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Euronext publishes Q2 2020 Results

Euronext publishes Q2 2020 Results
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EURONEXT PUBLISHES Q2 2020 RESULTS

SOLID SECOND QUARTER 2020 DRIVEN BY INCREASED TRADING VOLUMES IN ALL ASSET CLASSES AND CONTINUED BENEFITS FROM DIVERSIFICATION

Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris – 29 July 2020 – 17.45 CEST – Euronext, the leading pan-European market infrastructure, today announced its results for the second quarter of 2020.

  • Revenue at €210.7 million (+32.5%):
    • Trading revenue increased to €89.4 million (+34.0%), with growth across all asset classes and €6.7 million contributed by Nord Pool power trading. Like-for-like1, trading revenue increased +19.0%. Recently launched single stock futures saw strong commercial traction and diluted derivatives overall trading yield
    • Post-trade revenue increased to €36.1 million (+64.5%), driven by the consolidation of revenue from VPS,
      the Norwegian CSD, and higher clearing revenue. Like-for-like, post-trade revenue increased +7.9%
    • Listing revenue increased to €36.1 million (+21.3%), driven by the consolidation of Oslo Børs VPS and the solid performance of Corporate Services at €7.9 million (+33.8% like-for-like). Like-for-like, listing revenue increased +6.0%
    • Advanced data services revenue increased to €35.8 million (+16.0%), as a result of the consolidation of Oslo Børs VPS and Nord Pool, and the good performance of the core business. Like-for-like, advanced data services revenue increased +6.1%
    • Nord Pool contributed €8.6 million2
    • Group non-volume related revenue3 accounted for 49% of Q2 2020 total revenue (vs. 48% in Q2 2019), and covered 122% of operating expenses excluding depreciation & amortisation (vs. 124% in Q2 2019)
  • EBITDA at €125.4 million (+27.8%), with EBITDA margin at 59.5% (-2.2pts); like-for-like, EBITDA margin was 61.7%:
    • Group operating costs excluding D&A were up +€24.4 million to €85.3 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 digit4 growth in 2020, compared to the H2 2019 annualised cost base, to reflect expected costs in H2 2020 related to the integration of Oslo Børs VPS and implementation of the strategic plan projects
  • Reported net income, share of the Group, at €82.1 million (+53.7%) and Adjusted EPS5 at €1.23 (+33.1%)
    • Increased financing costs related to the interest expenses on the second bond issued in June 2019
    • Income tax rate at 25.1%, positively impacted by tax one-offs
  • Acquisition of VP Securities
    • Danish Financial Supervisory Authority clearance was received on 15 July 2020 and closing is expected early August 2020
    • 90.68% of total shares were tendered to the Euronext offer as of 15 July 20206
    • Run-rate cash cost synergies7 in year 3 are expected to reach €7 million, through optimised operating model, IT footprint optimisation and rationalisation of support functions
    • Restructuring provisions are expected to be incurred in Q4 2020
Key figures - in €m, unless stated otherwise Q2 2020 Q2 2019 % var Organic (like-for-like, constant currency)
Revenue 210.7 159.0 +32.5% +12.4%
Operational expenses excluding D&A -85.3 -60.9 +40.1% +12.4%
EBITDA 125.4 98.1 +27.8% +12.4%
EBITDA margin 59.5% 61.7% -2.2 pts 0.0 pts
Net income, share of the Group 82.1 53.4 +53.7%  
EPS (non diluted, adjusted)2 1.23 0.93 +33.1%  

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

“In the second quarter of 2020, Euronext delivered a solid performance with double digit growth across most asset classes, which, combined with continued cost control, translated into a higher EBITDA of €125.4 million and a +33.1% increase in adjusted EPS to €1.23. Euronext confirms its 2020 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 second half 2020.

This second quarter, we also launched a suite of ESG products and services to empower sustainable growth. This constitutes an important milestone in the ESG roadmap of our three-year strategic plan ‘Let’s Grow Together 2022’. In addition, we became the first stock exchange to endorse the UN Global Compact’s nine Ocean Principles, having been an Official Supporter of the United Nations’ Sustainable Stock Exchanges initiative since 2015.

The third quarter has gotten off to a positive start for our ongoing diversification strategy, with the Danish FSA’s approval for the acquisition of VP Securities in July. We expect to close the transaction early August 2020, and the acquisition to be EPS accretive in full year 1. We are anticipating €7 million run-rate cash cost synergies in year 3, through organisational and IT optimisation, delivering a return in line with our investment criteria. The integration process has already started and we will report VP Securities’ revenue contribution from the third quarter.”



Euronext Q2 2020 financial performance


In €m, unless stated otherwise Q2 2020 Q2 2019 % change Organic (like-for-like, constant currency)
Revenue 210.7 159.0 +32.5% +12.4%
Operational expenses excluding D&A -85.3 -60.9 +40.1% +12.4%
Salaries and employee benefits -47.8 -33.6 +42.5% +14.0%
Other expenses -37.5 -27.4 +37.1% +10.5%
EBITDA 125.4 98.1 +27.8% +12.4%
EBITDA margin 59.5% 61.7% -2.2 pts 0.0 pts
Depreciation & amortisation -13.6 -8.9 +52.8% -0.6%
Operating profit before exceptional items 111.8 89.2 +25.3% +13.7%
Exceptional items -0.3 -10.0 -96.6%  
Operating profit 111.4 79.2 +40.7%  
Net financing income / (expense) -2.5 -2.0 +25.4%  
Results from equity investments 2.3 1.4 +61.3%  
Profit before income tax 111.2 78.6 +41.5%  
Income tax expense -27.9 -24.3 +14.7%  
Share of non-controlling interests -1.2 -0.9 +40.6%  
Profit for the period 82.1 53.4 +53.7%  
Reported EPS (non diluted, € per share)   1.18   0.77 +53.4%  
Adjusted EPS  (non diluted, € per share) 1.23 0.93 +33.1%  

The figures in this document have not been audited or reviewed by our external auditor.

In the second quarter of 2020, Euronext consolidated revenue increased to €210.7 million, up +32.5%, primarily resulting from increased trading volumes in all asset classes and from the consolidation of Oslo Børs VPS and Nord Pool. On a like-for-like basis (excluding the consolidation of Oslo Børs VPS, Nord Pool, OPCVM360 and Ticker in Q2 2020), Euronext consolidated revenue was up +12.4% in Q2 2020, at €173.8 million.

Non-volume related revenue accounted for 49% of total Group revenue in Q2 2020, increasing from 48% of total Group revenue in Q2 2019. This reflects the double digit growth in trading revenue in Q2 2020. The operating cost coverage ratio was at 122% in Q2 2020, compared to 124% in Q2 2019.

EBITDA

In €m, unless stated otherwise Q2 2020 Q2 2019 % change Organic (like-for-like, constant currency)
Revenue 210.7 159.0 +32.5% +12.4%
Operational expenses excluding D&A -85.3 -60.9 +40.1% +12.4%
Salaries and employee benefits -47.8 -33.6 +42.5% +14.0%
Other expenses -37.5 -27.4 +37.1% +10.5%
EBITDA 125.4 98.1 +27.8% +12.4%
EBITDA margin 59.5% 61.7% -2.2 pts 0.0 pts

Operational expenses excluding depreciation & amortisation increased to €85.3 million, up +40.1%, i.e. by €24.4 million, as a result of the consolidation of the costs from Oslo Børs VPS (consolidated for only 2 weeks in Q2 2019), Nord Pool, OPCVM360 and Ticker for €18.8 million, as well as higher clearing expenses reflecting higher cleared derivatives volumes. On a like-for-like basis, operational expenses excluding depreciation & amortisation increased by +12.4% compared to Q2 2019, as a result of higher staff costs and professional services.

Consequently, EBITDA for the quarter was €125.4 million, up +27.8%, representing a margin of 59.5%, down -2.2 points compared to Q2 2019, due to the ongoing integration of Oslo Børs VPS and other recently acquired companies. On a like-for-like basis, EBITDA for Q2 2020 was up +12.4%, to €107.3 million, and EBITDA margin was 61.7%, stable, compared to the same perimeter in Q2 2019.


Net income, share of the Group

In €m, unless stated otherwise Q2 2020 Q2 2019 % change Organic (like-for-like, constant currency)
EBITDA 125.4 98.1 +27.8% +12.4%
EBITDA margin 59.5% 61.7% -2.2 pts 0.0 pts
Depreciation & amortisation -13.6 -8.9 +52.8% -0.6%
Operating profit before exceptional items 111.8 89.2 +25.3% +13.7%
Exceptional items -0.3 -10.0 -96.6%  
Operating profit 111.4 79.2 +40.7%  
Net financing income / (expense) -2.5 -2.0 +25.4%  
Results from equity investments 2.3 1.4 +61.3%  
Profit before income tax 111.2 78.6 +41.5%  
Income tax expense -27.9 -24.3 +14.7%  
Share of non-controlling interests -1.2 -0.9 +40.6%  
Net income, share of the Group 82.1 53.4 +53.7%  

Depreciation and amortisation accounted for €13.6 million in Q2 2020, up +52.8%, resulting mainly from the consolidation of recently acquired businesses and their respective PPA . On a like-for-like basis, depreciation & amortisation was down -0.6% to €8.7 million.

Operating profit before exceptional items was €111.8 million, a +25.3% increase compared to Q2 2019. On a like-for-like basis, operating profit before exceptional items was up +13.7%, to €98.5 million.

€0.3 million of exceptional costs was booked in Q2 2020, compared to €10.0 million in Q2 2019. In Q2 2019, exceptional costs resulted from the acquisition of Oslo Børs VPS.

Net financing expense for Q2 2020 was €2.5 million compared to a net financing expense of €2.0 million in Q2 2019, mainly reflecting interest expenses on the second bond issued in 2019.

Results from equity investments amounted to €2.3 million in Q2 2020, resulting from the contribution from LCH SA, in which Euronext owns an 11.1% stake. In Q2 2019, €1.4 million in results from equity investments was reported.

Income tax for Q2 2020 was €27.9 million, positively impacted by tax one-offs. This translated into an effective tax rate of 25.1% for the quarter (Q2 2019: €24.3 million and 31.0%).

Shares of non-controlling interests mainly relating to iBabs (60% owned), OPCVM360 (60% owned) and Nord Pool (66% owned) amounted to €1.2 million in Q2 2020.

As a result, the reported net profit share of the Group for Q2 2020 increased by +53.7%, to €82.1 million. This represents a reported EPS of €1.18 basic and €1.17 fully diluted in Q2 2020, compared to €0.77 basic and €0.76 fully diluted in Q2 2019. The number of shares used for the basic calculation was 69,673,237 and for the fully diluted calculation 69,852,672.

Adjusted EPS8 is up +33.1% in Q2 2020, at €1.23, compared to an adjusted EPS of €0.93 in Q2 2019.

In Q2 2020 Euronext generated a net cash flow from operating activities of €80.6 million, compared to €39.5 million in Q2 2019.



Q2 2020 business highlights


¨Listing

In €m, unless stated otherwise Q2 2020 Q2 2019 % change
Listing revenue 36.1 29.7 +21.3%
Equity      
Annual fees 8.7 6.2 +40.3%
Follow-ons 4.7 4.3 +9.3%
IPOs 2.0 2.3 -12.3%
Debts 9.3 7.6 +22.3%
ETFs, Funds & Warrants 3.0 2.8 +10.4%
Corporate Services 7.9 5.7 +38.5%
Others 0.4 0.9 -51.3%
Money raised9 392,631 342,429 +14.7%

Listing revenue was €36.1 million in Q2 2020, an increase of +21.3% compared to Q2 2019, driven by the strong performance of Euronext Corporate Services (+€2.0 million like-for-like) and Oslo Børs VPS contributing for €5.6 million. On a like-for-like basis, listing revenue increased by +6.0%.

Q2 2020 saw resilient primary listing activity, primarily supported by domestic issuers and SMEs, despite tough market conditions resulting from the Covid-19 pandemic. Euronext welcomed the large-cap listing of Dutch company JDE Peet’s. In addition, Euronext welcomed 10 SME listings on its markets. In Q2 2020, €3.0 billion was raised on primary markets on Euronext, compared to €1.5 billion last year.

Secondary markets saw moderate activity, driven by issuers seeking funding for growth or support through the crisis. In Q2 2020, €16.2 billion was raised in secondary equity issues, compared to €13.5 billion in Q2 2019.

In total, €392.6 billion in equity and debt was raised on Euronext’s markets in Q2 2020, compared to €349.4 billion in Q2 2019.

Corporate Services reported a strong performance, generating €7.9 million in revenue in Q2 2020, including €0.2 million of contribution from Oslo Børs VPS, compared to €5.7 million in Q2 2019, reflecting continued client traction and increased demand for digital solutions during the pandemic.

¨Trading

In €m, unless stated otherwise Q2 2020 Q2 2019 % change
Trading revenue 89.4 66.7 +34.0%
Cash trading 65.1 50.7 +28.4%
ADV Cash market1 9,971 8,279 +20.4%
Derivatives trading 11.0 10.6 +4.5%
ADV Derivatives market (in lots)1 725,438 601,233 +20.7%
Number of trading days 62 62  
Spot FX trading 6.6   5.4  +21.0%
  ADV spot FX Market (in USDm) 20,629 17,462 +18.1%
Number of trading days 65 65  
Power trading 6.7    
ADV Day-ahead power market (in TWh)   2.32    
ADV Intraday power market (in TWh)   0.07    
Number of trading days 91    

Cash trading1

Cash trading revenue increased by +28.4% in Q2 2020, to a total of €65.1 million, reflecting higher trading volumes in a dynamic environment. On a like-for-like basis, cash trading revenue increased by +23.0%. Average daily volume for cash trading increased to €10.0 billion in Q2 2020, up +20.4% compared to Q2 2019. The average yield over the second quarter was 0.53bps, and amounted to 0.56bps on a like-for-like basis10, compared to 0.54bps in Q2 2019. The cash trading market share throughout the second quarter of 2020 averaged 71.7% like-for-like, an increase from 68.2% in Q2 2019.

The average daily transaction value of ETFs on the electronic order book was €319 million over Q2 2020, up +38.1% compared to Q2 2019, supported by the volatile trading environment.

Derivatives trading1

Derivatives trading revenue increased +4.5% in Q2 2020, to €11.0 million, compared to €10.6 million in Q2 2019, driven by a strong increase in volumes thanks to volatility and the launch of new products, partially offset by a less favourable product mix. On a like-for-like basis, derivatives trading revenue was up +0.3%.

Average daily volume on individual equity derivatives was up +58.3% at 467,044 contracts, resulting from increased individual equity futures volumes, while the average daily volume on equity index derivatives was down -18.6% to 199,879 contracts.

Commodity products recorded a decrease in average daily volumes in Q2 2020, down -1.0% to 52.854 contracts compared to Q2 2019. 

Yield on derivatives averaged €0.25 in Q2 2020, down -17.0% compared to Q2 2019, impacted by significant volumes in recently launched lower-yield equity futures. Excluding Single Stocks Futures and Single Dividend Futures, the yield on derivatives averaged €0.31 in Q2 2020.

Spot FX trading

Spot FX trading activity on the Euronext FX spot foreign exchange market recorded average daily volumes of $20.6 billion in Q2 2020, up +18.1% compared to $17.5 billion in Q2 2019, supported by a volatile environment through the quarter. As a result, spot FX trading generated €6.6 million of revenue in Q2 2020, up +21.0% compared to €5.4 million in Q2 2019. On a like-for-like and on a constant rate basis, spot FX trading revenue was up +18.5% compared to Q2 2019.

Power trading

Power trading, encompassing the trading activities of Nord Pool, of which Euronext acquired 66% in January 2020, reported €6.7 million revenue reflecting the usual seasonal slowdown in the spring and summer months11. Over Q2 2020, average daily day-ahead power traded was 2.32 TWh , and average daily intraday power traded was 0.07 TWh.

¨Investor Services

Investor Services, encompassing the activities of Commcise and Investor Services activities from Oslo Børs VPS, reported revenue up +39.5% to €1.7 million revenue in Q2 2020 reflecting commercial development and the consolidation of Oslo Børs VPS activities. On a like-for-like basis, Investor Services revenue was up +24.8% compared to Q2 2019.

¨Advanced Data Services

Advanced Data Services reported revenue up +16.0% to €35.8 million in Q2 2020 driven by the consolidation of acquired businesses contributing €3.8 million and a resilient core business with continuous traction from ESG indices. On a like-for-like basis, Advanced Data Services revenue was up +6.1% compared to Q2 2019.

¨Post-Trade

Clearing

Clearing revenue was up in Q2 2020, at €15.6 million, +9.9% compared to Q2 2019, reflecting higher derivatives trading volumes over the quarter, partially offset by a less favourable product mix and higher treasury income.

Custody, Settlement and other post-trade

Revenue from Custody, Settlement and other post-trade activities, notably encompassing Interbolsa and VPS activities, increased by +164.7% to €20.5 million in Q2 2020, resulting mainly from the consolidation of Oslo Børs VPS and increased settlement activities of Interbolsa and VPS.

On a like-for-like basis, revenue from Custody, Settlement and other post-trade was up +2.9%.

¨Euronext Technologies  & Other revenue

Euronext Technology Solutions & Other revenue increased by +36.6% in Q2 2020, to €11.9 million, reflecting the consolidation of Nord Pool and Oslo Børs VPS, and robust core business. On a like-for-like basis, revenue was up +14.4% compared to last year.



Corporate highlights of Q2 2020, since publication of Q1 2020 results on 13 May 2020


¨Euronext ceases London regulatory activities

On 28 May 2020, Euronext announced that it intends to cease its Recognised Investment Exchange (RIE) activities in the UK by 30 June 2020. This announcement followed an application to the FCA to revoke its licence for regulatory operations in the UK market.  Euronext London’s RIE will remain regulated by the FCA until, subject to FCA approval, revocation becomes effective.

The Euronext London office will not be impacted by the closure of the market regulated by the current licence. Following the acquisitions of Euronext FX, Commcise and, more recently, Nord Pool, Euronext has recently increased its staff count from 30 to 55 in London. Euronext remains committed to its presence in the UK and in one of the world’s biggest financial centres, the City of London.

¨Euronext successfully prices €250 million tap on its outstanding June 2029 bond

On 22 June 2020, Euronext announced it had successfully priced a tap offering of €250 million in notes, rated A- by S&P, on its outstanding June 2029 bond listed on Euronext Dublin. This increases the total principal amount bearing interest at an annual rate of 1.125% to €750 million. Euronext N.V. has been rated “A-, stable outlook” by S&P since 31 May 2019.

The order book reached an amount of more than €820 million, and was oversubscribed more than 3 times. The ongoing success of Euronext’s debt issue highlights the continued confidence of investors in Euronext’s disciplined execution strategy, integration track record and solid credit profile.

The proceeds of the issue will be used to (i) pre-finance the acquisition of the outstanding shares of VP Securities, and (ii) for general corporate purposes in line with Euronext’s strategy.

¨New ESG milestones

ESG | Empowering Sustainable Growth

On 17 June 2020, Euronext announced the launch of a new suite of products, services and initiatives focused on Environmental, Social and Governance (ESG), designed to provide a robust framework of tools for European capital markets to fuel sustainable growth:

  • Introducing the new Euronext ESG 80 index and derivatives
  • Aligning Europe’s leading Low Carbon 100 index to the Paris Agreement
  • Expanding the Euronext ESG bonds offering
  • Launching new ESG services and solutions for listed companies
  • Endorsing the UN Global Compact’s Ocean principles

Introducing a new Euronext ESG 80 index and derivatives and Paris-aligned Low Carbon 100 index to Europe’s leading ESG index franchise

Euronext has partnered with Vigeo Eiris Moody’s to design a new ESG index, the Euronext Eurozone ESG Large 80, which tracks the Eurozone’s 80 best-performing Large Cap companies that are strong on social and governance criteria and on leading the transition to a low carbon economy. This new index responds to investors’ need for a public climate action benchmark in the Eurozone.

On 1 June 2020, Euronext introduced its first futures derivatives contracts based on an ESG index. The ESG 80 futures provide effective hedging tools and allows more investors to gain exposure to the sustainable economy in the Eurozone. At launch, it is supported by four market makers, BNP Paribas, DRW, Optiver and Société Générale.

Today, Euronext, with its partners CDP, Carbone 4 and Vigeo Eiris Moody’s, is pleased to announce that Europe’s oldest and most successful low carbon index, the Low Carbon 100, is now aligned with the current draft of EU regulation on low carbon benchmarks in conformity with the Paris Agreement objectives, the framework of which is to be officially adopted later this year. Through Exchange Traded Funds provided by BNP Paribas, the index provides investors with a ready-to-use tool to support the environmental objectives required by the Paris Agreement i.e. a 7% year-on-year reduction of CO2 emissions, a limit of 1.5°C global temperature rises by 2050 and exclusion of fossil fuel companies.

Euronext currently provides clients with a comprehensive range of over 40 ESG index families based on a transparent and rules-based selection process, with input from expert partners in their fields such as Carbone 4, CDP, ISS-ESG and Vigeo Eiris Moody’s.

Expanding Euronext Green Bonds to ESG Bonds

Capitalising on the success of the Euronext Green Bonds offering introduced last November, with an almost 70% increase in the number of issuers since launch, Euronext is expanding this offering to other ESG-related bonds, including blue, social, sustainability and sustainability-linked bonds. Euronext is the only exchange that consolidates ESG bonds listed in multiple locations into one highly visible web platform, thus providing a means for issuers to showcase their ESG credentials and for investors to rapidly identify ESG bonds. To date, 231 ESG bonds from 95 issuers are featured on the new Euronext ESG Bonds web platform.

Euronext is the world’s number one bonds listing venue and has over €165bn of ESG bond issuances listed on its markets. €54.3 billion in green bonds was listed on Euronext last year and represented almost one fifth of global green bonds issued in 2019.

Launching new ESG Services to support listed companies in their ESG transition

As investors increasingly factor ESG criteria into their investment strategies, Euronext has developed a suite of innovative solutions for listed companies through its Euronext Corporate Services offering. These tailor-made ESG Advisory services enable issuers to reach new investors by clarifying their ESG strategy for capital markets and building their ESG profile with relevant reporting and improved governance. Additional services include digital tools for virtual roadshows and remote governance, contributing to enhancing the investor relations and board management experience, and reducing the environmental impact from business travel.

In January 2020, Euronext introduced a set of guidelines on ESG reporting for issuers. Drawing on recommendations from the UN Sustainable Stock Exchanges Initiative, the guidelines are designed to help listed companies structure their approach to ESG. Euronext has initiated, through FESE, a collective European task force to agree on common ESG measurement and reporting standards across all European exchanges.

Bolstering the Blue Economy

As an Official Supporter of the United Nations’ Sustainable Stock Exchanges initiative since 2015, Euronext firmly commits to the UN’s “2030 Agenda for Sustainable Development”. Euronext is adding a new Sustainable Development Goal to the seven SDGs it has embraced in its ESG roadmap: “Goal 14: Life Below Water”. On 2 June 2020, Euronext became the first exchange to sign the nine Ocean Principles with the ambition to take a leading role in advancing the Blue Economy. Euronext contributed to the UN Global Compact Sustainable Oceans Business Group formalising the UN Blue Bond principles, available since April 2020.

Euronext inclusion in the FTSE4Good Index Series

Following the June 2020 index review of the FTSE4Good Index Series, Euronext is now a constituent of the FTSE4Good Index Series, designed to independently assess and measure the performance of companies demonstrating strong ESG practices.   

Protecting our communities

During the Covid-19 health crisis, Euronext’s core objectives have been to ensure the health and safety of all team members. Euronext offered employees who were willing and able to volunteer in their community the opportunity to give up to one full day per week during the months of April and May to selected NGOs and service organisations offering critical services during the current health crisis. A number of employees have used this opportunity, as well as contributing office and private donations. Some local initiatives have included the distribution of food packages, donations of blood transfusions to Covid-19 patients and financial donations.

In addition, in a concrete gesture of European solidarity, Euronext distributed part of its face-masks stockpile across the primary locations where it operates in Europe:

  • In Belgium, to the St Michel site of the Clinique de l'Europe.
  • In Norway, to the Oslo University Hospitals Ullevål and Aker as well as the Department of Heart and Lung Disease at Bærum hospital.
  • In Portugal, to the national health service’s masks management system and to the Hospital de Jesus, run by the Congregation of the Franciscan Sisters of Hospitality.
  • In the UK, to the A&E department of Chelsea and Westminster Hospital and to Euronext London’s nominated charity Hestia, in addition to the Priory Church of St Laurence Blackmore.
  • In France, to the Hôpital Saint Joseph in Paris and the Centre Pédiatrique des Côtes in Les Loges-en-Josas.
  • In Ireland, to St Jame’s Hospital and The Mater Hospital.
  • Volumes for Q2 2020

For the second quarter of 2020, the average daily transaction value on the Euronext cash order book stood at €9,971 million, up
+20.4% compared to the same period last year.

The average daily transaction value of ETFs on the electronic order book was €319 million over Q2 2020, up +38.1% compared to Q2 2019. The total number of ETFs listed on Euronext was 1,280 at end of June 2020.

The overall average daily volume on Euronext derivatives stood at 725,438 contracts (+20.7% compared to Q2 2019) and the open interest was 18,235,044 contracts at the end of June 2020 (+10.9% compared to the end of June 2019).

The average daily volume on Euronext FX’s spot foreign exchange market stood at $20,629 million in Q2 2020, up +18.1% compared to the same period last year.

Over Q2 2020, the average daily power volumes traded on Nord Pool, of which Euronext acquired 66% in January 2020,  for day-ahead power was 2.32 TWh , and average daily intraday power traded was 0.07 TWh.

¨Euronext Corporate Services Expansion

On 2 June 2020, Euronext Corporate Services announced the acquisition, through InsiderLog, its subsidiary specialised in regulatory compliance solutions, of two digital compliance solutions in Finland: Ticker Software, the local market leader in insider list management, and Sidonnaisuusrekisteri.fi, a liability register for Finnish municipalities.

Ticker Software is the Finnish leader in terms of insider list management, and Sidonnaisuusrekisteri.fi already has leading presence with municipalities in the country. The newly-combined entity will total around 550 clients for insider list management, making it one of the leaders in Europe and the leading player in Nordic countries.



Corporate highlights since 30 June 2020


¨Half year statement of the liquidity contract of Euronext NV

On 03 July 2020, Euronext announced that the transactions carried out under the liquidity contract entered between Euronext NV and Rothschild Martin Maurel for the period ending 30 June 2020 resulted in the following assets appearing in the liquidity account:

  • 0 Euronext NV shares
  • 7,680,454 euros
  • Number of Buy transaction over the period: 3,589
  • Number of Sell transaction over the period: 3,634
  • Volume traded relating to Buy transactions over the period: 263,338 shares for 21,185,917 euros
  • Volume traded relating to Sell transactions over the period: 268,338 shares for 21,605,877 euros

As a reminder, on 31 December 2019, the following resources were allocated to the liquidity account:

  • 5,000 Euronext NV shares
  • 7,262,952 euros
  • Acquisition of VP Securities, the Danish Central Securities Depository

On 23 April 2020, Euronext announced it has entered into definitive agreements to acquire c.70% of the shares of VP Securities  from its existing owners, the Danish Central Bank and four major Danish financial institutions, Danske Bank, Nykredit, Nordea and Jyske Bank. VP Securities is the Danish Central Securities Depository (CSD), covering fixed income, equity and investment funds, and a key infrastructure helping to finance Denmark’s real economy.  

Established in 1980 and headquartered in Copenhagen, VP Securities is fully integrated into the European post-trade framework. The company was the first Nordic CSD to be granted a CSDR licence and to join the European Central Bank’s Target 2 Securities (T2S) settlement system. VP Securities provides local and international issuers & financial institutions with core CSD services (issuance, custody and settlement) as well as value-added services to the ecosystem such as investor relations tools and sub-custody services. In particular, VP supports the Danish mortgage market, which plays a vital role in channelling local and international savings into Danish households financing needs.

In 2019, the company generated DKK426m of revenue (~€57.1m) and generated an EBITDA of DKK125m (~€16.8m).

The price offered for 100% of the shares is DKK1.12bn (c. €150m).

On 15 July 2020, Euronext received the approval from the Danish Financial Supervisory Authority to acquire up to 100% of the shares of VP Securities. Euronext has already secured strong support from existing shareholders of VP Securities with shareholders representing 90.68% of the total shares12 having already accepted Euronext’s offer as of 15 July 2020.

Euronext’s tag along offer to acquire the remaining shares in VP Securities is open until 31 August 2020. According to the terms of the Euronext’s tag along offer to the minority shareholders of VP Securities, shareholders having accepted the Euronext’s offer will receive settlement on or around 3 August 2020. Any other shareholders and shareholders with specific rights, who accept Euronext’s offer, before 31 August 2020, which is the latest date to accept Euronext’s offer, will receive payment on or around 10 September 2020.

Following such settlements, Euronext will to initiate a compulsory acquisition procedure to acquire the remaining shares not already tendered in accordance with the rules of the Danish Companies Act.

The acquisition of VP Securities is an important step forward in Euronext’s strategy of strengthening its post-trade activities and expanding its presence in the Nordic region. As part of the integration process, Euronext expects:

  • €7 million of run-rate cash cost synergies by year 3, through optimised operating model, IT footprint optimisation and rationalisation of support functions
  • €11.5 million of implementation costs
  • Restructuring provision expected in Q4 2020

For more details about VP Securities P&L, please refer to the appendix.

¨Euronext Corporate Services Expansion

On 9 July 2020, Euronext Corporate Services announced the acquisition of 3sens, a webcast and corporate events specialist in France. Created in 2002, 3sens is a well-established Investor Relations and Communication partner of large public and private companies in France. The acquisition of 3sens reinforces the strong positioning of Company Webcast in France, a market where its cutting-edge IR webcast technology has been utilised by more than 50% of the SBF 120 in the past two years. 



Agenda


A conference call and a webcast will be held tomorrow 30 July 2020,  at 9.00am CEST (Paris time) / 8.00am BST (London time):

Website : www.euronext.com/investors

To connect to the conference call, please dial:

  • UK Number:                    +44 203 003 2666
  • FR Number:                     +33 1 7037 7166
  • NL Number:                     +31 20 794 8426  
  • US Number:                     +1 212 999 6659
  • BE Number:                     +32 2 792 0434
  • PT Number:                     +351 3 0880 2081 
  • IR Number:                      +353 1 436 0959
  • NO Number:                    +47 2 156 3318

Password:                                      Euronext

Live Webcast:
A live audio webcast and replay after the call will be available via this link and on Euronext’s Investor Relations website.


Contacts


Investor Relations:
Aurélie Cohen / Clément Kubiak                                                      +33 1 70 48 24 27; ir@euronext.com  

Media:
Pauline Bucaille                                                                                    +33 1 70 48 24 41; mediateam@euronext.com    
                                                                                                                                                                             


About Euronext


Euronext is the leading pan-European market infrastructure connecting local economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, The Netherlands, Norway and Portugal. With close to 1,500 listed issuers worth €3.8 trillion in market capitalisation as of end June 2020, 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 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. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, Euronext also operates Euronext GrowthTM and Euronext AccessTM, simplifying access to listing for SMEs.  Euronext provides custody and settlement services through central securities depositaries in Norway and Portugal .  


For the latest news, find us on Twitter (twitter.com/euronext) and LinkedIn (linkedin.com/euronext).

Disclaimer


This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at:
www.euronext.com/terms-use.
© 2020, Euronext N.V. - All rights reserved.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the "Purpose"). With regard to the processing of these personal data, Euronext will comply with its obligations under the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR as provided in its privacy statement available at: https://www.euronext.com/privacy-policy.
In accordance with the applicable legislation you have rights as regard to the processing of your personal data:

APPENDIX


Non-IFRS financial measures


For comparative purposes, the company provides unaudited non-IFRS measures including:

  • Operational expenses excluding depreciation and amortisation
  • EBITDA, EBITDA margin.

Non-IFRS measures are defined as follows:

  • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses
  • EBITDA as the operating profit before exceptional items and depreciation and amortisation
  • EBITDA margin as the operating profit before exceptional items and depreciation and amortisation, divided by revenue.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.


Other Alternative Performance Measures used in this release


  • Volume related revenue accounts for trading and clearing activities and IPOs revenue, all other revenue are considered as non-volume related.
  • Operating cost coverage is equal to non-volume related revenue divided by operating expenses excluding D&A.
  • ‘Organic’ and ‘Like-for-like’ refers to Euronext Group perimeter, at constant FX rate for the comparative period in the previous year, excluding any acquired companies thereafter as well as any project costs supported by Euronext for the integration of these companies.


Adjusted EPS definition


In €m unless stated otherwise Q2 2020 Q2 2019
Net income reported   82.1    53.4 
EPS Reported (€ per share)   1.18   0.77
Intangible assets adj. related to acquisitions (PPA) -  4.8  -  2.4 
Exceptional items -  0.3  -  10.0 
Tax related to those items   1.1    1.1 
Adj. net income   86.0    64.6 
Adj. EPS (€ per share)   1.23   0.93


Nord Pool revenue historical seasonality


% of Nord Pool annual revenue 2019 2018
Q1 27% 27%
Q2 22% 23%
Q3 23% 20%
Q4 28% 30%


EUR/NOK Sensitivity table


For illustrative purpose only

  Average rate Closing Rate Average rate Closing Rate
  Q2 2020 30 June 2020 Q2 2019 30 June 2019
EUR/NOK 11.028479 10.8384 9.716277 9.6994
NOK/EURO 0.0907 0.0923 0.1029 0.1031

In Q2 2020, a 10% change in NOK/Euro average rate would have changed the Group's revenue by c.€3.5 million and costs excluding D&A by c.€1.6 million.


VP Securities – From 2019 reported costs to cash costs


The €7 million costs synergies will also include capitalised costs and thus be communicated as « cash costs », as described below, in order to fully reflect the synergy effort.

  2019A
 (DKK’000)
2019A
(€m)
 
Revenue   425,841    57.2   
       
Operating costs -  300,418     
Capex -  48,950     
       
Cash costs (Opex + Capex) -  349,368  -  46.9  Starting point costs base for the €7 million run-rate cash costs synergies by 2023:
Cash costs – activity based costs = €43.4 million
o/w activity based costs -  26,372  -  3.5 
Cash EBIT (Revenue - Cash costs)   76,473    10.3   

Based on VP Securities 2019 Annual Report


Consolidated income statement


Unaudited, In €m Q2 2020 Q2 2019 % var Organic
(like for like at constant currency)
Revenue 210.7 159.0 +32.5% +12.4%
Listing 36.1 29.7 +21.3% +6.0%
Trading revenue 89.4 66.7 +34.0% +19.0%
Cash trading 65.1 50.7 +28.4% +23.0%
Derivatives trading 11.0 10.6 +4.5% +0.3%
Spot FX trading 6.6 5.4 +21.0% +18.5%
Power trading 6.7 0.0 n/a n/a
Investor Services 1.7 1.2 +39.5% +24.8%
Advanced Data Services 35.8 30.9 +16.0% +6.1%
Post-trade 36.1 22.0 +64.5% +7.9%
Clearing 15.6 14.2 +9.9% +9.9%
Custody, Settlement and other post-trade 20.5 7.7 +164.7% +2.9%
Euronext Technologies & Other revenue 11.9 8.7 +36.6% +14.4%
Other income -0.2 -0.1 +69.6% +75.6%
Operational expenses excluding D&A -85.3 -60.9 +40.1% +12.4%
Salaries and employee benefits -47.8 -33.6 +42.5% +14.0%
Other operational expenses -37.5 -27.4 +37.1% +10.5%
System & communication -8.5 -5.7 +49.5% +2.6%
Professional services -12.4 -6.5 +89.9% +41.7%
Clearing expense -8.1 -7.4 +9.1% +4.9%
Accommodation -1.3 -1.3 -0.5% -25.6%
Other operational expenses -7.2 -6.4 +12.5% -0.2%
EBITDA 125.4 98.1 +27.8% +12.4%
EBITDA margin 59.5% 61.7% -2.2 pts 0.0 pts
Depreciation & amortisation -13.6 -8.9 +52.8% -0.6%
Operating profit before exceptional items 111.8 89.2 +25.3% +13.7%
Exceptional items -0.3 -10.0 -96.6%  
Operating profit 111.4 79.2 +40.7%  
Net financing income / (expense) -2.5 -2.0 +25.4%  
Results from equity investments 2.3 1.4 +61.3%  
Profit before income tax 111.2 78.6 +41.5%  
Income tax expense -27.9 -24.3 +14.7%  
Share of non-controlling interests -1.2 -0.9 +40.6%  
Net income, share of the Group 82.1 53.4 +53.7%  
         
EPS Reported (non-diluted, in € per share) € 1.18 € 0.77 +53.5%  
EPS Adjusted (non-diluted, in € per share) € 1.23 € 0.93 +33.1%  

The figures in this document have not been audited or reviewed by our external auditor.


Consolidated comprehensive income statement


Unaudited, In €m Q2 2020 Q2 2019
Profit for the period 83.3 54.2
     
Other comprehensive income    
Items that may be reclassified to profit or loss:    
– Exchange differences on translation of foreign operations 39.6 4.5
– Gains and losses on cash flow hedges 0.0 0.5
– Income tax impact on change in value of available-for-sale financial assets -3.6 0.0
     
Items that will not be reclassified to profit or loss:    
– Change in value of equity investments at fair value through other comprehensive income 1.8 11.3
– Income tax impact on change in value of equity investments at fair value through
  other comprehensive income
-0.3 -1.2
– Remeasurements of post-employment benefit obligations -1.1 -2.7
– Income tax impact on remeasurements of post-employment benefit obligations 0.3 0.3
Other comprehensive income for the period net of tax 36.7 12.6
Total comprehensive income for the period 119.9 66.9
     
Comprehensive income attributable to:    
– Owners of the parent   117.9  66.0
– Non-controlling interests   2.1  0.9

The figures in this document have not been audited or reviewed by our external auditor.


Consolidated balance sheet


Unaudited, In €m As at 30 Jun 2020 As at 31 Mar 2020
Non-current assets    
Property, plant and equipment   55.7   56.7
Right-of-use assets   46.2   48.9
Goodwill and other intangible assets   1,439.0   1,404.1
Deferred income tax assets   19.1   18.5
Investments in associates and JV   71.4   69.1
Financial assets at fair value through OCI   199.6   197.8
Other non-current assets   3.8   2.9
Total non-current assets   1,834.8   1,798.0
     
Current assets    
Trade and other receivables   197.5   220.4
Income tax receivable   4.6   0.9
Derivative financial instruments   24.2   20.6
Other current financial assets   37.1   24.7
Cash & cash equivalents   622.3   418.8
Total current assets   885.7   685.4
  Assets held for sale    8.8   8.8
Total assets   2,729.3   2,492.1
     
Shareholders' equity    
Shareholders' equity   906.6   898.1
Non-controlling interests   29.4   31.8
Total equity   936.0   929.9
     
Non-current liabilities    
Borrowings   1,271.9   1,011.8
Lease liabilities   34.8   37.9
Deferred income tax liabilities   72.9   66.7
Post-employment benefits   26.0   24.2
Contract liabilities   44.1   43.5
Other provisions   14.4   14.2
Total non-current liabilities   1,464.1   1,198.3
     
Current liabilities    
Borrowings   1.6   9.4
Lease liabilities   14.7   14.3
Other current financial liabilities   1.0   - 
Derivative financial instruments   -    0.1
Income tax payable   31.0    23.2
Trade and other payables   190.9   214.8
Contract liabilities   88.1   102.0
Other provisions   1.7   0.0
Total current liabilities   329.1   363.9
     
Total equity and liabilities   2,729.3   2,492.1


Consolidated statement of cash flows


Unaudited, In €m Q2 2020 Q2 2019
Profit before tax 111.2 78.6
     
Adjustments for:    
- Depreciation and amortisation 13.6 8.9
- Share based payments 2.5 1.2
- Share of profit from associates and joint ventures -2.3 -1.4
- Changes in working capital -19.0 -16.9
Cash flow from operating activities 106.0 70.4
Income tax paid -25.4 -30.8
Net cash flows from operating activities 80.6 39.5
     
Cash flow from investing activities    
Acquisition of associates and joint ventures 0.0 -5.0
Acquisition of subsidiaries, net of cash acquired -1.5 -558.4
Purchase of financial assets at FVOCI 0.0 -2.1
Purchase of current financial assets -13.9 4.2
Redemption of current financial assets 3.0 0.0
Purchase of property, plant and equipment -0.7 -4.4
Purchase of intangible assets -1.2 -2.2
Dividends received from associates 0.0 5.1
Net cash flow from investing activities -14.4 -562.9
     
Cash flow from financing activities    
Proceeds from borrowings, net of transaction fees 255.7 538.9
Interest paid -10.7 -5.5
Interest received 4.9 4.7
Payment of lease liabilities -5.1 -1.2
Transaction of own shares 0.6 -0.4
Employee Share transactions -1.8 0.0
Dividends paid to the company's shareholders -110.6 -107.2
Dividends paid to non-controlling interests -4.4 -1.3
Net cash flow from financing activities 128.5 428.0
     
Total cash flow over the period 194.8 -95.4
Cash and cash equivalents - Beginning of period 418.8 419.1
Non cash exchange gains/(losses) on cash and cash equivalents 8.8 0.6
Cash and cash equivalents - End of period 622.3 324.3

The figures in this document have not been audited or reviewed by our external auditor.


Volumes for the second quarter of 2020


Cash markets activity

  Q2 2020 Q2 2019    
         
Nb trading days 62 62    
         
NUMBER OF TRANSACTIONS (buy and sells) (reported trades included)        
  Q2 2020 Q2 2019 Change %  
Total Cash Market * 190,308,002 114,358,416 +66.4%  
ADV Cash Market * 3,069,484 1,844,491 +66.4%  
         
TRANSACTION VALUE ( € million - Single counted)        
(€m) Q2 2020 Q2 2019 Change %  
Total Cash Market * 618,204.61 513,268.76 +20.4%  
ADV Cash Market * 9,971.04 8,278.53 +20.4%  
* (shares, warrants, trackers, bonds...)        
         
LISTINGS        
  Jun-20 Jun-19 Change %  
Number of Issuers on Equities        
EURONEXT ** 1,462 1,485 -1.5%  
SMEs 1,112 915 +21.5%  
Number of Listed Securities        
Bonds 47,261 44,741 +5.6%  
ETFs 1,280 1,212 +5.6%  
Funds 4,640 4,577 +1.4%  
**(Euronext, Euronext Growth and Euronext Access)        
         
Capital raised on Equities on Primary and Secondary Market        
EURONEXT (Euronext, Euronext Growth)        
(€m) Q2 2020 Q2 2019 Change %  
Nb New Listings ** 11 13    
Money Raised New Listings incl over allotment 2,952 1,502 +96.6%  
of which Money Raised New Listings 2,594 1,468 +76.7%  
Follow-ons on Equities 16,171 13,534 +19.5%  
Bonds 373,508 327,393 +14.1%  
Total Money Raised * 392,631 342,429 +14.7%  
         
of which SMEs        
(€m) Q2 2020 Q2 2019 Change %  
Nb New Listings ** 10 11    
Money Raised New Listings incl over allotment 364 156 +134.2%  
of which Money Raised New Listings 344 156 +121.0%  
Follow-ons on Equities 861 999 -13.8%  
Bonds 0 347 -100.0%  
Total Money Raised * 1,225 1,501 -18.4%  

* includes New Listings including over-allotment, follow-ons on Equities, corporate bonds on Euronext Listed Issuers.
Following the completion of the acquisition of the Oslo Børs VPS, Euronext 2019 trading data have been restated to include historic data for Oslo Børs VPS.

Derivatives markets activity

  Q2 2020 Q2 2019  
       
Nb trading days 62 62  
Volume (in lots)      
  Q2 2020 Q2 2019 Change %
Equity 41,349,211 33,520,809 +23.4%
       
Index 12,392,486 15,227,995 -18.6%
Futures 8,080,790 10,773,713 -25.0%
Options 4,311,696 4,454,282 -3.2%
       
Individual Equity 28,956,725 18,292,814 +58.3%
Futures 13,273,251 1,131,019 >500%
Options 15,683,474 17,161,795 -8.6%
       
Commodity 3,276,956 3,308,822 -1.0%
Futures 2,962,094 3,056,232 -3.1%
Options 314,862 252,590 +24.7%
       
Other 350,984 446,802 -21.4%
Futures 350,984 445,982 -21.3%
Options 0 820  
       
Total Euronext 44,977,151 37,276,433 +20.7%
Total Futures 24,667,119 15,406,946 +60.1%
Total Options 20,310,032 21,869,487 -7.1%


ADV (in lots)      
  Q2 2020 Q2 2019 Change %
Equity 666,923 540,658 +23.4%
       
Index 199,879 245,613 -18.6%
Futures 130,335 173,770 -25.0%
Options 69,543 71,843 -3.2%
       
Individual Equity 467,044 295,045 +58.3%
Futures 214,085 18,242 >500%
Options 252,959 276,803 -8.6%
       
Commodity 52,854 53,368 -1.0%
Futures 47,776 49,294 -3.1%
Options 5,078 4,074 +24.7%
       
Other 5,661 7,206 -21.4%
Futures 5,661 7,193 -21.3%
Options 0 13  
       
Total Euronext 725,438 601,233 +20.7%
Total Futures 397,857 248,499 +60.1%
Total Options 327,581 352,734 -7.1%


Open Interest      
  Jun-20 Jun-19 Change % YOY
Equity 17,290,031 15,533,371 +11.3%
       
Index 1,618,552 1,650,511 -1.9%
Futures 797,930 791,782 +0.8%
Options 820,622 858,729 -4.4%
       
Individual Equity 15,671,479 13,882,860 +12.9%
Futures 1,235,275 336,619 +267.0%
Options 14,436,204 13,546,241 +6.6%
       
Commodity 753,202 662,070 +13.8%
Futures 484,619 430,004 +12.7%
Options 268,583 232,066 +15.7%
       
Other 191,811 247,870 -22.6%
Futures 191,811 247,620 -22.5%
Options 0 250  
       
Total Euronext 18,235,044 16,443,311 +10.9%
  Total Futures 2,709,635 1,806,025 +50.0%
  Total Options 15,525,409 14,637,286 +6.1%

Spot FX Trading

  Q2 2020 Q2 2019  
Nb trading days 65 65  
       
Spot FX VOLUME (in USD millions, single counted)  
  Q2 2020 Q2 2019 Change %
Total Spot FX Market 1,340,874 1,135,016 +18.1%
ADV Spot FX Market 20,629 17,462 +18.1%

Power Trading

  Q2 2020 Q2 2019  
Nb trading days 91    
       
Power VOLUME (in TWh)  
  Q2 2020 Q2 2019 Change %
ADV Day-ahead Power Market 2.32   n/a
ADV Intraday Power Market 0.07   n/a

*END*





Unless stated otherwise, variations refer to Q2 2020 figures compared to Q2 2019 figures
[1] Like-for-like revenue are at constant FX rate and exclude in Q2 2020 Oslo Børs VPS, OPCVM360, Ticker and Nord Pool



2Refer to appendix for further details on Nord Pool revenue seasonality



3 Volume-related businesses include Cash, Derivatives, Spot FX trading, Power trading, Clearing, and IPOs



4 Based on H2 2019 reported operating costs excluding D&A, excluding Nord Pool



5 Definition in Appendix



6Adjusted for treasury shares



7 Definition in Appendix



8 Definition in Appendix



9 Following the completion of the acquisition of Oslo Børs VPS, Euronext 2019 trading data have been restated to include historic data for Oslo Børs VPS.



10 Excluding Oslo Børs VPS



11 Following the completion of the acquisition of Oslo Børs VPS, Euronext 2019 trading data have been restated to include historic data for Oslo Børs VPS



12 Adjusted for treasury shares



Attachment