GUY: OPENAI IS RAISING MONEY IN SAMSUNG'S RISING PRICES WITH HIKES BACK ON THE AGENDA ARE THE FED. SURPRISE SURPRISE. CRUDE IS CLIMBING AS THE RISK OF ANOTHER GOAL FOR GROWS.TOM: ENTHUSIASM ON SAMSUNG REFLECTED IN THE KOSPI, UP MORE THAN 3% SO FAR AND THE SESSION. THE CHIP STORY IS OF IMPACT WITH THE FUNDING RACE COMING THROUGH FROM OPENAI. EUROPEAN FUTURES TODAY CURRENTLY FLAT AFTER ANOTHER RECORD HIGH YESTERDAY.BRENT CRUDE UP .2 PERCENT ABOVE $70 A BARREL AROUND CONCERNS ABOUT THE MIDDLE EAST AND IRAN. TH ...

Core Insights - Euronext reported a revenue of 456.4 million euros ($539.5 million) for Q4 2025, marking a nearly 10% increase from 2024 and aligning closely with the forecast of 457.1 million euros [1] - EBITDA rose by 8.9% to 275 million euros, meeting expectations but showing a slowdown from previous double-digit growth [1] - The company plans to propose a dividend of 321.5 million euros, representing 50% of its reported net income for 2025, at the upcoming annual general meeting in May [1] Listings Activity - After a period of low activity, Euronext experienced a resurgence in listings towards the end of 2025, highlighted by notable debuts such as Czech arms producer CSG and Magnum Ice Cream, which was spun off by Unilever [1] - The defense sector has emerged as a key area for IPOs, driven by high valuations and strong investor demand for growth opportunities [1] - Upcoming prominent listings in Paris are anticipated for 2026, including a dual listing for KNDS, a Franco-German tank manufacturer, planned for June or July [1] Market Consolidation - Euronext CEO Stéphane Boujnah emphasized the need for deeper pan-European market consolidation, particularly as the company integrates the recently acquired Athens Stock Exchange [1] - Boujnah argued that fragmented liquidity in Europe necessitates consolidation to effectively compete with major exchanges like NYSE and Nasdaq [1] - He suggested that some form of consolidation is likely within the next decade, either proactively or reactively in response to market pressures [1]

Core Insights - Euronext achieved double-digit growth in 2025, with underlying revenue and income increasing by 12.1% to €1,823.2 million, driven by non-volume-related businesses and resilient trading performance [2][14][24] - The company plans to accelerate the execution of its strategic initiatives in 2026, including diversifying its commodities franchise and enhancing its European capital market infrastructure [8][10][11] Financial Performance - Full year 2025 underlying revenue and income rose to €1,823.2 million, a 12.1% increase from 2024, with non-volume-related revenue accounting for 59% of total revenue [3][16] - Adjusted EBITDA for 2025 was €1,143.1 million, up 13.6%, with an adjusted EBITDA margin of 62.7%, reflecting disciplined cost management [4][19] - Reported net income increased by 9.8% to €642.9 million, resulting in a reported EPS of €6.34 [24][25] Revenue Breakdown - Securities Services revenue grew to €330.7 million, a 6.9% increase, driven by strong growth in custody and settlement services [4][13] - Capital Markets and Data Solutions revenue reached €669.3 million, up 12.1%, supported by contributions from Admincontrol and Advanced Data Solutions [4][30] - FICC Markets revenue increased by 16.2% to €342.8 million, while Equity Markets revenue grew by 11.7% to €410.0 million, reflecting robust trading activity [4][36] Cost Management - Underlying operating expenses (excluding D&A) were €680.1 million, a 9.6% increase, aligning with revised guidance [6][17] - Euronext expects stable underlying expenses for 2026 at around €720 million, with additional costs from acquisitions and strategic growth investments [7] Strategic Initiatives - Euronext made significant progress in its "Innovate for Growth 2027" strategic plan, including the acquisition of Admincontrol and the establishment of an integrated ETF market in Europe [9][11] - The company plans to enhance its European CSD model and expand its retail offerings, aiming to improve liquidity and access across European markets [53][54] Dividend Proposal - A dividend of €321.5 million will be proposed at the 2026 Annual General Meeting, representing 50% of 2025 reported net income, marking a 9.8% increase from 2024 [5]

Company Developments - Bayer's stock fell by 7.3% in early trading after its Monsanto Unit proposed a $7.25 billion settlement for lawsuits alleging that its weed killer Roundup causes cancer [2] - Bayer anticipates an increase in provisions and litigation liabilities from €7.8 billion ($9.24 billion) to €11.8 billion, with approximately €5 billion in litigation-related payments expected in 2026 [3] Economic Indicators - The UK inflation rate decreased to 3% in January, down from 3.4% in December, indicating a potential shift in inflation trends compared to the US and eurozone [4] - Analysts predict that UK inflation could drop to 2% by the end of the year, which may lead to further interest rate cuts by the Bank of England [5] Market Reactions - European stocks opened higher, with the pan-European Stoxx 600 up by approximately 0.5%, while the UK's FTSE 100 and France's CAC 40 rose by 0.3%, and Germany's DAX increased by 0.4% [1] - The British Pound remained stable against the dollar at $1.3562, and British government bond yields held steady following the inflation data [8] Global Market Context - Asian stocks experienced gains in a holiday-thinned trade, with several markets closed for Lunar New Year [9] - U.S. stock futures were near flat, with traders awaiting the Federal Reserve minutes from the January meeting [9] - The upcoming personal consumption expenditures price index reading is expected to provide further insights into the economic state [10]

Core Viewpoint - The article emphasizes the importance of fundamental, income-oriented, long-term analysis in investment strategies across various sectors in developed markets globally [1]. Group 1 - Buy-side hedge professionals are encouraged to engage in discussions regarding investment ideas [1]. - The focus is on conducting thorough analysis to identify potential investment opportunities [1]. Group 2 - The article does not provide specific company or industry insights, focusing instead on the general approach to investment analysis [2][3].

Group 1 - The Italian state lender Cassa Depositi e Prestiti (CDP) is advocating for the replacement of Fabrizio Testa as the chief executive of the Milan bourse by pan-European exchange operator Euronext [1]

Core Insights - Euronext announced trading volumes for January 2026, highlighting its position as a leading European capital market infrastructure [1] Company Overview - Euronext operates across the entire capital markets value chain, including listing, trading, clearing, settlement, and custody services [2] - The company runs MTS, a prominent electronic fixed income trading market, and Nord Pool, the European power market [2] Market Position - As of December 2025, Euronext's regulated exchanges host over 1,700 listed issuers with a total market capitalization of €6.7 trillion, making it a significant player in global debt and fund listings [3] - Euronext accounts for 25% of European lit equity trading, offering a diverse range of products including equities, FX, ETFs, bonds, derivatives, commodities, and indices [3] Recent Developments - In November 2025, Euronext acquired a majority stake in the Athens Stock Exchange (ATHEX), enhancing its pan-European market infrastructure [4]

"Either we succeed together, or we fail separately."Euronext CEO Stephane Boujnah tells @flacqua the stock exchange operator is open for more acquisitions https://t.co/zBuvbc5kzF https://t.co/uFIk5Z1tJu ...

"The US is not what it used to be."Euronext CEO Stephane Boujnah tells @flacqua investors are increasingly diversifying away from the "scary" US, prompting them to allocate more money elsewhere https://t.co/zBuvbc5kzF https://t.co/2d0mAhYlMV ...

♪ ANNOUNCER: NEWSMAKERS AND MARKET MOVERS. THIS IS "THE PULSE" WITH FRANCINE LACQUA. FRANCINE: WELL, GOOD MORNING, EVERYONE.WELCOME TO "THE PULSE." I’M FRANCINE LACQUA HERE IN LONDON. AFTER MONTHS OF INTERVIEWS AND EXPECTATION, PRESIDENT TRUMP WILL ANNOUNCE THE NOMINEE. KEVIN WASH WOULD SUCCEED JEROME POWELL WHO HAS BEEN CRITICIZED NOT CUTTING RATES FASTER.PRESIDENT TRUMP HAS BEEN SEARCHING FOR A UNICORN LOYALIST AND IN THE PRESIDENT’S MAGA BASE AND GET PAST THE SENATE CONFIRMIZATION. DOES KEVIN WARSH TICK ...