Euronext publishes Q3 2020 results



Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris – 5 November 2020 – 17.45 CET – Euronext, the leading pan-European market infrastructure, today announced its results for the third quarter of 2020.

  • Q3 2020 revenue at €204.8 million (+12.7%):
    • Post-trade revenue increased to €44.6 million (+44.9%), driven by the consolidation from 4 August 2020 of VP Securities, the Danish CSD, contributing €10.0 million revenue, and higher clearing revenue. Like-for-like[1] at constant currencies, post-trade revenue increased +16.0%
    • Trading revenue increased to €75.9 million (+7.3%), with €6.3 million contributed by Nord Pool power trading offsetting lower cash and derivatives trading volumes. Like-for-like at constant currencies, trading revenue decreased -1.0%
    • Listing revenue increased to €35.8 million (+2.9%), driven by the strong performance of Corporate Services at €7.8 million (+20.0% like-for-like). Like-for-like at constant currencies, listing revenue increased +2.6%
    • Advanced data services revenue increased to €34.5 million (+3.0%), reflecting a solid performance of the market data and indices businesses. Like-for-like at constant currencies, advanced data services revenue increased +2.6%
    • Nord Pool contributed €8.6 million revenue in Q3 2020
    • Group non-volume related revenue[2] accounted for 54% of Q3 2020 total revenue (vs. 52% in Q3 2019), and covered 128% of operating expenses excluding depreciation & amortisation (vs. 129% in Q3 2019)
  • Q3 2020 EBITDA at €117.8 million (+9.1%), with EBITDA margin at 57.5% (-1.9pts); like-for-like, EBITDA margin at 59.7% (+0.1pts):
    • Group operating costs excluding D&A were up +€13.3 million to €87.1 million, primarily as a result of the consolidation of costs from acquired businesses currently undergoing integration
    • Euronext confirms its 2020 guidance for costs, excluding D&A, of mid-single digit[3] growth in 2020, compared to the H2 2019 annualised cost base, to reflect expected costs in Q4 2020 related to the integration of Oslo Børs VPS and implementation of the strategic plan projects
  • Q3 2020 reported net income, share of the Group, at €70.2 million (+10.6%) and Adjusted EPS[4] at €1.12 (+13.8%)
    • Increased financing costs related to foreign exchange impacts and the bond tap issue in June 2020
    • Income tax rate at 26.4%, reflecting reduced domestic tax rates and the enlarged Nordic footprint




Key figures - in €m, unless stated otherwise

Q3 2020

Q3 2019

% var

Organic (like-for-like, constant currencies)






Operational expenses excluding D&A










EBITDA margin



-1.9 pts

+0.1 pt

Net income, share of the Group





EPS (non diluted, reported)





EPS (non diluted, adjusted)4







  • Contemplated acquisition of the Borsa Italiana Group[5]
    • Binding agreement signed on 9 October 2020 with London Stock Exchange Group plc (“LSEG”) and London Stock Exchange Group Holdings (Italy) Limited to acquire 100% of the issued share capital of London Stock Exchange Group Holdings Italia SPA, the holding company of the Borsa Italiana Group for a cash consideration of €4,325 million[6]
    • The combined[7] revenue for the Combined Group[8] amounted to €1.3 billion and EBITDA reached €711 million for 2019. In 2019, the Borsa Italiana Group generated €464 million of revenue and €264 million of EBITDA
    • Transaction is expected to be accretive[9] to the adjusted EPS (before synergies) immediately, to generate a total of €60 million pre-tax run-rate synergies by year 3, and to be double digit accretive5 in year 3 after synergies
    • Potential transaction is conditional upon, amongst other things, the divestment of the Borsa Italiana Group or a material part thereof being a condition of the European Commission’s clearance decision for LSEG’s proposed acquisition of Refinitiv
    • An Extraordinary General Meeting (“EGM”) of shareholders is convened on 20 November 2020 to approve the transaction, the private placement and rights offer
    • Closing is expected in H1 2021

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

“In the third quarter of 2020, Euronext’s business diversification initiatives continued to bolster growth, with the first impact of the consolidation of VP Securities, while the core business showed its resilience and translated into a double-digit growth of revenue at €204.8 million. Combined with continued cost control, this translated into a higher EBITDA of €117.8 million and a double-digit increase in adjusted EPS to €1.12.

Euronext confirms the cost guidance of mid-single digit growth in 2020 compared to the annualised second half 2019 cost base, as costs related to the Oslo Børs VPS integration and strategic plan projects are expected to ramp up in the last quarter of 2020.

We closed the acquisition of VP Securities in August, pursuing our Nordic expansion and enhancing our post-trade activities. As we celebrate the 20th anniversary of Euronext, we also reached a turning point in the Group’s history with the contemplated acquisition of the Borsa Italiana Group[10]. The combination of Euronext and the Borsa Italiana Group delivers on the strategic objectives set in October 2019 in our ‘Let’s Grow Together 2022’ strategic plan to build the leading pan-European market infrastructure, through expansion of our federal model and accelerated diversification of Euronext’s revenue mix.”


Unless stated otherwise, variations refer to Q3 2020 figures compared to Q3 2019 figures

[1] Like-for-like revenue are at constant currencies and exclude in Q3 2020 VP Securities, Ticker, 3Sens, OPCVM360 and Nord Pool

[2] Volume-related businesses include Cash, Derivatives, Spot FX trading, Power trading, Clearing, and IPOs

[3] Based on H2 2019 reported operating costs excluding D&A, excluding Nord Pool and VP Securities

[4] Definition in Appendix

[5] London Stock Exchange Group Holdings Italia S.p.A. and its consolidated subsidiaries

[6] Plus an additional amount reflecting the cash generated to completion. Excluding cash and liquid assets (after deduction of regulatory requirements) and borrowings, representing a total net liability of €42m as of 30 June 2020

[7] Euronext and the Borsa Italiana Group 2019 financial information based on their respective accounting policies and not prepared on a pro-forma basis. Euronext 2019 information including the full-year pro forma impact of the previous acquisition of Oslo Børs VPS, Nord Pool, VP Securities, OPCVM 360, Ticker and 3Sens

[8] Euronext and its subsidiaries following completion (for the avoidance of doubt, including the Borsa Italiana Group)

[9] Based on a price per Ordinary Share of €102.5 as of 8 October 2020

[10] The potential transaction is conditional upon, amongst other things, the divestment of the Borsa Italiana Group or a material part thereof being a condition of the European Commission’s clearance decision for LSEG’s proposed acquisition of Refinitiv

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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 more than 1,900 listed issuers and around €7.1 trillion in market capitalisation as of end March 2024, 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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