Euronext publishes Q2 2018 results

SOLID PERFORMANCE DRIVEN BY THE CONSOLIDATION OF EURONEXT DUBLIN AND CONTINUED COST DISCIPLINE

Amsterdam, Brussels, Dublin, Lisbon, London and Paris – 3 August 2018 – Today Euronext, the leading pan-European exchange in the Eurozone with 1,300 listed issuers, announces its results for the second quarter of 2018.

Solid performance for the second quarter of 2018

  • Increase in revenue to €157.3 million (+14.6%[1]):
    • Listing revenue of €28.4 million up +20.3%, resulting from the consolidation of Euronext Dublin and improved primary markets, offsetting a moderate activity in secondary markets
    • Cash trading revenue at €53.9 million up +7.1%, thanks to a sustained market share, at 66.1%, efficient yield management, at 0.51bps, and stable volumes (Cash ADV at €8.4bn, down -2.5%)
    • Market data and indices revenue of €29.4 million up +12.9%
    • Growing contribution to the Group’s revenue from revenue diversification initiatives with Euronext Dublin contributing €8.7 million, FastMatch €5.6 million and Agility for Growth initiatives €4.0 million
  • EBITDA up, at €88.6 million (+11.9%), with a 56.3% margin (-1.4pts)
    • EBITDA margin for core business[2] and Agility for Growth, excluding clearing, at 60.0%[3] (up +1.2pts compared to Q2 2017)
    • €18.8 million of cumulated core business gross efficiencies achieved since Q2 2016 thanks to continued cost discipline
    • Group costs up due to recent acquisitions (Euronext Dublin and FastMatch) and transactions costs, while core business costs down
  • Growth in EPS (basic) to €0.81 (+4.9%). Adjusted EPS at €0.90[4] (+13.8%)
    • Net income, share of the Group, at €56.6 million up +5.0%: strong cost discipline and incremental contribution from LCH SA equity stake offsetting higher exceptional costs

First half of 2018 EBITDA up, at €176.7 million (+18.1%) and EBITDA margin at 58.1% (+1.4pts compared to H1 2017)

 

Successful migration of Euronext cash markets to Optiq®

  • Optiq®, the new proprietary trading platform brings a tenfold increase in capacity, cutting-edge performance in terms of latency and optimized hardware footprint. The migration follows the implementation of the Market Data Gateway in July 2017 and the migration of fixed-income instruments to the platform in April 2018

 

Key figures - in €m, unless stated otherwise

Q2 2018

Q2 2017

% change

H1 2018

H1 2017

% change

Revenue

157.3

137.3

+14.6%

304.0

263.9

+15.2%

Operational expenses excluding D&A

-68.7

-58.1

+18.3%

-127.2

-114.2

+11.4%

EBITDA

88.6

79.2

+11.9%

176.7

149.7

+18.1%

EBITDA margin

56.3%

57.7%

-1.4 pts

58.1%

56.7%

+1.4 pts

Net income, share of the Group

56.6

53.9

+5.0%

114.0

97.8

+16.5%

EPS (adjusted)4

0.90  

0.79  

+13.8%

1.75  

1.45  

+20.3%

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

“In the second quarter of 2018, Euronext reached a historical milestone with the migration of its cash markets to Optiq®, our new state-of-the art trading platform. Optiq® provides our clients with cutting-edge performance in terms of latency as well as time to market and flexibility while allowing for optimized hardware footprint. Our new proprietary trading platform enhances our agility and independence, strengthens the value proposition of our federal model, and fosters innovation.

The second quarter also saw the first contribution from Euronext Dublin, that diversifies our revenue profile, strengthens our listing franchise and positions Euronext as the world leading listing venue for debt. Our teams are now working on the integration that is progressing as planned.

Thanks to its continued cost discipline, Euronext achieved a 56.3% EBITDA margin at Group level, while delivering on these major projects. Within the scope of our strategic plan, this translates into a 60.0% EBITDA margin for core business and Agility for Growth initiatives, excluding clearing and new perimeter, for the quarter, and a 61.8% EBITDA margin for the first half of 2018”

 

[1] Unless stated otherwise, percentages compare Q2 2018 data to Q2 2017 data

[2] Core business refers to the perimeter of Euronext as of May 2016 excluding clearing

[3] Scope used for the 61-63% EBITDA margin 2019 target of Agility for Growth strategic plan (see press release published on 19 February 2018 available on www.euronext.com)

[4] Definition in appendix

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Over EuronextEuronext is de toonaangevende pan-Europese beurs in de Eurozone, bestaande uit Belgie, Frankrijk, Ierland, Nederland, Portugal en de UK. Met 1.300 genoteerde ondernemingen die samen goed zijn voor een beurswaarde van € 3500 miljard per eind mars 2019. Het is een ongeëvenaarde markt op het gebied van blue chips met 24 ondernemingen in de Morningstar® Eurozone 50 Index℠ en een sterk en divers binnenlands en internationaal klantenbestand. Euronext exploiteert gereguleerde en transparante effecten-  en derivatenmarkten. Het totale productaanbod van Euronext omvat aandelen, FX, ETFs, warrants & certificaten, obligaties, derivaten, commodities en indices. Daarnaast zet Euronext haar marktexpertise in door technologie en beheerde diensten aan derden te leveren. Euronext biedt naast haar primaire gereguleerde markt ook Euronext Growth™  en Euronext Access™.
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