This year has been crucial in laying the foundations for the future growth of Euronext. We have successfully completed the first major milestone of our ‘Growth for Impact 2024’ strategic plan with the migration of our Core Data Centre. Our achievements in 2022 pave the way for the next steps to be delivered in 2023 and 2024. These are the critical bricks to complete our presence across the integrated value chain, allowing us to innovate and shape capital markets in line with evolving client needs, and making Euronext even stronger to deliver future growth.
2022 was a critical year for Euronext, and for Europe. The military invasion of Ukraine by Russia has demonstrated very clearly the need for reinforced European cooperation and a strengthened European Union. At Euronext, we are committed to our European roots and to our global ambitions. We know that cooperation across Europe is vital to secure prosperity and peace among the European nations that have pooled their destiny in common. The challenges our continent is facing is a reminder to us all of the common values we defend, as we continue to build the leading pan-European market infrastructure.
Throughout the year, we continued to consolidate our leadership position in the listing and trading of equities in Europe, and as the first debt listing venue worldwide. In 2022, Euronext welcomed 83 new equity listings to its seven listing venues across Europe, half of which were Tech companies. As part of the integration of the Borsa Italiana Group, we also introduced a new listing framework in Italy, harmonised with Group and global standards to simplify access to financing for local and international issuers.
In 2023, we will bring the Italian markets to our single trading platform, Optiq®, creating the deepest liquidity pool in Europe, and strengthening the leading European listing platform. Euronext Clearing will become the clearing house of choice for Euronext cash equity markets in Q4 2023, and the clearing house for listed derivatives and commodities markets in Q3 2024. This strategic transformation will allow Euronext to directly manage these key client services and provide a harmonised and internalised clearing framework across all Euronext venues.
We celebrated in April 2022 the one-year anniversary of the acquisition of the Borsa Italiana Group, a turning point in the history of Euronext. A lot has been accomplished and 2022 has been critical to the integration. We are proud that some of the key milestones of our ‘Growth for Impact 2024’ strategic plan have already been successfully completed. We also confirmed that all the Euronext strategic projects are progressing well. The migration of the Euronext Core Data Centre from Basildon in the United Kingdom to Bergamo in Italy on 6 June 2022 was one of our most strategic and ambitious projects. It was delivered smoothly, on schedule and on budget. 25% of the equity trading in Europe is now handled every day within our new green Core Data Centre located in the European Union.
Another major step in our ESG commitment was achieved in 2022. In June, we published ambitious Euronext carbon footprint reduction targets to reduce our greenhouse gas emissions in alignment with the Paris Agreement. Our targets were validated by the Science-Based Targets initiative (SBTi) at the beginning of 2023. Our new green Core Data Centre is a major step in achieving Euronext's ESG goals, allowing us to reduce our own carbon footprint while also enabling our colocation clients to lower their environmental impact.
2022 has once again demonstrated our ability to deliver key strategic migrations on time, on budget, and with excellent results. 2023 will be another transformational year for Euronext. The projects we are implementing, and the plans we are preparing, will shape the future of the Euronext Group for the next ten years. All of us will be working hard on numerous transformative projects. I am certain that our diversified business model, our hard work, and our agile operating culture, combined with our continued cost discipline, will allow us to reinforce our position as the leading market infrastructure in Europe, shaping capital markets for future generations.
The migration of Euronext’s Core Data Centre to Italy, 14 months after the closing of the Borsa Italiana Group acquisition, marked a milestone in bringing back to the European Union the Core Data Centre that handles 25% of European trading volumes.
Following the launch of the CAC 40 ESG® and MIB ESG® indices in 2021, Euronext accelerated on its commitment to support the transition to a sustainable economy. Euronext introduced the ESG versions of its flagship national benchmark OBX index in Oslo and AEX index in Amsterdam.
Euronext upgrades its targeted 2024 annual run-rate pre-tax synergies related to the integration of the Borsa Italiana Group by €15 millon to €115 million of cumulated annual run-rate pre tax synergies by the end of 2024.
At the end of 2022, Euronext had delivered over €34 million of cumulated run-rate synergies.
Another major step in our ESG commitment was achieved in 2022 with the publication of our ambitious carbon footprint reduction targets to reduce our greenhouse gas emissions in alignment with the Paris Agreement. Our targets were validated by the Science-Based Targets initiative (SBTi).
In 2022, Euronext reached record revenue resulting from the strong performance of our non-volume related activities, together with efficient management of revenue capture and of cash trading market share. Thanks to our trademark cost discipline, we reported lower costs than our 2022 cost guidance.
Non-volume related revenue accounted for 58.1% of 2022 underlying revenue
FX and power trading reported strong performances. The softer environment for cash trading volumes from the second semester of 2022 was offset by efficient management of yield and an uptick in market share from October 2022.
Post-trade revenue (excluding NTI) growth reflected the diversified Euronext Securities business model as settlement activity stabilised while Clearing revenue increased mainly as a result of the consolidation of revenue from Euronext Clearingand improved product mix.
Increasing Listing revenue demonstrated the resilience of the business in tougher market conditions. In 2022, Euronext remained the leading venue for equity listing in Europe, recording 83 new equity listings, and the leading venue for debt listing globally.
Advanced Data Services revenue grew driven by the consolidation of the Borsa Italiana Group and a strong performance of both real-time and non real-time data businesses.
Underlying operating expenses excluding D&A were €606.1 million beating the already revised 2022 cost guidance of €612 million (initially €622 million), thanks to efficient cost control and several positive one-off impacts over the year.
Net debt to reported EBITDA was at 2.6x at the end of 2022 and net debt to adjusted EBITDA at 2.4x resulting from strong cash generation since the closing of the acquisition of the Borsa Italiana Group.
Another major step in our ESG commitment was achieved in 2022. In June, we published ambitious carbon footprint reduction targets to reduce our greenhouse gas emissions in alignment with the Paris Agreement. Our targets were validated by the Science-Based Targets initiative (SBTi) at the beginning of 2023.
By 2030, Euronext will reduce its Scope 1 and Scope 2 market-based greenhouse gas emissions by 73.5% compared to 2020;
By 2030, Euronext will reduce its Scope 3 business travel emissions by at least 46.2% compared to 2019;
By 2027, Euronext suppliers, representing 72% of Euronext’s greenhouse gas emissions derived from purchased goods and services, must set targets on their Scope 1 and Scope 2 emissions.
The migration to the new green Core Data Centre represents a key milestone in Euronext’s “Fit for 1.5°” commitment, part of its ESG strategy. Located in the Aruba Global Cloud Data Centre IT3’s certified and energy-efficient buildings, the new Core Data Centre is entirely powered by renewable energy, much of it self-produced through a large photovoltaic system and a hydroelectric unit. It also benefits from reduced power consumption thanks to very efficient cooling systems using geothermal and dynamic free cooling, and the use of cloud computing to reduce the number of servers. The new Core Data Centre allows Euronext to reduce its own carbon footprint, while also enabling its colocation clients to lower their environmental impact.
Euronext entered the Euronext Equileap Eurozone 100 and the Euronext Equileap Gender Equality France 40, indices highlighting European companies that have demonstrated a strong role in improving gender equality. The gender equality score provider for these indices, Equileap, assesses each company’s commitment to gender equality from its boardroom to its supply chain, and is inspired by the UN Women’s Empowerment principles. The index methodology also applies activity-based exclusions, UNGC compliance and controversial activities exclusion.