Euronext Nv Unsp/Adr

Good day ladies and gentlemen and welcome to your next second quarter 2025 results conference call. On today's call we have Stefan Bojna, CEO and Chairman of the Managing Board and Giorgio Modica, CFO. Please note this call 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 star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star 0 and you will be connected to an operator. I will now hand you over to your host, Stéphane Bouchner, to begin today's conference. Thank you.

Good morning, everybody, and thank you for joining us this morning for the Euronext second quarter 2025 results, conference calls, and webcast. I am Stéphane Boujna, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of this second quarter of the year. I would like to say a few words also on the completed acquisition of ATT&CK, the Greek Financial Infrastructure Operator. Giorgio Modica, the Euronext CFO, will then develop the main business and financial highlights of the second quarter of 2025. As an introduction, I would like to highlight two main points. First, we have delivered whole-time record quarterly results. Q2 2025 is your next fifth consecutive quarter of double-digit top-line growth. For Q2 2025 revenue and income grew by plus 12.8% compared to Q2 2024, to €465.8 million, driven by both organic growth and strategic acquisitions. This remarkable performance reflects the Euronext diversified business model that allows us to capture favorable market conditions, but also to generate non-volume-related... You are not allowed to unmute.

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In many respects, Europe shows a unprecedented commitment to establish a savings and investments union for real. And Euronext is a key player to accelerate the delivery of this commitment. Since the beginning of the year, we have continued to deploy capital to expand across Europe. In July, we have also launched the expansion of our repo offering across Europe. Euronext is now well positioned to become the clearinghouse of choice for European repo. With a strong footprint in Italian repo, with a growing list of government coverage, and with the majority of key clearing members already connected, this strategic initiative is proceeding very well. Second, we have also expanded our presence in the Nordics over the past few months with the acquisition of admin control, and we will further strengthen opposition with the migration of the Nasdaq's Nordic-powered futures to Euronext's clearing scheduled in Q1 2026. And third, as announced yesterday morning, we are further diversifying our geographic presence in Europe with the contemplated acquisition of the Greek financial market infrastructure group ATEX. This transaction strengthens Euronext and enhances its strategic prospects for future growth. It also provides major benefits to the Greek market, which are going to become much more integrated into global flows, into European flows, but also into global flows. Let me walk you through the structure of these transactions and also the key benefits of this compelling combination for Euronext and for Greek markets at large, starting on page four. Yesterday, we announced the launch of of a no-share voluntary tender offer to all shareholders of ATEX at a fixed conversion rate of 20 ATEX shares for each new Euronext shares. The offer values ATEX at 7.14 euros per share and represents a total valuation of approximately 412.8 million euros based on Euronext's share price as of 30th of July. contemplative transaction is subject to customary regulatory approvals. The contemplative combination of Euronext and ATEX marks a significant milestone for the harmonization of capital markets and for the benefits of local investors and global investors. It definitely strengthens once again Euronext as the consolidator of European capital markets. As you have noticed it, ATEX board of directors recommends the offer to ATEX shareholders and entered into a cooperation agreement with Euronext for the delivery of the contemplated combination. This combination is fully aligned with our investment criteria of delivering a return on capital employed above the work of the company in year three to five after the closing of the transaction and after synergies. It is expected to be accretive for shareholders following the delivery of synergies from year one. Euronext expects to deliver significant synergies, indeed, from the integration of ATEX into its European market infrastructure. We expect 12 million annual cash synergies by the end of 2028. This is our target. And restructuring costs to deliver those synergies are expected to amount to 25 billion euros. Over the past years, ATEX has benefited from a very supportive macro environment fueled by the ongoing recovery of the Greek economy. Between 2020 and 2024, ATEX net revenue has increased by plus 70% to €52 million, and its EBITDA has tripled to €23.7 million. ATEX activities are diversified across Corsodine settlement, across clearing, across cash equity and derivatives trading, across IT and digital services, across listing and data services. In 2024, close to 50% of ATEX net revenues were generated from its CSD and clearing business. In addition, ATEX owned 21% of the Greek power exchange, Ennex. And Euronext and ATEX We seek together to strengthen the links between Ennex Group, the Greek exchange for power derivatives and spot trading, and the Euronext European Electricity Exchange, NOPOL. The Greek economy is expected to continue to significantly support the exchange business through a continued repricing of assets and increased international appeal. This is the right time to invest in Greece. Euronext has an entire track record in integrating European capital markets. On slide six, you can see the benefits of integrated Euronext single liquidity pool, single order book, single technology platform. Since 2018, we have demonstrated as a team our ability to deliver strong benefits to the local ecosystems in each market operator we acquire. ATEX. We've joined this journey and we've joined the Europe's largest liquidity pool, bringing greater visibility and broader access to Greek issuers and investors. ATEX will benefit from joining Europe's leading equity listing franchise, creating sustainable benefits for market volumes. Euronext aims to establish Athens Stock Exchange as a key hub for listing in the Southeast Europe region and to establish its comprehensive pre-IPO program in Greece. Following the migration of Euronext Dublin, Euronext Osterburs, Borsa Italiana, and to the Euronext trading platform Optic, the average daily value traded on the market has materially increased and market quality metrics have improved significantly. Today, the benefits of joining Euronext Group reach beyond trading. We have built a unique integrated value chain in Europe across diversified asset classes from pre-trade to post-trade. By integrating more European exchanges within the Euronext framework and more market infrastructures within the Euronext model, we meaningfully simplify investments in Europe at large. Greece would be the eighth European country to join the Euronext federal model when the transaction is completed. As you can see on slide seven, the combined group will have an even stronger revenue profile. The contemplated combination allows Euronext to continue the geographic diversification of the group and deliver our ambition to consolidate European capital markets with growth and synergies opportunities. Thanks to the migration of grid creating to OPTIC and harmonization of central functions, as I said earlier, we expect to deliver 12 million cash synergies by the end of 28. And we expect the structuring cost to deliver those synergies to amount to approximately 25 million euros. The transaction positions Euronext as the backbone of the European Savings and Investment Union to the benefit of European Union global competitiveness and to the benefit of all the local market participants and to the benefit of all the European and global market participants. Let me give you a quick overview of the Q2 2025 highlights on slide nine before Giorgio provides you with much more details. Overall, as I said earlier, Euronext delivered double-digit revenue growth in Q2 2025 for the fifth quarter in a row. In Q2 2025, revenue and income grew by plus 12.8% year-on-year, up to $465.8 million. Non-volume-rated revenue amounted to 58% of total revenue and income and posted strong performance overall. Security services revenues grew by plus 6.5% to €86.2 million, driven by increasing assets and diversity, higher settlement activity, and I'm proud to say, double-digit growth in value-added services. Capital markets and data solutions contributed meaningfully to our record performance in Q2 2025. Advanced data solutions grew by plus 7.5% to 65.2 million, driven by growing demand for diversified data sets and dynamic retail usage. Data solutions were also supported by the diversification of our offering with the acquisition of GRSS on the 3rd June last year. Corporate and investor solutions and technology services grew by 29.2% to 53.7 million euros, the strong growth in this Corporate Investor Solutions business is supported by the acquisition of admin control, which completed on 13 of May, 2025, and a double-digit growth of our investor solutions and co-location services. Volume-related businesses continued to be fueled by high volatility. The fixed income and currency fixed pockets revenues was up 20.1% compared to Q2, 2024. at 6 sorry at 88.7 million euro driven by another record performance in fixed income trading and clearing equity markets revenues was up plus 9.5 percent compared to q2 2024 at 106.2 million euro on the cost side our underlying expenses excluding dna were at 168.4 million up plus 79% compared to Q2 2024. The increase compared to Q2 2024 reflects growth investments and the impact of acquisitions that are partially upset by strong cost discipline. This is in line with the ramp up of growth investments we announced as part of the underlying cost guidance of 670 million for 2025. As a reminder, the $670 million for 2025 guidance does not include the admin control cost base. Consequently, our Q2 2025 adjusted EBITDA grew by plus 15.8% compared to Q2 2024, reaching close to $300 million. Euronext adjusted EBITDA margin increased by 1.6 points to 63.8%, reflecting the strong top-line growth. Supported by the dividend from Euroclear, Euronext adjusted net income reached 204.4 million, up plus 23.8% compared to Q2 2024. We reached record adjusted EPS at 2.02 euro per share. Q2 2025 reported net income was 183.8 million, up plus 29.7%. Reported EPS grew by 32.1% compared to Q2 2024 to 1.81 euro per share. Now, on balance sheet size, net debt to last 12 months adjusted EBITDA was at 1.8 times at the end of June 2025. This is in line with our target leverage that we announced in November 2024, which is between 1 and two times net debt to EBITDA announced as part of Innovate for Growth for 2027. The increase in this leverage ratio compared to Q1 2025 reflects the impact of two events, the acquisition of Amine Control and the dividend payment in May 2025. I now give the floor to Giorgio for the business and financial review of Q2 2025.

Let's now have a look at the strong performance of the second quarter of 2025. I'm now on slide 10. We reported all-time record results supported by organic growth, travel market condition, and the disciplined capital allocation. Total revenue income is up 12.8% compared to last year, reaching 465.8 million euros, of which 58% is non-volume-related. covering 161% of underlying operating expenses, excluding DNA. Let me deep dive into the drivers of this record performance, starting with non-volume-related revenue and income on slide 11. Let's begin with the asset-driven revenue segment. Security service revenue was at a 86.2 million euros, marking a 6.5% increase. Custody and settlement revenue reached 77.5 million euros, a 10.8% increase compared to the second quarter of 2024. This strong performance was driven by a growing asset under custody at 7.3 trillion alongside dynamic settlement instructions. Value-added services continue to grow double-digit, supported as well by the acquisition of AccuPay. Other post-trade revenues declined 21.1% compared to the second quarter of 2024, and they were at 8.6 million euros. These themes from the migration of the derivative clearing from LCHSA to Euronext Clearing and the internalization of the net treasury income in September 2024. On the other side, the net treasury income was up 45.1% compared to the second quarter of 2024, benefiting from the expansion of Euronext Clearing and the internalization, as I just said, of the net treasury income from LCHSA following the derivative cleaning migration. It also reflects higher cash collateral posted to the CCP due to the elevated market volatility. Turning to capital markets and data solution on slide 12. Revenue reached €165.4 million, reflecting a 12% increase compared to the second quarter of 2024. Primary markets generated €46.5 million of revenues, up 2.3%, compared to the same quarter last year. This is an illustration of the resilience of our listing revenue in a volatile environment. Advanced data solution revenue grew to 65.2 million euros, up 7.5% compared to the second quarter of 2024, driven by the contributions from GLSS, the strong appetite from retail investors, and growing monetization of our diversified data sets. Corporate and investor solution and technology services reported 53.7 million euros in revenue for the second quarter of 2025, up 29.2% compared to the same quarter last year. The strong performance reflect the contribution of admin control for after quarter and the double digit growth of investor solution and colocation services. Like for like, revenue of this line grew 13.5%. Moving to our volume related activity now on slide 13. Revenue from unfixed markets reached 87.7 million euros marking a 20.1% increase compared to the second quarter of 2024. Fixed income trading and clearing revenue grew by 31.9% to 51.7 million euros driven by the continued favorable market condition, wider adoption of algorithmic trading and the supportive debt management policies. MTS cash average daily volumes traded was up by 63.1% year on year at 59.2 billion euros. MTS repo term adjusted every daily trading volume reached 612.8 billion euros up 36.6%. Commodities trading and clearing revenue increased by 2.7% to 26.7 million euros in the second quarter of 2025, reflecting record intraday volumes in power offset by softer agricultural commodity trading and clearing revenues. Lastly, FX revenue reached a new record of 9.3 million euros this quarter, up 18.9% compared to the second quarter of 2024. This reflects the strong performance of FX trading and the record trading volumes in April 2025, which is partially offset by the negative US dollar depreciation impact. Like-for-like revenues for this line grew significantly. 25.2%. Continuing with the review of our volume-related revenue, I'm now on slide 14. Equity markets revenue saw a 9.5% increase compared to the same quarter last year, reaching 106.2 million euros. Cash equity trading and clearing revenue grew by 16.2%. compared to the second quarter of 2024, reaching 93.4 million euros. This reflects a 21.2% increase in average daily volumes traded, driven by market volatility, and a solid average revenue capture of 0.52 basis points, despite higher volumes and larger average order size. Financial derivative trading and clearing revenue was at 12.8 million euros this quarter, a 22.9% decline compared to the second quarter of 2024 due to lower volatility and the decrease of the average clearing fees. Following the clearing migration in September 2024, certain clearing fees are now reported in the line other post-trade revenues. And as such, this line is not fully comparable. Moving on with EBITDA bridge on slide 16. Euronext reported EBITDA for the quarter grew 17.6% to 293.9 million euros, mainly thanks to 43 million euros of additional revenues at constant perimeter and 10.7 million euros additional revenues generated through the acquisition performed over the period. This was offset by €6.1 million of additional costs at cost and perimeter and €6.5 million of additional costs from the change of scope. The underlying expenses were €3.5 million lower than in the second quarter of 2024 due to the completion of the Borsi Italiana Group integration last year. Euro Next adjusted EBITDA for the quarter 15.8% to 297.3 million euros, with an adjusted EBITDA margin of 63.8%, this quarter up 1.6 points compared to the second quarter of 2024. The underlying operational expenses, excluding depreciation and amortization, increased, as Stefan said, by 7.9%. mostly related to the growth investment for the delivery of our Innovate for Growth 2027 strategic plan and the impact of acquisitions. Moving to net income on slide 17, adjusted net income in the second quarter of 2025 reached a new record of 104.3 billion euros, which represents an increase of 23.8% compared to the second quarter of 2024. These reflect mainly the strong EBITDA growth in the second quarter of 2025 and the 24.5 million euros dividend received from Euroclear this quarter. The depreciation and amortization accounted for 48.2 million euros in the second quarter of 2025, plus 0.5% more than in the second quarter of 2024. EPA related to the acquired businesses accounted for 19.1 million euros. Euronext reported net financing expense of 5.7 million euros in the second quarter of 2025, compared to 3.5 million euros of net financing income in the second quarter of 2024. This variation reflects decreasing interest rates lower cash position after the redemption of the 500 million bond and the acquisition of admin control funded by the issuance of a convertible bond. With respect to the latter, it is important to highlight that the portion of the P&L interest related to the convertible bond are non-cash. Income tax for the second quarter of 2025 was 68.1 million euros. This translated into an effective tax rate of 25%. 0.7% for the quarter compared to 27% in the second quarter of 2024. The tax rate this quarter was positively impacted by the tax exempt dividend received from Euroclear. Share of non-controlling interest amounted to 12.6 million euros correlated with a strong performance of MTS and Norpool. As a result, The reported net income share of the parent company shareholders increased by 29.7% for the second quarter of 2025 compared to the second quarter of 2024 to 183.8 million euros. EPS adjusted basic was up 27% this quarter at 2.02 euro per share compared to 1.59 euro per share in the second quarter of 2024. This increase reflects higher profit and lower number of outstanding share of the second quarter of 2025 compared to the second quarter of 2024. Reported EPS basic increased by an impressive 32.1% year-on-year to 1.81 euro per share. I will conclude now on slide 18 with the cash flow generation and leverage. In the second quarter of 2025, Euronext reported a net cash flow from operating activities of 135 million euros compared to 111.5 million euros in the second quarter of 2024. These reflect higher profit before tax and higher income tax paid in the second quarter of 2025. Excluding the impact on working capital from Euronext clearing and Norfolk CCP activities, Net cash flow from operating activities accounted for 52.3% of EBITDA in the second quarter of 2025. Net debt to adjust the EBITDA ratio was at 1.8 times at the end of the quarter in line with our target range. Finally, the success of our 425 million convertible bond offering on the 22nd of May secured the funding for the acquisition of admin control, and underscore the strong investor confidence in Euronext's strategic vision and growth potential. And with this, I would like to give now the floor back to Stefan. Thank you, Giorgio.

We have delivered, as you have seen, an exceptionally strong first half of the year with record results. Since the beginning of the year, we have demonstrated a sharp focus on the execution of our strategic plan, which is proceeding as expected, and we are in an ideal position now to deliver or innovate for growth 2027 strategic plan targets. Our unique integrated value chain has once again proven its strength. Actually, the contemplated acquisition of ATEX has further reinforced or position as the natural consolidator of European capital markets infrastructure, creative additional attractive growth prospects for the growth. So thank you for your attention, and we are now ready to take your questions.

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Ah, perfect. Fine. Yeah, the first question is on the FX deal. Maybe I missed it, but you mentioned 12 million of cash synergy. How does this split in cost and potentially revenues, or are revenue synergies on top? And then secondly, Stefan, you mentioned fifth consecutive quarter with double-digit growth, which feels like you're ahead of your plan, but you keep your cost guidance. So just maybe you can highlight a bit about your thinking about, yeah, investing, pull forward of investment, and then maybe sooner pay out Westworld with cost control. Thank you very much.

So the big picture is that we will keep – Giorgio will answer your question on the cost guidance. On the ATT&CK synergies, the 12 million synergies are both cost revenues. As you can imagine, this is not the first deal of this nature that we are doing. The integration of ATT&CK, the AT&CK Stock Exchange, if the deal is completed, will have similar features with the acquisition of the Irish Stock Exchange in 2019, the acquisition of Osterburs VPS in 2019, to a certain extent, the acquisition of VP Securities in Copenhagen, which was also an integration process in 2020, and Borsa Italiana in 2021. So, it's a combination of cost and revenues. It's clear that The first part of the synergies will be related to the plugging of Greek markets into the single technology platform, the single liquidity pool of the Unix group, and will be cost-driven. But there are also some ambitions to drive revenue expansion through the deployment in Greece of all our products. And clearly, we will save on CapEx in this particular environment. Giorgio, on the cost side of it,

Yes, with respect to the cost guidance, so the first element I would like to highlight is that the 600 million euros are with the organic perimeter, so do not include the additional cost from admin control. And based on where we are now, we are proceeding in line with the plan. So we confirm with the target that 670 million euros. In parallel, we are considering with Stefan and the managing board the opportunity to potentially further accelerate throughout the next quarters. But at the moment, no decision has been taken, and we confirm again our target at 670. Thank you.

The next question comes from the line of Uberlan Culling from Bank of America. Please go ahead.

Hi, good morning. Thanks for taking my questions. I got three of them. Firstly, for the ethics deal, why did you use shares to pay for ethics when you have plenty of cash, I think? Just wondering the rationale behind that. The second question, again, is on the synergies. How should we think about the phasing of the 12 million of synergies? How long will this take? And lastly, for the NASDAQ Nordics powers business, it seems like you brought it forward to Q126. Just wondering if you can now quantify the potential revenue opportunities there. Thank you.

Giorgio?

Yes, so the first question is why we decided to use shares. There are many reasons for that. Let me start with the list. First, we are able to deliver. We have announced an EPS creative transaction year one, which means that We tick the box, which is very relevant also thanks to our current trading multiples. The second element is that this is one of the occasions where we could actually share to execute the transaction, which is not always the case. And here I make reference, for example, to potential bilateral trade on private companies in competition with other buyers within the context of an option. And third, you are absolutely right. We have cash, but now we are touching a bit the limit of our targeted range, and we want to keep firepower to deliver through diversification, i.e., integrating activities that can foster sustainable long-term growth and reduce our exposure to volumes. So those are the key reasons why we decided to use SHARE. So it's relative valuation, opportunity, a willingness to keep meaningful firepower for true diversification. Yeah, sorry. And then with respect to the, this is for the first question. The second question, phasing of synergies. We are at a very early stage of the process, and the actual phasing of synergies, as you know very well, is going to depend on the phasing of demigration, and those discussions have not even started, so it's too early to propose a phasing for you. So, I mean, we will keep you posted depending on the evolution, the success of the offer. And finally, yes, you're right. The transaction of Nasdaq power derivatives is concluded. Immigration is expected for the first quarter of 2026, but we are not yet providing any specific target for the revenues for next year. This will come at a later stage.

Great. Thank you.

The next question comes from the line of Enrico Olzoni calling from JP Morgan. Please go ahead.

Good morning. Thanks for taking my questions. One, in a corporate solution, you had a very good print, which I think is partially due to the integration of admin control. Which, however, was integrated only mid of the quarter. I was just wondering whether you think the figure you printed this quarter is a good run rate for the second half of the year or whether it can be even better. That's my first question. My second question is on the partnership with Clearstream and Euroclear that you announced. So I was just wondering whether if you can provide some color in terms of how these impractical terms will benefit, I guess, the clients of your next, but also the shareholders in other terms. How can you monetize that if you can? I'm just a bit curious to get some color because clearly some of these partners are also competitors of yours and you have ambitions in the repo market that they also seem to have. So I was just wondering if you can provide some color there. Thank you.

So Anthony Attia will provide you some substance to your question about the agreements with Clearstream and EuroClear, as he's responsible for our post-trending derivative business and leading the repo clearing ambition. And as far as your corporate solution question is concerned, I don't think we should extrapolate at this stage numbers in any way. for the upside and the downside because we are in the process of deploying the integration of a mean control. We have ambitions as indicated at the time of the announcement of the transaction to grow the top line. The cross-selling workshops are in progress. And we have an ambition to extract revenue synergies from that acquisition. But when it comes to the second part of the year, this is still a work in progress, so we are not in a position to provide specific guidance in this respect.

Good morning, everyone. This is Anthony. Thank you for your question. So, indeed, we have announced the opening of the service in the clearinghouse to work with Euroclear and Clearstream on what we call the tri-party collateral management. This is a feature of large growing clearinghouses, which is the case of Euronext Clearing. It's about delivering a service to our clearing members, which helps them optimizing the allocation of their margin and default fund contributions through tri-party collateral management. We are working with Clearstream and NeuroClear as ICSDs, so it's Clearstream Bank and NeuroClear Bank. This is an existing service that they deliver to some of our clients for other CCP, so we are offering it as well. And as for the benefits for the clearing business, it's an acceleration of the growth of our clearinghouse, by providing flexibility and agility in the allocation of collateral to our clients in support of our repo clearing expansion, but as well in support of all the other clearing services that the TCP is providing.

Thanks. So I guess, rather than being a monetization opportunity for you, it's just a better service for your clients.

Yes, and it comes as a feature to support the expansion of the CCP as we detailed in the past announcement on repo clearing, but also on the future expansion of the clearinghouse on diversified asset classes, in particular on listed derivatives. Thank you.

The next question comes from the line of... Julian Dubovarsky calling from ABN Unruh. Please go ahead.

Hello, good morning, and thanks for taking my questions. Julian from ABN. Although two from my side, please, one on the data business. Some of your peers flagged recently some price pressure on the data business with some data vendors supplying seemingly steep discounts to some of their products. and I was wondering if those price pressures are somehow translating into headwinds to your own data business. So I would appreciate some comments on this point. And the other one is in the corporate investor solutions and tech services, so the whole segment combined. You reported about 14% growth in Q2 organically, and I was just wondering if you could please isolate the tech services business and speak about its growth momentum I think you flagged some co-location there, but I'm wondering if that's, you know, driven primarily by the pricing or there is also a bit of the volume component in the graph.

So I'll give the floor to Nicolas Rivard, who is responsible for Interalia or data businesses and or tech services related to co-location. He will provide you some colors on the dynamics of those two segments. On the data business, I must underline that we have always been extremely cautious in creating expectations about our data business. We never created open-ended expectations like data is a new oil or these sort of things. We have a very strong, robust, growing data business, which is based on fundamental needs of clients and not on far-hand aspirational expectations. So over to you, Nicolas.

Thank you, Stéphane, and thank you for your questions. The business of Euronext is we are in the business of providing proprietary data, data which is specific valuable for clients with a specific IP. What we have been developing over the last year is our new products that are based on NeuronX proprietary data. So I would argue that we are in a business which is different from the one of the data vendors. We are in a competitive business because there are some providers of data which are competing with our solutions. But our data is valuable for clients. We see a very good traction for our data, both from retail investors and from institutional investors. And we keep on innovating, creating new products. leveraging notably the expansion of the value chain, so being in the different asset classes, but also through the CCP and the CLT. So I would argue that our data business is very competitive, and in that sense, there is still a strong demand from clients. The next question comes from the line of Andrew Combs calling from...

Please go ahead. Morning. A couple of questions. So firstly, just on the equities result, if I look at your revenue capture, it's up again in the quarter now, 0.52 basis points. You talk about higher volumes in order size. Historically, when you have more volumes, some of the discounts have kicked in. It seems that's going the opposite way now. So in the equity business in this higher volume environment. And then a much broader question, but I know the investor day wasn't that long ago, but your 5% or greater than 5% revenue in EBITDA CAGR already appears to be substantially out of date. And I think consensus is now 8% to 10%. And that's even before Apex closes. So you Do you plan to revise those targets or update those targets at any point? Thank you.

Nicolas Rivard is going to answer your question about revenue capture momentum. And as far as the guidance for 2027, we do not intend to revise the guidance for the time being.

Well, thank you very much for this question. I will answer in three ways. The first one is that we have not done any structural change on the pricing in the Q2 2025. Therefore, we need to look at the drivers of the yield. There are three key drivers on the yield. The first one are the volumes, the second one are the order size, and the third one is the mix of participants. As mentioned previously in the introduction of the call, the volumes are in line with Q1. The order sizes are also in line with Q1. So the reason for the change of yield is the mix of participants. We have witnessed in Q2-25 a lower participation in relative terms of liquidity providers compared to other market participants. And you know that the yield on liquidity provider is lower to the one of other participants, hence the relative increase of the yield compared to Q1, all things being equal. The next question comes from the line of Ariane Gillard calling from BNP Paribas. Please go ahead.

Good morning. It's Arnaud Gillard here from BNP Paribas. Three quick questions please. Can I come back to your cost guidance? Clearly you're running a bit ahead here and yet you're not changing the guidance. I'm just wondering if we should be thinking about this as a phasing issue, like you ramping up investments of H2. My second question is to come back on the FX synergies, the split between costs and revenue. So I was wondering if you could quantify that split for us. And my final question is on NTS. I'm just wondering where you're at in terms of discussion with the French government in terms of OAT issuance and whether you're gaining more traction there. Thank you.

Okay, so I'll take your question on the MTS and I'll take your question on the ATT&CK synergies and Giorgio will put some context and clarity about this debate on the cost guidance and we'll tell you why we are not revising it. On the ATT&CK synergies, we are targeting 12 million of cash synergies by the end of 28 period. The deal is announced and the offer is not even open. We have had very stimulating due diligence interactions with the company. We are comfortable in targeting this number. We do know that a significant part of this number will come from the usual cost synergies we extract by plugging a listed standalone company into a group which doesn't need all the overhead of a standalone listed company, by plugging standalone market infrastructure into an integrated technology platform, an integrated liquidity pool, or the book. And we have done that several times, so we are comfortable with the concept a significant part of the synergies will come from cost restructuring. We do know that we are going to be able to deploy in Greece all sorts of products, value, creative opportunities for the clients that we have deployed in Norway, in Italy, and for which we have identified attractions. And we do know that they will be on the top of cost synergies, revenue synergies. All in all, at this stage, we are committed to deliver 12 million. But at this stage, I do want to be roughly correct rather than precisely wrong. And in my view, it will not be wise to try to do micro segregation between revenue synergy and cost synergies when the ticket is a 12 million ticket. In due course, when the company has become 100% or part or fully controlled by Euronext, when the integration plan is specified, I would assume that just as it took place for the acquisition of the Borsa Italiana group. We revised twice the synergy expectation, by the way, upwards. I would expect that we would be in a position to be more specific over time. when it comes to MTS. So we have an ongoing dialogue with the French treasury. As you know, the dynamic on the cost of debt for France is quite peculiar because now French sovereign debt is in the territory Greek and Spain sovereign debt, and the spread between France and Italy is smaller than the spread between France and Germany, which was the usual metric. So there is a growing interest for what can be done to improve the liquidity of the French sovereign debt, but nothing material has happened, as you know. It is a very structural change to move from a pure primary dealer relationship for any debt management office towards a combined situation where you have both primary dealers and electronic platforms like MTS. This is a structural change. Dialogues are very intense at all levels of the French Ministry of Finance, from elected officials to leading officials in the organization, in the bureaucrats, but work in progress. Giorgio, on the course guidance.

Absolutely. With respect to the course guidance, what you should keep in mind is that we are executing a very significant ramp up in terms of teams. If we compare where we are now with respect to where we are one year ago, there is a significant increase in the staff. And we are executing the plan. If I look at the plan, 670 is what is the result at the end of the year. which means that implicitly, yes, there is going to be an increase of cost in the following quarter linked to the delivery of the investments in growth that we have planned last year. So to make a long story short, yes, we will onboard new colleagues in the second part of the year. The cost will go up, and we're still targeting on a fully organic basis 670 million of OPEX.

There are no further questions, so I will hand you back to Stéphane Bouchner to conclude today's conference. Thank you.

Thank you very much. Have a good day, and if you have any further questions, the investor relations team here with Judith Sun, with Aurélie Cohen is available to take your calls and answer your questions at any time. Thank you very much. Have a good day.