three
months included under other current financial assets and cash
and cash equivalents.
Financial assets at amortised cost - CCP clearing business
For financial assets from CCP clearing business all
measurement effects are shown in net treasury income
through CCP business.
This category includes clearing member trading balances
relating to certain collateralised transactions, other
receivables from clearing members of the CCP business and
clearing member cash and cash equivalents, representing
amounts received from the clearing members to cover initial
and variation margins and default fund contributions that are
not invested in bonds.
Financial assets at fair value through Other Comprehensive
Income (FVOCI)
Debt instruments that are held for collection of contractual
cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and
interest, are measured at FVOCI. Movements in the carrying
amount are taken through Other Comprehensive Income,
except for the recognition of impairment gains or losses,
interest income and foreign exchange gains and losses which
are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in Other Comprehensive Income is reclassified
from equity to profit or loss. Interest income from these
financial assets is included in finance income using the
effective interest rate method. Foreign exchange gains and
losses are presented in other net financing results and
impairment expenses are presented as separate line item in
the statement of profit or loss, if material. The Group\u2019s debt
instruments at FVOCI include the Group's investments in
short-term listed bonds and government bonds (long-term and
short-term) linked to Euronext Clearing's own funds.
Where the Group\u2019s management has elected to present fair
value gains and losses on equity investments in Other
Comprehensive Income, there is no subsequent
reclassification of fair value gains and losses to profit or loss
following the de-recognition of the investment. Dividends
from such investments will be recognised in profit or loss as
results from equity investments when the Group\u2019s right to
receive payments is established, except when the Group
benefits from such proceeds as a recovery of part of the cost
of the financial asset, in which case, such gains are recorded
in Other Comprehensive Income. The Group elected to classify
irrevocably its unlisted equity securities that are held as long-
term strategic investments that are not expected to be sold in
the foreseeable future in this category.
Financial assets at fair value through Other Comprehensive
Income (FVOCI) - CCP clearing business
This category includes the investments made in
(predominantly) government bonds, that are funded by the
margins and default funds deposited by members of the CCP
clearing business. These investments are recognised in 'CCP
clearing business assets'. Interest income and reclassified fair
value gains/(losses) from these financial assets are shown in
net treasury income through CCP business.
Financial assets at fair value through Profit or Loss (FVPL)
Assets that do not meet the criteria for amortised cost or
FVOCI are measured at FVPL. Changes in the fair value of
financial assets at FVPL are recognised in other net financing
results in the statement of profit or loss as applicable.
Financial assets at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Financial liabilities at fair value through Profit or Loss (FVPL)
Liabilities that are held for trading are measured at FVPL.
Changes in the fair value of financial liabilities at FVPL are
recognised in other net financing results in the statement of
profit or loss as applicable.
Financial liabilities at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Financial liabilities at amortised cost
Financial liabilities that are not held for trading are generally
accounted for at amortised cost. These instruments are
measured using the effective interest rate method and
interest expense is shown in finance costs. The Group\u2019s
financial liabilities at amortised cost include the Group\u2019s trade
and other payables, borrowings and lease liabilities.
Financial liabilities at amortised cost - CCP clearing business
For financial liabilities from CCP clearing business all
measurement effects are shown in net treasury income
through CCP business. This category includes as well CCP
repurchase agreements and other payables to clearing
members related to initial and variation margins and default
fund contributions.
(iii) Impairment of financial assets
The Group recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective
interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the
next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk
since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).
For trade and contract receivables, the Group applies a
simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a
loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on
its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic
environment.
Impairment losses (and reversal of impairment losses) on
equity investments measured at FVOCI are not reported
separately from other changes in fair value.
Further disclosures relating to impairment of financial assets
are also provided in Note 38.5. Generally, the Group considers
a financial asset in default when contractual payments are 90
days past due. However, in certain cases, the Group may also
consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to
receive the outstanding contractual amounts. A financial asset
is written off when there is no reasonable expectation of
recovering the contractual cash flows.
(iv) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and only the net
amount is presented in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
M). Compound financial instruments
Compound financial instruments issued by the Group comprise
convertible notes denominated in EUR, which can be
converted by the holder at any time until maturity to a fixed
number of ordinary shares.
The liability component of compound financial instruments is
initially recognised at the fair value of a similar liability that
does not have an equity conversion option. The equity
component is initially recognised at the difference between
the fair value of the compound financial instrument as a whole
and the fair value of the liability component. Any directly
attributable transaction costs are allocated to the liability and
equity components in proportion to their initial carrying
amounts. Subsequent to initial recognition, the liability
component of a compound financial instrument is measured at
amortised cost under the effective interest method. The
equity component of a compound financial instrument is not
remeasured. Interest related to the financial liability is
recognised in profit or loss. On conversion at maturity, the
financial liability is reclassified to equity and no gain or loss is
recognised.
Trade receivables
Trade receivables are amounts due from customers for
services performed in the ordinary course of business. They
are generally due for settlement within 30 days and therefore
are all classified as current. Trade receivables are recognised
initially at the amount of consideration that is unconditional
unless they contain significant financing components, when
they are recognised at fair value. The Group holds the trade
receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortised
cost using the effective interest method, less loss allowance.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
receivables from period to period.
O). Cash and cash equivalents
Cash and cash equivalents comprise cash at banks, highly
liquid investments with original maturities of three months or
less and investments in money market funds that are readily
convertible to known amounts of cash and are subject to
insignificant risk of changes in value.
P). Borrowings
Borrowings are initially recorded at the fair value of proceeds
received, net of transaction costs. Subsequently, these
liabilities are carried at amortised cost, and interest is charged
to profit or loss over the period of the borrowings using the
effective interest method. Accordingly, any difference
between the proceeds received, net of transaction costs, and
the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest rate
method. Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs. To
the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over the
period of the facility to which it relates.
Trade and other payables
Trade payables are obligations to pay for goods or services
that have been acquired in the ordinary course of business.
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
payables from period to period.
Net treasury income through CCP business
Income recognised in the CCP clearing businesses includes
net treasury income earned on margin and default funds, held
as part of the risk management process. Net treasury income
is the result of interest earned on cash assets lodged with the
clearing house, less interest paid to the members on their
margin and default fund contributions. Net treasury income is
shown separately from the Group\u2019s revenues on the face of the
income statement to distinguish this income stream from
revenues arising from other activities and provide a greater
understanding of the operating activities of the Group. Where
negative interest rates apply, the Group recognises interest
paid on cash assets as a treasury expense and interest
received on clearing members\u2019 margin as treasury income.
Contract balances
Receivables
A receivable represents the Group\u2019s right to an amount of
consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due
from the customer). The Group refers to billed receivables as
trade receivables, whereas unbilled receivables are referred to
as contract receivables by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "Derivative financial instruments and hedging
activities
(i) Initial recognition and measurement
The Group uses derivative financial instruments, such as
forward currency contracts and interest rate swaps, to hedge
its foreign currency risk and interest rate risks. Such
derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as
fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or an unrecognised
firm commitment.
At the inception of a hedge relationship, the Group formally
designates and documents the hedge relationship to which it
wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and
how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u25a0 There is \u2018an economic relationship\u2019 between the hedged
item and the hedging instrument.
\u25a0 The effect of credit risk does not \u2018dominate the value
changes\u2019 that result from that economic relationship.
\u25a0 The hedge ratio of the hedging relationship is the same as
that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging
instrument that the Group actually uses to hedge that
quantity of hedged item.
The hedges relevant to the Group, that meet all the qualifying
criteria for hedge accounting are accounted for, as described
below:
Fair value hedges
The change in the fair value of a hedging instrument is
recognised in the statement of profit or loss. The change in
the fair value of the hedged item attributable to the risk
hedged is recorded as part of the carrying value of the hedged
item and is also recognised in the statement of profit or loss.
For fair value hedges relating to items carried at amortised
cost, any adjustment to carrying value is amortised through
profit or loss over the remaining term of the hedge using the
Effective Interest Rate (EIR) method. The EIR amortisation
may begin as soon as an adjustment exists and no later than
when the hedged item ceases to be adjusted for changes in its
fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value
is recognised immediately in profit or loss.
Financial instruments
(i) Classification and initial recognition
The Group classifies its financial instruments in the following
measurement categories:
\u25a0 Amortised cost
\u25a0 Fair value through Other Comprehensive Income (FVOCI)
\u25a0 Fair value through profit or loss (FVPL)
The classification depends on the Group\u2019s business model for
managing the financial instruments and the contractual terms
of the cash flows. For instruments measured at fair value,
gains and losses will either be recorded in profit or loss or
Other Comprehensive Income. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the
time of initial recognition to account for the equity investment
at fair value through Other Comprehensive Income (FVOCI).
Financial assets and financial liabilities are initially recognised
on their settlement date. Except for trade receivables, at
initial recognition the Group measures a financial asset at its
fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining
whether their cash flows are solely payment of principal and
interest. Trade receivables are initially measured at their
transaction price if they do not contain a significant financing
component in accordance with IFRS 15.
Subsequent measurement
Financial assets at fair value through Profit or Loss (FVPL)
Assets that do not meet the criteria for amortised cost or
FVOCI are measured at FVPL. Changes in the fair value of
financial assets at FVPL are recognised in other net financing
results in the statement of profit or loss as applicable.
Financial assets at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Financial liabilities at fair value through Profit or Loss (FVPL)
Liabilities that are held for trading are measured at FVPL.
Changes in the fair value of financial liabilities at FVPL are
recognised in other net financing results in the statement of
profit or loss as applicable.
Financial liabilities at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "Derivative financial instruments and hedging
activities
(i) Initial recognition and measurement
The Group uses derivative financial instruments, such as
forward currency contracts and interest rate swaps, to hedge
its foreign currency risk and interest rate risks. Such
derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as
fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or an unrecognised
firm commitment.
At the inception of a hedge relationship, the Group formally
designates and documents the hedge relationship to which it
wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and
how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u25a0 There is \u2018an economic relationship\u2019 between the hedged
item and the hedging instrument.
\u25a0 The effect of credit risk does not \u2018dominate the value
changes\u2019 that result from that economic relationship.
\u25a0 The hedge ratio of the hedging relationship is the same as
that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging
instrument that the Group actually uses to hedge that
quantity of hedged item.
The hedges relevant to the Group, that meet all the qualifying
criteria for hedge accounting are accounted for, as described
below:
Fair value hedges
The change in the fair value of a hedging instrument is
recognised in the statement of profit or loss. The change in
the fair value of the hedged item attributable to the risk
hedged is recorded as part of the carrying value of the hedged
item and is also recognised in the statement of profit or loss.
For fair value hedges relating to items carried at amortised
cost, any adjustment to carrying value is amortised through
profit or loss over the remaining term of the hedge using the
Effective Interest Rate (EIR) method. The EIR amortisation
may begin as soon as an adjustment exists and no later than
when the hedged item ceases to be adjusted for changes in its
fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value
is recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "Derivative financial instruments and hedging
activities
(i) Initial recognition and measurement
The Group uses derivative financial instruments, such as
forward currency contracts and interest rate swaps, to hedge
its foreign currency risk and interest rate risks. Such
derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as
fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or an unrecognised
firm commitment.
At the inception of a hedge relationship, the Group formally
designates and documents the hedge relationship to which it
wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and
how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u25a0 There is \u2018an economic relationship\u2019 between the hedged
item and the hedging instrument.
\u25a0 The effect of credit risk does not \u2018dominate the value
changes\u2019 that result from that economic relationship.
\u25a0 The hedge ratio of the hedging relationship is the same as
that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging
instrument that the Group actually uses to hedge that
quantity of hedged item.
The hedges relevant to the Group, that meet all the qualifying
criteria for hedge accounting are accounted for, as described
below:
Fair value hedges
The change in the fair value of a hedging instrument is
recognised in the statement of profit or loss. The change in
the fair value of the hedged item attributable to the risk
hedged is recorded as part of the carrying value of the hedged
item and is also recognised in the statement of profit or loss.
For fair value hedges relating to items carried at amortised
cost, any adjustment to carrying value is amortised through
profit or loss over the remaining term of the hedge using the
Effective Interest Rate (EIR) method. The EIR amortisation
may begin as soon as an adjustment exists and no later than
when the hedged item ceases to be adjusted for changes in its
fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value
is recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "Derivative financial instruments and hedging
activities
(i) Initial recognition and measurement
The Group uses derivative financial instruments, such as
forward currency contracts and interest rate swaps, to hedge
its foreign currency risk and interest rate risks. Such
derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into
and are subsequently remeasured at fair value. Derivatives are
carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as
fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or an unrecognised
firm commitment.
At the inception of a hedge relationship, the Group formally
designates and documents the hedge relationship to which it
wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging
instrument, the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging
relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and
how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following
effectiveness requirements:
\u25a0 There is \u2018an economic relationship\u2019 between the hedged
item and the hedging instrument.
\u25a0 The effect of credit risk does not \u2018dominate the value
changes\u2019 that result from that economic relationship.
\u25a0 The hedge ratio of the hedging relationship is the same as
that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging
instrument that the Group actually uses to hedge that
quantity of hedged item.
The hedges relevant to the Group, that meet all the qualifying
criteria for hedge accounting are accounted for, as described
below:
Fair value hedges
The change in the fair value of a hedging instrument is
recognised in the statement of profit or loss. The change in
the fair value of the hedged item attributable to the risk
hedged is recorded as part of the carrying value of the hedged
item and is also recognised in the statement of profit or loss.
For fair value hedges relating to items carried at amortised
cost, any adjustment to carrying value is amortised through
profit or loss over the remaining term of the hedge using the
Effective Interest Rate (EIR) method. The EIR amortisation
may begin as soon as an adjustment exists and no later than
when the hedged item ceases to be adjusted for changes in its
fair value attributable to the risk being hedged.
If the hedged item is derecognised, the unamortised fair value
is recognised immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "Financial instruments
(i) Classification and initial recognition
The Group classifies its financial instruments in the following
measurement categories:
\u25a0 Amortised cost
\u25a0 Fair value through Other Comprehensive Income (FVOCI)
\u25a0 Fair value through profit or loss (FVPL)
The classification depends on the Group\u2019s business model for
managing the financial instruments and the contractual terms
of the cash flows. For instruments measured at fair value,
gains and losses will either be recorded in profit or loss or
Other Comprehensive Income. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the
time of initial recognition to account for the equity investment
at fair value through Other Comprehensive Income (FVOCI).
Subsequent measurement
Financial assets at fair value through Other Comprehensive
Income (FVOCI)
Where the Group\u2019s management has elected to present fair
value gains and losses on equity investments in Other
Comprehensive Income, there is no subsequent
reclassification of fair value gains and losses to profit or loss
following the de-recognition of the investment. Dividends
from such investments will be recognised in profit or loss as
results from equity investments when the Group\u2019s right to
receive payments is established, except when the Group
benefits from such proceeds as a recovery of part of the cost
of the financial asset, in which case, such gains are recorded
in Other Comprehensive Income. The Group elected to classify
irrevocably its unlisted equity securities that are held as long-
term strategic investments that are not expected to be sold in
the foreseeable future in this category.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "Financial instruments
(i) Classification and initial recognition
The Group classifies its financial instruments in the following
measurement categories:
\u25a0 Amortised cost
\u25a0 Fair value through Other Comprehensive Income (FVOCI)
\u25a0 Fair value through profit or loss (FVPL)
The classification depends on the Group\u2019s business model for
managing the financial instruments and the contractual terms
of the cash flows. For instruments measured at fair value,
gains and losses will either be recorded in profit or loss or
Other Comprehensive Income. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the
time of initial recognition to account for the equity investment
at fair value through Other Comprehensive Income (FVOCI).
Financial assets and financial liabilities are initially recognised
on their settlement date. Except for trade receivables, at
initial recognition the Group measures a financial asset at its
fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining
whether their cash flows are solely payment of principal and
interest. Trade receivables are initially measured at their
transaction price if they do not contain a significant financing
component in accordance with IFRS 15.
(ii) Subsequent measurement
Financial assets at amortised cost
Assets that are held for collection of contractual cash flows
where those cash flows represent solely payments of principal
and interest are measured at amortised cost. Interest income
from these financial assets is measured using the effective
interest rate method and is shown in finance income. Any gain
or loss arising on de-recognition is recognised directly in profit
or loss and presented in other net financing results, together
with foreign exchange gains and losses. Impairment losses are
presented as separate line item in the statement of profit or
loss, if material.
The Group\u2019s financial assets at amortised cost include the
Group\u2019s trade and other receivables, loans and deposits
included under (non-current) Financial assets at amortised
cost, short-term deposits with a maturity of more than three
months included under other current financial assets and cash
and cash equivalents.
Financial assets at amortised cost - CCP clearing business
For financial assets from CCP clearing business all
measurement effects are shown in net treasury income
through CCP business.
This category includes clearing member trading balances
relating to certain collateralised transactions, other
receivables from clearing members of the CCP business and
clearing member cash and cash equivalents, representing
amounts received from the clearing members to cover initial
and variation margins and default fund contributions that are
not invested in bonds.
Financial assets at fair value through Other Comprehensive
Income (FVOCI)
Debt instruments that are held for collection of contractual
cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and
interest, are measured at FVOCI. Movements in the carrying
amount are taken through Other Comprehensive Income,
except for the recognition of impairment gains or losses,
interest income and foreign exchange gains and losses which
are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in Other Comprehensive Income is reclassified
from equity to profit or loss. Interest income from these
financial assets is included in finance income using the
effective interest rate method. Foreign exchange gains and
losses are presented in other net financing results and
impairment expenses are presented as separate line item in
the statement of profit or loss, if material. The Group\u2019s debt
instruments at FVOCI include the Group's investments in
short-term listed bonds and government bonds (long-term and
short-term) linked to Euronext Clearing's own funds.
Where the Group\u2019s management has elected to present fair
value gains and losses on equity investments in Other
Comprehensive Income, there is no subsequent
reclassification of fair value gains and losses to profit or loss
following the de-recognition of the investment. Dividends
from such investments will be recognised in profit or loss as
results from equity investments when the Group\u2019s right to
receive payments is established, except when the Group
benefits from such proceeds as a recovery of part of the cost
of the financial asset, in which case, such gains are recorded
in Other Comprehensive Income. The Group elected to classify
irrevocably its unlisted equity securities that are held as long-
term strategic investments that are not expected to be sold in
the foreseeable future in this category.
Financial assets at fair value through Other Comprehensive
Income (FVOCI) - CCP clearing business
This category includes the investments made in
(predominantly) government bonds, that are funded by the
margins and default funds deposited by members of the CCP
clearing business. These investments are recognised in 'CCP
clearing business assets'. Interest income and reclassified fair
value gains/(losses) from these financial assets are shown in
net treasury income through CCP business.
Financial assets at fair value through Profit or Loss (FVPL)
Assets that do not meet the criteria for amortised cost or
FVOCI are measured at FVPL. Changes in the fair value of
financial assets at FVPL are recognised in other net financing
results in the statement of profit or loss as applicable.
Financial assets at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Impairment of financial assets
The Group recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective
interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the
next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk
since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).
For trade and contract receivables, the Group applies a
simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a
loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on
its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic
environment.
Impairment losses (and reversal of impairment losses) on
equity investments measured at FVOCI are not reported
separately from other changes in fair value.
Further disclosures relating to impairment of financial assets
are also provided in Note 38.5. Generally, the Group considers
a financial asset in default when contractual payments are 90
days past due. However, in certain cases, the Group may also
consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to
receive the outstanding contractual amounts. A financial asset
is written off when there is no reasonable expectation of
recovering the contractual cash flows.
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and only the net
amount is presented in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
Trade receivables
Trade receivables are amounts due from customers for
services performed in the ordinary course of business. They
are generally due for settlement within 30 days and therefore
are all classified as current. Trade receivables are recognised
initially at the amount of consideration that is unconditional
unless they contain significant financing components, when
they are recognised at fair value. The Group holds the trade
receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortised
cost using the effective interest method, less loss allowance.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
receivables from period to period.
Cash and cash equivalents
Cash and cash equivalents comprise cash at banks, highly
liquid investments with original maturities of three months or
less and investments in money market funds that are readily
convertible to known amounts of cash and are subject to
insignificant risk of changes in value.
Contract balances
Receivables
A receivable represents the Group\u2019s right to an amount of
consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due
from the customer). The Group refers to billed receivables as
trade receivables, whereas unbilled receivables are referred to
as contract receivables by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "Financial instruments
(i) Classification and initial recognition
The Group classifies its financial instruments in the following
measurement categories:
\u25a0 Amortised cost
\u25a0 Fair value through Other Comprehensive Income (FVOCI)
\u25a0 Fair value through profit or loss (FVPL)
The classification depends on the Group\u2019s business model for
managing the financial instruments and the contractual terms
of the cash flows. For instruments measured at fair value,
gains and losses will either be recorded in profit or loss or
Other Comprehensive Income. For investments in equity
instruments that are not held for trading, this will depend on
whether the group has made an irrevocable election at the
time of initial recognition to account for the equity investment
at fair value through Other Comprehensive Income (FVOCI).
Financial assets and financial liabilities are initially recognised
on their settlement date. Except for trade receivables, at
initial recognition the Group measures a financial asset at its
fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are
directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are
expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining
whether their cash flows are solely payment of principal and
interest. Trade receivables are initially measured at their
transaction price if they do not contain a significant financing
component in accordance with IFRS 15.
Subsequent measurement
Financial liabilities at fair value through Profit or Loss (FVPL)
Liabilities that are held for trading are measured at FVPL.
Changes in the fair value of financial liabilities at FVPL are
recognised in other net financing results in the statement of
profit or loss as applicable.
Financial liabilities at fair value through Profit or Loss (FVPL) -
CCP clearing business
This category includes clearing member trading balances
comprising derivatives, equity and debt instruments that are
marked to market on a daily basis. In particular these include
open transactions not settled at the reporting date on the
derivatives market in which the Group's CCPs operate as a
central counterparty. The fair valuation of such positions is
determined on the market price of each individual financial
instrument at closing of the reporting period.
As the amounts of clearing member trading assets and
liabilities at FVPL are equally entered in both assets and
liabilities, the fair valuation of both items does not lead to any
net profit or loss in the income statement of the Group.
Financial liabilities at amortised cost
Financial liabilities that are not held for trading are generally
accounted for at amortised cost. These instruments are
measured using the effective interest rate method and
interest expense is shown in finance costs. The Group\u2019s
financial liabilities at amortised cost include the Group\u2019s trade
and other payables, borrowings and lease liabilities.
Financial liabilities at amortised cost - CCP clearing business
For financial liabilities from CCP clearing business all
measurement effects are shown in net treasury income
through CCP business. This category includes as well CCP
repurchase agreements and other payables to clearing
members related to initial and variation margins and default
fund contributions.
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and only the net
amount is presented in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
M). Compound financial instruments
Compound financial instruments issued by the Group comprise
convertible notes denominated in EUR, which can be
converted by the holder at any time until maturity to a fixed
number of ordinary shares.
The liability component of compound financial instruments is
initially recognised at the fair value of a similar liability that
does not have an equity conversion option. The equity
component is initially recognised at the difference between
the fair value of the compound financial instrument as a whole
and the fair value of the liability component. Any directly
attributable transaction costs are allocated to the liability and
equity components in proportion to their initial carrying
amounts. Subsequent to initial recognition, the liability
component of a compound financial instrument is measured at
amortised cost under the effective interest method. The
equity component of a compound financial instrument is not
remeasured. Interest related to the financial liability is
recognised in profit or loss. On conversion at maturity, the
financial liability is reclassified to equity and no gain or loss is
recognised.
Borrowings
Borrowings are initially recorded at the fair value of proceeds
received, net of transaction costs. Subsequently, these
liabilities are carried at amortised cost, and interest is charged
to profit or loss over the period of the borrowings using the
effective interest method. Accordingly, any difference
between the proceeds received, net of transaction costs, and
the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest rate
method. Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs. To
the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over the
period of the facility to which it relates.
Trade and other payables
Trade payables are obligations to pay for goods or services
that have been acquired in the ordinary course of business.
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
payables from period to period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "Impairment of financial assets
The Group recognises an allowance for expected credit losses
(ECLs) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective
interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for
which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the
next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk
since initial recognition, a loss allowance is required for credit
losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).
For trade and contract receivables, the Group applies a
simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a
loss allowance based on lifetime ECLs at each reporting date.
The Group has established a provision matrix that is based on
its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic
environment.
Impairment losses (and reversal of impairment losses) on
equity investments measured at FVOCI are not reported
separately from other changes in fair value.
Further disclosures relating to impairment of financial assets
are also provided in Note 38.5. Generally, the Group considers
a financial asset in default when contractual payments are 90
days past due. However, in certain cases, the Group may also
consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to
receive the outstanding contractual amounts. A financial asset
is written off when there is no reasonable expectation of
recovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and only the net
amount is presented in the consolidated balance sheet when
there is a legally enforceable right to offset the recognised
amounts and there is an intention to settle on a net basis or to
realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "Trade receivables
Trade receivables are amounts due from customers for
services performed in the ordinary course of business. They
are generally due for settlement within 30 days and therefore
are all classified as current. Trade receivables are recognised
initially at the amount of consideration that is unconditional
unless they contain significant financing components, when
they are recognised at fair value. The Group holds the trade
receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortised
cost using the effective interest method, less loss allowance.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
receivables from period to period.
Contract balances
Receivables
A receivable represents the Group\u2019s right to an amount of
consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due
from the customer). The Group refers to billed receivables as
trade receivables, whereas unbilled receivables are referred to
as contract receivables by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash at banks, highly
liquid investments with original maturities of three months or
less and investments in money market funds that are readily
convertible to known amounts of cash and are subject to
insignificant risk of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "Borrowings
Borrowings are initially recorded at the fair value of proceeds
received, net of transaction costs. Subsequently, these
liabilities are carried at amortised cost, and interest is charged
to profit or loss over the period of the borrowings using the
effective interest method. Accordingly, any difference
between the proceeds received, net of transaction costs, and
the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest rate
method. Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs. To
the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over the
period of the facility to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "Borrowings
Borrowings are initially recorded at the fair value of proceeds
received, net of transaction costs. Subsequently, these
liabilities are carried at amortised cost, and interest is charged
to profit or loss over the period of the borrowings using the
effective interest method. Accordingly, any difference
between the proceeds received, net of transaction costs, and
the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest rate
method. Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs. To
the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over the
period of the facility to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "Borrowings
Borrowings are initially recorded at the fair value of proceeds
received, net of transaction costs. Subsequently, these
liabilities are carried at amortised cost, and interest is charged
to profit or loss over the period of the borrowings using the
effective interest method. Accordingly, any difference
between the proceeds received, net of transaction costs, and
the redemption value is recognised in profit or loss over the
period of the borrowings using the effective interest rate
method. Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down.
In this case, the fee is deferred until the draw down occurs. To
the extent there is no evidence that it is probable that some or
all of the facility will be drawn down, the fee is capitalised as a
prepayment for liquidity services and amortised over the
period of the facility to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "Provisions
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events; it is
probable that an outflow of resources will be required to settle
the obligation; and the amount can be reliably estimated.
Restructuring provisions primarily comprise employee
termination payments. Provisions are not recognised for
future operating losses, unless there is an onerous contract.
Provisions are measured at the present value of the
expenditures expected to be required to settle the obligation
using a pre-tax risk-free discount rate. The increase in the
provision due to passage of time is recognised as interest
expense.
An onerous contract is a contract in which the unavoidable
costs of meeting the obligations under the contract exceed
the economic benefits expected to be received under it. The
unavoidable costs under a contract reflect the least net cost of
exiting from the contract, which is the lower of the cost of
fulfilling it or any compensation or penalties arising from
failure to fulfil it.
Post-employment benefits
The Group operates defined benefit pension schemes and
defined contribution pension schemes. When the Group pays
fixed contributions to a pension fund or pension insurance
plan and the Group has no legal or constructive obligation to
make further contributions, if the fund\u2019s assets are insufficient
to pay all pension benefits, the plan is considered to be a
defined contribution plan. In that case, contributions are
recognised as employee expense when they become due.
For the defined benefit schemes, the net asset or liability
recognised on the balance sheet comprises the difference
between the present value of the defined benefit pension
obligation and the fair value of plan assets. A net asset is
recognised only to the extent the Group has the right to
effectively benefit from the plan surplus. The service cost,
representing benefits accruing to employees in the period, and
the net interest income or expense arising from the net
defined benefit asset or liability are recorded within operating
expenses in the Statement of Profit or Loss. Actuarial gains
and losses arising from experience adjustments, changes in
actuarial assumptions or differences between actual and
expected returns on assets are recognised in equity as a
component of Other Comprehensive Income. The impact of a
plan amendment, curtailment or settlement is recognised
immediately when it arises in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "Trade and other payables
Trade payables are obligations to pay for goods or services
that have been acquired in the ordinary course of business.
Trade and other payables are recognised initially at fair value
and subsequently measured at amortised cost using the
effective interest method.
At Nord Pool all trades are settled on the day of trading or on
the following business day, with invoices and credit notes
being dispatched in the afternoon. Financial settlement is due
one working day after trading for net buyers and two working
days after trading for net sellers. Variations in settlement
cycle following variations in working days combined with
variations in physical power prices traded on Nord Pool
markets can give rise to significant fluctuations in trade
payables from period to period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "Post-employment benefits
The Group operates defined benefit pension schemes and
defined contribution pension schemes. When the Group pays
fixed contributions to a pension fund or pension insurance
plan and the Group has no legal or constructive obligation to
make further contributions, if the fund\u2019s assets are insufficient
to pay all pension benefits, the plan is considered to be a
defined contribution plan. In that case, contributions are
recognised as employee expense when they become due.
For the defined benefit schemes, the net asset or liability
recognised on the balance sheet comprises the difference
between the present value of the defined benefit pension
obligation and the fair value of plan assets. A net asset is
recognised only to the extent the Group has the right to
effectively benefit from the plan surplus. The service cost,
representing benefits accruing to employees in the period, and
the net interest income or expense arising from the net
defined benefit asset or liability are recorded within operating
expenses in the Statement of Profit or Loss. Actuarial gains
and losses arising from experience adjustments, changes in
actuarial assumptions or differences between actual and
expected returns on assets are recognised in equity as a
component of Other Comprehensive Income. The impact of a
plan amendment, curtailment or settlement is recognised
immediately when it arises in profit or loss.
Share-based compensation
Certain employees of the Group participate in Euronext\u2019s
share-based compensation plans. Awards granted by Euronext
under the plans are restricted stock units (RSUs). Under these
plans, Euronext receives services from its employees as
consideration for equity instruments of the group. As the
awards are settled in shares of Euronext N.V., they are
classified as equity settled awards.
The share-based compensation reflected in the Statement of
Profit or Loss relates to the RSUs granted by Euronext to the
Group\u2019s employees. The equity instruments granted do not
vest until the employee completes a specified period of
service, typically three years. The grant-date fair value of the
equity settled RSUs is recognised as compensation expense
over the required vesting period, with a corresponding credit
to equity.
Euronext has performance share plans, under which shares
are conditionally granted to certain employees. The fair value
of awards at grant date is calculated using market-based
pricing, i.e. the fair value of Euronext shares. This value is
expensed over their vesting period, with a corresponding
credit to equity. The expense is reviewed and adjusted to
reflect changes to the level of awards expected to vest, except
where this arises from a failure to meet a market condition or a
non-vesting condition in which case no adjustment applies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "Share-based compensation
Certain employees of the Group participate in Euronext\u2019s
share-based compensation plans. Awards granted by Euronext
under the plans are restricted stock units (RSUs). Under these
plans, Euronext receives services from its employees as
consideration for equity instruments of the group. As the
awards are settled in shares of Euronext N.V., they are
classified as equity settled awards.
The share-based compensation reflected in the Statement of
Profit or Loss relates to the RSUs granted by Euronext to the
Group\u2019s employees. The equity instruments granted do not
vest until the employee completes a specified period of
service, typically three years. The grant-date fair value of the
equity settled RSUs is recognised as compensation expense
over the required vesting period, with a corresponding credit
to equity.
Euronext has performance share plans, under which shares
are conditionally granted to certain employees. The fair value
of awards at grant date is calculated using market-based
pricing, i.e. the fair value of Euronext shares. This value is
expensed over their vesting period, with a corresponding
credit to equity. The expense is reviewed and adjusted to
reflect changes to the level of awards expected to vest, except
where this arises from a failure to meet a market condition or a
non-vesting condition in which case no adjustment applies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-684": { "value": "Treasury shares
The Group reacquires its own equity instruments. Those
instruments (\u2018treasury shares\u2019) are deducted from equity. No
gain or loss is recognised in profit or loss on the purchase,
sale, issue or cancellation of an entity\u2019s own equity
instruments. Such treasury shares may be acquired and held
by the entity or by other members of the consolidated group.
Consideration paid or received is recognised directly in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-685": { "value": "Revenue (from contracts with customers) and
income
The Group is in the business of providing a diverse range of
products and services combining transparent and efficient
equity, fixed income securities and derivatives markets. The
Group\u2019s main businesses comprise listing and corporate
solutions, cash trading, derivatives trading, fixed income
trading, spot FX trading, power trading, investor solutions,
advanced data solutions, post-trade (clearing, custody and
settlement) and technology solutions & other. Revenue from
contracts with customers is recognised when control of the
good and services are transferred to the customer at an
amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods or services.
The Group has generally concluded that, except for the
revenue sharing agreement that it had in place until April 2024
with Intercontinental Exchange (ICE), it is principal in its
revenue arrangements because it typically controls the goods
or services before transferring them to the customer.
The disclosures of significant accounting judgements,
estimates and assumptions relating to revenue from contracts
with customers are provided in section 'Z-Significant
accounting judgements, estimates and assumptions\u2018.
Revenues from the Group's main businesses are recognised
along the following four major revenue streams.
(i) Securities Services
Securities services comprises revenue earned from Custody
and Settlement and other post trade services.
Custody fees are recognised as the service of holding the
customer\u2019s securities in custody is performed. Revenue is
recognised based on time elapsed over that period of time, as
this best reflects the continuous transfer of services.
Settlement fees are recognised when the settlement of the
trading transaction is completed. Customers obtain control
over the service provided at completion of the settlement of
the securities, which is the only performance obligation.
Revenue is recognised at that point in time.
Other post-trade revenue mostly relate to ancillary clearing
services. Fees are recognised when the clearing of a
transaction is completed. Customers obtain control over the
service provided at completion of clearing the securities.
Revenue is recognised at that point in time.
(ii) Capital Markets and Data Solutions
Capital Markets and Data Solutions comprises revenue earned
from Primary Markets (Listing), Advanced Data Solutions and
Corporate, Technology and Investor Solutions.
a. Primary Markets
Listing fees primarily consist of original listing fees paid by
issuers to list securities on the various cash markets
(admission fees), subsequent admission fees for other
corporate actions (such as admission of additional securities)
and annual listing fees paid by companies whose financial
instruments are listed on the cash markets. The admission
services around initial (and subsequent) admission and its
directly related corporate action services are considered
activities that the Group needs to undertake to enable the
customer to be listed. These activities are combined with the
ongoing listing services and are used as inputs to produce the
combined output, which is the service of being listed.
Consequently, revenue generated from this combined
performance obligation is recognised based on time elapsed
over the listing period, as this best reflects the continuous
transfer of the listing services.
b. Advanced Data Solutions
The Group charges clients on a per-user basis for the access
to its real-time and proprietary market data information
services. The Group also collects periodic license fees from
clients for the right to distribute the Group data to third
parties. Customers obtain control over the market data
service provided during the period over which it has access to
the data. Consequently revenue is recognised based on time
elapsed over the market data access period, as the Group
meets its obligation to deliver data consistently throughout
this period.
The Group generates indices revenues from Index licensing
fees, which gives customers the right to apply Euronext Index
Trademark names in their products and ETFs. The nature of an
index-license is considered a distinct \u2018right-to-access\u2019 license
as the customer can reasonably expect the Group to undertake
ongoing activities to support and maintain the value of its
trademark names. Revenue generated from these licenses are
therefore recognised evenly over the contractual period of the
license, as this best reflects the continuous benefit from the
license by the customer throughout this period.
c. Corporate Solutions
Corporate solutions revenues are earned from webcast
solutions, board portal solutions, insider list management
solutions and investor relationship management solutions. For
corporate solutions that are provided to customers under an
access license, revenue is recognised evenly over the
contractual period of the license, as this best reflects the
continuous benefit from the license by the customer
throughout this period. For corporate solutions that are
provided to customers on an event basis or under a \u2018right-to-
use\u2019 license, revenue will be recognised at the point in time of
the event or acceptance of the license.
d. Technology Solutions and other revenue
Technology Solutions and other revenue include software
license and maintenance services, IT (hosting) services
provided to third-party market operators, connection services
and data centre colocation services provided to market
participants, and other revenue.
Software licenses that are distinct can be considered a \u2018right-
to-use\u2019 license, given the significant stand-alone functionality
of the underlying intellectual property. Consequently revenue
will be recognised at the point in time of acceptance of the
software and the source code by the customer. For software
licenses that are combined with a significant modification
service, revenues are recognised over time, using the input
method of labour hours spend during the significant
modification period, as the Group has no alternative use for
these combined performance obligations and would have an
enforceable right to payment for performance completed to
date. Revenue from software maintenance services are
recognised evenly over the maintenance agreement period, as
this best reflects the continuous transfer of maintenance
services throughout the contract period.
The Group delivers hosting services to customers that are
using the software installed in the Euronext data centre to use
the Group\u2019s trading platforms. Installation services provided
before the start of a hosting service do not include significant
client customisation of the software installed in the Euronext
data centre. The installation service itself does not transfer a
good or service to the customer, but are required to
successfully transfer the only performance obligation for
which the customer has contracted, which is the hosting
service. Revenue generated from this performance obligation
is recognised evenly over the full service period of the hosting
contract, as this best reflects the continuous transfer of
hosting services to the customer.
Part of the connection services and data centre colocation
services were provided under a revenue sharing agreement
with Intercontinental Exchange (ICE) until April 2024. Euronext
was providing ICE the right to provide services directly to
Euronext customers, to which Euronext provided a continuous
customer access to the relevant Euronext Group markets and
as such, Euronext was arranging for the specified services to
be provided by another party as an agent. Euronext customers
connected to its markets via the ICE SFTI\u00ae network or rented
colocation space in the ICE data centres that housed
Euronext\u2019s trading platforms. ICE received fees from Euronext
customers over the period of access to the SFTI\u00ae network and
over the colocation rental period. The Group recognised its
revenue share over that same period of time, using the
practical expedient provided in IFRS 15.B16 that allows an
entity to recognise revenue in the amount to which it has the
right to invoice. The entitled amount that Euronext invoiced to
ICE corresponded directly with the value that Euronext\u2019s
performance obligation had to ICE, which equalled the agreed
commission.
As from the data centre migration in June 2022, revenues for
connection services and data centre colocation services are
also generated from Euronext's core data centre facility in
Bergamo. Fees received for these services are recognised
evenly over the customer's access period and colocation rental
period, as this best reflects the continuous transfer of these
services.
The Group also generates revenue from other connection
services that trading members are using primarily for the
purpose of placing their cash and derivatives trading orders.
Members enter into contracts that generate access availability
for placing trading orders (the active logon session).
Customers obtain control over the service provided during the
period of access to their active logon session. Revenue is
recognised evenly over that period of time, as this best
reflects the continuous transfer of technology services.
e. Investor Solutions
Investor solutions primarily encompass the activity of
Commcise, offering cloud-based investment research
evaluation, commission management and accounting
solutions\u00a0 provided to customers under an access license.
Revenue is recognised evenly over the contractual period of
the license, as this best reflects the continuous benefit from
the license by the customer throughout this period.
(iii) FICC Markets
FICC (fixed income, commodities and currencies) Markets
comprises revenue earned from trading and clearing activities
linked to Fixed income, Commodities and FX.
The Group earns fixed income trading fees for the execution of
trades of debt securities on the Group\u2019s fixed income markets
and earns commodity derivatives trading fees for the
execution of trades of commodity derivative contracts on the
Group\u2019s derivative markets. Spot FX trading fees are earned
for execution of trades of foreign exchange contracts on the
FastMatch markets. Power trading fees are earned for
execution of trades on Nord Pool\u2019s day ahead and intraday
physical energy markets. Customers obtain control over the
service provided at execution of the trade. Revenue is
recognised at that point in time.
Membership and subscription fees are generally paid in
advance on the first day of the membership or subscription
period. The Group recognises revenue on a straight-line basis
over the period to which the fee relates, as this best reflects
the extent of the Group\u2019s progress towards completion of the
performance obligation under the contract.
Clearing fees for fixed income trading and commodity trading
transactions are recognised when the clearing of the trading
transaction is completed. Customers obtain control over the
service provided at completion of clearing the securities,
which is the only performance obligation. Revenue is
recognised at that point in time. The Group earns clearing fees
through the activities from its own clearing house Euronext
Clearing and, until 9 September 2024, through an agreement
with LCH S.A. in which the latter is providing clearing service
as a service provider, executing the service under control of
the Group. The nature of the promise is the execution of a
cleared trade on the Group\u2019s trading platforms. The Group
controls the services that are derived from that promise,
before it is transferred to the customer. This makes the Group
the principal in the transaction of providing clearing services
to its customers and consequently the Group recognises its
clearing revenue on a gross basis.
(iv) Equity Markets
Equity Markets comprises revenue earned from trading and
clearing activities linked to Cash equity and Financial
derivatives.
The Group earns cash trading fees for customer orders of
equity securities and other cash instruments on the Group\u2019s
cash markets, and earns financial derivative trading fees for
the execution of trades of financial derivative contracts on the
Group\u2019s derivative markets. Customers obtain control over the
service provided at execution of the trade. Revenue is
recognised at that point in time.
Membership and subscription fees are generally paid in
advance on the first day of the membership or subscription
period. The Group recognises revenue on a straight-line basis
over the period to which the fee relates, as this best reflects
the extent of the Group\u2019s progress towards completion of the
performance obligation under the contract.
Clearing fees for cash trading and financial derivatives trading
transactions are recognised when the clearing of the trading
transaction is completed. Customers obtain control over the
service provided at completion of clearing the securities,
which is the only performance obligation. Revenue is
recognised at that point in time. The Group earns clearing fees
through the activities from its own clearing house Euronext
Clearing and, until 9 September 2024, through an agreement
with LCH S.A. in which the latter is providing clearing services
as a service provider, executing the service under control of
the Group. The nature of the promise is the execution of a
cleared trade on the Group\u2019s trading platforms. The Group
controls the services that are derived from that promise,
before it is transferred to the customer. This makes the Group
the principal in the transaction of providing clearing services
to its customers and consequently the Group recognises its
clearing revenue on a gross basis.
(v) Net treasury income through CCP business
Income recognised in the CCP clearing businesses includes
net treasury income earned on margin and default funds, held
as part of the risk management process. Net treasury income
is the result of interest earned on cash assets lodged with the
clearing house, less interest paid to the members on their
margin and default fund contributions. Net treasury income is
shown separately from the Group\u2019s revenues on the face of the
income statement to distinguish this income stream from
revenues arising from other activities and provide a greater
understanding of the operating activities of the Group. Where
negative interest rates apply, the Group recognises interest
paid on cash assets as a treasury expense and interest
received on clearing members\u2019 margin as treasury income.
(vi) Other income
Other income generally consists of income that is earned from
non-operating activities, which are typically recognised at the
point the service is rendered.
(vii) Contract balances
Receivables
A receivable represents the Group\u2019s right to an amount of
consideration that is unconditional (i.e., only the passage of
time is required before payment of the consideration is due
from the customer). The Group refers to billed receivables as
trade receivables, whereas unbilled receivables are referred to
as contract receivables by the Group.
Contract liabilities
A contract liability is the obligation to transfer goods or
services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the
customer. If a customer pays consideration before the Group
transfers goods or services to the customer, a contract
liability is recognised when the payment is made or the
payment is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Group performs under the
contract.
(viii) Significant financing component\u00a0
Generally, the Group does not expect to have any contracts
where the period between the transfer of the promised goods
or services to the customer and payment by the customer
exceeds one year. The primary exception considers contracts
containing listing services. As the payment for listing
admission services appears upfront at the start of the
contract, the period between revenue recognition from listing
admission services and payment by the customer can exceed
one year. However the Group determined that the payment
terms were structured not with the primary purpose of
obtaining financing from the customer, but to minimise the
risk of non-payment as there is not a stated duration of the
period of the listing. As a consequence, the Group does not
adjust any of the transaction prices for the time value of
money.
(viv) Cost to obtain or fulfil a contract
The Group does not incur material costs to obtain contracts
such as sales commissions. Costs to fulfil a contract are costs
that relate directly to a contract or a specifically anticipated
contract, generate or enhance resources of the Group that will
be used to satisfy future performance obligations, and are
recoverable. Costs to fulfil a contract are capitalised and
amortised on a straight line basis over the term of the specific
contract it relates to, consistent with the pattern of
recognition of the associated revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "Net treasury income through CCP business
Income recognised in the CCP clearing businesses includes
net treasury income earned on margin and default funds, held
as part of the risk management process. Net treasury income
is the result of interest earned on cash assets lodged with the
clearing house, less interest paid to the members on their
margin and default fund contributions. Net treasury income is
shown separately from the Group\u2019s revenues on the face of the
income statement to distinguish this income stream from
revenues arising from other activities and provide a greater
understanding of the operating activities of the Group. Where
negative interest rates apply, the Group recognises interest
paid on cash assets as a treasury expense and interest
received on clearing members\u2019 margin as treasury income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "Non-underlying items
The Group chooses to present non-underlying items on the
face of the income statement within their relevant category in
order to provide further understanding of the performance of
the Group. Non-underlying items are items of income and
expense that are infrequent by their nature or incidence and/
or material by their size. Non-underlying items is not defined
by IFRS and do not have a standardised meaning under IFRS
and therefore may not be comparable to similar measures
presented by other companies.
Non-underlying items include:
\u25a0 Operating income and operating expense items which are
material by their size and/or are infrequent by their nature.
These could be integration costs (cost incurred for
activities to integrate newly acquired businesses with those
of the Group) or double run costs of significant projects
(one side of the cost to resource both the old and the new
services within the project), restructuring costs and costs
related to acquisitions that change the perimeter of the
Group.
\u25a0 Non-operating income and non-operating expense items
which are material by their size and/or are infrequent by
their nature. These are one-off finance costs (borrowing
costs incurred to finance acquisitions that change the
perimeter of the Group), gains or losses on sale of
subsidiaries and impairments of equity investments.
\u25a0 Amortisation and impairment of intangible assets which are
recognised as a result of acquisitions. These intangible
assets comprise customer relationships, brand names and
software that were identified during purchase price
allocation (PPA). This amortisation is presented as a non-
underlying item in order to keep the figures comparable
with the original business before and after the acquisition
in order to provide more meaningful information regarding
the understanding of the Group\u2019s performance before and
after the acquisition.
\u25a0 Tax related to non-underlying items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-687": { "value": "Non-underlying items
The Group chooses to present non-underlying items on the
face of the income statement within their relevant category in
order to provide further understanding of the performance of
the Group. Non-underlying items are items of income and
expense that are infrequent by their nature or incidence and/
or material by their size. Non-underlying items is not defined
by IFRS and do not have a standardised meaning under IFRS
and therefore may not be comparable to similar measures
presented by other companies.
Non-underlying items include:
\u25a0 Operating income and operating expense items which are
material by their size and/or are infrequent by their nature.
These could be integration costs (cost incurred for
activities to integrate newly acquired businesses with those
of the Group) or double run costs of significant projects
(one side of the cost to resource both the old and the new
services within the project), restructuring costs and costs
related to acquisitions that change the perimeter of the
Group.
\u25a0 Non-operating income and non-operating expense items
which are material by their size and/or are infrequent by
their nature. These are one-off finance costs (borrowing
costs incurred to finance acquisitions that change the
perimeter of the Group), gains or losses on sale of
subsidiaries and impairments of equity investments.
\u25a0 Amortisation and impairment of intangible assets which are
recognised as a result of acquisitions. These intangible
assets comprise customer relationships, brand names and
software that were identified during purchase price
allocation (PPA). This amortisation is presented as a non-
underlying item in order to keep the figures comparable
with the original business before and after the acquisition
in order to provide more meaningful information regarding
the understanding of the Group\u2019s performance before and
after the acquisition.
\u25a0 Tax related to non-underlying items.
", "dimensions": { "concept": "eur:DescriptionOfAccountingPolicyForNonUnderlyingItemsTextBlock", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "Taxation
The income tax expense for the fiscal year is comprised of
current and deferred income tax. Income tax expense is
recognised in the Income Statements, except to the extent
that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the income tax
impact is also recognised in other comprehensive income or
directly in equity.
(i) Current income tax
The current income tax expense is calculated on the basis of
the tax laws enacted or substantively enacted at the balance
sheet date in the countries where the Group operates and
generates taxable income. The Group recognises liabilities for
uncertain tax treatment when it is not probable that the tax
authorities will accept the tax treatment. The liabilities are
measured through one of the following methods depending on
which method is expected to best predict the resolution of the
tax uncertainty:
a) The most likely amount \u2013 the single most likely amount in a
range of possible outcomes. The most likely amount may
better predict the resolution of the uncertainty if the
possible outcomes are binary or are concentrated on one
value.
b) The expected value \u2013 the sum of the probability-weighted
amounts in a range of possible outcomes. The expected
value may better predict the resolution of the uncertainty if
there is a range of possible outcomes that are neither
binary nor concentrated on one value.
Estimated liabilities for uncertain tax treatments, along with
estimates of interest and penalties, are presented within
income taxes payable on the Balance Sheet and are included in
current income tax expense in the Statement of Profit or Loss.
(ii) Deferred income tax
Deferred income tax is recognised on temporary differences
arising between the tax basis of assets and liabilities and their
carrying amounts in these Consolidated Financial Statements.
However, deferred income tax liabilities are not recognised if
they arise from the initial recognition of goodwill. Deferred
income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction, other than a
business combination, that at the time of the transaction
affects neither accounting nor taxable profit or loss and at the
time of the transaction, does not give rise to equal amounts of
taxable and deductible temporary differences. If a transaction
that is not a business combination gives rise to equal amounts
of taxable and deductible differences, deferred taxation on the
taxable temporary difference and the deductible temporary
differences will be accounted for, which at initial recognition
are equal and offset to zero (i.e. leases).
Deferred income tax is determined using tax rates that have
been enacted or substantively enacted at the balance sheet
date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability
is settled. Deferred income tax assets are recognised only to
the extent that it is probable that future taxable profit will be
available against which the temporary differences or tax
losses can be utilised. Deferred income tax is provided on
temporary differences arising from investments in
subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not
reverse in the foreseeable future. Deferred income tax assets
and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities
and when they relate to income taxes levied by the same
taxation authority on the same taxable entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "Deferred income tax
Deferred income tax is recognised on temporary differences
arising between the tax basis of assets and liabilities and their
carrying amounts in these Consolidated Financial Statements.
However, deferred income tax liabilities are not recognised if
they arise from the initial recognition of goodwill. Deferred
income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction, other than a
business combination, that at the time of the transaction
affects neither accounting nor taxable profit or loss and at the
time of the transaction, does not give rise to equal amounts of
taxable and deductible temporary differences. If a transaction
that is not a business combination gives rise to equal amounts
of taxable and deductible differences, deferred taxation on the
taxable temporary difference and the deductible temporary
differences will be accounted for, which at initial recognition
are equal and offset to zero (i.e. leases).
Deferred income tax is determined using tax rates that have
been enacted or substantively enacted at the balance sheet
date and are expected to apply when the related deferred
income tax asset is realised or the deferred income tax liability
is settled. Deferred income tax assets are recognised only to
the extent that it is probable that future taxable profit will be
available against which the temporary differences or tax
losses can be utilised. Deferred income tax is provided on
temporary differences arising from investments in
subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group
and it is probable that the temporary difference will not
reverse in the foreseeable future. Deferred income tax assets
and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities
and when they relate to income taxes levied by the same
taxation authority on the same taxable entity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "Non-current assets held for sale
The Group classifies non-current assets and disposal groups
as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through
continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. Costs to sell
are the incremental costs directly attributable to the disposal
of an asset (disposal group), excluding finance costs and
income tax expense.
The criteria for held for sale classification is regarded as met
only when the sale is highly probable and the asset or disposal
group is available for immediate sale in its present condition.
Actions required to complete the sale should indicate that it is
unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must
be committed to the plan to sell the asset and the sale
expected to be completed within one year from the date of the
classification.
Property, plant and equipment and intangible assets are not
depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented
separately as current items in the statement of financial
position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "Non-current assets held for sale
The Group classifies non-current assets and disposal groups
as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through
continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. Costs to sell
are the incremental costs directly attributable to the disposal
of an asset (disposal group), excluding finance costs and
income tax expense.
The criteria for held for sale classification is regarded as met
only when the sale is highly probable and the asset or disposal
group is available for immediate sale in its present condition.
Actions required to complete the sale should indicate that it is
unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must
be committed to the plan to sell the asset and the sale
expected to be completed within one year from the date of the
classification.
Property, plant and equipment and intangible assets are not
depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented
separately as current items in the statement of financial
position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "Significant accounting judgements, estimates and
assumptions
The preparation of the Group\u2019s consolidated financial
statements requires management to make judgements,
estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future
periods.
Judgements
In the process of applying the Group\u2019s accounting policies,
management has made the following judgements, which have
the most significant effect on the amounts recognised in the
consolidated financial statements:
(i) Revenue from contracts with customers
The Group applied the following judgments that significantly
affect the determination of the amount and timing of revenue
from contracts with customers:
Identifying performance obligations and determining the timing
of revenue recognition of Listing admission fees
The Group provides services related to the initial (and
subsequent) listing of securities on its markets and hereto
directly related corporate action services, and ongoing
services related to the continuous listing.
The Group determined that the admission services around
initial (and subsequent) admission and its directly related
corporate action services do not transfer a good or service to
the customer, but are considered activities that the Group
needs to undertake to enable the customer to be listed. The
Group concluded that these activities should be combined
with the ongoing listing services and should be used as inputs
to produce the combined output, which is the service of being
listed. As the service of being listed is satisfied over a period
of time, as the customer simultaneously receives and
consumes the benefits from the service, the related revenues
are therefore recognised over a period of time.
The Group determined that the period of time that best
reflects the satisfaction of listing admission services is the
period over which the customer actually benefits from the
admission. An average lifetime of companies being listed on
Euronext markets would serve as best proxy for the period
that a listing customer benefits from an admission. Specific
local market characteristics can result and would justify
differences in amortisation terms. Based on historic evidence,
the Group has defined the following average lifetimes for the
relevant groupings of listed securities:
\u25a0 Equity admissions: 5-12 years
\u25a0 Bond- and fund admissions: 3 years
\u25a0 Equity subsequent admissions (follow-on\u2019s):3 years
Revenue from the listing admission services is therefore
recognised over those periods of time.
Cost to obtain or fulfil a contract related to listing admission
services
The Group has considered the type of cost that is directly
associated to a listing contract and that can be separately
identifiable. Such cost would typically concern staff cost
incurred by the Listings team involved in admission- and
subsequent listing of an issuer. There is no correlation
between number of listings and staff cost associated to the
Listings team.
The majority of the cost to obtain and fulfil the contract is
incurred in the period before the actual admission. The
remaining cost associated to an admission and subsequent
listing that is recorded post-admission, and its impact on the
Group\u2019s income statement, would be marginal, therefore the
Group has decided not to capitalise cost incurred to obtain- or
fulfil listing contracts.
Principal versus agent considerations
Until Q3 2024, the Group had a clearing agreement with LCH SA
in respect of the clearing of trades on Euronext continental
Europe derivatives markets (the \u201cDerivatives Clearing
Agreement\u201d). Under the terms of this Derivatives Clearing
Agreement Euronext agreed with LCH SA to share revenues
and receives clearing fee revenues based on the number of
trades on these markets cleared through LCH SA. In exchange
for that, Euronext had agreed to pay LCH SA a fixed fee plus a
variable fee based on revenues.
The definition of the accounting treatment of this agreement
required significant management judgment for the valuation
and weighting of the indicators leading the principal versus
agent accounting analysis. Based on all facts and
circumstances around this arrangement, management had
concluded that Euronext was \u2018principal\u2019 in providing
Derivatives clearing services to its trading members.
Therefore Euronext recognised (i) the clearing fees received
as post trade revenues, and (ii) the fixed and variable fees paid
to LCH SA as other operational expenses.
(ii) Determining the lease term of contracts with
extension and termination options
In determining the lease term, management assesses the
period for which the contract is enforceable. It considers all
facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination
option. Extension options (or periods after termination
options) are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). If the
Group concludes that the contract is enforceable beyond the
notice period of a cancellable lease (or the initial period of a
renewable lease), it then need to assess whether the Group is
reasonably certain not to exercise the option to terminate the
lease. However in general, the Group\u2019s lease portfolio contains
very limited leases that include renewal -or termination
options.
Estimates and assumptions
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year, are described below. The Group based its
assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing
circumstances and assumptions about future developments,
however, may change due to market changes or
circumstances arising that are beyond the control of the
Group. Such changes are reflected in the assumptions when
they occur.
(i) Impairment of goodwill
The Group performs goodwill impairment reviews in
accordance with the accounting policy described in Note 19.
The recoverable amount of a CGU Group is determined based
on a discounted cash flow approach, which requires the use of
estimates. The critical assumptions used and the related
sensitivity analysis are described in Note 19.
(ii) Purchase price allocation
The cost of other intangible assets that are acquired in the
course of business combinations, corresponds to their
acquisition date fair values. Depending on the nature of the
intangible asset, fair value is determined by application of:
\u25a0 Market approach (by reference to comparable transactions)
\u25a0 Income approach (Relief-from-Royalty- or Multi-period
Excess Earnings Method)
\u25a0 Cost approach
Assets with a finite useful life are amortised using the
straight-line method over their expected useful life. Assets
with an indefinite useful life are tested for impairment at least
once a year.
(iii) Contingent consideration and buy options resulting
from business combinations
The Group may structure its business combinations in a way
that leads to recognition of contingent consideration to selling
shareholders and/or buy options for equity held by non-
controlling interests. Contingent consideration and buy
options are recognised at fair value on acquisition date. When
the contingent consideration or buy option meets the
definition of a financial liability or financial instrument, it is
subsequently re-measured to fair value at each reporting date.
The determination of fair value is based on the expected level
of EBITDA3 over the last 12 months that precede the
contractual date (in case of contingent consideration) or
exercise date of the underlying call- and put options (in case of
buy option). The Group monitors the expected EBITDA3 based
on updated forecast information from the acquired companies
involved.
(iv) Contingent consideration resulting from an asset
acquisition
The Group may structure its asset acquisitions in a way that
leads to recognition of contingent consideration, i.e. variable
future payments to the seller. The Group applies the liability
approach that follows IFRIC 1 principles for recognition of
contingent consideration incurred in asset acquisitions.
Following this approach, a liability for the contingent
consideration is recognised at fair value at the acquisition
date. Subsequent changes in the liability are adjusted against
the carrying amount of the related asset if the asset is still
recognised. If the asset is no longer recognized or fully
depreciated, changes are recognized in profit or loss. The
liability is remeasured at each reporting date to reflect
updated estimates of timing, amount, and probability of
payment.
(v) Internally developed software costs
The Group develops various software applications for internal
use. Development costs for self-developed intangible assets
are capitalized if the applicable criteria of IAS 38 are fulfilled.
Development costs that do not satisfy the requirements for
capitalization are expensed as incurred. Capitalised own
software development costs are amortized over the useful
economic life of the asset and charged on a straight line basis
to the income statement. The useful lives are management\u2019s
best estimate of the period over which value from the asset is
realized. In determining the useful lives, management
considers a number of factors including: expected usage by
the entity of the asset, product upgrade cycles for software
and technology assets and the level of maintenance required
to maintain the asset\u2019s operating capability.
(vi) Fair value of equity investments
The Group holds investments in unlisted equity securities
which are carried at fair value in the balance sheet. The
valuation methodology and critical assumptions are described
in Note 21 and 36.
(vii) Provision for expected credit losses (ECL) of trade
and contract receivables
The Group uses a provision matrix to calculate ECLs for trade
and contract receivables. To measure ECL's, trade and
contract receivables have been grouped based on shared
credit risk characteristics and the days past due. The
historical loss rates are based on the payment profiles of the
sales over a period of 24 months before reporting date and the
corresponding historical credit loss experience within this
period. The historical loss rates are adjusted to reflect current
and forward-looking factors specific to the debtors and
economic environment.
The provision matrix is initially based on the Group\u2019s historical
observed default rates. The Group will calibrate the matrix to
adjust the historical credit loss experience with forward-
looking information. At every reporting date, the historical
observed default rates are updated and changes in the
forward-looking estimates are analysed.
The assessment of the correlation between historical
observed default rates, forecast economic conditions and
ECL's is a significant estimate. The amount of ECL's is
sensitive to changes in circumstances and of forecast
economic conditions. The Group\u2019s historical credit loss
experience and forecast of economic conditions may also not
be representative of customer\u2019s actual default in the future.
The information about the ECL's on the Group\u2019s trade and
contract receivables is disclosed in Note 38.5.1.
(viii) Estimating the incremental borrowing rate (IBR)
The Group cannot readily determine the interest rate implicit
in the lease, therefore, it uses its incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest
that the Group would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an
asset of a similar value to the right-of-use asset in a similar
economic environment. The IBR therefore reflects what the
Group \u2018would have to pay\u2019, which requires estimation when no
observable rates are available or when they need to be
adjusted to reflect the terms and conditions of the lease. The
Group estimates the IBR using the observable inputs (such as
market interest rates) when available and makes certain
entity-specific estimates if needed.
(ix) Income taxes
Due to the inherent complexities arising from the nature of the
Group\u2019s business, and from conducting business and being
taxed in a substantial number of jurisdictions, critical
assumptions and estimates are required to be made for
income taxes. The Group computes income tax expense for
each of the jurisdictions in which it operates. However, actual
amounts of income tax due only become final upon filing and
acceptance of the tax return by relevant authorities, which
may not occur for several years subsequent to issuance of
these Consolidated Financial Statements.
The estimation of income taxes also includes evaluating the
recoverability of deferred income tax assets based on an
assessment of the ability to use the underlying future tax
deductions against future taxable income before they expire.
This assessment is based upon existing tax laws and estimates
of future taxable income. To the extent estimates differ from
the final tax return, earnings may be affected in a subsequent
period.
The Group operates in various countries with local tax
regulations. New tax legislation being issued in certain
territories as well as transactions that the Group enters into
regularly result in potential tax exposures. The calculation of
our tax liabilities involves uncertainties in the application of
complex tax laws. Our estimate for the potential outcome of
any uncertain tax treatment is highly judgmental. However, the
Group believes that it has adequately provided for uncertain
tax treatments. Settlement of these uncertainties in a manner
inconsistent with our expectations could have a material
impact on our results of operations, financial condition and
cash flows. The Group recognises a liability for uncertain tax
treatments when it is not probable that a taxation authority will
accept an uncertain tax treatment.
Goodwill impairment test
Goodwill is monitored and tested for impairment at the lowest
CGU Group level of the Group to which goodwill acquired in a
business combination is allocated (see Note 3). Following the
acquisitions of Euronext FX (former FastMatch Inc.) in 2017
and Nord Pool Holding AS in 2020 and the allocation of
goodwill from those transactions to respectively the \u201cFX
Trading\u201d CGU and the \u201cNord Pool\u201d CGU, the Group tests goodwill
at the level of three CGUs (Groups): \u201cEuronext\u201d, \u201cFX Trading\u201d
and \u201cNord Pool\u201d. The acquisition of Athex Group is included in
the Euronext CGU.
Euronext CGU (Group)
The recoverable value of the \u201cEuronext\u201d CGU Group is based on
its fair value less cost of disposal, applying a discounted cash
flow approach, and corroborated by observation of Company\u2019s
market capitalisation. The fair value measurement uses
significant unobservable inputs and is therefore categorised
as a Level 3 measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget and
the business plan for. Key assumptions used by management
include third party revenue growth, which factors future
volumes of European equity markets, the Group\u2019s market
share, average fee per transaction, and the expected impact
of new product initiatives. These assumptions are based on
past experience, market research and management
expectation of market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.8% (2024: 1.5%) after 2025. The weighted average
cost of capital applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cEuronext\u201d CGU Group
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Euronext\" CGU Group
amounted to respectively \u20ac4,337.9 million (2024: \u20ac3,863.8
million) and \u20ac28.5 million (2024: \u20ac16.5 million).
FX Trading CGU
The recoverable value of the \u201cFX Trading\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, the
business plan for 2027 and extrapolations for 2028 to 2033.
Key assumptions used by management include third party
revenue growth, which factors future volumes on global
Foreign Exchange trading markets, the Group\u2019s market share,
average fee per transaction, and the expected impact of new
product initiatives. These assumptions are based on past
experience, market research and management expectation of
market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 2.0% (2024: 2.0%) after 2033. The discount rate
applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cFX Trading\u201d CGU
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"FX Trading\" CGU
amounted to respectively \u20ac97.8 million (2024: \u20ac110.9 million)
and \u20ac5.8 million (2024: \u20ac6.6 million).
Nord Pool CGU
The recoverable value of the \u201cNord Pool\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, and
extrapolations for 2027 to 2031. Key assumptions used by
management include third party revenue growth, which
factors future volumes on day ahead and intraday physical
energy markets, the Group\u2019s market share, average fee per
transaction, and the expected impact of new product
initiatives. These assumptions are based on past experience,
market research and management expectation of market
developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.1% (2024: 1.4%) after 2031. The discount rate applied
was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cNord Pool\u201d CGU
performed at year-end did not result in any instance where the
carrying value of the operating segment exceeded its
recoverable amount. Recoverable amount is sensitive to key
assumptions. As of 31 December 2025, a reduction to 0% per
year of perpetual growth rate, or an increase by 1% per year in
discount rate, which management believes are individually
reasonably possible changes to key assumptions, would not
result in a goodwill impairment. The sensitivity test on the key
assumptions defined in 2025 would not result in a goodwill
impairment. Possible correlations between each of these
parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Nord Pool\" CGU
amounted to respectively \u20ac23.8 million (2024: \u20ac23.9 million)
and \u20ac3.1 million (2024: \u20ac3.2 million).
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
Fair value measurements using quoted prices in active
markets for identical assets or liabilities (level 1)
The listed equity securities relate to the investment in Boursa
Kuwait Securities Co. that was included in the acquisition of
Athens Exchange Group (see Note 21).
The quoted debt instruments primarily relate to investments in
listed bonds held by Euronext Securities Copenhagen.
The quoted debt instruments of CCP clearing businesses
represent an investment portfolio in predominantly
government bonds funded by the margins and default funds
deposited by members of the CCP clearing businesses.
The derivative instruments of CCP clearing businesses
comprise open transactions not settled at the reporting date
on the derivatives market in which Euronext Clearing operates
as a central counterparty.
The other instruments of CCP clearing businesses include
clearing member trading balances for equity and debt
instruments that are marked to market on a daily basis.
Investments in funds are solely composed of money market
funds which are redeemed within a three-month cycle after
acquisition and have contractual cash flows that do not
represent solely payments of principal and interest.
Fair values of the instruments mentioned above are
determined by reference to published price quotations in an
active market.
Fair value measurements using observable market data,
directly or indirectly (level 2)
Foreign exchange spot transactions comprises agreements
between two parties to buy one currency against selling
another currency at an agreed price for settlement on the spot
date. Fair value is based on the foreign exchange rates at the
balance sheet date.
Fair value measurements using unobservable inputs (level 3)
The following table presents the changes in level 3 instruments for the period ended 31 December 2025, which are recognised in the
line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are
reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of
comprehensive income:
Unlisted equity
securities
Contingent
consideration
payable
Combined
derivative
instrument
In thousands of euros
As at 1 January 2024
262,655
\u2014
\u2014
Revaluations recognised in OCI
91,520
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
2,847
1,225
2,250
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
\u2014
\u2014
\u2014
Exchange differences and other
(11)
25
\u2014
As at 31 December 2024
357,011
1,250
2,250
Revaluations recognised in OCI
62,488
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
\u2014
43
\u2014
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
154
\u2014
\u2014
Exchange differences and other
(2)
(63)
\u2014
As at 31 December 2025
419,651
1,230
2,250
Valuation process
Concerning the valuation process for fair value measurement
categorised within level 3 of the fair value hierarchy, the
Group\u2019s central treasury department collects and validates the
available level 3 inputs and performs the valuation according
to the Group\u2019s valuation methodology for each reporting
period. The fair value estimates are discussed with-, and
challenged by the Group Finance Director and the Chief
Financial Officer. Periodically the values of investments
categorised in \u201clevel 3\u201d are validated by staff with extensive
knowledge of the industry in which the invested companies
operate. Although valuation techniques are applied
consistently as a principle, Management, upon advice from the
Group\u2019s valuation experts, may decide to replace a valuation
technique if such a change would improve the quality or the
reliability of the valuation process.
Unlisted equity securities in Euroclear S.A./N.V. and
Sicovam Holding S.A.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applied a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
As from 2023, the high interest rates environment led to a
sharp increase of net interest earnings at Euroclear, which
was predominantly driven by interests linked to frozen assets
as a result of Russian sanctions and countermeasures.
The European Commission contemplated various options to
use the profits generated by sanctioned amounts held by
financial institutions, including Euroclear, for the financing of
Ukraine\u2019s reconstruction.
Since considerable uncertainties persisted, Euroclear
considered it necessary to separate the estimated sanction
related earnings from the \u2018underlying\u2019 financial results when
assessing the company\u2019s performance and resources.
For this reason, the Group uses the \u2018underlying\u2019 financial
results published by Euroclear (i.e. excluding Russian
sanctions related assets/earnings), as an input for its primary
valuation technique.
In addition, for measuring the fair value of Sicovam Holding
S.A, the Group applied a holding discount as an unobservable
input for which a sensitivity impact of +10%/(-10%) would
amount to a decrease or (increase) of \u20ac13.0 million in the fair
value (2024: \u20ac11.0 million). More information on the
investments is further disclosed in Note 21.
The key assumptions used in the Gordon Growth Model
valuation model are shown in the tables below. The sensitivity
analysis shows the impact on fair value using the most
favourable combination (increase), or least favourable
combination (decrease) of the unobservable inputs per
investment in unlisted equity securities.
2025:
In thousands of euros
Fair value at 31
December 2025
Unobservable\u00a0 \u00a0
inputs (* )
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
298,601
Return on equity
15.0% - 15.5% (16.0%)
2,428
(3,153)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
Sicovam Holding S.A.
116,467
Return on equity
15.0% - 15.5% (16.0%)
1,003
(1,168)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
2024:
In thousands of euros
Fair value at 31
December 2024
Unobservable\u00a0 \u00a0 \u00a0
inputs *)
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
253,681
Return on equity
11.7% - 12.7% (12.2%)
4,382
(5,195)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
Sicovam Holding S.A.
98,900
Return on equity
11.7% - 12.7% (12.2%)
1,776
(1,949)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
Contingent consideration payable
The contingent consideration payable of \u20ac1.2 million related to
the acquisition of Substantive Research and is estimated
based on a multiple of total revenue. Management considers
the impact of changes of these unobservable inputs not
material for the total level 3 portfolio.
Combined derivative instrument
The combined derivative instrument related to the acquisition
of GRSS and combines the Group's right to acquire all of the
remaining shares of the other minority shareholders and the
obligation to compensate for any variance between a third
party exercise price of the option (normalized EBITDA x
multiple) and a lower actual third party price offered.
The fair value of this combined derivative instrument is
estimated at a negative \u20ac2.3 million, based on a multiple of
earnings and forecasted EBITDA.
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "Significant accounting judgements, estimates and
assumptions
The preparation of the Group\u2019s consolidated financial
statements requires management to make judgements,
estimates and assumptions that affect the reported amounts
of revenues, expenses, assets and liabilities, and the
accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future
periods.
Judgements
In the process of applying the Group\u2019s accounting policies,
management has made the following judgements, which have
the most significant effect on the amounts recognised in the
consolidated financial statements:
(i) Revenue from contracts with customers
The Group applied the following judgments that significantly
affect the determination of the amount and timing of revenue
from contracts with customers:
Identifying performance obligations and determining the timing
of revenue recognition of Listing admission fees
The Group provides services related to the initial (and
subsequent) listing of securities on its markets and hereto
directly related corporate action services, and ongoing
services related to the continuous listing.
The Group determined that the admission services around
initial (and subsequent) admission and its directly related
corporate action services do not transfer a good or service to
the customer, but are considered activities that the Group
needs to undertake to enable the customer to be listed. The
Group concluded that these activities should be combined
with the ongoing listing services and should be used as inputs
to produce the combined output, which is the service of being
listed. As the service of being listed is satisfied over a period
of time, as the customer simultaneously receives and
consumes the benefits from the service, the related revenues
are therefore recognised over a period of time.
The Group determined that the period of time that best
reflects the satisfaction of listing admission services is the
period over which the customer actually benefits from the
admission. An average lifetime of companies being listed on
Euronext markets would serve as best proxy for the period
that a listing customer benefits from an admission. Specific
local market characteristics can result and would justify
differences in amortisation terms. Based on historic evidence,
the Group has defined the following average lifetimes for the
relevant groupings of listed securities:
\u25a0 Equity admissions: 5-12 years
\u25a0 Bond- and fund admissions: 3 years
\u25a0 Equity subsequent admissions (follow-on\u2019s):3 years
Revenue from the listing admission services is therefore
recognised over those periods of time.
Cost to obtain or fulfil a contract related to listing admission
services
The Group has considered the type of cost that is directly
associated to a listing contract and that can be separately
identifiable. Such cost would typically concern staff cost
incurred by the Listings team involved in admission- and
subsequent listing of an issuer. There is no correlation
between number of listings and staff cost associated to the
Listings team.
The majority of the cost to obtain and fulfil the contract is
incurred in the period before the actual admission. The
remaining cost associated to an admission and subsequent
listing that is recorded post-admission, and its impact on the
Group\u2019s income statement, would be marginal, therefore the
Group has decided not to capitalise cost incurred to obtain- or
fulfil listing contracts.
Principal versus agent considerations
Until Q3 2024, the Group had a clearing agreement with LCH SA
in respect of the clearing of trades on Euronext continental
Europe derivatives markets (the \u201cDerivatives Clearing
Agreement\u201d). Under the terms of this Derivatives Clearing
Agreement Euronext agreed with LCH SA to share revenues
and receives clearing fee revenues based on the number of
trades on these markets cleared through LCH SA. In exchange
for that, Euronext had agreed to pay LCH SA a fixed fee plus a
variable fee based on revenues.
The definition of the accounting treatment of this agreement
required significant management judgment for the valuation
and weighting of the indicators leading the principal versus
agent accounting analysis. Based on all facts and
circumstances around this arrangement, management had
concluded that Euronext was \u2018principal\u2019 in providing
Derivatives clearing services to its trading members.
Therefore Euronext recognised (i) the clearing fees received
as post trade revenues, and (ii) the fixed and variable fees paid
to LCH SA as other operational expenses.
(ii) Determining the lease term of contracts with
extension and termination options
In determining the lease term, management assesses the
period for which the contract is enforceable. It considers all
facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination
option. Extension options (or periods after termination
options) are only included in the lease term if the lease is
reasonably certain to be extended (or not terminated). If the
Group concludes that the contract is enforceable beyond the
notice period of a cancellable lease (or the initial period of a
renewable lease), it then need to assess whether the Group is
reasonably certain not to exercise the option to terminate the
lease. However in general, the Group\u2019s lease portfolio contains
very limited leases that include renewal -or termination
options.
Estimates and assumptions
The key assumptions concerning the future and other key
sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year, are described below. The Group based its
assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing
circumstances and assumptions about future developments,
however, may change due to market changes or
circumstances arising that are beyond the control of the
Group. Such changes are reflected in the assumptions when
they occur.
(i) Impairment of goodwill
The Group performs goodwill impairment reviews in
accordance with the accounting policy described in Note 19.
The recoverable amount of a CGU Group is determined based
on a discounted cash flow approach, which requires the use of
estimates. The critical assumptions used and the related
sensitivity analysis are described in Note 19.
(ii) Purchase price allocation
The cost of other intangible assets that are acquired in the
course of business combinations, corresponds to their
acquisition date fair values. Depending on the nature of the
intangible asset, fair value is determined by application of:
\u25a0 Market approach (by reference to comparable transactions)
\u25a0 Income approach (Relief-from-Royalty- or Multi-period
Excess Earnings Method)
\u25a0 Cost approach
Assets with a finite useful life are amortised using the
straight-line method over their expected useful life. Assets
with an indefinite useful life are tested for impairment at least
once a year.
(iii) Contingent consideration and buy options resulting
from business combinations
The Group may structure its business combinations in a way
that leads to recognition of contingent consideration to selling
shareholders and/or buy options for equity held by non-
controlling interests. Contingent consideration and buy
options are recognised at fair value on acquisition date. When
the contingent consideration or buy option meets the
definition of a financial liability or financial instrument, it is
subsequently re-measured to fair value at each reporting date.
The determination of fair value is based on the expected level
of EBITDA3 over the last 12 months that precede the
contractual date (in case of contingent consideration) or
exercise date of the underlying call- and put options (in case of
buy option). The Group monitors the expected EBITDA3 based
on updated forecast information from the acquired companies
involved.
(iv) Contingent consideration resulting from an asset
acquisition
The Group may structure its asset acquisitions in a way that
leads to recognition of contingent consideration, i.e. variable
future payments to the seller. The Group applies the liability
approach that follows IFRIC 1 principles for recognition of
contingent consideration incurred in asset acquisitions.
Following this approach, a liability for the contingent
consideration is recognised at fair value at the acquisition
date. Subsequent changes in the liability are adjusted against
the carrying amount of the related asset if the asset is still
recognised. If the asset is no longer recognized or fully
depreciated, changes are recognized in profit or loss. The
liability is remeasured at each reporting date to reflect
updated estimates of timing, amount, and probability of
payment.
(v) Internally developed software costs
The Group develops various software applications for internal
use. Development costs for self-developed intangible assets
are capitalized if the applicable criteria of IAS 38 are fulfilled.
Development costs that do not satisfy the requirements for
capitalization are expensed as incurred. Capitalised own
software development costs are amortized over the useful
economic life of the asset and charged on a straight line basis
to the income statement. The useful lives are management\u2019s
best estimate of the period over which value from the asset is
realized. In determining the useful lives, management
considers a number of factors including: expected usage by
the entity of the asset, product upgrade cycles for software
and technology assets and the level of maintenance required
to maintain the asset\u2019s operating capability.
(vi) Fair value of equity investments
The Group holds investments in unlisted equity securities
which are carried at fair value in the balance sheet. The
valuation methodology and critical assumptions are described
in Note 21 and 36.
(vii) Provision for expected credit losses (ECL) of trade
and contract receivables
The Group uses a provision matrix to calculate ECLs for trade
and contract receivables. To measure ECL's, trade and
contract receivables have been grouped based on shared
credit risk characteristics and the days past due. The
historical loss rates are based on the payment profiles of the
sales over a period of 24 months before reporting date and the
corresponding historical credit loss experience within this
period. The historical loss rates are adjusted to reflect current
and forward-looking factors specific to the debtors and
economic environment.
The provision matrix is initially based on the Group\u2019s historical
observed default rates. The Group will calibrate the matrix to
adjust the historical credit loss experience with forward-
looking information. At every reporting date, the historical
observed default rates are updated and changes in the
forward-looking estimates are analysed.
The assessment of the correlation between historical
observed default rates, forecast economic conditions and
ECL's is a significant estimate. The amount of ECL's is
sensitive to changes in circumstances and of forecast
economic conditions. The Group\u2019s historical credit loss
experience and forecast of economic conditions may also not
be representative of customer\u2019s actual default in the future.
The information about the ECL's on the Group\u2019s trade and
contract receivables is disclosed in Note 38.5.1.
(viii) Estimating the incremental borrowing rate (IBR)
The Group cannot readily determine the interest rate implicit
in the lease, therefore, it uses its incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest
that the Group would have to pay to borrow over a similar term,
and with a similar security, the funds necessary to obtain an
asset of a similar value to the right-of-use asset in a similar
economic environment. The IBR therefore reflects what the
Group \u2018would have to pay\u2019, which requires estimation when no
observable rates are available or when they need to be
adjusted to reflect the terms and conditions of the lease. The
Group estimates the IBR using the observable inputs (such as
market interest rates) when available and makes certain
entity-specific estimates if needed.
(ix) Income taxes
Due to the inherent complexities arising from the nature of the
Group\u2019s business, and from conducting business and being
taxed in a substantial number of jurisdictions, critical
assumptions and estimates are required to be made for
income taxes. The Group computes income tax expense for
each of the jurisdictions in which it operates. However, actual
amounts of income tax due only become final upon filing and
acceptance of the tax return by relevant authorities, which
may not occur for several years subsequent to issuance of
these Consolidated Financial Statements.
The estimation of income taxes also includes evaluating the
recoverability of deferred income tax assets based on an
assessment of the ability to use the underlying future tax
deductions against future taxable income before they expire.
This assessment is based upon existing tax laws and estimates
of future taxable income. To the extent estimates differ from
the final tax return, earnings may be affected in a subsequent
period.
The Group operates in various countries with local tax
regulations. New tax legislation being issued in certain
territories as well as transactions that the Group enters into
regularly result in potential tax exposures. The calculation of
our tax liabilities involves uncertainties in the application of
complex tax laws. Our estimate for the potential outcome of
any uncertain tax treatment is highly judgmental. However, the
Group believes that it has adequately provided for uncertain
tax treatments. Settlement of these uncertainties in a manner
inconsistent with our expectations could have a material
impact on our results of operations, financial condition and
cash flows. The Group recognises a liability for uncertain tax
treatments when it is not probable that a taxation authority will
accept an uncertain tax treatment.
Goodwill impairment test
Goodwill is monitored and tested for impairment at the lowest
CGU Group level of the Group to which goodwill acquired in a
business combination is allocated (see Note 3). Following the
acquisitions of Euronext FX (former FastMatch Inc.) in 2017
and Nord Pool Holding AS in 2020 and the allocation of
goodwill from those transactions to respectively the \u201cFX
Trading\u201d CGU and the \u201cNord Pool\u201d CGU, the Group tests goodwill
at the level of three CGUs (Groups): \u201cEuronext\u201d, \u201cFX Trading\u201d
and \u201cNord Pool\u201d. The acquisition of Athex Group is included in
the Euronext CGU.
Euronext CGU (Group)
The recoverable value of the \u201cEuronext\u201d CGU Group is based on
its fair value less cost of disposal, applying a discounted cash
flow approach, and corroborated by observation of Company\u2019s
market capitalisation. The fair value measurement uses
significant unobservable inputs and is therefore categorised
as a Level 3 measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget and
the business plan for. Key assumptions used by management
include third party revenue growth, which factors future
volumes of European equity markets, the Group\u2019s market
share, average fee per transaction, and the expected impact
of new product initiatives. These assumptions are based on
past experience, market research and management
expectation of market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.8% (2024: 1.5%) after 2025. The weighted average
cost of capital applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cEuronext\u201d CGU Group
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Euronext\" CGU Group
amounted to respectively \u20ac4,337.9 million (2024: \u20ac3,863.8
million) and \u20ac28.5 million (2024: \u20ac16.5 million).
FX Trading CGU
The recoverable value of the \u201cFX Trading\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, the
business plan for 2027 and extrapolations for 2028 to 2033.
Key assumptions used by management include third party
revenue growth, which factors future volumes on global
Foreign Exchange trading markets, the Group\u2019s market share,
average fee per transaction, and the expected impact of new
product initiatives. These assumptions are based on past
experience, market research and management expectation of
market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 2.0% (2024: 2.0%) after 2033. The discount rate
applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cFX Trading\u201d CGU
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"FX Trading\" CGU
amounted to respectively \u20ac97.8 million (2024: \u20ac110.9 million)
and \u20ac5.8 million (2024: \u20ac6.6 million).
Nord Pool CGU
The recoverable value of the \u201cNord Pool\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, and
extrapolations for 2027 to 2031. Key assumptions used by
management include third party revenue growth, which
factors future volumes on day ahead and intraday physical
energy markets, the Group\u2019s market share, average fee per
transaction, and the expected impact of new product
initiatives. These assumptions are based on past experience,
market research and management expectation of market
developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.1% (2024: 1.4%) after 2031. The discount rate applied
was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cNord Pool\u201d CGU
performed at year-end did not result in any instance where the
carrying value of the operating segment exceeded its
recoverable amount. Recoverable amount is sensitive to key
assumptions. As of 31 December 2025, a reduction to 0% per
year of perpetual growth rate, or an increase by 1% per year in
discount rate, which management believes are individually
reasonably possible changes to key assumptions, would not
result in a goodwill impairment. The sensitivity test on the key
assumptions defined in 2025 would not result in a goodwill
impairment. Possible correlations between each of these
parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Nord Pool\" CGU
amounted to respectively \u20ac23.8 million (2024: \u20ac23.9 million)
and \u20ac3.1 million (2024: \u20ac3.2 million).
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
Fair value measurements using quoted prices in active
markets for identical assets or liabilities (level 1)
The listed equity securities relate to the investment in Boursa
Kuwait Securities Co. that was included in the acquisition of
Athens Exchange Group (see Note 21).
The quoted debt instruments primarily relate to investments in
listed bonds held by Euronext Securities Copenhagen.
The quoted debt instruments of CCP clearing businesses
represent an investment portfolio in predominantly
government bonds funded by the margins and default funds
deposited by members of the CCP clearing businesses.
The derivative instruments of CCP clearing businesses
comprise open transactions not settled at the reporting date
on the derivatives market in which Euronext Clearing operates
as a central counterparty.
The other instruments of CCP clearing businesses include
clearing member trading balances for equity and debt
instruments that are marked to market on a daily basis.
Investments in funds are solely composed of money market
funds which are redeemed within a three-month cycle after
acquisition and have contractual cash flows that do not
represent solely payments of principal and interest.
Fair values of the instruments mentioned above are
determined by reference to published price quotations in an
active market.
Fair value measurements using observable market data,
directly or indirectly (level 2)
Foreign exchange spot transactions comprises agreements
between two parties to buy one currency against selling
another currency at an agreed price for settlement on the spot
date. Fair value is based on the foreign exchange rates at the
balance sheet date.
Fair value measurements using unobservable inputs (level 3)
The following table presents the changes in level 3 instruments for the period ended 31 December 2025, which are recognised in the
line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are
reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of
comprehensive income:
Unlisted equity
securities
Contingent
consideration
payable
Combined
derivative
instrument
In thousands of euros
As at 1 January 2024
262,655
\u2014
\u2014
Revaluations recognised in OCI
91,520
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
2,847
1,225
2,250
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
\u2014
\u2014
\u2014
Exchange differences and other
(11)
25
\u2014
As at 31 December 2024
357,011
1,250
2,250
Revaluations recognised in OCI
62,488
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
\u2014
43
\u2014
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
154
\u2014
\u2014
Exchange differences and other
(2)
(63)
\u2014
As at 31 December 2025
419,651
1,230
2,250
Valuation process
Concerning the valuation process for fair value measurement
categorised within level 3 of the fair value hierarchy, the
Group\u2019s central treasury department collects and validates the
available level 3 inputs and performs the valuation according
to the Group\u2019s valuation methodology for each reporting
period. The fair value estimates are discussed with-, and
challenged by the Group Finance Director and the Chief
Financial Officer. Periodically the values of investments
categorised in \u201clevel 3\u201d are validated by staff with extensive
knowledge of the industry in which the invested companies
operate. Although valuation techniques are applied
consistently as a principle, Management, upon advice from the
Group\u2019s valuation experts, may decide to replace a valuation
technique if such a change would improve the quality or the
reliability of the valuation process.
Unlisted equity securities in Euroclear S.A./N.V. and
Sicovam Holding S.A.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applied a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
As from 2023, the high interest rates environment led to a
sharp increase of net interest earnings at Euroclear, which
was predominantly driven by interests linked to frozen assets
as a result of Russian sanctions and countermeasures.
The European Commission contemplated various options to
use the profits generated by sanctioned amounts held by
financial institutions, including Euroclear, for the financing of
Ukraine\u2019s reconstruction.
Since considerable uncertainties persisted, Euroclear
considered it necessary to separate the estimated sanction
related earnings from the \u2018underlying\u2019 financial results when
assessing the company\u2019s performance and resources.
For this reason, the Group uses the \u2018underlying\u2019 financial
results published by Euroclear (i.e. excluding Russian
sanctions related assets/earnings), as an input for its primary
valuation technique.
In addition, for measuring the fair value of Sicovam Holding
S.A, the Group applied a holding discount as an unobservable
input for which a sensitivity impact of +10%/(-10%) would
amount to a decrease or (increase) of \u20ac13.0 million in the fair
value (2024: \u20ac11.0 million). More information on the
investments is further disclosed in Note 21.
The key assumptions used in the Gordon Growth Model
valuation model are shown in the tables below. The sensitivity
analysis shows the impact on fair value using the most
favourable combination (increase), or least favourable
combination (decrease) of the unobservable inputs per
investment in unlisted equity securities.
2025:
In thousands of euros
Fair value at 31
December 2025
Unobservable\u00a0 \u00a0
inputs (* )
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
298,601
Return on equity
15.0% - 15.5% (16.0%)
2,428
(3,153)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
Sicovam Holding S.A.
116,467
Return on equity
15.0% - 15.5% (16.0%)
1,003
(1,168)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
2024:
In thousands of euros
Fair value at 31
December 2024
Unobservable\u00a0 \u00a0 \u00a0
inputs *)
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
253,681
Return on equity
11.7% - 12.7% (12.2%)
4,382
(5,195)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
Sicovam Holding S.A.
98,900
Return on equity
11.7% - 12.7% (12.2%)
1,776
(1,949)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
Contingent consideration payable
The contingent consideration payable of \u20ac1.2 million related to
the acquisition of Substantive Research and is estimated
based on a multiple of total revenue. Management considers
the impact of changes of these unobservable inputs not
material for the total level 3 portfolio.
Combined derivative instrument
The combined derivative instrument related to the acquisition
of GRSS and combines the Group's right to acquire all of the
remaining shares of the other minority shareholders and the
obligation to compensate for any variance between a third
party exercise price of the option (normalized EBITDA x
multiple) and a lower actual third party price offered.
The fair value of this combined derivative instrument is
estimated at a negative \u20ac2.3 million, based on a multiple of
earnings and forecasted EBITDA.
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "Significant accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.JudgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements:(i) Revenue from contracts with customersThe Group applied the following judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers:Identifying performance obligations and determining the timing of revenue recognition of Listing admission feesThe Group provides services related to the initial (and subsequent) listing of securities on its markets and hereto directly related corporate action services, and ongoing services related to the continuous listing.The Group determined that the admission services around initial (and subsequent) admission and its directly related corporate action services do not transfer a good or service to the customer, but are considered activities that the Group needs to undertake to enable the customer to be listed. The Group concluded that these activities should be combined with the ongoing listing services and should be used as inputs to produce the combined output, which is the service of being listed. As the service of being listed is satisfied over a period of time, as the customer simultaneously receives and consumes the benefits from the service, the related revenues are therefore recognised over a period of time.The Group determined that the period of time that best reflects the satisfaction of listing admission services is the period over which the customer actually benefits from the admission. An average lifetime of companies being listed on Euronext markets would serve as best proxy for the period that a listing customer benefits from an admission. Specific local market characteristics can result and would justify differences in amortisation terms. Based on historic evidence, the Group has defined the following average lifetimes for the relevant groupings of listed securities:\u25a0 Equity admissions: 5-12 years\u25a0 Bond- and fund admissions: 3 years\u25a0 Equity subsequent admissions (follow-on\u2019s):3 yearsRevenue from the listing admission services is therefore recognised over those periods of time.Cost to obtain or fulfil a contract related to listing admission services The Group has considered the type of cost that is directly associated to a listing contract and that can be separately identifiable. Such cost would typically concern staff cost incurred by the Listings team involved in admission- and subsequent listing of an issuer. There is no correlation between number of listings and staff cost associated to the Listings team.The majority of the cost to obtain and fulfil the contract is incurred in the period before the actual admission. The remaining cost associated to an admission and subsequent listing that is recorded post-admission, and its impact on the Group\u2019s income statement, would be marginal, therefore the Group has decided not to capitalise cost incurred to obtain- or fulfil listing contracts.Principal versus agent considerationsUntil Q3 2024, the Group had a clearing agreement with LCH SA in respect of the clearing of trades on Euronext continental Europe derivatives markets (the \u201cDerivatives Clearing Agreement\u201d). Under the terms of this Derivatives Clearing Agreement Euronext agreed with LCH SA to share revenues and receives clearing fee revenues based on the number of trades on these markets cleared through LCH SA. In exchange for that, Euronext had agreed to pay LCH SA a fixed fee plus a variable fee based on revenues.The definition of the accounting treatment of this agreement required significant management judgment for the valuation and weighting of the indicators leading the principal versus agent accounting analysis. Based on all facts and circumstances around this arrangement, management had concluded that Euronext was \u2018principal\u2019 in providing Derivatives clearing services to its trading members. Therefore Euronext recognised (i) the clearing fees received as post trade revenues, and (ii) the fixed and variable fees paid to LCH SA as other operational expenses.(ii) Determining the lease term of contracts with extension and termination optionsIn determining the lease term, management assesses the period for which the contract is enforceable. It considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). If the Group concludes that the contract is enforceable beyond the notice period of a cancellable lease (or the initial period of a renewable lease), it then need to assess whether the Group is reasonably certain not to exercise the option to terminate the lease. However in general, the Group\u2019s lease portfolio contains very limited leases that include renewal -or termination options.Estimates and assumptionsThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.(i) Impairment of goodwillThe Group performs goodwill impairment reviews in accordance with the accounting policy described in Note 19. The recoverable amount of a CGU Group is determined based on a discounted cash flow approach, which requires the use of estimates. The critical assumptions used and the related sensitivity analysis are described in Note 19.(ii) Purchase price allocationThe cost of other intangible assets that are acquired in the course of business combinations, corresponds to their acquisition date fair values. Depending on the nature of the intangible asset, fair value is determined by application of:\u25a0 Market approach (by reference to comparable transactions)\u25a0 Income approach (Relief-from-Royalty- or Multi-period Excess Earnings Method)\u25a0 Cost approachAssets with a finite useful life are amortised using the straight-line method over their expected useful life. Assets with an indefinite useful life are tested for impairment at least once a year.(iii) Contingent consideration and buy options resulting from business combinationsThe Group may structure its business combinations in a way that leads to recognition of contingent consideration to selling shareholders and/or buy options for equity held by non-controlling interests. Contingent consideration and buy options are recognised at fair value on acquisition date. When the contingent consideration or buy option meets the definition of a financial liability or financial instrument, it is subsequently re-measured to fair value at each reporting date. The determination of fair value is based on the expected level of EBITDA3 over the last 12 months that precede the contractual date (in case of contingent consideration) or exercise date of the underlying call- and put options (in case of buy option). The Group monitors the expected EBITDA3 based on updated forecast information from the acquired companies involved.(iv) Contingent consideration resulting from an asset acquisitionThe Group may structure its asset acquisitions in a way that leads to recognition of contingent consideration, i.e. variable future payments to the seller. The Group applies the liability approach that follows IFRIC 1 principles for recognition of contingent consideration incurred in asset acquisitions. Following this approach, a liability for the contingent consideration is recognised at fair value at the acquisition date. Subsequent changes in the liability are adjusted against the carrying amount of the related asset if the asset is still recognised. If the asset is no longer recognized or fully depreciated, changes are recognized in profit or loss. The liability is remeasured at each reporting date to reflect updated estimates of timing, amount, and probability of payment.(v) Internally developed software costsThe Group develops various software applications for internal use. Development costs for self-developed intangible assets are capitalized if the applicable criteria of IAS 38 are fulfilled. Development costs that do not satisfy the requirements for capitalization are expensed as incurred. Capitalised own software development costs are amortized over the useful economic life of the asset and charged on a straight line basis to the income statement. The useful lives are management\u2019s best estimate of the period over which value from the asset is realized. In determining the useful lives, management considers a number of factors including: expected usage by the entity of the asset, product upgrade cycles for software and technology assets and the level of maintenance required to maintain the asset\u2019s operating capability.(vi) Fair value of equity investmentsThe Group holds investments in unlisted equity securities which are carried at fair value in the balance sheet. The valuation methodology and critical assumptions are described in Note 21 and 36.(vii) Provision for expected credit losses (ECL) of trade and contract receivablesThe Group uses a provision matrix to calculate ECLs for trade and contract receivables. To measure ECL's, trade and contract receivables have been grouped based on shared credit risk characteristics and the days past due. The historical loss rates are based on the payment profiles of the sales over a period of 24 months before reporting date and the corresponding historical credit loss experience within this period. The historical loss rates are adjusted to reflect current and forward-looking factors specific to the debtors and economic environment.The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.The assessment of the correlation between historical observed default rates, forecast economic conditions and ECL's is a significant estimate. The amount of ECL's is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of customer\u2019s actual default in the future. The information about the ECL's on the Group\u2019s trade and contract receivables is disclosed in Note 38.5.1.(viii) Estimating the incremental borrowing rate (IBR)The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using the observable inputs (such as market interest rates) when available and makes certain entity-specific estimates if needed.(ix) Income taxes Due to the inherent complexities arising from the nature of the Group\u2019s business, and from conducting business and being taxed in a substantial number of jurisdictions, critical assumptions and estimates are required to be made for income taxes. The Group computes income tax expense for each of the jurisdictions in which it operates. However, actual amounts of income tax due only become final upon filing and acceptance of the tax return by relevant authorities, which may not occur for several years subsequent to issuance of these Consolidated Financial Statements.The estimation of income taxes also includes evaluating the recoverability of deferred income tax assets based on an assessment of the ability to use the underlying future tax deductions against future taxable income before they expire. This assessment is based upon existing tax laws and estimates of future taxable income. To the extent estimates differ from the final tax return, earnings may be affected in a subsequent period.The Group operates in various countries with local tax regulations. New tax legislation being issued in certain territories as well as transactions that the Group enters into regularly result in potential tax exposures. The calculation of our tax liabilities involves uncertainties in the application of complex tax laws. Our estimate for the potential outcome of any uncertain tax treatment is highly judgmental. However, the Group believes that it has adequately provided for uncertain tax treatments. Settlement of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations, financial condition and cash flows. The Group recognises a liability for uncertain tax treatments when it is not probable that a taxation authority will accept an uncertain tax treatment.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "Changes in accounting policies and disclosures
The International Accounting Standards Board (IASB)
continues to issue new standards and interpretations, and
amendments to existing standards. The Group applies these
new standards when effective and endorsed by the European
Union. The Group has not opted for early adoption for any of
these standards.
(i) New and amended standards and interpretations
The Group has applied the following standards and
amendments for the first time for their annual reporting period
commencing 1 January 2025.
Amendments to IAS 21 - Lack of exchangeability
The amendments specify how an entity should assess whether
a currency is exchangeable and how it should determine a spot
exchange rate when exchangeability is lacking. The
amendments also require disclosure of information that
enables users of its financial statements to understand how
the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity\u2019s financial
performance, financial position and cash flows. The
amendments did not have an impact on the Group\u2019s financial
statements.
(ii) Future implications of new and amended standards
and interpretations not yet adopted
The new and amended standards and interpretations that are
issued, but not yet effective, up to the date of issuance of the
Group\u2019s financial statements are disclosed below. The Group
intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective.
IFRS 18 - Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit
or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses within
the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued
operations, whereof the first three are new.
The standard requires disclosure of newly defined
management-defined performance measures, subtotals of
income and expenses, and includes new requirements for
aggregation and disaggregation of financial information based
on the identified \u2018roles\u2019 of the primary financial statements
(PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS
7 Statement of Cash Flows, which include changing the
starting point for determining cash flows from operations
under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In
addition, there are consequential amendments to several
other standards.
IFRS 18, and the amendments to the other standards, are
effective for reporting periods beginning on or after 1 January
2027, but earlier application is permitted and must be
disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the
amendments will have on the primary financial statements and
notes to the financial statements. The initial expected impacts
that could have a material effect on the Group's financial
statements are, as follows:
\u25a0 The statement of profit or loss will be presented in a more
disaggregated manner, in order to provide more useful
information to the users of the financial statements.
\u25a0 Foreign exchange difference will be classified in the
category where the related income and expense form the
item giving rise to the foreign exchange difference.
\u25a0 New disclosures will be added for management-defined
performance measures and a reconciliation for each line
item in the statement of profit or loss between the restated
amounts presented applying IFRS 18 and the amounts
previously presented applying IAS 1.
IFRS 19 - Subsidiaries without Public Accountability:
Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible
entities to elect to apply its reduced disclosure requirements
while still applying the recognition, measurement and
presentation requirements in other IFRS accounting
standards. To be eligible, at the end of the reporting period, an
entity must be a subsidiary as defined in IFRS 10, cannot have
public accountability and must have a parent (ultimate or
intermediate) that prepares consolidated financial
statements, available for public use, which comply with IFRS
accounting standards.
IFRS 19 will become effective for reporting periods beginning
on or after 1 January 2027, with early application permitted.
As the Group\u2019s equity instruments are publicly traded, it is not
eligible to elect to apply IFRS 19.
Amendments to IFRS 9 and IFRS 7 - Amendments to the
Classification and Measurement of Financial Instruments
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS
7, Amendments to the Classification and Measurement of
Financial Instruments (the Amendments). The Amendments
include:
\u25a0 A clarification that a financial liability is derecognised on
the \u2018settlement date\u2019 and the introduction of an accounting
policy choice (if specific conditions are met) to derecognise
financial liabilities settled using an electronic payment
system before the settlement date
\u25a0 Additional guidance on how the contractual cash flows for
financial assets with environmental, social and corporate
governance (ESG) and similar features should be assessed
\u25a0 Clarifications on what constitute \u2018non-recourse features\u2019
and what are the characteristics of contractually linked
instruments
\u25a0 The introduction of disclosures for financial instruments
with contingent features and additional disclosure
requirements for equity instruments classified at fair value
through other comprehensive income (OCI)
The amendments are effective for annual periods starting on
or after 1 January 2026 with early adoption permitted for
classification of financial assets and related disclosures only.
The Group does not anticipate that the amendments will have
a material effect on the Group\u2019s financial statements.
Annual improvements to IFRS Accounting Standards -
Volume 11
In July 2024, the IASB issued nine narrow scope amendments
as part of its periodic maintenance of IFRS accounting
standards.
The amendments include clarifications, simplifications,
corrections or changes to improve consistency in: IFRS 1 First-
time Adoption of International Financial Reporting Standards,
IFRS 7 Financial instruments: Disclosure and its accompanying
Guidance on implementing IFRS 7, IFRS 9 Financial Instruments,
IFRS 10 Consolidated Financial Statements and IAS 7
Statements of Cash Flows.
The amendments will be effective for reporting periods
beginning on or after 1 January 2026. Earlier application is
permitted and must be disclosed. The amendments are not
expected to have a material impact on the Group\u2019s financial
statements.
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing
Nature-dependent Electricity
In December 2024, the IASB issued Amendments to IFRS 9 and
IFRS 7 - Contracts Referencing Nature-dependent Electricity.
The amendments apply only to contracts that reference
nature-dependent electricity; the amendments:
\u25a0 Clarify the application of the \u2018own-use\u2019 requirements for in-
scope contracts
\u25a0 Amend the designation requirements for a hedged item in a
cash flow hedging relationship for in-scope contracts
\u25a0 Add new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s
financial performance and cash flows
The amendments will take effect for annual reporting periods
starting on or after 1 January 2026. Early adoption is allowed,
but it must be disclosed. The amendments concerning the
own-use exception are to be applied retrospectively, while the
hedge accounting amendments should be applied
prospectively to new hedging relationships designated from
the initial application date. Additionally, the IFRS 7 disclosure
amendments must be implemented alongside the IFRS 9
amendments. If an entity does not restate comparative
information, it cannot present comparative disclosures.
The amendments will not have a material impact on the
Group's financial statements.
Amendments to IAS 21 - Translation to a Hyperinflationary
Presentation Currency
In November\u00a0 2025, the IASB has issued amendments to IAS 21
on the translation to a hyperinflationary presentation
currency. The amendments are effective for annual reporting
periods beginning on or after 1 January 2027, with earlier
application permitted.
The amendments are only relevant for entities that have a
presentation currency of a hyperinflationary economy, and
either its own functional currency or that of its foreign
operation(s) is that of a non-hyperinflationary economy.\u00a0 As
such, the amendments will not have an impact on the Group's
financial statements.
There are no other IFRS\u2019s or IFRIC interpretations not yet
effective, that would be expected to have a material impact on
the Group in the current or future reporting periods and on
foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "Changes in accounting policies and disclosures
The International Accounting Standards Board (IASB)
continues to issue new standards and interpretations, and
amendments to existing standards. The Group applies these
new standards when effective and endorsed by the European
Union. The Group has not opted for early adoption for any of
these standards.
(i) New and amended standards and interpretations
The Group has applied the following standards and
amendments for the first time for their annual reporting period
commencing 1 January 2025.
Amendments to IAS 21 - Lack of exchangeability
The amendments specify how an entity should assess whether
a currency is exchangeable and how it should determine a spot
exchange rate when exchangeability is lacking. The
amendments also require disclosure of information that
enables users of its financial statements to understand how
the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity\u2019s financial
performance, financial position and cash flows. The
amendments did not have an impact on the Group\u2019s financial
statements.
(ii) Future implications of new and amended standards
and interpretations not yet adopted
The new and amended standards and interpretations that are
issued, but not yet effective, up to the date of issuance of the
Group\u2019s financial statements are disclosed below. The Group
intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective.
IFRS 18 - Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit
or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses within
the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued
operations, whereof the first three are new.
The standard requires disclosure of newly defined
management-defined performance measures, subtotals of
income and expenses, and includes new requirements for
aggregation and disaggregation of financial information based
on the identified \u2018roles\u2019 of the primary financial statements
(PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS
7 Statement of Cash Flows, which include changing the
starting point for determining cash flows from operations
under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In
addition, there are consequential amendments to several
other standards.
IFRS 18, and the amendments to the other standards, are
effective for reporting periods beginning on or after 1 January
2027, but earlier application is permitted and must be
disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the
amendments will have on the primary financial statements and
notes to the financial statements. The initial expected impacts
that could have a material effect on the Group's financial
statements are, as follows:
\u25a0 The statement of profit or loss will be presented in a more
disaggregated manner, in order to provide more useful
information to the users of the financial statements.
\u25a0 Foreign exchange difference will be classified in the
category where the related income and expense form the
item giving rise to the foreign exchange difference.
\u25a0 New disclosures will be added for management-defined
performance measures and a reconciliation for each line
item in the statement of profit or loss between the restated
amounts presented applying IFRS 18 and the amounts
previously presented applying IAS 1.
IFRS 19 - Subsidiaries without Public Accountability:
Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible
entities to elect to apply its reduced disclosure requirements
while still applying the recognition, measurement and
presentation requirements in other IFRS accounting
standards. To be eligible, at the end of the reporting period, an
entity must be a subsidiary as defined in IFRS 10, cannot have
public accountability and must have a parent (ultimate or
intermediate) that prepares consolidated financial
statements, available for public use, which comply with IFRS
accounting standards.
IFRS 19 will become effective for reporting periods beginning
on or after 1 January 2027, with early application permitted.
As the Group\u2019s equity instruments are publicly traded, it is not
eligible to elect to apply IFRS 19.
Amendments to IFRS 9 and IFRS 7 - Amendments to the
Classification and Measurement of Financial Instruments
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS
7, Amendments to the Classification and Measurement of
Financial Instruments (the Amendments). The Amendments
include:
\u25a0 A clarification that a financial liability is derecognised on
the \u2018settlement date\u2019 and the introduction of an accounting
policy choice (if specific conditions are met) to derecognise
financial liabilities settled using an electronic payment
system before the settlement date
\u25a0 Additional guidance on how the contractual cash flows for
financial assets with environmental, social and corporate
governance (ESG) and similar features should be assessed
\u25a0 Clarifications on what constitute \u2018non-recourse features\u2019
and what are the characteristics of contractually linked
instruments
\u25a0 The introduction of disclosures for financial instruments
with contingent features and additional disclosure
requirements for equity instruments classified at fair value
through other comprehensive income (OCI)
The amendments are effective for annual periods starting on
or after 1 January 2026 with early adoption permitted for
classification of financial assets and related disclosures only.
The Group does not anticipate that the amendments will have
a material effect on the Group\u2019s financial statements.
Annual improvements to IFRS Accounting Standards -
Volume 11
In July 2024, the IASB issued nine narrow scope amendments
as part of its periodic maintenance of IFRS accounting
standards.
The amendments include clarifications, simplifications,
corrections or changes to improve consistency in: IFRS 1 First-
time Adoption of International Financial Reporting Standards,
IFRS 7 Financial instruments: Disclosure and its accompanying
Guidance on implementing IFRS 7, IFRS 9 Financial Instruments,
IFRS 10 Consolidated Financial Statements and IAS 7
Statements of Cash Flows.
The amendments will be effective for reporting periods
beginning on or after 1 January 2026. Earlier application is
permitted and must be disclosed. The amendments are not
expected to have a material impact on the Group\u2019s financial
statements.
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing
Nature-dependent Electricity
In December 2024, the IASB issued Amendments to IFRS 9 and
IFRS 7 - Contracts Referencing Nature-dependent Electricity.
The amendments apply only to contracts that reference
nature-dependent electricity; the amendments:
\u25a0 Clarify the application of the \u2018own-use\u2019 requirements for in-
scope contracts
\u25a0 Amend the designation requirements for a hedged item in a
cash flow hedging relationship for in-scope contracts
\u25a0 Add new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s
financial performance and cash flows
The amendments will take effect for annual reporting periods
starting on or after 1 January 2026. Early adoption is allowed,
but it must be disclosed. The amendments concerning the
own-use exception are to be applied retrospectively, while the
hedge accounting amendments should be applied
prospectively to new hedging relationships designated from
the initial application date. Additionally, the IFRS 7 disclosure
amendments must be implemented alongside the IFRS 9
amendments. If an entity does not restate comparative
information, it cannot present comparative disclosures.
The amendments will not have a material impact on the
Group's financial statements.
Amendments to IAS 21 - Translation to a Hyperinflationary
Presentation Currency
In November\u00a0 2025, the IASB has issued amendments to IAS 21
on the translation to a hyperinflationary presentation
currency. The amendments are effective for annual reporting
periods beginning on or after 1 January 2027, with earlier
application permitted.
The amendments are only relevant for entities that have a
presentation currency of a hyperinflationary economy, and
either its own functional currency or that of its foreign
operation(s) is that of a non-hyperinflationary economy.\u00a0 As
such, the amendments will not have an impact on the Group's
financial statements.
There are no other IFRS\u2019s or IFRIC interpretations not yet
effective, that would be expected to have a material impact on
the Group in the current or future reporting periods and on
foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Interests in associates and joint ventures
As per 31 December 2025, the Group only has interests in
individually immaterial associates and joint ventures, that are
all accounted for using the equity method.
The statement of profit or loss for the year ended 31
December 2025 included a \u20ac0.4 million profit from the share
in result of those investments (2024: \u20ac0.2 million).
Individually immaterial associates
The Group has an 23.0% interest in MTS Associated Markets
S.A., offering an electronic trading platform for sovereign
securities (e.g. government bonds).
In addition, following the acquisition of the Athex Group, the
Group has an 21% interest in the Hellenic Energy Exchange, an
organized marketplace for wholesale energy products in
Greece, including electricity, natural gas, and environmental
products.
As per 31 December 2025, the aggregate carrying amount of
individually immaterial associates amounted to \u20ac3.5 million
(2024: \u20ac0.4 million). The aggregate amount of the Group's
share of profit/(loss) amounted to a profit of \u20ac0.3 million
(2024: \u20ac0.1 million).
Individually immaterial joint ventures
The Group has an interest of 50% in joint venture FinansNett
Norge AS, a company offering data communications through
a metropolitan area network (MAN) in Oslo. This network
provides communication services for use by backup and
disaster recovery solutions as used by brokers and other
participants in the financial sector.
As per 31 December 2025, the aggregate carrying amount of
individually immaterial joint ventures amounted to \u20ac0.4
million (2024: \u20ac0.3 million). The aggregate amount of the
Group's share of profit/(loss) amounted to a profit of \u20ac0.1
million (2024: profit of \u20ac0.1 million).
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
RESULTS FROM EQUITY INVESTMENTS AND GAIN/(LOSS) ON DISPOSALSain/(loss) on disposals
Year ended
In thousands of euros
31 December
2025
31 December
2024
(Loss)/gain on disposal of subsidiaries
\u2014
20
Gain on disposal of associates
\u2014
1,179
Total
\u2014
1,199
During the comparative period, the Group sold its 30% investment in associate Advanced Technology Solutions S.p.A. The purchase
consideration comprised \u20ac0.9 million of cash, a \u20ac0.9 million receivable and a contingent receivable that is conditional to future
performance levels of ATS. As the carrying amount of the investment amounted to \u20ac0.6 million, the Group recognised a \u20ac1.2 million
gain on sale of associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
NON-CONTROLLING INTERESTS (NCI)
Financial information of subsidiaries that have material non-controlling interest is provided below.
Proportion of equity interest held by non-controlling interests:
Name of entity
Place of business / country of Incorporation
% of ownership interest
held\u00a0by\u00a0NCI
2025
2024
%
%
Nord Pool Group (a)
Norway
34.00
34.00
MTS Group (b)
Italy
36.86
36.86
GRSS Group (c)
New Zealand
25.00
25.00
Athex Exchange Group (d)
Greece
24.38
0.00
(a) Nord Pool Group consists of the subsidiaries Nord Pool Holding AS, Nord Pool AS, Nord Finland Oy, Nord Pool AB and Nord Pool European Market Coupling Operator AS, all
at a non-controlling interest of 34.0%.
(b) MTS Group consists of the subsidiaries MTS S.p.A., Marche de Titres France SAS and Euro MTS Ltd., all at a non-controlling interest of 36.86%.
(c) GRSS Group consists of the subsidiaries Global Rate Set Systems Ltd., Czech Financial Benchmark Facility S.r.o., Danish Financial Benchmark Facility A.p.S. and Chilean
Benchmark Facility S.p.A., all at a non-controlling interest of 25.0%.
(d) Athex Exchange Group consists of the subsidiaries Hellenic Exchanges-Athens Stock Exchange, Athens Exchange Clearing House and Hellenic Central Securities
Depository, all at a non-controlling interest of 24.38%.
The summarised financial information of these subsidiaries is provided below. This information is based on amounts before inter-
company eliminations.
Summarised balance
sheet
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
Current assets
256,817
257,397
159,957
133,361
15,875
8,997
638,955
\u2014
Current liabilities
211,805
218,763
23,322
22,619
7,906
2,715
551,389
\u2014
Current net assets
45,012
38,634
136,635
110,742
7,969
6,282
87,566
\u2014
Non-current assets
18,132
19,417
298,103
305,735
28,518
34,101
59,627
\u2014
Non-current liabilities
4,085
5,158
70,607
72,344
7,935
9,568
17,725
\u2014
Non-current net assets
14,047
14,259
227,496
233,391
20,583
24,533
41,902
\u2014
Net assets
59,059
52,893
364,131
344,133
28,552
30,815
129,468
\u2014
Accumulated NCI
20,080
17,984
134,240
126,867
7,137
7,704
31,564
\u2014
Summarised statement
of comprehensive
income
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
2025
2024
2025
2024
2025
2024
2025
2024
Revenue
71,732
57,818
181,665
144,366
10,452
5,133
8,762
\u2014
Profit for the year
27,948
19,659
97,383
75,177
2,039
832
3,164
\u2014
OCI
(186)
(18)
(112)
64
(2,908)
(2,999)
8,118
\u2014
Total comprehensive income
27,762
19,641
97,271
75,241
(869)
(2,167)
11,282
\u2014
Profit / (loss) allocated to NCI
9,502
6,684
35,905
27,718
510
208
771
\u2014
Dividends paid to NCI
7,275
5,933
28,419
18,024
396
\u2014
\u2014
\u2014
Summarised cash flow
information
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
2025
2024
2025
2024
2025
2024
2025
2024
Cash flow from operating
activities
1,799
35,560
112,318
77,295
7,791
945
2,840
\u2014
Cash flow from investing
activities
19,648
(1,670)
(43,816)
3,528
297
7,462
103,685
\u2014
Cash flow from financing
activities
(1,275)
(18,622)
(84,539)
(54,639)
(1,590)
\u2014
105
\u2014
Non-cash exchange gains/
(losses)
354
(4,015)
\u2014
\u2014
(778)
(957)
\u2014
\u2014
Net increase / (decrease) in
cash and cash equivalents
20,526
11,253
(16,037)
26,184
5,720
7,450
106,630
\u2014
RESULTS FROM EQUITY INVESTMENTS AND GAIN/(LOSS) ON DISPOSALSain/(loss) on disposals
Year ended
In thousands of euros
31 December
2025
31 December
2024
(Loss)/gain on disposal of subsidiaries
\u2014
20
Gain on disposal of associates
\u2014
1,179
Total
\u2014
1,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
NON-CONTROLLING INTERESTS (NCI)
Financial information of subsidiaries that have material non-controlling interest is provided below.
Proportion of equity interest held by non-controlling interests:
Name of entity
Place of business / country of Incorporation
% of ownership interest
held\u00a0by\u00a0NCI
2025
2024
%
%
Nord Pool Group (a)
Norway
34.00
34.00
MTS Group (b)
Italy
36.86
36.86
GRSS Group (c)
New Zealand
25.00
25.00
Athex Exchange Group (d)
Greece
24.38
0.00
(a) Nord Pool Group consists of the subsidiaries Nord Pool Holding AS, Nord Pool AS, Nord Finland Oy, Nord Pool AB and Nord Pool European Market Coupling Operator AS, all
at a non-controlling interest of 34.0%.
(b) MTS Group consists of the subsidiaries MTS S.p.A., Marche de Titres France SAS and Euro MTS Ltd., all at a non-controlling interest of 36.86%.
(c) GRSS Group consists of the subsidiaries Global Rate Set Systems Ltd., Czech Financial Benchmark Facility S.r.o., Danish Financial Benchmark Facility A.p.S. and Chilean
Benchmark Facility S.p.A., all at a non-controlling interest of 25.0%.
(d) Athex Exchange Group consists of the subsidiaries Hellenic Exchanges-Athens Stock Exchange, Athens Exchange Clearing House and Hellenic Central Securities
Depository, all at a non-controlling interest of 24.38%.
The summarised financial information of these subsidiaries is provided below. This information is based on amounts before inter-
company eliminations.
Summarised balance
sheet
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
Current assets
256,817
257,397
159,957
133,361
15,875
8,997
638,955
\u2014
Current liabilities
211,805
218,763
23,322
22,619
7,906
2,715
551,389
\u2014
Current net assets
45,012
38,634
136,635
110,742
7,969
6,282
87,566
\u2014
Non-current assets
18,132
19,417
298,103
305,735
28,518
34,101
59,627
\u2014
Non-current liabilities
4,085
5,158
70,607
72,344
7,935
9,568
17,725
\u2014
Non-current net assets
14,047
14,259
227,496
233,391
20,583
24,533
41,902
\u2014
Net assets
59,059
52,893
364,131
344,133
28,552
30,815
129,468
\u2014
Accumulated NCI
20,080
17,984
134,240
126,867
7,137
7,704
31,564
\u2014
Summarised statement
of comprehensive
income
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
2025
2024
2025
2024
2025
2024
2025
2024
Revenue
71,732
57,818
181,665
144,366
10,452
5,133
8,762
\u2014
Profit for the year
27,948
19,659
97,383
75,177
2,039
832
3,164
\u2014
OCI
(186)
(18)
(112)
64
(2,908)
(2,999)
8,118
\u2014
Total comprehensive income
27,762
19,641
97,271
75,241
(869)
(2,167)
11,282
\u2014
Profit / (loss) allocated to NCI
9,502
6,684
35,905
27,718
510
208
771
\u2014
Dividends paid to NCI
7,275
5,933
28,419
18,024
396
\u2014
\u2014
\u2014
Summarised cash flow
information
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
2025
2024
2025
2024
2025
2024
2025
2024
Cash flow from operating
activities
1,799
35,560
112,318
77,295
7,791
945
2,840
\u2014
Cash flow from investing
activities
19,648
(1,670)
(43,816)
3,528
297
7,462
103,685
\u2014
Cash flow from financing
activities
(1,275)
(18,622)
(84,539)
(54,639)
(1,590)
\u2014
105
\u2014
Non-cash exchange gains/
(losses)
354
(4,015)
\u2014
\u2014
(778)
(957)
\u2014
\u2014
Net increase / (decrease) in
cash and cash equivalents
20,526
11,253
(16,037)
26,184
5,720
7,450
106,630
\u2014
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Interests in associates and joint ventures
As per 31 December 2025, the Group only has interests in
individually immaterial associates and joint ventures, that are
all accounted for using the equity method.
The statement of profit or loss for the year ended 31
December 2025 included a \u20ac0.4 million profit from the share
in result of those investments (2024: \u20ac0.2 million).
Individually immaterial associates
The Group has an 23.0% interest in MTS Associated Markets
S.A., offering an electronic trading platform for sovereign
securities (e.g. government bonds).
In addition, following the acquisition of the Athex Group, the
Group has an 21% interest in the Hellenic Energy Exchange, an
organized marketplace for wholesale energy products in
Greece, including electricity, natural gas, and environmental
products.
As per 31 December 2025, the aggregate carrying amount of
individually immaterial associates amounted to \u20ac3.5 million
(2024: \u20ac0.4 million). The aggregate amount of the Group's
share of profit/(loss) amounted to a profit of \u20ac0.3 million
(2024: \u20ac0.1 million).
Individually immaterial joint ventures
The Group has an interest of 50% in joint venture FinansNett
Norge AS, a company offering data communications through
a metropolitan area network (MAN) in Oslo. This network
provides communication services for use by backup and
disaster recovery solutions as used by brokers and other
participants in the financial sector.
As per 31 December 2025, the aggregate carrying amount of
individually immaterial joint ventures amounted to \u20ac0.4
million (2024: \u20ac0.3 million). The aggregate amount of the
Group's share of profit/(loss) amounted to a profit of \u20ac0.1
million (2024: profit of \u20ac0.1 million).
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
ain/(loss) on disposals
Year ended
In thousands of euros
31 December
2025
31 December
2024
(Loss)/gain on disposal of subsidiaries
\u2014
20
Gain on disposal of associates
\u2014
1,179
Total
\u2014
1,199
During the comparative period, the Group sold its 30% investment in associate Advanced Technology Solutions S.p.A. The purchase
consideration comprised \u20ac0.9 million of cash, a \u20ac0.9 million receivable and a contingent receivable that is conditional to future
performance levels of ATS. As the carrying amount of the investment amounted to \u20ac0.6 million, the Group recognised a \u20ac1.2 million
gain on sale of associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Interests in associates and joint ventures
As per 31 December 2025, the Group only has interests in
individually immaterial associates and joint ventures, that are
all accounted for using the equity method.
The statement of profit or loss for the year ended 31
December 2025 included a \u20ac0.4 million profit from the share
in result of those investments (2024: \u20ac0.2 million).
Individually immaterial joint ventures
The Group has an interest of 50% in joint venture FinansNett
Norge AS, a company offering data communications through
a metropolitan area network (MAN) in Oslo. This network
provides communication services for use by backup and
disaster recovery solutions as used by brokers and other
participants in the financial sector.
As per 31 December 2025, the aggregate carrying amount of
individually immaterial joint ventures amounted to \u20ac0.4
million (2024: \u20ac0.3 million). The aggregate amount of the
Group's share of profit/(loss) amounted to a profit of \u20ac0.1
million (2024: profit of \u20ac0.1 million).
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "GROUP INFORMATION
The following table provides an overview of the Group\u2019s subsidiaries, associates, joint-ventures and non-current investments:
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Accuratus Tax and CA Services LLC
United States
100.00%
100.00%
Admincontrol AS (a)
Norway
100.00%
0.00%
Admincontrol Denmark A.p.S. (a)
Denmark
100.00%
0.00%
Admincontrol Finland Oy (a)
Finland
100.00%
0.00%
Admincontrol Sweden AB (a)
Sweden
100.00%
0.00%
Admincontrol UK Ltd. (a)
United Kingdom
100.00%
0.00%
Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) (b)
Greece
75.62%
0.00%
Athens Exchange Clearing House S.A. (ATHEX Clear) (b)
Greece
75.62%
0.00%
Hellenic Central Securities Depository S.A. (ATHEXCSD) (b)
Greece
75.62%
0.00%
Borsa Italiana S.p.A.
Italy
99.99%
99.99%
Cassa di Compensazione e Garanzia S.p.A. (c)
Italy
99.99%
99.99%
Chilean Benchmark Facility S.p.A.
Chile
75.00%
75.00%
Commcise Software Ltd.
United Kingdom
100.00%
100.00%
Company Webcast B.V.
The Netherlands
100.00%
100.00%
Czech Financial Benchmark Facility S.r.o.
Czech Republic
75.00%
75.00%
Danish Financial Benchmark Facility A.p.S.
Denmark
75.00%
75.00%
Elite S.p.A.
Italy
74.99%
74.99%
Euro MTS Ltd.
United Kingdom
63.14%
63.14%
Euronext Amsterdam N.V.
The Netherlands
100.00%
100.00%
Euronext Brussels S.A./N.V.
Belgium
100.00%
100.00%
Euronext Corporate Services GmbH
Germany
100.00%
100.00%
Euronext Corporate Services S.r.l.
Italy
100.00%
100.00%
Euronext Corporate Solutions Belgium S.r.l.
Belgium
100.00%
0.00%
Euronext Corporate Solutions B.V.
The Netherlands
100.00%
100.00%
Euronext Corporate Solutions Finland Oy
Finland
100.00%
100.00%
Euronext Corporate Solutions France S.A.S.
France
100.00%
100.00%
Euronext Corporate Solutions Norge Holding AS (a)
Norway
100.00%
0.00%
Euronext Corporate Solutions Sweden AB
Sweden
100.00%
100.00%
Euronext Corporate Solutions UK Ltd.
United Kingdom
100.00%
100.00%
Euronext FX Inc.
United States
100.00%
100.00%
Euronext Holding Italia S.p.A.
Italy
100.00%
100.00%
Euronext India Private Ltd.
India
100.00%
100.00%
Euronext IP & IT Holding B.V.
The Netherlands
100.00%
100.00%
Euronext Italy Merger 2 S.r.l.
Italy
100.00%
100.00%
Euronext Lisbon S.A. (d)
Portugal
100.00%
100.00%
Euronext London Ltd.
United Kingdom
100.00%
100.00%
Euronext Market Services LLC
United States
100.00%
100.00%
Euronext Markets Americas LLC
United States
100.00%
100.00%
Euronext Markets Singapore Pte Ltd.
Singapore
100.00%
100.00%
Euronext New Zealand Holdings Ltd.
New Zealand
100.00%
100.00%
Euronext Nordics Holding AS
Norway
100.00%
100.00%
Euronext Paris S.A.
France
100.00%
100.00%
Euronext Securities Shared Services Unipessoal Lda.
Portugal
100.00%
100.00%
Ownership
Subsidiaries
Domicile
As at 31
December
2025
As at 31
December
2024
Euronext Technologies S.A.S.
France
100.00%
100.00%
Euronext Technologies S.r.l.
Italy
100.00%
100.00%
Euronext Technologies Unipessoal Lda.
Portugal
100.00%
100.00%
Euronext UK Holdings Ltd.
United Kingdom
100.00%
100.00%
Euronext US Inc.
United States
100.00%
100.00%
Fish Pool ASA (e)
Norway
0.00%
100.00%
GATElab Ltd.
United Kingdom
100.00%
100.00%
GATElab S.r.l.
Italy
100.00%
100.00%
Global Rate Set Systems Ltd.
New Zealand
75.00%
75.00%
iBabs B.V.
The Netherlands
100.00%
100.00%
Interbolsa S.A. (f),(g)
Portugal
100.00%
100.00%
Marche de Titres France S.A.S.
France
63.14%
63.14%
Monte Titoli S.p.A. (g)
Italy
98.92%
98.92%
MTS S.p.A.
Italy
63.14%
63.14%
Nord Pool AB
Sweden
66.00%
66.00%
Nord Pool AS
Norway
66.00%
66.00%
Nord Pool European Market Coupling Operator AS
Norway
66.00%
66.00%
Nord Pool Finland Oy
Finland
66.00%
66.00%
Nord Pool Holding AS
Norway
66.00%
66.00%
Oslo B\u00f8rs ASA
Norway
100.00%
100.00%
Stichting Euronext Foundation (h)
The Netherlands
0.00%
0.00%
Substantive Research Ltd.
United Kingdom
100.00%
100.00%
The Irish Stock Exchange Plc. (i)
Ireland
100.00%
100.00%
Verdipapirsentralen ASA (\"VPS\") (g)
Norway
100.00%
100.00%
VP Securities AS (g)
Denmark
100.00%
100.00%
Associates
Domicile
MTS Associated Markets S.A.
Belgium
23.00%
23.00%
Hellenic Energy Exchange S.A. (HenEx) (b)
Greece
21.00%
0.00%
Joint Ventures
Domicile
FinansNett Norge AS
Norway
50.00%
50.00%
Non-current investments
Domicile
Association of National Numbering Agencies
Belgium
2.20%
2.20%
Boursa Kuwait Securities Co. (b)
Kuwait
0.78%
0.00%
Beogradska berza a.d. (b)
Serbia
4.75%
0.00%
Euroclear S.A./N.V.
Belgium
3.53%
3.53%
EuroCTP B.V.
The Netherlands
19.00%
18.95%
Investor Compensation Company Designated Activity Company
Ireland
33.30%
33.30%
Nordic Credit Rating AS
Norway
5.00%
5.00%
Sicovam Holding S.A.
France
9.60%
9.60%
(a) On 13 May 2025, the Group acquired a 100% interest in Admincontrol subsidiaries. In addition, Euronext Corporate Solutions Norge Holding AS was incorporated in
relation to this transaction. See note 5 for more details related to the acquisition.
(b) In 2025, the Group acquired a 75.62% interest in the Hellenic Exchanges-Athens Stock Exchange and its subsidiaries. An interest of 21% in associate Hellenic Energy
Exchange was included in the transaction, as well as investments of 0.78% in Boursa Kuwait and 4.75% in Belgrade Stock Exchange (Beogradska berza a.d.).
(c) Cassa di Compensazione e Garanzia S.p.A.operates under the business name \"Euronext Clearing\".
(d) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.
(e) In 2025, Fish Pool ASA merged into Oslo B\u00f8rs ASA.
(f) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquida\u00e7ao e de Sistemas Centralizados de Valores Mobili\u00e1rios, S.A.
(g) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names \"Euronext Securities Porto\", \"Euronext
Securities Oslo\", \"Euronext Securities Copenhagen\" and \"Euronext Securities Milan\".
(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.
(i) The Irish Stock Exchange plc. operates under the business name Euronext Dublin.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Interests in associates and joint ventures
As per 31 December 2025, the Group only has interests in
individually immaterial associates and joint ventures, that are
all accounted for using the equity method.
The statement of profit or loss for the year ended 31
December 2025 included a \u20ac0.4 million profit from the share
in result of those investments (2024: \u20ac0.2 million).
Individually immaterial associates
The Group has an 23.0% interest in MTS Associated Markets
S.A., offering an electronic trading platform for sovereign
securities (e.g. government bonds).
In addition, following the acquisition of the Athex Group, the
Group has an 21% interest in the Hellenic Energy Exchange, an
organized marketplace for wholesale energy products in
Greece, including electricity, natural gas, and environmental
products.
As per 31 December 2025, the aggregate carrying amount of
individually immaterial associates amounted to \u20ac3.5 million
(2024: \u20ac0.4 million). The aggregate amount of the Group's
share of profit/(loss) amounted to a profit of \u20ac0.3 million
(2024: \u20ac0.1 million).
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
RESULTS FROM EQUITY INVESTMENTS AND GAIN/(LOSS) ON DISPOSALSain/(loss) on disposals
Year ended
In thousands of euros
31 December
2025
31 December
2024
(Loss)/gain on disposal of subsidiaries
\u2014
20
Gain on disposal of associates
\u2014
1,179
Total
\u2014
1,199
During the comparative period, the Group sold its 30% investment in associate Advanced Technology Solutions S.p.A. The purchase
consideration comprised \u20ac0.9 million of cash, a \u20ac0.9 million receivable and a contingent receivable that is conditional to future
performance levels of ATS. As the carrying amount of the investment amounted to \u20ac0.6 million, the Group recognised a \u20ac1.2 million
gain on sale of associate.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "BUSINESS COMBINATIONS AND ACQUISITION OF NON-CONTROLLING INTERESTS
The business combinations and acquisitions of non-controlling interests that occurred during the year are set out below.
Acquisition of Admincontrol
On 13 May 2025, the Group acquired 100% of the share capital of Admincontrol, a leader in the governance SaaS space. The
purchase consideration for the 100% stake was NOK4.908 million, or \u20ac426 million.
The Group has acquired Admincontrol to support the Group's strategy to expand its Corporate Solutions offering. The acquisition
contributes to the growth of Euronext\u2019s fixed and subscription-based revenue.
Details of the purchase consideration, the net assets acquired and goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Cash paid
425,610
Purchase consideration
425,610
The purchase price allocation yielded the following results:
In thousands of euros
Fair Value
Assets
Property, plant and equipment
233
Right-of-use assets
2,877
Intangible assets: customer relations
12,227
Intangible assets: software
102,063
Intangible assets: brand names
21,939
Intangible assets: other
160
Deferred tax assets
\u2014
Non-current other assets
206
Trade and other receivables
4,018
Other current assets
598
Cash and cash equivalents
24,957
Liabilities
Non-current lease liabilities
(2,311)
Deferred tax liabilities
(30,378)
Current lease liabilities
(566)
Current income tax liabilities
(256)
Trade and other payables
(2,285)
Current contract liabilities
(10,656)
Current provisions
(402)
Net identifiable assets acquired
122,424
Less: non-controlling interest
\u2014
Add: Goodwill
303,186
Total purchase consideration
425,610
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Admincontrol, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac4.0 million (almost fully related to trade receivables), which is not materially
different to the gross contractual amount. None of the trade receivables have been impaired and it is expected that the full
contractual amounts can be collected.
Revenue and profit contribution
From the date of the acquisition, Admincontrol has contributed \u20ac22.6 million of revenue and \u20ac1.3 million of net profit to the Group.
If the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,831.6\u00a0 million and \u20ac643.7 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(1,749)
Included in cash flow from operating activities
(1,749)
Cash consideration
(425,610)
Less: balances acquired
24,957
Included in cash flow from investing activities
(400,653)
Net cash flow on acquisition
(402,402)
Acquisition related costs
Acquisition related costs of \u20ac1.7 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of Athens Exchange Group (ATHEX)
On 24 November 2025, the Group acquired 74.25% of the share capital in the Athens Exchange Group (ATHEX), comprising the
Athens Stock Exchange, Athens Exchange Clearing House and the Hellenic Central Securities Depository.
The acquisition was executed through a share exchange transaction, in which 42,953,405 of Athex Group shares were exchanged
for 2,147,405 of Euronext shares at a ratio of 1:20. At a Euronext closing share price of \u20ac129.7 on 24 November 2025, the fair value of
consideration transferred approximated \u20ac278.5 million.
The acquisition is a significant step towards a more integrated and more competitive capital market in Europe, establishing the
Athens Exchange Group as a financial hub in the Southeast Europe region.
Details of the purchase consideration, the preliminary net assets acquired, preliminary non-controlling interest and preliminary
goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Equity instruments issued
278,519
Purchase consideration
278,519
The preliminary purchase price allocation yielded the following results:
In thousands of euros
Preliminary
calculation
Fair Value (a)
Assets
Property, plant and equipment
20,627
Investment property
6,300
Intangible assets: customer relations
\u2014
Intangible assets: software
\u2014
Intangible assets: brand names
\u2014
Intangible assets: other
7,989
Deferred tax assets
62
Investments in associates and joint ventures
2,676
Non-current financial\u00a0 assets at FVOCI
17,176
Non-current other assets
4,826
Trade and other receivables
10,666
CCP clearing business assets
534,503
Cash and cash equivalents
104,545
Liabilities
Deferred tax liabilities
(3,628)
Post-employment benefits
(2,031)
Non-current contract liabilities
(7,779)
Non-current other provisions
(266)
CCP clearing business liabilities
(534,503)
Current income tax liabilities
(7,744)
Trade and other payables
(24,058)
Current contract liabilities
(3,491)
Net identifiable assets acquired
125,870
Less: non-controlling interest
(32,449)
Add: Goodwill
185,098
Total purchase consideration
278,519
(a) The valuation of the net identifiable assets acquired had not been completed by the date these consolidated financial statements were authorised for issuance by
Euronext N.V.\u2019s Supervisory Board, as the transaction was closed shortly before the reporting date. Therefore, all line items except for 'cash and cash equivalents' are
subject to subsequent fair value adjustments, with a corresponding adjustment in Goodwill, within the one year measurement period after acquisition.
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Athex Group, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac10.7 million and included \u20ac5.3 million of trade receivables, which is not materially
different to the gross contractual amount. Trade receivables have been impaired for \u20ac1.9 million and it is not expected that the full
contractual amounts can be collected.
Non-controlling interest
The Group has chosen to recognise the non-controlling interest at the proportionate share of the net assets acquired. As such, non-
controlling interest on acquisition amounted to \u20ac32.5 million (25.75% of \u20ac126.2 million).
Revenue and profit contribution
From the date of the acquisition, Athex Group has contributed \u20ac8.8 million of revenue and \u20ac2.4 million of net profit to the Group. If
the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,896.5\u00a0 million and \u20ac664.2 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(5,848)
Included in cash flow from operating activities
(5,848)
Cash balances acquired
104,545
Included in cash flow from investing activities
104,545
Net cash flow on acquisition
98,697
Acquisition related costs
Acquisition related costs of \u20ac5.8 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of additional 1.37% interest\u00a0
Between the acquisition date of 24 November 2025 and 31 December 2025, the Group acquired an additional interest on the market
in Athex Group of 1.37%, at an amount of \u20ac5.0 million. These transactions were paid in cash and accounted for as a transaction with
non-controlling interest through equity.
DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12).
GOODWILL AND OTHER INTANGIBLE ASSETS
Intangible assets
recognised on business combinations
and asset acquisitions
In thousands of euros
Goodwill
Internally
developed
software
Purchased
softw. Constr.
in Pr.
Patents &
TrMr
Fair Value
adjustment
Software
Customer
Relations
Brand
Names (a)
Total
As at 1 January 2024
Cost
4,031,263
477,832
74,783
165,548
2,032,571
31,408
6,813,405
Accumulated amortisation and impairment
(54,259)
(315,101)
(70,631)
(72,763)
(187,841)
(4,658)
(705,253)
Net book amount
3,977,004
162,731
4,152
92,785
1,844,730
26,750
6,108,152
As at 1 January 2024 net book amount
3,977,004
162,731
4,152
92,785
1,844,730
26,750
6,108,152
Exchange differences
(17,643)
(295)
\u2014
(641)
(7,563)
251
(25,891)
Additions
\u2014
67,701
1,576
\u2014
\u2014
\u2014
69,277
Impairment charge / write off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers and other
\u2014
(445)
(77)
\u2014
\u2014
\u2014
(522)
Business combinations
39,297
372
\u2014
5,439
41,756
\u2014
86,864
Sales of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge (Note 10)
\u2014
(57,176)
(2,140)
(20,995)
(60,701)
(636)
(141,648)
As at 31 December 2024 net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
As at 31 December 2024
Cost
4,050,823
443,048
62,761
169,417
2,066,157
31,658
6,823,864
Accumulated amortisation and impairment
(52,165)
(270,160)
(59,250)
(92,829)
(247,935)
(5,293)
(727,632)
Net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
As at 1 January 2025 net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
Exchange differences
(27,549)
(395)
74
(1,047)
(9,782)
(1,113)
(39,812)
Additions
\u2014
103,702
1,448
\u2014
\u2014
\u2014
105,150
Impairment charge / write off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers and other
\u2014
179
42
\u2014
(268)
\u2014
(47)
Business combinations / asset acquisitions
488,284
4,694
3,456
21,939
236,905
12,227
767,505
Sales of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge (Note 10)
\u2014
(63,257)
(2,354)
(21,997)
(64,427)
(80)
(152,115)
As at 31 December 2025 net book amount
4,459,393
217,811
6,177
75,483
1,980,650
37,399
6,776,913
As at 31 December 2025
Cost
4,511,558
556,855
83,944
189,719
2,290,783
42,772
7,675,631
Accumulated amortisation and impairment
(52,165)
(339,044)
(77,767)
(114,236)
(310,133)
(5,373)
(898,718)
Net book amount
4,459,393
217,811
6,177
75,483
1,980,650
37,399
6,776,913
a) As per 31 December 2025, brand names include brands with a finite useful live for an amount of nil (2024: \u20ac0.1 million). Regarding the brand names with an indefinite useful
life, management determined that the brand names will continue to contribute indefinitely to the cash flows of the Group. This because the brand names are long
established, continue to have a strong market presence with high customer recognition and there are no material legal, contractual or other factors that limit their useful
life.
In 2025, the increase in internally developed software
investments is primarily related to projects initiated as part of
the Strategic Plan \"Innovate for Growth 2027\", as well as the
ongoing pan-Europeanisation of Euronext CSDs, and further
expansion of clearing activities by Euronext Clearing.
In 2024, the additions in internally developed software
investments primarily related to the ongoing implementation
of Borsa Italiana Group to Euronext's trading platform Optiq\u00ae,
the expansion of clearing activities to all Euronext markets by
Euronext Clearing, the pan-Europeanisation of Euronext CSDs,
and several digital ambition projects within the Group.
The increase in goodwill is due to the acquisitions of
Admincontrol and Athex Group, whereas the increase in
customer relations includes the identified customer
relationship in the acquisition of open interest positions in
Nasdaq's Nordic power futures business. The open interest
positions comprise the number of power future contracts that
are still \u201copen\u201d on the market. These contracts have been
bought or sold but not yet closed out by taking an opposite
position or through expiration.
Furthermore, no indicators of impairment of intangible assets
with a finite useful life were identified and as such no detailed
impairment test was performed. For intangible assets with an
indefinite useful life the impairment tests did not lead to an/
any impairment.
Goodwill impairment test
Goodwill is monitored and tested for impairment at the lowest
CGU Group level of the Group to which goodwill acquired in a
business combination is allocated (see Note 3). Following the
acquisitions of Euronext FX (former FastMatch Inc.) in 2017
and Nord Pool Holding AS in 2020 and the allocation of
goodwill from those transactions to respectively the \u201cFX
Trading\u201d CGU and the \u201cNord Pool\u201d CGU, the Group tests goodwill
at the level of three CGUs (Groups): \u201cEuronext\u201d, \u201cFX Trading\u201d
and \u201cNord Pool\u201d. The acquisition of Athex Group is included in
the Euronext CGU.
Euronext CGU (Group)
The recoverable value of the \u201cEuronext\u201d CGU Group is based on
its fair value less cost of disposal, applying a discounted cash
flow approach, and corroborated by observation of Company\u2019s
market capitalisation. The fair value measurement uses
significant unobservable inputs and is therefore categorised
as a Level 3 measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget and
the business plan for. Key assumptions used by management
include third party revenue growth, which factors future
volumes of European equity markets, the Group\u2019s market
share, average fee per transaction, and the expected impact
of new product initiatives. These assumptions are based on
past experience, market research and management
expectation of market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.8% (2024: 1.5%) after 2025. The weighted average
cost of capital applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cEuronext\u201d CGU Group
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Euronext\" CGU Group
amounted to respectively \u20ac4,337.9 million (2024: \u20ac3,863.8
million) and \u20ac28.5 million (2024: \u20ac16.5 million).
FX Trading CGU
The recoverable value of the \u201cFX Trading\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, the
business plan for 2027 and extrapolations for 2028 to 2033.
Key assumptions used by management include third party
revenue growth, which factors future volumes on global
Foreign Exchange trading markets, the Group\u2019s market share,
average fee per transaction, and the expected impact of new
product initiatives. These assumptions are based on past
experience, market research and management expectation of
market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 2.0% (2024: 2.0%) after 2033. The discount rate
applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cFX Trading\u201d CGU
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"FX Trading\" CGU
amounted to respectively \u20ac97.8 million (2024: \u20ac110.9 million)
and \u20ac5.8 million (2024: \u20ac6.6 million).
Nord Pool CGU
The recoverable value of the \u201cNord Pool\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, and
extrapolations for 2027 to 2031. Key assumptions used by
management include third party revenue growth, which
factors future volumes on day ahead and intraday physical
energy markets, the Group\u2019s market share, average fee per
transaction, and the expected impact of new product
initiatives. These assumptions are based on past experience,
market research and management expectation of market
developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.1% (2024: 1.4%) after 2031. The discount rate applied
was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cNord Pool\u201d CGU
performed at year-end did not result in any instance where the
carrying value of the operating segment exceeded its
recoverable amount. Recoverable amount is sensitive to key
assumptions. As of 31 December 2025, a reduction to 0% per
year of perpetual growth rate, or an increase by 1% per year in
discount rate, which management believes are individually
reasonably possible changes to key assumptions, would not
result in a goodwill impairment. The sensitivity test on the key
assumptions defined in 2025 would not result in a goodwill
impairment. Possible correlations between each of these
parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Nord Pool\" CGU
amounted to respectively \u20ac23.8 million (2024: \u20ac23.9 million)
and \u20ac3.1 million (2024: \u20ac3.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "BUSINESS COMBINATIONS AND ACQUISITION OF NON-CONTROLLING INTERESTS
The business combinations and acquisitions of non-controlling interests that occurred during the year are set out below.
Acquisition of Admincontrol
On 13 May 2025, the Group acquired 100% of the share capital of Admincontrol, a leader in the governance SaaS space. The
purchase consideration for the 100% stake was NOK4.908 million, or \u20ac426 million.
The Group has acquired Admincontrol to support the Group's strategy to expand its Corporate Solutions offering. The acquisition
contributes to the growth of Euronext\u2019s fixed and subscription-based revenue.
Details of the purchase consideration, the net assets acquired and goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Cash paid
425,610
Purchase consideration
425,610
The purchase price allocation yielded the following results:
In thousands of euros
Fair Value
Assets
Property, plant and equipment
233
Right-of-use assets
2,877
Intangible assets: customer relations
12,227
Intangible assets: software
102,063
Intangible assets: brand names
21,939
Intangible assets: other
160
Deferred tax assets
\u2014
Non-current other assets
206
Trade and other receivables
4,018
Other current assets
598
Cash and cash equivalents
24,957
Liabilities
Non-current lease liabilities
(2,311)
Deferred tax liabilities
(30,378)
Current lease liabilities
(566)
Current income tax liabilities
(256)
Trade and other payables
(2,285)
Current contract liabilities
(10,656)
Current provisions
(402)
Net identifiable assets acquired
122,424
Less: non-controlling interest
\u2014
Add: Goodwill
303,186
Total purchase consideration
425,610
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Admincontrol, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac4.0 million (almost fully related to trade receivables), which is not materially
different to the gross contractual amount. None of the trade receivables have been impaired and it is expected that the full
contractual amounts can be collected.
Revenue and profit contribution
From the date of the acquisition, Admincontrol has contributed \u20ac22.6 million of revenue and \u20ac1.3 million of net profit to the Group.
If the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,831.6\u00a0 million and \u20ac643.7 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(1,749)
Included in cash flow from operating activities
(1,749)
Cash consideration
(425,610)
Less: balances acquired
24,957
Included in cash flow from investing activities
(400,653)
Net cash flow on acquisition
(402,402)
Acquisition related costs
Acquisition related costs of \u20ac1.7 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of Athens Exchange Group (ATHEX)
On 24 November 2025, the Group acquired 74.25% of the share capital in the Athens Exchange Group (ATHEX), comprising the
Athens Stock Exchange, Athens Exchange Clearing House and the Hellenic Central Securities Depository.
The acquisition was executed through a share exchange transaction, in which 42,953,405 of Athex Group shares were exchanged
for 2,147,405 of Euronext shares at a ratio of 1:20. At a Euronext closing share price of \u20ac129.7 on 24 November 2025, the fair value of
consideration transferred approximated \u20ac278.5 million.
The acquisition is a significant step towards a more integrated and more competitive capital market in Europe, establishing the
Athens Exchange Group as a financial hub in the Southeast Europe region.
Details of the purchase consideration, the preliminary net assets acquired, preliminary non-controlling interest and preliminary
goodwill are reflected in the tables below.
Purchase consideration:
In thousands of euros
Fair Value
Equity instruments issued
278,519
Purchase consideration
278,519
The preliminary purchase price allocation yielded the following results:
In thousands of euros
Preliminary
calculation
Fair Value (a)
Assets
Property, plant and equipment
20,627
Investment property
6,300
Intangible assets: customer relations
\u2014
Intangible assets: software
\u2014
Intangible assets: brand names
\u2014
Intangible assets: other
7,989
Deferred tax assets
62
Investments in associates and joint ventures
2,676
Non-current financial\u00a0 assets at FVOCI
17,176
Non-current other assets
4,826
Trade and other receivables
10,666
CCP clearing business assets
534,503
Cash and cash equivalents
104,545
Liabilities
Deferred tax liabilities
(3,628)
Post-employment benefits
(2,031)
Non-current contract liabilities
(7,779)
Non-current other provisions
(266)
CCP clearing business liabilities
(534,503)
Current income tax liabilities
(7,744)
Trade and other payables
(24,058)
Current contract liabilities
(3,491)
Net identifiable assets acquired
125,870
Less: non-controlling interest
(32,449)
Add: Goodwill
185,098
Total purchase consideration
278,519
(a) The valuation of the net identifiable assets acquired had not been completed by the date these consolidated financial statements were authorised for issuance by
Euronext N.V.\u2019s Supervisory Board, as the transaction was closed shortly before the reporting date. Therefore, all line items except for 'cash and cash equivalents' are
subject to subsequent fair value adjustments, with a corresponding adjustment in Goodwill, within the one year measurement period after acquisition.
The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of
Athex Group, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 19 for the changes in
goodwill as a result from the acquisition.
Acquired receivables
The fair value of trade and other receivables was \u20ac10.7 million and included \u20ac5.3 million of trade receivables, which is not materially
different to the gross contractual amount. Trade receivables have been impaired for \u20ac1.9 million and it is not expected that the full
contractual amounts can be collected.
Non-controlling interest
The Group has chosen to recognise the non-controlling interest at the proportionate share of the net assets acquired. As such, non-
controlling interest on acquisition amounted to \u20ac32.5 million (25.75% of \u20ac126.2 million).
Revenue and profit contribution
From the date of the acquisition, Athex Group has contributed \u20ac8.8 million of revenue and \u20ac2.4 million of net profit to the Group. If
the acquisition would have occurred on 1 January 2025, consolidated revenue and income and consolidated net profit for the year
ended 31 December 2025 would approximate \u20ac1,896.5\u00a0 million and \u20ac664.2 million respectively.
Analyses of cash flow on acquisition
In thousands of euros
2025
Acquisition related costs
(5,848)
Included in cash flow from operating activities
(5,848)
Cash balances acquired
104,545
Included in cash flow from investing activities
104,545
Net cash flow on acquisition
98,697
Acquisition related costs
Acquisition related costs of \u20ac5.8 million were expensed and recognised in 'non-underlying' other operational expenses.
Acquisition of additional 1.37% interest\u00a0
Between the acquisition date of 24 November 2025 and 31 December 2025, the Group acquired an additional interest on the market
in Athex Group of 1.37%, at an amount of \u20ac5.0 million. These transactions were paid in cash and accounted for as a transaction with
non-controlling interest through equity.
GOODWILL AND OTHER INTANGIBLE ASSETS
Intangible assets
recognised on business combinations
and asset acquisitions
In thousands of euros
Goodwill
Internally
developed
software
Purchased
softw. Constr.
in Pr.
Patents &
TrMr
Fair Value
adjustment
Software
Customer
Relations
Brand
Names (a)
Total
As at 1 January 2024
Cost
4,031,263
477,832
74,783
165,548
2,032,571
31,408
6,813,405
Accumulated amortisation and impairment
(54,259)
(315,101)
(70,631)
(72,763)
(187,841)
(4,658)
(705,253)
Net book amount
3,977,004
162,731
4,152
92,785
1,844,730
26,750
6,108,152
As at 1 January 2024 net book amount
3,977,004
162,731
4,152
92,785
1,844,730
26,750
6,108,152
Exchange differences
(17,643)
(295)
\u2014
(641)
(7,563)
251
(25,891)
Additions
\u2014
67,701
1,576
\u2014
\u2014
\u2014
69,277
Impairment charge / write off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers and other
\u2014
(445)
(77)
\u2014
\u2014
\u2014
(522)
Business combinations
39,297
372
\u2014
5,439
41,756
\u2014
86,864
Sales of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge (Note 10)
\u2014
(57,176)
(2,140)
(20,995)
(60,701)
(636)
(141,648)
As at 31 December 2024 net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
As at 31 December 2024
Cost
4,050,823
443,048
62,761
169,417
2,066,157
31,658
6,823,864
Accumulated amortisation and impairment
(52,165)
(270,160)
(59,250)
(92,829)
(247,935)
(5,293)
(727,632)
Net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
As at 1 January 2025 net book amount
3,998,658
172,888
3,511
76,588
1,818,222
26,365
6,096,232
Exchange differences
(27,549)
(395)
74
(1,047)
(9,782)
(1,113)
(39,812)
Additions
\u2014
103,702
1,448
\u2014
\u2014
\u2014
105,150
Impairment charge / write off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers and other
\u2014
179
42
\u2014
(268)
\u2014
(47)
Business combinations / asset acquisitions
488,284
4,694
3,456
21,939
236,905
12,227
767,505
Sales of subsidiaries
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation charge (Note 10)
\u2014
(63,257)
(2,354)
(21,997)
(64,427)
(80)
(152,115)
As at 31 December 2025 net book amount
4,459,393
217,811
6,177
75,483
1,980,650
37,399
6,776,913
As at 31 December 2025
Cost
4,511,558
556,855
83,944
189,719
2,290,783
42,772
7,675,631
Accumulated amortisation and impairment
(52,165)
(339,044)
(77,767)
(114,236)
(310,133)
(5,373)
(898,718)
Net book amount
4,459,393
217,811
6,177
75,483
1,980,650
37,399
6,776,913
a) As per 31 December 2025, brand names include brands with a finite useful live for an amount of nil (2024: \u20ac0.1 million). Regarding the brand names with an indefinite useful
life, management determined that the brand names will continue to contribute indefinitely to the cash flows of the Group. This because the brand names are long
established, continue to have a strong market presence with high customer recognition and there are no material legal, contractual or other factors that limit their useful
life.
Goodwill impairment test
Goodwill is monitored and tested for impairment at the lowest
CGU Group level of the Group to which goodwill acquired in a
business combination is allocated (see Note 3). Following the
acquisitions of Euronext FX (former FastMatch Inc.) in 2017
and Nord Pool Holding AS in 2020 and the allocation of
goodwill from those transactions to respectively the \u201cFX
Trading\u201d CGU and the \u201cNord Pool\u201d CGU, the Group tests goodwill
at the level of three CGUs (Groups): \u201cEuronext\u201d, \u201cFX Trading\u201d
and \u201cNord Pool\u201d. The acquisition of Athex Group is included in
the Euronext CGU.
Euronext CGU (Group)
The recoverable value of the \u201cEuronext\u201d CGU Group is based on
its fair value less cost of disposal, applying a discounted cash
flow approach, and corroborated by observation of Company\u2019s
market capitalisation. The fair value measurement uses
significant unobservable inputs and is therefore categorised
as a Level 3 measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget and
the business plan for. Key assumptions used by management
include third party revenue growth, which factors future
volumes of European equity markets, the Group\u2019s market
share, average fee per transaction, and the expected impact
of new product initiatives. These assumptions are based on
past experience, market research and management
expectation of market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.8% (2024: 1.5%) after 2025. The weighted average
cost of capital applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cEuronext\u201d CGU Group
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Euronext\" CGU Group
amounted to respectively \u20ac4,337.9 million (2024: \u20ac3,863.8
million) and \u20ac28.5 million (2024: \u20ac16.5 million).
FX Trading CGU
The recoverable value of the \u201cFX Trading\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, the
business plan for 2027 and extrapolations for 2028 to 2033.
Key assumptions used by management include third party
revenue growth, which factors future volumes on global
Foreign Exchange trading markets, the Group\u2019s market share,
average fee per transaction, and the expected impact of new
product initiatives. These assumptions are based on past
experience, market research and management expectation of
market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 2.0% (2024: 2.0%) after 2033. The discount rate
applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cFX Trading\u201d CGU
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"FX Trading\" CGU
amounted to respectively \u20ac97.8 million (2024: \u20ac110.9 million)
and \u20ac5.8 million (2024: \u20ac6.6 million).
Nord Pool CGU
The recoverable value of the \u201cNord Pool\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, and
extrapolations for 2027 to 2031. Key assumptions used by
management include third party revenue growth, which
factors future volumes on day ahead and intraday physical
energy markets, the Group\u2019s market share, average fee per
transaction, and the expected impact of new product
initiatives. These assumptions are based on past experience,
market research and management expectation of market
developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.1% (2024: 1.4%) after 2031. The discount rate applied
was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cNord Pool\u201d CGU
performed at year-end did not result in any instance where the
carrying value of the operating segment exceeded its
recoverable amount. Recoverable amount is sensitive to key
assumptions. As of 31 December 2025, a reduction to 0% per
year of perpetual growth rate, or an increase by 1% per year in
discount rate, which management believes are individually
reasonably possible changes to key assumptions, would not
result in a goodwill impairment. The sensitivity test on the key
assumptions defined in 2025 would not result in a goodwill
impairment. Possible correlations between each of these
parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Nord Pool\" CGU
amounted to respectively \u20ac23.8 million (2024: \u20ac23.9 million)
and \u20ac3.1 million (2024: \u20ac3.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "NON-CONTROLLING INTERESTS (NCI)
Financial information of subsidiaries that have material non-controlling interest is provided below.
Proportion of equity interest held by non-controlling interests:
Name of entity
Place of business / country of Incorporation
% of ownership interest
held\u00a0by\u00a0NCI
2025
2024
%
%
Nord Pool Group (a)
Norway
34.00
34.00
MTS Group (b)
Italy
36.86
36.86
GRSS Group (c)
New Zealand
25.00
25.00
Athex Exchange Group (d)
Greece
24.38
0.00
(a) Nord Pool Group consists of the subsidiaries Nord Pool Holding AS, Nord Pool AS, Nord Finland Oy, Nord Pool AB and Nord Pool European Market Coupling Operator AS, all
at a non-controlling interest of 34.0%.
(b) MTS Group consists of the subsidiaries MTS S.p.A., Marche de Titres France SAS and Euro MTS Ltd., all at a non-controlling interest of 36.86%.
(c) GRSS Group consists of the subsidiaries Global Rate Set Systems Ltd., Czech Financial Benchmark Facility S.r.o., Danish Financial Benchmark Facility A.p.S. and Chilean
Benchmark Facility S.p.A., all at a non-controlling interest of 25.0%.
(d) Athex Exchange Group consists of the subsidiaries Hellenic Exchanges-Athens Stock Exchange, Athens Exchange Clearing House and Hellenic Central Securities
Depository, all at a non-controlling interest of 24.38%.
The summarised financial information of these subsidiaries is provided below. This information is based on amounts before inter-
company eliminations.
Summarised balance
sheet
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
31 Dec
2025
31 Dec
2024
Current assets
256,817
257,397
159,957
133,361
15,875
8,997
638,955
\u2014
Current liabilities
211,805
218,763
23,322
22,619
7,906
2,715
551,389
\u2014
Current net assets
45,012
38,634
136,635
110,742
7,969
6,282
87,566
\u2014
Non-current assets
18,132
19,417
298,103
305,735
28,518
34,101
59,627
\u2014
Non-current liabilities
4,085
5,158
70,607
72,344
7,935
9,568
17,725
\u2014
Non-current net assets
14,047
14,259
227,496
233,391
20,583
24,533
41,902
\u2014
Net assets
59,059
52,893
364,131
344,133
28,552
30,815
129,468
\u2014
Accumulated NCI
20,080
17,984
134,240
126,867
7,137
7,704
31,564
\u2014
Summarised statement
of comprehensive
income
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
2025
2024
2025
2024
2025
2024
2025
2024
Revenue
71,732
57,818
181,665
144,366
10,452
5,133
8,762
\u2014
Profit for the year
27,948
19,659
97,383
75,177
2,039
832
3,164
\u2014
OCI
(186)
(18)
(112)
64
(2,908)
(2,999)
8,118
\u2014
Total comprehensive income
27,762
19,641
97,271
75,241
(869)
(2,167)
11,282
\u2014
Profit / (loss) allocated to NCI
9,502
6,684
35,905
27,718
510
208
771
\u2014
Dividends paid to NCI
7,275
5,933
28,419
18,024
396
\u2014
\u2014
\u2014
Summarised cash flow
information
Nord Pool Group
MTS Group
GRSS Group
Athens Exchange
Group
In thousands of euros
2025
2024
2025
2024
2025
2024
2025
2024
Cash flow from operating
activities
1,799
35,560
112,318
77,295
7,791
945
2,840
\u2014
Cash flow from investing
activities
19,648
(1,670)
(43,816)
3,528
297
7,462
103,685
\u2014
Cash flow from financing
activities
(1,275)
(18,622)
(84,539)
(54,639)
(1,590)
\u2014
105
\u2014
Non-cash exchange gains/
(losses)
354
(4,015)
\u2014
\u2014
(778)
(957)
\u2014
\u2014
Net increase / (decrease) in
cash and cash equivalents
20,526
11,253
(16,037)
26,184
5,720
7,450
106,630
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
PROVISIONS
In thousands of euros
Restructuring
Leases
Jubilee
Legal
claims
Plan
Agents
Others
Total
Changes in provisions
As at 1 January 2025
5,846
3,162
1,270
1,823
185
767
13,053
Additional provisions charged to
income statement
1,072
31
203
294
\u2014
300
1,900
Used during the year
(4,499)
(63)
(113)
(27)
(4)
(648)
(5,354)
Unused amounts reversed
(186)
(31)
\u2014
(166)
\u2014
(213)
(596)
Acquisition of subsidiary
\u2014
\u2014
\u2014
\u2014
\u2014
667
667
Reclassifications and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
1
(39)
\u2014
\u2014
\u2014
(4)
(42)
As at 31 December 2025
2,234
3,060
1,360
1,924
181
869
9,628
Composition of provisions
Current
2,234
\u2014
\u2014
18
\u2014
152
2,404
Non Current
\u2014
3,060
1,360
1,906
181
717
7,224
Total
2,234
3,060
1,360
1,924
181
869
9,628
Restructuring
The restructuring provision relates to employee termination
benefits that have an uncertain character. The decrease
during the year is mostly related to payments of employee
termination benefits for leavers in various Euronext entities,
with the main impact at Borsa Italiana Group.
Leases
The leases provision relates to estimated future dismantling or
removing costs, primarily for the lease of its \u2018Praetorium\u2019 office
in Paris.
Jubilee
The Jubilee provision increased, mainly due to provision made
in Euronext Paris during the year.
Legal claims
The legal claims provision relates to individual litigation
settlement cases.
Plan Agents
The provision for Plan Agents relates to a retirement
allowance for retired stockbrokers in Belgium, which is
determined using actuarial assumptions. No cash outflows are
expected for 2025.
Others
The 'Others' provision primarily relates to a compensation
scheme in Oslo, that gives employees compensation for a
change in their historical DB pension arrangements.
CONTINGENCIES
The Group is involved in a number of legal proceedings or
activities in the ordinary course of business where risks have
arisen, which are not reflected in whole or in part in the
consolidated financial statements. Other than as discussed
below, management does not expect these pending or
threatening legal proceedings to have a significant effect on
the Group\u2019s financial position or profitability. The outcome of
legal proceedings, however, can be extremely difficult to
predict and the final outcome may be materially different from
managements\u2019 expectation.
Nord Pool AS incident, 23 November 2023
On 23 November 2023, an incorrect sales order was submitted
by a market participant to Nord Pool AS, resulting in a negative
energy price for the day-ahead market in the Finnish bidding
zone, creating a significant loss for the market participant.
Market participants are contractually responsible for the
submission of their orders.
On 4 December 2025, the market participant formally
submitted summons to Oslo District Court, claiming for the
financial restitution and damages in connection to the trading
in the day-ahead market in the Finnish bidding zone on 23
November 2023.
The Group identified the claim as a contingent liability, but
deems an obligation resulting in the outflow of resources
following this incident not likely.
No provision has been recognised in connection with this
claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
CONTINGENCIES
The Group is involved in a number of legal proceedings or
activities in the ordinary course of business where risks have
arisen, which are not reflected in whole or in part in the
consolidated financial statements. Other than as discussed
below, management does not expect these pending or
threatening legal proceedings to have a significant effect on
the Group\u2019s financial position or profitability. The outcome of
legal proceedings, however, can be extremely difficult to
predict and the final outcome may be materially different from
managements\u2019 expectation.
Nord Pool AS incident, 23 November 2023
On 23 November 2023, an incorrect sales order was submitted
by a market participant to Nord Pool AS, resulting in a negative
energy price for the day-ahead market in the Finnish bidding
zone, creating a significant loss for the market participant.
Market participants are contractually responsible for the
submission of their orders.
On 4 December 2025, the market participant formally
submitted summons to Oslo District Court, claiming for the
financial restitution and damages in connection to the trading
in the day-ahead market in the Finnish bidding zone on 23
November 2023.
The Group identified the claim as a contingent liability, but
deems an obligation resulting in the outflow of resources
following this incident not likely.
No provision has been recognised in connection with this
claim.
COMMITMENTS
Capital commitments
As of 31 December, capital expenditures contracted but not
yet incurred were as follows:
In thousands of euros
2025
2024
No later than one year
3,103
2,254
Later than 1 year and no later than 5 years
449
2,138
Later than 5 years
2
\u2014
Total
3,554
4,392
Guarantees given
As per 31 December 2025, Euronext N.V. participates in a
number of guarantees within the Group (see Note 60).
Securities held as custodian
In Portugal, Norway, Denmark, Italy and Greece, the Group acts
as a National Central Securities Depository, operated by
respectively Euronext Securities Porto (Interbolsa), Euronext
Securities Oslo (Verdipapirsentralen ASA), Euronext Securities
Copenhagen (VP Securities AS), Euronext Securities Milan
(Monte Titoli S.p.A.) and ATHEX CSD.
Euronext Securities Porto
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Porto amounted to \u20ac433 billion (2024:
\u20ac399 billion) based on the market value of shares and the
nominal value of bonds. The procedures of this National
Central Securities Depository are focused on the provision of
notary services, central maintenance services and settlement
securities services, according to the CSDR (Central Securities
Depository Regulation). The settlement services, provided
through T2S platform, have its risks mitigated mainly by early
warning systems. The reconciliation procedures in place
mitigate the major risks related to the registration of
securities.
Euronext Securities Oslo
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Oslo amounted to \u20ac689 billion (2024:
\u20ac734 billion) based on the market value of shares and the
nominal value of bonds.
Under the terms of Section 9-1 the Norwegian Central
Securities Depository Act of 15 March 2019, Euronext
Securities Oslo is liable for losses that other parties may incur
as a result of errors that occur in connection with registration
activities. This does not apply if Euronext Securities Oslo is
able to demonstrate that the error was outside Euronext
Securities Oslo\u2019s control. The statutory liability according to
Section 9-1, first Paragraph, only applies to direct losses and is
limited to NOK 500 million for the same error. For losses that
can be attributed to an account operator, Euronext Securities
Oslo is jointly and severally liable with the account operator for
NOK 50 million per error. Above this amount, the central
securities depository is not liable for losses that can be
attributed to an account operator.
Euronext Securities Oslo has taken out errors and omissions
insurance for the parent company and its subsidiaries, with an
annual limit of NOK 770 million and a deductible of NOK 10
million per claim.
Euronext Securities Copenhagen
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Copenhagen amounted to \u20ac2,054
billion (2024:\u20ac1,770 billion) based on the market value of
shares and the nominal value of bonds. The procedures of this
National Central Securities Depository are focused on the
provision of notary services, central maintenance services and
settlement securities services, according to the CSDR (Central
Securities Depository Regulation). The settlement services,
provided through T2S platform, have its risks mitigated mainly
by early warning systems. The reconciliation procedures in
place mitigate the major risks related to the registration of
securities.
Euronext Securities Milan
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Milan amounted to \u20ac4,409 billion (2024:
\u20ac4,157 billion) based on the market value of shares and the
nominal value of bonds. The procedures of this National
Central Securities Depository are focused on the provision of
notary services, central maintenance services and settlement
securities services, according to the CSDR (Central Securities
Depository Regulation). The settlement services, provided
through T2S platform, have its risks mitigated mainly by early
warning systems. The reconciliation procedures in place
mitigate the major risks related to the registration of
securities.
ATHEX CSD
As at 31 December 2025, the value of securities kept in custody
by ATHEX CSD amounted to \u20ac127 billion based on the market
value of shares and bonds. The procedures of this National
Central Securities Depository are focused on the provision of
notary services, central maintenance services and settlement
securities services, according to the CSDR (Central Securities
Depository Regulation) and the relevant non-banking type
ancillary services (Annex 1 of CSDR). The settlement services,
provided through the dematerialised securities system of
ATHEX CSD, have its risks mitigated mainly by early warning
systems. The reconciliation procedures in place mitigate the
major risks related to the registration of securities.
COMMITMENTS AND CONTINGENCIES NOT INCLUDED IN THE BALANCE SHEET
Tax group
The Company is the head of a fiscal unity with Euronext
Amsterdam NV, Euronext IP & IT Holding BV, Euronext
Corporate Services BV, Company Webcast BV and Ibabs BV.
Under the standard conditions, the members of the tax group
are jointly and severally liable for any taxes payable by the
fiscal unity. Each company within the fiscal unity recognises
its own tax position on its company balance sheet.
The financial statements of Euronext NV, Euronext
Amsterdam NV, Euronext IP & IT Holding BV, Ibabs BV and
Euronext Corporate Services BV. recognise a tax liability based
on their taxable profit.
Guarantees
The Company participates in a number of guarantees. Within
the Group, the Company did not act in the guarantor for certain
liabilities of its subsidiary in 2025 and 2024. In addition, the
Company has provided a 403 statement for the benefit of
Euronext Amsterdam N.V. and Ibabs B.V. It should be noted
that the Group consistently waives guarantee fees for
intergroup guarantees, meaning these transactions are not at
arm\u2019s length.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
Commitments and contingent liabilities in respect of
associates and joint ventures
The Group has no outstanding contingent liabilities with
respect to its associates or joint ventures.
CONTINGENCIES
The Group is involved in a number of legal proceedings or
activities in the ordinary course of business where risks have
arisen, which are not reflected in whole or in part in the
consolidated financial statements. Other than as discussed
below, management does not expect these pending or
threatening legal proceedings to have a significant effect on
the Group\u2019s financial position or profitability. The outcome of
legal proceedings, however, can be extremely difficult to
predict and the final outcome may be materially different from
managements\u2019 expectation.
Nord Pool AS incident, 23 November 2023
On 23 November 2023, an incorrect sales order was submitted
by a market participant to Nord Pool AS, resulting in a negative
energy price for the day-ahead market in the Finnish bidding
zone, creating a significant loss for the market participant.
Market participants are contractually responsible for the
submission of their orders.
On 4 December 2025, the market participant formally
submitted summons to Oslo District Court, claiming for the
financial restitution and damages in connection to the trading
in the day-ahead market in the Finnish bidding zone on 23
November 2023.
The Group identified the claim as a contingent liability, but
deems an obligation resulting in the outflow of resources
following this incident not likely.
No provision has been recognised in connection with this
claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "REVENUE AND INCOME
Revenue from contracts with customers
Disaggregation of revenue from contracts
with\u00a0customers
Substantially all of the Group\u2019s revenues are considered to be
revenues from contracts with customers. At 31 December
2025 and 2024, there were no customers that individually
exceeded 10% of the Group\u2019s revenue.
Change in presentation
From 2025, the Group changed the presentation of its revenue
lines to provide more meaningful information to the users of
the financial statements, following the completion of the
expansion of Euronext Clearing. More specifically, the new
reporting structure aims to provide more insight in the
revenues earned from volume driven activities versus non-
volume related services.
The Group now reports four major revenue streams:
\u25a0 Securities Services - comprises revenue earned from
Custody and Settlement and other post trade services.
\u25a0 Capital Markets and Data Solutions - comprises revenue
earned from Primary Markets (Listing) and various Solution
driven services.
\u25a0 FICC Markets - comprises revenue earned from trading and
clearing activities linked to Fixed income, Commodities and
FX.
\u25a0 Equity Markets - comprises revenue earned from trading
and clearing activities linked to Cash equity and Financial
derivatives.
The main changes to previous revenue reporting are as
follows: (i) clearing revenue is now allocated to its underlying
traded product, which also better aligns with the Group's
performance obligation to provide for a 'cleared trade', and (ii)
the derivatives trading revenue line has been split in two
product lines 'Commodity derivatives' and 'Financial
derivatives' to allow for proper allocation into the related major
revenue streams.
The revenue information for the year ended 31 December 2024
has been re-presented accordingly. The change in
presentation of its revenue lines led to some refinements in
the disclosure of timing of revenue recognition, whereby a
total of \u20ac10.9 million of revenues were represented from 'point
in time' to 'over time' classification.
Set out below is the disaggregation of the Group\u2019s revenue
from contracts with customers:
Year ended
31 December
Timing of revenue
recognition
Year ended
31 December
Timing of revenue
recognition
In thousands of euros
Product or service
transferred
Product or service
transferred
Major revenue stream
2025
at a point
in\u00a0time
over time
2024
at a point
in\u00a0time
over time
Securities Services
330,744
135,334
195,410
309,521
134,819
174,702
Custody and Settlement
300,668
105,258
195,410
270,947
96,245
174,702
Other Post trade
30,076
30,076
\u2014
38,574
38,574
\u2014
Capital Markets and Data Solutions
664,908
18,182
646,726
597,061
16,976
580,085
Primary Markets
187,174
3,836
183,338
181,192
2,369
178,823
Advanced Data Solutions
263,467
1,802
261,665
245,030
1,780
243,250
Corporate, Technology and Investor
Solutions
214,267
12,544
201,723
170,839
12,826
158,013
of which
Corporate Solutions
76,185
11,618
64,567
51,801
12,657
39,144
Technology Solutions and other
revenue
120,315
926
119,389
104,911
169
104,742
Investor Solutions
17,767
\u2014
17,767
14,126
\u2014
14,126
FICC Markets
342,774
319,820
22,954
294,960
273,794
21,166
Fixed income trading and clearing
196,597
182,474
14,123
160,804
146,345
14,459
Commodities trading and clearing
112,801
103,970
8,831
102,655
95,949
6,707
of which
Commodity derivatives trading and
clearing
58,074
58,074
\u2014
57,598
57,594
4
Power trading
54,727
45,896
8,831
45,057
38,354
6,703
FX trading
33,376
33,376
\u2014
31,500
31,500
\u2014
Equity Markets
410,001
408,636
1,365
366,968
365,723
1,245
Cash equity trading and clearing
359,305
359,305
\u2014
308,427
308,427
\u2014
Financial derivatives trading and
clearing
50,696
49,331
1,365
58,541
57,296
1,245
Total revenue from contracts with
customers
1,748,427
881,972
866,455
1,568,510
791,312
777,198
The significant movements in revenues from contracts with
customers during the year, related to the following:
\u25a0 Securities Services revenue increased by \u20ac21.1 million,
which is driven by a strong performance of the core CSD
business (Custody & Settlement) in 2025.
\u25a0 Capital Markets and Data Solutions revenue increased by
\u20ac67.9 million, which is driven by a strong performance of
the core data business and the contribution of
Admincontrol to the corporate solutions business in 2025.
\u25a0 FICC Markets revenue increased by \u20ac47.8 million, which is
attributable to supportive market volatility on the MTS
S.p.A. bond trading platform in 2025.
\u25a0 Equity Markets revenue increased by \u20ac43.0 million, which
is driven by higher trading volumes in cash equity trading
business in 2025.
Set out below is the geographical information of the Group\u2019s revenue from contracts with customers:
In thousands
of euros
France
Italy
Nether-
lands
United
King
dom
Belgium
Portugal
Ireland
United
States
Norway
Sweden
Denmark
Finland
Germany
New
Zealand
Greece
Total
2025
Revenue from
contracts
with
customers (a)
371,773
668,791
179,757
14,137
32,884
41,801
38,448
47,454
238,771
5,118
89,435
347
497
10,452
8,762
1,748,427
2024
Revenue from
contracts
with
customers (a)
347,376
593,135
180,593
11,451
30,966
38,139
36,784
37,396
198,796
5,193
82,728
412
409
5,132
\u2014
1,568,510
(a) Revenues from Cash trading, Derivatives trading, Fixed income trading (executed outside MTS S.p.A.), Clearing, Advanced Data Solutions, Colocation services
(Bergamo data centre) and Connection services are attributed to the country where the exchange is domiciled. Revenues from other categories are attributed to the
billing entity.
Contract balances
The Group has recognised the following assets and liabilities related to contracts with customers:
In thousands of euros
31 December
2025
31 December
2024
1 January
2024
Trade receivables (Note 22)
290,235
295,522
262,975
Contract receivables (Note 22)
41,766
31,475
29,259
Contract liabilities (Note 34)
168,368
136,511
139,299
Trade receivables are non-interest bearing and are generally
due on terms of 30 to 90 days and represent amounts in
respect of billed revenue, for which the Group has an
unconditional right to consideration (i.e. only the passage of
time is required before payment of the consideration is due).
Trade receivables decreased by \u20ac5.2 million, as last year's
balance contained one additional trading day of outstanding
invoices at Nord Pool Group. This is partly offset by the
acquired balances of Admincontrol and Athens Exchange
Group, and increased invoicing at Euronext Technologies and
Borsa Italiana Group.
Contract receivables represent amounts in respect of unbilled
revenue, for which the Group has an unconditional right to
consideration (i.e. only the passage of time is required before
payment of the consideration is due). Contract receivables
increased by \u20ac10.3 million, which is mainly attributable to the
acquired balances of Athens Exchange Group and higher
accrued income at Borsa Italiana Group and Nord Pool Group.
In 2025, \u20ac10.6 million (2024: \u20ac7.9 million) was recognised as
provision for expected credit losses on trade and contract
receivables. The loss allowance provision increased primarily
due to the acquisition of Athens Stock Exchange.
Contract liabilities primarily relate to received consideration
(or an amount of consideration is due) from customers for the
initial (or subsequent) listing of equity securities, bond lifetime
fees, indices licenses, software maintenance & hosting and
corporate services. In 2025, contract liabilities increased by
\u20ac31.9 million, which is mainly attributable to the acquisitions of
Admincontrol and Athens Exchange Group.
Revenue recognised in the reporting period that was included
in the contract liability balance at the beginning of the period
amounted to \u20ac74.5 million (2024: \u20ac73.5 million). The amount of
revenue recognised in the reporting period from performance
obligations satisfied (or partially satisfied) in previous periods
was considered not material (2025: not material).
Performance obligations
Information about the Group\u2019s performance obligations are
described in Note 3 \u2018Material accounting policies and
judgements\u2019.
The transaction price allocated to the remaining performance
obligations (unsatisfied or partially unsatisfied) are as follows:
In thousands of euros
31 December
2025
31 December
2024
Within one year
104,532
82,322
More than one year
71,069
61,790
Total
175,601
144,112
The remaining performance obligations expected to be
recognised in more than one year primarily relate to the initial
(or subsequent) listing of equity securities and bond lifetime
fees which are recognised over the related listing period.
Other performance obligations included in this category are
software maintenance & hosting contracts, market data and
Indices license contracts and corporate services license
contracts. The increase in remaining performance obligations
to be satisfied within one year is primarily linked to the
acquisitions of Admincontrol and the Athens Exchange Group.
The increase in remaining performance obligations to be
satisfied in more than one year is related to the acquisition of
the Athens Exchange Group. This is partly offset by a declining
listing admission fees balance in other entities, as a result of
less IPOs in 2025. Furthermore, a shrinking term of certain
long-term technology solutions contacts over time have a
decreasing effect.
TRADE AND OTHER RECEIVABLES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Trade receivables
290,235
295,522
Contract receivables
41,766
31,475
Allowance for expected credit losses
(10,567)
(7,891)
Trade and contract receivables net
321,434
319,106
Tax receivables (excluding income tax)
60,500
55,235
Other receivables
10,830
6,749
Total
392,764
381,090
Trade receivables are non-interest bearing and generally on terms of 30 to 90 days. Contract receivables represent amounts in
respect of unbilled revenue, for which the Group has an unconditional right to consideration (i.e. only the passage of time is
required before payment of the consideration is due).
The significant changes in trade and contract receivables are disclosed in Note 8.1.2.
Set out below is the movement in the allowance for expected credit losses of trade and contract receivables:
In thousands of euros
2025
2024
As at 1 January
7,891
8,585
Provision for expected credit losses
3,337
1,355
Receivables written off during the year
(2,691)
(2,049)
Acquisition of subsidiaries
2,030
\u2014
At 31 December
10,567
7,891
Management considers the fair value of the trade and other receivables to approximate their carrying value. The significant
changes in loss allowance provision are disclosed in Note 8.1.2. The information about the credit exposures of trade and other
receivables are disclosed in Note 38.5.1.
CONTRACT LIABILITIES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Listing admission fees
114,966
101,349
Bond lifetime fees
9,214
9,196
Other (a)
44,188
25,966
Total
168,368
136,511
Current
101,908
80,109
Non Current
66,460
56,402
Total
168,368
136,511
(a) Includes contract liabilities related to Indices licenses, software maintenance & hosting and corporate services.
The contract liabilities primarily relate to received
consideration (or an amount of consideration is due) from
customers for the initial (or subsequent) listing of equity
securities, bond lifetime fees, indices licenses, software
maintenance & hosting and corporate services. Contract
liabilities are recognised as revenue when the Group performs
under the contract.
The significant changes in contract liabilities are disclosed in
Note 8.1.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "REVENUE AND INCOME
Revenue from contracts with customers
Disaggregation of revenue from contracts
with\u00a0customers
Substantially all of the Group\u2019s revenues are considered to be
revenues from contracts with customers. At 31 December
2025 and 2024, there were no customers that individually
exceeded 10% of the Group\u2019s revenue.
Change in presentation
From 2025, the Group changed the presentation of its revenue
lines to provide more meaningful information to the users of
the financial statements, following the completion of the
expansion of Euronext Clearing. More specifically, the new
reporting structure aims to provide more insight in the
revenues earned from volume driven activities versus non-
volume related services.
The Group now reports four major revenue streams:
\u25a0 Securities Services - comprises revenue earned from
Custody and Settlement and other post trade services.
\u25a0 Capital Markets and Data Solutions - comprises revenue
earned from Primary Markets (Listing) and various Solution
driven services.
\u25a0 FICC Markets - comprises revenue earned from trading and
clearing activities linked to Fixed income, Commodities and
FX.
\u25a0 Equity Markets - comprises revenue earned from trading
and clearing activities linked to Cash equity and Financial
derivatives.
The main changes to previous revenue reporting are as
follows: (i) clearing revenue is now allocated to its underlying
traded product, which also better aligns with the Group's
performance obligation to provide for a 'cleared trade', and (ii)
the derivatives trading revenue line has been split in two
product lines 'Commodity derivatives' and 'Financial
derivatives' to allow for proper allocation into the related major
revenue streams.
The revenue information for the year ended 31 December 2024
has been re-presented accordingly. The change in
presentation of its revenue lines led to some refinements in
the disclosure of timing of revenue recognition, whereby a
total of \u20ac10.9 million of revenues were represented from 'point
in time' to 'over time' classification.
Set out below is the disaggregation of the Group\u2019s revenue
from contracts with customers:
Year ended
31 December
Timing of revenue
recognition
Year ended
31 December
Timing of revenue
recognition
In thousands of euros
Product or service
transferred
Product or service
transferred
Major revenue stream
2025
at a point
in\u00a0time
over time
2024
at a point
in\u00a0time
over time
Securities Services
330,744
135,334
195,410
309,521
134,819
174,702
Custody and Settlement
300,668
105,258
195,410
270,947
96,245
174,702
Other Post trade
30,076
30,076
\u2014
38,574
38,574
\u2014
Capital Markets and Data Solutions
664,908
18,182
646,726
597,061
16,976
580,085
Primary Markets
187,174
3,836
183,338
181,192
2,369
178,823
Advanced Data Solutions
263,467
1,802
261,665
245,030
1,780
243,250
Corporate, Technology and Investor
Solutions
214,267
12,544
201,723
170,839
12,826
158,013
of which
Corporate Solutions
76,185
11,618
64,567
51,801
12,657
39,144
Technology Solutions and other
revenue
120,315
926
119,389
104,911
169
104,742
Investor Solutions
17,767
\u2014
17,767
14,126
\u2014
14,126
FICC Markets
342,774
319,820
22,954
294,960
273,794
21,166
Fixed income trading and clearing
196,597
182,474
14,123
160,804
146,345
14,459
Commodities trading and clearing
112,801
103,970
8,831
102,655
95,949
6,707
of which
Commodity derivatives trading and
clearing
58,074
58,074
\u2014
57,598
57,594
4
Power trading
54,727
45,896
8,831
45,057
38,354
6,703
FX trading
33,376
33,376
\u2014
31,500
31,500
\u2014
Equity Markets
410,001
408,636
1,365
366,968
365,723
1,245
Cash equity trading and clearing
359,305
359,305
\u2014
308,427
308,427
\u2014
Financial derivatives trading and
clearing
50,696
49,331
1,365
58,541
57,296
1,245
Total revenue from contracts with
customers
1,748,427
881,972
866,455
1,568,510
791,312
777,198
The significant movements in revenues from contracts with
customers during the year, related to the following:
\u25a0 Securities Services revenue increased by \u20ac21.1 million,
which is driven by a strong performance of the core CSD
business (Custody & Settlement) in 2025.
\u25a0 Capital Markets and Data Solutions revenue increased by
\u20ac67.9 million, which is driven by a strong performance of
the core data business and the contribution of
Admincontrol to the corporate solutions business in 2025.
\u25a0 FICC Markets revenue increased by \u20ac47.8 million, which is
attributable to supportive market volatility on the MTS
S.p.A. bond trading platform in 2025.
\u25a0 Equity Markets revenue increased by \u20ac43.0 million, which
is driven by higher trading volumes in cash equity trading
business in 2025.
Set out below is the geographical information of the Group\u2019s revenue from contracts with customers:
In thousands
of euros
France
Italy
Nether-
lands
United
King
dom
Belgium
Portugal
Ireland
United
States
Norway
Sweden
Denmark
Finland
Germany
New
Zealand
Greece
Total
2025
Revenue from
contracts
with
customers (a)
371,773
668,791
179,757
14,137
32,884
41,801
38,448
47,454
238,771
5,118
89,435
347
497
10,452
8,762
1,748,427
2024
Revenue from
contracts
with
customers (a)
347,376
593,135
180,593
11,451
30,966
38,139
36,784
37,396
198,796
5,193
82,728
412
409
5,132
\u2014
1,568,510
(a) Revenues from Cash trading, Derivatives trading, Fixed income trading (executed outside MTS S.p.A.), Clearing, Advanced Data Solutions, Colocation services
(Bergamo data centre) and Connection services are attributed to the country where the exchange is domiciled. Revenues from other categories are attributed to the
billing entity.
Contract balances
The Group has recognised the following assets and liabilities related to contracts with customers:
In thousands of euros
31 December
2025
31 December
2024
1 January
2024
Trade receivables (Note 22)
290,235
295,522
262,975
Contract receivables (Note 22)
41,766
31,475
29,259
Contract liabilities (Note 34)
168,368
136,511
139,299
Trade receivables are non-interest bearing and are generally
due on terms of 30 to 90 days and represent amounts in
respect of billed revenue, for which the Group has an
unconditional right to consideration (i.e. only the passage of
time is required before payment of the consideration is due).
Trade receivables decreased by \u20ac5.2 million, as last year's
balance contained one additional trading day of outstanding
invoices at Nord Pool Group. This is partly offset by the
acquired balances of Admincontrol and Athens Exchange
Group, and increased invoicing at Euronext Technologies and
Borsa Italiana Group.
Contract receivables represent amounts in respect of unbilled
revenue, for which the Group has an unconditional right to
consideration (i.e. only the passage of time is required before
payment of the consideration is due). Contract receivables
increased by \u20ac10.3 million, which is mainly attributable to the
acquired balances of Athens Exchange Group and higher
accrued income at Borsa Italiana Group and Nord Pool Group.
In 2025, \u20ac10.6 million (2024: \u20ac7.9 million) was recognised as
provision for expected credit losses on trade and contract
receivables. The loss allowance provision increased primarily
due to the acquisition of Athens Stock Exchange.
Contract liabilities primarily relate to received consideration
(or an amount of consideration is due) from customers for the
initial (or subsequent) listing of equity securities, bond lifetime
fees, indices licenses, software maintenance & hosting and
corporate services. In 2025, contract liabilities increased by
\u20ac31.9 million, which is mainly attributable to the acquisitions of
Admincontrol and Athens Exchange Group.
Revenue recognised in the reporting period that was included
in the contract liability balance at the beginning of the period
amounted to \u20ac74.5 million (2024: \u20ac73.5 million). The amount of
revenue recognised in the reporting period from performance
obligations satisfied (or partially satisfied) in previous periods
was considered not material (2025: not material).
Performance obligations
Information about the Group\u2019s performance obligations are
described in Note 3 \u2018Material accounting policies and
judgements\u2019.
The transaction price allocated to the remaining performance
obligations (unsatisfied or partially unsatisfied) are as follows:
In thousands of euros
31 December
2025
31 December
2024
Within one year
104,532
82,322
More than one year
71,069
61,790
Total
175,601
144,112
The remaining performance obligations expected to be
recognised in more than one year primarily relate to the initial
(or subsequent) listing of equity securities and bond lifetime
fees which are recognised over the related listing period.
Other performance obligations included in this category are
software maintenance & hosting contracts, market data and
Indices license contracts and corporate services license
contracts. The increase in remaining performance obligations
to be satisfied within one year is primarily linked to the
acquisitions of Admincontrol and the Athens Exchange Group.
The increase in remaining performance obligations to be
satisfied in more than one year is related to the acquisition of
the Athens Exchange Group. This is partly offset by a declining
listing admission fees balance in other entities, as a result of
less IPOs in 2025. Furthermore, a shrinking term of certain
long-term technology solutions contacts over time have a
decreasing effect.
Net treasury income through CCP business
Income recognised in the CCP clearing business executed by
Euronext Clearing includes net treasury income earned on
margin and default funds, held as part of the risk management
process.
For the year ended 31 December 2025, net treasury income
through CCP business amounted to \u20ac69.6 million (2024: \u20ac56.8
million) and is the result of gross interest income of \u20ac556.8
million (2024: \u20ac834.0 million), less gross interest expense of
\u20ac487.2 million (2024: \u20ac777.2 million) (see Note 36). In a context
of positive interest rates, the Group realized total interest
earnings from Central Bank and LCH deposits of \u20ac554.9 million
and a net treasury income from financial assets of \u20ac1.9 million.
The Group recognised total interests paid on clearing
members\u2019 margin and default fund as treasury expense, which
amounted to \u20ac487.2 million.
Other income
Other income of \u20ac0.7 million (2024: \u20ac2.0 million) generally
consists of income that is earned from non-operating
activities", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
Disaggregation of revenue from contracts
with\u00a0customers
Set out below is the geographical information of the Group\u2019s revenue from contracts with customers:
In thousands
of euros
France
Italy
Nether-
lands
United
King
dom
Belgium
Portugal
Ireland
United
States
Norway
Sweden
Denmark
Finland
Germany
New
Zealand
Greece
Total
2025
Revenue from
contracts
with
customers (a)
371,773
668,791
179,757
14,137
32,884
41,801
38,448
47,454
238,771
5,118
89,435
347
497
10,452
8,762
1,748,427
2024
Revenue from
contracts
with
customers (a)
347,376
593,135
180,593
11,451
30,966
38,139
36,784
37,396
198,796
5,193
82,728
412
409
5,132
\u2014
1,568,510
(a) Revenues from Cash trading, Derivatives trading, Fixed income trading (executed outside MTS S.p.A.), Clearing, Advanced Data Solutions, Colocation services
(Bergamo data centre) and Connection services are attributed to the country where the exchange is domiciled. Revenues from other categories are attributed to the
billing entity.
GEOGRAPHICAL INFORMATION
The geographical information of the Group\u2019s revenue from contracts with customers is disclosed in Note 8.1.1.
Other geographical information is disclosed below.
In
thousands
of euros
France
Italy
Nether-
lands
United
King
dom
Belgium
Portugal
Ireland
United
States
Norway
Sweden
Denmark
Finland
Germany
New
Zealand
Greece
Total
2025
Property,
plant and
equipment
10,849
24,828
14,130
699
208
14,109
16,102
1,348
20,385
7
1,463
\u2014
\u2014
10
21,025
125,163
Intangible
assets
other than
Goodwill (a)
564
1,705,826
166,842
3,424
\u2014
3,518
12,369
33,120
299,699
1,453
53,936
\u2014
\u2014
28,487
8,282
2,317,520
Right-of-
use assets
16,813
35,061
423
2,826
721
10,773
\u2014
1,956
4,967
1,795
1,646
\u2014
\u2014
\u2014
\u2014
76,982
2024
Property,
plant and
equipment
9,771
30,955
14,059
1,219
188
8,390
16,625
1,310
21,788
1
1,655
\u2014
248
25
\u2014
106,233
Intangible
assets
other than
Goodwill (a)
565
1,698,145
64,270
3,157
\u2014
2,761
14,063
40,899
179,602
252
59,776
7
\u2014
34,077
\u2014
2,097,574
Right-of-
use assets
20,359
9,945
530
4,268
844
12,129
\u2014
3,071
3,516
\u2014
2,251
\u2014
558
\u2014
\u2014
57,471
(a) Goodwill is monitored at the Group level and therefore not allocated by country.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
Contract balances
The Group has recognised the following assets and liabilities related to contracts with customers:
In thousands of euros
31 December
2025
31 December
2024
1 January
2024
Trade receivables (Note 22)
290,235
295,522
262,975
Contract receivables (Note 22)
41,766
31,475
29,259
Contract liabilities (Note 34)
168,368
136,511
139,299
Trade receivables are non-interest bearing and are generally
due on terms of 30 to 90 days and represent amounts in
respect of billed revenue, for which the Group has an
unconditional right to consideration (i.e. only the passage of
time is required before payment of the consideration is due).
Trade receivables decreased by \u20ac5.2 million, as last year's
balance contained one additional trading day of outstanding
invoices at Nord Pool Group. This is partly offset by the
acquired balances of Admincontrol and Athens Exchange
Group, and increased invoicing at Euronext Technologies and
Borsa Italiana Group.
Contract receivables represent amounts in respect of unbilled
revenue, for which the Group has an unconditional right to
consideration (i.e. only the passage of time is required before
payment of the consideration is due). Contract receivables
increased by \u20ac10.3 million, which is mainly attributable to the
acquired balances of Athens Exchange Group and higher
accrued income at Borsa Italiana Group and Nord Pool Group.
In 2025, \u20ac10.6 million (2024: \u20ac7.9 million) was recognised as
provision for expected credit losses on trade and contract
receivables. The loss allowance provision increased primarily
due to the acquisition of Athens Stock Exchange.
TRADE AND OTHER RECEIVABLES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Trade receivables
290,235
295,522
Contract receivables
41,766
31,475
Allowance for expected credit losses
(10,567)
(7,891)
Trade and contract receivables net
321,434
319,106
Tax receivables (excluding income tax)
60,500
55,235
Other receivables
10,830
6,749
Total
392,764
381,090
Trade receivables are non-interest bearing and generally on terms of 30 to 90 days. Contract receivables represent amounts in
respect of unbilled revenue, for which the Group has an unconditional right to consideration (i.e. only the passage of time is
required before payment of the consideration is due).
The significant changes in trade and contract receivables are disclosed in Note 8.1.2.
Set out below is the movement in the allowance for expected credit losses of trade and contract receivables:
In thousands of euros
2025
2024
As at 1 January
7,891
8,585
Provision for expected credit losses
3,337
1,355
Receivables written off during the year
(2,691)
(2,049)
Acquisition of subsidiaries
2,030
\u2014
At 31 December
10,567
7,891
Management considers the fair value of the trade and other receivables to approximate their carrying value. The significant
changes in loss allowance provision are disclosed in Note 8.1.2. The information about the credit exposures of trade and other
receivables are disclosed in Note 38.5.1.
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "
Contract balances
The Group has recognised the following assets and liabilities related to contracts with customers:
In thousands of euros
31 December
2025
31 December
2024
1 January
2024
Trade receivables (Note 22)
290,235
295,522
262,975
Contract receivables (Note 22)
41,766
31,475
29,259
Contract liabilities (Note 34)
168,368
136,511
139,299
Contract liabilities primarily relate to received consideration
(or an amount of consideration is due) from customers for the
initial (or subsequent) listing of equity securities, bond lifetime
fees, indices licenses, software maintenance & hosting and
corporate services. In 2025, contract liabilities increased by
\u20ac31.9 million, which is mainly attributable to the acquisitions of
Admincontrol and Athens Exchange Group.
Revenue recognised in the reporting period that was included
in the contract liability balance at the beginning of the period
amounted to \u20ac74.5 million (2024: \u20ac73.5 million). The amount of
revenue recognised in the reporting period from performance
obligations satisfied (or partially satisfied) in previous periods
was considered not material (2025: not material).
CONTRACT LIABILITIES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Listing admission fees
114,966
101,349
Bond lifetime fees
9,214
9,196
Other (a)
44,188
25,966
Total
168,368
136,511
Current
101,908
80,109
Non Current
66,460
56,402
Total
168,368
136,511
(a) Includes contract liabilities related to Indices licenses, software maintenance & hosting and corporate services.
The contract liabilities primarily relate to received
consideration (or an amount of consideration is due) from
customers for the initial (or subsequent) listing of equity
securities, bond lifetime fees, indices licenses, software
maintenance & hosting and corporate services. Contract
liabilities are recognised as revenue when the Group performs
under the contract.
The significant changes in contract liabilities are disclosed in
Note 8.1.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
Net treasury income through CCP business
Income recognised in the CCP clearing business executed by
Euronext Clearing includes net treasury income earned on
margin and default funds, held as part of the risk management
process.
For the year ended 31 December 2025, net treasury income
through CCP business amounted to \u20ac69.6 million (2024: \u20ac56.8
million) and is the result of gross interest income of \u20ac556.8
million (2024: \u20ac834.0 million), less gross interest expense of
\u20ac487.2 million (2024: \u20ac777.2 million) (see Note 36). In a context
of positive interest rates, the Group realized total interest
earnings from Central Bank and LCH deposits of \u20ac554.9 million
and a net treasury income from financial assets of \u20ac1.9 million.
The Group recognised total interests paid on clearing
members\u2019 margin and default fund as treasury expense, which
amounted to \u20ac487.2 million.
NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
Underlying finance costs for the year, includes the impact of
interest expenses on the Senior Unsecured Notes, that are
held by the Group.
The decline in interest income (effective interest method), was
due to a decrease in outstanding cash balances in 2025.
The interest income and interest expenses from CCP clearing
business assets and liabilities are shown in net treasury
income through CCP business (see Note 8.2).
Net Treasury Income through CCP businesses by
classification
For the year ended 31 December 2025, net treasury income
through CCP clearing businesses is earned from instruments
held at amortised cost or fair value as follows:
\u25a0 A total \u20ac68.2 million gain was earned from financial assets
and financial liabilities held at amortised cost (\u20ac554.9
million from interest income on assets held at amortised
cost and \u20ac486.7 million from interest expenses on liabilities
held at amortized cost). In 2024, a total \u20ac54.1 million gain
was earned from financial assets and financial liabilities
held at amortised cost (\u20ac830.8 million from interest income
on assets held at amortised cost and \u20ac776.7 million from
interest expenses on liabilities held at amortized cost).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
Net treasury income through CCP business
Income recognised in the CCP clearing business executed by
Euronext Clearing includes net treasury income earned on
margin and default funds, held as part of the risk management
process.
For the year ended 31 December 2025, net treasury income
through CCP business amounted to \u20ac69.6 million (2024: \u20ac56.8
million) and is the result of gross interest income of \u20ac556.8
million (2024: \u20ac834.0 million), less gross interest expense of
\u20ac487.2 million (2024: \u20ac777.2 million) (see Note 36). In a context
of positive interest rates, the Group realized total interest
earnings from Central Bank and LCH deposits of \u20ac554.9 million
and a net treasury income from financial assets of \u20ac1.9 million.
The Group recognised total interests paid on clearing
members\u2019 margin and default fund as treasury expense, which
amounted to \u20ac487.2 million.
NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
decline in interest income (effective interest method), was
due to a decrease in outstanding cash balances in 2025.
The interest income and interest expenses from CCP clearing
business assets and liabilities are shown in net treasury
income through CCP business (see Note 8.2).
Net Treasury Income through CCP businesses by
classification
For the year ended 31 December 2025, net treasury income
through CCP clearing businesses is earned from instruments
held at amortised cost or fair value as follows:
\u25a0 A total \u20ac68.2 million gain was earned from financial assets
and financial liabilities held at amortised cost (\u20ac554.9
million from interest income on assets held at amortised
cost and \u20ac486.7 million from interest expenses on liabilities
held at amortized cost). In 2024, a total \u20ac54.1 million gain
was earned from financial assets and financial liabilities
held at amortised cost (\u20ac830.8 million from interest income
on assets held at amortised cost and \u20ac776.7 million from
interest expenses on liabilities held at amortized cost).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-714": { "value": "
Net treasury income through CCP business
Income recognised in the CCP clearing business executed by
Euronext Clearing includes net treasury income earned on
margin and default funds, held as part of the risk management
process.
For the year ended 31 December 2025, net treasury income
through CCP business amounted to \u20ac69.6 million (2024: \u20ac56.8
million) and is the result of gross interest income of \u20ac556.8
million (2024: \u20ac834.0 million), less gross interest expense of
\u20ac487.2 million (2024: \u20ac777.2 million) (see Note 36). In a context
of positive interest rates, the Group realized total interest
earnings from Central Bank and LCH deposits of \u20ac554.9 million
and a net treasury income from financial assets of \u20ac1.9 million.
The Group recognised total interests paid on clearing
members\u2019 margin and default fund as treasury expense, which
amounted to \u20ac487.2 million.
NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
Underlying finance costs for the year, includes the impact of
interest expenses on the Senior Unsecured Notes, that are
held by the Group.
The interest income and interest expenses from CCP clearing
business assets and liabilities are shown in net treasury
income through CCP business (see Note 8.2).
Net Treasury Income through CCP businesses by
classification
For the year ended 31 December 2025, net treasury income
through CCP clearing businesses is earned from instruments
held at amortised cost or fair value as follows:
\u25a0 A total \u20ac68.2 million gain was earned from financial assets
and financial liabilities held at amortised cost (\u20ac554.9
million from interest income on assets held at amortised
cost and \u20ac486.7 million from interest expenses on liabilities
held at amortized cost). In 2024, a total \u20ac54.1 million gain
was earned from financial assets and financial liabilities
held at amortised cost (\u20ac830.8 million from interest income
on assets held at amortised cost and \u20ac776.7 million from
interest expenses on liabilities held at amortized cost).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "
Other income
Other income of \u20ac0.7 million (2024: \u20ac2.0 million) generally
consists of income that is earned from non-operating
activitiesOTHER OPERATIONAL EXPENSES
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Systems and communications
(104,720)
(1,197)
(105,917)
(99,176)
(3,139)
(102,315)
Professional services
(83,847)
(8,713)
(92,560)
(57,742)
(12,845)
(70,587)
Clearing expenses (a)
(673)
\u2014
(673)
(23,205)
(1,100)
(24,305)
Accommodation
(17,636)
(144)
(17,780)
(16,038)
(893)
(16,931)
Other expenses (b)
(116,204)
(665)
(116,869)
(94,120)
(1,430)
(95,550)
Total other operational expenses
(323,080)
(10,719)
(333,799)
(290,281)
(19,407)
(309,688)
(a) In the comparative period, clearing expenses consisted of the fees paid to LCH SA for services received under the Derivatives Clearing Agreement.
(b) Other expenses include marketing, taxes, insurance, travel, professional membership fees, corporate management and other expenses.
The increase in underlying other operational expenses is
primarily related to costs incurred for projects initiated as part
of the Strategic Plan \"Innovate for Growth 2027\".
In the comparative period, non-underlying other operational
expenses included cost incurred to integrate the Borsa Italiana
Group activities with those of the Group (see Note 12).
NON-UNDERLYING ITEMS
Year ended
In thousands of euros
31 December
2025
31 December
2024
Non-underlying revenues and income
Release of deferred revenue fair value adjustment recognised on acquisition a)
(4,415)
\u2014
(4,415)
\u2014
Non-underlying salaries and employee benefits
Integration -and double run costs b)
(203)
(8,964)
Restructuring costs
(3,577)
(2,494)
(3,780)
(11,458)
Non-underlying depreciation and amortisation
Integration -and double run costs b)
(22,076)
(20,547)
Amortisation and impairment of acquired intangible assets (PPA) c)
(86,504)
(82,332)
Amortisation and impairment of other assets
(2,275)
(2,332)
(110,855)
(105,211)
Non-underlying other operational expenses
Integration -and double run costs b)
(3,743)
(17,385)
Acquisition costs d)
(9,022)
(1,868)
Litigation (provisions)/settlements
(255)
67
Release of prior years accruals
2,301
\u2014
Other
\u2014
(221)
(10,719)
(19,407)
Non-underlying non-operating items e)
Interest in respect of leases considered double run
\u2014
(2)
Gain on sale of subsidiaries
\u2014
20
Gain on sale of associates
\u2014
1,179
Net financing result on tender of Bond #3
1,604
\u2014
1,604
1,197
Non-underlying items before tax
Tax on non-underlying items f)
30,878
35,454
Non-controlling interest
3,716
2,502
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company
(93,571)
(96,923)
a)The valuation of the net identifiable assets of Admincontrol included a \u20ac7.2 million 'haircut' adjustment on contract liabilities. This fair value adjustment was partially
released as a non-underlying item in 2025. The remainder will be released in 2026.
b)The total integration- and double run costs amounted to \u20ac26.0 million (2024: \u20ac46.9 million).
c)Amortisation of intangible assets that were recorded as a result of acquisitions amounted to \u20ac86.5 million (2024: \u20ac82.3 million).
d)The acquisition costs of \u20ac9.0 million (2024: \u20ac1.9 million), related to acquisitions that increased the perimeter of the Group. These included the cost incurred for the
acquisitions of Admincontrol and Athex Group\u00a0 in 2025, amounting to \u20ac7.6 million (see Note 5).
e)The tender offer to buy back the Senior Unsecured Note #3 (see Note 30), resulted in a \u20ac1.6 million gain (net of transaction cost) that was included as a non-underlying
non-operating item. In the comparative period, the non-underlying non-operating items included a \u20ac1.2 million gain on sale of the interest in associate ATS Advanced
Technology Solutions S.p.A.
f)After the determination that an item is taxable, the tax impact of the Group\u2019s non-underlying items of the individual entities of the Group to which the non-underlying
items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.
The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The
Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU
IFRS and should be considered in addition to, and not as a substitute for IFRS measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
Other income
Other income of \u20ac0.7 million (2024: \u20ac2.0 million) generally
consists of income that is earned from non-operating
activities", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-722": { "value": "SALARIES AND EMPLOYEE BENEFITS
The average number of full-time equivalent (FTE) employees in
2025 was 2,771 (2024: 2,383), of which a total of 181 FTEs
(2024: 172) were based in the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "SALARIES AND EMPLOYEE BENEFITS
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Salaries and other short term benefits
(234,035)
(3,683)
(237,718)
(229,582)
(10,396)
(239,978)
Social security contributions
(86,096)
(47)
(86,143)
(71,160)
(963)
(72,123)
Share-based payment costs
(20,790)
(108)
(20,898)
(15,554)
\u2014
(15,554)
Pension cost - defined benefit plans
(11,132)
(9)
(11,141)
(8,683)
(109)
(8,792)
Pension cost - defined contribution plans
(4,970)
67
(4,903)
(5,197)
10
(5,187)
Total salaries and employee benefits
(357,023)
(3,780)
(360,803)
(330,176)
(11,458)
(341,634)
Underlying salaries and employee benefits increased, primarily
due to the increase in FTE, following newly acquired
subsidiaries,\u00a0 when compared to prior period.
Non-underlying salaries and employee benefits in the
comparative period related to cost incurred linked to integrate
the Borsa Italiana Group activities with those of the Group and
to termination expenses with a restructuring character in the
various other Euronext entities (see Note 12).
The average number of full-time equivalent (FTE) employees in
2025 was 2,771 (2024: 2,383), of which a total of 181 FTEs
(2024: 172) were based in the Netherlands.
In 2025, \u2018Share based payments costs\u2019 primarily contain costs
related to the LTI Plans 2022, 2023, 2024 and 2025. Details of
these plans are disclosed in Note 29.
DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12).
OTHER OPERATIONAL EXPENSES
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Systems and communications
(104,720)
(1,197)
(105,917)
(99,176)
(3,139)
(102,315)
Professional services
(83,847)
(8,713)
(92,560)
(57,742)
(12,845)
(70,587)
Clearing expenses (a)
(673)
\u2014
(673)
(23,205)
(1,100)
(24,305)
Accommodation
(17,636)
(144)
(17,780)
(16,038)
(893)
(16,931)
Other expenses (b)
(116,204)
(665)
(116,869)
(94,120)
(1,430)
(95,550)
Total other operational expenses
(323,080)
(10,719)
(333,799)
(290,281)
(19,407)
(309,688)
(a) In the comparative period, clearing expenses consisted of the fees paid to LCH SA for services received under the Derivatives Clearing Agreement.
(b) Other expenses include marketing, taxes, insurance, travel, professional membership fees, corporate management and other expenses.
The increase in underlying other operational expenses is
primarily related to costs incurred for projects initiated as part
of the Strategic Plan \"Innovate for Growth 2027\".
In the comparative period, non-underlying other operational
expenses included cost incurred to integrate the Borsa Italiana
Group activities with those of the Group (see Note 12).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-720": { "value": "SALARIES AND EMPLOYEE BENEFITS
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Salaries and other short term benefits
(234,035)
(3,683)
(237,718)
(229,582)
(10,396)
(239,978)
Social security contributions
(86,096)
(47)
(86,143)
(71,160)
(963)
(72,123)
Share-based payment costs
(20,790)
(108)
(20,898)
(15,554)
\u2014
(15,554)
Pension cost - defined benefit plans
(11,132)
(9)
(11,141)
(8,683)
(109)
(8,792)
Pension cost - defined contribution plans
(4,970)
67
(4,903)
(5,197)
10
(5,187)
Total salaries and employee benefits
(357,023)
(3,780)
(360,803)
(330,176)
(11,458)
(341,634)
Underlying salaries and employee benefits increased, primarily
due to the increase in FTE, following newly acquired
subsidiaries,\u00a0 when compared to prior period.
Non-underlying salaries and employee benefits in the
comparative period related to cost incurred linked to integrate
the Borsa Italiana Group activities with those of the Group and
to termination expenses with a restructuring character in the
various other Euronext entities (see Note 12).
The average number of full-time equivalent (FTE) employees in
2025 was 2,771 (2024: 2,383), of which a total of 181 FTEs
(2024: 172) were based in the Netherlands.
In 2025, \u2018Share based payments costs\u2019 primarily contain costs
related to the LTI Plans 2022, 2023, 2024 and 2025. Details of
these plans are disclosed in Note 29.
NON-UNDERLYING ITEMS
Year ended
In thousands of euros
31 December
2025
31 December
2024
Non-underlying revenues and income
Release of deferred revenue fair value adjustment recognised on acquisition a)
(4,415)
\u2014
(4,415)
\u2014
Non-underlying salaries and employee benefits
Integration -and double run costs b)
(203)
(8,964)
Restructuring costs
(3,577)
(2,494)
(3,780)
(11,458)
Non-underlying depreciation and amortisation
Integration -and double run costs b)
(22,076)
(20,547)
Amortisation and impairment of acquired intangible assets (PPA) c)
(86,504)
(82,332)
Amortisation and impairment of other assets
(2,275)
(2,332)
(110,855)
(105,211)
Non-underlying other operational expenses
Integration -and double run costs b)
(3,743)
(17,385)
Acquisition costs d)
(9,022)
(1,868)
Litigation (provisions)/settlements
(255)
67
Release of prior years accruals
2,301
\u2014
Other
\u2014
(221)
(10,719)
(19,407)
Non-underlying non-operating items e)
Interest in respect of leases considered double run
\u2014
(2)
Gain on sale of subsidiaries
\u2014
20
Gain on sale of associates
\u2014
1,179
Net financing result on tender of Bond #3
1,604
\u2014
1,604
1,197
Non-underlying items before tax
Tax on non-underlying items f)
30,878
35,454
Non-controlling interest
3,716
2,502
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company
(93,571)
(96,923)
a)The valuation of the net identifiable assets of Admincontrol included a \u20ac7.2 million 'haircut' adjustment on contract liabilities. This fair value adjustment was partially
released as a non-underlying item in 2025. The remainder will be released in 2026.
b)The total integration- and double run costs amounted to \u20ac26.0 million (2024: \u20ac46.9 million).
c)Amortisation of intangible assets that were recorded as a result of acquisitions amounted to \u20ac86.5 million (2024: \u20ac82.3 million).
d)The acquisition costs of \u20ac9.0 million (2024: \u20ac1.9 million), related to acquisitions that increased the perimeter of the Group. These included the cost incurred for the
acquisitions of Admincontrol and Athex Group\u00a0 in 2025, amounting to \u20ac7.6 million (see Note 5).
e)The tender offer to buy back the Senior Unsecured Note #3 (see Note 30), resulted in a \u20ac1.6 million gain (net of transaction cost) that was included as a non-underlying
non-operating item. In the comparative period, the non-underlying non-operating items included a \u20ac1.2 million gain on sale of the interest in associate ATS Advanced
Technology Solutions S.p.A.
f)After the determination that an item is taxable, the tax impact of the Group\u2019s non-underlying items of the individual entities of the Group to which the non-underlying
items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.
The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The
Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU
IFRS and should be considered in addition to, and not as a substitute for IFRS measures.
POST-EMPLOYMENT BENEFITS
The Group operates defined benefit pension plans for its
employees, with the most significant plans being in France,
Portugal, Norway, Italy and Greece. The Group\u2019s plans are funded
by contributions from the employees and the relevant Group
entities, taking into account applicable government regulations
and the recommendations of independent, qualified actuaries.
The majority of plans have plan assets held in trusts,
foundations or similar entities, governed by local regulations
and practice in each country. The assets for these plans are
generally held in separate trustee administered funds. The
benefits provided to employees under these plans are based
primarily on years of service and compensation levels.
The French plans relate almost completely to retirement
indemnities. French law stipulates that employees are paid
retirement indemnities in form of lump sums on the basis of
the length of service at the retirement date and the amount is
prescribed by collective bargaining agreements.
The Portuguese plan is for both Euronext Lisbon and
Interbolsa and is managed by CGD Pensoes \u2013 Sociedade
Gestora de Fundos de Pensoes SA. The plan was defined
benefit based on final pay. The funds covered payment of
pensions to employees with a minimum of 5 year service.
Annual contributions were based on actuarial calculations. In
2017, the Portuguese defined benefit plan was frozen and
replaced by a new defined contribution plan, with an
retroactive impact as from 1 January 2017. The old
arrangement remains a defined benefit plan, and is disclosed
as such in this Note.
The Norwegian plans relate to Oslo B\u00f8rs VPS and Nord Pool.
The plan in Oslo B\u00f8rs VPS comprises both defined benefit
schemes and defined contribution schemes. The general
pension plan for employees in Norway is a defined contribution
scheme. The defined benefit schemes are mainly related to
lifetime pensions for former CEOs of Oslo B\u00f8rs and VPS, as
well as a voluntary early retirement scheme for Oslo B\u00f8rs
which was closed in 2003. Nord Pool has a defined benefit
pension plan involving two former employees for which
contributions are made in accordance with actuarial
calculations. The Norwegian pension plans are in compliance
with the Mandatory Occupational Pensions Act.
The Italian plan relates to the Borsa Italiana Group. Following
the entry into force of the 2007 Finance Act and related
decrees, the severance indemnity (TFR), maturing 1st January
2007 can no longer be retained by the companies that employ
more than 50 employees but must be paid to a pension fund or,
alternatively, into an open treasury fund opened at the
'National Institute for Social Security' (INPS), according to the
option exercised by the employees themselves. This implies
that accruals calculated after 1st January 2007 are part of a
defined contribution plan because the company\u2019s obligation is
satisfied by the payment of contributions to pension funds or
INPS. The liability regarding the severance indemnity prior to
the date mentioned above shall instead continue to represent
a defined benefit plan to be valued applying the actuarial
method based on the provisions set forth in IAS 19 and is
disclosed as such in this Note.
The Greek plans relate to the Athens Exchange Group and
comprise defined benefit schemes and defined contribution
schemes. The defined benefit schemes relate to a lump-sum
indemnity to employees upon retirement, depending on the
years of service, the level of remuneration and the method of
separation from service (dismissal or retirement). Eligibility for
participation in these schemes is usually based on the years of
service up to retirement. Under the defined contribution plans,
the obligation of the company (legal) is limited to the amount
agreed to be contributed to the organisation (social security
fund), which manages the contributions and grants the
benefits (pensions, health care etc.).
The movement in the defined obligation over the years
presented is as follows:
In thousands of euros
Present value
of obligation
Fair value of
plan assets
Total
As at 1 January 2024
45,844
(23,167)
22,677
(Income) / expense:
Current service cost
993
\u2014
993
Interest expense / (income)
1,596
(823)
773
2,589
(823)
1,766
Remeasurements:
\u25a0 Return on plan assets, excluding amounts included in interest expense / (income)
\u2014
(250)
(250)
\u25a0 (Gain) / loss from change in financial assumptions
(626)
\u2014
(626)
\u25a0 Experience (gains) / losses
439
\u2014
439
\u25a0 Effect of changes in foreign exchange rates and other
(219)
19
(200)
(406)
(231)
(637)
Payments and other significant events:
\u25a0 Employer contributions
(2,506)
\u2014
(2,506)
\u25a0 Benefit payments
(288)
111
(177)
\u25a0 Acquired in business combination
\u2014
\u2014
\u2014
\u25a0 Reclassifications and other
(110)
\u2014
(110)
As at 31 December 2024
45,123
(24,110)
21,013
(Income) / expense:
Current service cost
2,370
\u2014
2,370
Interest expense / (income)
1,607
(860)
747
3,977
(860)
3,117
Remeasurements:
\u25a0 Return on plan assets, excluding amounts included in interest expense / (income)
\u2014
133
133
\u25a0 (Gain) / loss from change in financial assumptions
(1,283)
\u2014
(1,283)
\u25a0 Experience (gains) / losses
1,554
\u2014
1,554
\u25a0 Effect of changes in foreign exchange rates and other
(41)
2
(39)
230
135
365
Payments and other significant events:
\u25a0 Employer contributions
(3,167)
\u2014
(3,167)
\u25a0 Benefit payments
(539)
219
(320)
\u25a0 Acquired in business combination (see Note 5)
2,031
\u2014
2,031
\u25a0 Reclassifications and other
57
\u2014
57
As at 31 December 2025
47,712
(24,616)
23,096
The defined benefit obligation and plan assets are composed by country as follows:
2025
In thousands of euros
Belgium
Portugal
France
Norway
Italy
Greece
Total
Present value of obligation
\u2014
18,034
9,233
9,580
8,893
1,972
47,712
Fair value of plan assets
\u2014
(19,840)
(4,363)
(413)
\u2014
\u2014
(24,616)
Total
\u2014
(1,806)
4,870
9,167
8,893
1,972
23,096
2024
In thousands of euros
Belgium
Portugal
France
Norway
Italy
Greece
Total
Present value of obligation
\u2014
19,260
9,342
9,139
7,382
\u2014
45,123
Fair value of plan assets
\u2014
(19,508)
(4,230)
(372)
\u2014
\u2014
(24,110)
Total
\u2014
(248)
5,112
8,767
7,382
\u2014
21,013
The significant actuarial assumptions were as follows:
2025
Belgium
Portugal
France
Norway
Italy
Greece
Discount rate
0.0%
4.3%
4.1%
4.3%
3.7%
4.0%
Salary growth rate
0.0%
2.0%
2.5%
0.9%
3.0%
2.0%
Pension growth rate
0.0%
2.0%
0.0%
3.4%
0.0%
0.0%
2024
Belgium
Portugal
France
Norway
Italy
Greece
Discount rate
0.0%
3.6%
3.5%
4.3%
3.4%
\u2014
Salary growth rate
0.0%
2.0%
2.5%
0.8%
3.0%
\u2014
Pension growth rate
0.0%
2.0%
0.0%
2.9%
0.0%
\u2014
The Group derives the discount rate used to determine the defined benefit obligation from yields on high quality corporate bonds of
the duration corresponding to the liabilities.
As of 31 December 2025, the sensitivity of the defined benefit obligation to changes in the weighted principal assumptions were: \u00a0
Euronext excluding Athens Exchange Group
Impact on defined
benefit obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.25%
-2.7%
2.8%
Salary growth rate
0.50%
1.3%
-1.2%
Pension growth rate
0.50%
3.0%
-2.8%
Athens Exchange Group only
Impact on defined
benefit obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.50%
-5.2%
5.6%
Salary growth rate
0.50%
5.3%
-5.1%
Annual inflation rate
0.50%
5.7%
-5.4%
The pension plan assets allocation differs per plan. On a weighted average basis, the allocation was as follows:
2025
2024
Plan assets
Fair value of
plan\u00a0assets
in thousands of euros
Fair value of
plan\u00a0assets
in percent
Fair value of
plan\u00a0assets
in thousands of euros
Fair value of
plan\u00a0assets
in percent
Equity securities
5,238
21.8%
5,251
21.8%
Debt securities
17,505
70.6%
17,027
70.6%
Property
441
1.8%
431
1.8%
Investment funds
414
1.5%
373
1.5%
Alternative assets
938
4.0%
966
4.0%
Cash
80
0.3%
62
0.3%
Total
24,616
100%
24,110
100%
The maturity of expected benefit payments over the next ten years is as follows:
As at 31 December 2025
Less than a
year
Between 1-2
year
Between 2-5
year
Between 5-10
year
Total
Pension benefits
2,871
2,215
7,829
15,566
28,481
The weighted average duration of the defined benefit obligation for retirement plans is 12 years at 31 December 2025.
For 2026, the expected obligations contributions a re approximately \u20ac2.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-719": { "value": "SALARIES AND EMPLOYEE BENEFITS
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Salaries and other short term benefits
(234,035)
(3,683)
(237,718)
(229,582)
(10,396)
(239,978)
Social security contributions
(86,096)
(47)
(86,143)
(71,160)
(963)
(72,123)
Share-based payment costs
(20,790)
(108)
(20,898)
(15,554)
\u2014
(15,554)
Pension cost - defined benefit plans
(11,132)
(9)
(11,141)
(8,683)
(109)
(8,792)
Pension cost - defined contribution plans
(4,970)
67
(4,903)
(5,197)
10
(5,187)
Total salaries and employee benefits
(357,023)
(3,780)
(360,803)
(330,176)
(11,458)
(341,634)
Underlying salaries and employee benefits increased, primarily
due to the increase in FTE, following newly acquired
subsidiaries,\u00a0 when compared to prior period.
Non-underlying salaries and employee benefits in the
comparative period related to cost incurred linked to integrate
the Borsa Italiana Group activities with those of the Group and
to termination expenses with a restructuring character in the
various other Euronext entities (see Note 12).
The average number of full-time equivalent (FTE) employees in
2025 was 2,771 (2024: 2,383), of which a total of 181 FTEs
(2024: 172) were based in the Netherlands.
In 2025, \u2018Share based payments costs\u2019 primarily contain costs
related to the LTI Plans 2022, 2023, 2024 and 2025. Details of
these plans are disclosed in Note 29.
DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12).
OTHER OPERATIONAL EXPENSES
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Systems and communications
(104,720)
(1,197)
(105,917)
(99,176)
(3,139)
(102,315)
Professional services
(83,847)
(8,713)
(92,560)
(57,742)
(12,845)
(70,587)
Clearing expenses (a)
(673)
\u2014
(673)
(23,205)
(1,100)
(24,305)
Accommodation
(17,636)
(144)
(17,780)
(16,038)
(893)
(16,931)
Other expenses (b)
(116,204)
(665)
(116,869)
(94,120)
(1,430)
(95,550)
Total other operational expenses
(323,080)
(10,719)
(333,799)
(290,281)
(19,407)
(309,688)
(a) In the comparative period, clearing expenses consisted of the fees paid to LCH SA for services received under the Derivatives Clearing Agreement.
(b) Other expenses include marketing, taxes, insurance, travel, professional membership fees, corporate management and other expenses.
The increase in underlying other operational expenses is
primarily related to costs incurred for projects initiated as part
of the Strategic Plan \"Innovate for Growth 2027\".
In the comparative period, non-underlying other operational
expenses included cost incurred to integrate the Borsa Italiana
Group activities with those of the Group (see Note 12).
NON-UNDERLYING ITEMS
Year ended
In thousands of euros
31 December
2025
31 December
2024
Non-underlying revenues and income
Release of deferred revenue fair value adjustment recognised on acquisition a)
(4,415)
\u2014
(4,415)
\u2014
Non-underlying salaries and employee benefits
Integration -and double run costs b)
(203)
(8,964)
Restructuring costs
(3,577)
(2,494)
(3,780)
(11,458)
Non-underlying depreciation and amortisation
Integration -and double run costs b)
(22,076)
(20,547)
Amortisation and impairment of acquired intangible assets (PPA) c)
(86,504)
(82,332)
Amortisation and impairment of other assets
(2,275)
(2,332)
(110,855)
(105,211)
Non-underlying other operational expenses
Integration -and double run costs b)
(3,743)
(17,385)
Acquisition costs d)
(9,022)
(1,868)
Litigation (provisions)/settlements
(255)
67
Release of prior years accruals
2,301
\u2014
Other
\u2014
(221)
(10,719)
(19,407)
Non-underlying non-operating items e)
Interest in respect of leases considered double run
\u2014
(2)
Gain on sale of subsidiaries
\u2014
20
Gain on sale of associates
\u2014
1,179
Net financing result on tender of Bond #3
1,604
\u2014
1,604
1,197
Non-underlying items before tax
Tax on non-underlying items f)
30,878
35,454
Non-controlling interest
3,716
2,502
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company
(93,571)
(96,923)
a)The valuation of the net identifiable assets of Admincontrol included a \u20ac7.2 million 'haircut' adjustment on contract liabilities. This fair value adjustment was partially
released as a non-underlying item in 2025. The remainder will be released in 2026.
b)The total integration- and double run costs amounted to \u20ac26.0 million (2024: \u20ac46.9 million).
c)Amortisation of intangible assets that were recorded as a result of acquisitions amounted to \u20ac86.5 million (2024: \u20ac82.3 million).
d)The acquisition costs of \u20ac9.0 million (2024: \u20ac1.9 million), related to acquisitions that increased the perimeter of the Group. These included the cost incurred for the
acquisitions of Admincontrol and Athex Group\u00a0 in 2025, amounting to \u20ac7.6 million (see Note 5).
e)The tender offer to buy back the Senior Unsecured Note #3 (see Note 30), resulted in a \u20ac1.6 million gain (net of transaction cost) that was included as a non-underlying
non-operating item. In the comparative period, the non-underlying non-operating items included a \u20ac1.2 million gain on sale of the interest in associate ATS Advanced
Technology Solutions S.p.A.
f)After the determination that an item is taxable, the tax impact of the Group\u2019s non-underlying items of the individual entities of the Group to which the non-underlying
items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.
The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The
Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU
IFRS and should be considered in addition to, and not as a substitute for IFRS measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12).
PROPERTY, PLANT AND EQUIPMENT
In thousands of euros
Land &
Buildings
Hardware & IT
Other
Equipment (a)
Total
As at 1 January 2024
Cost
59,908
177,670
77,036
314,614
Accumulated depreciation and impairment
(13,145)
(123,291)
(63,805)
(200,241)
Net book amount
46,763
54,379
13,231
114,373
As at 1 January 2024 net book amount
46,763
54,379
13,231
114,373
Exchange differences
(1,000)
(15)
27
(988)
Additions
263
14,140
3,561
17,964
Disposals & other
\u2014
15
35
50
Transfers
\u2014
662
(172)
490
Acquisitions of subsidiaries
\u2014
\u2014
\u2014
\u2014
Depreciation charge (Note 10)
(1,382)
(21,482)
(2,792)
(25,656)
As at 31 December 2024 net book amount
44,644
47,699
13,890
106,233
As at 31 December 2024
Cost
58,929
186,605
79,502
325,036
Accumulated depreciation and impairment
(14,285)
(138,906)
(65,612)
(218,803)
Net book amount
44,644
47,699
13,890
106,233
As at 1 January 2025 net book amount
44,644
47,699
13,890
106,233
Exchange differences
(87)
(202)
(77)
(366)
Additions
336
12,496
11,826
24,658
Disposals & other
270
14
(1)
283
Transfers
\u2014
(659)
637
(22)
Acquisitions of subsidiaries
17,932
187
2,741
20,860
Depreciation charge (Note 10)
(1,253)
(20,923)
(4,307)
(26,483)
As at 31 December 2025 net book amount
61,842
38,612
24,709
125,163
As at 31 December 2025
Cost
92,267
191,130
104,692
388,089
Accumulated depreciation and impairment
(30,425)
(152,518)
(79,983)
(262,926)
Net book amount
61,842
38,612
24,709
125,163
(a) Other Equipment includes building fixtures and fitting, lease improvements and work in progress.
In 2025, the additions in Property Plant and Equipment were
primarily related to the investments made to the office
buildings in Porto and Milan and purchases of Hardware and IT
in relation to Euronext Technologies SAS. The additions in the
comparative period related to the investments made to the
Euronext Paris and Euronext Amsterdam buildings and
purchases of Hardware and IT in relation to the Borsa Italiana
Group (primarily MTS).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12).
NON-UNDERLYING ITEMS
Year ended
In thousands of euros
31 December
2025
31 December
2024
Non-underlying revenues and income
Release of deferred revenue fair value adjustment recognised on acquisition a)
(4,415)
\u2014
(4,415)
\u2014
Non-underlying salaries and employee benefits
Integration -and double run costs b)
(203)
(8,964)
Restructuring costs
(3,577)
(2,494)
(3,780)
(11,458)
Non-underlying depreciation and amortisation
Integration -and double run costs b)
(22,076)
(20,547)
Amortisation and impairment of acquired intangible assets (PPA) c)
(86,504)
(82,332)
Amortisation and impairment of other assets
(2,275)
(2,332)
(110,855)
(105,211)
Non-underlying other operational expenses
Integration -and double run costs b)
(3,743)
(17,385)
Acquisition costs d)
(9,022)
(1,868)
Litigation (provisions)/settlements
(255)
67
Release of prior years accruals
2,301
\u2014
Other
\u2014
(221)
(10,719)
(19,407)
Non-underlying non-operating items e)
Interest in respect of leases considered double run
\u2014
(2)
Gain on sale of subsidiaries
\u2014
20
Gain on sale of associates
\u2014
1,179
Net financing result on tender of Bond #3
1,604
\u2014
1,604
1,197
Non-underlying items before tax
Tax on non-underlying items f)
30,878
35,454
Non-controlling interest
3,716
2,502
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company
(93,571)
(96,923)
a)The valuation of the net identifiable assets of Admincontrol included a \u20ac7.2 million 'haircut' adjustment on contract liabilities. This fair value adjustment was partially
released as a non-underlying item in 2025. The remainder will be released in 2026.
b)The total integration- and double run costs amounted to \u20ac26.0 million (2024: \u20ac46.9 million).
c)Amortisation of intangible assets that were recorded as a result of acquisitions amounted to \u20ac86.5 million (2024: \u20ac82.3 million).
d)The acquisition costs of \u20ac9.0 million (2024: \u20ac1.9 million), related to acquisitions that increased the perimeter of the Group. These included the cost incurred for the
acquisitions of Admincontrol and Athex Group\u00a0 in 2025, amounting to \u20ac7.6 million (see Note 5).
e)The tender offer to buy back the Senior Unsecured Note #3 (see Note 30), resulted in a \u20ac1.6 million gain (net of transaction cost) that was included as a non-underlying
non-operating item. In the comparative period, the non-underlying non-operating items included a \u20ac1.2 million gain on sale of the interest in associate ATS Advanced
Technology Solutions S.p.A.
f)After the determination that an item is taxable, the tax impact of the Group\u2019s non-underlying items of the individual entities of the Group to which the non-underlying
items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.
The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The
Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU
IFRS and should be considered in addition to, and not as a substitute for IFRS measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-723": { "value": "DEPRECIATION AND AMORTISATION
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Depreciation of tangible fixed assets
(22,350)
(4,133)
(26,483)
(19,989)
(5,668)
(25,657)
Amortisation of intangible fixed assets
(45,393)
(106,722)
(152,115)
(43,122)
(98,526)
(141,648)
Depreciation of right-of-use assets
(21,348)
\u2014
(21,348)
(20,423)
(1,017)
(21,440)
Total depreciation and amortisation
(89,091)
(110,855)
(199,946)
(83,534)
(105,211)
(188,745)
Underlying depreciation and amortisation increased, primarily
due to the (phased) go-live of several internally developed
software assets.
Non-underlying depreciation and amortisation related to
amortisation of acquired intangible assets (PPA), depreciation
and amortisation of assets linked to the integration of the
Borsa Italiana Group activities with those of the Group (see
Note 12)LEASES
The Group leases offices in the various locations from which
the Group operates its business, IT-hardware equipment such
as data servers, racks and mainframes and leases of other
equipment for use by its staff in offices. Leases of offices
generally have an average lease term of 5 years, while
hardware IT equipment generally have an average lease term
of 2 years. Rental contracts are typically made for fixed
periods, but may occasionally have extension options.
Furthermore, the Group has very limited leases that contain
variable lease payments and has no leases that are exposed to
residual value guarantees. Payments associated with short-
term leases (containing a lease term of 12 months or less) and
leases of low-value assets are recognised on a straight-line
basis as an expense in profit or loss.
Amounts recognised in the balance sheet
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
Right-of-use assets
In thousands of euros
Building
Equipment
Other
Total
At 1 January 2024
47,747
7,992
\u2014
55,739
Additions
15,230
6,602
\u2014
21,832
Acquisition of subsidiary
1,059
\u2014
\u2014
1,059
Depreciation charge (see Note 10)
(16,109)
(5,331)
\u2014
(21,440)
Transfers
\u2014
\u2014
\u2014
\u2014
Exchange impacts and other
275
6
\u2014
281
At 31 December 2024
48,202
9,269
\u2014
57,471
Additions
38,145
406
\u2014
38,551
Acquisition of subsidiary (see Note 5)
2,877
\u2014
\u2014
2,877
Depreciation charge (see Note 10)
(15,772)
(5,576)
\u2014
(21,348)
Transfers
\u2014
\u2014
\u2014
\u2014
Exchange impacts and other
(423)
(146)
\u2014
(569)
At 31 December 2025
73,029
3,953
\u2014
76,982
In 2025, the additions include the new lease agreement of the Palazzo Mezzanotte building in Milan. The additions in the
comparative period were primarily attributable to the lease of a new office building in Porto.
Set out below are the carrying amounts of lease liabilities and the movements during the period:
In thousands of euros
2025
2024
At 1 January
62,017
59,473
Additions
41,515
21,955
Acquisition of subsidiary
2,877
1,059
Accretion of interest
3,912
2,224
Payments
(22,533)
(22,994)
Exchange impacts and other
(618)
300
At 31 December
87,170
62,017
Of which are:
Non-current lease liabilities
66,433
46,225
Current lease liabilities
20,737
15,792
In 2025, the additions include the new lease agreement of the Palazzo Mezzanotte building in Milan. The additions in the
comparative period were primarily attributable to the lease of a new office building in Porto.
The maturity analysis of the undiscounted lease liabilities are as follows:
In thousands of euros
Less than
1 year
between 1 and
3 years
between 3 and
5 years
More than 5
years
Total
2025
Lease liabilities
21,450
33,915
29,518
13,115
97,998
2024
Lease liabilities
16,357
22,576
15,066
16,847
70,846
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts related to leases:
In thousands of euros
2025
2024
Depreciation charge of right-of-use assets
Building
(15,772)
(16,109)
Equipment
(5,576)
(5,331)
Other
\u2014
\u2014
Interest expense (included in finance cost)
(3,912)
(2,224)
Expenses related to short-term leases (included in other operational expenses)
(651)
(404)
Expenses related to leases of low-value asset (included in other operational expenses)
(816)
(996)
Total
(26,727)
(25,064)
The total cash outflow for leases in 2025 was \u20ac20.1 million (2024: \u20ac22.2 million). The Group\u2019s exposure to potential future cash
outflows related to variable lease payments, extension or termination options and residual value guarantees was not material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "OTHER OPERATIONAL EXPENSES
Year ended
Year ended
31 December 2025
31 December 2024
In thousands of euros
Underlying
items
Non-
Underlying
items
Total
Underlying
items
Non-
Underlying
items
Total
Systems and communications
(104,720)
(1,197)
(105,917)
(99,176)
(3,139)
(102,315)
Professional services
(83,847)
(8,713)
(92,560)
(57,742)
(12,845)
(70,587)
Clearing expenses (a)
(673)
\u2014
(673)
(23,205)
(1,100)
(24,305)
Accommodation
(17,636)
(144)
(17,780)
(16,038)
(893)
(16,931)
Other expenses (b)
(116,204)
(665)
(116,869)
(94,120)
(1,430)
(95,550)
Total other operational expenses
(323,080)
(10,719)
(333,799)
(290,281)
(19,407)
(309,688)
(a) In the comparative period, clearing expenses consisted of the fees paid to LCH SA for services received under the Derivatives Clearing Agreement.
(b) Other expenses include marketing, taxes, insurance, travel, professional membership fees, corporate management and other expenses.
The increase in underlying other operational expenses is
primarily related to costs incurred for projects initiated as part
of the Strategic Plan \"Innovate for Growth 2027\".
In the comparative period, non-underlying other operational
expenses included cost incurred to integrate the Borsa Italiana
Group activities with those of the Group (see Note 12).
NON-UNDERLYING ITEMS
Year ended
In thousands of euros
31 December
2025
31 December
2024
Non-underlying revenues and income
Release of deferred revenue fair value adjustment recognised on acquisition a)
(4,415)
\u2014
(4,415)
\u2014
Non-underlying salaries and employee benefits
Integration -and double run costs b)
(203)
(8,964)
Restructuring costs
(3,577)
(2,494)
(3,780)
(11,458)
Non-underlying depreciation and amortisation
Integration -and double run costs b)
(22,076)
(20,547)
Amortisation and impairment of acquired intangible assets (PPA) c)
(86,504)
(82,332)
Amortisation and impairment of other assets
(2,275)
(2,332)
(110,855)
(105,211)
Non-underlying other operational expenses
Integration -and double run costs b)
(3,743)
(17,385)
Acquisition costs d)
(9,022)
(1,868)
Litigation (provisions)/settlements
(255)
67
Release of prior years accruals
2,301
\u2014
Other
\u2014
(221)
(10,719)
(19,407)
Non-underlying non-operating items e)
Interest in respect of leases considered double run
\u2014
(2)
Gain on sale of subsidiaries
\u2014
20
Gain on sale of associates
\u2014
1,179
Net financing result on tender of Bond #3
1,604
\u2014
1,604
1,197
Non-underlying items before tax
Tax on non-underlying items f)
30,878
35,454
Non-controlling interest
3,716
2,502
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company
(93,571)
(96,923)
a)The valuation of the net identifiable assets of Admincontrol included a \u20ac7.2 million 'haircut' adjustment on contract liabilities. This fair value adjustment was partially
released as a non-underlying item in 2025. The remainder will be released in 2026.
b)The total integration- and double run costs amounted to \u20ac26.0 million (2024: \u20ac46.9 million).
c)Amortisation of intangible assets that were recorded as a result of acquisitions amounted to \u20ac86.5 million (2024: \u20ac82.3 million).
d)The acquisition costs of \u20ac9.0 million (2024: \u20ac1.9 million), related to acquisitions that increased the perimeter of the Group. These included the cost incurred for the
acquisitions of Admincontrol and Athex Group\u00a0 in 2025, amounting to \u20ac7.6 million (see Note 5).
e)The tender offer to buy back the Senior Unsecured Note #3 (see Note 30), resulted in a \u20ac1.6 million gain (net of transaction cost) that was included as a non-underlying
non-operating item. In the comparative period, the non-underlying non-operating items included a \u20ac1.2 million gain on sale of the interest in associate ATS Advanced
Technology Solutions S.p.A.
f)After the determination that an item is taxable, the tax impact of the Group\u2019s non-underlying items of the individual entities of the Group to which the non-underlying
items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.
The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The
Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU
IFRS and should be considered in addition to, and not as a substitute for IFRS measures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-727": { "value": "NON-UNDERLYING ITEMS
Year ended
In thousands of euros
31 December
2025
31 December
2024
Non-underlying revenues and income
Release of deferred revenue fair value adjustment recognised on acquisition a)
(4,415)
\u2014
(4,415)
\u2014
Non-underlying salaries and employee benefits
Integration -and double run costs b)
(203)
(8,964)
Restructuring costs
(3,577)
(2,494)
(3,780)
(11,458)
Non-underlying depreciation and amortisation
Integration -and double run costs b)
(22,076)
(20,547)
Amortisation and impairment of acquired intangible assets (PPA) c)
(86,504)
(82,332)
Amortisation and impairment of other assets
(2,275)
(2,332)
(110,855)
(105,211)
Non-underlying other operational expenses
Integration -and double run costs b)
(3,743)
(17,385)
Acquisition costs d)
(9,022)
(1,868)
Litigation (provisions)/settlements
(255)
67
Release of prior years accruals
2,301
\u2014
Other
\u2014
(221)
(10,719)
(19,407)
Non-underlying non-operating items e)
Interest in respect of leases considered double run
\u2014
(2)
Gain on sale of subsidiaries
\u2014
20
Gain on sale of associates
\u2014
1,179
Net financing result on tender of Bond #3
1,604
\u2014
1,604
1,197
Non-underlying items before tax
Tax on non-underlying items f)
30,878
35,454
Non-controlling interest
3,716
2,502
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company
(93,571)
(96,923)
a)The valuation of the net identifiable assets of Admincontrol included a \u20ac7.2 million 'haircut' adjustment on contract liabilities. This fair value adjustment was partially
released as a non-underlying item in 2025. The remainder will be released in 2026.
b)The total integration- and double run costs amounted to \u20ac26.0 million (2024: \u20ac46.9 million).
c)Amortisation of intangible assets that were recorded as a result of acquisitions amounted to \u20ac86.5 million (2024: \u20ac82.3 million).
d)The acquisition costs of \u20ac9.0 million (2024: \u20ac1.9 million), related to acquisitions that increased the perimeter of the Group. These included the cost incurred for the
acquisitions of Admincontrol and Athex Group\u00a0 in 2025, amounting to \u20ac7.6 million (see Note 5).
e)The tender offer to buy back the Senior Unsecured Note #3 (see Note 30), resulted in a \u20ac1.6 million gain (net of transaction cost) that was included as a non-underlying
non-operating item. In the comparative period, the non-underlying non-operating items included a \u20ac1.2 million gain on sale of the interest in associate ATS Advanced
Technology Solutions S.p.A.
f)After the determination that an item is taxable, the tax impact of the Group\u2019s non-underlying items of the individual entities of the Group to which the non-underlying
items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.
The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The
Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU
IFRS and should be considered in addition to, and not as a substitute for IFRS measures.
", "dimensions": { "concept": "eur:DisclosureOfNonUnderlyingItemsTextBlock", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-731": { "value": "NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
Underlying finance costs for the year, includes the impact of
interest expenses on the Senior Unsecured Notes, that are
held by the Group.
The decline in interest income (effective interest method), was
due to a decrease in outstanding cash balances in 2025.
Gain/(loss) on disposal of treasury investments includes the
impact from changes in fair value of short-term investments in
money market funds (see Notes 26 and 36).
The non-underlying finance costs and finance income relate to
the \u20ac1.6 million gain (net of transaction costs) on the tender
offer to buy back the Senior Unsecured Note #3 (see Notes 12
and 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-730": { "value": "NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
decline in interest income (effective interest method), was
due to a decrease in outstanding cash balances in 2025.
Gain/(loss) on disposal of treasury investments includes the
impact from changes in fair value of short-term investments in
money market funds (see Notes 26 and 36).
The non-underlying finance costs and finance income relate to
the \u20ac1.6 million gain (net of transaction costs) on the tender
offer to buy back the Senior Unsecured Note #3 (see Notes 12
and 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-729": { "value": "NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
DERIVATIVES FINANCIAL INSTRUMENTS
The Group may use derivative instruments to manage financial
risks relating to its financial positions or risks relating to its
ongoing business operations. The Group\u2019s risk management
strategy and how it is applied to manage risk is further
explained in Note 38.
As per 31 December 2025, the derivative financial assets
balance includes an impact of \u20ac110k (2024: liability of \u20ac147k) in
Nord Pool related to the effects of foreign exchange spot
transactions made to facilitate electricity settlement.
In 2025 and 2024, the Group had no derivative financial
instruments designated as hedging instruments.
Fair value hedge
The Group had three interest rate swap agreements in place
with a total notional amount of \u20ac500.0 million, that were used
as a hedging instrument to reduce the variability of the fair
value of the 1% fixed rate Senior Unsecured Note #1. These
swap agreements were terminated on 3 May 2022.
On termination, the Group cash settled the swap agreements
at a carrying amount of \u20ac8.9 million and the hedge relationship
was discontinued. The accumulated fair value adjustments
were amortised over the remaining term of the Senior
Unsecured Note #1.
During 2025, \u20ac0.9 million was amortised (2024: \u20ac2.6 million),
reducing the amount of accumulated fair value adjustments to
zero (31 December 2024: \u20ac0.9 million). The Senior Unsecured
Note #1 was repaid in April 2025\u00a0 (see Note 30).
BORROWINGS
Fair value measurements using observable market data,
directly or indirectly (level 2)
Foreign exchange spot transactions comprises agreements
between two parties to buy one currency against selling
another currency at an agreed price for settlement on the spot
date. Fair value is based on the foreign exchange rates at the
balance sheet date.
FINANCIAL RISK MANAGEMENT
As a result of its operating and financing activities, the Group
is exposed to market risks such as interest rate risk, currency
risk and credit risk. The Group has implemented policies and
procedures designed to measure, manage, monitor and report
risk exposures, which are regularly reviewed by the
appropriate management and supervisory bodies. The Group\u2019s
central treasury team is charged with identifying risk
exposures and monitoring and managing such risks on a daily
basis. To the extent necessary and permitted by local
regulation, the Group\u2019s subsidiaries centralise their cash
investments, report their risks and hedge their exposures in
coordination with the Group\u2019s central treasury team. The
Group performs sensitivity analyses to determine the effects
that may result from market risk exposures. The Group uses
derivative instruments solely to hedge financial risks related to
its financial position or risks that are otherwise incurred in the
normal course of its commercial activities. The Group does not
use derivative instruments for speculative purposes.
Interest rate risk
Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed
rates with an interest term of less than one year, except for the fixed rated Bonds #2, #4 to #6, which have maturities between 3
and 15 years (see Note 30).
Currency risk
The Group's general policy is not to hedge foreign exchange risk
related to its net investments in foreign currency. However, the
Group may use derivatives instruments designated as hedge of
net investment or foreign denominated debt to manage its net
Investment exposures. The decision to hedge the exposure is
considered on a case by case basis since the Group is generally
exposed to major, well established and liquid currencies. The
Group would, by the same token, hedge transaction risk arising
from cash flows paid or received in a currency different from the
functional currency of the group contracting entity on a case by
case basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-728": { "value": "NET FINANCING INCOME / (EXPENSE)
Year ended
In thousands of euros
31 December
2025
31 December
2024
Interest expense (effective interest method)
(39,331)
(34,287)
Interest in respect of lease liabilities
(3,912)
(2,224)
Other finance costs
\u2014
\u2014
Underlying finance costs
(43,243)
(36,511)
Non-underlying finance costs
(434)
(2)
Total finance costs
(43,677)
(36,513)
Interest income (effective interest method)
28,300
46,235
Underlying finance income
28,300
46,235
Non-underlying finance income
2,038
\u2014
Total finance income
30,338
46,235
Gain / (loss) on disposal of treasury investments
1,866
5,861
Net foreign exchange (loss)/gain
(6,811)
1,941
Other net financing result
(4,945)
7,802
Total
(18,284)
17,524
Underlying finance costs for the year, includes the impact of
interest expenses on the Senior Unsecured Notes, that are
held by the Group.
Gain/(loss) on disposal of treasury investments includes the
impact from changes in fair value of short-term investments in
money market funds (see Notes 26 and 36).
The non-underlying finance costs and finance income relate to
the \u20ac1.6 million gain (net of transaction costs) on the tender
offer to buy back the Senior Unsecured Note #3 (see Notes 12
and 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-732": { "value": "INCOME TAX EXPENSE
Year ended
In thousands of euros
31 December
2025
31 December
2024
Current tax expense
(269,817)
(228,432)
Deferred tax
18,582
10,057
Total
(251,235)
(218,375)
The actual tax charge incurred on the Group\u2019s profit before income tax differs from the theoretical amount that would arise using
the weighted average tax rates applicable to profit before income tax of the consolidated entities as follows:
Reconciliation of Effective Tax Rate (ETR)
Year ended
Year ended
In thousands of euros
ETR
2025
31 December
2025
ETR
2024
31 December
2024
Profit before income tax
941,343
839,059
Income tax using the Company's domestic tax rate
25.8%
(242,866)
25.8%
(216,477)
Tax effects of:
Tax rates in foreign jurisdictions
0.4%
(4,101)
0.6%
(5,248)
(De) recognition tax losses (a)
0.2%
(1,485)
\u2014%
(98)
Non-deductible expenses (b)
0.7%
(6,666)
1.1%
(8,957)
Other tax exempt income (c)
(1.0)%
9,064
(1.6)%
13,211
Over/(under) provided in prior years (d)
0.2%
(1,778)
(0.3)%
2,701
Other (e)
0.4%
(3,403)
0.4%
(3,507)
Total
26.7%
(251,235)
26.0%
(218,375)
(a) De-recognition of tax losses relates to tax losses in Singapore and France as it is not considered probable at this moment that these deferred tax
assets can be used to offset future taxable income.
(b) In 2025, in 'non-deductible expenses' \u20ac4.1 million (2024: \u20ac2.6 million) relates to Italian tax on dividends,\u20ac2.0 million (2024: \u20ac0.4 million) relates to
M&A expenses and the remainder relates to miscellaneous non-deductible expenses in the various jurisdictions.
(c) In 2025 and 2024, 'other tax exempt income' mainly relates to exempt dividends from minority investments.
(d) In 2025 and 2024, \u2018over/(under) provided in prior years\u2019 relates to adjustments to tax following the filing of tax returns.
(e) In 2025, 'Other' includes tax surcharges of \u20ac3.1 million (in 2024: \u20ac2.8 million) in Portugal and France. In addition, it includes an R&D credit of \u20ac0.6
million (2024: \u20ac0.5 million).
The effective tax rate increased from 26.0% for the year ended 31 December 2024 to 26.7% for the year ended 31 December 2025.
OECD Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model
rules. Pillar Two legislation was enacted in the Netherlands,
the jurisdiction in which Euronext N.V. is incorporated, with
effect from 1 January 2024. Under the legislation, the Group is
liable to pay a top-up tax for the difference between their
GloBE effective tax rate per jurisdiction and the 15% Pillar Two
minimum rate.
The Group applies the exception to recognising and disclosing
information about deferred tax assets and liabilities related to
Pillar Two income taxes.
The Group has assessed its exposure to the Pillar Two
legislation and expects to apply the safe harbour provisions in
all countries in which it operates, with the exception of Ireland
and Belgium. Ireland has a statutory tax rate of 12.5% and a
qualifying domestic top up tax is expected to be due and has
been provided for in the current tax expense. In Belgium a one-
off event has impacted the ETR for the year. The qualifying
domestic top up tax payable by Euronext is not material.
DEFERRED INCOME TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Deferred income tax assets (a)
25,603
30,380
Deferred income tax liabilities (a)
(509,803)
(496,836)
Total net deferred tax assets (liabilities)
(484,200)
(466,456)
(a) As shown in the balance sheet, after offsetting deferred tax assets and liabilities related to the same taxable entity.
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Deferred tax assets / (liabilities):
Property, plant and equipment
(3,203)
462
Intangible assets (a)
(521,674)
(515,588)
Investments (b)
(7,236)
(3,322)
Provisions and employee benefits (c)
23,071
18,955
Other (d)
23,420
30,474
Loss carried forward (e)
1,422
2,563
Deferred tax assets (net)
(484,200)
(466,456)
(a) The balance mainly relates to the recognition of a deferred tax liability resulting from the intangible assets recognised upon the acquisition of Borsa Italiana Group in
2021.
(b) The investments mainly relate to the valuation of assets measured at fair value through other comprehensive income (FVOCI). In 2024 the investments in Euroclear were
consolidated in Euronext Brussels triggering current tax offset, by the related deferred tax liabilities in Euronext N.V. and Euronext Dublin.
(c) The line 'Provisions and employee benefits' relates to pensions, bonus accruals, employee profit sharing and LTIPs.
(d) The line \u2018Other\u2019 primarily relates to the tax impact from contract liabilities of \u20ac13.4 million (2024: \u20ac20.3 million), currency movements on intercompany loans (NOK, NZD,
GBP and USD) of \u20ac16.1 million (2024: \u20ac10.0 million) and intra group accrued unpaid interest of \u20ac4.1 million (2024: \u20ac3.5 million).
(e) Losses carry forward relate mainly to tax losses carry forward recognised by investments in Italy and France.
From 2026, the Portuguese corporate tax rate will be reduced to 19% plus surcharges (2024: 20% plus surcharges).
The deferred tax assets and liabilities have been recognised at prevailing rates in the various countries.
In thousands of euros
2025
2024
Balance at beginning of the year
(466,456)
(500,637)
Recognised in income statement
18,582
10,057
Reclassifications and other movements (a)
(44,753)
22,210
Exchange differences and other
2,110
2,305
Charge related to other comprehensive income
6,317
(391)
Balance at end of the year
(484,200)
(466,456)
(a) In 2024, the line \u2018Reclassifications and other movements\u2019 includes the deferred tax release relating to the consolidation of the Euroclear investments in Euronext
Brussels.
As per 31 December 2025, tax losses totalling \u20ac33.9 million
(2024: \u20ac29.4 million) were not recognised in the UK, France
and Singapore since it is not considered probable, at this
moment, that these deferred tax assets can be used to offset
future taxable income.
The majority of the net deferred tax asset is expected to be
recovered or settled after more than twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-733": { "value": "INVESTMENT PROPERTY
Following the acquisition of the Athens Exchange Group, the
Group holds two investments in real estate for the purpose of
either rental income or for capital gains or both.
The investments entail two buildings in Athens, one located at
Athinon Avenue and one located at Acharnon and Mayer
Street.
The investments are measured at fair value, with any gains or
losses arising from a change in the fair value recognized in
profit or loss. It is the policy of the Group to regularly re-
estimate the fair value of its real estate in order for it to reflect
their true commercial value.
As per 31 December 2025, fair value amounted to \u20ac6.3 million,
which did not materially deviate from the acquisition date fair
value that was defined on acquisition of the Athens Exchange
Group (see Note 5). As such, no revaluation gains or losses
were recognised in profit or loss during the post-acquisition
period in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS
Furthermore, no indicators of impairment of intangible assets
with a finite useful life were identified and as such no detailed
impairment test was performed. For intangible assets with an
indefinite useful life the impairment tests did not lead to an/
any impairment.
Goodwill impairment test
Goodwill is monitored and tested for impairment at the lowest
CGU Group level of the Group to which goodwill acquired in a
business combination is allocated (see Note 3). Following the
acquisitions of Euronext FX (former FastMatch Inc.) in 2017
and Nord Pool Holding AS in 2020 and the allocation of
goodwill from those transactions to respectively the \u201cFX
Trading\u201d CGU and the \u201cNord Pool\u201d CGU, the Group tests goodwill
at the level of three CGUs (Groups): \u201cEuronext\u201d, \u201cFX Trading\u201d
and \u201cNord Pool\u201d. The acquisition of Athex Group is included in
the Euronext CGU.
Euronext CGU (Group)
The recoverable value of the \u201cEuronext\u201d CGU Group is based on
its fair value less cost of disposal, applying a discounted cash
flow approach, and corroborated by observation of Company\u2019s
market capitalisation. The fair value measurement uses
significant unobservable inputs and is therefore categorised
as a Level 3 measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget and
the business plan for. Key assumptions used by management
include third party revenue growth, which factors future
volumes of European equity markets, the Group\u2019s market
share, average fee per transaction, and the expected impact
of new product initiatives. These assumptions are based on
past experience, market research and management
expectation of market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.8% (2024: 1.5%) after 2025. The weighted average
cost of capital applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cEuronext\u201d CGU Group
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Euronext\" CGU Group
amounted to respectively \u20ac4,337.9 million (2024: \u20ac3,863.8
million) and \u20ac28.5 million (2024: \u20ac16.5 million).
FX Trading CGU
The recoverable value of the \u201cFX Trading\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, the
business plan for 2027 and extrapolations for 2028 to 2033.
Key assumptions used by management include third party
revenue growth, which factors future volumes on global
Foreign Exchange trading markets, the Group\u2019s market share,
average fee per transaction, and the expected impact of new
product initiatives. These assumptions are based on past
experience, market research and management expectation of
market developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 2.0% (2024: 2.0%) after 2033. The discount rate
applied was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cFX Trading\u201d CGU
performed at each year-end did not result in any instance
where the carrying value of the operating segment exceeded
its recoverable amount. Recoverable amount is sensitive to
key assumptions. As of 31 December 2025, a reduction to 0%
per year of perpetual growth rate, or an increase by 1% per
year in discount rate, which management believes are
individually reasonably possible changes to key assumptions,
would not result in a goodwill impairment. The sensitivity test
on the key assumptions defined in 2025 would not result in a
goodwill impairment. Possible correlations between each of
these parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"FX Trading\" CGU
amounted to respectively \u20ac97.8 million (2024: \u20ac110.9 million)
and \u20ac5.8 million (2024: \u20ac6.6 million).
Nord Pool CGU
The recoverable value of the \u201cNord Pool\u201d CGU is based on its
fair value less cost of disposal, applying a discounted cash flow
approach. The fair value measurement uses significant
unobservable inputs and is therefore categorised as a Level 3
measurement under IFRS 13.
Cash flow projections are derived from the 2026 budget, and
extrapolations for 2027 to 2031. Key assumptions used by
management include third party revenue growth, which
factors future volumes on day ahead and intraday physical
energy markets, the Group\u2019s market share, average fee per
transaction, and the expected impact of new product
initiatives. These assumptions are based on past experience,
market research and management expectation of market
developments.
For the impairment test performed as of 31 December 2025,
revenues have been extrapolated using a perpetual growth
rate of 1.1% (2024: 1.4%) after 2031. The discount rate applied
was 7.7% (2024: 8.1%).
The annual impairment testing of the \u201cNord Pool\u201d CGU
performed at year-end did not result in any instance where the
carrying value of the operating segment exceeded its
recoverable amount. Recoverable amount is sensitive to key
assumptions. As of 31 December 2025, a reduction to 0% per
year of perpetual growth rate, or an increase by 1% per year in
discount rate, which management believes are individually
reasonably possible changes to key assumptions, would not
result in a goodwill impairment. The sensitivity test on the key
assumptions defined in 2025 would not result in a goodwill
impairment. Possible correlations between each of these
parameters were not considered.
The carrying amounts of goodwill and intangible assets with
indefinite useful lives allocated to the \"Nord Pool\" CGU
amounted to respectively \u20ac23.8 million (2024: \u20ac23.9 million)
and \u20ac3.1 million (2024: \u20ac3.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "DEFERRED INCOME TAX
The analysis of deferred tax assets and deferred tax liabilities is as follows:
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Deferred income tax assets (a)
25,603
30,380
Deferred income tax liabilities (a)
(509,803)
(496,836)
Total net deferred tax assets (liabilities)
(484,200)
(466,456)
(a) As shown in the balance sheet, after offsetting deferred tax assets and liabilities related to the same taxable entity.
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Deferred tax assets / (liabilities):
Property, plant and equipment
(3,203)
462
Intangible assets (a)
(521,674)
(515,588)
Investments (b)
(7,236)
(3,322)
Provisions and employee benefits (c)
23,071
18,955
Other (d)
23,420
30,474
Loss carried forward (e)
1,422
2,563
Deferred tax assets (net)
(484,200)
(466,456)
(a) The balance mainly relates to the recognition of a deferred tax liability resulting from the intangible assets recognised upon the acquisition of Borsa Italiana Group in
2021.
(b) The investments mainly relate to the valuation of assets measured at fair value through other comprehensive income (FVOCI). In 2024 the investments in Euroclear were
consolidated in Euronext Brussels triggering current tax offset, by the related deferred tax liabilities in Euronext N.V. and Euronext Dublin.
(c) The line 'Provisions and employee benefits' relates to pensions, bonus accruals, employee profit sharing and LTIPs.
(d) The line \u2018Other\u2019 primarily relates to the tax impact from contract liabilities of \u20ac13.4 million (2024: \u20ac20.3 million), currency movements on intercompany loans (NOK, NZD,
GBP and USD) of \u20ac16.1 million (2024: \u20ac10.0 million) and intra group accrued unpaid interest of \u20ac4.1 million (2024: \u20ac3.5 million).
(e) Losses carry forward relate mainly to tax losses carry forward recognised by investments in Italy and France.
From 2026, the Portuguese corporate tax rate will be reduced to 19% plus surcharges (2024: 20% plus surcharges).
The deferred tax assets and liabilities have been recognised at prevailing rates in the various countries.
In thousands of euros
2025
2024
Balance at beginning of the year
(466,456)
(500,637)
Recognised in income statement
18,582
10,057
Reclassifications and other movements (a)
(44,753)
22,210
Exchange differences and other
2,110
2,305
Charge related to other comprehensive income
6,317
(391)
Balance at end of the year
(484,200)
(466,456)
(a) In 2024, the line \u2018Reclassifications and other movements\u2019 includes the deferred tax release relating to the consolidation of the Euroclear investments in Euronext
Brussels.
As per 31 December 2025, tax losses totalling \u20ac33.9 million
(2024: \u20ac29.4 million) were not recognised in the UK, France
and Singapore since it is not considered probable, at this
moment, that these deferred tax assets can be used to offset
future taxable income.
The majority of the net deferred tax asset is expected to be
recovered or settled after more than twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-738": { "value": "TRADE AND OTHER RECEIVABLES
Set out below is the movement in the allowance for expected credit losses of trade and contract receivables:
In thousands of euros
2025
2024
As at 1 January
7,891
8,585
Provision for expected credit losses
3,337
1,355
Receivables written off during the year
(2,691)
(2,049)
Acquisition of subsidiaries
2,030
\u2014
At 31 December
10,567
7,891
Credit risk
The Group is exposed to credit risk in the event of a
counterparty\u2019s default. The Group is exposed to credit risk
from its operating activities (primarily trade receivables), from
its financing activities and from the investment of its cash and
cash equivalents and short-term financial investments. The
Group limits its exposure to credit risk by rigorously selecting
the counterparties with which it executes agreements. Most
customers of the Group are leading financial institutions that
are highly rated. Investments of cash and cash equivalents in
bank current accounts and money market instruments, such
as short-term fixed and floating rate interest deposits, are
governed by rules aimed at reducing credit risk: maturity of
deposits strictly depends on credit ratings, counterparties'
credit ratings are permanently monitored and individual
counterparty limits are reviewed on a regular basis. In addition
to the intrinsic creditworthiness of counterparties, the Group's
policies also prescribe the diversification of counterparties
(banks, financial institutions, funds) so as to avoid a
concentration of risk. Derivatives are negotiated with leading
high-grade banks.
Credit risk - CCP clearing business
In their role as CCP clearer to financial market participants, the
Group\u2019s CCPs guarantee final settlement of transactions
acting as buyer towards each seller and as seller towards each
buyer. It manages substantial credit risks as part of its
operations including unmatched risk positions that might arise
from the default of a party to a cleared transaction.
Clearing membership selection is based upon supervisory
capital, technical and organisational criteria. Each member
must pay margins, computed and collected at least daily, to
cover the exposures and theoretical costs which the CCPs
might incur in order to close out open positions in the event of
the member\u2019s default. Margins are calculated using
established and internationally acknowledged risk models and
are debited from participants\u2019 accounts through central bank
accounts and via commercial bank payment systems.
Minimum levels of cash collateral are required. Non-cash
collateral is revalued daily but the members retain title of the
asset and the Group only has a claim on these assets in the
event of a default by the member.
Clearing members also contribute to default funds managed by
the CCPs to guarantee the integrity of the markets in the event
of multiple defaults in extreme market circumstances.
Amounts are determined on the basis of the results of periodic
stress testing examined by the risk committees of the CCPs.
Furthermore, the Group\u2019s CCPs reinforce their capital position
to meet the most stringent relevant regulatory requirements
applicable to it, including holding a minimum amount of
dedicated own resources to further underpin the protective
credit risk framework in the event of a significant market
stress event or participant failure.
An analysis of the aggregate clearing member contributions of
margin and default funds across the CCPs is shown below:
31 December
2025
31 December
2024
In thousands of euros
Total collateral pledged
Margin received in cash
14,312,654
17,594,249
Margin received by title transfer
2,933,196
2,079,405
Default fund total
5,703,651
6,204,892
Total on balance sheet collateral (a)
22,949,501
25,878,546
Total member collateral pledged
22,949,501
25,878,546
(a)The total on balance sheet member collateral pledged is included in the line 'other payables to clearing members' in the table at Note 36.1.
Investment counterparty risk for CCPs margin and default
funds is managed by investing the cash element in
instruments or structures deemed \u2018secure\u2019, including through
direct investments in highly rated, \u2018regulatory qualifying\u2019
sovereign bonds and supra-national debt, investments in tri-
party and bilateral reverse repos (receiving high-quality
government securities as collateral) in certain jurisdictions
and deposits with the central banks of Italy and Greece. As per
December 2025 the margin and default funds were mainly
deposited with the Central Banks of Italy and Greece. The
small proportion of cash that is invested unsecured is placed
for short durations with highly rated counterparties where
strict limits are applied with respect to credit quality,
concentration and tenor.
31 December
2025
31 December
2024
In thousands of euros
Investment portfolio
117,968
66,068
CCP other financial assets (a)
117,968
66,068
Clearing member cash equivalents - short term deposits
10,041
10,011
Clearing member cash\u00a0 - central bank deposits
17,080,030
19,085,474
Clearing member cash\u00a0 - other banks
(7,214)
(138)
Total clearing member cash (b)
17,082,857
19,095,347
(a)\u00a0 The CCP other financial assets are included in the line 'Debt instruments at fair value through other comprehensive income' in the table at Note 36.1.
(b)\u00a0 The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 36.1.
Distress can result from the risk that certain governments may
be unable or find it difficult to service their debts. This could
have adverse effects, particularly on the Group\u2019s CCPs,
potentially impacting cleared products, margin collateral,
investments, the clearing membership and the financial
industry as a whole.
Specific risk frameworks manage country risk for both fixed
income clearing and margin collateral and all clearing
members\u2019 portfolios are monitored regularly against a suite of
sovereign stress scenarios. Investment limits and
counterparty and clearing membership monitoring are
sensitive to changes in ratings and other financial market
indicators, to ensure the Group\u2019s CCPs are able to measure,
monitor and mitigate exposures to sovereign risk and respond
quickly to anticipated changes. Risk Committees maintain an
ongoing watch over these risks and the associated policy
frameworks to protect the Group against potentially severe
volatility in the sovereign debt markets.
The Group\u2019s sovereign exposures at the end of the financial reporting period were:
In thousands of euros
31 December
2025
31 December
2024
Sovereign investments
Italy
50,911
31,365
Spain
24,467
10,011
EU Central (a)
6,940
17,914
France
30,748
\u2014
Ireland
14,943
\u2014
Belgium
\u2014
16,789
Total for all countries (b)
128,009
76,079
(a) ' EU Central' consists of supra-national debts.
(b)\u00a0 The total sovereign investments include the investment portfolio of CCP clearing business assets as disclosed in the line 'Debt instruments at fair value through other
comprehensive income' in the table at Note 36.1.
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
Other debt financial assets at amortised cost or FVOCI
(including CCP clearing business)
The other debt financial assets comprise i) debt investments
at amortised cost, which include short-term deposits with a
maturity over three months, ii) debt investments at FVOCI,
which include investments in listed bonds and government
bonds and iii) CCP clearing business financial assets at
amortised cost or FVOCI.
The other debt financial assets at amortised cost or FVOCI
(including CCP clearing business) are considered to have low
credit risk, as the issuers of the instruments have a low risk of
default evidenced by their strong capacity to meet their
contractual cash flow obligations in the near term. The Group
closely monitors its CCP investment portfolio and invests only
in government debt and other collateralised instruments
where the risk of loss is minimal. There was no increase in
credit risk in the year and none of the assets are past due. The
loss allowance recognised during the period was therefore
limited to 12 months expected credit losses. The Group did not
recognise any material provision for expected credit losses on
its other debt financial assets at amortised cost or FVOCI
(including CCP clearing businesses) as per 31 December 2025
(2024: not material). The amount of credit-impaired financial
assets is considered not significant. The CCP clearing
business risks are covered by combination of financial
safeguards and risk management instruments that collectively
mitigate the risks associated with their clearing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-737": { "value": "TRADE AND OTHER RECEIVABLES
Set out below is the movement in the allowance for expected credit losses of trade and contract receivables:
In thousands of euros
2025
2024
As at 1 January
7,891
8,585
Provision for expected credit losses
3,337
1,355
Receivables written off during the year
(2,691)
(2,049)
Acquisition of subsidiaries
2,030
\u2014
At 31 December
10,567
7,891
BORROWINGS
Revolving Credit Facility Agreement
On 12 October 2022, the Group executed its two-year
extension option to the revolving credit facility agreement
(RCF) of \u20ac600.0 million. The RCF allows the Group to apply all
amounts borrowed by it towards (i) general corporate and/or
working capital purposes of the Group, (ii) satisfaction of the
consideration payable for an acquisition and/ or (iii) the
payment of fees, costs and expense incurred in relation to an
acquisition. The revolving credit facility has a remaining
maturity of just below 2 years (November 2027) and bears an
interest rate of EURIBOR plus a margin dependent on rating.
As per 31 December 2025, the facility remained undrawn.
In case of a downgrading event of Euronext, below BBB- or
equivalent by rating agencies, Euronext shall ensure that the
leverage ratio (Euronext total net debt to EBITDA2) as defined
in the Revolving Credit Facility Agreement would not be
greater than 4x. As per 31 December 2025, the rating was A-
with a stable outlook and the leverage ratio was 1.5x.
Revolving Credit Facility at Nord Pool
On 20 March 2025, Nord Pool entered into a revolving credit
facility agreement (RCF) of \u20ac100.0 million. It provides Nord Pool
with short term liquidity to cover short falls, resulting from
delayed payments owed by one or more participants. The RCF
has a maturity of 364 days and bears an interest rate equal to
the relevant EURIBOR rate for the period of the advance plus a
0.70% margin. The revolving credit facility is not expected to be
drawn and is not drawn as per 31 December 2025.
FINANCIAL RISK MANAGEMENT
As a result of its operating and financing activities, the Group
is exposed to market risks such as interest rate risk, currency
risk and credit risk. The Group has implemented policies and
procedures designed to measure, manage, monitor and report
risk exposures, which are regularly reviewed by the
appropriate management and supervisory bodies. The Group\u2019s
central treasury team is charged with identifying risk
exposures and monitoring and managing such risks on a daily
basis. To the extent necessary and permitted by local
regulation, the Group\u2019s subsidiaries centralise their cash
investments, report their risks and hedge their exposures in
coordination with the Group\u2019s central treasury team. The
Group performs sensitivity analyses to determine the effects
that may result from market risk exposures. The Group uses
derivative instruments solely to hedge financial risks related to
its financial position or risks that are otherwise incurred in the
normal course of its commercial activities. The Group does not
use derivative instruments for speculative purposes.
Liquidity risk
The Group would be exposed to a liquidity risk in the case
where its short-term liabilities become, at any date, higher
than its cash, cash equivalents, short-term financial
investments and available bank facilities and in the case where
the Group is not able to refinance this liquidity deficit, for
example, through new banking lines.
Cash, cash equivalents and short-term financial investments
are managed as a global treasury portfolio invested in non-
speculative financial instruments, readily convertible to cash,
such as bank balances, money market funds, overnight
deposits, term deposits, government bonds and other money
market instruments, thus ensuring a very high liquidity of the
financial assets. The Group\u2019s policy is to ensure that cash, cash
equivalents and available bank facilities allow the Group to
repay its financial liabilities at all maturities, even disregarding
incoming cash flows generated by operational activities,
excluding the related party loans granted by the Group\u2019s
subsidiaries to its Parent.
The net position of current financial assets, financial liabilities
and available credit facilities, excluding working capital items,
as of 31 December, 2025 and 2024 is described in the table
below:
In thousands of euros
2025
2024
Cash cash equivalents and short term investments
1,657,312
1,737,264
Available revolving credit facility (RCF)
600,000
600,000
Financial debt (long term and short term borrowings)
(3,314,024)
(3,053,510)
Net position
(1,056,712)
(716,246)
The Group has a \u20ac600 million revolving credit facility (2024:
\u20ac600 million) that can be used for general corporate or M&A
purposes (see Note 30). As of 31 December 2025, the Group did
not have any amounts drawn under the facility.
In addition, a specific undrawn revolving credit facility of \u20ac100
million is in place for Nord Pool, providing short term liquidity
in case of shortfalls (see Note 30).
The Group reviews its liquidity and debt positions on an
ongoing basis, and subject to market conditions and strategic
considerations, may from time to time re-examine the debt
structure of its debt and modify the maturity profile and the
sources of financing. The Group is able to support short term
liquidity and operating needs through existing cash balance
and its strong ability to generate adequate cash flow. The
Group has generally access to debts markets, including bank
facilities, and may be able to obtain additional debt or other
sources of financing to finance its strategic development,
provided that its financial risk profile allows it to do so.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments,
including principal - and interest amounts, expected throughout the life of the obligations:
In thousands of euros
Maturity < 1
year
Maturity between 1
and 5 years
Maturity > 5
years
Total
31 December 2025
Trade and other payables
520,216
\u2014
\u2014
520,216
Other financial liabilities
103,545
3,480
\u2014
107,025
Borrowings
430,029
1,486,313
1,738,063
3,654,405
Lease liabilities
21,450
63,433
13,115
97,998
31 December 2024
Trade and other payables
464,267
\u2014
\u2014
464,267
Other financial liabilities
\u2014
3,500
\u2014
3,500
Borrowings
527,688
1,438,500
1,317,000
3,283,188
Lease liabilities
16,357
37,643
16,846
70,846
Liquidity risk - CCP clearing business
The Group\u2019s CCPs must maintain a level of liquidity (consistent
with regulatory requirements) to ensure the smooth operation
of its respective markets and to maintain operations in the
event of a single or multiple market stress event or member
failure. This includes the potential requirement to liquidate the
position of a clearing member under a default scenario
including covering the associated losses and the settlement
obligations of the defaulting member.
The Group\u2019s CCPs maintain sufficient cash and cash
equivalents and have access to intraday central bank
refinancing (collateralized with ECB eligible bonds) along with
commercial bank credit lines to meet in a timely manner its
payment obligations. As at 31 December 2025, the Group\u2019s
CCPs had \u20ac450 million (2024: \u20ac450 million) credit lines granted
by commercial banks serving as liquid recourse to mitigate
liquidity risks according to EMIR regulation. None of the credit
lines had been used as of 31 December 2025.
Revised regulations requires the CCPs to ensure that
appropriate levels of back-up liquidity are in place to underpin
the dynamics of a largely secured cash investment
requirement, ensuring that the maximum potential outflow
under extreme market conditions is covered (see credit risk
section). The Group\u2019s CCPs monitor their liquidity needs daily
under normal and stressed market conditions. Where possible,
the Group employs guaranteed delivery versus payment
settlement techniques and manages CCP margin and default
fund flows through central bank or long-established, bespoke
commercial bank settlement mechanisms. Monies due from
clearing members remain the clearing members\u2019 liability if the
payment agent is unable to effect the appropriate transfer. In
addition, the Group's CCPs maintain operational facilities with
commercial banks to manage intraday and overnight liquidity.
In line with the investment policy and the regulatory
requirements, the Group\u2019s CCPs have deposited the default
funds and margin mainly at the Central Banks of Italy and
Greece as per 31 December 2025. The default funds and
margin were partially invested in government bonds with an
average maturity of below 12 months, as per 31 December
2025. Even though these financial assets are generally held to
maturity, a forced liquidation of the investment portfolio could
lead to losses and lack of required liquidity.
In thousands of euros
Maturity <\u00a01 year
Maturity between
1\u00a0and 2 years
Maturity between
2\u00a0and 3 years
Total
31 December 2025
Investment portfolio
117,968
\u2014
\u2014
117,968
31 December 2024
Investment portfolio
66,068
\u2014
\u2014
66,068
The table below analyses the Group\u2019s CCPs financial liabilities into relevant maturity groupings based on the remaining period from
the balance sheet date to the contractual maturity date. The amounts disclosed in the table reflect the contractual undiscounted
cash flows.
In thousands of euros
Maturity < 1
year
Maturity between
1\u00a0and 5 years
Maturity >
5\u00a0years
Total
31 December 2025
CCP clearing member liabilities
318,085,366
\u2014
\u2014
318,085,366
31 December 2024
CCP clearing member liabilities
270,357,949
\u2014
\u2014
270,357,949
Interest rate risk
Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed
rates with an interest term of less than one year, except for the fixed rated Bonds #2, #4 to #6, which have maturities between 3
and 15 years (see Note 30).
As at 31 December 2025 and 2024 the interest rate exposure of the Company was as follows:
Currency
Position in EUR
Positions in GBP
Positions in USD
Positions in NOK
Positions in DKK
Type of rate and maturity
In thousands of euros
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
2025
Interest bearing financial assets (a)
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
Interest bearing financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
Net position after hedging
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
2024
Interest bearing financial assets (a)
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
Interest bearing financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
Net position after hedging
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
(a) Includes cash and cash equivalents and non-current financial assets at amortised cost.
Currency
Position in EUR
Positions in GBP
Positions in USD
Positions in NOK
Positions in DKK
Type of rate and maturity
In thousands of euros
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
2025
Interest bearing financial assets (a)
490,177
\u2014
\u2014
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
Interest bearing financial liabilities
400,493
2,913,521
1,124
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
89,684
(2,913,521)
(1,124)
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
Net position after hedging
89,684
(2,913,521)
(1,124)
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
2024
Interest bearing financial assets (a)
506,055
\u2014
6,704
\u2014
35,264
\u2014
21,287
\u2014
38,587
\u2014
Interest bearing financial liabilities
515,680
2,537,909
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
Net position before hedging
(9,626)
(2,537,909)
6,704
\u2014
35,264
\u2014
21,284
\u2014
38,587
\u2014
Net position after hedging
(9,626)
(2,537,909)
6,704
\u2014
35,264
\u2014
21,284
\u2014
38,587
\u2014
(a) Includes cash and cash equivalents and non-current financial assets at amortised cost.
The Group is exposed to cash-flow risk arising from net
floating-rate positions.
The Group was a net borrower in Euros exposed to fixed
interest rates and a net lender in Euros exposed to floating
rates at 31 December 2025 and 2024. Therefore, the sensitivity
of net interest income to a parallel shift in the interest curves
is that a 0.5% increase/decrease of the rate would have
resulted in an increase/decrease of net interest income of
\u20ac3.7 million based on the positions at 31 December 2025
(2024: \u20ac3.9 million).
The Group was a net lender in Pound Sterling at 31 December
2025 and 2024. The sensitivity of net interest income to a
parallel shift in the interest curves is that a 0.5% increase/
decrease of the rate would have resulted in an increase/
decrease of net interest income of \u20ac0.3 million based on the
positions at 31 December 2025 (2024: \u20ac0.4 million).
The Group was a net lender in US Dollar at 31 December 2025
and 2024. The sensitivity of net interest income to a parallel
shift in the interest curves is that a 0.5% increase/decrease of
the rate would have resulted in an increase/decrease of net
interest income of \u20ac0.1 million based on the positions at
31\u00a0December 2025 (2024: \u20ac0.3 million).
The Group was a net lender in Norwegian Kroner at
31\u00a0December 2025 and 2024. The sensitivity of net interest
income to a parallel shift in the interest curves is that a 0.5%
increase/decrease of the rate would have resulted in an
increase/decrease of net interest income of \u20ac0.8 million
based on the positions at 31 December 2025 (2024:
\u20ac0.8\u00a0million).
The fluctuation of the DKK against the EUR is set within the
bandwidth +/-2.25% as an exchange rate mechanism
established by the Denmark's National Bank. Therefore,
currency risk sensitivity inherent to the Group exposure to that
currency is deemed to be irrelevant.
Interest rate risk - CCP clearing business
As at 31 December 2025 the Group\u2019s CCPs have deposited the
default funds and margin mainly at the Central Banks of Italy
and Greece reducing the interest rate exposure linked to
investment activities. Furthermore, the Group\u2019s CCPs face
minimal interest rate exposure by applying the same reference
rate deriving from the yields achieved through the secured
investment activities, to calculate member liabilities.
In the Group\u2019s CCPs, interest bearing assets are generally
invested in secured instruments or structures and for a longer
term than interest bearing liabilities, whose interest rate is
reset daily. This makes investment revenue vulnerable to
volatility in overnight rates and shifts in spreads between
overnight and term rates. On daily basis the interest rate risk
associated to investments is monitored via the requirements
contained in the CCPs investment policy.
The Group's CCPs have an investment policy, mitigating
market risks. The Group's CCPs investments have an average
duration of less than one year and are generally held until
maturity. Losses will not materialise unless the investment
portfolio is liquidated before maturity or in an event of
portfolio rebalancing before maturity. In case of a forced
liquidation of the CCP's financial investment portfolio before
maturity to provide necessary liquidity, the CCPs may face
higher interest rate exposure on their financial investment
portfolio. The interest rate exposure of the investment
portfolio is predominantly at fixed rates (only a negligible part
is at floating rates) at the amounts and maturities as disclosed
in Note 38.1. As per 31 December 2025, an increase/decrease
of the rate by 100 basis points would have an increasing/
decreasing impact on the investment portfolio market value of
\u20ac0.6 million or 0.24% (2024: \u20ac0.4 million or 0.24%).
Currency risk
Foreign currency translation risk:
The Group\u2019s net assets are exposed to the foreign currency
risk arising from the translation of assets and liabilities of
subsidiaries with functional currencies other than the euro.
The following table summarises the assets and liabilities
recorded in respectively GBP, USD and NOK functional
currency and the related impact of a 10% in/decrease in the
currency exchange rate on balance sheet and profit or loss:
In thousands
2025
2024
Assets
\u00a382,425
\u00a3115,164
Liabilities
\u00a3(11,912)
\u00a3(12,143)
Net currency position
\u00a370,513
\u00a3103,021
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac8,089
\u20ac12,450
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
Not material
Not Material
In thousands
2025
2024
Assets
$274,078
$226,038
Liabilities
$(61,737)
$(33,997)
Net currency position
$212,341
$192,041
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac18,075
\u20ac18,548
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
\u20ac943
\u20ac1,315
In thousands
2025
2024
Assets
kr17,549,282
kr11,987,524
Liabilities
kr(3,817,048)
kr(3,545,961)
Net currency position
kr13,732,234
kr8,441,563
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac115,965
\u20ac71,628
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
\u20ac2,622
\u20ac1,751
Most operating revenue and expenses in the various
subsidiaries of the Group are denominated in the functional
currency of each relevant subsidiary. The Group\u2019s consolidated
income statement is exposed to foreign currency risk arising
from receivables and payables denominated in currencies
different from the functional currency of the related entity.
The Group's general policy is not to hedge foreign exchange risk
related to its net investments in foreign currency. However, the
Group may use derivatives instruments designated as hedge of
net investment or foreign denominated debt to manage its net
Investment exposures. The decision to hedge the exposure is
considered on a case by case basis since the Group is generally
exposed to major, well established and liquid currencies. The
Group would, by the same token, hedge transaction risk arising
from cash flows paid or received in a currency different from the
functional currency of the group contracting entity on a case by
case basis.
Equity Market risk
The Group\u2019s investment in publicly traded equity securities
was limited to the Group's investment in Boursa Kuwait
Securities Co. and was non existent in 2024. The Group's
investments in non-publicly traded equity securities are
disclosed in Note 21.
Credit risk
The Group is exposed to credit risk in the event of a
counterparty\u2019s default. The Group is exposed to credit risk
from its operating activities (primarily trade receivables), from
its financing activities and from the investment of its cash and
cash equivalents and short-term financial investments. The
Group limits its exposure to credit risk by rigorously selecting
the counterparties with which it executes agreements. Most
customers of the Group are leading financial institutions that
are highly rated. Investments of cash and cash equivalents in
bank current accounts and money market instruments, such
as short-term fixed and floating rate interest deposits, are
governed by rules aimed at reducing credit risk: maturity of
deposits strictly depends on credit ratings, counterparties'
credit ratings are permanently monitored and individual
counterparty limits are reviewed on a regular basis. In addition
to the intrinsic creditworthiness of counterparties, the Group's
policies also prescribe the diversification of counterparties
(banks, financial institutions, funds) so as to avoid a
concentration of risk. Derivatives are negotiated with leading
high-grade banks.
Credit risk - CCP clearing business
In their role as CCP clearer to financial market participants, the
Group\u2019s CCPs guarantee final settlement of transactions
acting as buyer towards each seller and as seller towards each
buyer. It manages substantial credit risks as part of its
operations including unmatched risk positions that might arise
from the default of a party to a cleared transaction.
Clearing membership selection is based upon supervisory
capital, technical and organisational criteria. Each member
must pay margins, computed and collected at least daily, to
cover the exposures and theoretical costs which the CCPs
might incur in order to close out open positions in the event of
the member\u2019s default. Margins are calculated using
established and internationally acknowledged risk models and
are debited from participants\u2019 accounts through central bank
accounts and via commercial bank payment systems.
Minimum levels of cash collateral are required. Non-cash
collateral is revalued daily but the members retain title of the
asset and the Group only has a claim on these assets in the
event of a default by the member.
Clearing members also contribute to default funds managed by
the CCPs to guarantee the integrity of the markets in the event
of multiple defaults in extreme market circumstances.
Amounts are determined on the basis of the results of periodic
stress testing examined by the risk committees of the CCPs.
Furthermore, the Group\u2019s CCPs reinforce their capital position
to meet the most stringent relevant regulatory requirements
applicable to it, including holding a minimum amount of
dedicated own resources to further underpin the protective
credit risk framework in the event of a significant market
stress event or participant failure.
An analysis of the aggregate clearing member contributions of
margin and default funds across the CCPs is shown below:
31 December
2025
31 December
2024
In thousands of euros
Total collateral pledged
Margin received in cash
14,312,654
17,594,249
Margin received by title transfer
2,933,196
2,079,405
Default fund total
5,703,651
6,204,892
Total on balance sheet collateral (a)
22,949,501
25,878,546
Total member collateral pledged
22,949,501
25,878,546
(a)The total on balance sheet member collateral pledged is included in the line 'other payables to clearing members' in the table at Note 36.1.
Investment counterparty risk for CCPs margin and default
funds is managed by investing the cash element in
instruments or structures deemed \u2018secure\u2019, including through
direct investments in highly rated, \u2018regulatory qualifying\u2019
sovereign bonds and supra-national debt, investments in tri-
party and bilateral reverse repos (receiving high-quality
government securities as collateral) in certain jurisdictions
and deposits with the central banks of Italy and Greece. As per
December 2025 the margin and default funds were mainly
deposited with the Central Banks of Italy and Greece. The
small proportion of cash that is invested unsecured is placed
for short durations with highly rated counterparties where
strict limits are applied with respect to credit quality,
concentration and tenor.
31 December
2025
31 December
2024
In thousands of euros
Investment portfolio
117,968
66,068
CCP other financial assets (a)
117,968
66,068
Clearing member cash equivalents - short term deposits
10,041
10,011
Clearing member cash\u00a0 - central bank deposits
17,080,030
19,085,474
Clearing member cash\u00a0 - other banks
(7,214)
(138)
Total clearing member cash (b)
17,082,857
19,095,347
(a)\u00a0 The CCP other financial assets are included in the line 'Debt instruments at fair value through other comprehensive income' in the table at Note 36.1.
(b)\u00a0 The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 36.1.
Distress can result from the risk that certain governments may
be unable or find it difficult to service their debts. This could
have adverse effects, particularly on the Group\u2019s CCPs,
potentially impacting cleared products, margin collateral,
investments, the clearing membership and the financial
industry as a whole.
Specific risk frameworks manage country risk for both fixed
income clearing and margin collateral and all clearing
members\u2019 portfolios are monitored regularly against a suite of
sovereign stress scenarios. Investment limits and
counterparty and clearing membership monitoring are
sensitive to changes in ratings and other financial market
indicators, to ensure the Group\u2019s CCPs are able to measure,
monitor and mitigate exposures to sovereign risk and respond
quickly to anticipated changes. Risk Committees maintain an
ongoing watch over these risks and the associated policy
frameworks to protect the Group against potentially severe
volatility in the sovereign debt markets.
The Group\u2019s sovereign exposures at the end of the financial reporting period were:
In thousands of euros
31 December
2025
31 December
2024
Sovereign investments
Italy
50,911
31,365
Spain
24,467
10,011
EU Central (a)
6,940
17,914
France
30,748
\u2014
Ireland
14,943
\u2014
Belgium
\u2014
16,789
Total for all countries (b)
128,009
76,079
(a) ' EU Central' consists of supra-national debts.
(b)\u00a0 The total sovereign investments include the investment portfolio of CCP clearing business assets as disclosed in the line 'Debt instruments at fair value through other
comprehensive income' in the table at Note 36.1.
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
Other debt financial assets at amortised cost or FVOCI
(including CCP clearing business)
The other debt financial assets comprise i) debt investments
at amortised cost, which include short-term deposits with a
maturity over three months, ii) debt investments at FVOCI,
which include investments in listed bonds and government
bonds and iii) CCP clearing business financial assets at
amortised cost or FVOCI.
The other debt financial assets at amortised cost or FVOCI
(including CCP clearing business) are considered to have low
credit risk, as the issuers of the instruments have a low risk of
default evidenced by their strong capacity to meet their
contractual cash flow obligations in the near term. The Group
closely monitors its CCP investment portfolio and invests only
in government debt and other collateralised instruments
where the risk of loss is minimal. There was no increase in
credit risk in the year and none of the assets are past due. The
loss allowance recognised during the period was therefore
limited to 12 months expected credit losses. The Group did not
recognise any material provision for expected credit losses on
its other debt financial assets at amortised cost or FVOCI
(including CCP clearing businesses) as per 31 December 2025
(2024: not material). The amount of credit-impaired financial
assets is considered not significant. The CCP clearing
business risks are covered by combination of financial
safeguards and risk management instruments that collectively
mitigate the risks associated with their clearing activities.
Changes in liabilities arising from financing activities
The changes in liabilities arising from the Group\u2019s financing activities in 2025 and 2024 were as follows:
In thousands of euros
Borrowings due
within 1 year
Borrowings due
after 1 year
Leases due
within 1 year
Leases due
after 1 year
Total liabilities
from financing
activity
As at 1 January 2024
17,286
3,031,629
22,159
37,314
3,108,388
Cash flows
(29,433)
\u2014
(20,770)
\u2014
(50,203)
Acquisitions
7
\u2014
\u2014
\u2014
7
Additions
\u2014
\u2014
\u2014
21,955
21,955
Fair Value adjustments
\u2014
2,641
\u2014
\u2014
2,641
Accrued interest
29,477
\u2014
2,224
\u2014
31,701
Amortisation and transfer of issue costs
\u2014
1,903
\u2014
\u2014
1,903
Foreign exchange impacts
\u2014
\u2014
78
247
325
Other
499,142
(499,142)
12,101
(13,291)
(1,190)
As at 31 December 2024
516,479
2,537,031
15,792
46,225
3,115,527
Cash flows
(747,923)
974,127
(18,621)
\u2014
207,583
Acquisitions
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
\u2014
\u2014
\u2014
41,515
41,515
Fair Value adjustments
858
\u2014
\u2014
\u2014
858
Accrued interest
33,701
\u2014
3,912
\u2014
37,613
Amortisation and transfer of issue costs
\u2014
1,779
\u2014
\u2014
1,779
Foreign exchange impacts
\u2014
\u2014
(241)
(441)
(682)
Other
597,378
(599,406)
19,895
(20,866)
(2,999)
As at 31 December 2025
400,493
2,913,531
20,737
66,433
3,401,194
The line \u2018Other\u2019 includes the effect of reclassification of non-current portion of lease liabilities to current due to the passage of time.
It\u00a0also includes the effect of reclassification of non-current borrowings to current, when maturity becomes due within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-736": { "value": "TRADE AND OTHER RECEIVABLES
Set out below is the movement in the allowance for expected credit losses of trade and contract receivables:
In thousands of euros
2025
2024
As at 1 January
7,891
8,585
Provision for expected credit losses
3,337
1,355
Receivables written off during the year
(2,691)
(2,049)
Acquisition of subsidiaries
2,030
\u2014
At 31 December
10,567
7,891
Impairment of financial assets
The Group\u2019s trade and contract receivables and other debt
financial assets at amortised cost or FVOCI (including CCP
clearing business) are subject to the expected credit loss
model. While cash and cash equivalents are also subject to the
impairment requirements of IFRS 9, the identified impairment
loss was considered immaterial.
Trade and contract receivables
The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss
allowance for all trade and contract receivables.
To measure expected credit losses, trade and contract
receivables have been grouped based on shared credit risk
characteristics and the days past due. The historical loss rates
are based on the payment profiles of the sales over a period of
24 months before reporting date and the corresponding
historical credit losses experience within this period. The
historical loss rates are adjusted to reflect current and
forward-looking factors specific to the debtors and economic
environment. Generally trade receivables are written-off when
there is no reasonable expectation of recovery. The maximum
exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in Note 22.
The Group evaluates the concentration of credit risk with
respect to trade and contract receivables as low, as most of its
customers are leading financial institutions that are highly
rated.
Set out below is the information about the credit risk exposure
on the Group\u2019s trade and contract receivables using a provision
matrix as at 31 December 2025 and 2024:
31 December 2025:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.10%
0.10%
0.79%
1.58%
5.86%
Collectively assessed receivables
41,766
217,626
37,264
12,631
13,714
323,001
Expected credit loss collective basis
43
224
296
200
803
1,566
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
9,001
9,001
Total expected credit loss
43
224
296
200
9,804
10,567
31 December 2024:
Trade receivables
In thousands of euros
Contract
Receivables
Current
30-60
days
past due
61-90
days
past due
> 91
days
past due
Total
Expected credit loss rate
0.12%
0.12%
0.45%
0.99%
3.10%
Collectively assessed receivables
31,475
228,716
35,289
12,589
11,996
320,065
Expected credit loss collective basis
37
267
159
124
372
959
Expected credit loss rate
\u2014
\u2014
\u2014
\u2014
100.0%
Individually assessed receivables
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Expected credit loss individual basis
\u2014
\u2014
\u2014
\u2014
6,932
6,932
Total expected credit loss
37
267
159
124
7,304
7,891
In 2025, the loss allowance provision for individually assessed
receivables increased, due to the contribution of the Athens
Stock Exchange. The loss allowance provision for collectively
assessed receivables increased as a result of an increase in
historical loss rates.
Other debt financial assets at amortised cost or FVOCI
(including CCP clearing business)
The other debt financial assets comprise i) debt investments
at amortised cost, which include short-term deposits with a
maturity over three months, ii) debt investments at FVOCI,
which include investments in listed bonds and government
bonds and iii) CCP clearing business financial assets at
amortised cost or FVOCI.
The other debt financial assets at amortised cost or FVOCI
(including CCP clearing business) are considered to have low
credit risk, as the issuers of the instruments have a low risk of
default evidenced by their strong capacity to meet their
contractual cash flow obligations in the near term. The Group
closely monitors its CCP investment portfolio and invests only
in government debt and other collateralised instruments
where the risk of loss is minimal. There was no increase in
credit risk in the year and none of the assets are past due. The
loss allowance recognised during the period was therefore
limited to 12 months expected credit losses. The Group did not
recognise any material provision for expected credit losses on
its other debt financial assets at amortised cost or FVOCI
(including CCP clearing businesses) as per 31 December 2025
(2024: not material). The amount of credit-impaired financial
assets is considered not significant. The CCP clearing
business risks are covered by combination of financial
safeguards and risk management instruments that collectively
mitigate the risks associated with their clearing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-741": { "value": "OTHER CURRENT ASSETS
Other current assets
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Prepayments
33,939
31,829
Other
\u2014
\u2014
Total
33,939
31,829
The increase in prepayments is mainly attributable to Borsa Italiana Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-740": { "value": "OTHER CURRENT ASSETS
Other current assets
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Prepayments
33,939
31,829
Other
\u2014
\u2014
Total
33,939
31,829
The increase in prepayments is mainly attributable to Borsa Italiana Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-739": { "value": "OTHER CURRENT ASSETS
Other current assets
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Prepayments
33,939
31,829
Other
\u2014
\u2014
Total
33,939
31,829
The increase in prepayments is mainly attributable to Borsa Italiana Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-742": { "value": "OTHER CURRENT FINANCIAL ASSETS
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Deposits > 3 months
20,503
21,884
Listed bonds
43,106
41,925
Total
63,609
63,809
The other current financial assets of the Group consist of short-term deposits with a maturity of more than three months, and
investments in listed bonds held by Euronext Securities Copenhagen.
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
Fair value measurements using quoted prices in active
markets for identical assets or liabilities (level 1)
The listed equity securities relate to the investment in Boursa
Kuwait Securities Co. that was included in the acquisition of
Athens Exchange Group (see Note 21).
The quoted debt instruments primarily relate to investments in
listed bonds held by Euronext Securities Copenhagen.
The quoted debt instruments of CCP clearing businesses
represent an investment portfolio in predominantly
government bonds funded by the margins and default funds
deposited by members of the CCP clearing businesses.
The derivative instruments of CCP clearing businesses
comprise open transactions not settled at the reporting date
on the derivatives market in which Euronext Clearing operates
as a central counterparty.
The other instruments of CCP clearing businesses include
clearing member trading balances for equity and debt
instruments that are marked to market on a daily basis.
Investments in funds are solely composed of money market
funds which are redeemed within a three-month cycle after
acquisition and have contractual cash flows that do not
represent solely payments of principal and interest.
Fair values of the instruments mentioned above are
determined by reference to published price quotations in an
active market.
Impairment of financial assets
Other debt financial assets at amortised cost or FVOCI
(including CCP clearing business)
The other debt financial assets comprise i) debt investments
at amortised cost, which include short-term deposits with a
maturity over three months, ii) debt investments at FVOCI,
which include investments in listed bonds and government
bonds and iii) CCP clearing business financial assets at
amortised cost or FVOCI.
The other debt financial assets at amortised cost or FVOCI
(including CCP clearing business) are considered to have low
credit risk, as the issuers of the instruments have a low risk of
default evidenced by their strong capacity to meet their
contractual cash flow obligations in the near term. The Group
closely monitors its CCP investment portfolio and invests only
in government debt and other collateralised instruments
where the risk of loss is minimal. There was no increase in
credit risk in the year and none of the assets are past due. The
loss allowance recognised during the period was therefore
limited to 12 months expected credit losses. The Group did not
recognise any material provision for expected credit losses on
its other debt financial assets at amortised cost or FVOCI
(including CCP clearing businesses) as per 31 December 2025
(2024: not material). The amount of credit-impaired financial
assets is considered not significant. The CCP clearing
business risks are covered by combination of financial
safeguards and risk management instruments that collectively
mitigate the risks associated with their clearing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-743": { "value": "CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of the following:
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Cash and bank balances
953,185
973,552
Short term investments - deposits / bonds
593,098
536,177
Short term investments - money market funds
47,420
163,726
Total
1,593,703
1,673,455
Short-term investments are presented as cash and cash
equivalents if they have a maturity of three months or less
from the date of acquisition and are repayable with 24 hours\u2019
notice with no loss of interest.
The short-term investments in money market funds are
measured at fair value with gains and losses arising from
changes in fair value included in profit or loss (see Notes 13
and\u00a036).
Cash and cash equivalents included an amount of \u20ac74.4 million
(2024: \u20ac53.0 million) for the purpose of the next day
settlement of power purchases at Nord Pool.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-746": { "value": "SHAREHOLDERS\u2019 EQUITY
Under the Articles of Association, the Company\u2019s authorised
share capital amounts to \u20ac200,000,001.60 and is divided into
125,000,000 Ordinary Shares and one Priority Share, each with
a nominal value of \u20ac1.60 per share. All of Euronext\u2019s shares
have been or will be created under Dutch law.
As per 31 December 2024, the Company\u2019s issued share capital
amounted to \u20ac166,776,811 and was divided into 104,235,507
Ordinary Shares, with the Priority Share not outstanding.
Following the completion of the 2024 share repurchase
programme, the Group cancelled 2,692,979 of Ordinary Shares
in 2025.
In addition, as a result of the acquisition of Athex Group by
means of a share exchange transaction (see Note 5), the Group
issued 2,147,405 of Ordinary Shares in 2025, increasing issued
share capital by \u20ac3,435,848 and share premium by
\u20ac275,082,581.
As a result, as of 31 December 2025, the Company\u2019s issued share
capital amounts to \u20ac165,903,893 and is divided into 103,689,933
Ordinary Shares. The Priority Share is currently not outstanding.
The fully paid ordinary shares carry one vote per share and rights
to dividends, if declared. The Group\u2019s ability to declare dividends
is limited to distributable reserves as defined by Dutch law.
Number of shares outstanding:
In numbers of shares
2025
2024
Issued shares
103,689,933
104,235,507
Treasury shares as at 1 January
(1,475,395)
(3,440,126)
Liquidity contract
\u2014
\u2014
Share buy back
(3,384,003)
(1,031,163)
From share-based payments vesting
184,588
125,107
Cancellation of shares
2,692,979
2,870,787
Treasury shares as at 31 December
(1,981,831)
(1,475,395)
Outstanding as at 31 December
101,708,102
102,760,112
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-745": { "value": "SHAREHOLDERS\u2019 EQUITY
Under the Articles of Association, the Company\u2019s authorised
share capital amounts to \u20ac200,000,001.60 and is divided into
125,000,000 Ordinary Shares and one Priority Share, each with
a nominal value of \u20ac1.60 per share. All of Euronext\u2019s shares
have been or will be created under Dutch law.
As per 31 December 2024, the Company\u2019s issued share capital
amounted to \u20ac166,776,811 and was divided into 104,235,507
Ordinary Shares, with the Priority Share not outstanding.
Following the completion of the 2024 share repurchase
programme, the Group cancelled 2,692,979 of Ordinary Shares
in 2025.
In addition, as a result of the acquisition of Athex Group by
means of a share exchange transaction (see Note 5), the Group
issued 2,147,405 of Ordinary Shares in 2025, increasing issued
share capital by \u20ac3,435,848 and share premium by
\u20ac275,082,581.
As a result, as of 31 December 2025, the Company\u2019s issued share
capital amounts to \u20ac165,903,893 and is divided into 103,689,933
Ordinary Shares. The Priority Share is currently not outstanding.
The fully paid ordinary shares carry one vote per share and rights
to dividends, if declared. The Group\u2019s ability to declare dividends
is limited to distributable reserves as defined by Dutch law.
Number of shares outstanding:
In numbers of shares
2025
2024
Issued shares
103,689,933
104,235,507
Treasury shares as at 1 January
(1,475,395)
(3,440,126)
Liquidity contract
\u2014
\u2014
Share buy back
(3,384,003)
(1,031,163)
From share-based payments vesting
184,588
125,107
Cancellation of shares
2,692,979
2,870,787
Treasury shares as at 31 December
(1,981,831)
(1,475,395)
Outstanding as at 31 December
101,708,102
102,760,112
Reserve own shares
Treasury shares are accounted for at trade date and all held by
Euronext N.V.
The movement on the line \u2018acquisitions of own shares\u2019 in the
Consolidated Statement of Changes in Equity consists of the
impact from transactions by the liquidity provider of \u20ac88k cost
(2024: \u20ac109k gain), minus the impact from transactions under
the share repurchase programmes, which was \u20ac410.9 million in
2025, (2024: \u20ac106.8 million). Details of these movements are
disclosed below at (i) and (ii).
(i) Liquidity provider
Part of the movement in the reserve during the reporting
period relates to the transactions in Euronext N.V. shares
conducted by the liquidity provider on behalf of the Group
under the liquidity contract established (\u20ac88k loss in 2025).
The liquidity Agreement (the \"Agreement\") has been
established in accordance with applicable rules, in particular
the Regulation (EC) 2273/2003 of the European Commission of
22 December 2003 implementing the directive 2003/6/EC of
the European Parliament and Council as regards exemptions
for buyback programmes and stabilisation of financial
instruments, the provisions of article 2:95 of the Book II of
Dutch civil code, the provisions of the general regulation of the
French Autorit\u00e9 des March\u00e9s Financiers (the \"AMF\"), the
decision of the AMF dated 21 March 2011 updating the
Accepted Market Practice n\u00b0\u00a02011-07 on liquidity agreements,
the Code of Conduct issued by the French Association
fran\u00e7aise des march\u00e9s financiers (AMAFI) on 8 March 2011 and
approved by the AMF by its aforementioned decision dated 21
March 2011 (the \"AMAFI Code\") and as the case maybe the
relevant Dutch rules applicable to liquidity agreements in
particular the regulation on Accepted Market Practices WFT
(Regeling gebruikelijke marktpraktijken WFT) dated 4 May 2011
and Section 2.6 of the Book II \u2013 General Rules for the Euronext
Amsterdam Stock Market (the \"Dutch Rules\").
As at 31 December 2025, Euronext N.V. holds nil shares under
the programme (2024: nil shares).
The movement schedule for the reported years are as follows:
In 2024:
Transaction date
Buy Euronext
N.V. shares
Sell Euronext
N.V. shares
Average
share price
Total value transaction
including commissions
(in euro)
As at 31 December 2023
\u2014
Purchases January
207,181
\u20ac79.19
16,407,509
Sales January
203,081
\u20ac79.15
(16,073,283)
Purchases February
224,558
\u20ac81.80
18,368,043
Sales February
228,658
\u20ac81.84
(18,713,394)
Purchases March
212,913
\u20ac85.91
18,291,490
Sales March
210,397
\u20ac85.90
(18,073,554)
Purchases April
194,624
\u20ac86.01
16,739,989
Sales April
194,340
\u20ac86.16
(16,744,807)
Purchases May
175,367
\u20ac87.42
15,330,071
Sales May
178,167
\u20ac87.44
(15,578,636)
Purchases June
154,601
\u20ac90.80
14,037,885
Sales June
144,601
\u20ac90.89
(13,142,758)
Purchases July
168,424
\u20ac91.35
15,385,244
Sales July
178,324
\u20ac91.31
(16,283,303)
Purchases August
101,957
\u20ac93.42
9,524,508
Sales August
100,057
\u20ac93.46
(9,350,877)
Purchases September
166,911
\u20ac99.08
16,536,817
Sales September
165,911
\u20ac99.10
(16,442,018)
Purchases October
145,741
\u20ac100.73
14,680,144
Sales October
144,301
\u20ac100.71
(14,533,101)
Purchases November
187,093
\u20ac102.57
19,190,838
Sales November
191,533
\u20ac102.65
(19,660,198)
Purchases December
160,410
\u20ac107.11
17,182,171
Sales December
160,410
\u20ac107.15
(17,187,391)
Total buy/sell
2,099,780
2,099,780
(108,612)
Total as at 31 December 2024
\u2014
In 2025:
Transaction date
Buy Euronext
N.V. shares
Sell Euronext
N.V. shares
Average share
price
Total value transaction
including commissions
(in euro)
As at 31 December 2024
\u2014
Purchases January
175,111
\u20ac108.95
19,077,869
Sales January
171,111
\u20ac108.88
(18,630,600)
Purchases February
206,680
\u20ac116.53
24,085,188
Sales February
210,680
\u20ac116.51
(24,545,498)
Purchases March
175,176
\u20ac126.09
22,088,487
Sales March
175,176
\u20ac126.15
(22,097,663)
Purchases April
139,980
\u20ac138.09
19,330,522
Sales April
139,980
\u20ac138.05
(19,323,678)
Purchases May
260,605
\u20ac146.54
38,188,008
Sales May
258,105
\u20ac146.56
(37,828,353)
Purchases June
234,599
\u20ac144.29
33,850,610
Sales June
237,099
\u20ac144.31
(34,216,682)
Purchases July
195,495
\u20ac147.69
28,872,033
Sales July
188,695
\u20ac147.78
(27,884,915)
Purchases August
126,830
\u20ac141.21
17,910,250
Sales August
131,130
\u20ac141.35
(18,534,965)
Purchases September
147,927
\u20ac135.83
20,093,577
Sales September
138,427
\u20ac135.80
(18,798,461)
Purchases October
145,804
\u20ac126.40
18,429,368
Sales October
154,804
\u20ac126.52
(19,585,584)
Purchases November
159,249
\u20ac127.15
20,249,218
Sales November
162,249
\u20ac127.32
(20,658,261)
Purchases December
93,318
\u20ac126.59
11,813,543
Sales December
93,318
\u20ac126.40
(11,795,861)
Total buy/sell
2,060,774
2,060,774
88,152
Total as at 31 December 2025
\u2014
(ii) Share Repurchase Programmes
The Group has entered into a discretionary management
agreement with a bank to repurchase Euronext shares within
the limits of relevant laws and regulations (in particular EC
regulation 2273/2003) and the Group\u2019s articles of association
to cover the Group\u2019s outstanding obligations resulting from
employee shares plans for 2022, 2023, 2024 and 2025. The
share repurchase programme aims to hedge price risk arising
for granted employee share plans.
On 7 November 2024, the Group announced a share
repurchase programme for an amount of \u20ac300 million. This
programme was executed in compliance with applicable rules
and regulations, including the Market Abuse Regulation
596/2014 and the Commission Delegated Regulation (EU)
2016/1052, and based on the authority granted by the annual
general meeting of shareholders on 15 May 2024. The
programme was finalised in March 2025.
On 7 November 2025, the Group announced a share repurchase
programme (the \u2018Programme\u2019) for a maximum amount of \u20ac250
million. The Programme will be executed in compliance with
applicable rules and regulations, including the Market Abuse
Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052, and based on the authority granted
by the annual general meeting of shareholders on 15 May 2025.
Reference is made to Note 2 for more details on the
Programme.
In 2024, the Group repurchased 1,031,163 shares under the
share repurchase programmes for a total consideration of
\u20ac106.8 million.
In 2025, the Group repurchased 3,384,003 shares under the
share repurchase programmes for a total consideration of
\u20ac410.9 million.
The movement schedule for the reported years are as follows:
In 2024:
Transaction date
Buy Euronext N.V.
shares
Average share
price
Total value transaction
including\u00a0commissions
(in euro)
Purchases January
24,405
\u20ac79.07
1,929,608
Purchases June
100,000
\u20ac93.13
9,313,049
Purchases November
346,246
\u20ac102.73
35,569,962
Purchases December
560,512
\u20ac106.96
59,954,646
Total buy/sell
1,031,163
106,767,265
Total as at 31 December 2024
1,031,163
106,767,265
In 2025:
Transaction date
Buy Euronext N.V.
shares
Average share
price
Total value transaction
including\u00a0commissions
(in euro)
Purchases January
677,959
\u20ac108.66
73,669,857
Purchases February
783,416
\u20ac116.30
91,111,472
Purchases March
324,846
\u20ac122.19
39,694,027
Purchases September
101,000
\u20ac137.75
13,912,325
Purchases November
503,579
\u20ac128.63
64,773,382
Purchases December
993,203
\u20ac128.62
127,750,476
Total buy/sell
3,384,003
410,911,539
Total as at 31 December 2025
3,384,003
410,911,539
(iii) Share-based payments vesting
In 2025, the Group delivered 184,588 shares with a cost of
\u20ac15.5 million to employees for whom share plans had vested
(2024: 125,107 shares with a cost of \u20ac11.4 million). This
movement is disclosed on the line \u2018Other\u2019 in the Consolidated
Statement of Changes in Equity.
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign
currency differences arising from the translation of the assets
and liabilities of foreign operations of the Group (excluding
amounts attributable to non-controlling interests). The
cumulative amount is reclassified to profit or loss when the
net investment is disposed of.
Fair Value reserve of financial assets at FVOCI
The Group has elected to recognise changes in the fair value of
certain investments in equity securities in Other
Comprehensive Income. These changes are accumulated
within the fair value reserve of financial assets at FVOCI within
equity. The Group transfers amounts from this reserve to
retained earnings when the relevant equity securities are
derecognised.
The Group also has certain debt instruments measured at
FVOCI. For these investments, changes in fair value are
accumulated within the FVOCI reserve within equity. The
accumulated changes in fair value are transferred to profit or
loss when the investment is derecognised or impaired.
Equity component of convertible note
On 30 May 2025, the Group issued a Senior Unsecured Note,
convertible into new Shares and/or exchangeable for existing
Shares of Euronext for a nominal amount of \u20ac425.0 million
(see Note 30). The Convertible Bond is accounted for as a
compound financial instrument, split into a liability component
and an equity component. The equity component amounts to
\u20ac35.3 million, net of transaction cost and income tax.
Legal reserve
Retained earnings are not freely available for distribution for
an amount of \u20ac264.8 million (2024: \u20ac181.8 million) relating to
legal reserves (see Note 55).
Non-distributable retained earnings and other reserves
regarding subsidiaries
As at 31 December 2025, retained earnings and other reserves
from subsidiaries are not freely available for distribution for an
amount of \u20ac264.8 million relating to legal reserves (2024:
\u20ac181.8 million). The amount includes a legal reserve for
capitalised development costs in Dutch subsidiaries of \u20ac56.3
million (2024: \u20ac43.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-744": { "value": "SHAREHOLDERS\u2019 EQUITY
Reserve own shares
Treasury shares are accounted for at trade date and all held by
Euronext N.V.
The movement on the line \u2018acquisitions of own shares\u2019 in the
Consolidated Statement of Changes in Equity consists of the
impact from transactions by the liquidity provider of \u20ac88k cost
(2024: \u20ac109k gain), minus the impact from transactions under
the share repurchase programmes, which was \u20ac410.9 million in
2025, (2024: \u20ac106.8 million). Details of these movements are
disclosed below at (i) and (ii).
(i) Liquidity provider
Part of the movement in the reserve during the reporting
period relates to the transactions in Euronext N.V. shares
conducted by the liquidity provider on behalf of the Group
under the liquidity contract established (\u20ac88k loss in 2025).
The liquidity Agreement (the \"Agreement\") has been
established in accordance with applicable rules, in particular
the Regulation (EC) 2273/2003 of the European Commission of
22 December 2003 implementing the directive 2003/6/EC of
the European Parliament and Council as regards exemptions
for buyback programmes and stabilisation of financial
instruments, the provisions of article 2:95 of the Book II of
Dutch civil code, the provisions of the general regulation of the
French Autorit\u00e9 des March\u00e9s Financiers (the \"AMF\"), the
decision of the AMF dated 21 March 2011 updating the
Accepted Market Practice n\u00b0\u00a02011-07 on liquidity agreements,
the Code of Conduct issued by the French Association
fran\u00e7aise des march\u00e9s financiers (AMAFI) on 8 March 2011 and
approved by the AMF by its aforementioned decision dated 21
March 2011 (the \"AMAFI Code\") and as the case maybe the
relevant Dutch rules applicable to liquidity agreements in
particular the regulation on Accepted Market Practices WFT
(Regeling gebruikelijke marktpraktijken WFT) dated 4 May 2011
and Section 2.6 of the Book II \u2013 General Rules for the Euronext
Amsterdam Stock Market (the \"Dutch Rules\").
As at 31 December 2025, Euronext N.V. holds nil shares under
the programme (2024: nil shares).
The movement schedule for the reported years are as follows:
In 2024:
Transaction date
Buy Euronext
N.V. shares
Sell Euronext
N.V. shares
Average
share price
Total value transaction
including commissions
(in euro)
As at 31 December 2023
\u2014
Purchases January
207,181
\u20ac79.19
16,407,509
Sales January
203,081
\u20ac79.15
(16,073,283)
Purchases February
224,558
\u20ac81.80
18,368,043
Sales February
228,658
\u20ac81.84
(18,713,394)
Purchases March
212,913
\u20ac85.91
18,291,490
Sales March
210,397
\u20ac85.90
(18,073,554)
Purchases April
194,624
\u20ac86.01
16,739,989
Sales April
194,340
\u20ac86.16
(16,744,807)
Purchases May
175,367
\u20ac87.42
15,330,071
Sales May
178,167
\u20ac87.44
(15,578,636)
Purchases June
154,601
\u20ac90.80
14,037,885
Sales June
144,601
\u20ac90.89
(13,142,758)
Purchases July
168,424
\u20ac91.35
15,385,244
Sales July
178,324
\u20ac91.31
(16,283,303)
Purchases August
101,957
\u20ac93.42
9,524,508
Sales August
100,057
\u20ac93.46
(9,350,877)
Purchases September
166,911
\u20ac99.08
16,536,817
Sales September
165,911
\u20ac99.10
(16,442,018)
Purchases October
145,741
\u20ac100.73
14,680,144
Sales October
144,301
\u20ac100.71
(14,533,101)
Purchases November
187,093
\u20ac102.57
19,190,838
Sales November
191,533
\u20ac102.65
(19,660,198)
Purchases December
160,410
\u20ac107.11
17,182,171
Sales December
160,410
\u20ac107.15
(17,187,391)
Total buy/sell
2,099,780
2,099,780
(108,612)
Total as at 31 December 2024
\u2014
In 2025:
Transaction date
Buy Euronext
N.V. shares
Sell Euronext
N.V. shares
Average share
price
Total value transaction
including commissions
(in euro)
As at 31 December 2024
\u2014
Purchases January
175,111
\u20ac108.95
19,077,869
Sales January
171,111
\u20ac108.88
(18,630,600)
Purchases February
206,680
\u20ac116.53
24,085,188
Sales February
210,680
\u20ac116.51
(24,545,498)
Purchases March
175,176
\u20ac126.09
22,088,487
Sales March
175,176
\u20ac126.15
(22,097,663)
Purchases April
139,980
\u20ac138.09
19,330,522
Sales April
139,980
\u20ac138.05
(19,323,678)
Purchases May
260,605
\u20ac146.54
38,188,008
Sales May
258,105
\u20ac146.56
(37,828,353)
Purchases June
234,599
\u20ac144.29
33,850,610
Sales June
237,099
\u20ac144.31
(34,216,682)
Purchases July
195,495
\u20ac147.69
28,872,033
Sales July
188,695
\u20ac147.78
(27,884,915)
Purchases August
126,830
\u20ac141.21
17,910,250
Sales August
131,130
\u20ac141.35
(18,534,965)
Purchases September
147,927
\u20ac135.83
20,093,577
Sales September
138,427
\u20ac135.80
(18,798,461)
Purchases October
145,804
\u20ac126.40
18,429,368
Sales October
154,804
\u20ac126.52
(19,585,584)
Purchases November
159,249
\u20ac127.15
20,249,218
Sales November
162,249
\u20ac127.32
(20,658,261)
Purchases December
93,318
\u20ac126.59
11,813,543
Sales December
93,318
\u20ac126.40
(11,795,861)
Total buy/sell
2,060,774
2,060,774
88,152
Total as at 31 December 2025
\u2014
(ii) Share Repurchase Programmes
The Group has entered into a discretionary management
agreement with a bank to repurchase Euronext shares within
the limits of relevant laws and regulations (in particular EC
regulation 2273/2003) and the Group\u2019s articles of association
to cover the Group\u2019s outstanding obligations resulting from
employee shares plans for 2022, 2023, 2024 and 2025. The
share repurchase programme aims to hedge price risk arising
for granted employee share plans.
On 7 November 2024, the Group announced a share
repurchase programme for an amount of \u20ac300 million. This
programme was executed in compliance with applicable rules
and regulations, including the Market Abuse Regulation
596/2014 and the Commission Delegated Regulation (EU)
2016/1052, and based on the authority granted by the annual
general meeting of shareholders on 15 May 2024. The
programme was finalised in March 2025.
On 7 November 2025, the Group announced a share repurchase
programme (the \u2018Programme\u2019) for a maximum amount of \u20ac250
million. The Programme will be executed in compliance with
applicable rules and regulations, including the Market Abuse
Regulation 596/2014 and the Commission Delegated
Regulation (EU) 2016/1052, and based on the authority granted
by the annual general meeting of shareholders on 15 May 2025.
Reference is made to Note 2 for more details on the
Programme.
In 2024, the Group repurchased 1,031,163 shares under the
share repurchase programmes for a total consideration of
\u20ac106.8 million.
In 2025, the Group repurchased 3,384,003 shares under the
share repurchase programmes for a total consideration of
\u20ac410.9 million.
The movement schedule for the reported years are as follows:
In 2024:
Transaction date
Buy Euronext N.V.
shares
Average share
price
Total value transaction
including\u00a0commissions
(in euro)
Purchases January
24,405
\u20ac79.07
1,929,608
Purchases June
100,000
\u20ac93.13
9,313,049
Purchases November
346,246
\u20ac102.73
35,569,962
Purchases December
560,512
\u20ac106.96
59,954,646
Total buy/sell
1,031,163
106,767,265
Total as at 31 December 2024
1,031,163
106,767,265
In 2025:
Transaction date
Buy Euronext N.V.
shares
Average share
price
Total value transaction
including\u00a0commissions
(in euro)
Purchases January
677,959
\u20ac108.66
73,669,857
Purchases February
783,416
\u20ac116.30
91,111,472
Purchases March
324,846
\u20ac122.19
39,694,027
Purchases September
101,000
\u20ac137.75
13,912,325
Purchases November
503,579
\u20ac128.63
64,773,382
Purchases December
993,203
\u20ac128.62
127,750,476
Total buy/sell
3,384,003
410,911,539
Total as at 31 December 2025
3,384,003
410,911,539
(iii) Share-based payments vesting
In 2025, the Group delivered 184,588 shares with a cost of
\u20ac15.5 million to employees for whom share plans had vested
(2024: 125,107 shares with a cost of \u20ac11.4 million). This
movement is disclosed on the line \u2018Other\u2019 in the Consolidated
Statement of Changes in Equity.
Foreign currency translation reserve
The foreign currency translation reserve comprises all foreign
currency differences arising from the translation of the assets
and liabilities of foreign operations of the Group (excluding
amounts attributable to non-controlling interests). The
cumulative amount is reclassified to profit or loss when the
net investment is disposed of.
Fair Value reserve of financial assets at FVOCI
The Group has elected to recognise changes in the fair value of
certain investments in equity securities in Other
Comprehensive Income. These changes are accumulated
within the fair value reserve of financial assets at FVOCI within
equity. The Group transfers amounts from this reserve to
retained earnings when the relevant equity securities are
derecognised.
The Group also has certain debt instruments measured at
FVOCI. For these investments, changes in fair value are
accumulated within the FVOCI reserve within equity. The
accumulated changes in fair value are transferred to profit or
loss when the investment is derecognised or impaired.
Equity component of convertible note
On 30 May 2025, the Group issued a Senior Unsecured Note,
convertible into new Shares and/or exchangeable for existing
Shares of Euronext for a nominal amount of \u20ac425.0 million
(see Note 30). The Convertible Bond is accounted for as a
compound financial instrument, split into a liability component
and an equity component. The equity component amounts to
\u20ac35.3 million, net of transaction cost and income tax.
Legal reserve
Retained earnings are not freely available for distribution for
an amount of \u20ac264.8 million (2024: \u20ac181.8 million) relating to
legal reserves (see Note 55).
Non-distributable retained earnings and other reserves
regarding subsidiaries
As at 31 December 2025, retained earnings and other reserves
from subsidiaries are not freely available for distribution for an
amount of \u20ac264.8 million relating to legal reserves (2024:
\u20ac181.8 million). The amount includes a legal reserve for
capitalised development costs in Dutch subsidiaries of \u20ac56.3
million (2024: \u20ac43.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-747": { "value": "
Dividend
On 15 May 2025, the Annual General Meeting of shareholders
voted for the adoption of the proposed \u20ac2.90 dividend per
ordinary share, representing a 50% pay-out ratio of net profit
attributable to the shareholders of the Company for the year
ended 31 December 2024. On 28 May 2025, the dividend of
\u20ac293.4 million was paid to the shareholders of Euronext N.V.
There are no income tax consequences attached to the
payment of dividends in either 2025 or 2024 by the Group to its
shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-748": { "value": "2.9", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-750": { "value": "EARNINGS PER SHARE (EPS)
Earnings per share is presented on four bases: (i) basic
earnings per share, (ii) diluted earnings per share, (iii)
'underlying' basic earnings per share and (iv) 'underlying' diluted
earnings per share.
Basic earnings per share is calculated by dividing the profit for
the period attributable to the shareholders of the Company by
the weighted average number of ordinary shares outstanding
during the period.
The calculation of 'underlying' basic earnings per share
excludes non-underlying items, as disclosed in Note 12, from
the profit for the period attributable to the shareholders of the
Company.
Diluted earnings per share is calculated by dividing the diluted
profit for the period attributable to the shareholders of the
Company by the weighted average number of ordinary shares
outstanding during the period plus the weighted average
number of ordinary shares that would be issued on conversion
of all the dilutive potential ordinary shares into ordinary
shares.
The calculation of 'underlying' d earnings per share excludes
non-underlying items, as disclosed in Note 12, from the profit
for the period attributable to the shareholders of the
Company.
The following table reflects the income and share data used in
the basic and diluted EPS calculations and 'underlying' basic
and diluted EPS calculations:
In thousands of euros
2025
2024
Profit attributable to the shareholders of the Company
642,937
585,571
Adjusted for:
Non-underlying items for the period attributable to the shareholders of the Company (see Note 12)
93,571
96,923
Underlying Profit attributable to the shareholders of the Company
736,508
682,494
Profit attributable to the shareholders of the Company
642,937
585,571
Adjusted for:
Interest expense on convertible bonds (net of tax) saved as a result of the conversion
5,516
\u2014
Diluted Profit attributable to the shareholders of the Company
648,453
585,571
Adjusted for:
Non-underlying items for the period attributable to the shareholders of the Company (see Note 12)
93,571
96,923
Diluted Underlying Profit attributable to the shareholders of the Company
742,024
682,494
In number of shares
Weighted average number of ordinary shares for basic EPS (a)
101,352,825
103,578,980
Effects of dilution from:
Share plans
401,548
404,890
Assumed conversion of convertible bonds
1,315,650
\u2014
Weighted average number of ordinary shares adjusted for the effect of dilution (a)
103,070,023
103,983,870
(a) The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year.
The impact of share plans is determined by the number of
shares that could have been acquired at fair value (determined
as the average quarterly market price of Euronext\u2019s shares)
based on the fair value (measured in accordance with IFRS 2)
of any services to be supplied to Euronext in the future under
these plans.
The convertible bonds, issued on 30 May 2025, are considered
to be potential ordinary shares and have been included in the
calculation of diluted earnings per share as of 31 December
2025. A maximum conversion in future would increase the
number of shares by 2,223,206 based on the conversion price.
As per 31 December 2025, the weighted number of assumed
converted shares amounted to 1,315,650 (seven months since
the issue date).
There have been no other transactions involving ordinary
shares or potential ordinary shares between the reporting date
and the date of authorisation of these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-749": { "value": "EARNINGS PER SHARE (EPS)
Earnings per share is presented on four bases: (i) basic
earnings per share, (ii) diluted earnings per share, (iii)
'underlying' basic earnings per share and (iv) 'underlying' diluted
earnings per share.
Basic earnings per share is calculated by dividing the profit for
the period attributable to the shareholders of the Company by
the weighted average number of ordinary shares outstanding
during the period.
The calculation of 'underlying' basic earnings per share
excludes non-underlying items, as disclosed in Note 12, from
the profit for the period attributable to the shareholders of the
Company.
Diluted earnings per share is calculated by dividing the diluted
profit for the period attributable to the shareholders of the
Company by the weighted average number of ordinary shares
outstanding during the period plus the weighted average
number of ordinary shares that would be issued on conversion
of all the dilutive potential ordinary shares into ordinary
shares.
The calculation of 'underlying' d earnings per share excludes
non-underlying items, as disclosed in Note 12, from the profit
for the period attributable to the shareholders of the
Company.
The impact of share plans is determined by the number of
shares that could have been acquired at fair value (determined
as the average quarterly market price of Euronext\u2019s shares)
based on the fair value (measured in accordance with IFRS 2)
of any services to be supplied to Euronext in the future under
these plans.
The convertible bonds, issued on 30 May 2025, are considered
to be potential ordinary shares and have been included in the
calculation of diluted earnings per share as of 31 December
2025. A maximum conversion in future would increase the
number of shares by 2,223,206 based on the conversion price.
As per 31 December 2025, the weighted number of assumed
converted shares amounted to 1,315,650 (seven months since
the issue date).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-751": { "value": "BORROWINGS
Revolving Credit Facility Agreement
On 12 October 2022, the Group executed its two-year
extension option to the revolving credit facility agreement
(RCF) of \u20ac600.0 million. The RCF allows the Group to apply all
amounts borrowed by it towards (i) general corporate and/or
working capital purposes of the Group, (ii) satisfaction of the
consideration payable for an acquisition and/ or (iii) the
payment of fees, costs and expense incurred in relation to an
acquisition. The revolving credit facility has a remaining
maturity of just below 2 years (November 2027) and bears an
interest rate of EURIBOR plus a margin dependent on rating.
As per 31 December 2025, the facility remained undrawn.
In case of a downgrading event of Euronext, below BBB- or
equivalent by rating agencies, Euronext shall ensure that the
leverage ratio (Euronext total net debt to EBITDA2) as defined
in the Revolving Credit Facility Agreement would not be
greater than 4x. As per 31 December 2025, the rating was A-
with a stable outlook and the leverage ratio was 1.5x.
Revolving Credit Facility at Nord Pool
On 20 March 2025, Nord Pool entered into a revolving credit
facility agreement (RCF) of \u20ac100.0 million. It provides Nord Pool
with short term liquidity to cover short falls, resulting from
delayed payments owed by one or more participants. The RCF
has a maturity of 364 days and bears an interest rate equal to
the relevant EURIBOR rate for the period of the advance plus a
0.70% margin. The revolving credit facility is not expected to be
drawn and is not drawn as per 31 December 2025.
Liquidity risk
The Group would be exposed to a liquidity risk in the case
where its short-term liabilities become, at any date, higher
than its cash, cash equivalents, short-term financial
investments and available bank facilities and in the case where
the Group is not able to refinance this liquidity deficit, for
example, through new banking lines.
Cash, cash equivalents and short-term financial investments
are managed as a global treasury portfolio invested in non-
speculative financial instruments, readily convertible to cash,
such as bank balances, money market funds, overnight
deposits, term deposits, government bonds and other money
market instruments, thus ensuring a very high liquidity of the
financial assets. The Group\u2019s policy is to ensure that cash, cash
equivalents and available bank facilities allow the Group to
repay its financial liabilities at all maturities, even disregarding
incoming cash flows generated by operational activities,
excluding the related party loans granted by the Group\u2019s
subsidiaries to its Parent.
The net position of current financial assets, financial liabilities
and available credit facilities, excluding working capital items,
as of 31 December, 2025 and 2024 is described in the table
below:
In thousands of euros
2025
2024
Cash cash equivalents and short term investments
1,657,312
1,737,264
Available revolving credit facility (RCF)
600,000
600,000
Financial debt (long term and short term borrowings)
(3,314,024)
(3,053,510)
Net position
(1,056,712)
(716,246)
The Group has a \u20ac600 million revolving credit facility (2024:
\u20ac600 million) that can be used for general corporate or M&A
purposes (see Note 30). As of 31 December 2025, the Group did
not have any amounts drawn under the facility.
In addition, a specific undrawn revolving credit facility of \u20ac100
million is in place for Nord Pool, providing short term liquidity
in case of shortfalls (see Note 30).
The Group reviews its liquidity and debt positions on an
ongoing basis, and subject to market conditions and strategic
considerations, may from time to time re-examine the debt
structure of its debt and modify the maturity profile and the
sources of financing. The Group is able to support short term
liquidity and operating needs through existing cash balance
and its strong ability to generate adequate cash flow. The
Group has generally access to debts markets, including bank
facilities, and may be able to obtain additional debt or other
sources of financing to finance its strategic development,
provided that its financial risk profile allows it to do so.
The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments,
including principal - and interest amounts, expected throughout the life of the obligations:
In thousands of euros
Maturity < 1
year
Maturity between 1
and 5 years
Maturity > 5
years
Total
31 December 2025
Trade and other payables
520,216
\u2014
\u2014
520,216
Other financial liabilities
103,545
3,480
\u2014
107,025
Borrowings
430,029
1,486,313
1,738,063
3,654,405
Lease liabilities
21,450
63,433
13,115
97,998
31 December 2024
Trade and other payables
464,267
\u2014
\u2014
464,267
Other financial liabilities
\u2014
3,500
\u2014
3,500
Borrowings
527,688
1,438,500
1,317,000
3,283,188
Lease liabilities
16,357
37,643
16,846
70,846
Liquidity risk - CCP clearing business
The Group\u2019s CCPs must maintain a level of liquidity (consistent
with regulatory requirements) to ensure the smooth operation
of its respective markets and to maintain operations in the
event of a single or multiple market stress event or member
failure. This includes the potential requirement to liquidate the
position of a clearing member under a default scenario
including covering the associated losses and the settlement
obligations of the defaulting member.
The Group\u2019s CCPs maintain sufficient cash and cash
equivalents and have access to intraday central bank
refinancing (collateralized with ECB eligible bonds) along with
commercial bank credit lines to meet in a timely manner its
payment obligations. As at 31 December 2025, the Group\u2019s
CCPs had \u20ac450 million (2024: \u20ac450 million) credit lines granted
by commercial banks serving as liquid recourse to mitigate
liquidity risks according to EMIR regulation. None of the credit
lines had been used as of 31 December 2025.
Revised regulations requires the CCPs to ensure that
appropriate levels of back-up liquidity are in place to underpin
the dynamics of a largely secured cash investment
requirement, ensuring that the maximum potential outflow
under extreme market conditions is covered (see credit risk
section). The Group\u2019s CCPs monitor their liquidity needs daily
under normal and stressed market conditions. Where possible,
the Group employs guaranteed delivery versus payment
settlement techniques and manages CCP margin and default
fund flows through central bank or long-established, bespoke
commercial bank settlement mechanisms. Monies due from
clearing members remain the clearing members\u2019 liability if the
payment agent is unable to effect the appropriate transfer. In
addition, the Group's CCPs maintain operational facilities with
commercial banks to manage intraday and overnight liquidity.
In line with the investment policy and the regulatory
requirements, the Group\u2019s CCPs have deposited the default
funds and margin mainly at the Central Banks of Italy and
Greece as per 31 December 2025. The default funds and
margin were partially invested in government bonds with an
average maturity of below 12 months, as per 31 December
2025. Even though these financial assets are generally held to
maturity, a forced liquidation of the investment portfolio could
lead to losses and lack of required liquidity.
In thousands of euros
Maturity <\u00a01 year
Maturity between
1\u00a0and 2 years
Maturity between
2\u00a0and 3 years
Total
31 December 2025
Investment portfolio
117,968
\u2014
\u2014
117,968
31 December 2024
Investment portfolio
66,068
\u2014
\u2014
66,068
The table below analyses the Group\u2019s CCPs financial liabilities into relevant maturity groupings based on the remaining period from
the balance sheet date to the contractual maturity date. The amounts disclosed in the table reflect the contractual undiscounted
cash flows.
In thousands of euros
Maturity < 1
year
Maturity between
1\u00a0and 5 years
Maturity >
5\u00a0years
Total
31 December 2025
CCP clearing member liabilities
318,085,366
\u2014
\u2014
318,085,366
31 December 2024
CCP clearing member liabilities
270,357,949
\u2014
\u2014
270,357,949
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-752": { "value": "POST-EMPLOYMENT BENEFITS
The Group operates defined benefit pension plans for its
employees, with the most significant plans being in France,
Portugal, Norway, Italy and Greece. The Group\u2019s plans are funded
by contributions from the employees and the relevant Group
entities, taking into account applicable government regulations
and the recommendations of independent, qualified actuaries.
The majority of plans have plan assets held in trusts,
foundations or similar entities, governed by local regulations
and practice in each country. The assets for these plans are
generally held in separate trustee administered funds. The
benefits provided to employees under these plans are based
primarily on years of service and compensation levels.
The French plans relate almost completely to retirement
indemnities. French law stipulates that employees are paid
retirement indemnities in form of lump sums on the basis of
the length of service at the retirement date and the amount is
prescribed by collective bargaining agreements.
The Portuguese plan is for both Euronext Lisbon and
Interbolsa and is managed by CGD Pensoes \u2013 Sociedade
Gestora de Fundos de Pensoes SA. The plan was defined
benefit based on final pay. The funds covered payment of
pensions to employees with a minimum of 5 year service.
Annual contributions were based on actuarial calculations. In
2017, the Portuguese defined benefit plan was frozen and
replaced by a new defined contribution plan, with an
retroactive impact as from 1 January 2017. The old
arrangement remains a defined benefit plan, and is disclosed
as such in this Note.
The Norwegian plans relate to Oslo B\u00f8rs VPS and Nord Pool.
The plan in Oslo B\u00f8rs VPS comprises both defined benefit
schemes and defined contribution schemes. The general
pension plan for employees in Norway is a defined contribution
scheme. The defined benefit schemes are mainly related to
lifetime pensions for former CEOs of Oslo B\u00f8rs and VPS, as
well as a voluntary early retirement scheme for Oslo B\u00f8rs
which was closed in 2003. Nord Pool has a defined benefit
pension plan involving two former employees for which
contributions are made in accordance with actuarial
calculations. The Norwegian pension plans are in compliance
with the Mandatory Occupational Pensions Act.
The Italian plan relates to the Borsa Italiana Group. Following
the entry into force of the 2007 Finance Act and related
decrees, the severance indemnity (TFR), maturing 1st January
2007 can no longer be retained by the companies that employ
more than 50 employees but must be paid to a pension fund or,
alternatively, into an open treasury fund opened at the
'National Institute for Social Security' (INPS), according to the
option exercised by the employees themselves. This implies
that accruals calculated after 1st January 2007 are part of a
defined contribution plan because the company\u2019s obligation is
satisfied by the payment of contributions to pension funds or
INPS. The liability regarding the severance indemnity prior to
the date mentioned above shall instead continue to represent
a defined benefit plan to be valued applying the actuarial
method based on the provisions set forth in IAS 19 and is
disclosed as such in this Note.
The Greek plans relate to the Athens Exchange Group and
comprise defined benefit schemes and defined contribution
schemes. The defined benefit schemes relate to a lump-sum
indemnity to employees upon retirement, depending on the
years of service, the level of remuneration and the method of
separation from service (dismissal or retirement). Eligibility for
participation in these schemes is usually based on the years of
service up to retirement. Under the defined contribution plans,
the obligation of the company (legal) is limited to the amount
agreed to be contributed to the organisation (social security
fund), which manages the contributions and grants the
benefits (pensions, health care etc.).
The movement in the defined obligation over the years
presented is as follows:
In thousands of euros
Present value
of obligation
Fair value of
plan assets
Total
As at 1 January 2024
45,844
(23,167)
22,677
(Income) / expense:
Current service cost
993
\u2014
993
Interest expense / (income)
1,596
(823)
773
2,589
(823)
1,766
Remeasurements:
\u25a0 Return on plan assets, excluding amounts included in interest expense / (income)
\u2014
(250)
(250)
\u25a0 (Gain) / loss from change in financial assumptions
(626)
\u2014
(626)
\u25a0 Experience (gains) / losses
439
\u2014
439
\u25a0 Effect of changes in foreign exchange rates and other
(219)
19
(200)
(406)
(231)
(637)
Payments and other significant events:
\u25a0 Employer contributions
(2,506)
\u2014
(2,506)
\u25a0 Benefit payments
(288)
111
(177)
\u25a0 Acquired in business combination
\u2014
\u2014
\u2014
\u25a0 Reclassifications and other
(110)
\u2014
(110)
As at 31 December 2024
45,123
(24,110)
21,013
(Income) / expense:
Current service cost
2,370
\u2014
2,370
Interest expense / (income)
1,607
(860)
747
3,977
(860)
3,117
Remeasurements:
\u25a0 Return on plan assets, excluding amounts included in interest expense / (income)
\u2014
133
133
\u25a0 (Gain) / loss from change in financial assumptions
(1,283)
\u2014
(1,283)
\u25a0 Experience (gains) / losses
1,554
\u2014
1,554
\u25a0 Effect of changes in foreign exchange rates and other
(41)
2
(39)
230
135
365
Payments and other significant events:
\u25a0 Employer contributions
(3,167)
\u2014
(3,167)
\u25a0 Benefit payments
(539)
219
(320)
\u25a0 Acquired in business combination (see Note 5)
2,031
\u2014
2,031
\u25a0 Reclassifications and other
57
\u2014
57
As at 31 December 2025
47,712
(24,616)
23,096
The defined benefit obligation and plan assets are composed by country as follows:
2025
In thousands of euros
Belgium
Portugal
France
Norway
Italy
Greece
Total
Present value of obligation
\u2014
18,034
9,233
9,580
8,893
1,972
47,712
Fair value of plan assets
\u2014
(19,840)
(4,363)
(413)
\u2014
\u2014
(24,616)
Total
\u2014
(1,806)
4,870
9,167
8,893
1,972
23,096
2024
In thousands of euros
Belgium
Portugal
France
Norway
Italy
Greece
Total
Present value of obligation
\u2014
19,260
9,342
9,139
7,382
\u2014
45,123
Fair value of plan assets
\u2014
(19,508)
(4,230)
(372)
\u2014
\u2014
(24,110)
Total
\u2014
(248)
5,112
8,767
7,382
\u2014
21,013
The significant actuarial assumptions were as follows:
2025
Belgium
Portugal
France
Norway
Italy
Greece
Discount rate
0.0%
4.3%
4.1%
4.3%
3.7%
4.0%
Salary growth rate
0.0%
2.0%
2.5%
0.9%
3.0%
2.0%
Pension growth rate
0.0%
2.0%
0.0%
3.4%
0.0%
0.0%
2024
Belgium
Portugal
France
Norway
Italy
Greece
Discount rate
0.0%
3.6%
3.5%
4.3%
3.4%
\u2014
Salary growth rate
0.0%
2.0%
2.5%
0.8%
3.0%
\u2014
Pension growth rate
0.0%
2.0%
0.0%
2.9%
0.0%
\u2014
The Group derives the discount rate used to determine the defined benefit obligation from yields on high quality corporate bonds of
the duration corresponding to the liabilities.
As of 31 December 2025, the sensitivity of the defined benefit obligation to changes in the weighted principal assumptions were: \u00a0
Euronext excluding Athens Exchange Group
Impact on defined
benefit obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.25%
-2.7%
2.8%
Salary growth rate
0.50%
1.3%
-1.2%
Pension growth rate
0.50%
3.0%
-2.8%
Athens Exchange Group only
Impact on defined
benefit obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.50%
-5.2%
5.6%
Salary growth rate
0.50%
5.3%
-5.1%
Annual inflation rate
0.50%
5.7%
-5.4%
The pension plan assets allocation differs per plan. On a weighted average basis, the allocation was as follows:
2025
2024
Plan assets
Fair value of
plan\u00a0assets
in thousands of euros
Fair value of
plan\u00a0assets
in percent
Fair value of
plan\u00a0assets
in thousands of euros
Fair value of
plan\u00a0assets
in percent
Equity securities
5,238
21.8%
5,251
21.8%
Debt securities
17,505
70.6%
17,027
70.6%
Property
441
1.8%
431
1.8%
Investment funds
414
1.5%
373
1.5%
Alternative assets
938
4.0%
966
4.0%
Cash
80
0.3%
62
0.3%
Total
24,616
100%
24,110
100%
The maturity of expected benefit payments over the next ten years is as follows:
As at 31 December 2025
Less than a
year
Between 1-2
year
Between 2-5
year
Between 5-10
year
Total
Pension benefits
2,871
2,215
7,829
15,566
28,481
The weighted average duration of the defined benefit obligation for retirement plans is 12 years at 31 December 2025.
For 2026, the expected obligations contributions a re approximately \u20ac2.5 million.
PROVISIONS
In thousands of euros
Restructuring
Leases
Jubilee
Legal
claims
Plan
Agents
Others
Total
Changes in provisions
As at 1 January 2025
5,846
3,162
1,270
1,823
185
767
13,053
Additional provisions charged to
income statement
1,072
31
203
294
\u2014
300
1,900
Used during the year
(4,499)
(63)
(113)
(27)
(4)
(648)
(5,354)
Unused amounts reversed
(186)
(31)
\u2014
(166)
\u2014
(213)
(596)
Acquisition of subsidiary
\u2014
\u2014
\u2014
\u2014
\u2014
667
667
Reclassifications and other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange differences
1
(39)
\u2014
\u2014
\u2014
(4)
(42)
As at 31 December 2025
2,234
3,060
1,360
1,924
181
869
9,628
Composition of provisions
Current
2,234
\u2014
\u2014
18
\u2014
152
2,404
Non Current
\u2014
3,060
1,360
1,906
181
717
7,224
Total
2,234
3,060
1,360
1,924
181
869
9,628
Restructuring
The restructuring provision relates to employee termination
benefits that have an uncertain character. The decrease
during the year is mostly related to payments of employee
termination benefits for leavers in various Euronext entities,
with the main impact at Borsa Italiana Group.
Leases
The leases provision relates to estimated future dismantling or
removing costs, primarily for the lease of its \u2018Praetorium\u2019 office
in Paris.
Jubilee
The Jubilee provision increased, mainly due to provision made
in Euronext Paris during the year.
Legal claims
The legal claims provision relates to individual litigation
settlement cases.
Plan Agents
The provision for Plan Agents relates to a retirement
allowance for retired stockbrokers in Belgium, which is
determined using actuarial assumptions. No cash outflows are
expected for 2025.
Others
The 'Others' provision primarily relates to a compensation
scheme in Oslo, that gives employees compensation for a
change in their historical DB pension arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-753": { "value": "TRADE AND OTHER PAYABLES
In thousands of euros
As at 31
December
2025
As at 31
December
2024
Trade payables
217,454
224,543
Social security and other taxes (excluding income tax)
63,083
53,026
Employees' entitlements (a)
101,477
90,253
Accrued expenses
137,793
95,226
Other payables
409
1,219
Total
520,216
464,267
(a) Amounts include salaries payable, bonus accruals, severance (signed contracts) and vacation accruals.
The carrying values of current trade and other payables are
reasonable approximations of their fair values. These balances
do not bear interest.
Trade payables included an impact of \u20ac190.9 million (2024:
\u20ac200.4 million) related to Nord Pool power purchases", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-759": { "value": "FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
Offsetting within clearing member balances
CCP clearing businesses financial assets and liabilities are
offset and only the net amount is presented in the
consolidated balance sheet when there is a legally enforceable
right to offset the recognised amounts and there is an
intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.
The following table shows the offsetting breakdown by
products:
As at 31 December 2025
In thousands of euros
Gross amounts
Amount offset
Net amount as
reported
Derivative financial asset
284,492,592
(147,067,916)
137,424,676
Reverse repurchase agreements
170,933,873
(14,616,031)
156,317,842
Other
36,228
(22,052)
14,176
Total assets
455,462,693
(161,705,999)
293,756,694
Derivative financial liabilities
(284,492,592)
147,067,916
(137,424,676)
Reverse repurchase agreements
(170,933,873)
14,616,031
(156,317,842)
Other
(36,228)
22,052
(14,176)
Total liabilities
(455,462,693)
161,705,999
(293,756,694)
As at 31 December 2024
In thousands of euros
Gross amounts
Amount offset
Net amount as
reported
Derivative financial asset
224,690,912
(118,431,724)
106,259,188
Reverse repurchase agreements
151,377,811
(14,384,305)
136,993,506
Other
55,779
(34,873)
20,906
Total assets
376,124,502
(132,850,902)
243,273,600
Derivative financial liabilities
(224,690,912)
118,431,724
(106,259,188)
Reverse repurchase agreements
(151,377,811)
14,384,305
(136,993,506)
Other
(55,779)
34,873
(20,906)
Total liabilities
(376,124,502)
132,850,902
(243,273,600)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-758": { "value": "FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-757": { "value": "FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-756": { "value": "FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-755": { "value": "FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-754": { "value": "FINANCIAL INSTRUMENTS
Financial instruments by category
The financial instruments held by the Group are set out below.
As at 31 December 2025
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Assets under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Debt instruments at fair value through OCI
\u2014
\u2014
117,968
\u2014
117,968
Other instruments held at fair value
\u2014
\u2014
\u2014
18,516
18,516
Other receivables from clearing members
7,087,451
\u2014
\u2014
\u2014
7,087,451
Cash and cash equivalents of clearing members
17,082,857
\u2014
\u2014
\u2014
17,082,857
Total financial assets of the CCP clearing business
180,488,150
\u2014
117,968
137,457,368
318,063,486
Financial assets at fair value through OCI
\u2014
435,700
\u2014
\u2014
435,700
Financial assets at amortised cost
2,994
\u2014
\u2014
\u2014
2,994
Trade and other receivables
392,764
\u2014
\u2014
\u2014
392,764
Derivative financial instruments
\u2014
\u2014
\u2014
110
110
Other current financial assets
20,503
\u2014
43,106
\u2014
63,609
Cash and cash equivalents
1,546,283
\u2014
\u2014
47,420
1,593,703
Total
182,450,694
435,700
161,074
137,504,898
320,552,366
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
137,424,676
137,424,676
Liabilities under repurchase transactions
156,317,842
\u2014
\u2014
\u2014
156,317,842
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
14,176
14,176
Other instruments held at fair value
\u2014
\u2014
\u2014
7,184
7,184
Other payables to clearing members
24,321,488
\u2014
\u2014
\u2014
24,321,488
Total financial liabilities of the CCP clearing business
180,639,330
\u2014
\u2014
137,446,036
318,085,366
Borrowings (non-current)
2,913,531
\u2014
\u2014
\u2014
2,913,531
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,480
3,480
Borrowings (current)
400,493
\u2014
\u2014
\u2014
400,493
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial liabilities
103,545
\u2014
\u2014
\u2014
103,545
Trade and other payables
520,216
\u2014
\u2014
\u2014
520,216
Total
184,577,115
\u2014
\u2014
137,449,516
322,026,631
The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in
Note 3.
As at 31 December 2024
In thousands of euros
Amortised
cost
FVOCI
equity
instruments
FVOCI
debt
instruments
FVPL
Total
Financial assets
CCP trading assets at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Assets under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial assets traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Debt instruments at fair value through OCI
\u2014
\u2014
66,068
\u2014
66,068
Other instruments held at fair value
\u2014
\u2014
\u2014
4,130
4,130
Other receivables from clearing members
7,849,595
\u2014
\u2014
\u2014
7,849,595
Cash and cash equivalents of clearing members
19,095,347
\u2014
\u2014
\u2014
19,095,347
Total financial assets of the CCP clearing business
163,938,448
\u2014
66,068
106,284,224
270,288,740
Financial assets at fair value through OCI
\u2014
357,011
\u2014
\u2014
357,011
Financial assets at amortised cost
2,685
\u2014
\u2014
\u2014
2,685
Trade and other receivables
381,090
\u2014
\u2014
\u2014
381,090
Derivative financial instruments
\u2014
\u2014
\u2014
\u2014
\u2014
Other current financial assets
21,884
\u2014
41,925
\u2014
63,809
Cash and cash equivalents
1,509,729
\u2014
\u2014
163,726
1,673,455
Total
165,853,836
357,011
107,993
106,447,950
272,766,790
Financial liabilities
CCP trading liabilities at fair value
\u2014
\u2014
\u2014
106,259,188
106,259,188
Liabilities under repurchase transactions
136,993,506
\u2014
\u2014
\u2014
136,993,506
Other financial liabilities traded but not yet settled
\u2014
\u2014
\u2014
20,906
20,906
Other payables to clearing members
27,084,349
\u2014
\u2014
\u2014
27,084,349
Total financial liabilities of the CCP clearing business
164,077,855
\u2014
\u2014
106,280,094
270,357,949
Borrowings (non-current)
2,537,031
\u2014
\u2014
\u2014
2,537,031
Other non-current financial liabilities
\u2014
\u2014
\u2014
3,500
3,500
Borrowings (current)
516,479
\u2014
\u2014
\u2014
516,479
Derivative financial instruments
\u2014
\u2014
\u2014
147
147
Trade and other payables
464,267
\u2014
\u2014
\u2014
464,267
Total
167,595,632
\u2014
\u2014
106,283,741
273,879,373
The Group\u2019s exposure to various risks associated with the financial instruments is discussed in Note 38. The maximum exposure to
credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above.
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
Fair value measurements using quoted prices in active
markets for identical assets or liabilities (level 1)
The listed equity securities relate to the investment in Boursa
Kuwait Securities Co. that was included in the acquisition of
Athens Exchange Group (see Note 21).
The quoted debt instruments primarily relate to investments in
listed bonds held by Euronext Securities Copenhagen.
The quoted debt instruments of CCP clearing businesses
represent an investment portfolio in predominantly
government bonds funded by the margins and default funds
deposited by members of the CCP clearing businesses.
The derivative instruments of CCP clearing businesses
comprise open transactions not settled at the reporting date
on the derivatives market in which Euronext Clearing operates
as a central counterparty.
The other instruments of CCP clearing businesses include
clearing member trading balances for equity and debt
instruments that are marked to market on a daily basis.
Investments in funds are solely composed of money market
funds which are redeemed within a three-month cycle after
acquisition and have contractual cash flows that do not
represent solely payments of principal and interest.
Fair values of the instruments mentioned above are
determined by reference to published price quotations in an
active market.
Fair value measurements using observable market data,
directly or indirectly (level 2)
Foreign exchange spot transactions comprises agreements
between two parties to buy one currency against selling
another currency at an agreed price for settlement on the spot
date. Fair value is based on the foreign exchange rates at the
balance sheet date.
Fair value measurements using unobservable inputs (level 3)
The following table presents the changes in level 3 instruments for the period ended 31 December 2025, which are recognised in the
line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are
reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of
comprehensive income:
Unlisted equity
securities
Contingent
consideration
payable
Combined
derivative
instrument
In thousands of euros
As at 1 January 2024
262,655
\u2014
\u2014
Revaluations recognised in OCI
91,520
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
2,847
1,225
2,250
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
\u2014
\u2014
\u2014
Exchange differences and other
(11)
25
\u2014
As at 31 December 2024
357,011
1,250
2,250
Revaluations recognised in OCI
62,488
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
\u2014
43
\u2014
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
154
\u2014
\u2014
Exchange differences and other
(2)
(63)
\u2014
As at 31 December 2025
419,651
1,230
2,250
Valuation process
Concerning the valuation process for fair value measurement
categorised within level 3 of the fair value hierarchy, the
Group\u2019s central treasury department collects and validates the
available level 3 inputs and performs the valuation according
to the Group\u2019s valuation methodology for each reporting
period. The fair value estimates are discussed with-, and
challenged by the Group Finance Director and the Chief
Financial Officer. Periodically the values of investments
categorised in \u201clevel 3\u201d are validated by staff with extensive
knowledge of the industry in which the invested companies
operate. Although valuation techniques are applied
consistently as a principle, Management, upon advice from the
Group\u2019s valuation experts, may decide to replace a valuation
technique if such a change would improve the quality or the
reliability of the valuation process.
Unlisted equity securities in Euroclear S.A./N.V. and
Sicovam Holding S.A.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applied a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
As from 2023, the high interest rates environment led to a
sharp increase of net interest earnings at Euroclear, which
was predominantly driven by interests linked to frozen assets
as a result of Russian sanctions and countermeasures.
The European Commission contemplated various options to
use the profits generated by sanctioned amounts held by
financial institutions, including Euroclear, for the financing of
Ukraine\u2019s reconstruction.
Since considerable uncertainties persisted, Euroclear
considered it necessary to separate the estimated sanction
related earnings from the \u2018underlying\u2019 financial results when
assessing the company\u2019s performance and resources.
For this reason, the Group uses the \u2018underlying\u2019 financial
results published by Euroclear (i.e. excluding Russian
sanctions related assets/earnings), as an input for its primary
valuation technique.
In addition, for measuring the fair value of Sicovam Holding
S.A, the Group applied a holding discount as an unobservable
input for which a sensitivity impact of +10%/(-10%) would
amount to a decrease or (increase) of \u20ac13.0 million in the fair
value (2024: \u20ac11.0 million). More information on the
investments is further disclosed in Note 21.
The key assumptions used in the Gordon Growth Model
valuation model are shown in the tables below. The sensitivity
analysis shows the impact on fair value using the most
favourable combination (increase), or least favourable
combination (decrease) of the unobservable inputs per
investment in unlisted equity securities.
2025:
In thousands of euros
Fair value at 31
December 2025
Unobservable\u00a0 \u00a0
inputs (* )
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
298,601
Return on equity
15.0% - 15.5% (16.0%)
2,428
(3,153)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
Sicovam Holding S.A.
116,467
Return on equity
15.0% - 15.5% (16.0%)
1,003
(1,168)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
2024:
In thousands of euros
Fair value at 31
December 2024
Unobservable\u00a0 \u00a0 \u00a0
inputs *)
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
253,681
Return on equity
11.7% - 12.7% (12.2%)
4,382
(5,195)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
Sicovam Holding S.A.
98,900
Return on equity
11.7% - 12.7% (12.2%)
1,776
(1,949)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
Contingent consideration payable
The contingent consideration payable of \u20ac1.2 million related to
the acquisition of Substantive Research and is estimated
based on a multiple of total revenue. Management considers
the impact of changes of these unobservable inputs not
material for the total level 3 portfolio.
Combined derivative instrument
The combined derivative instrument related to the acquisition
of GRSS and combines the Group's right to acquire all of the
remaining shares of the other minority shareholders and the
obligation to compensate for any variance between a third
party exercise price of the option (normalized EBITDA x
multiple) and a lower actual third party price offered.
The fair value of this combined derivative instrument is
estimated at a negative \u20ac2.3 million, based on a multiple of
earnings and forecasted EBITDA.
Fair values of other financial instruments
The Group also has a number of financial instruments which
are not measured at fair value in the statement of financial
position. For these instruments the fair values approximate
their carrying amounts, except for non-current borrowings
which fair value amounts to \u20ac2,695.5 million as per 31
December 2025 ( 2024: \u20ac2,250 million).
As per 31 December 2025, trade and other receivables included
\u20ac85.0 million (2024: \u20ac109.9 million) of Nord Pool power sales
positions and trade and other payables included \u20ac190.9 million
(2024: \u20ac200.4 million) of Nord Pool power purchases
positions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-761": { "value": "
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
In thousands of euros
Level 1
Level 2
Level 3
Total
As at 31 December 2025
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
419,651
419,651
Listed equity securities
16,049
\u2014
\u2014
16,049
Quoted debt instruments
43,106
\u2014
\u2014
43,106
Quoted debt instruments of CCP clearing businesses
117,968
\u2014
\u2014
117,968
Financial assets at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
32,692
\u2014
\u2014
32,692
Other derivative instruments (a)
\u2014
110
\u2014
110
Money market funds
47,420
\u2014
\u2014
47,420
Total assets
137,681,911
110
419,651
138,101,672
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing businesses
137,424,676
\u2014
\u2014
137,424,676
Other instruments of CCP clearing businesses
21,360
\u2014
\u2014
21,360
Contingent consideration payable
\u2014
\u2014
1,230
1,230
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
\u2014
\u2014
\u2014
Total liabilities
137,446,036
\u2014
3,480
137,449,516
(a)\u00a0 Including foreign exchange spot transactions of \u20ac110k in Nord Pool.
As at 31 December 2024
Assets
Financial assets at FVOCI
Unlisted equity securities
\u2014
\u2014
357,011
357,011
Quoted debt instruments
41,925
\u2014
\u2014
41,925
Quoted debt instruments of CCP clearing business
66,068
\u2014
\u2014
66,068
Financial assets at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
25,036
\u2014
\u2014
25,036
Money market funds
163,726
\u2014
\u2014
163,726
Total assets
106,555,943
\u2014
357,011
106,912,954
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business
106,259,188
\u2014
\u2014
106,259,188
Other instruments of CCP clearing business
20,906
\u2014
\u2014
20,906
Contingent consideration payable
\u2014
\u2014
1,250
1,250
Combined derivative instruments
\u2014
\u2014
2,250
2,250
Other derivative instruments (a)
\u2014
147
\u2014
147
Total liabilities
106,280,094
147
3,500
106,283,741
(a)\u00a0 Including foreign exchange spot transactions of \u20ac147k in Nord Pool.
The Group\u2019s policy is to recognise transfers into and transfers
out of fair value hierarchy levels at the end of the reporting
period. There were no transfers between the levels of fair
value hierarchy in 2025 and 2024. The Group did not measure
any financial assets or financial liabilities at fair value on a non-
recurring basis as at 31 December 2025.
Fair value measurements using quoted prices in active
markets for identical assets or liabilities (level 1)
The listed equity securities relate to the investment in Boursa
Kuwait Securities Co. that was included in the acquisition of
Athens Exchange Group (see Note 21).
The quoted debt instruments primarily relate to investments in
listed bonds held by Euronext Securities Copenhagen.
The quoted debt instruments of CCP clearing businesses
represent an investment portfolio in predominantly
government bonds funded by the margins and default funds
deposited by members of the CCP clearing businesses.
The derivative instruments of CCP clearing businesses
comprise open transactions not settled at the reporting date
on the derivatives market in which Euronext Clearing operates
as a central counterparty.
The other instruments of CCP clearing businesses include
clearing member trading balances for equity and debt
instruments that are marked to market on a daily basis.
Investments in funds are solely composed of money market
funds which are redeemed within a three-month cycle after
acquisition and have contractual cash flows that do not
represent solely payments of principal and interest.
Fair values of the instruments mentioned above are
determined by reference to published price quotations in an
active market.
Fair value measurements using observable market data,
directly or indirectly (level 2)
Foreign exchange spot transactions comprises agreements
between two parties to buy one currency against selling
another currency at an agreed price for settlement on the spot
date. Fair value is based on the foreign exchange rates at the
balance sheet date.
Fair value measurements using unobservable inputs (level 3)
The following table presents the changes in level 3 instruments for the period ended 31 December 2025, which are recognised in the
line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are
reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of
comprehensive income:
Unlisted equity
securities
Contingent
consideration
payable
Combined
derivative
instrument
In thousands of euros
As at 1 January 2024
262,655
\u2014
\u2014
Revaluations recognised in OCI
91,520
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
2,847
1,225
2,250
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
\u2014
\u2014
\u2014
Exchange differences and other
(11)
25
\u2014
As at 31 December 2024
357,011
1,250
2,250
Revaluations recognised in OCI
62,488
\u2014
\u2014
Revaluations recognised in P&L
\u2014
\u2014
\u2014
Additions / (disposals)
\u2014
43
\u2014
Payments
\u2014
\u2014
\u2014
Acquisitions / (incurrences)
154
\u2014
\u2014
Exchange differences and other
(2)
(63)
\u2014
As at 31 December 2025
419,651
1,230
2,250
Valuation process
Concerning the valuation process for fair value measurement
categorised within level 3 of the fair value hierarchy, the
Group\u2019s central treasury department collects and validates the
available level 3 inputs and performs the valuation according
to the Group\u2019s valuation methodology for each reporting
period. The fair value estimates are discussed with-, and
challenged by the Group Finance Director and the Chief
Financial Officer. Periodically the values of investments
categorised in \u201clevel 3\u201d are validated by staff with extensive
knowledge of the industry in which the invested companies
operate. Although valuation techniques are applied
consistently as a principle, Management, upon advice from the
Group\u2019s valuation experts, may decide to replace a valuation
technique if such a change would improve the quality or the
reliability of the valuation process.
Unlisted equity securities in Euroclear S.A./N.V. and
Sicovam Holding S.A.
For measuring fair value of its long-term investments in
unlisted equity securities in Euroclear S.A/N.V. and Sicovam
Holding S.A., the Group applied a weighted approach, using
both the Gordon Growth Model (with return on equity and
expected dividend growth rate as key non-observable
parameters) and recent observed market transactions.
As from 2023, the high interest rates environment led to a
sharp increase of net interest earnings at Euroclear, which
was predominantly driven by interests linked to frozen assets
as a result of Russian sanctions and countermeasures.
The European Commission contemplated various options to
use the profits generated by sanctioned amounts held by
financial institutions, including Euroclear, for the financing of
Ukraine\u2019s reconstruction.
Since considerable uncertainties persisted, Euroclear
considered it necessary to separate the estimated sanction
related earnings from the \u2018underlying\u2019 financial results when
assessing the company\u2019s performance and resources.
For this reason, the Group uses the \u2018underlying\u2019 financial
results published by Euroclear (i.e. excluding Russian
sanctions related assets/earnings), as an input for its primary
valuation technique.
In addition, for measuring the fair value of Sicovam Holding
S.A, the Group applied a holding discount as an unobservable
input for which a sensitivity impact of +10%/(-10%) would
amount to a decrease or (increase) of \u20ac13.0 million in the fair
value (2024: \u20ac11.0 million). More information on the
investments is further disclosed in Note 21.
The key assumptions used in the Gordon Growth Model
valuation model are shown in the tables below. The sensitivity
analysis shows the impact on fair value using the most
favourable combination (increase), or least favourable
combination (decrease) of the unobservable inputs per
investment in unlisted equity securities.
2025:
In thousands of euros
Fair value at 31
December 2025
Unobservable\u00a0 \u00a0
inputs (* )
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
298,601
Return on equity
15.0% - 15.5% (16.0%)
2,428
(3,153)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
Sicovam Holding S.A.
116,467
Return on equity
15.0% - 15.5% (16.0%)
1,003
(1,168)
Expected dividend growth
rate
1.0% - 1.5%
(2.0%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
2024:
In thousands of euros
Fair value at 31
December 2024
Unobservable\u00a0 \u00a0 \u00a0
inputs *)
Range of inputs
(probability-weighted
average)
Relationship of unobservable
inputs to fair value
Increase
decrease
Euroclear S.A./N.V.
253,681
Return on equity
11.7% - 12.7% (12.2%)
4,382
(5,195)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
Sicovam Holding S.A.
98,900
Return on equity
11.7% - 12.7% (12.2%)
1,776
(1,949)
Expected dividend
growth rate
1.0% - 2.0%
(1.5%)
(*) There were no significant inter-relationships between unobservable inputs that materially affect fair value
Contingent consideration payable
The contingent consideration payable of \u20ac1.2 million related to
the acquisition of Substantive Research and is estimated
based on a multiple of total revenue. Management considers
the impact of changes of these unobservable inputs not
material for the total level 3 portfolio.
Combined derivative instrument
The combined derivative instrument related to the acquisition
of GRSS and combines the Group's right to acquire all of the
remaining shares of the other minority shareholders and the
obligation to compensate for any variance between a third
party exercise price of the option (normalized EBITDA x
multiple) and a lower actual third party price offered.
The fair value of this combined derivative instrument is
estimated at a negative \u20ac2.3 million, based on a multiple of
earnings and forecasted EBITDA.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-760": { "value": "
Fair value measurement
Fair value hierarchy
The table below analyses financial instrument carried at fair value, by valuation method. The different levels have been defined as
follows:
\u25a0 Level 1: quoted prices in active markets for identical assets or liabilities
\u25a0 Level 2: inputs that are based on observable market data, directly or indirectly
\u25a0 Level 3: unobservable inputs
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-762": { "value": "
Offsetting within clearing member balances
CCP clearing businesses financial assets and liabilities are
offset and only the net amount is presented in the
consolidated balance sheet when there is a legally enforceable
right to offset the recognised amounts and there is an
intention to settle on a net basis or to realise the asset and
settle the liability simultaneously.
The following table shows the offsetting breakdown by
products:
As at 31 December 2025
In thousands of euros
Gross amounts
Amount offset
Net amount as
reported
Derivative financial asset
284,492,592
(147,067,916)
137,424,676
Reverse repurchase agreements
170,933,873
(14,616,031)
156,317,842
Other
36,228
(22,052)
14,176
Total assets
455,462,693
(161,705,999)
293,756,694
Derivative financial liabilities
(284,492,592)
147,067,916
(137,424,676)
Reverse repurchase agreements
(170,933,873)
14,616,031
(156,317,842)
Other
(36,228)
22,052
(14,176)
Total liabilities
(455,462,693)
161,705,999
(293,756,694)
As at 31 December 2024
In thousands of euros
Gross amounts
Amount offset
Net amount as
reported
Derivative financial asset
224,690,912
(118,431,724)
106,259,188
Reverse repurchase agreements
151,377,811
(14,384,305)
136,993,506
Other
55,779
(34,873)
20,906
Total assets
376,124,502
(132,850,902)
243,273,600
Derivative financial liabilities
(224,690,912)
118,431,724
(106,259,188)
Reverse repurchase agreements
(151,377,811)
14,384,305
(136,993,506)
Other
(55,779)
34,873
(20,906)
Total liabilities
(376,124,502)
132,850,902
(243,273,600)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-763": { "value": "
Liquidity risk
In thousands of euros
Maturity <\u00a01 year
Maturity between
1\u00a0and 2 years
Maturity between
2\u00a0and 3 years
Total
31 December 2025
Investment portfolio
117,968
\u2014
\u2014
117,968
31 December 2024
Investment portfolio
66,068
\u2014
\u2014
66,068
Interest rate risk
Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed
rates with an interest term of less than one year, except for the fixed rated Bonds #2, #4 to #6, which have maturities between 3
and 15 years (see Note 30).
As at 31 December 2025 and 2024 the interest rate exposure of the Company was as follows:
Currency
Position in EUR
Positions in GBP
Positions in USD
Positions in NOK
Positions in DKK
Type of rate and maturity
In thousands of euros
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
Floating
rate with
maturity
<\u00a01 year
Floating
rate with
maturity
>\u00a01 year
2025
Interest bearing financial assets (a)
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
Interest bearing financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
Net position after hedging
749,161
\u2014
55,040
\u2014
26,638
\u2014
150,262
\u2014
59,272
\u2014
2024
Interest bearing financial assets (a)
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
Interest bearing financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
Net position after hedging
783,711
320
86,331
\u2014
62,972
32
154,912
\u2014
44,750
\u2014
(a) Includes cash and cash equivalents and non-current financial assets at amortised cost.
Currency
Position in EUR
Positions in GBP
Positions in USD
Positions in NOK
Positions in DKK
Type of rate and maturity
In thousands of euros
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
Fixed
rate\u00a0with
maturity
<\u00a01 year
Fixed
rate\u00a0with
maturity
>\u00a01 year
2025
Interest bearing financial assets (a)
490,177
\u2014
\u2014
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
Interest bearing financial liabilities
400,493
2,913,521
1,124
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net position before hedging
89,684
(2,913,521)
(1,124)
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
Net position after hedging
89,684
(2,913,521)
(1,124)
\u2014
64,570
\u2014
20,303
\u2014
43,012
\u2014
2024
Interest bearing financial assets (a)
506,055
\u2014
6,704
\u2014
35,264
\u2014
21,287
\u2014
38,587
\u2014
Interest bearing financial liabilities
515,680
2,537,909
\u2014
\u2014
\u2014
\u2014
2
\u2014
\u2014
\u2014
Net position before hedging
(9,626)
(2,537,909)
6,704
\u2014
35,264
\u2014
21,284
\u2014
38,587
\u2014
Net position after hedging
(9,626)
(2,537,909)
6,704
\u2014
35,264
\u2014
21,284
\u2014
38,587
\u2014
(a) Includes cash and cash equivalents and non-current financial assets at amortised cost.
The Group is exposed to cash-flow risk arising from net
floating-rate positions.
The Group was a net borrower in Euros exposed to fixed
interest rates and a net lender in Euros exposed to floating
rates at 31 December 2025 and 2024. Therefore, the sensitivity
of net interest income to a parallel shift in the interest curves
is that a 0.5% increase/decrease of the rate would have
resulted in an increase/decrease of net interest income of
\u20ac3.7 million based on the positions at 31 December 2025
(2024: \u20ac3.9 million).
The Group was a net lender in Pound Sterling at 31 December
2025 and 2024. The sensitivity of net interest income to a
parallel shift in the interest curves is that a 0.5% increase/
decrease of the rate would have resulted in an increase/
decrease of net interest income of \u20ac0.3 million based on the
positions at 31 December 2025 (2024: \u20ac0.4 million).
The Group was a net lender in US Dollar at 31 December 2025
and 2024. The sensitivity of net interest income to a parallel
shift in the interest curves is that a 0.5% increase/decrease of
the rate would have resulted in an increase/decrease of net
interest income of \u20ac0.1 million based on the positions at
31\u00a0December 2025 (2024: \u20ac0.3 million).
The Group was a net lender in Norwegian Kroner at
31\u00a0December 2025 and 2024. The sensitivity of net interest
income to a parallel shift in the interest curves is that a 0.5%
increase/decrease of the rate would have resulted in an
increase/decrease of net interest income of \u20ac0.8 million
based on the positions at 31 December 2025 (2024:
\u20ac0.8\u00a0million).
The fluctuation of the DKK against the EUR is set within the
bandwidth +/-2.25% as an exchange rate mechanism
established by the Denmark's National Bank. Therefore,
currency risk sensitivity inherent to the Group exposure to that
currency is deemed to be irrelevant.
Interest rate risk - CCP clearing business
As at 31 December 2025 the Group\u2019s CCPs have deposited the
default funds and margin mainly at the Central Banks of Italy
and Greece reducing the interest rate exposure linked to
investment activities. Furthermore, the Group\u2019s CCPs face
minimal interest rate exposure by applying the same reference
rate deriving from the yields achieved through the secured
investment activities, to calculate member liabilities.
In the Group\u2019s CCPs, interest bearing assets are generally
invested in secured instruments or structures and for a longer
term than interest bearing liabilities, whose interest rate is
reset daily. This makes investment revenue vulnerable to
volatility in overnight rates and shifts in spreads between
overnight and term rates. On daily basis the interest rate risk
associated to investments is monitored via the requirements
contained in the CCPs investment policy.
The Group's CCPs have an investment policy, mitigating
market risks. The Group's CCPs investments have an average
duration of less than one year and are generally held until
maturity. Losses will not materialise unless the investment
portfolio is liquidated before maturity or in an event of
portfolio rebalancing before maturity. In case of a forced
liquidation of the CCP's financial investment portfolio before
maturity to provide necessary liquidity, the CCPs may face
higher interest rate exposure on their financial investment
portfolio. The interest rate exposure of the investment
portfolio is predominantly at fixed rates (only a negligible part
is at floating rates) at the amounts and maturities as disclosed
in Note 38.1. As per 31 December 2025, an increase/decrease
of the rate by 100 basis points would have an increasing/
decreasing impact on the investment portfolio market value of
\u20ac0.6 million or 0.24% (2024: \u20ac0.4 million or 0.24%).
Currency risk
Foreign currency translation risk:
The Group\u2019s net assets are exposed to the foreign currency
risk arising from the translation of assets and liabilities of
subsidiaries with functional currencies other than the euro.
The following table summarises the assets and liabilities
recorded in respectively GBP, USD and NOK functional
currency and the related impact of a 10% in/decrease in the
currency exchange rate on balance sheet and profit or loss:
In thousands
2025
2024
Assets
\u00a382,425
\u00a3115,164
Liabilities
\u00a3(11,912)
\u00a3(12,143)
Net currency position
\u00a370,513
\u00a3103,021
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac8,089
\u20ac12,450
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
Not material
Not Material
In thousands
2025
2024
Assets
$274,078
$226,038
Liabilities
$(61,737)
$(33,997)
Net currency position
$212,341
$192,041
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac18,075
\u20ac18,548
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
\u20ac943
\u20ac1,315
In thousands
2025
2024
Assets
kr17,549,282
kr11,987,524
Liabilities
kr(3,817,048)
kr(3,545,961)
Net currency position
kr13,732,234
kr8,441,563
Absolute impact on equity of 10% in/decrease in the currency exchange rate
\u20ac115,965
\u20ac71,628
Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate
\u20ac2,622
\u20ac1,751
Most operating revenue and expenses in the various
subsidiaries of the Group are denominated in the functional
currency of each relevant subsidiary. The Group\u2019s consolidated
income statement is exposed to foreign currency risk arising
from receivables and payables denominated in currencies
different from the functional currency of the related entity.
The Group's general policy is not to hedge foreign exchange risk
related to its net investments in foreign currency. However, the
Group may use derivatives instruments designated as hedge of
net investment or foreign denominated debt to manage its net
Investment exposures. The decision to hedge the exposure is
considered on a case by case basis since the Group is generally
exposed to major, well established and liquid currencies. The
Group would, by the same token, hedge transaction risk arising
from cash flows paid or received in a currency different from the
functional currency of the group contracting entity on a case by
case basis.
Equity Market risk
The Group\u2019s investment in publicly traded equity securities
was limited to the Group's investment in Boursa Kuwait
Securities Co. and was non existent in 2024. The Group's
investments in non-publicly traded equity securities are
disclosed in Note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-765": { "value": "
Credit risk
Investment counterparty risk for CCPs margin and default
funds is managed by investing the cash element in
instruments or structures deemed \u2018secure\u2019, including through
direct investments in highly rated, \u2018regulatory qualifying\u2019
sovereign bonds and supra-national debt, investments in tri-
party and bilateral reverse repos (receiving high-quality
government securities as collateral) in certain jurisdictions
and deposits with the central banks of Italy and Greece. As per
December 2025 the margin and default funds were mainly
deposited with the Central Banks of Italy and Greece. The
small proportion of cash that is invested unsecured is placed
for short durations with highly rated counterparties where
strict limits are applied with respect to credit quality,
concentration and tenor.
31 December
2025
31 December
2024
In thousands of euros
Investment portfolio
117,968
66,068
CCP other financial assets (a)
117,968
66,068
Clearing member cash equivalents - short term deposits
10,041
10,011
Clearing member cash\u00a0 - central bank deposits
17,080,030
19,085,474
Clearing member cash\u00a0 - other banks
(7,214)
(138)
Total clearing member cash (b)
17,082,857
19,095,347
(a)\u00a0 The CCP other financial assets are included in the line 'Debt instruments at fair value through other comprehensive income' in the table at Note 36.1.
(b)\u00a0 The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 36.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-764": { "value": "
Credit risk
Credit risk - CCP clearing business
In their role as CCP clearer to financial market participants, the
Group\u2019s CCPs guarantee final settlement of transactions
acting as buyer towards each seller and as seller towards each
buyer. It manages substantial credit risks as part of its
operations including unmatched risk positions that might arise
from the default of a party to a cleared transaction.
Clearing membership selection is based upon supervisory
capital, technical and organisational criteria. Each member
must pay margins, computed and collected at least daily, to
cover the exposures and theoretical costs which the CCPs
might incur in order to close out open positions in the event of
the member\u2019s default. Margins are calculated using
established and internationally acknowledged risk models and
are debited from participants\u2019 accounts through central bank
accounts and via commercial bank payment systems.
Minimum levels of cash collateral are required. Non-cash
collateral is revalued daily but the members retain title of the
asset and the Group only has a claim on these assets in the
event of a default by the member.
Clearing members also contribute to default funds managed by
the CCPs to guarantee the integrity of the markets in the event
of multiple defaults in extreme market circumstances.
Amounts are determined on the basis of the results of periodic
stress testing examined by the risk committees of the CCPs.
Furthermore, the Group\u2019s CCPs reinforce their capital position
to meet the most stringent relevant regulatory requirements
applicable to it, including holding a minimum amount of
dedicated own resources to further underpin the protective
credit risk framework in the event of a significant market
stress event or participant failure.
An analysis of the aggregate clearing member contributions of
margin and default funds across the CCPs is shown below:
31 December
2025
31 December
2024
In thousands of euros
Total collateral pledged
Margin received in cash
14,312,654
17,594,249
Margin received by title transfer
2,933,196
2,079,405
Default fund total
5,703,651
6,204,892
Total on balance sheet collateral (a)
22,949,501
25,878,546
Total member collateral pledged
22,949,501
25,878,546
(a)The total on balance sheet member collateral pledged is included in the line 'other payables to clearing members' in the table at Note 36.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-766": { "value": "
Capital management
The Group\u2019s objectives when managing capital are to
safeguard the Group\u2019s ability to continue as a going concern, to
comply with regulatory requirements and to maintain an
optimal capital structure to reduce the cost of capital and
provide return to shareholders. Certain entities of the Group
are regulated as Exchanges, as Central Securities Depository
(CSD) or as Clearing House and are subject to certain statutory
regulatory requirements based on their local statutory
financial statements and risks. In general, the financial ratios
of the Group\u2019s subsidiaries significantly exceed the regulatory
requirements and they maintain a safety cushion in order to
avoid any concern from the regulators.
Euronext N.V. must comply with prudential requirements, as a
result of an agreement reached with the Dutch Finance
Ministry in May 2016, which are set forth in three pillars:
\u25a0 A minimum Total Equity level equal of at least \u20ac 250 million;
and
\u25a0 The Group shall take care of stable financing. Long-term
assets of the Group will be financed with shareholders
equity and long term liabilities, to the satisfaction of the
AFM; and
\u25a0 The Group shall have a positive regulatory capital on a
consolidated basis. The regulatory capital is calculated
according to the following formula: the paid up share
capital plus the freely available reserves less the items
listed in section 36 of Regulation (EU) no. 575/201. In
deviation to mentioned formula, the value of the intangible
fixed assets in connection with Mergers and Acquisitions
will be deducted in 10 (default) or more (20 for Oslo B\u00f8rs
ASA) equal instalments (grow in period) from the regulatory
capital. Considering a consistent dividend policy, the grow
in period can be extended if the P/E ratio would exceed 10
times. If the grow in period and the related dividend policy
provide for a negative a regulatory capital for a limited
number of years of the gown-in period, then this fact will
not prevent the execution of the consistent and prudent
dividend policy of the Group in those years.
As per 31 December 2025, Euronext N.V. complied with these
requirements.
Euronext Amsterdam N.V. is subject to a minimum statutory
capital requirement of \u20ac730 thousand, shall have a regulatory
capital in the amount of 50% of the direct fixed cost of
Euronext Amsterdam N.V. during the preceding financial year
and in addition the cash and cash equivalents shall be higher
than the required minimum regulatory capital to operate as an
exchange in the Netherlands. As per 31 December 2025,
Euronext Amsterdam N.V. was in compliance with these
requirements.
Euronext Brussels SA/NV shall maintain adequate financial
resources at its disposal to ensure orderly functioning of the
market. The law mentions that FSMA may, by a regulation, set
financial ratios for market operators and determine which
financial information they are required to provide. At this date,
no quantitative requirements has ever been set either by a
regulation or by the Financial Authority FSMA.
Euronext Dublin shall at all time hold a minimum level of capital
based on the Basic Capital Requirement and the Systematic
Capital Add-on and maintain liquid financial assets at least
equal to the sum of these two amounts of required capital. As
per 31 December 2025, Euronext Dublin complied with these
requirements.
Euronext Lisbon S.A. shall maintain minimum statutory share
capital of \u20ac3.0 million and shall maintain minimum statutory
equity of \u20ac6.0 million. In addition, Euronext Lisbon's liabilities
must not exceed its own funds (basically the amount of equity).
As per 31 December 2025, Euronext Lisbon complied with
these requirements.
Euronext Paris S.A. shall maintain statutory regulatory equity
at no less than 50% of its yearly expenses and a solvency ratio
on operational risks at no less than 8%. As per 31 December
2024, Euronext Paris S.A. complied with these requirements.
Interbolsa S.A. shall maintain minimum statutory share capital
of \u20ac2.75 million and shall maintain minimum statutory equity of
\u20ac5.5 million. In addition, as a CSD, Interbolsa S.A. shall hold an
amount of capital, including retained earnings and reserves,
higher or equal to the sum of CSD\u2019S capital requirements. As
per 31 December 2025, Interbolsa S.A. complied with these
requirements.
VPS ASA shall comply with the capital requirement regulation
for CSDs. As such, it shall hold an amount of capital, including
retained earnings and reserves, higher or equal to the sum of
CSD's capital requirements. As per 31 December 2025, VPS
ASA complied with this requirement.
Oslo B\u00f8rs ASA must maintain an adequate level of primary
capital. In this context, primary capital comprises equity after
deducting items including intangible assets such as system
development costs and deferred tax assets. Although the
Norwegian legislation does not stipulate any specific
quantitative level of capital requirements, Oslo B\u00f8rs ASA
maintains at all times sufficient liquid assets and capital
resources. As per 31 December 2025, Oslo B\u00f8rs ASA complied
with these requirements.
Euronext Markets Singapore Pte Ltd. shall maintain a minimum
regulatory capital requirement (a) 18% of its annual operating
revenue, (b) 50% of its annual operating costs, and (c)
$500,000 restricted cash deposit. As per 31 December 2025,
Euronext Markets Singapore Pte Ltd. complied with these
requirements.
VP Securities AS shall comply with the capital requirement
regulation for CSDs. As such, it shall hold an amount of capital,
including retained earnings and reserves, higher or equal to
the sum of CSD's capital requirements. As per 31 December
2025, VP Securities AS complied with this requirement.
Borsa Italiana S.p.A must comply with Article 3 of the Italian
CONSOB Markets Regulation. As such, it shall maintain 1) a net
equity (share capital, reserves and undistributed profits) at
least equal to operating costs necessary to cover six months
based on the latest audited Financial statements and 2) an
amount of liquid assets sufficient to cover estimated potential
losses in stressed but plausible market conditions calculated
using a risk-based approach which considers operational risks
as well as other risks to which the regulated operator might be
exposed to. As per 31 December 2025, Borsa Italiana S.p.A.
complied with these requirements.
Monte Titoli S.p.A. shall comply with article 47 of the CSDR
regulation. As such, it shall hold capital (inclusive of
undistributed profits and \u201cTotal Capital Requirement\u201d reserves)
which, at any time, is sufficient to guarantee that the CSD is
adequately protected against operational, legal, custody,
investment and commercial risks, so that it may continue to
provide services; ensure a liquidation or an orderly
restructuring of the activities of the CSD in an adequate period
of at least 6 months, in the context of a series of stress
scenarios. The capital thus identified must be invested in
secured assets in order to comply with the provisions of
Article 46 paragraph 4 of the CSDR Regulation.\u00a0 As per 31
December 2025, Monte Titoli S.p.A. complied with this
requirement.
Cassa di Compensazione e Garanzia S.p.A. must comply with
Article 2 of EMIR based on which it must have capital (including
undistributed profits and reserves) which at all times is
sufficient to cover the total exposure to the following risks:
\u25a0 risks relating to the liquidation or restructuring of assets,
\u25a0 credit, counterparty's and market risks,
\u25a0 operational and legal risks, and
\u25a0 business risks.
The capital thus identified must be invested in secured assets
for the purpose of complying with Article 47 of EMIR. As per 31
December 2025, Cassa di Compensazione e Garanzia S.p.A.
complied with these requirements.
MTS S.p.A. must comply with Article 3 of the Italian CONSOB
Markets Regulation. As such, it shall maintain 1) a net equity
(share capital, reserves and undistributed profits) at least
equal to operating costs necessary to cover six months based
on the latest audited Financial statements and 2) an amount of
liquid assets sufficient to cover estimated potential losses in
stressed but plausible market conditions calculated using a
risk-based approach which considers operational risks as well
as other risks to which the regulated operator might be
exposed to. As per 31 December 2025, MTS S.p.A. complied
with these requirements.
Athens Stock Exchange must comply with the capital
requirements of the Greek HCMC Markets Regulation. As such,
it shall maintain adequate financial resources at its disposal to
ensure orderly functioning of the market. As per 31 December
2025, Athens Stock Exchange complied with these
requirements.
ATHEX Clear, as a Central Counter Party (CCP) authorized
under the European Market Infrastructure Regulation (EMIR),
must adhere to stringent regulatory capital and risk
management requirements. These include maintaining
dedicated own resources and calculating hypothetical capital
to cover potential losses. As per 31 December 2025, ATHEX
Clear complied with these requirements.
ATHEX CSD, as a Central Securities Depository, shall comply
with the capital requirement regulation for CSDs. As such, it
shall hold an amount of capital, including retained earnings
and reserves, higher or equal to the sum of CSD's capital
requirements. As per 31 December 2025, ATHEX CSD complied
with this requirement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-767": { "value": "
Changes in liabilities arising from financing activities
The changes in liabilities arising from the Group\u2019s financing activities in 2025 and 2024 were as follows:
In thousands of euros
Borrowings due
within 1 year
Borrowings due
after 1 year
Leases due
within 1 year
Leases due
after 1 year
Total liabilities
from financing
activity
As at 1 January 2024
17,286
3,031,629
22,159
37,314
3,108,388
Cash flows
(29,433)
\u2014
(20,770)
\u2014
(50,203)
Acquisitions
7
\u2014
\u2014
\u2014
7
Additions
\u2014
\u2014
\u2014
21,955
21,955
Fair Value adjustments
\u2014
2,641
\u2014
\u2014
2,641
Accrued interest
29,477
\u2014
2,224
\u2014
31,701
Amortisation and transfer of issue costs
\u2014
1,903
\u2014
\u2014
1,903
Foreign exchange impacts
\u2014
\u2014
78
247
325
Other
499,142
(499,142)
12,101
(13,291)
(1,190)
As at 31 December 2024
516,479
2,537,031
15,792
46,225
3,115,527
Cash flows
(747,923)
974,127
(18,621)
\u2014
207,583
Acquisitions
\u2014
\u2014
\u2014
\u2014
\u2014
Additions
\u2014
\u2014
\u2014
41,515
41,515
Fair Value adjustments
858
\u2014
\u2014
\u2014
858
Accrued interest
33,701
\u2014
3,912
\u2014
37,613
Amortisation and transfer of issue costs
\u2014
1,779
\u2014
\u2014
1,779
Foreign exchange impacts
\u2014
\u2014
(241)
(441)
(682)
Other
597,378
(599,406)
19,895
(20,866)
(2,999)
As at 31 December 2025
400,493
2,913,531
20,737
66,433
3,401,194
The line \u2018Other\u2019 includes the effect of reclassification of non-current portion of lease liabilities to current due to the passage of time.
It\u00a0also includes the effect of reclassification of non-current borrowings to current, when maturity becomes due within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-768": { "value": "COMMITMENTS
Capital commitments
As of 31 December, capital expenditures contracted but not
yet incurred were as follows:
In thousands of euros
2025
2024
No later than one year
3,103
2,254
Later than 1 year and no later than 5 years
449
2,138
Later than 5 years
2
\u2014
Total
3,554
4,392
Guarantees given
As per 31 December 2025, Euronext N.V. participates in a
number of guarantees within the Group (see Note 60).
Securities held as custodian
In Portugal, Norway, Denmark, Italy and Greece, the Group acts
as a National Central Securities Depository, operated by
respectively Euronext Securities Porto (Interbolsa), Euronext
Securities Oslo (Verdipapirsentralen ASA), Euronext Securities
Copenhagen (VP Securities AS), Euronext Securities Milan
(Monte Titoli S.p.A.) and ATHEX CSD.
Euronext Securities Porto
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Porto amounted to \u20ac433 billion (2024:
\u20ac399 billion) based on the market value of shares and the
nominal value of bonds. The procedures of this National
Central Securities Depository are focused on the provision of
notary services, central maintenance services and settlement
securities services, according to the CSDR (Central Securities
Depository Regulation). The settlement services, provided
through T2S platform, have its risks mitigated mainly by early
warning systems. The reconciliation procedures in place
mitigate the major risks related to the registration of
securities.
Euronext Securities Oslo
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Oslo amounted to \u20ac689 billion (2024:
\u20ac734 billion) based on the market value of shares and the
nominal value of bonds.
Under the terms of Section 9-1 the Norwegian Central
Securities Depository Act of 15 March 2019, Euronext
Securities Oslo is liable for losses that other parties may incur
as a result of errors that occur in connection with registration
activities. This does not apply if Euronext Securities Oslo is
able to demonstrate that the error was outside Euronext
Securities Oslo\u2019s control. The statutory liability according to
Section 9-1, first Paragraph, only applies to direct losses and is
limited to NOK 500 million for the same error. For losses that
can be attributed to an account operator, Euronext Securities
Oslo is jointly and severally liable with the account operator for
NOK 50 million per error. Above this amount, the central
securities depository is not liable for losses that can be
attributed to an account operator.
Euronext Securities Oslo has taken out errors and omissions
insurance for the parent company and its subsidiaries, with an
annual limit of NOK 770 million and a deductible of NOK 10
million per claim.
Euronext Securities Copenhagen
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Copenhagen amounted to \u20ac2,054
billion (2024:\u20ac1,770 billion) based on the market value of
shares and the nominal value of bonds. The procedures of this
National Central Securities Depository are focused on the
provision of notary services, central maintenance services and
settlement securities services, according to the CSDR (Central
Securities Depository Regulation). The settlement services,
provided through T2S platform, have its risks mitigated mainly
by early warning systems. The reconciliation procedures in
place mitigate the major risks related to the registration of
securities.
Euronext Securities Milan
As at 31 December 2025, the value of securities kept in custody
by Euronext Securities Milan amounted to \u20ac4,409 billion (2024:
\u20ac4,157 billion) based on the market value of shares and the
nominal value of bonds. The procedures of this National
Central Securities Depository are focused on the provision of
notary services, central maintenance services and settlement
securities services, according to the CSDR (Central Securities
Depository Regulation). The settlement services, provided
through T2S platform, have its risks mitigated mainly by early
warning systems. The reconciliation procedures in place
mitigate the major risks related to the registration of
securities.
ATHEX CSD
As at 31 December 2025, the value of securities kept in custody
by ATHEX CSD amounted to \u20ac127 billion based on the market
value of shares and bonds. The procedures of this National
Central Securities Depository are focused on the provision of
notary services, central maintenance services and settlement
securities services, according to the CSDR (Central Securities
Depository Regulation) and the relevant non-banking type
ancillary services (Annex 1 of CSDR). The settlement services,
provided through the dematerialised securities system of
ATHEX CSD, have its risks mitigated mainly by early warning
systems. The reconciliation procedures in place mitigate the
major risks related to the registration of securities.
COMMITMENTS AND CONTINGENCIES NOT INCLUDED IN THE BALANCE SHEET
Tax group
The Company is the head of a fiscal unity with Euronext
Amsterdam NV, Euronext IP & IT Holding BV, Euronext
Corporate Services BV, Company Webcast BV and Ibabs BV.
Under the standard conditions, the members of the tax group
are jointly and severally liable for any taxes payable by the
fiscal unity. Each company within the fiscal unity recognises
its own tax position on its company balance sheet.
The financial statements of Euronext NV, Euronext
Amsterdam NV, Euronext IP & IT Holding BV, Ibabs BV and
Euronext Corporate Services BV. recognise a tax liability based
on their taxable profit.
Guarantees
The Company participates in a number of guarantees. Within
the Group, the Company did not act in the guarantor for certain
liabilities of its subsidiary in 2025 and 2024. In addition, the
Company has provided a 403 statement for the benefit of
Euronext Amsterdam N.V. and Ibabs B.V. It should be noted
that the Group consistently waives guarantee fees for
intergroup guarantees, meaning these transactions are not at
arm\u2019s length.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-769": { "value": "AUDIT FEES
2025
2024
In thousands of euros
KPMG
Accountants
N.V.
Other KPMG
member firms
and affiliates
Total KPMG
KPMG
Accountants
N.V.
Other KPMG
member firms
and affiliates
Total KPMG
Audit services - group and statutory
1,405
1,748
3,153
1,040
2,105
3,145
Other assurance services and AUP
372
115
487
280
91
371
Tax services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other non-audit services
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
1,777
1,863
3,640
1,320
2,196
3,516
The audit services relate to the financial year to which the
financial statements relate, regardless of whether the
activities were performed by the external auditor and the audit
firm during the financial year. In addition to the performance
of the statutory audit of the Group financial statements and
other (statutory) financial statements of Euronext N.V. and its
subsidiaries, KPMG provides a number of other assurance
services. These other assurance services consist of the review
of the half year interim financial statements, limited assurance
engagement with respect to the sustainability statement as
included in the Universal Registration Document and services
related to consent and comfort letters.
The total fees for the audit of the financial statements of
KPMG Netherlands, charged to Euronext N.V. and its
consolidated group entities amounted to \u20ac1.4 million in 2025
(2024: \u20ac1.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-770": { "value": "EVENTS AFTER THE REPORTING PERIOD
The significant events that occurred between 31 December
2025 and the date of this report that could have a material
impact on the economic decisions made based on these
financial statements are listed below. Other than those events,
there has been no significant change in the financial position
of the Group.
Completion of Share Repurchase Programme of \u20ac250 million
On 29 January 2026, Euronext announced the completion of
the \u20ac250 million share repurchase programme. Between
18\u00a0November 2025 and 27 January 2026, 1,967,993 shares, or
approximately 1.90% of Euronext\u2019s share capital, were
repurchased at an average price of \u20ac127.03\u00a0 per share.
Following the completion of this repurchase programme, and
subject to the shareholders' approval at the Annual General
Meeting on 20 May 2026, the 1,967,993 shares that were
repurchased under the programme will be cancelled in the
third quarter of 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500QJ4QSZ3H9QU415", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }