Euronext publishes Q4 and full year 2021 results


Strong revenue growth, driven by solid organic performance of non-volume related activities and significant contribution from acquisitions. 2021 costs guidance over- achieved and first delivery of synergies from the Borsa Italiana Group integration.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 10 February 2022 – Euronext, the leading pan-European market infrastructure, today publishes its results for the fourth quarter and full year 2021.

  • 2021 revenue and income at €1,298.7 million (+€414.3 million, +46.9%, +3.3% like-for-like[1]):
    • Borsa Italiana Group contributed €337.7 million to the full year revenue for eight months of consolidation.
    • Non-volume related revenue accounted for 55% of 2021 total revenue (vs. 50% in 2020) and covered 131% of operating expenses, excluding D&A (vs. 121% in 2020).
    • Post-trade revenue grew to €320.6 million (+80.9%), mainly due to the consolidation of Euronext Securities Milan and of the clearing activities of Euronext Clearing. Custody and Settlement revenue doubled to €219.2 million (+99.0%). Clearing revenue increased to €101.4 million (+51.2%) and net treasury income of Euronext Clearing was €35.4 million.
    • Trading revenue grew to €465.3 million (+27.4%), primarily driven by the consolidation of Borsa Italiana Group capital markets and efficient yield management in cash trading partially offsetting lower volumes compared to an exceptional year 2020 (€11.8 billion pro forma ADV in 2021). Fixed income trading revenue increased to €65.8 million, driven by +45.4% growth year on year in MTS cash trading activities.
    • Advanced Data Services revenue grew to €183.6 million (+32.1%) due to a robust core data business performance, dynamic index activity, especially in ESG, and the consolidation of the Borsa Italiana Group data activities.
    • Listing revenue grew to €189.7 million (+30.4%). Euronext confirmed its European listing leadership with 212 listings in 2021. Euronext also reinforced its leadership for the listing of ETFs in Europe and for the listing of debt worldwide.
    • Record quarter for revenue and income at €370.1 million in Q4 2021, up +59.5% compared to Q4 2020, driven by strong post-trade and trading activities, especially from MTS.
  • EBITDA at €752.8 million (+€232.8 million, +44.8%, +3.7% like-for-like), EBITDA margin at 58.0% (-0.8pts) due to implementation costs; EBITDA margin like-for-like at 59.7% (+0.2pts):
    • Operating expenses, excluding D&A, grew to €545.8 million (+49.8%) as a result of the consolidation of costs from acquired businesses, for €163.1 million, and costs related to the integration of these acquisitions, notably the Borsa Italiana Group.
    • Operating expenses excluding D&A and excluding the consolidation of the Borsa Italiana Group better than 2021 costs guidance thanks to efficient costs control.
    • €10.1 million run-rate annual synergies related to the Borsa Italiana Group achieved in 2021, and €27.6 million of implementation costs incurred as of end of 2021.
  • Net debt to EBITDA[2] at 2.6x, compared to 3.2x post acquisition of the Borsa Italiana Group.
  • Reported net income, share of the parent company shareholders, at €413.3 million (+€97.9 million, +31.0%):
    • Exceptional items were €47.8 million and net financing expenses were €31.7 million.
    • Results from equity investments amounted to €33.2 million with received dividends from Euroclear and Sicovam contributing €25.7 million.
    • Income tax rate was 27.3%.
  • Adjusted EPS[3] at €5.35[4] (+17.2%).
  • Key figures

Key figures - in €m, unless stated otherwise



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Reported EPS (non-diluted, in €)[5]





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  • Dividend proposal:

In accordance with Euronext’s dividend policy, a pay-out ratio of 50% of reported net income representing a dividend for 2021 of €206.7 million (€1.93 per share) will be proposed to the AGM[6] on 18 May 2022.

  • Upcoming launch of Tech Leaders, the segment dedicated to Tech companies, with a full suite of pre-IPO and post-IPO services, to support their financing needs during their growth journey.
  • Continued deployment of ESG strategy with the upcoming launch of the AEX® ESG index, following the successful launch of the CAC 40® ESG and MIB® ESG.
  • Successful completion of the necessary steps to prepare the migration of clients to Euronext Core Data Centre in Bergamo, Italy. Euronext is now proceeding with the client installation, which is set to be finalised in spring 2022. First part of this strategic migration expected to be achieved in June 2022.
  • Costs guidance for 2022:

To highlight its underlying performance, from Q1 2022 Euronext will adjust its operating expenses and publish an adjusted EBITDA excluding non-recurring items (definition in appendix), for example implementation costs related to the Borsa Italiana Group integration.

In 2022, Euronext expects its underlying operating costs excluding D&A (definition in appendix) to be around €622.0 million, compared to the annualised fourth quarter of 2021 underlying operating costs excluding D&A (€627 million).

In addition, Euronext expects to incur around €50.0 million of non-recurring, implementation costs in 2022, out of the announced €160 million of non-recurring, implementation costs to deliver on the ‘Growth for Impact 2024’ strategic plan.

These implementation costs reflect the ongoing work of the Euronext teams to deliver on the key strategic projects announced in November 2021, including (i) the migration of its Core Data Centre to Bergamo (Italy), (ii) the migration of Italian cash and derivatives markets to the Optiq® trading platform and (iii) the European expansion of Euronext Clearing (formerly CC&G) clearing activities (subject to regulatory approvals).


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

“Euronext delivered a record performance during the fourth quarter of 2021, closing a dynamic and pivotal year 2021 for Euronext. In 2021, Euronext achieved more than 40% of growth in revenue and EBITDA and a high double-digit increase in adjusted EPS. This results from the successful integration of Euronext Securities Copenhagen and the contribution of the Borsa Italiana Group, especially in fixed income, custody and settlement and clearing. This performance also reflects the solid performance of our non-volume related activities and our enhanced capacity to capture revenue in a less volatile equity trading environment. We maintained a strong costs control, that allowed the Group to report better costs than its 2021 costs guidance. In addition, just eight months after the completion of the acquisition of the Borsa Italiana Group, we have already achieved €10.1 million of run-rate annual synergies out of the 2024 target. Further, these achieved synergies do not encompass yet the business development opportunities arising from the integration of the Borsa Italiana Group.

We also consolidated our leadership position in the listing and trading of equities in Europe. This was further demonstrated by the record year in new equity listings with 212 new listings on Euronext markets in 2021. Furthermore, we recently announced the upcoming launch of our new segment for Tech companies, Tech Leaders, together with a full suite of pre-IPO and post-IPO services. This new segment will enhance the attractivity and visibility of Euronext’s Tech franchise and support our listing offering in Europe for Tech companies approaching the IPO stage.

In November 2021 we introduced our new strategic plan, ‘Growth for Impact 2024’, which sets ambitious financial targets and a firm commitment to the 1.5° climate trajectory, for the benefit of our stakeholders, and, more broadly, for European economies. This commitment is already concretely reflected in our growing ESG products offering, including the expansion of our ESG indices franchise to our national flagship indices. Following the CAC 40 ESG in France and the MIB ESG in Italy, we are about to launch the AEX ESG, to support sustainable investing in the Netherlands, one of the main equity markets of Euronext. Furthermore, as announced in November 2021, the planned migration to our new green Core Data Centre in Bergamo is well on track for completion by June 2022.

As we enter 2022, all the Euronext teams are more than ever committed to build the leading market infrastructure in Europe to shape capital markets for future generations.”


[1] Like for like revenue at constant currencies excludes in 2020 and 2021 VP Securities (until 4 August), the Borsa Italiana Group, 3Sens, Ticker, OMS and Centevo as well as related integration costs. Unless specified otherwise, percentages refer to the 2021 period data compared to the 2020 data over the same period.

[2] Last twelve months EBITDA pro forma the Borsa Italiana Group

[3] Definition in appendix

[4] Weighted average number of shares at 96,058,761 for FY 2021, FY 2020 outstanding shares adjusted for the rights issue to 76,119,487 shares.

[5] Weighted average number of shares at 96,058,761 for FY 2021, FY 2020 outstanding shares adjusted for the rights issue to 76,119,487 shares.

[6] Annual General Meeting of Shareholders

Unless specified otherwise, percentages refer to 2021 period data compared to the comparable 2020 period data.

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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 €6.5 trillion in market capitalisation as of end June 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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