Euronext publishes Q4 and Full Year 2020 results



Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris – 10 February 2021 – 17.45 CET – Euronext, the leading pan-European market infrastructure, today announced its results for the fourth quarter and full year 2020.

  • 2020 revenue at €884.3 million (+30.2%):
    • Post-trade revenue increased to €177.2 million (+69.1%), driven by (i) the consolidation of VP Securities, the Danish CSD, contributing €27.6 million revenue since its consolidation in August 2020, (ii) the first full year contribution of Euronext VPS, the Norwegian CSD, and (iii) higher clearing revenue. Like-for-like at constant currencies, post-trade revenue increased by +19.3%, reflecting strong organic growth in settlement, clearing, post-trade services and retail activity.
    • Trading revenue increased to €365.1 million (+33.8%) with growth in all asset classes and Nord Pool power trading contributing €27.3 million. Like-for-like at constant currencies, trading revenue increased by +21.3% driven by increased volumes, a strengthened market position and improved revenue capture.
    • Listing revenue increased to €145.5 million (+12.8%) resulting from the strong performance of Corporate Services with €32.4 million revenue (+25.8% like-for-like) and higher equities listing activity. Like-for-like at constant currencies, listing revenue increased by +4.4%, driven primarily by the organic growth of Corporate Services and increased financing needs from companies.
    • Advanced data services revenue increased to €139.0 million (+8.0%) reflecting the consolidation of data activities of acquired businesses and continued organic growth from the indices business, especially in the field of ESG. Like-for-like at constant currencies, advanced data services revenue increased by +2.4%.
    • Group non-volume related revenue[1] accounted for 50% of 2020 total revenue (stable vs. 2019), and covered 121% of operating expenses excluding depreciation & amortisation (vs. 122 % in 2019).
  • 2020 EBITDA at €520 million (+30.2%), with stable EBITDA margin at 58.8%; like-for-like, EBITDA margin was 61.3% (+2.3pts). 2020 costs in line with guidance:
    • Group operating costs excluding D&A were up +€84.6 million to €364.3 million, resulting from (i) the consolidation of costs from acquired businesses and of integration costs, (ii) higher clearing expenses, (iii) lower level of capitalisation of IT costs and (iv) costs related to the implementation of the strategic plan, partially offset by continued cost discipline.
    • Significant synergies on recent acquisitions, demonstrating strong integration skills, were delivered in 2020:
      • €8.4 million run-rate cost synergies achieved from Oslo Børs VPS as of 31 December 2020, representing c.70% of targeted synergies, 18 months after completion;
      • €4.3 million run-rate cash cost synergies achieved from VP Securities as of 31 December 2020, representing c.60% of targeted synergies, 5 months after completion.
  • 2020 reported net income, share of the Group, at €315.5 million (+42.1%) and adjusted EPS[2] at €4.99 (+28.1%):
    • Exceptional items amounted to €17.3 million, reflecting primarily acquisitions costs and restructuring costs.
    • Tax rate was at 27.6%, reflecting lower local tax rates across the group, despite an increase of tax expense in Q4.
  • Dividend proposal for 2020:
    • In accordance with Euronext dividend policy, a pay-out ratio of 50% of reported net income representing a dividend for 2020 of €157.5 million (€2.25 per share) will be proposed to the AGM[3] on 11 May 2021.

Key figures - in €m, unless stated otherwise

FY 2020

FY 2019

% change

% change

(like-for-like, constant currencies)






Operational expenses excluding D&A










EBITDA margin



+0.0 pt

+2.3 pts

Net income, share of the Group





EPS (non diluted, reported, in €)





EPS (diluted, reported, in €)





EPS (non diluted, adjusted, in €)2






  • Ahead of the expected closing of the contemplated acquisition of the Borsa Italiana Group[4] that will transform the Group profile, update on Euronext “Let’s grow together 2022” strategic plan:
    • 2022 guidance achieved 2 years in advance:
      • 2020 revenue at comparable perimeter at €831 million vs. €826 million expected for 2022, driven by improved market position and increased post-trade activity;
      • 2020 EBITDA margin at comparable perimeter at 60.5%, above 60% expected for 2022, driven by continued costs discipline;
    • Confirmed 50% dividend pay-out ratio;
    • Significant diversification into new asset classes and new revenue models since October 2019.
  • New 2024 group guidance reflecting the extended perimeter of the company, following the expected acquisition of the Borsa Italiana Group, to be announced in Q4 2021.
  • Targeted completion of the contemplated acquisition of the Borsa Italiana Group in H1 2021:
    • As a reminder, a binding agreement was signed on 9 October 2020 with London Stock Exchange Group plc (“LSEG”) and London Stock Exchange Group Holdings (Italy) Limited to acquire 100% of the issued share capital of London Stock Exchange Group Holdings Italia SPA, the holding company of the Borsa Italiana Group (“the Transaction”) for a cash consideration of €4,325 million[5].
    • Several major conditions have already been satisfied:
      • LSEG’s shareholders approved the Transaction on 3 November 2020;
      • Euronext received clearance for the Transaction from the German Federal Cartel Office on 11 November 2020;
      • Euronext’s shareholders approved the Transaction on 20 November 2020;
      • Euronext received foreign direct investment clearance for the Transaction from the Italian Council of Ministers on 11 December 2020;
      • The European Commission conditionally approved LSEG proposed acquisition of Refinitiv, under the EU Merger Regulation, on 13 January 2021;
      • Consequently, LSEG closed its acquisition of Refinitiv on 29 January 2021.
    • The Transaction is still subject to regulatory approvals in several jurisdictions, a declaration of non-objection from Euronext’s College of Regulators, and approval of Euronext as a suitable purchaser by the European Commission.
    • Euronext expects to complete the Transaction in the first half of 2021.
  • Cost guidance for 2021:

As announced in February 2020, Euronext has incurred non-recurring costs over 2020 related to the integration of Oslo Børs VPS and internal digitalisation projects, which will generate savings from 2021 onwards. As a result, with continued cost discipline, Euronext expects its operating costs excluding D&A to decrease by a mid-single digit in 2021, compared to the annualised 2020 fourth quarter operating costs excluding D&A[6].


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

“Euronext delivered a strong performance in Q4 and throughout 2020 with double digit growth in revenue, EBITDA and Adjusted EPS. This growth results from Euronext ability to capture value in a volatile trading environment, strengthening its market position, and from our successful continued diversification, notably in post-trade activity which now represents the second largest revenue contributor for the Group.

Despite the challenges of the Covid-19 pandemic, Euronext has demonstrated during 2020 that we are a resilient provider of solutions for the financial ecosystem and a value creator for our shareholders. Through product innovation, especially in ESG, and selective M&A, the Group has significantly transformed its business mix.

The Group continued to work on integrating recent acquisitions. A large proportion of the targeted savings for Oslo Børs VPS in Norway and VP Securities in Denmark has already been achieved. Oslo Børs markets were successfully migrated to Euronext proprietary trading platform Optiq® in November. As a result of these achievements and continued cost discipline, Euronext expects Group operating costs (excluding D&A) in 2021 to decrease by a mid-single digit compared to annualised 2020 fourth quarter operating costs excluding D&A.

This year, Euronext also delivered, two years in advance, on its ‘Let’s grow together 2022’ strategic plan financial targets. Moreover, the Group successfully executed on its capital deployment plan, expanding its footprint in the Nordic region and diversifying its businesses. Euronext also delivered on the ESG roadmap, advancing the European sustainability agenda through our unique role in financing the real economy by connecting local economies with global capital markets. Euronext continues to work on the contemplated acquisition of the Borsa Italiana Group, expected to complete during the first half of 2021, which will deliver on the Euronext ambition to build the leading pan-European market infrastructure. New guidance will be announced for the extended group in Q4 2021.”


[1] Volume-related businesses include Cash, Derivatives, FX trading, Power trading, Clearing, and IPOs

[2] Definition in Appendix

[3] Annual General Meeting of Shareholders

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

[4] London Stock Exchange Group Holdings Italia S.p.A. and its consolidated subsidiaries

[5] Plus an additional amount reflecting the cash generated to completion. Excluding cash and liquid assets (after deduction of regulatory requirements) and borrowings, representing a total net liability of €42m as of 30 June 2020

[6] Annualised 2020 fourth quarter operating costs excluding D&A amounted to €420.4 million

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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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