Euronext publishes Q4 and full year 2023 results

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Euronext publishes Q4 and full year 2023 results

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Euronext publishes Q4 and full year 2023 results

Strong results demonstrating benefits of Euronext’s diversified business model. 2023 costs better than revised guidance. €74 million cumulated run-rate synergies delivered, above the 2023 interim guidance of €70 million.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 15 February 2024 – Euronext, the leading pan-European market infrastructure, today publishes its results for the fourth quarter and full year 2023.

  • Full year 2023 revenue and income1 was up +3.9% at €1,474.7 million (+0.5% compared to 2022 underlying revenue and income):
    • Strong performance of non-volume related revenue representing 60% of total revenue2 and income (vs. 57% in 2022) and covering 145% of underlying operating expenses, excluding D&A2 (vs. 133% in 2022):
      • Technology Solutions reported €109.9 million of revenue (+9.8%), reflecting continued benefits from the internalisation of colocation services following the migration of the Core Data Centre to Bergamo, Italy;
      • Advanced Data Services revenue grew to €224.8 million (+6.0%), driven by a strong performance across the data products offering and solid demand for analytic products;
      • Custody and Settlement revenue grew to €248.9 million (+2.4%), driven by growing assets under custody, improved revenue capture and continued expansion of the services business. This was partly offset by lower settlement volumes and the negative FX impact. Like-for-like at constant currencies, revenue was up +5.5%;
      • Listing revenue grew to €220.6 million (+1.0%), thanks to the continued expansion of the Corporate Services offering. In 2023, Euronext remained the leading venue for equity listing in Europe, recording 64 new equity listings, and the leading venue for debt listing globally. Listing performance was negatively impacted by FX impact. Like-for-like at constant currencies, revenue was up +3.2%.
  • Clearing revenue was stable year-on-year at €121.3 million, thanks to the additional business captured by Euronext Clearing following its expansion for equities on 27 November 2023 and dynamic bond clearing, that offset softer equity and derivatives clearing volumes. Net treasury income for Euronext Clearing was €46.7 million (+6.0% compared to 2022 underlying net treasury income1).
  • Trading revenue was €490.0 million (-4.7%), reflecting the softer environment for cash trading (€265.4 million, -12.0%) and derivatives trading (€54.2 million, -7.2%) offset by record results in fixed income (€107.4 million, +15.6%) and power trading (€37.4 million, +14.5%).
  • Underlying operating expenses excluding D&A2 were €610.0 million (+0.6%), better than guided at €618 million (revised from €630 million3 due to FX impact) thanks to continued cost control, and a one-off accruals release of €6.3 million.
  • Adjusted EBITDA2 was €864.7 million (+0.4%) and adjusted EBITDA margin was 58.6% (-0.1 pts).
  • Adjusted net income2 was €584.7 million (+5.3%) and adjusted EPS was €5.51 (+5.9%).
  • Reported net income was €513.6 million (+17.3%), reflecting €53.0 million of capital gains, positive interest rates environment and positive comparison base in 2022.
  • Net debt to reported EBITDA was at 2.0x at the end of 2023 and net debt to adjusted EBITDA at 1.9x.
  • Key figures for full year 2023:
In €m, unless stated otherwise   2023 2022 % var% var l-f-l4
Revenue and income1,474.71,418.8+3.9%+1.6%
Underlying revenue and income11,474.7 1,467.8 +0.5%  
Underlying operational expenses excluding D&A2(610.0) (606.1)+0.6%+3.3%
Adjusted EBITDA864.7 861.6 +0.4%+0.4%
Adjusted EBITDA margin58.6%58.7%-0.1pts-0.7pts
Net income, share of the parent company shareholders513.6 437.8 +17.3% 
Adjusted net income, share of the parent company shareholders584.7 555.3 +5.3% 
Adjusted EPS (basic, in€) (share count differs between the two periods)5.51 5.21 +5.9% 
Reported EPS (basic, in€) (share count differs between the two periods) 4.84 4.10 +18.0% 
Adjusted EPS (diluted, in€) (share count differs between the two periods) 5.50 5.19 +5.8% 
Reported EPS (diluted, in€) (share count differs between the two periods) 4.83 4.10 +17.9% 
  • Great progress with Borsa Italiana Group integration leads to accelerated synergies delivery:
    • €74 million of cumulated run-rate annual EBITDA synergies were achieved at end of 2023, above the €70 million interim target. €26 million run-rate annual EBITDA synergies were delivered in Q4 2023, mainly related to the first phase of the Euronext Clearing European expansion to equity clearing.
    • €103 million cumulated implementation costs were incurred since the acquisition of the Borsa Italiana Group, of which €8 million were incurred during Q4 2023.
    • Euronext successfully expanded Euronext Clearing as the pan-European clearing house for Euronext cash markets. Following the expansion of clearing activities to Euronext Brussels cash markets on 6 November 2023, Euronext expanded its clearing offering, on schedule, to the cash markets in France, Ireland, the Netherlands, and Portugal on 27 November 2023. Euronext Clearing now clears equities, ETFs, structured products, warrants, and bonds across six Euronext markets. The implementation of harmonised clearing allows market participants to streamline their entire trade lifecycle within Euronext and to leverage on Euronext Securities to access T2S.
    • Euronext is well on track for the delivery of the last major milestones of the “Growth for Impact 2024” strategic plan in 2024. The migration of Italian derivatives trading to Optiq® in Q1 2024 and the expansion of Euronext Clearing to Euronext listed financial and commodities derivatives by Q3 2024 will significantly contribute to reaching the targeted €115 million synergies by end of 2024.
  • Dividend proposal:

A dividend of €256.8 million will be proposed to the Annual General Meeting on 15 May 2024. This represents 50% of 2023 reported net income, in line with Euronext’s dividend policy. Based on the number of outstanding shares at the end of 2023, this represents a dividend of €2.48 per share, up +11.7% compared to 2022.

  • Cost guidance for 2024:

In 2023, underlying expenses excluding D&A were positively impacted by a one-off accruals release of €6.3 million and by a positive impact of €11.4 million from the NOK depreciation. Consequently, Euronext reported €610.0 million underlying expenses excluding D&A in 2023, compared to an initial guidance of €630 million.

In 2024, Euronext will continue its costs control policy and expects that savings and synergies will offset inflation and 2023 costs ramp-up. As a result, Euronext expects its 2024 underlying expenses excluding D&A to be around €625 million, including around €10 million to finance growth projects and excluding potential impact from FX over the year.

  • Continued innovation in trading with the launch of Euronext Mid-Point Match

Following the successful opening of the test environment for Euronext’s new dark trading facility at the end of January 2024, Euronext confirms the launch of Dark, Mid-Point and Sweep functionalities in Q1 20245. The whole Euronext ecosystem of trading members, local brokers, market makers and global banks, will benefit from zero latency in pegging to Euronext midpoint, and zero latency for sweeping from dark to lit on Euronext stocks.

  • Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“In 2023, Euronext reached record revenue and income close to €1.5 billion. Robust organic growth in our non-volume related businesses and double-digit growth in fixed income and power trading drove Group revenue's growth to +3.9%, despite negative FX impacts and the softer cash trading environment. Despite an inflationary environment, Euronext was able to finance growth projects and to beat its revised cost guidance. This was allowed by our trademark cost discipline, FX impacts and a one-off release. We reached an adjusted EBITDA of €864.7 million, which translated into an adjusted EBITDA margin of 58.6%. Our strong operating performance, combined with around €56 million of capital gains, allowed our net reported profit to grow double-digit to €513.6 million, and our adjusted EPS to increase by +5.9% to €5.51. In line with our dividend policy, we will propose a total dividend of €256.8 million, representing 50% of our reported net income, at our next annual general meeting to be held in May 2024. Our strong cash generation capabilities have enabled us to already return €200 million of capital to our shareholders through the share repurchase programme implemented during the second half of 2023. We continued our deleveraging path as we reached a net debt to adjusted EBITDA ratio of 1.9x at the end of 2023, down from 3.2x post acquisition of the Borsa Italiana Group.
We have made great progress with the delivery of our ‘Growth for Impact 2024’ strategic plan. We have expanded Euronext Clearing as a pan-European clearing house for the clearing of cash products. This new harmonised post-trade set-up allows clients to execute their entire trading lifecycle through Euronext.
These strategic milestones have materially contributed to the €74 million cumulated run-rate EBITDA synergies delivered by the end of 2023, ahead of the €70 million interim guidance.
The migration of Borsa Italiana’s derivatives to Optiq in Q1 2024 and the expansion of Euronext Clearing to Euronext listed derivatives by Q3 2024 will complete our presence on the entire trading value chain and will position Euronext ideally to capture future growth opportunities.
As we celebrate the 10 year anniversary of our IPO in 2024, I am looking forward to deep-dive into the opportunities that this transformation will offer for Euronext in the coming years at our Investors Day in November 2024.”

2023 financial performance

In €m, unless stated otherwise

The figures in this document have not been audited or reviewed by our external auditor.
FY 2023FY 2022% var% var
(like-for-like, constant currencies)
Revenue and income1,474.7 1,418.8 +3.9%+1.6%
Underlying revenue and income61,474.7 1,467.8 +0.5% 
Listing 220.6 218.4 +1.0%+3.2%
Trading revenue, of which 490.0 514.1 -4.7%-3.8%
Cash trading 265.4 301.7 -12.0%-12.0%
Derivatives trading 54.2 58.4 -7.2%-7.0%
Fixed income trading 107.4 93.0 +15.6%+15.8%
FX trading 25.6 28.4 -10.0%-7.8%
Power trading 37.4 32.7 +14.5%+29.3%
Investor Services 11.4 9.6 +18.5%+21.1%
Advanced Data Services 224.8 212.1 +6.0%+6.2%
Post-Trade, of which 370.2 364.5 +1.6%+3.6%
Clearing 121.3 121.4 -0.1%-0.1%
Custody and Settlement 248.9 243.1 +2.4%+5.5%
Euronext Technology Solutions & Other 109.9 100.1 +9.8%+8.8%
NTI through CCP business 46.7 (4.9)-1049.8%+6.0%
Other income 1.4 1.5 -9.0%-8.9%
Transitional revenues (0.2) 3.4 -106.5%-106.5%
Underlying operational expenses exc. D&A (610.0) (606.1)+0.6%+3.3%
Adjusted EBITDA864.7 861.6 +0.4%+0.4%
Adjusted EBITDA margin58.6%58.7%-0.1pts-0.7pts
Operating expenses exc. D&A (688.3) (633.4)+8.7%+3.3%
EBITDA 786.4 785.4 +0.1%+0.2%
Depreciation & Amortisation (170.1) (160.2)+6.2%+8.9%
Total Expenses (inc. D&A) (858.5) (793.6)+8.2%+3.9%
Adjusted operating profit790.4 792.8 -0.3%-0.3%
Operating Profit 616.2 625.3 -1.4% 
Net financing income / (expense) (0.2)(29.7)-99.4% 
Results from equity investments 83.1 18.7 +344.7% 
Profit before income tax699.1 614.2 +13.8% 
Income tax expense(162.7) (163.6)-0.6% 
Share of non-controlling interests (22.8)(12.8)+78.3% 
Net income, share of the parent company shareholders 513.6 437.8 +17.3% 
Adjusted Net income, share of the parent company shareholders7584.7 555.3 +5.3% 
Adjusted EPS (basic, in€) 5.51 5.21 +5.9% 
Reported EPS (basic, in€) 4.84 4.10 +18.0% 
Adjusted EPS (diluted, in€) 5.50 5.19 +5.8% 
Reported EPS (diluted, in€) 4.83 4.10 +17.9% 

Share count differs between the two periods

  • 2023 revenue and income

In 2023, Euronext’s underlying revenue and income was €1,474.7 million, up +0.5% compared to 2022, resulting from strong performance of non-volume related activities, offsetting the softer cash trading environment and negative impact from the NOK depreciation over the year. 2023 total revenue and income was up +3.9%, reflecting the Q3 2022 one-off loss in net treasury income related to the partial disposal of the Euronext Clearing portfolio1.

On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +1.6% in 2023, at €1,469.7 million, compared to 2022.

Non-volume related revenue accounted for 60% of underlying Group revenue in 2023, up +9.7% compared to 2022 underlying non-volume related revenue, reflecting the successful diversification towards non-volume related activities and the challenging environment for cash and derivatives trading. Non-volume-related underlying revenue covered 145% of underlying operating expenses excluding D&A, compared to 133% in 2022.

  • 2023 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased slightly to €610.0 million, up +0.6%. 2023 underlying expenses were positively impacted by cost discipline, the NOK depreciation over the year and a positive one-off accruals release in Q4 2023 of €6.3 million. This entirely offset inflationary pressures and costs incurred to support new growth initiatives.

On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +3.3% compared to 2022, which highlights the positive impact of the NOK on the 2023 reported cost base.

Consequently, adjusted EBITDA for the year totalled €864.7 million, up +0.4% compared to 2022. This represents an adjusted EBITDA margin of 58.6%, stable compared to 2022. On a like-for-like basis, adjusted EBITDA for 2023 was up +0.4%, to €874.7 million, and adjusted EBITDA margin was 59.5%, down -0.7 points compared to 2022.

  • 2023 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €170.1 million in 2023, up +6.2%, resulting from ongoing migration projects. PPA related to acquired businesses accounted for €82.2 million and is included in depreciation and amortisation.

2023 adjusted operating profit was €790.4 million, down -0.3% compared to 2022 adjusted operating profit.

€174.2 million of non-underlying expenses, including depreciation and amortisation, were reported in 2022, related to the integration of the Borsa Italiana Group, the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

Net financing expense for 2023 was €0.2 million compared to a net financing expense of €29.7 million in 2022. This decrease resulted from the higher interest income from cash held in Q3 and Q4 2023, offsetting the cost of issued debt.

Results from equity investments amounted to €83.1 million in 2023, resulting from the €41.6 million tax-exempted non-underlying capital gain in relation to the disposal of Euronext’s stake in LCH SA and the €11.4 million tax-exempted capital gain in relation to the disposal from Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam. In 2022, Euronext reported €18.7 million in results from equity investments, reflecting the dividend received from Euroclear and the contribution from LCH SA.

Income tax for 2023 was €162.7 million. This translated into an effective tax rate of 23.3% for 2023, positively impacted by the tax-exempted capital gains recorded in Q3 and Q4 2023 (2022: €163.6 million and 26.6% respectively).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €22.8 million in 2023.

As a result, the reported net income, share of the parent company shareholders, increased by +17.3% for 2023 compared to 2022, to €513.6 million. This represents a reported EPS of €4.84 basic and €4.83 diluted in 2023, compared to €4.10 basic and €4.10 diluted in 2022. This increase reflects the strong results and a lower number of shares over 2023 compared to 2022.

Adjusted net income, share of the parent company shareholders was up +5.3% to €584.7 million. Adjusted EPS (basic) was up +5.9% in 2023, at €5.51 per share, compared to an adjusted EPS (basic) of €5.21 per share in 2022. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2023 due to Euronext’s share repurchase programme.

The weighted number of shares used over 2023 was 106,051,799 for the basic calculation and 106,376,338 for the diluted calculation, compared to 106,669,451 and 106,901,306 respectively over 2022.

In 2023, Euronext reported a net cash flow from operating activities of €826.1 million, compared to    €616.5 million in 2022, resulting from higher profit before tax, lower income tax and positive changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 90.9% of EBITDA in 2023.

2023 business highlights

  • Listing

in €m, unless stated otherwiseFY 2023FY 2022% change
Listing revenue220.6218.4+1.0%
Equity105.1108.5-3.1%
o/w Annual fees69.068.4+0.8%
o/w Follow-ons20.820.8-0.1%
o/w IPOs15.419.3-20.3%
Debts 36.036.6-1.6%
ETFs, Funds & Warrants23.322.7+2.9%
Corporate Services45.439.5+14.9%
ELITE and Other10.811.1-2.9%

Listing revenue was €220.6 million in 2023, an increase of +1.0% compared to 2022, primarily reflecting the strong performance of Corporate Services, more than offsetting the negative impact of the NOK depreciation.

Money raised (€m) FY 2023 FY 2022 % change 
Equity listings2,4803,751-34% 
Follow-ons21,10128,666-26% 
Bonds1,156,027961,858+20% 
    
Listed securitiesFY 2023FY 2022% change 
New equity listings over the period6483-23% 
# ETFs listed, end of period3,8213,717+3% 
# Bonds listed, end of period55,09853,042+4% 

Equity listing activity was strong in a challenging context with 64 new listings, ranking Euronext as the first listing venue in Europe in 2023. Equity listing revenue was solid at €105.1 million, primarily supported by revenue from higher annual fees revenue and several large follow-on transactions.

Euronext Corporate Services revenue grew +14.9% compared to 2022 to €45.4 million, resulting from the strong performance of its SaaS products more than offsetting lower webcast activities.

Debt listing activity was solid with revenue at €36.0 million, reflecting a better second half of 2023 with a more stable debt market and higher interest rate. Euronext maintained its world leading position in debt listing with 494 new ESG bonds listed over the year, an increase of over 20% from 2022.

On a like-for-like basis at constant currencies, listing revenue increased by +3.2% compared to 2022.

  • Trading
    • Cash trading

 FY 2023FY 2022% change
Cash trading revenue (€m) 265.4 301.7 -12.0%
ADV Cash market8 (€m)10,05311,667-13.8%

Cash trading revenue decreased by -12.0% to €265.4 million in 2023, reflecting the strong comparison base for cash trading in the first semester, partly offset by the positive impact of the migration of cash markets to Optiq® and efficient market share and revenue capture.

Over the year, Euronext’s market share on cash equity trading averaged 65.1%, well above the indicated floor of at least 63%. Euronext average cash trading yield was 0.52 bps for the whole year, in line with the guidance despite the dilutive impact of Borsa Italiana’s fee scheme prior to the Optiq® migration on 27 March 2023. Post migration of the Italian markets to Optiq®, the yield over the last 9 months of 2023 averaged 0.53 bps, above the indicated floor.

On a like-for-like basis at constant currencies, cash trading revenue was down -12.0% in 2023 compared to 2022.

  • Derivatives trading

 FY 2023FY 2022% change
Derivatives trading revenue (€m)54.2 58.4 -7.2%
ADV Derivatives market (in lots) 619,244695,410-11.0%
ADV Equity derivatives (in lots)528,368616,092-14.2%
ADV Commodity derivatives (in lots)90,87679,318+14.6%

Derivatives trading revenue decreased by -7.2% to €54.2 million in 2023, as a result of the low volatility environment for equity derivatives, partly offset by the strong performance of the commodities franchise.

Euronext revenue capture on derivatives trading increased to €0.34 per lot in 2023, resulting from improved revenue capture across the offering and a positive mix impact.

On a like-for-like basis at constant currencies, derivatives trading revenue was down -7.0% in 2023 compared to 2022.

  • Fixed income trading

 FY 2023FY 2022% change
Fixed income trading revenue (€m) 107.4 93.0 +15.6%
o/w MTS Cash67.159.5+12.7%
o/w MTS Repo25.221.6+17.1%
ADV MTS Cash (€m)23,02618,874+22.0%
TAADV MTS Repo (€m)436,039353,700+23.3%
ADV other fixed income (€m)1,266939+34.8%

Fixed income trading reported record revenue at €107.4 million in 2023, up +15.6% compared to 2022, reflecting a strong performance across the offering in a supportive economic environment. MTS reported an overall robust performance in markets dominated by increasing interest rates.

On a like-for-like basis at constant currencies, fixed income trading revenue was up +15.8% in 2023 compared to 2022.

  • FX trading

 FY 2023FY 2022% change
Spot FX trading revenue (€m)25.6 28.4 -10.0%
ADV spot FX Market (in $m)22,45022,507-0.3%

FX trading revenues were at €25.6 million in 2023, down -10.0% compared to a record performance in 2022. This decrease reflects the lower volatility in the first three quarters of the year and negative FX impact.

On a like-for-like basis at constant currencies, FX trading revenue was down -7.8% in 2023 compared to 2022.

  • Power trading

 FY 2023FY 2022% change
Power trading revenue (€m)37.4 32.7 +14.5%
ADV Day-ahead power market (in TWH)2.742.75-0.6%
ADV Intraday power market (in TWH)0.200.10+95.3%

Power trading reported record revenue at €37.4 million in 2023, representing a strong growth of +14.5% compared to 2022, driven by a strong increase in intraday volumes and continued geographic expansion. This performance more than offsets the negative impact of the NOK.

On a like-for-like basis at constant currencies, power trading revenue was up +29.3% compared to 2022.

  • Investor Services

Investor Services reported record revenue at €11.4 million revenue in 2023, representing a +18.5% increase compared to 2022, resulting from successful organic growth of the product portfolio.

On a like-for-like basis at constant currencies, Investor Services revenue was up +21.1% compared to 2022.

  • Advanced Data Services

Advanced Data Services revenue grew to €224.8 million in 2023, up +6.0% from 2022, driven by the strong performance across the data products offering and solid demand for analytic products.

On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +6.2% compared to 2022.

  • Post Trade
in €m, unless stated otherwiseFY 2023FY 2022% change
Post-trade revenue (exc. NTI)370.2364.2+1.6%
Clearing121.3121.4-0.1%
o/w Revenue from LCH SA71.875.8-5.3%
o/w Revenue from Euronext Clearing49.545.6+8.7%
Net treasury income through CCP business46.7(4.9)+1049.8%
Custody, Settlement and other Post-Trade activities 248.9243.1+2.4%
  • Clearing

Number of transactions and lots clearedFY 2023FY 2022% change
Shares (#contracts – single counted)83,486,96984,125,615-0.8%
Bonds – Wholesale (nominal value in €bln – double counted)27,177

 
25,675

 
+5.8%

 
Bonds – Retail (# contracts – double counted)13,732,528

 
9,295,452

 
+47.7%
Derivatives (# contracts – single counted)25,244,669

 
27,103,615

 
-6.9%

Clearing revenue was stable at €121.3 million in 2023, reflecting the positive impact of the Euronext Clearing European expansion for equities in November 2023 and dynamic bond clearing. This performance offsets softer equity and derivatives clearing volumes and lower treasury income received from LCH SA.

In 2023, Euronext Clearing revenue included €5.6 million from derivatives clearing, €16.6 million from equities clearing, and €13.6 million from bonds clearing.

On a like-for-like basis at constant currencies, clearing revenue was stable compared to 2022.

  • Net treasury income

Net treasury income was €46.7 million in 2023. As a reminder, 2022 net treasury income was impacted by the partial disposal of the Euronext Clearing investment portfolio, which resulted in a one-off, non-underlying pre-tax loss of €49.0 million in Q3 2022. This led to a reported net treasury income of -€4.9 million in 2022. Excluding the non-underlying one-off loss in 2022, net treasury income was up +6.0% in 2023 compared to 2022, reflecting the implementation of the new investment strategy for Euronext Clearing.

  • Custody, Settlement and other Post-Trade activities

Euronext Securities activityFY 2023FY 2022% change
# settlement instructions over the period 123,587,470

 
126,315,368

 
-2.2%

 
Assets under Custody (in € bln), end of period6,6636,347+5.0%

Revenue from Custody, Settlement and other Post-Trade activities was at €248.9 million in 2023, up +2.4% compared to 2022, driven by growing assets under custody, improved revenue capture and continued expansion of the services business. This performance offset the negative impact of the NOK depreciation.

On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +5.5% compared to 2022.

  • Technology Solutions and Other revenue

Euronext Technologies and Other revenue increased to €109.9 million in 2023, up +9.8% from 2022, reflecting continued benefits from the internalisation of the colocation activity following the Core Data Centre migration to Bergamo.

On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +8.8% compared to 2022.

Q4 2023 financial performance

In €m, unless stated otherwise

The figures in this document have not been audited or reviewed by our external auditor.
Q4 2023Q4 2022% var% var
(like-for-like, constant currencies)
Revenue and income 374.1 347.0 +7.8%+9.1%
Listing 56.2 53.5 +5.0%+6.9%
Trading revenue, of which 124.5 116.3 +7.1%+8.5%
Cash trading 64.1 65.1 -1.6%-1.6%
Derivatives trading 12.8 13.4 -4.4%-4.3%
Fixed income trading 30.6 22.1 +38.0%+39.2%
FX trading 6.7 6.7 -0.5%+4.8%
Power trading 10.4 8.9 +16.9%+30.8%
Investor Services 3.0 2.6 +15.7%+16.6%
Advanced Data Services 56.1 54.5 +3.0%+3.2%
Post-Trade, of which 94.6 88.6 +6.8%+8.9%
Clearing 32.3 29.0 +11.5%+11.5%
Custody and Settlement 62.3 59.6 +4.6%+8.9%
Euronext Technology Solutions & Other 27.6 26.9 +2.6%+1.8%
NTI through CCP business 11.7 4.3 +171.4%+171.4%
Other income 0.5 0.3 +61.2%+59.7%
Transitional revenues (0.0) 0.1   
Underlying operational expenses exc. D&A (157.8) (159.2)-0.9%+1.9%
Adjusted EBITDA 216.3 187.9 +15.2%+14.8%
Adjusted EBITDA margin57.8%54.1%+3.7pts+2.9pts
Operating expenses exc. D&A (173.3) (170.2)+1.9%+4.6%
EBITDA 200.8 176.9 +13.6%+13.2%
Depreciation & Amortisation (45.6) (42.6)+7.0%+4.1%
Total Expenses (inc. D&A) (218.9) (212.8)+2.9%+5.4%
Adjusted operating profit 196.3 168.4 +16.6%+16.0%
Operating Profit 155.2 134.2 +15.6% 
Net financing income / (expense) 4.7 (6.0)+177.8% 
Results from equity investments 17.0 12.6 +35.1% 
Profit before income tax 176.9 140.8 +25.7% 
Income tax expense (40.0) (38.5)+4.0% 
Share of non-controlling interests (6.4) (3.0)+109.0% 
Net income, share of the parent company shareholders 130.6 99.3 +31.5% 
Adjusted Net income, share of the parent company shareholders9 148.2 118.2 +25.3% 
Adjusted EPS (basic, in€) 1.42 1.11 +27.9% 
Reported EPS (basic, in€) 1.25 0.93 +34.2% 
Adjusted EPS (diluted, in€) 1.41 1.10 +27.8% 
Reported EPS (diluted, in€) 1.24 0.93 +34.1% 

Share count differs between the two periods

  • Q4 2023 revenue and income

In Q4 2023, Euronext’s revenue and income amounted to €374.1 million, up +7.8% compared to Q4 2022, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

On a like-for-like basis and at constant currencies, Euronext revenue and income was up +9.1% in Q4 2023 compared to Q4 2022, to €373.7 million.  

Non-volume related revenue accounted for 60% of Group revenue in Q4 2023, stable compared to Q4 2022, reflecting continued strong performance of non-volume-related revenue and strong growth in fixed income trading and volume-related clearing activity. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 141% in Q4 2023, compared to 130% in Q4 2022.

  • Q4 2023 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation decreased by -0.9% to €157.8 million, reflecting cost discipline in an inflationary environment, the positive impact from the NOK depreciation over the year and a one-off accruals release of €6.3 million. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.9% compared to Q4 2022, reflecting mainly the NOK impact.

Consequently, adjusted EBITDA for the quarter totalled €216.3 million, up +15.2% compared to Q4 2022. This represents an adjusted EBITDA margin of 57.8%, up +3.7 points compared to Q4 2022. On a like-for-like basis, adjusted EBITDA for Q4 2023 was up +14.8%, to €219.2 million, and adjusted EBITDA margin was 58.7%, up +2.9 points compared to the same perimeter in Q4 2022.

  • Q4 2023 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €45.6 million in Q4 2023, +7.0% more than in Q4 2022 due to ongoing migration projects. PPA related to acquired businesses accounted for €20.4 million and is included in depreciation and amortisation.

Adjusted operating profit was €196.3 million, up +16.6% compared to Q4 2022. On a like-for-like basis, adjusted operating profit was up +16.0% compared to Q4 2022, at €199.2 million.

€41.1 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2023, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

Net financing income for Q4 2023 was €4.7 million, compared to a net financing expense of €6.0 million in Q4 2022. This decrease results from higher interest income due to higher interest rates, offsetting the cost of debt.

Results from equity investments amounted to €17.0 million in Q4 2023, representing the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam. As a reminder, in Q4 2022, Euronext reported €12.6 million in results from equity investments, reflecting a dividend payment by Euroclear and the contribution from LCH SA.

Income tax for Q4 2023 was €40.0 million. This translated into an effective tax rate of 22.6% for the quarter, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake (Q4 2022: €38.5 million and 27.3% respectively).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €6.4 million in Q4 2023.

As a result, the reported net income, share of the parent company shareholders, increased by +31.5% for Q4 2023 compared to Q4 2022, to €130.6 million. This represents a reported EPS of €1.25 basic and €1.24 diluted in Q4 2023, compared to €0.93 basic and €0.93 diluted in Q4 2022. Adjusted net income, share of the parent company shareholders was up +25.3% to €148.2 million. Adjusted EPS (basic) was up +27.9% in Q4 2023, at €1.42 per share, compared to an adjusted EPS (basic) of €1.11 per share in Q4 2022. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2023 compared to the fourth quarter of 2022.

The weighted number of shares used over 2023 was 106,051,799 for the basic calculation and 106,376,338 for the diluted calculation, compared to 106,669,451 and 106,901,306 respectively over 2022.

In Q4 2023, Euronext reported a net cash flow from operating activities of €194.5 million, compared to a negative cash flow of €147.1 million in Q4 2022, reflecting lower negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 87.4% of EBITDA in Q4 2023.

Q4 2023 business highlights

  • Listing

in €m, unless stated otherwiseQ4 2023Q4 2022% change
Listing revenue56.253.5+5.0%
Equity26.627.0-1.2%
o/w Annual fees17.116.7+2.4%
o/w Follow-ons5.86.3-8.2%
o/w IPOs3.74.0-5.8%
Debts 9.19.0+1.4%
ETFs, Funds & Warrants5.95.8+2.0%
Corporate Services12.39.6+28.8%
ELITE and Other2.22.2-0.7%

Listing revenue was €56.2 million in Q4 2023, an increase of +5.0% compared to Q4 2022, primarily reflecting the strong performance of Corporate Services, more than absorbing the negative impact of the NOK depreciation. On a like-for-like basis at constant currencies, listing revenue increased by +6.9% compared to Q4 2022.

Money raised (€m)Q4 2023Q4 2022% change
Equity listings247310-21%
Follow-ons6,87510,237-33%
Bonds290,515226,900+28%


Listed securitiesQ4 2023Q4 2022% change
New equity listings over the period1324-46%
# ETFs listed, end of period3,8213,717+2.8%
# Bonds listed, end of period55,09853,042+3.9%

Equity listing activity was strong in a challenging environment with 13 new listings, ranking Euronext as the first listing venue in Europe with 50% of European listings. Equity listing revenue was solid at €26.6 million, primarily supported by higher annual fees revenue.

Euronext Corporate Services revenue grew +28.8% compared to Q4 2022 to €12.3 million, resulting from the strong performance of its SaaS products and strong conference activities in Milan.

Debt listing activity was strong with revenue at €9.1 million, supported by banking and corporate debt listing activities. Euronext maintained its world leading position in debt listing and pursued its momentum in ESG bond listing with 123 new ESG bonds listed over the quarter.

  • Trading
    • Cash trading
 Q4 2023Q4 2022% change
Cash trading revenue (€m)64.1 65.1 -1.6%
ADV Cash market10 (€m)9,5589,967-4.1%

Cash trading revenue decreased by -1.6% to €64.1 million in Q4 2023, resulting from lower trading volumes, partially offset by efficient management of market share and revenue capture.

Over the fourth quarter of 2023, Euronext cash trading yield was 0.53 bps, above the floor of at least 0.52 bps, supported by the migration of Italian cash markets to Optiq® and the continued low volume environment. Euronext market share on cash trading averaged 65.2% in Q4 2023, above the 2023 floor of at least 63%. On a like-for-like basis at constant currencies, cash trading revenue was down -1.6%.

  • Derivatives trading

 Q4 2023Q4 2022% change
Derivatives trading revenue (€m)12.8 13.4 -4.4%
ADV Derivatives market (in lots) 598,894622,975-3.9%
ADV Equity derivatives (in lots)506,716550,517-8.0%
ADV Commodity derivatives (in lots)92,17872,457+27.2%

Derivatives trading revenue decreased by -4.4% to €12.8 million in Q4 2023, due to the soft volume environment for equity derivatives, partly offset by the continued strong performance of Euronext commodity derivatives. Euronext revenue capture on derivatives trading was €0.34 per lot for the fourth quarter of 2023.

On a like-for-like basis at constant currencies, derivatives trading revenue was down -4.3% in Q4 2023 compared to Q4 2022.

  • Fixed income trading

 Q4 2023Q4 2022% change
Fixed income trading revenue (€m) 30.6 22.1 +38.0%
o/w MTS Cash19.612.8+52.5%
o/w MTS Repo6.35.6+13.9%
ADV MTS Cash (€m)27,74115,416+79.9%
TAADV MTS Repo (€m)469,134397,003+18.2%
ADV other fixed income (€m)1,5041,177+27.9%

Fixed income recorded record revenue at €30.6 million in Q4 2023, up +38.0% compared to Q4 2022, reflecting record quarterly volumes at MTS driven by an economic environment favouring money markets and supportive volatility.

On a like-for-like basis at constant currencies, fixed income trading revenue was up +39.2% compared to Q4 2022.

  • FX trading

 Q4 2023Q4 2022% change
Spot FX trading revenue (€m) 6.7 6.7 -0.5%
ADV spot FX Market (in $m)23,94320,160+18.8%

FX trading revenue was stable at €6.7 million in Q4 2023 as higher volumes were offset by FX impact .

On a like-for-like basis at constant currencies, FX trading revenue was up +4.8% compared to Q4 2022.

  • Power trading

 Q4 2023Q4 2022% change
Power trading revenue (€m)10.4 8.9 +16.9%
ADV Day-ahead power market (in TWH)3.102.98+3.9%
ADV Intraday power market (in TWH)0.250.13+89.1%

Power trading revenue reached a record level at €10.4 million in Q4 2023, up +16.9% compared to Q4 2022, reflecting all-time-high in intraday volumes and strong day-ahead volumes.

On a like-for-like basis at constant currencies, power trading revenue was up +30.8% compared to Q4 2022.

  • Investor Services

Investor Services reported €3.0 million revenue in Q4 2023, representing a +15.7% increase compared to Q4 2022, resulting from continued commercial expansion.

On a like-for-like basis at constant currencies, Investor Services revenue was up +16.6% compared to Q4 2022.

  • Advanced Data Services

Advanced Data Services revenue was €56.1 million in Q4 2023, up +3.0% from Q4 2022, driven by a strong performance of the core data business and the advanced data solutions offering, including quant research products.

On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +3.2% compared to Q4 2022.

  • Post Trade
in €m, unless stated otherwiseQ4 2023Q4 2022% change
Post-trade revenue (exc. NTI) 94.6 88.6 +6.8%
Clearing32.329.0+11.5%
o/w Revenue from LCH SA17.818.7-4.8%
o/w Revenue from Euronext Clearing14.610.4+40.2%
Net treasury income through CCP business11.7 4.3 +171.4%
Custody, Settlement and other Post-Trade activities 62.359.6+4.6%
  • Clearing
Number of transactions and lots clearedQ4 2023Q4 2022% change
Shares (#contracts – single counted)30,675,37517,079,703+79.6%
Bonds – Wholesale (nominal value in €bln – double counted)7,118

 
6,364

 
+11.8%

 
Bonds – Retail (# contracts – double counted)3,888,898

 
3,136,562

 
+24.0%
Derivatives (# contracts – single counted)5,691,338

 
6,043,292

 
-5.8%

Clearing revenue was up +11.5% to €32.3 million in Q4 2023, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing to Euronext Brussels cash markets on 6 November 2023 and to the cash markets in France, Ireland, the Netherlands, and Portugal on 27 November 2023, as well as dynamic bond clearing volumes. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA) accounted for €9.2 million of the total clearing revenue in Q4 2023.

On a like-for-like basis at constant currencies, clearing revenue was up +11.5% compared to Q4 2022.

  • Net treasury income

Net treasury income (NTI) amounted to €11.7 million in Q4 2023, slightly below Q3 2023 levels due to the introduction of the VaR-based margin methodology at Euronext Clearing. The +171.4% increase compared to Q4 2022 reflects the positive comparison base linked to the Euronext Clearing portfolio disposal between Q2 2022 and Q4 2023.

  • Custody, Settlement and other Post-Trade activities

Euronext Securities activityQ4 2023Q4 2022% change
# settlement instructions over the period30,507,96729,285,554+4.2%
Assets under Custody (in €bln), end of period6,6636,347+5.0%

Revenue from Custody, Settlement and other Post-Trade activities was €62.3 million in Q4 2023, up +4.6% compared to Q4 2022, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, absorbing the negative impact of the NOK depreciation.

On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.9% compared to Q4 2022.

  • Technology Solutions and Other revenue

Euronext Technologies and Other revenue grew to €27.6 million in Q4 2023, up +2.6% from Q4 2022, driven by continued good performance of the colocation business following the migration of Borsa Italiana cash markets over 2023.

On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +1.8% compared to Q4 2022.

Q4 2023 corporate highlights since publication of the Q3 2023 results on 8 November 2023

  • Successful expansion of Euronext Clearing as pan-European clearing house for Euronext cash markets

Following the expansion of clearing activities to Euronext Brussels cash markets on 6 November 2023, Euronext successfully expanded its clearing offering, on schedule, to the cash markets in France, Ireland, the Netherlands, and Portugal on 27 November 2023. This major step paves the way for the expansion of Euronext Clearing activities to Euronext’s listed and commodity derivatives in Q3 2024.

  • Disposal of minority investment in Tokeny

As part of its ongoing review of strategic assets, Euronext has disposed of its minority investment in Tokeny, a tokenisation platform on 1 December 2023. Euronext’s 18.93% stake in Tokeny was sold to the global fund administration company Apex.

This sale generated a €11.4 million capital gain in Q4 2023.

Corporate highlights since 1 January 2024

  • Euronext completes €200 million share repurchase programme

On 3 January 2024, Euronext announced the completion of its share repurchase programme announced on 27 July 2023. Between 31 July 2023 and 3 January 2024, 2,870,787 shares, or approximately 2.7% of Euronext’s share capital, were repurchased at an average price of €69.67 per share. All shares repurchased as part of the programme will be cancelled.

This repurchase programme was executed by a financial intermediary in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the General Meeting of Shareholders of Euronext on 17 May 2023.

  • Euronext volumes January 2024

In January 2024, the average daily transaction value on the Euronext cash order book stood at €9,373 million, down -5.6% compared to the same period last year.

The overall average daily volume on Euronext derivatives stood at 576,875 lots, down -7.8% compared to January 2023, and the open interest was 22,074,323 contracts at the end of January 2024, up +1.2% compared to January 2023.

The average daily volume on Euronext FX’s spot foreign exchange market stood at $24.9 billion, up +26.9% compared to the same period last year.

MTS Cash average daily volumes were up +67.2% to €32.3 billion in January 2024, MTS Repo term adjusted average daily volume stood at €483,767 million, up +16.5% compared to the same period last year.

Euronext Clearing cleared 19,411,073 shares in January 2024, +233.4% compared to January 2023. €2,708 billion of wholesale bonds were cleared in January 2024 (double counted), up +17.2% compared to the same period in 2023. 1,309,166 bond retail contracts were cleared in January 2024 (double counted), up +16.8% compared to January 2023. The number of derivatives contracts cleared was down -23.5% compared to January 2023, at 1,888,243 contracts (single counted).

Euronext Securities reported 11,354,917 settlement instructions in January 2024, +2.1% compared to the same period last year. The total Assets Under Custody amount to €6.6 trillion in January 2024, up +5.3%.

  • 2024 Investor Day

Euronext confirms it will hold an Investor Day in November 2024 to release its new strategic plan. The exact date and location will be announced in due course.

Agenda

A conference call and webcast will be held on 16 February 2024, at 09:30 CET (Paris time) / 08:30 GMT (London time):

Conference call:

To connect to the conference call, please dial:

UK Number:+44 33 0551 0200NO Number:+47 2 156 3318
FR Number:+33 1 70 37 71 66PT Number:+351 3 0880 2081
NL Number:+31 20 708 5073IR Number:+353 1 436 0959
US Number:+1 786 697 3501IT Number:+39 06 8336 0400
BE Number:+32 2 789 8603DE Number:+49 30 3001 90612

Password: Euronext

Live webcast:

For the live audio webcast go to: Euronext Results webcast

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

ANALYSTS & INVESTORS – ir@euronext.com 
Investor RelationsAurélie Cohen +33 1 70 48 24 17 ir@euronext.com 
 Clément Kubiak +33 1 70 48 26 33 ir@euronext.com  
MEDIA – mediateam@euronext.com 
Europe   

 
Aurélie Cohen +33 1 70 48 24 45 mediateam@euronext.com  

 
Andrea Monzani +39 02 72 42 62 13 
Amsterdam Marianne Aalders +31 20 721 41 33 amsterdampressoffice@euronext.com 
Brussels Marianne Aalders +32 26 20 15 01 brusselspressoffice@euronext.com 
Dublin Andrea Monzani +39 02 72 42 62 13 dublinpressoffice@euronext.com 
Lisbon Sandra Machado +351 91 777 68 97portugalpressoffice@euronext.com 
Milan, Rome Ester Russom +39 02 72 42 67 56 italypressoffice@euronext.com 
Oslo Cathrine Lorvik Segerlund+47 41 69 59 10 oslopressoffice@euronext.com 
Paris, Corporate Flavio Bornancin-Tomasella+33 1 70 48 24 45 parispressoffice@euronext.com 
Corporate Services Coralie Patri +33 7 88 34 27 44 parispressoffice@euronext.com 

About Euronext

Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With close to 1,930 listed equity issuers and around €6.6 trillion in market capitalisation as of end December 2023, it has an unmatched blue chip franchise and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs.

For the latest news, go to euronext.com or follow us on X (twitter.com/euronext) and LinkedIn (https://www.linkedin.com/company/euronext).

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

© 2024, Euronext N.V. - All rights reserved. 

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Appendix

Adjustments in financial disclosure

To highlight its underlying performance, since Q1 2023 Euronext has published underlying recurring costs, adjusted EBITDA and non-recurring costs.

Euronext has removed the exceptional items line from its financial statements. Consequently, costs previously reported as exceptional items have from Q1 2023 been included in their respective lines within Euronext operating expenses as non-recurring items.

The €150 million of implementation costs to deliver on the ‘Growth for Impact 2024’ strategic plan targets are therefore considered as non-recurring items and have been withdrawn from the underlying recurring costs.

The computation of adjusted net income and earnings per share has been adjusted accordingly. The computation of reported net income and earnings per share is not impacted.

2024 strategic plan targets remain unchanged and are not affected by this change in reporting.

The new non-IFRS indicators are defined below.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

  • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
  • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

  • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
  • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
  • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
  • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
    • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
    • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
    • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
    • tax related to non-underlying items.
  • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
  • EBITDA as the operating profit before depreciation and amortisation;
  • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
  • EBITDA margin as EBITDA divided by total revenue and income;
  • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
  • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Non-volume related revenue definition

Non-volume related revenue includes Listing excl. IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from the Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

Adjusted EPS definition

 Q4 2023Q4 2022FY 2023FY 2022
Net income reported 130.6 99.3 513.6437.8
EPS reported 1.25 0.93 4.844.10
Adjustments    
of which revenues(0.0)(0.0)(0.0)(49.0)
of which Operating expenses exc. D&A(15.5) (11.0) (78.3) (27.2)
of which Depreciation and amortisation(25.6) (23.1) (95.9) (91.4)
of which Net financing expense(0.0) 3.1 (0.2) 2.3
of which results from equity investments 11.4 (0.0) 53.0 (1.5)
of which Minority interest 1.1 3.9 4.1 4.6
Tax related to adjustments 11.1 8.2 46.2 44.7
Adjusted net income 148.2 118.2 584.7555.3
Adjusted EPS 1.42 1.11 5.515.21

The figures in this document have not been audited or reviewed by our external auditor

Consolidated income statement

The figures in this document have not been audited or reviewed by our external auditor

 Q4 2023Q4 2022
in € million, unless stated otherwiseUnderlyingNon-underlyingReportedUnderlyingNon-underlyingReported
Revenue and income374.1 0.0 374.1 347.0 (0.0)347.0
Listing 56.2 - 56.2 53.5 - 53.5
Trading revenue, of which124.5 - 124.5 116.3 - 116.3
Cash trading 64.1 - 64.1 65.1 - 65.1
Derivatives trading 12.8 - 12.8 13.4 - 13.4
Fixed income trading 30.6 - 30.6 22.1 - 22.1
FX trading6.7 - 6.7 6.7 - 6.7
Power trading 10.4 - 10.4 8.9 - 8.9
Investor services3.0 - 3.0 2.6 - 2.6
Advanced data services 56.1 - 56.1 54.5 - 54.5
Post-Trade, of which 94.6 - 94.6 88.6 - 88.6
Clearing 32.3 - 32.3 29.0 - 29.0
Custody & Settlement and other 62.3 - 62.3 59.6 - 59.6
Euronext Technology Solutions & other revenue 27.6 - 27.6 26.9 0.0 26.9
Net Financing Income through CCP business11.7 - 11.7 4.3 - 4.3
Other income0.5 0.0 0.5 0.3 (0.0) 0.3
Transitional revenues (0.0) - (0.0) 0.1 (0.0) 0.1
Operating expenses excluding D&A (157.8) (15.5) (173.3) (159.2) (11.0) (170.2)
Salaries and employee benefits(85.6) (7.8) (93.3)(77.9)(1.7) (79.7)
Other operational expenses, of which(72.2) (7.8) (80.0) (81.2) (9.3) (90.5)
System & communication (23.1) (2.0) (25.1)(28.5)(1.8) (30.3)
Professional services (12.8) (4.7) (17.5) (16.0) (4.6) (20.6)
Clearing expense (8.8) - (8.8) (8.8) - (8.8)
Accommodation(6.0)(0.2)(6.2)(3.9)0.0(3.9)
Other operational expenses(21.5)(0.9)(22.3)(23.9)(3.0)(26.9)
EBITDA216.3 (15.5)200.8 187.9 (11.0)176.9
EBITDA margin57.8% 53.7%54.1% 51.0%
Depreciation & amortisation(20.0)(25.6) (45.6) (19.5) (23.1) (42.6)
Total expenses (177.8) (41.1) (218.9) (178.6) (34.1) (212.8)
Operating profit196.3 (41.1)155.2 168.4 (34.1)134.2
Net financing income / (expense)4.7 (0.0) 4.7 (9.1) 3.1 (6.0)
Results from equity investment5.6 11.4 17.0 12.6 (0.0) 12.6
Profit before income tax206.6 (29.7)176.9 171.8 (31.1)140.8
Income tax expense (51.0) 11.1 (40.0)(46.6) 8.2 (38.5)
Non-controlling interests (7.4) 1.1 (6.4) (7.0) 3.9 (3.0)
Net income, share of the parent company shareholders148.2 (17.6)130.6 118.2 (19.0) 99.3
EPS (basic, in €) 1.42   1.25 1.11   0.93
EPS (diluted, in €)1.41   1.24 1.10  0.93


 FY 2023FY 2022
in € million, unless stated otherwiseUnderlyingNon-underlyingReportedUnderlyingNon-underlyingReported
Revenue and income1,474.7 0.0 1,474.7 1,467.8 (49.0)1,418.8
Listing220.6 - 220.6 218.4 - 218.4
Trading revenue, of which490.0 - 490.0 514.1 - 514.1
Cash trading265.4 - 265.4 301.7 - 301.7
Derivatives trading54.2 - 54.2 58.4 - 58.4
Fixed income trading107.4 - 107.4 93.0 - 93.0
FX trading25.6 - 25.6 28.4 - 28.4
Power trading37.4 - 37.4 32.7 - 32.7
Investor services11.4 - 11.4 9.6 - 9.6
Advanced data services224.8 - 224.8 212.1 - 212.1
Post-Trade, of which370.2 - 370.2 364.5 - 364.5
Clearing121.3 - 121.3 121.4 - 121.4
Custody & Settlement and other248.9 - 248.9 243.1 - 243.1
Euronext Technology Solutions & other revenue109.9 0.0 109.9 100.1 0.0 100.1
Net Financing Income through CCP business46.7 - 46.7 44.0 (49.0) (4.9)
Other income1.4 0.0 1.4 1.5 0.0 1.5
Transitional revenues (0.2) - (0.2) 3.4 0.0 3.4
Operating expenses excluding D&A (610.0) (78.3) (688.3) (606.1) (27.2) (633.4)
Salaries and employee benefits (319.5) (12.9) (332.4) (301.1) (6.0) (307.0)
Other operational expenses, of which (290.6) (65.4) (355.9) (305.1) (21.3) (326.3)
System & communication (94.9) (7.8) (102.6) (116.7) (5.2) (121.9)
Professional services (58.3) (18.2) (76.5) (58.7) (12.5) (71.2)
Clearing expense (34.5) - (34.5) (35.6) - (35.6)
Accommodation (17.9) (0.8) (18.7) (13.5) 0.0 (13.5)
Other operational expenses (85.0) (38.6) (123.6) (80.5) (3.5) (84.1)
EBITDA 864.7 (78.3) 786.4 861.6 (76.2) 785.4
EBITDA margin58.6% 53.3%58.7% 55.4%
Depreciation & amortisation (74.2) (95.9) (170.1) (68.8) (91.4) (160.2)
Total expenses (684.3) (174.2) (858.5) (675.0) (118.6) (793.6)
Operating profit 790.4 (174.2) 616.2 792.8 (167.5) 625.3
Net financing income / (expense) 0.1 (0.2) (0.2) (32.0) 2.3 (29.7)
Results from equity investment 30.0 53.0 83.1 20.2 (1.5) 18.7
Profit before income tax 820.5 (121.4) 699.1 781.0 (166.8) 614.2
Income tax expense (208.9) 46.2 (162.7) (208.3) 44.7 (163.6)
Non-controlling interests (26.9) 4.1 (22.8) (17.4) 4.6 (12.8)
Net income, share of the parent company shareholders 584.7 (71.1) 513.6 555.3 (117.5) 437.8
EPS (basic, in €)5.51  4.84 5.21  4.10
EPS (diluted, in €)5.50  4.83 5.19  4.10

Consolidated comprehensive income statement

 Q4 2023Q4 2022
Profit for the period136.9102.3
   
Other comprehensive income  
Items that may be reclassified to profit or loss:  
– Exchange differences on translation of foreign operations (1.9) (3.1)
– Income tax impact on exchange differences on translation of foreign operations0.5 0.8
– Change in value of debt investments at fair value through other comprehensive income0.5 21.4
– Income tax impact on change in value of debt investments at fair value through
other comprehensive income
(0.2) (6.1)
   
Items that will not be reclassified to profit or loss:  
– Change in value of equity investments at fair value through other comprehensive income- 7.1
– Income tax impact on change in value of equity investments at fair value through
other comprehensive income
- (0.8)
-Remeasurements of post-employment benefit obligations (4.1)1.0
– Income tax impact on remeasurements of post-employment benefit obligations0.5 (0.1)
Other comprehensive income for the period, net of tax (4.8)20.4
Total comprehensive income for the period132.1 122.7
   
Comprehensive income attributable to:  
– Owners of the parent125.6 119.8
– Non-controlling interests6.5 22.9

The figures in this document have not been audited or reviewed by our external auditor

 FY 2023FY 2022
Profit for the period536.4450.6
   
Other comprehensive income  
Items that may be reclassified to profit or loss:  
– Exchange differences on translation of foreign operations (57.8) (29.4)
– Income tax impact on exchange differences on translation of foreign operations6.32.8
– Change in value of debt investments at fair value through other comprehensive income7.1 (40.3)
– Realisation of fair value changes upon disposal of debt investments 49.0
– Income tax impact on change in value of debt investments at fair value through
other comprehensive income
(2.0) (2.4)
   
Items that will not be reclassified to profit or loss:  
– Change in value of equity investments at fair value through other comprehensive income11.942.1
– Income tax impact on change in value of equity investments at fair value through
other comprehensive income
(3.1) (8.5)
– Remeasurements of post-employment benefit obligations (1.4)11.9
– Income tax impact on remeasurements of post-employment benefit obligations0.1 (1.3)
Other comprehensive income for the period, net of tax (38.9)23.7
Total comprehensive income for the period497.5474.4
   
Comprehensive income attributable to:  
– Owners of the parent475.7462.0
– Non-controlling interests21.812.4

Consolidated balance sheet

in € million31 December 202331 December 2022
Non-current assets  
Property, plant and equipment114.4 109.4
Right-of-use assets55.7 42.3
Goodwill and other intangible assets6,108.2 6,205.8
Deferred income tax assets 31.3 18.9
Investments in associates and joint ventures 1.3 72.0
Financial assets at fair value through OCI262.7 278.2
Other non-current assets 4.5 3.7
Total non-current assets6,578.0 6,730.3
   
Current assets  
Trade and other receivables333.6 345.7
Income tax receivable58.6 54.9
CCP clearing business assets 183,715.2 166,842.5
Other current financial assets103.1 162.7
Cash & cash equivalents1,448.8 1,001.1
Total current assets185,659.3 168,407.0
   
Total assets192,237.3 175,137.3 
   
Equity   
Shareholders' equity3,945.73,914.0
Non-controlling interests139.7126.3
Total Equity 4,085.3 4,040.3
   
Non-current liabilities  
Borrowings3,031.63,027.2
Lease liabilities37.321.6
Deferred income tax liabilities531.9552.6
Post-employment benefits22.719.6
Contract liabilities60.063.8
Other provisions7.37.0
Total Non-current liabilities3,690.8 3,691.8
   
Current liabilities  
Borrowings17.317.4
Lease liabilities22.228.5
CCP clearing business liabilities183,832.2166,858.7
Income tax payable89.128.5
Trade and other payables415.8396.3
Contract liabilities79.375.2
Other provisions5.20.7
Total Current liabilities184,461.1 167,405.2
   
Total equity and liabilities192,237.3 175,137.3

The consolidated Balance Sheet includes the Euronext Clearing (CC&G) business assets and liabilities. The figures in this document have not been audited or reviewed by our external auditor.


Consolidated statement of cash flows

in € millionFY 2023FY 2022
Profit before tax 699.1 614.2
Adjustments for:  
- Depreciation and amortisation 170.1 160.2
- Share based payments14.4 14.0
- Results from equity investments (23.5) (9.8)
- Gain on sale of associate (53.0) -
- Share of profit from associates and joint ventures(6.5) (8.8)
- Changes in working capital 155.5 67.4
   
Cash flow from operating activities 956.1 837.1
Income tax paid (130.0) (220.6)
Net cash flows from operating activities 826.1 616.5
   
Cash flow from investing activities  
Acquisition of associates and joint ventures - (0.7)
Business combinations, net of cash acquired(2.5) (66.0)
Proceeds from sale of subsidiary(0.2) 8.7
Purchase of financial assets at FVOCI (1.3) -
Proceeds from sale of associate 122.4 -
Proceeds from disposal of equity investment at FVOCI 0.2 -
Purchase of current financial assets (72.3) (30.6)
Redemption of current financial assets 155.5 42.9
Purchase of property, plant and equipment (27.7) (31.9)
Purchase of intangible assets (75.3) (67.7)
Interest received 25.3 5.9
Proceeds from sale of property, plant, equipment and intangible assets - 0.1
Dividends received from equity investments 23.5 9.8
Dividends received from associates 7.8 6.7
Net cash flow from investing activities 155.4 (122.6)
   
Cash flow from financing activities  
Interest paid (28.7) (29.6)
Settlement of derivatives financial instruments - (8.9)
Payment of lease liabilities (28.4) (23.4)
Acquisitions of own shares (219.1) (0.1)
Employee Share transactions (1.0) (3.5)
Dividends paid to the company’s shareholders (237.2) (206.0)
Dividends paid to non-controlling interests (5.3) (10.9)
Net cash flow from financing activities (519.7) (282.4)
   
Total cash flow over the period 461.8 211.5
Cash and cash equivalents - Beginning of period1,001.1 809.4
Non cash exchange gains/(losses) on cash and cash equivalents (14.1) (19.9)
Cash and cash equivalents - End of period 1,448.8 1,001.1

The figures in this document have not been audited or reviewed by our external auditor. Numbers for the comparative period have been re-presented. The figures in this document have not been audited or reviewed by our external auditor. Numbers for the comparative period have been restated. In prior periods, the Group adjusted for results from equity investments in the line 'Changes in working capital and provisions'. As per 2023, the Group has changed its presentation and adjusts for 'Results from equity investments' in a separate line item. The Group re-presented the comparative period accordingly by reclassifying €-9.8 million from 'Changes in working capital and provisions' that was originally reported at €+57.5 million in 2022.

in € millionQ4 2023Q4 2022
Profit before tax176.9 140.8
Adjustments for:  
- Depreciation and amortisation 45.6 42.6
- Share based payments 3.9 4.2
- Results from equity investments (5.6) (9.8)
- Gain on sale of associate (11.4)-
- Share of profit from associates and joint ventures- (2.8)
- Changes in working capital 44.1 (245.1)
   
Cash flow from operating activities 253.5 (70.1)
Income tax paid (59.1)(77.0)
Net cash flows from operating activities194.5 (147.1)
   
Cash flow from investing activities  
Acquisition of associates and joint ventures- (0.7)
Business combinations, net of cash acquired (2.5)(54.3)
Proceeds from sale of subsidiary- 7.8
Purchase of financial assets at FVOCI - -
Proceeds from sale of associate 11.4 -
Proceeds from disposal of equity investment at FVOCI- -
Purchase of current financial assets (3.7) 1.8
Redemption of current financial assets 71.4 0.6
Purchase of property, plant and equipment (12.0) (10.8)
Purchase of intangible assets (17.5)(20.0)
Interest received 12.0 -
Proceeds from sale of property, plant, equipment and intangible assets- 0.0
Dividends received from equity investments 5.6 9.8
Dividends received from associates- 0.0
Net cash flow from investing activities 64.6 (65.7)
   
Cash flow from financing activities  
Interest paid- (0.3)
Payment of lease liabilities (7.2) (4.5)
Acquisitions of own shares(138.0) 1.0
Employee Share transactions- (0.1)
Dividends paid to the company’s shareholders- -
Dividends paid to non-controlling interests (1.4) (5.4)
Net cash flow from financing activities(146.5) (9.3)
   
Total cash flow over the period 112.6 (222.1)
Cash and cash equivalents - Beginning of period 1,336.5 1,215.0
Non cash exchange gains/(losses) on cash and cash equivalents (0.2) 8.2
Cash and cash equivalents - End of period 1,448.8 1,001.1

The figures in this document have not been audited or reviewed by our external auditor. Numbers for the comparative period have been re-presented. In prior periods, the Group adjusted for results from equity investments in the line 'Changes in working capital’. As per Q4-23, the Group has changed its presentation and adjusts for 'Results from equity investments' in a separate line item. The Group re-presented the comparative period accordingly by reclassifying €-9.8 million from 'Changes in working capital' that was originally reported at €-254.9 million in Q4-22.

Volumes for the fourth quarter and full year of 2023

  • Cash markets
 Q4 2023Q4 2022%var
Number of trading days6364 
Number of transactions (buy and sells, inc. reported trades)
Total Cash Market145,907,592178,716,514-18.4%
ADV Cash Market2,315,9942,792,446-17.1%
Transaction value ( € million, single counted)   
Total Cash Market 602,148637,875-5.6%
ADV Cash Market9,5589,967-4.1%
    
Listings   
Number of Issuers on Equities   
Euronext1,8881,929-2.1%
SMEs1,4931,530-2.4%
Number of Listed Securities   
Funds2,4342,927-16.8%
ETFs3,8213,717+2.8%
Bonds55,09853,042+3.9%
    
Capital raised on primary and secondary market   
Total Euronext, in €m   
Number of new equity listings1324 
Money Raised - New equity listings (incl over allotment)246.5310-20.5%
Money Raised - Follow-ons on equities6,87510,237-32.8%
Money Raised - Bonds 290,515226,900+28.0%
Total Money Raised297,637237,446+25.3%
    
of which SMEs   
Number of new equity listings1223 
Money Raised - New equity listings (incl over allotment)247306-19.3%
Money Raised - Follow-ons on equities4,6834,090+14.5%
Money Raised - Bonds 1,921240+700.5%
Total Money Raised6,8514,636+47.8%


 YTD 2023YTD 2022%var
Number of trading days255257 
Number of transactions (buy and sells, inc. reported trades)
Total Cash Market625,895,770866,298,108-27.8%
ADV Cash Market2,454,4933,370,810-27.2%
Transaction value ( € million, single counted)   
Total Cash Market 2,563,5602,998,503-14.5%
ADV Cash Market10,05311,667-13.8%
    
ListingsDec-23 Dec-22  
Number of Issuers on Equities   
Euronext1,8881,929 
Number of Listed Securities   
Funds2,4342,927 
ETFs3,8213,717 
Bonds55,09853,042 
    
Capital raised on primary and secondary market   
Total Euronext, in €m   
Number of new equity listings6483 
Money Raised - New equity listings (incl over allotment)2,480.23,751-33.9%
Money Raised - Follow-ons on equities21,10128,666-26.4%
Money Raised - Bonds 1,156,027961,858+20.2%
Total Money Raised1,179,608994,274+18.6%
    
of which SMEs   
Number of new equity listings5977 
Money Raised - New equity listings (incl over allotment)1,2752,973-57.1%
Money Raised - Follow-ons on equities10,1009,589+5.3%
Money Raised - Bonds 4,1602,336+78.1%
Total Money Raised15,53514,898+4.3%
  • Fixed income markets
 Q4 2023Q4 2022% var
Transaction value (€ million, single counted)   
MTS   
ADV MTS Cash27,74115,416+79.9%
TAADV MTS Repo469,134397,003+18.2%
Other fixed income   
ADV Fixed income1,5041,177+27.9%


 FY 2023FY 2022% var
Transaction value (€ million, single counted)   
MTS   
ADV MTS Cash23,02618,874+22.0%
TAADV MTS Repo436,039353,700+23.3%
Other fixed income   
ADV Fixed income1,266939+34.8%
  • FX markets
 Q4 2023Q4 2022% var
Number of trading days6465 
FX volume ($m, single counted)   
Total Euronext FX1,532,3401,310,383+16.9%
ADV Euronext FX23,94320,160+18.8%
    
 

 
FY 2023FY 2022% var
Number of trading days259260 
FX volume ($m, single counted)   
Total Euronext FX5,814,5125,851,899-0.6%
ADV Euronext FX22,45022,507-0.3%
  • Power markets
 Q4 2023Q4 2022% var
Number of trading days9292 
Power volume (in TWh)   
ADV Day-ahead Power Market3.102.98+3.9%
ADV Intraday Power Market 0.250.13+89.1%
 

 
   
 

 
FY 2023FY 2022% var
Number of trading days        365365 
Power volume (in TWh)   
ADV Day-ahead Power Market2.742.75-0.6%
ADV Intraday Power Market 0.200.10+95.3%
  • Derivatives markets
 Q4 2023Q4 2022% var
Number of trading days6364 
Derivatives Volume (in lots)   
Equity31,923,08835,233,108-9.4%
Index13,517,51516,033,772-15.7%
Futures7,914,3549,885,622-19.9%
Options5,603,1616,148,150-8.9%
Individual Equity18,405,57319,199,336-4.1%
Futures498,969927,921-46.2%
Options17,906,60418,271,415-2.0%
    
Commodity5,807,2384,637,260+25.2%
Futures5,478,9454,216,545+29.9%
Options328,293420,715-22.0%
    
Total Euronext37,730,32639,870,368-5.4%
Total Futures13,892,26815,030,088-7.6%
Total Options23,838,05824,840,280-4.0%
    
Derivatives ADV (in lots)   
Equity506,716550,517-8.0%
Index214,564250,528-14.4%
Futures125,625154,463-18.7%
Options88,93996,065-7.4%
Individual Equity292,152299,990-2.6%
Futures7,92014,499-45.4%
Options284,232285,491-0.4%
    
Commodity92,17872,457+27.2%
Futures86,96765,884+32.0%
Options5,2116,574-20.7%
    
Total Euronext598,894622,975-3.9%
Total Futures220,512234,845-17.0%
Total Options378,382388,129-7.0%


 FY 2023FY 2022% var
Number of trading days255257 
Derivatives Volume (in lots)   
Equity134,733,803158,335,700-14.9%
Index55,863,64464,341,758-13.2%
Futures34,664,42343,007,940-19.4%
Options21,199,22121,333,818-0.6%
Individual Equity78,870,15993,993,942-16.1%
Futures1,955,1409,288,011-78.9%
Options76,915,01984,705,931-9.2%
    
Commodity23,173,37020,384,703+13.7%
Futures21,113,16317,825,764+18.4%
Options2,060,2072,558,939-19.5%
    
Total Euronext157,907,173178,720,403-11.6%
Total Futures57,732,72670,121,715-17.7%
Total Options100,174,447108,598,688-7.8%
    
Derivatives ADV (in lots)   
Equity528,368616,092-14.2%
Index219,073250,357-12.5%
Futures135,939167,346-18.8%
Options83,13483,011+0.1%
Individual Equity309,295365,735-15.4%
Futures7,66736,140-78.8%
Options301,628329,595-8.5%
    
Commodity90,87679,31814.6%
Futures82,79769,361+19.4%
Options8,0799,957-18.9%
    
Total Euronext619,244695,410-11.0%
Total Futures226,403272,847+0.0%
Total Options392,841422,563+0.0%
  • Derivatives open interest
 31 December 202331 December 2022% var
Open interest (in lots)   
    
Equity18,567,34417,957,7493.4%
Index1,000,2671,074,463-6.9%
Futures517,679539,893-4.1%
Options482,588534,570-9.7%
Individual Equity17,567,07716,883,2864.1%
Futures153,607225,815-32.0%
Options17,413,47016,657,4714.5%
    
Commodity876,380865,6201.2%
Futures656,667567,91615.6%
Options219,713297,704-26.2%
    
Total Euronext19,443,72418,823,3693.3%
Total Futures1,327,9531,333,624-0.4%
Total Options18,115,77117,489,7453.6%



1 Underlying revenue in 2022 excludes €49.0 million non-underlying, one-off loss (€35 million post tax) related to the partial disposal of the Euronext Clearing portfolio. Please refer to the section on net treasury income and euronext.com/en/investor-relations/financial-calendar/q2-2022-results for more details.
2 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
3 euronext.com/en/about/media/euronext-press-releases/euronext-publishes-q3-2023-results
4 Like-for-like basis at constant currency
5 Subject to regulatory approval
6 Underlying revenue excludes €49.0 million non-underlying, one-off loss (€35 million post tax) related to the partial disposal of the Euronext Clearing portfolio. Please refer to the section on net treasury income and euronext.com/en/investor-relations/financial-calendar/q2-2022-results for more details.
7 For the total adjustments performed please refer to the Appendix of this press release.
8 Volumes for 2022 have been restated
9 For the total adjustments performed please refer to the Appendix of this press release.
10 Volumes for Q4 2022 have been restated

Attachment