ATHEX has reported significant improvements in its financial performance for the year 2025, particularly as it approaches a major deal with the Euronext Group. In the latest twelve-month results, revenue saw a substantial increase of 58.9% over 2024, totaling €86.3 million, up from €54.3 million the previous year. Moreover, earnings before interest, tax, depreciation, and amortization (EBITDA) soared by 78.1%, reaching €42.2 million compared to €23.7 million in 2024.

Alongside these positive developments, net consolidated profits after tax also experienced an impressive rise of 82.7%, climbing to €31.6 million from €17.3 million in 2024. However, this impressive growth was accompanied by a notable increase in operating costs, which escalated by 43% from €28.4 million to €40.6 million. This rise in costs raises questions about the long-term sustainability of the growth, especially when coupled with the announcement of reduced dividends for shareholders.

The financial outlook for ATHEX, as it prepares for a significant partnership with Euronext, presents both opportunities and challenges. While the surge in earnings and revenue signals a thriving trading environment and increased market interest, the corresponding spike in operational costs and the reduction in dividends may lead to concerns from investors about future profitability and capital management strategies. Overall, the results highlight a transformative phase for the exchange, as it seeks to enhance its competitiveness in the market while managing financial pressures.