As we approach the end of the year and the start of the holiday season, we would like to extend our warmest wishes to our clients, investors and partners across Europe and beyond. 2025 marked a defining year for Euronext, made possible by the trust and collaboration of all those who have taken part in our journey.
This year, we celebrate 25 years since the creation of the first cross-border European exchange. As the year draws to a close, we reflect on the meaningful progress made across our strategic priorities, including expanding our integrated market infrastructure, strengthening Europe’s strategic autonomy, accelerating innovation and reinforcing our leadership in listings and market services.
Euronext joins the CAC 40® Index
In September 2025, Euronext reached a historic milestone with our entry into the CAC 40® Index, the French national benchmark. This recognition reflects Euronext’s scale, performance and central role in Europe’s financial infrastructure, underlining the market’s confidence in our long-term strategy and execution.
Expanding Euronext’s European footprint with ATHEX
The acquisition of a majority stake in the Athens Stock Exchange (ATHEX Group) further expanded our European presence. Welcoming ATHEX Group strengthens Euronext’s federal model, enabling Greek issuers to benefit from our integrated market infrastructure while opening new opportunities for issuers and investors.
Strengthening Europe’s strategic autonomy
In 2025, we reinforced our commitment to Europe’s strategic autonomy, mobilising capital markets in support of critical sectors including energy, security and geostrategy.
Key initiatives included:
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The launch of new ESG-focused initiatives dedicated to Europe’s strategic autonomy
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The introduction of the European Defence Bond Label, a voluntary, market-driven framework designed to channel private capital towards eligible defence and security projects
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The organisation of the first European aerospace and defence funding days, bringing together companies and investors from across Europe
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The launch of the European Aerospace and Defence Growth Hub, powered by ELITE, supporting companies across the defence and aerospace supply chain
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Partnerships with national military reserves, reaffirming Euronext’s commitment to resilience and security.
These initiatives demonstrate Euronext’s role in actively supporting Europe’s long-term independence and competitiveness.
Innovation across trading, clearing and market infrastructure
Fixed income derivatives
A major achievement of 2025 was Euronext’s expansion into fixed-income derivatives, marking a significant step under the ‘Innovate for Growth 2027’ strategic plan. In September 2025, Euronext launched the first-ever Cash-Settled Mini Bond Futures on key European government bonds in Italy, France, Germany and Spain, enhancing accessibility, transparency and cost efficiency for market participants. The strong uptake since launch confirms the demand for innovative fixed-income solutions in Europe.
Power and repo markets
Euronext further strengthened our derivatives franchise with:
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The acquisition of Nasdaq’s Nordic power futures business, reinforcing its leadership in European energy markets
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The launch of the first phase of our multi-year Repo Expansion Initiative, extending Euronext’s strong Italian repo offering to market participants across Europe
Together, these initiatives support deeper liquidity, increased competition and more integrated European markets.
Enhancing equity market liquidity
In December 2025, Euronext launched the new Auction Volume Discovery (AVD) order type, unlocking new liquidity opportunities for equities and enhancing price formation within the central order book.
A new era for exchange-traded products
September 2025 saw the launch of Euronext ETF Europe, the first fully integrated pan-European marketplace for exchange-traded funds. This new platform provides issuers and investors with a unified, transparent and efficient framework for ETF trading across Europe, reinforcing Euronext’s ambition to build a truly integrated capital market infrastructure.
Towards a harmonised post-trade landscape
In 2025, Euronext took a significant step towards building a pan-European post-trade infrastructure that supports the EU’s goals for autonomy and integration, with the launch of the European Offering. This major initiative encourages clients to expect more, with the aim of unifying Europe's fragmented capital markets. It will create a single, harmonised post-trade platform across the Euronext markets, offering one access point, one membership, and streamlined services for cross-border operations along the whole of the value chain. The harmonised operating model leverages the TARGET2-Securities (T2S) platform for efficiency, aiming to reduce complexity, cut costs, and boost capital efficiency for issuers and investors.
In March 2025, Euronext N.V. moved the issuance of its own shares to Euronext Securities in a concrete step in its mission to streamline and unify equity capital markets, demonstrating the value issuers can derive from joining a pan-European Central Securities Depository (CSD).
The leading venue for listings in Europe and beyond
In 2025, Euronext confirmed our position as Europe’s leading equity listing venue:
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76 admissions as of 22 December 2025, including 50 new equity listings, representing nearly a third of all new listings in Europe
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€17 billion in aggregated market capitalisation of newly listed companies
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42% of international listings in Europe hosted on Euronext.
Euronext continued to attract global and local champions, alongside a strong pipeline of technology companies, which represented 36% of new listings in 2025.
Supporting growth across market segments
Euronext Growth marked its 20th anniversary, now hosting over 500 small and mid-cap companies across six locations. Four companies successfully transferred from Euronext Access to Euronext Growth in 2025, demonstrating the effectiveness of Euronext’s growth markets.
Over 200 Euronext listed companies raised more than €15 billion through follow-on transactions, supporting continued investment and expansion.
#1 debt listing venue worldwide
Euronext reinforced its global leadership in debt markets:
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Over 14,500 new bonds listed in 2025
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More than €3.6 trillion raised
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Continued leadership in sustainable bonds, Islamic finance and CLO listings.
These results highlight Euronext’s central role in financing both public and private investment worldwide.
Empowering private companies and future issuers
In 2025, our IPOready programme empowered over 160 companies across Europe’s fastest-growing sectors, while ELITE expanded to more than 2,000 member companies, supporting private businesses on their path to scale and access capital.
Seven IPOready alumni successfully listed on Euronext in 2025, while ELITE companies raised capital through both equity and debt markets, reinforcing Euronext’s end-to-end support for issuers.
Expanding Euronext Corporate Solutions
Euronext continued to develop our Corporate Solutions franchise, doubling its size with the acquisition of Admincontrol. The business now serves more than 8,500 companies across Europe, offering governance, compliance and investor relations solutions that support clients from the boardroom to capital markets.
Warm wishes for 2026
2025 demonstrated Euronext’s ability to deliver on strategy while adapting to global uncertainty. From market infrastructure and innovation to listings, strategic autonomy and issuer support, Euronext continued to build a more integrated and competitive European capital market throughout the year.
As we move into 2026, we remain committed to working closely with our clients, investors and partners to support the growth of European companies and strengthen Europe’s financial future. We thank you for your continued partnership and confidence, and we wish you a successful year ahead, along with warm wishes for the holiday season.