European exchange operator Euronext reported a significant increase in its foreign exchange (Forex) trading business for the first quarter of 2025, with FX trading revenue jumping over 30% to €9.2 million compared to the same period last year.
Euronext Reports Record FX Trading Volumes in First Quarter 2025
The surge in FX trading performance came amid exceptional market volatility and formed part of Euronext’s broader strong financial results for Q1 2025, according to the company’s latest earnings report released yesterday.
“We achieved record revenue and income of €458.5 million, driven by initial successes of the strategic initiatives, growth of non-volume-related revenue and exceptional volatility across trading and clearing activities, especially in cash equity, fixed income, FX, power and commodities,” said Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext.
“With this strong first quarter of 2025, we demonstrate our capacity to innovate ahead of the curve, leading the way to a stronger, more innovative and more competitive European capital market.”
The FX segment forms part of Euronext’s FICC (Fixed Income, Commodities and Currencies) Markets division, which posted overall revenue of €90.7 million in Q1 2025, representing a 25.1% increase from the previous year.
| FICC Markets Performance | Segment | Q1 2025 | Q1 2024 | % Change |
|---|---|---|---|---|
| Fixed Income Trading & Clearing | €51.8M | €39.1M | +32.4% | |
| Commodities Trading & Clearing | €29.6M | €26.3M | +12.8% | |
| FX Trading | €9.2M | €7.1M | +30.4% | |
| Total FICC Markets | €90.7M | €72.5M | +25.1% |
Overall Revenue and Net Income Up
Recent data released by the company shows the momentum continued beyond the quarter’s end, with average daily volume on Euronext FX’s spot foreign exchange market reaching $38.2 billion in April 2025, up 33.1% compared to April 2024.
The strong FX performance contributed to Euronext’s overall revenue and income growth of 14.1% for the quarter, reaching €458.5 million. The company’s adjusted EBITDA rose 17% to €294.1 million, with adjusted EBITDA margin expanding to 64.1%, an increase of 1.6 percentage points compared to Q1 2024.
Euronext’s reported net income for the quarter was €164.8 million, up 17.9% from the previous year, while adjusted earnings per share rose 13.9% to €1.80.
“In the first quarter of 2025, Euronext has delivered a remarkable performance,” Boujnah noted in the earnings release. “Our diversified business model has allowed us to invest in growth and reach an adjusted EBITDA of €294.1 million.”
The company recently completed the acquisition of Admincontrol, a governance SaaS provider, for NOK 4,650 million on May 13, and announced plans to consolidate settlement for Amsterdam, Brussels, and Paris equity trades in Euronext Securities starting September 2026.