The 13th edition of the Euronext Annual Conference, held at Pavillon Gabriel in Paris, brought together influential leaders in finance, business and government to discuss the critical challenges shaping Europe’s capital markets, economic integration and long-term global competitiveness.
The theme of this year’s conference, “Building the Savings and Investments Union for real,” provided a platform for a series of engaging discussions and panels that addressed pressing topics such as Europe’s financial future, innovation’s role in market evolution, defence spending, sustainability and the reform of equity markets. Below are some of the key highlights of the themes discussed at this year’s conference, which welcomed over 1,000 attendees and included keynote speeches and panel discussions from all four female CEOs of the CAC 40®.
Strategic autonomy amidst geopolitical challenges
Global geopolitical challenges were a central theme in numerous keynote speeches and panel discussions throughout the conference, notably the ongoing conflict in Ukraine and rising global uncertainties. Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, opened the conference by emphasising the necessity of building Europe’s strategic autonomy. He highlighted that it is now vital for Europe to have resilient, competitive capital markets that can support long-term growth and ensure a secure, adaptable financial infrastructure, and underscored Euronext's role in this transformation.
A critical need for the European Savings and Investments Union
In his keynote address, Eric Lombard, French Minister of Economy, Finance, and Industrial and Digital Sovereignty, emphasised the importance of strengthening Europe’s position as a global financial hub, particularly post-Brexit. He also underscored the need for greater investment in European defence.
Meanwhile, Sébastien Lacroix, Senior Partner at McKinsey & Company, addressed Europe’s competitiveness gap with the US. He called for the creation of a true European Savings and Investment Union to better allocate household savings, reform equity markets, and harmonise regulations, ensuring long-term investments in key sectors like AI and semiconductors to enhance Europe’s global competitiveness.
Decarbonisation and green financing
One of the most pressing topics during the conference was Europe’s decarbonisation efforts, and how capital markets can play a crucial role in achieving Europe’s green transition goals. A panel discussion including speakers from Veolia, Engie, the French energy market regulator CRE (Commission de régulation de l’énergie), Crédit Agricole and Euronext focused on the need for substantial investments to address hurdles like grid connectivity, regulatory obstacles, and price signals. Improved market integration, clearer regulatory framework and better incentives to channel private capital into sustainable investments are needed. They noted that despite their potential, smaller, riskier ventures such as hydrogen technologies face greater challenges.
A manifesto for a more integrated capital market
The 13th Annual Conference also saw the launch of the Manifesto for better corporate financing through capital markets, a call by key stakeholders in the French marketplace to mobilise European savings towards riskier assets, particularly stocks, to support local businesses. Despite the EU’s high savings rate, much of the capital is invested outside Europe. The manifesto advocates for increased exposure to equity markets, the creation of a "European label" with tax incentives and revitalisation of securitisation to improve liquidity for small and mid-cap stocks. The manifesto aims to redirect savings into local investments, fostering stronger and more integrated European markets.
Euronext recognises market excellence with the Euronext Awards
The conference also celebrated excellence in market operations with the annual Euronext Awards, hosted by Delphine d’Amarzit, CEO of Euronext Paris. Notable winners included Exosens, who received the Large Cap IPO Award for its successful €350 million listing, LightOn, who won the Small and Mid-Cap IPO Award, and Waga Energy who won the Small & Mid Cap Capital Increase. Roquette earned the Bond Issuance of the Year Award for its innovative senior and hybrid bond issuance, while Engie’s €3.8 billion green bond issuance won the ESG Bond Issuance of the Year Award, solidifying the company’s leadership in sustainable finance.
Trends in the ownership of the CAC 40® and SBF 120®
Mathieu Caron, Head of Primary Markets at Euronext, presented the most recent ownership study of the French flagship indices, the CAC 40® and SBF 120®. Key trends include the growing influence of family-owned businesses, now holding 21.2% of the shares in companies that make up the CAC 40, especially in luxury sectors. The French state’s stake rose to 2.5%, bolstered by defence and aerospace sectors. Institutional investors remain dominant, though passive funds have seen growth. Individual investors now hold 5.4% of the CAC 40. Overall, the top 10 shareholders control 30% of the index, reflecting a concentration of ownership and a shift towards more diverse market participation. Read the full CAC 40 and SBF 120 ownership study.
Shaping the future of European capital markets
As Euronext celebrates its 25th anniversary, the group’s dedication to fostering an integrated European capital market remains a central focus. Stéphane Boujnah closed the event by urging participants to remain actively engaged in building the European Savings and Investments Union and highlighted the importance of collaboration between financial institutions, regulators, and businesses to drive economic growth across Europe. For more information about the conference and to learn about the speakers, visit the Euronext Annual Conference website.