Euronext N.V. (ENX) Earnings Call Transcript & Summary

Hello, and 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. [Operator Instructions] I will now hand you over to your host, Stéphane Boujnah, to begin today's conference. Please go ahead, sir.

Good morning, everybody, and 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. And I will start with the highlights of this record quarter. Then Giorgio Modica, the Euronext Group CFO, will cover the main business and financial highlights of the second quarter of the year. I'm now on Slide 4, and I will start with the overview of the second quarter 2026 highlights. As we have done for over 2 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. Our adjusted EBITDA increased faster than revenue and reached a record level of EUR 360 million, up 21 plus 1% compared to last year, which was already a strong quarter. As a result, Euronext adjusted EBITDA margin reached 66.1% and this represents a plus 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 plus 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 revenue accounted for 58% of total revenue and income and increased by plus 15.2% year-on-year. So non-volume-related revenue did contribute a lot to this double-digit growth because they did grow by double digit by plus 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. But it was also driven by the strong results of our renewed momentum in primary markets and also in Advanced Data solutions. Volume-related revenue increased by plus 19.2%, driven by record volumes across asset classes, resilient revenue capture and market share improvement and the full results -- 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 talent 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. But please, I want to highlight that excluding the impact from acquisitions from the change of perimeter, our underlying cost base grew only by plus 3.5%. So 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 1.3x 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 1 to 2x. This performance was achieved despite significant cash outflows of over EUR 700 million related to the dividend payment and the redemption of our 2026 bonds. So the cash flow generation and the balance sheet management has remained, again, in Q2, a significant continuous feature of the company. Turning to Slide 5. 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 3 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 the Greek assets, the continuous success of the Greek economy and therefore, the continuous opportunity for making Athens a listing venue for the shipping sector. But beyond Athens, overall in listing, it's quite clear that Euronext has become the IPO market for -- 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. And 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 nonprofessional users 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 EU market infrastructures. Over the past few weeks, the 6 finance ministers of Europe's largest economies in Germany, France, Italy, Spain, Poland and the Netherlands and also the European Parliament [ lawmaker ], Mr. Markus Ferber have explicitly called for central supervisions and wider changes to market structure. A growing number of EU countries are implementing initiatives to increase retail participation to lead market, in particular, through pension fund reforms. These developments are encouraging and are closely aligned with the Euronext long-standing 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 the industrial projects of Innovate for Growth 2027. We have successfully started the client onboarding to our 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 1. These early adopters lay the foundation for broad-based market adoption. Preparation for the first issuer migration are also progressing well and market participants nearly clearly -- clearly recognize the value of our competitive post-trade model. At the end of June 2026, our cash position exceeded EUR 1 billion, and our leverage stood at 1.3x net debt to EBITDA. These financial trends provide us with significant strategic flexibility for the coming quarters. So we delivered once again diversified growth, once again, disciplined cost management, once again, solid execution of our organic growth initiatives and 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 7. This quarter, we delivered record results with double-digit growth across all 5 of our revenue and income lines. This performance reflects 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 covered 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 8. 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. This strong performance was driven by assets 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 patents. 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 deposits linked to the power future clearing, higher volatility and average spreads. Turning to Capital Markets and Data Solutions, I am now on Slide 9. 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 transactions 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 Solutions 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 Solutions 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 Solutions 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 revenues 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 of the -- 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 Future 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'm 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-on-year on a pro forma basis, including Athens. This quarter, Euronext reached an average revenue capture on cash trading of 0.50 basis points. 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. This reflects resilient revenue capture and the contribution of Euronext Athens. I'm now moving to Slide 13 for the EBITDA bridge. Euronext 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 costs at constant 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, plus 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 A and Admincontrol. Net financing expense increased by EUR 1.8 million, EUR 0.9 million of this increase is linked to the noncash 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 noncontrolling 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 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. Moreover, 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 1.3x at the end of the quarter. This includes 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 1.5x. And with this, I conclude and I give back the floor to Stéphane.

Thank you, Giorgio. The first 7 months of the year clearly demonstrate the strength and stability of our diversified business model. In June 2026, the assets under custody and Euronext Securities exceeded EUR 8.1 trillion. This is a plus 10.5% increase compared to June 2025. We welcome 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 colocation services are also becoming increasingly relevant for multi-asset 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 debt traded on MTS cash that day exceeded the total value traded on the platform -- on the MTS platform 4 years ago. And 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 15th July, we recorded the highest daily volume traded -- sorry, the highest daily value traded ever in agricultural commodities with close to 390,000 lots traded in a single day. On the 13th of April, we introduced extended trading hours, which were well adopted by the market, and we are ideally -- 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 a solid cash flow generation and balance sheet position, and we remain extremely determined and ambitious to build the company fit for the future and to invest accordingly. So thank you for your attention, and we are now ready to take your questions.

The first question comes from Andrew Lowe from Citi.

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. So I was hoping that you'd be willing to share sort of a little bit more on the volume and revenue that you're generating outside of Italy, particularly Spain and Portugal. So could you maybe give us some more data there, that would be really helpful. And 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? And then finally, on this topic, could we just unpick your comments a bit on the development 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? And 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?

Okay. I will briefly answer your question on the development in France, but I'll give the floor to the expert, Nicolas Rivard, who is going to walk you through the details of this seasonal 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. And 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, the liquidity of the French sovereign debt. But we are making progress in that direction. Hence, this move that Nicolas Rivard is going to explain to you.

Yes. Stéphane, so just to give a bit of context, the CNO TEC 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 Standardization Committee Euronext is very proud to have been appointed as the administrator and the calculator of those benchmark together with the IFC, so the [indiscernible] de banque France and the CNO. So I think it's a testimony of Euronext credibility and relevance in the French market. And together, we are going to develop this family of indices and increase its relevance in the French market. There are already billions of structured products using this index family as underlying. And this is a starting point, as mentioned by Stéphane that we intend to explore further.

Now 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. So the adoption and the growth in Europe mainly comes from countries using that approach, which means incentivizing trading on the platform. And we have seen that happening quite consistently and increasing in the 2 countries that we mentioned, which are Portugal and Spain. The reason why we mentioned those examples is not to give you or give the data points, but is that the growth of the overall business is so strong, if we consider the peak that we reached of EUR 100 billion per day, that the growth that we're achieving in other markets might seem to a certain extent, limited by the growth of the core market. So 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. So we keep not splitting it, but it's to give you a sense that in 5 years, we were able to grow the international business by the same amount of the business we bought. Then going forward, what is the space for further expansion? Again, it's keep pushing other countries to adopt the same model, which is, in our view, the best to reduce spreads and give visibility to investors and improve liquidity. And Stéphane commented on France. And clearly, another area of expansion and growth is keep pushing the dealer-to-client services that we are offering in competition with other players. Yes, Pierre Davoust?

Yes. So I will maybe share 4 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 doing well. The technology risks are behind us. The regulatory risks are behind us. So the new offering will 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 1, 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 confirm 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. So 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, and we expect clients to adopt the product at their own pace gradually over the next quarters.

The next question comes from Michael Werner of UBS.

Two questions, please. One, a bit of a follow-up on the previous one. I was just wondering if you can -- 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. So 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? And 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 kind of 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?

I will address the AI question in relation to the cost base of the group and the allocation of additional capacities created by AI. And 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 2 reasons. The time from -- for the revised cost guidance has not come. It may come in November when we release our Q3 numbers. And when -- as we have done for a certain number of years now, we clarified our decision on allocation of capital for the following months and the cost guidance revised if needed. So that's the first reason. The second reason is significant work in progress. What I can tell you loud and clear is that the level of efficiency that AI is about to generate at Euronext is clearer and larger today than when we last spoke together about this development 3 months ago. And 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 projects 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 2 new initiatives, one of them being a development of a platform to deliver digital assets trading. I don't like the language digital assets because the current assets are already digitalized -- let's call it, digital decentralized assets, tokens. And we are very active in that direction. But 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, then we will be in a position to be more specific and decisions will be much clearer. But the direction of travel is extremely encouraging.

And I take the follow-up question of MTS. And 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. So to try to be more clear, DMOs have in front of them 2 options, 2 key options. The first one is to give a mandate to primary dealers who then execute secondary liquidity of the counter. And this is not the model of MTS. 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. And according to the performance, they can attribute incentives that they decide upon. So it's not us, it's a model for the DMOs. Then today, MTS already covers 20 markets in Europe. And what we are 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. And in certain countries, we already are getting very strong successes, and those are the one we share with you, which is Portugal and Spain. But 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.

The next question comes from Grace Dargan of Barclays.

Maybe if I could ask one on the CSD expansion again, just coming back on that and then on the Data Solutions. So maybe firstly, on the CSD, framing it in a slightly different way, how -- what would you consider a good result for your CSD expansion into '27? And what would you consider to be more of a disappointment both, I guess, qualitatively? And if you can give us any quantitative thoughts around that? And then 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?

Repeat your second question on data because I'm not sure I understood it.

Basically, just within your data solutions, is there -- 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?

Okay. So Nicolas is going -- Rivard is going to answer your question on the momentum of data beyond the last quarter. And I'll provide some explanation to what's the definition of success for the CSD expansion. I think Pierre Davoust articulated 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. And in this respect, we are close to what is the first level of success. Then the definition of success over time will be the ramp-up of adoption by issuers. Clearly, we are into -- 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. It's we are creating an alternative to an incumbent. Impact and success have already been delivered because the incumbents have already massively reduced their prices to prevent our projects from being successful. So we have clients who thank us already by telling us, thank you for creating something new because you are making -- you are pushing the price down. But the success is not only the dynamic in the market, it's not only a project platform that goes live. It's also that following the first layers, we get the second layer of followers. But in any market, we have clients who tell us, I will come because your value proposition -- your value proposition is compelling, but I don't want to be the guinea pigs of this project. And you have other players who say, I want to be among the first ones because I'm not satisfied with the current situation. So I do need something new immediately. So 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. And the reason why we don't share numbers by initiatives and 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 1, which is building a project, Phase 2, which is getting early adopters and Phase 3, which is ramp up. And 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. So on your second question on Data Solutions. So let me share two highlight. 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 continued growth. The second one is, as already alluded to by Giorgio is a strong participation, the continued strong participation of retail investors on the market on Euronext market and 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%, 5-0 year-on-year and more than double since the beginning of 2024. And this has been sustained over the quarter. And also the strong success of non-[indiscernible] product that we deliver to the market. and also solid real-time market data demand. And the second point is that I will not elaborate on the future. So I cannot comment on the growth of moving forward. But what we have seen, and I reiterate the point number one is that it has been driven by several cylinders as part of the Data Solutions business.

The next question comes from Benjamin Goy of Deutsche Bank.

Two questions 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? And 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.

So I'll take your 2 questions. On Greece, the success -- the performance of -- at or Euronext Athens is significantly higher than what we had anticipated when we acquired the company in November last year and then when we launched our offer during the summer 1 year ago. This is the outcome of a combination of factors, mainly 3 of them. The first one is that like everywhere, the Athen 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 and recovery of the Greek economy. And third, we have been working very hard with the [ FX ] teams to build new product offerings and in particular, to have them in the IPO momentum. And honestly, the fact that we were able together to attract IPOs of shipping companies, one of them has already taken place during Q2, 2 orders are scheduled for September is the outcome of the combination of efforts of the legacy listing teams of -- at Stock Exchange and the listing teams of Euronext as a group. So that's very encouraging. But all the all the meters of the success of the Athens Stock Exchange are green. And this is also a testimony of the great success of the Greek economy, which is recovering at an impressive pace. As you know, Greece is celebrating by Portugal, their third year of budget surplus. And Greece borrows for 10 years at a cost which is cheaper than the one of the U.K. and France. So this is really -- this acquisition was timely, and we invested at the right price, the right pace. 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 '28. But we will be probably able to do as we have done in other countries, 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. And we are very, 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 pools, a single technology platform, single liquidity pool, single order book in June '27. But between now and June '27, there will be also significant work done across other revenue generation and other cost items. And on Admincontrol, we are integrating 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. And the success of Admincontrol going forward is very much related to the fact that it is fully integrated when it comes to generating clients lead and following up on those leads to transform client interest into clients' invoicing through a single integrated commercial workforce. So we are very encouraged also that this integration of control within our Corporate Solutions structure is going to create a situation where we will be much more reactive to address churn 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.

Next question comes from Oliver Carruthers of Goldman Sachs.

Oliver Carruthers from Goldman Sachs. I've got 2 questions, please. So 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 helped drive growth in the short-dated options market, now single stock futures and also the rise of international retail 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? So that's the first question. And 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 EuroCCP but I understood this data is going to be free pre and post-trade data for retail. So if you could clarify the incremental Advanced Data Solutions revenues you're seeing from retail, that would be great.

Okay. So 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 debt, as you know, EuroCCP has selected by ESMA to run it. We are monitoring closely the launch of this consolidated debt. At this stage, we don't foresee any material impact on our revenues because this is just really preliminary stage of consolidated tape Phase 1. As you know, there is a debate with the new regulatory package as to whether or not moving on to consolidated tape should be considered or not. The consensus within the member states is to pose 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 states. So we are to handle the current one, which is not live yet. The provider has been selected, but 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 business and now covering all...

On the retail, indeed, I think we shared a number of KPIs showing the strong retail participation in the cash equity market and also exemplified by the data consumption from those participants. So a couple of data points. What we are doing and what we have done successfully to capture and to support the growth of retail investor is first to expand the assets that can be traded on Euronext on [ Oi ] platform from our retail broker and retail investor already connected to Euronext. So on Euronext on Oi, trade basically all European assets on cash equity and you can trade almost all U.S. stocks. And it has been a very successful endeavor since we expanded this market called global equity market. The growth has been 73% year-year so 7% year-on-year, and the growth is continuing. So 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, and 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. and possibly 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 trading up until 8:30 to 10 p.m. depending on the asset class and 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, which we could implement more, but 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 underlying. We are very encouraged by the traction we are getting with more than 600,000 lots traded on this product. And we are also launching mini ETF options based on highly traded ETFs, which are retail-oriented products. When it comes to more globally for the commodities franchise and to your point around the trading hours, we've extended trading hours for the commodities market and the matches in particular by 2 hours earlier this year in April. And 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 have been significant. Today, more than 5% of our volumes are traded during this extended trading hours.

Next question comes from Thomas Mills of Jefferies.

Can you tell us if you've had any repricing across your business in the second quarter and whether there are any repricing on the horizon that we should be thinking about? And my second question is on NTI. Obviously, a nice contribution there in the second quarter, helped no doubt by volatility and spread considerations. But could you give us a sense of how much of the uplift is coming from the commodities derivatives business, banking?

So I'll let Giorgio comment on the NTI question. On the repricing question.