⦿ Executive Snapshot

• What: Euronext reports its best first quarter in three years for primary markets activity despite market volatility.
• Who: Stéphane Boujnah (CEO), Giorgio Modica (CFO), Camille Beudin (Head of Strategic Development and M&A), Pierre Davoust (Head of Euronext Securities).
• Why it matters: The report highlights Euronext's growth trajectory and strategic initiatives, reinforcing its leading position in European markets and the expansion of its technology and services.

⦿ Key Developments

• Primary markets revenue reached €52.3m, a 12.8% increase year-over-year, with 12 new equity listings, half international.
• Euronext's acquisition and integration of Athens Exchange Group has positioned Athens as a financial technology hub in Europe.
• Euronext Nord Pool power futures became fully operational on March 16, 2026, following the migration of open interest from Nasdaq Clearing to Euronext Clearing.

⦿ Strategic Context

• Euronext's performance is set against a backdrop of elevated market volatility, which has historically affected trading volumes and investor sentiment.
• The integration of the Athens Exchange and expansion of the CSD services reflect Euronext's strategy to enhance its operational efficiency and market reach across Europe.

⦿ Strategic Implications

• The strong quarterly performance indicates immediate competitive advantages for Euronext in attracting listings and trading volume, particularly in the wake of market volatility.
• Long-term, the migration of markets to proprietary technology platforms like Optiq may enhance Euronext's operational capabilities and client offerings.

⦿ Risks & Constraints

• Potential regulatory challenges or market disruptions, such as geopolitical conflicts, may impact trading volumes and market stability.
• Competition from other exchanges and trading platforms could affect Euronext's market share and revenue growth.

⦿ Watchlist / Forward Signals

• The planned migration of the Greek market to Optiq in June 2027 will be a significant milestone to monitor for operational success.
• The onboarding of new international participants to Euronext's repo clearing platform in July 2026 will signal the expansion and acceptance of Euronext's services in broader markets.