Euronext publishes Q1 2020 results



Amsterdam, Brussels, Dublin, Lisbon, London, Oslo and Paris – 13 May 2020 – Euronext, the leading pan-European market infrastructure, today announced its results for the first quarter of 2020.

  • Revenue at €236.8 million (+55.2%):
    • Trading revenue increased to €111.8 million (+73.3%), with double digit growth across all asset classes and Nord Pool power trading contributing €7.2 million. Like-for-like1 trading revenue increased +54.9% in a highly volatile environment
    • Post-trade revenue doubled to €39.2 million (+109.3%), driven by the consolidation of the Norwegian VPS CSD revenue and higher clearing revenue. Like-for-like, post-trade revenue increased +33.0%
    • Strong growth in listing revenue to €35.4 million (+26.7%), driven by the consolidation of Oslo Børs VPS and the solid performance of Corporate Services at €6.8 million (+28.8% like-for-like). Listing revenue increased +5.4% like-for-like
    • Advanced data services revenue increased to €34.9 million (+13.2%), as a result of the consolidation of Oslo Børs VPS and Nord Pool, and of the resilient performance of the core business. Like-for-like, advanced data services revenue increased +0.9%
    • Contribution from Nord Pool of €9.9 million for 2.5 months of consolidation
    • Group non-volume related revenue2 accounted for 44% of Q1 2020 total revenue (vs. 47% in Q1 2019), and covered 119% of operating expenses excluding depreciation & amortisation (vs. 114% in Q1 2019)
  • EBITDA at €150.0 million (+68.1%), with EBITDA margin at 63.4% (+4.9pts):
    • Group operating costs excluding D&A were up +€23.4 million to €86.7 million as a result of the consolidation of costs from acquired businesses and higher clearing expenses
    • Targeted €8 million run-rate cost synergies achieved from Euronext Dublin, two years after completion of the acquisition
  • Reported net income, share of the Group, at €96.1 million (+71.2%):
    • Exceptional items at €1.1 million, resulting from advisory and restructuring costs
    • Income tax rate at 28.1%
  • Adjusted EPS3at €1.44 (+65.3%)

Key figures - in €m, unless stated otherwise

Q1 2020

Q1 2019

% var

Organic (like-for-like, constant currency)






Operational expenses excluding D&A










EBITDA margin



+4.9 pts

+8.2 pts

Net income, share of the Group





EPS (adjusted)2





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

“Euronext delivered a strong performance in the first quarter of 2020 with growth across all business lines, translating into significant increase in EBITDA and adjusted EPS. This performance reflects strong trading volumes in all asset classes and continued benefits from our diversification strategy. In this highly volatile environment, cash trading volumes increased by +53.2%. The Group reported a cash trading market share at 69.9% which highlights the important role of transparent market venues ensuring fair and orderly markets under extreme market conditions.

This quarter’s solid performance demonstrates the resilience of our operating model and validates the investments over the past four years in developing our state-of-the-art proprietary trading platform Optiq®. In the current times, we are focused on ensuring the continuity of operations and the health and well-being of our employees, as well as supporting our communities.

In these market conditions, we continued to advance on our ‘Let’s Grow Together 2022’ strategic plan, with the acquisition of VP Securities, the Danish CSD, that will position Euronext both as a leading CSD operator in Europe, and as a leading market infrastructure  in the Nordic region. This acquisition will allow us to pursue the diversification of our topline and represents a new milestone towards our ambition of building the leading pan-European market infrastructure ”

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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 nearly 1,900 listed 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.  
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