Hello, welcome to the Euronext second quarter 2026 results conference call. On today's call, we have Stéphane Boujnah, CEO and Chairman of the Managing Board, and Giorgio Modica, CFO. Please note this conference is being recorded, and for the duration of the call, your lines will be on listen only. You will have the opportunity to ask questions at the end of the call. This can be done by pressing pound key five on your telephone keypad to enter the queue. I will now hand you over to your host, Stéphane Boujnah, to begin today's conference. Please go ahead, sir.
Good morning, everybody, thank you for joining us for Euronext second quarter 2026 results call. I am Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext. I will start with the highlights of this record quarter. Giorgio Modica, the Euronext Group CFO, will cover the main business and financial highlights of the second quarter of the year. I am now on slide four. I will start with the overview of the second quarter 2026 highlights. As we have done for over two years now, Euronext extended the double-digit growth trajectory. We delivered double-digit growth across revenue, double-digit growth in EBITDA, double-digit growth in net income, and double-digit growth in EPS. This is our ninth quarter of double-digit growth. The excellent performance translated into record underlying revenue and income of EUR 544.4 million, up almost 17%, up 16.9% year-on-year.
This compares to what was already a very strong quarter last year. This growth was driven by all segments and was evidenced by clear operating leverage, or Adjusted EBITDA increase faster than revenue, and reached a record level of EUR 360 million, up 21+1% compared to last year, which was already a strong quarter. As a result, Euronext Adjusted EBITDA margin reached 66.1%. This represents a +2.3 percentage point improvement compared to the second quarter of 2025, despite continued investments in growth and in making the company fit for the future. Adjusted net income increased by 19.9% to EUR 245 million. Adjusted earnings per share rose by +19.8% to EUR 2.42, highlighting our consistent value creation for shareholders. This remarkable performance demonstrates, once again, the resilience of our diversified business and the growing revenue contribution of our strategic initiatives. Euronext has never been so strong.
Non-volume-related revenues accounted for 58% of total revenue and income, and increased by +15.2% year-on-year. Non-volume-related revenue did contribute a lot to this double-digit growth, because they did grow by double- digit by +15.2%. This robust performance was driven by the contributions of Admincontrol and Euronext Athens alongside commercial expansion and sustainable growth in custody and settlement. It was also driven by the strong results of a renewed momentum in primary markets and also in advanced data solutions. Volume-related revenue increased by +19.2%, driven by record volumes across asset classes, resilient revenue capture, and market share improvement, and the full first quarter of the contribution of our strategic initiatives in power futures. We consistently diversify our volume-related revenue by adding new products and expanding into new geographies.
Our underlying expenses, excluding D&A, amounted to EUR 184.4 million, representing an increase of 9.5% compared to last year. This increase reflects our investments in innovation and talents to support long-term growth and to build the company fit for the future, as well as the impact of the acquisitions of Euronext Athens and Admincontrol. Please, I want to highlight that excluding the impact from acquisitions, from the change of perimeter, our underlying cost base grew only by +3.5%. Operating leverage, cost management discipline has remained a fundamental feature of the organization, even in the context of this double-digit growth of top line. Net debt to last 12 months Adjusted EBITDA stood at 1.3 x at the end of June 2026. Normalized for cash in transit at Nord Pool, our leverage was right in the middle of our target range of 1x-2 x.
This performance was achieved despite significant cash outflows of over EUR 700 million related to the dividend payment and the redemption of our T26 bonds. The cash flow generation and the balance sheet management has remained again in Q2, a significant continuous feature of the company. Turning to slide five, I want to take a few minutes to demonstrate that Euronext is today stronger than ever. In Q2 2026, we further reinforced our leadership in European capital markets. We recorded the best second quarter for listing and follow-ons in three years, powered by a simpler and faster listing process. Nearly half of Euronext new listings were international listings from companies not headquartered in Euronext countries, notably from Canada, Australia, Spain, and the Czech Republic.
We were pleased to welcome Safe Bulkers, the first listing of a global shipping company on Euronext Athens, and the largest capital raise also in Greece in over a decade. These developments illustrate the continued momentum in the Greek market as we progress with the integration, the continuous rally towards Greek assets, the continuous success of the Greek economy, and therefore the continuous opportunity for making Athens a listing venue for the shipping sector. Beyond Athens, overall in listing, it is quite clear that Euronext has become the IPO market and the IPO magnet for international companies. The execution of our strategic plan also delivered tangible results. Q2 2026 marks the first full quarter contribution of power futures. Thanks to our integrated value chain, we are able to capture the benefits of this new asset class across trading, clearing, data, and technology.
This success in the Nordic and Baltic region is going to continue to be deployed above and beyond this region. Euronext has recorded growing retail investor participation since the start of the year. The number of non-professional user for our data products has more than doubled year-on-year, reaching close to 9 million users. The retail participation in ETFs increased by 87% over the same period. We are confident that supportive national initiatives will further reinforce this upward trend for more consistent retail participation into our markets. The European Commission's market integration and supervision package marks a real step forward to reduce fragmentation and to improve scalability for E.U. market infrastructures.
Over the past few weeks, the six finance ministers of Europe's largest economies in Germany, France, Italy, Spain, Poland, and the Netherlands, and also the European Parliament rapporteur, Mr. Markus Ferber, have explicitly called for central supervisions and wide-ranging changes to market structure. A growing number of E.U. countries are implementing initiatives to increase retail participation to lead market, in particular to pension forms reforms. These developments are encouraging and are closely aligned with the Euronext longstanding vision. As you can understand, tracking significantly ahead of the Innovate for Growth 2027 financial targets, we are progressing. We are also nearing the completion of all industrial projects of Innovate for Growth 2027. We have successfully started the client onboarding to a renewed fixed income clearing franchise in May 2026. In June 2026, we announced a partnership with BNY to further enhance the collateral management capabilities of Euronext Clearing.
Over the second half of the year, we will accelerate client onboarding, building on our updated risk framework and our new sponsored access model for buy-side clients. As the September 2026 go live of our CSD expansion approaches, the first clients have confirmed that they will use the model from day one. These early adopters lay the foundation for broad-based market adoption. Preparation for the first issuer migration are also progressing well, and market participants clearly recognize the value of a competitive post-trade model. At the end of June 2026, our cash position exceeded EUR 1 billion, and our leverage stood at 1.3 x net debt- to- EBITDA. These financial trends provide us with significant strategy flexibility for the coming quarters. We deliver, once again, diversified growth. Once again, discipline cost management. Once again, solid execution of our organic growth initiatives.
Once again, ambitious plan to make the company fit for the future. I will now hand over to Giorgio for the business and financial review of Q2 2026.
Thank you, Stéphane, and good morning, everyone. Let's now focus on the driver of performance for this quarter. I am now on slide seven. This quarter, we deliver record results with double-digit growth across all five of our revenue and income lines. This performance reflect the strength of our diversified business model, disciplined execution, and the contribution of Euronext Athens. Total revenue and income in the second quarter of 2026 reached EUR 544.4 million, up 16.9% compared to last year. 58% of revenue and income was non-volume related. This part of our revenue cover 170% of underlying operating expenses, excluding D&A. Let's take a closer look at the key drivers behind this contribution and continued growth trajectory, beginning with non-volume related revenue and income on slide eight. Non-volume related businesses grew 15.2% compared to last year.
Security services revenue reached EUR 96.9 million this quarter, a solid 12.5% increase compared to the second quarter of 2025. Custody and settlement revenue grew by 13.7% compared to the same quarter last year to EUR 88.1 million. The strong performance was driven by asset under custody at EUR 8.1 trillion in June 2026, up 8.8% year-on-year. The increase was also supported by the steady settlement activity, growing demand for added value services, and Euronext Athens. Other post-trade revenue increased by 1.7% compared to the second quarter 2025 to EUR 8.8 million, explained by higher guaranteed deposit and the contribution from power futures. Net treasury income was up 12.5% compared to the second quarter 2025, at EUR 22.5 million. The increase is driven by a combination of higher cash deposit linked to the power future clearing, higher volatility and average spread.
Turning to capital markets and data solution, I am now on slide nine. Revenue reached EUR 193.8 million, marking a 17.2% increase compared to the second quarter of 2025. Primary market generated EUR 54.2 million of revenue, up 16.4% compared to the second quarter 2025. This renewed momentum was driven by the strongest admission activity and follow-on transaction since 2023, despite a volatile market environment. The performance was also supported by the contribution of Euronext Athens with the first listing of a global shipping company and the largest follow-on capital raise in more than a decade. Advanced data solution revenue grew to EUR 72.3 million, up 11% compared to the second quarter of 2025. This performance reflects record retail demand, the strong growth of the index franchise, and the continued commercialization of new data products.
Corporate and investor solution and technology services reported EUR 67.3 million of underlying revenue in the second quarter of 2026, up 25.4%. This performance is driven by the growth in SaaS activity, record revenue in investor solution, and a steady upward trend in colocation services. Finally, in the second quarter of 2026, it was the last period impacted by the recognition of Admincontrol contract liability under IFRS 3. This resulted in a EUR 0.9 million reduction in reported revenue for the quarter with no impact, I want to remind you, no impact on cash flows. For reference, this adjustment amounted to EUR 0.6 million per month and was applied until mid-May 2026, which marked 12 months since the closing of the Admincontrol acquisition. Moving to slide 10, our volume- related revenue saw an increase of 19.2% compared to last year.
Revenue from FICC markets reached EUR 98.4 million, delivering a 12.3% increase compared to the second quarter of 2025. Fixed income trading and clearing revenue grew by 8.2% to EUR 55.9 million. This reflects strong growth in MTS cash volume, reaching a record quarter at EUR 64.9 billion in average daily volume. The performance was also supported by the continued internalization of MTS model and to the performance in the dealer- to- client space. Commodity trading and clearing revenue increased by 27.2% to EUR 34 million in the second quarter of 2026. This performance was supported by the first full quarter contribution from Euronext Nord Pool Power Futures and continued structural growth in the intraday power trading. FX trading revenue reached EUR 8.5 million, down 7.9% compared to the same quarter last year. This performance reflects normalization in volatility and the impact from the U.S. dollar depreciation on reported figures.
Like- for- like and at current currencies, revenue decreased by 5.6%. Continuing with the review of our volume- related revenue, I am now on slide 11. Equity market revenue increased by 24.9% compared to the second quarter of 2025, reaching EUR 132.7 million. Cash equity trading and clearing revenue grew by 26.9% compared to the second quarter of 2025, reaching EUR 118.5 million. Average daily volume traded on Euronext cash market increased to EUR 16.7 billion, reflecting a 22.7% increase year-over-year on a pro forma basis, including Euronext Athens. This quarter, Euronext reached an average revenue capture on cash trading of 0.50 basis point. Euronext market share on cash equity averaged 66.2%. The performance this quarter was also supported by the growth in ETF and the contribution from Euronext Athens. Lastly, financial derivative trading and clearing revenue was at EUR 14.1 million, a 10.2% increase compared to the second quarter of 2025.
These reflect resilient revenue capture and the contribution of Euronext Athens. I am now moving to slide 13 for the EBITDA bridge. Euronext's reported EBITDA for the quarter grew by 20.6% to EUR 354.5 million. This was driven by EUR 45.9 million of organic revenue growth at constant currencies and EUR 33.3 million of additional revenue from Euronext Athens and Admincontrol. When we look at costs, Euronext reported EUR 5.4 million of additional cost at cost and perimeter and EUR 12.1 million cost from change of scope. In the second quarter 2026, non-underlying expenses were EUR 4.6 million, mostly related to the integration of Euronext Athens and Admincontrol. Adding the EUR 0.9 million of non-underlying revenue linked to the IFRS 3 adjustment we just discussed earlier, total non-underlying items, excluding D&A, accounted for EUR 5.5 million this quarter.
To conclude with this slide, Euronext Adjusted EBITDA for the quarter grew 21.1% to EUR 360 million, with an Adjusted EBITDA margin of 66.1%, up 2.3 points compared to Q2 2025. Moving on net income on slide 14, adjusted net income this quarter reached EUR 245 million. Depreciation and amortization increased by EUR 5.1 million in the second quarter of 2026, + 10.6% higher than in the second quarter of 2025. This increase is mostly explained by the inclusion of the PPA, purchase price allocation, related to Euronext Athens and Admincontrol. Net financing expense increased by EUR 1.8 million. EUR 0.9 million of this increase is linked to the non-cash interest expense recorded in our P&L related to the convertible bond issued in May 2025. The rest of the increase is mainly explained by higher interest expense linked to the anticipated bond refinancing executed in May 2025.
Income tax increased by EUR 16.6 million as a result of the higher profit before tax this quarter. Effective tax rate amounted to 26.4% for the quarter. Share of non-controlling interest increased by EUR 4.6 million, mostly due to the strong performance of MTS and Nord Pool, as well as the contribution of Euronext Athens. As a result, the reported net income share of parent company shareholders reached EUR 218.8 million in the second quarter of 2026, up 19.1% compared to the second quarter of 2025. Reported EPS basic was at EUR 2.16 per share, up 19.3% compared to the same quarter last year. Adjusted net income share of parent company shareholders was up 19.9% to EUR 245 million. Adjusted EPS basic was at EUR 2.42 per share this quarter, up 19.8% compared to the same quarter last year. I conclude now with the cash flow generation and leverage on slide 15.
In the second quarter of 2026, Euronext reported a net cash flow from operating activities at EUR 185.5 million compared to EUR 135 million in the second quarter of 2025. Excluding the impact of working capital, net cash flow operating activities accounted for 57.3% of EBITDA in the second quarter of 2026 versus 52.3% in the same quarter last year. As a reminder, in May 2026, we paid EUR 322 million of dividends to Euronext shareholders and redeemed EUR 386 million of bond outstanding. We also paid $89 million to Nasdaq for the migration of the power futures. Net debt- to- EBITDA, as reminded by Stéphane, was at 1.3 x at the end of the quarter. These include EUR 228 million of cash in transit at Nord Pool at the end of the quarter. Excluding this element, leverage at the end of the quarter was at 1.5 x.
With this, I conclude. I give back the floor to Stéphane.
Thank you, Giorgio. These first seven months of the year clearly demonstrate the strength and resiliency of our diversified business model. In June 2026, the assets under custody in Euronext Securities exceeded EUR 8.1 trillion. This is a +10.5% increase compared to June 2025. We welcomed the largest capital raise in Greece in over a decade, and we continue to record very dynamic listing and follow- on activity in July. As we continue to integrate market and broaden our product offerings, our co-location services are also becoming increasingly relevant for multi-assets clients. Our volume- related business continues to demonstrate the benefits of our diversification strategy. June recorded the highest daily volumes ever for the intraday power market. We also further reinforced our position in power futures and reached the highest monthly volumes ever since the launch.
On the 8th of July, we achieved a new milestone in fixed income, with over EUR 100 billion traded in a single day on our MTS cash markets. This very strong trend continues to be supported by sustainable growth in non-Italian government debt traded, and by the expansion of our D2C platform. The volume of non-Italian government that traded on MTS cash that day exceeded the total value traded on the platform, on the MTS platform, four years ago. This is a sign of the increasing diversification of the MTS business beyond the Italian debt. We are also proud to announce that Euronext has been appointed as the official administrator of the key reference benchmark indices for the French sovereign debt market, based on MTS data.
This appointment reflects the confidence public authorities and market players place in Euronext in servicing the French sovereign debt market, and this is extremely encouraging for future development. On July 15th, we recorded the highest daily value traded ever in agricultural commodities, with close to 390,000 lots traded in a single day. On April 13th, we introduced extended trading hours, which were well adopted by the market, and we are already seeing the positive impact of these extended trading hours. Our scalable model, integrated value chain, disciplined execution position is ideally there to deliver the next level of growth for European capital markets, because we do deliver consistent financial performance, we do deliver consistent operating leverage, and disciplined execution on operations. We do deliver our strategic initiatives. We do deliver solid cash flow generations and balance sheet position. We remain extremely determined and ambitious to view the company fit for the future, and to invest accordingly.
Thank you for your attention, and we are now ready to take your questions.
If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. We kindly ask you to limit the number of questions to two per analyst. The first question comes from Andrew Lowe from Citi. Please unmute your mic and go ahead.
Hi, thanks for taking the question. I wanted to start with your MTS business. You helpfully shared some stats about volumes in the international business. I think that was on a particular day. I was hoping that you'd be willing to share a little bit more on the volume and revenue that you're generating outside of Italy, particularly Spain and Portugal. Could you maybe give us some more data there? That'd be really helpful. Then how much of your future growth within this business do you expect to come from new markets versus deepening penetration within your existing markets? Then finally on this topic, could we just unpick your comments a bit on the developments in France and negotiations with the French debt management office? What are your expectations for what this may mean with your MTS opportunity within France?
The second question was just if we could get any feedback from your CSD offering in your expanded markets, which you are currently on trial with, and what should we expect from your launch in September? Thanks.
I will briefly answer your question on the development in France, but I'll give the floor to expert Nicolas Rivard, who is going to walk you through the details of this decision on indices. I will then give the floor to Giorgio, who will address your specific question on the non-Italian business developments within the MTS world. Pierre Davoust will provide you with an update as to where we are on the CSD offering. On the development in France, let's be clear. It's a first step because we are making a real breakthrough on indices administration, but it is a signal that things are improving in the direction of making MTS much closer than ever to the debt management offices.
We are not yet where we want to be, to have MTS as a recognized platform for trading the secondary trading or the liquidity of the French sovereign debt. We are making progress in that direction, hence this move that Nicolas Rivard is going to explain to you.
Thank you, Stéphane. Just to give a bit of context, the CNO OAT index is a family of daily reference rates for the French government bonds, OAT, and each corresponding to a defined maturity. They were established by the French Bond Market Standardisation Committee, and Euronext is very proud to have been appointed as the administrator and the calculator of those benchmark together with the AFT, so the Agence France Trésor, the Banque de France, and the CNO. I think it's a testimony of Euronext's credibility and relevance in the French market. Together, we are going to develop this family of indices and increase its relevance in the French market. There are already billions of structured product using this index family as underlying, and this is a starting point, as mentioned by Stéphane, that we intend to explore further.
When it comes to MTS, what is important to highlight is that the key features of the MTS model is to attract the OTC trading from primary dealers into our electronic platform. The adoption and the growth in Europe mainly comes from countries using that approach, which means incentivizing trading on the platform. We have seen that happening quite consistently, increasing in the two countries that we mentioned, which are Portugal and Spain. The reason why we mention those example is not to give you or give the data points, but it's the growth of the overall business is so strong, if we consider the peak that we reach of EUR 100 billion per day, that the growth that we're achieving in other market might seem, to a certain extent, limited by the growth of the core market.
What we wanted to point out is that, even if excluding the growth of the core market, which remains Italy, now the international business is as large as Italy was some years ago. We keep not splitting it, but it's to give you a sense that in five years, we were able to grow the international business by the same amount of the business we bought. Going forward, what is the space for further expansion, again, is keep pushing other countries to adopt the same model, which is, in our view, the best to reduce spreads and give visibility to investor and improve liquidity. Stéphane commented on France. Clearly another area of expansion and growth is keep pushing the dealer-to-client services that we are offering in competition with other players.
Pierre Davoust.
I will maybe share four points on where we are with the CSD expansion project. The first point is that the project will be delivered on the 21st of September. The testing phase is going well. The technology risks are behind us. The regulatory risks are behind us. The new offering will be live on the 21st of September. The second point is that we'll have early adopter. Market participants have already confirmed to us they will use the platform day one, and we also expect first issuers to adopt the model shortly after the 21st of September go live. The third point is that we see more clients confirmed to us they are interested to join the platform once the platform is live and we demonstrate its production is stable and works well. The last point is that this is not a migration.
This is a gradual ramp-up, a gradual adoption by clients. We expect this adoption to take time. It's a slow but powerful project. It's a scalable project. We offer a new product to the clients that creates value for them, that simplifies their operations on the European market, we expect clients to adopt the product at their own pace gradually over the next quarters.
Thanks very much. Really helpful.
The next question comes from Michael Werner of UBS. Please unmute your mic and go ahead.
Thank you for the presentation. Two questions, please. One, a bit of a follow-up on the previous one. I think you mentioned that you need to share and convince and entice liquidity providers, broker-dealers to participate and migrate their liquidity to an electronic platform. I was just wondering, in Spain and Portugal, how that's being implemented or executed by MTS. Is this a revenue sharing? Is it profit sharing? Ultimately, what portion of the economics are currently shared with the larger broker-dealer group? That's the first question. Second question, I think you alluded to some AI-generated efficiencies on the call last quarter, and indicated that management would have the choice whether to redeploy those resources or ultimately use them to slow cost growth going forward.
I was just wondering where you are in those discussions and whether you're ready or when you think you might be ready to provide us, the market, with the size of those efficiency gains. Thank you.
Thank you for your question. I will address the AI question in relation to the cost base of the group and the allocation of additional capacities created by AI. Giorgio will answer your question on the relationship between MTS and broker-dealers in the context of the expansion of the MTS business beyond Italy. On your AI question, we don't want to share numbers today for two reasons. The time for the revised cost guidance has not come. It may come in November when we release our Q3 numbers, as we have done for a certain number of years now. We clarify all decision on allocation of capital for the following months and the cost guidance revised, if needed. That's first reason. The second reason is that this is significant work in progress.
What I can tell you loud and clear is that at the level of efficiency that AI is about to generate at Euronext is clearer and larger to date than when we last spoke together about this development three months ago. The question about what do we do with those gains, do we allocate them to shareholders through revised guidance on cost, or do we allocate it to shareholders, but in the future through stronger investment in new project, is still ongoing. What I can tell you is that for the moment, a significant part of the AI gains are reinvested in what I call making the company fit for the future. We are investing in two new initiatives, one of them being a development of a platform to deliver digital assets trading. I don't like the language digital asset, because the current assets are already digitalized.
Let's call it digital decentralized assets, tokens. We are very active in that direction. I believe that in November, when we are likely to share with you the final picture of our cost guidance for the rest of the year, we will be in a position to be more specific, and decisions will be much clearer. The direction of travel is extremely encouraging.
I take the follow-up question of MTS. Just to be clear, the incentives are not incentives that Euronext or MTS provides to the primary dealers, are incentives that the DMO, the Debt Management Office of a country, decides to provide to the best performers within the order book of an electronic trading platform. To try to be more clear, DMOs have in front of them two key options. The first one is to give a mandate to primary dealers, who then execute secondary liquidity over the counter. This is not the model of MTS. The model of MTS is to concentrate liquidity into an electronic order book, within which DMOs can actually check and assess real-time the performance of the primary dealers in providing liquidity. According to the performance, they can attribute incentives that they decide upon. It is a model for the DMOs.
Today, MTS already covers 20 markets in Europe. What we're trying to do, and the engine of this international growth comes from a cooperation with those European DMOs to try to explain to them the advantages of the model in terms of reduced spread and increased liquidity and transparencies. In certain countries, we already are getting very strong successes, and those are the one we share with you, which is Portugal and Spain. Again, key messages is the incentives are not from us to our clients, it's from the DMOs to the primary dealers who are best executing on our electronic platform.
Thank you. That's helpful. Cheers.
The next question comes from Grace Dargan of Barclays. Please unmute your mic and go ahead.
Hi. Good morning. Thank you very much for taking my questions. Maybe if I could ask one on the CSD expansion again, just coming back on that, and then on the data solutions. Maybe firstly on the CSD, framing it in a slightly different way, what would you consider a good result for your CSD expansion into 2027, and what would you consider to be more of a disappointment? B oth, I guess, qualitatively and if you can give us any quantitative thoughts around that. Secondly, the data solutions and technology services, obviously quite strong in the quarter. Is there anything particularly lumpy in there? How should we be thinking about that going forward? Thank you.
Repeat your second question on data, because I'm not sure I understood it.
Basically, just within your data solutions, should we be thinking about that as a run rate going forward, or was there anything particularly lumpy in the revenue we should be thinking about?
Nicolas Rivard is going to answer your question on the momentum of data solutions beyond the last quarter. I'll provide some explanation to what's the definition of success for the CSD expansion. I think Pierre did well articulating in a very transparent manner where we are. For me, the definition of success is the successful delivery of an industrial project that is live, and where early adopters are demonstrating that this is the right solution and the most competitive solution when it comes to new technology fit, competitive business model, and integrated value chain. In this respect, we are close to what is the first level of success. The definition of success over time will be the ramp-up of adoption by issuers. Clearly, we are building a new market player.
It will be successful, but it will take time because, as Pierre said, it's not a migration where on Friday you are on one system and on Monday you are on a new one. We are creating an alternative to an incumbent. Impact and success have already been delivered, because the incumbent have already massively reduced their prices to prevent our project from being successful. We have clients who thank us already by telling us, thank you for creating something new because you are pushing the price down. The success is not only the dynamic in the market, it's not only a product platform that goes live. It's also that following the first players, we get the second layer of followers.
In any market, we have clients who tell us, I will come because your value proposition is compelling, but I don't want to be the guinea pigs of this project. You have other players who say, I want to be among the first ones because I'm not satisfied with the current situation, I do need something new immediately. We are delivering something that will work. We are delivering something that will make money. We are delivering something that will have a ramp-up, the speed of which is not known for the moment, but it will be progressive. The reason why we don't share numbers by initiative, the reason why you will never get specific guidance on that project is not because we are more cautious on this project than any other one.
We don't deliver specific guidance on power derivatives revenue generation, despite the fact that it has been an amazing success. What we want to convey is that each disruption to the existing markets by creating a new offering has phase one, which is building a project, phase two, which is getting early adopters, and phase three, which is ramp up. That's what we are going to do. I'm sorry for answering you in something which may be a bit too long, but I really prefer to be roughly correct rather than precisely wrong by giving you numbers that we don't want to share and that do not exist for the moment.
On your second question on data solution. Let me share two highlights. The first one is, this performance in the quarter was not driven by specific one-offs. It was performed by the strong performance and growth of a large number of underlying businesses. The first one being the index business, which has performed very well in this quarter and show a continued growth. The second one is, as already alluded to by Giorgio, is the continued strong participation of retail investor on the market, on Euronext market. Looking at Euronext data, we are, in the quarter, averaging close to 9 million retail investors looking at Euronext data, which is a growth of 50%, five zero, year-on-year, and more than double since the beginning of 2024. This has been sustained over the quarter.
Also the strong success of non-real time and quant product that we deliver to the market. Also solid real-time market data demand. The second point is that, I will not elaborate on the future. I cannot comment on the growth of moving forward. What we have seen, and I reiterated the point number one, it has been driven by several cylinders as part of the data solution business.
Understood. Thank you very much.
The next question comes from Benjamin Goy of Deutsche Bank. Please unmute your mic and go ahead.
Good morning. Two questions, just from my side. First, on Greece, which in the first half grew more than 50% revenues. Just wondering how much better is this versus your initial plan, and whether you see the first revenue synergies now with Greece being part of a large integrated exchange. Secondly, similar on the recent acquisition, Admincontrol. Up until recently, it looked like the revenue growth was accelerating at Admincontrol. I was just wondering whether you can give an update on the rollout of activities and how this business is shaping up now more than a year after consolidation. Thank you.
I'll take your two questions. On Greece, the performance of ATHEX or Euronext Athens is significantly higher than what we had anticipated when we acquired the company in November last year, and when we launched our offer during the summer one year ago. This is the outcome of a combination of factors, mainly three of them. The first one is that, like everywhere, the Athens equity markets benefit from the current boom on volatility. Second, there is a country-specific momentum with the rally from the rest of the world towards Greek assets, recovery of the Greek economy. Third, we have been working very hard with the ATHEX teams to build new product offerings, and in particular to help them in the IPO momentum.
Honestly, the fact that we were able, together, to attract IPOs of shipping companies, one of them has already taken place during Q2, two others are scheduled for September, is the outcome of the combination of efforts of the legacy listing teams of Athens Stock Exchange and the listing teams of Euronext as a group. That's very encouraging. All the meters of the success of the Athens Stock Exchange are green, and this is also a testimony to the great success of the Greek economy, which is recovering at an impressive pace. As you know, Greece is celebrating, like Portugal, their third year of budget surplus. Greece borrows for 10 years at a cost which is cheaper than the one of the U.K. and France. This acquisition was timely, and we invested at the right price in the right place.
When it comes to synergies, we are very encouraged by the first work we have done in the country. As you know, we are committed to deliver EUR 12 million of run rate synergies by the end of 2028. We will be probably able to do as we have done in other countries, in other similar situations in the past better, because we are finding a situation which is very encouraging, with extremely talented workforce, great opportunities of revenue synergies, flexibility on cost synergies. We are very encouraging. As you know, the next milestone is the migration of the trading technologies and the connection of the Greek capital markets with our single- technology pool, a single- technology platform, single- liquidity pool, single- order book in June 2027. Between now and June 2027, there will be also significant work done across other revenue generation and other cost items.
On Admincontrol, we have integrated Admincontrol within the rest of the group. They are now fully part of our corporate solutions. The sales force is integrated. We are deploying Admincontrol in a very aggressive manner in non-Nordic geographies, in particular in France. The success of Admincontrol going forward is very much related to the fact that it is now fully integrated when it comes to generating a client's lead and following up on those leads to transform client interest into clients invoicing through a single integrated commercial workforce.
We are very encouraged also that this integration of Admincontrol within our corporate solutions structure is going to create a situation where we will be much more reactive to address churns when and if it comes, because as you know, in any SaaS business, this is the Holy Grail to be able to be agile and timely when it comes to adjusting to churn situations.
Thank you very much.
Next question comes from Oliver Carruthers of Goldman Sachs. Please unmute your mic and go ahead.
Hi there. Morning. Oliver Carruthers from Goldman Sachs. I've got two questions, please. The rise of retail is clearly becoming a more important theme for Europe, as you're calling out with these results. If we look at the U.S., it's helped drive growth in the short-dated options market, now single- stock futures, and also the rise of international retail is driving demand for extended hours trading. Could you, Stéphane, perhaps share your thoughts on how some of these developments that we're seeing in the U.S. might make their way into Europe, and what it could mean for Euronext? That's the first question. The second question also on retail. Does the consolidated tape coming into effect, I think in September, affect the retail data revenues for you?
I know you're going to be part of the consortium of providers with EuroCTP, but I understood this data was going to be free, pre and post-trade data for retail. If you could clarify the incremental advanced data solutions revenues that you're seeing from retail, that'd be great. Thank you.
I'll let Nicolas answer your question about the way we intend to capture the renewed interest of retail investors, because that was your first question, and what we are going to do and why we do some of the things that have been done in the U.S. and why we don't do other things that are done in the U.S. On the consolidated tape, as you know, EuroCTP has selected by ESMA to run it. We are monitoring closely the launch of this consolidated tape. At this stage, we don't foresee any material impact on our revenues because this is just a really preliminary stage of consolidated tape phase one. As you know, there is a debate with the new regulatory package as to whether or not moving on to a new consolidated tape should be considered or not.
The consensus within the member states is to pause and to wait and see how the current consolidated tape will develop before going to a new consolidated tape environment. That's the current consensus in the United States. We are to handle the current one, which is not live yet. The provider has been selected, the consolidated tape is not live yet. For the moment, we don't foresee any material impact on our revenue base in the context that Nicolas Rivard described before. Nicolas is going to answer your question on the retail participation in particular, and also Camille Beudin, who is in charge of our diversification business and now covering all the derivatives.
Thank you, Stéphane. Thank you for your question. On the retail, indeed, I think we shared a number of KPI showing the strong retail participation in the cash equity market, and also exemplified by the data consumption from those participants. A couple of data points, what we are doing and what we have done successfully to capture and to support the growth of retail investors is, first, to expand the assets that can be traded on Euronext, on Optiq platform, from our retail brokers and retail investors already connected to Euronext. On Euronext, on Optiq, you can trade basically all European assets on cash equity, and you can trade almost all U.S. stocks. It has been a very successful endeavor since we expanded this market called Global Equity Market. The growth has been 73% year-on-year, the growth is continuing.
That's the first answer to your question is to allow our clients to trade as many stocks as they want on our platform without changing their setup. The second one, I think you referred to it in your question, is what we do on 24/7. As you would imagine, we are in constant dialogue with our clients. As you rightly said, it is mainly driven, 24/7, 24/5 discussion is mainly driven by retail demand, possibly retail demand from other geographies, by the way. At the moment, we don't see a huge consensus to expand beyond what we call extended trading hours. We already provide a trading up until 8:30 P.M. to 10:00 P.M., depending on the asset class. Of course, much more for the FX business, 24/7. That being said, we monitor the situation.
We are looking at the recent development in the U.S. and digital asset space to assess what we could expand, what we could implement more, it's a bit early to comment further on that.
On the derivatives franchise, we are innovating for retail participants. We've launched in May mini equity options, extending the range with weekly expiries and additional blue chip underlyings. We are very encouraged by the traction we are getting with more than 600,000 lots traded on this product. We are also launching a mini ETF option based on highly traded UCITS ETF, which are a retail-oriented product. When it comes to more globally for the commodities franchise and to your point around trading hours, we've extended trading hours for the commodities market and the MATIF in particular by two hours earlier this year in April. Again, here we are very encouraged by the results we are seeing because the volumes traded in the, let's say, end of afternoon session after 6:30 P.M. have been significant. Today, more than 5% of our volumes are traded during this extended trading hours.
Thank you.
Next question comes from Thomas Mills of Jefferies. Please unmute your mic and go ahead.
Hi. Good morning. Can you tell us if you've had any repricing across your business in the second quarter, and whether there are any repricings on the horizon that we should be thinking about? My second question is on NTI. Obviously, a nice contribution there in the second quarter, helped no doubt by volatility and spread considerations. Could you give us a sense of how much of the uplift is coming from the commodities derivatives business? Thank you.
I let Giorgio comment on the NTI question. On the repricing question, there is no repricing season. There is ongoing adjustment of pricing to competitive realities that are moving pieces, and that are very different in the various projects and various products that we trade. We are in a position to adjust prices, which is fundamentally different, all the solutions we provide to our clients. What I can tell you is that we try to remain competitive and to offer the best options to our clients, and we try to make sure that the clients do pay for value we create to them. Sorry again for being roughly correct rather than precisely wrong. In some areas, our prices will be adjusted upwards to reflect the value add to the clients.
In some areas, the prices will be adjusted downwards because the competitive pressure is some situation that we have not chosen and to which we need to adapt.
On the NTI. Simply, if we look at the performance year-over-year, comparing the second quarter of 2026 with the second quarter of 2025. Out of the three elements that you mentioned, which means volumes, volatility, and spread, t he key element that plays into the double-digit growth was the improvement in the spread. If we look at quarter-on-quarter, Q1 on Q2, the key delta of the performance is more linked to the volume. In this, the migration of power futures plays a key role.
Next question comes from Hubert Lam of Bank of America. Please unmute your mic and go ahead.
Hi. Good morning. I've got two questions. Firstly, on fixed income, can you talk a bit more about the growth into the D2C business, and more about the traction you're gaining there? Second question is a follow-up on advanced data solutions. Can you talk about how much of the revenues is subscription-based? just to get a sense in terms of the sustainability of that business. Thank you.
Giorgio is going to answer your question on the fixed income unit client business development, and Nicolas is going to answer your question on advanced data.
Let me start on the question on MTS. The first element that I wanted to highlight is the fact that we are progressively expanding our offering. We are strong in government bonds. We are getting traction in credits, and we launch beginning next year, our repo offering, in collaboration with clients. The growth that we are seeing, actually, it's quite significant with growth rate in volume revenue, which are the double-digit. If you want a bit, the element that I just alluded to is that the overall growth of the underlying core business, which means the D2D is still high to a certain extent. This remains in the overall portfolio, as a minority portion. It's a nice business. It's growing double-digit. As everything else is growing at tremendous speed, the relative weights of the component remain fairly similar.
On your second question with regard to advanced data solution, the extreme vast majority of the business is subscription-based. If you think about the way we charge in our commercial model, which is public. It's driven by the number of the subscription to different market data product, real-time, non-real-time. The only few exceptions, but again, it's very small compared to the size of the business, is some more volume-driven indices subscription that we have. The vast majority is subscription-based.
Thank you.
The next question comes from Arnaud Giblat from BNP Paribas. Please unmute your mic and go ahead.
Good morning. Could we come back to Euronext Securities, please? I think last quarter you mentioned that you had three firm commitments from issuers to shift over, and a handful, which were deeply considering this. I am just wondering what sort of progress has been made on issuers committing to move, if any. Secondly, similar sort of question specific on custody. I am just wondering what the situation there is. Y ou could name perhaps any custodians that have firmly committed to move and how this is evolving. Thanks.
Thank you, Arnaud, and thank you for your support. We give the floor to Pierre Davoust, who is going to answer your two questions. The first one on the onboarding of new issuers, and the second one on the momentum with custodians.
Thank you for the question. On the first point, we are on track. Actually, the first issuer migrations that we announced in the past quarter, issuers have confirmed to us they want to move. We are organizing the migrations, and we expect the migrations shortly after the go-live of the 21st of September. We also see further issuers who are interested to move to Euronext Securities as soon as the first wave has been executed, and they have seen their peers successfully moving to Euronext Securities. On the point related to the custodians, as you remember, we announced a couple of weeks ago that a number of leading custodians were actively participating in the testing phase in order for them to be ready to allow their own clients to use Euronext Securities. We are still progressing on that.
We expect actually the largest settlement agents to be ready either day one or shortly after the day one to allow their clients to become able to use Euronext Securities. The decision will come from the underlying clients. A s we explained earlier in the call, we expect these decisions from underlying clients to be gradual and spread over the next quarters.
The next question comes from Ian White of Autonomous Research. Please unmute your mic and go ahead.
Hi there. Thanks for taking my questions. I had a couple of follow-ups in areas that we've already been, please. Firstly, on Euronext's appointment as administrator for those reference indices for French sovereign debt, can you just explain to us how that specific change might enhance your strategic position in the French government bond market? I'm thinking about the relevance of MTS prices for market participants and the impact that can have on trading volumes, direct license fees, and potentially the opportunity it might give you to launch listed derivatives contracts. Maybe you could just help us a little bit in those areas, please. Secondly, on the CSD expansion, by share of traded value, what portion of market participants designated an alternative CSD during the testing phase and ahead of the go-live of your new settlement model in September, please?
What was that figure, if you are able to share that? Thank you.
We will not reply because we do not communicate on the second question, because that will really be in a territory we would be precisely wrong rather than roughly correct. I think we have covered the momentum in a very clear way. The project will be live in September. We have early adopters. We have a momentum of clients who do not want to be guinea pigs and who are in a quasi wait-and-see mood, but who have confirmed that as soon as the project is launched, they will come. We have the relationship with the custodians that have been described. W e have all the information that you refer to, but we do not want to drive a sort of externalization of the internal project management of what we do. The other question about Euronext administrator, Nicolas is going to answer your question.
Thank you for your question. Let me clarify a couple of things. The first one is this family of indices was already existing and was already active data. The difference from yesterday to today is that as this family of indices is more and more used as an underlying for structure product as a start, the French authority and the French Bond Market Standardisation Committee appointed Euronext as the administrator and the calculator to help grow this family of indices and to exploit this family of indices. We are very happy with the trust. We think that this position Euronext as being more relevant in the French sovereign yield curve, and that is an important step. The family was preexistent, but indeed, as you rightly mentioned, the goal is to develop this family of indices and to develop the product which are using this family as an underlying.
That is the first step, as mentioned by Stéphane, and we will take it from there to grow, A, the index business, and, B, leverage this as a potential further expansion or in the French sovereign debt.
The next question comes from Julian Dobrovolschi of ABN AMRO - ODDO BHF. Please unmute your mic and go ahead.
Good morning, gentlemen, and thanks for taking my question. I have just one left on the revenue capture. This one came to 0.5 basis points, which is down a bit from the recent levels. I think Giorgio mentioned that that is mainly from the ETFs and large order size. I'm just wondering, where do you think revenue capture will settle in 2027 when you migrate a cash trading of ATHEX to Optiq? Should we expect the repricing of trading members up or down in the process? Thanks.
First, thank you for your question. The yield that we provide already include a tax. It's already included in the number we provide to you. Now, with regard to the evolution of pricing in June 2027, it's ongoing with the local community. It's not something that we are ready to communicate at this stage. We will manage, obviously, the various participant, A, to grow the market and continue to boost the volumes, and, B, continue to keep a high revenue capture. At this stage, it's very early to share this information to you.
Maybe I would complement saying that the drivers are always the same, which means that increased volumes usually command a reduction in the revenue capture. Increased order sizes are, again, a push for a lower revenue capture, which means that keeping 0.5 basis points with the EUR 16.7 billion ADV and with record high level of trade size is quite an exceptionally strong performance. You see that as a decrease, but when volume grow 20% and order size increase as well, it is quite remarkable. I wanted to highlight that because you should always look at the revenue capture together with the volumes.
Thanks. Maybe just a follow-up, if I may.
P lease follow up.
On the revenue capture, Giorgio, I thought that we have different pricing schemes, especially if you look across the entire, let's say, market participant spectrum. I thought that the brokers in retail trading volumes, those guys, they usually pay the higher price, so to speak. Wondering now how that the 0.5 basis points now that we see in Q2, how is that skewed. If you can quantify that, please, from the higher retail volume that you've seen in the quarter.
I understand your question. It's truly intricate, I would say, if we need to cut all the elements. What I would do for simplicity is just to say that when volumes are very high, you should think that the participant in our order book who get on average a lower price are more frequent when the volumes are low. Therefore, in any event, if we need to pick the key elements that define the yield, the volume remains the key driver. Of course, we could further split it up, but it would seem far too complicated to do it during the call. For simplicity, look at the inverse correlation between volume growth and revenue capture, which remains the most relevant one.
The next question comes from Hervé Drouet of CIC. Please unmute your mic and go ahead.
Good morning. Thank you for the presentation. A lot of question I've been had. I will add two. A general one, with nine consecutive quarters of double-digit growth, revenue, and EBITDA, what prevents you, at this stage, to increase your midterm guidance 2027 in Innovate for Growth? Is my first question. The second question is on ETF growth, especially in equity market, cash equity trading, and clearing. I was wondering if you can give us a sense at what growth trajectory ETF is and how much portion ETF represents, for example, in cash equity trading and clearing out of the EUR 118.5 million you reported in cash equity trading clearing in the second quarter. Thank you.
Thank you for the question. Nicolas will answer your question on the momentum on the ETF asset class. I will answer your question on the guidance. We are not going to revise the Innovate for Growth guidance for 2027, despite the fact that anyone who computes the number since 2023 can observe that we are significantly ahead of the above 5% CAGR growth for the top- line ambition, the above 5% CAGR growth for the EBITDA ambition that we had committed to deliver in November 2024. We don't revise this guidance for the moment because, as a matter of company culture, we underpromise and overdeliver. We are not in the business of entering into bovine gastric systems. We are in the business of underpromising and overdelivering. That's what we are going to do. We are a very disciplined house.
We have, over the past 10 years, multiplied by 10 the stock price. We have, over the past 10 years, paid more than EUR 3 billion of dividend share buyback. Over the past 10 years, we have not posted one single impairment for any acquisition. We will remain this type of company. At this stage, we don't revise the guidance. We believe that the company has never been so strong. Will continue to be strong. We are perfectly cognizant that some market conditions can evolve. We are absolutely convinced that quarter after quarter, we build a business that is more and more diversified, hence more and more resilient and more and more immune to external market conditions.
When we get to a level where we believe that we have sufficient confidence for describing the future, where we are in a situation where we are in a visibility on the ambitious project we try to develop in a quasi R&D format to make the company fit for the future, we will share with the market the new expectations. There is a fundamental difference between creating expectations, which is the conversation we are having this morning, for example, and what we do internally, which is much more ambitious, much more systematic, much more rigorous, and much more intense. The bridge between expectations that we create in a very cautious manner and the hard work that we are doing internally, the bridge is a cost guidance and the other new midterm guidance. These will be adjusted in due course.
As always, I think next time we speak, we will be in a position to give you a revised cost guidance. That's not the moment to do it, because as I told you, the specificity of the cost guidance for this year is that we need to decide how we factor in precisely the impact of AI. What was an intuition last quarter on AI impact on the cost guidance is becoming now a process question, and we will be in a position to address this cost side in a very precise manner in November. We'll see where we are on the overall development of the company, and we'll see where we are because there are all sorts of moving pieces, and we'll see how we translate the status of the company at that time into an externalized revised guidance. On ETF.
Thank you for your question. I will give you a proxy to answer your question so that you can answer fully the revenue question, the split that we don't share. Point number one, the business deliver a very strong performance, as we said, in Q2 2026. Volume reach a daily volume of EUR 1.4 billion out of the EUR 16.7 billion that Giorgio alluded to previously, which is an increase of 46% year-over-year. It was one of the highest quarter ever, slightly down after the exceptional Q1 quarter. Interestingly, this growth was driven both from France and in Italy, our two largest ETF venue. Of course, this activity is supported by continued economic and political uncertainty, but also by the success of the ETF as a liquid and transparent instrument for portfolio diversification and rapid micro allocation.
One additional data point I want to share with you is the retail participation in ETF is increasing very significantly . 87% year-over-year, confirming the increased use of ETF by individual investor. This has been supported also by the expansion of our flagship program, Best of Book, for retail investor in Italy in November 2025, and which brought additional adoption in this market. Together with Euronext project and initiative around ETF Europe to build one ETF market, several countries, the expansion of Best of Book to support the growth of retail investor, and the underlying driver of growth in the ETF market, you would lead to this record performance and the record volume that we have since the beginning of 2026.
Thank you. Thank you for the answers.
There are no more questions at this time. I will now hand back to our speakers for their closing remarks.
Thank you very much for your time. As always, the dream team of investor relations, together with Giorgio, Judith, Margaux, are available at any time to help you better understanding the performance of the company and the development going forward. Thanks a lot. Have a good day, and enjoy the summer break.