2023 Annual Report

Underlying revenue

€1,475 million

+3.9%

Adjusted EBITDA

€865 million

+0.4%

Adjusted EPS

€5.51

Proposed dividend

€2.48

Stéphane Boujnah
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 futuregrowth opportunities. As we celebrate the 10 year anniversary of our IPO in 2024, I am looking forward to deepdive into the opportunities that this transformation will offer for Euronext in the coming years at our Investors Day in November 2024.
  • Stéphane Boujnah
  • CEO and Chairman of the Managing Board

We are well on track for the delivery of the last major milestones of the “Growth for Impact 2024” strategic plan in 2024. 

We reached €74 million of cumulated run-rate annual EBITDA synergies at end of 2023, above our €70 million interim target.

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.

Throughout the year, we continued to consolidate our leadership position in the listing  of equities in Europe, welcoming 64 new companies on our market, and attracting the majority of international listings in Europe. In addition, we continued to support the financing of the real economy through capital markets, with more than 300 issuers that raised €20 billion on Euronext through follow-on transactions to fund their growth and investment projects.

We consolidated our position as the first debt listing venue worldwide, with more than 55,000 total bonds listed on our market. Euronext has also further solidified its position as the world leading venue for sustainable bonds, with more than 450 new ESG bond listings in 2023 raising more than €280 billion. 

In 2023, we were able to demonstrate once again our exceptional integration capabilities. We delivered some of the key milestones of our ‘Growth for Impact 2024’ strategic plan. With the successful migration of Borsa Italiana’s cash markets to Optiq®, Euronext was able to reinforce its leadership in cash equity trading across Europe. We are today uniting 25% of European equity trading on Euronext’s single technology platform, forming the largest liquidity pool in Europe. 

In November 2023, we established Euronext Clearing as the CCP of choice for Euronext's cash markets, with the expansion of its offering to Belgium, France, Ireland, the Netherlands and Portugal. We also set MTS as a recognized interdealer platform for the implementation of electronic market making on European Union issued debt instruments, with very dynamic first volumes.

2024 marks the 10 years anniversary of Euronext since its IPO, and allows us to observe the exceptional growth transformation the group has undergone during the last 10 years. WE have expanded across the entire trading value chain, and have extended the range of products we provide to our clients, such as power trading, forex or fixed income. The delivery of the last bricks of our strategic plan will unlock new innovation capabilities for us, which we will further detail with the release of our new strategic plan for 2027 on our investor day in November 2024.

Key highlights of 2023

Successful migration of Borsa Italiana cash markets to Euronext's Optiq® trading platform

Migrating the Borsa Italiana markets onto one platform gives investors in Italy the opportunity to trade a much wider range of products, while issuers of financial instruments gain access to a broad investor base across Europe and internationally, through all seven Euronext marketplaces. Likewise, European investors can benefit from trading Italian products through the Euronext platform.

Successful expansion of Euronext Clearing 
to Euronext Amsterdam, Brussels, Dublin, 
Paris and Lisbon cash markets

The successful expansion of the Euronext Clearing offering to Euronext cash markets is a significant milestone in the delivery of our Euronext “Growth for Impact 2024” strategic plan and demonstrates our capacity to timely and seamlessly integrate and expand European market infrastructures. This move will enable us to further cater to our clients along the entire trading value chain, unlocking new opportunities to develop innovative solutions in a more agile way.

Expansion of 
Euronext GEM retail offering for pan-European and US securities

Euronext enhanced the stock universe of its Euronext GEM market, which was previously run by Borsa Italiana and known as BIt GEM. Retail investors and brokers can now trade 230+ US stocks and 120+ stocks from Germany, Spain, Finland and Sweden. Trading is in Euros, and is supported by market makers to guarantee liquidity.

Trades on both the GEM and TAH markets are cleared and settled in Euros by Euronext Clearing and Euronext Securities Milan, keeping the whole trade life cycle simple and efficient.

Launch of MTS EU

MTS, Euronext's leading fixed income trading platform, was recognized as an interdealer platform for the implementation of electronic market making on European Union issued debt instruments.

Financial review

Giorgio Modica
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 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.
  • Giorgio Modica
  • Chief Financial Officer
  • Strong performance of non-volume related revenue representing 60% of total revenue.
  • Technology Solutions benefited from continued benefits from the internalisation of colocation services following the migration of the Core Data Centre to Bergamo, Italy.
  • Advanced Data Services revenue grew driven by a strong performance across the data products offering and solid demand for analytic products.
  • Custody and Settlement revenue grew driven by growing assets under custody, improved revenue capture and continued expansion of the services business. 
  • Euronext remained the leading venue for equity listing in Europe, recording 64 new equity listings, and the leading venue for debt listing globally.
  • Clearing revenue was stable 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. 
  • Trading revenue reflected the softer environment for cash trading and derivatives trading offset by record results in fixed income and power trading.

Underlying operating expenses excluding D&A were €610.0 million, better than guided at €618 million (revised from €630 million due to FX impact) thanks to continued cost control, and a one-off accruals release of €6.3 million

Net debt to reported EBITDA was at 2.0x at the end of 2023 and net debt to adjusted EBITDA at 1.9x resulting from continued strong cash generation.

Empowering sustainable finance

Sylvia Andriessen
In 2023, we continued to work towards delivering on our ambitious ambitious SBTi-validated targets to reduce our greenhouse gas emissions in alignment with the Paris Agreement. We also pursued our dual mission to drive investment in innovative, sustainable products and services as well as inspire and promote sustainable tangible practices.
  • Sylvia Andriessen
  • General Counsel
  • Combined Scope 1 and Scope 2 
(market-based) emissions decreased by 79% compared to 2020, primarily attributed to the adoption of green electricity and renewable energy sources
  • Scope 3 travel emissions decreased by 37.6% compared to 2019, signaling progress despite gradual travel resumption
  • 32% of suppliers, representing over 72% of emissions from purchased goods and services, established SBTi targets by December 2023

Continued leadership for ESG bonds

  • N°1 worldwide listing venue for ESG bonds in 2023, with almost 500 new bond listings
  • N°1 global venue for ESG bond issuers and amount raised, with +2,200 ESG bonds, from +500 issuers, accounting for +1.3tn€

Launch of My ESG Profile

  • 1st stock exchange to make standardized ESG data of its issuers available 
  • +1,900 company ESG profiles containing +60,000 data points on Euronext Live
  • Euronext Biodiversity Enablers index, 1st world benchmark index on biodiversity
  • ESG versions of our benchmark indices, including the CAC® 40 ESG, MIB ESG, AEX®  ESG, BEL® ESG, and OBX® ESG, CAC SBT 1.5

Document download

  • PDF

Euronext 2023 URD - PDF

English Version

English 28/03/2024 Euronext 2023 URD - PDF /sites/default/files/financial-event-doc/2024-04/URD%202023%20-%20PDF%20%282%29_0.pdf
  • ZIP

Euronext 2023 URD - ESEF

English Version

English 28/03/2024 Euronext 2023 URD - ESEF /sites/default/files/financial-event-doc/2024-03/eur-2023-12-31-en.zip