Euronext Nv · EURONEXT:ENX
Euronext Nv — Q1 2025 Earnings Presentation
26 slides from Euronext Nv's earnings presentation, May 15, 2025
Slide 1: Euronext Q1 2025 results
Euronext Q1 2025 results 15 May 2025
Slide 2: Agenda
Agenda 01 02 03 Q1 2025 highlights Q1 2025 business Q1 2025 financial review review Stéphane Boujnah CEO and Chairman of Giorgio Modica Giorgio Modica the Managing Board CFO CFO Q&A │2
Slide 3: Q1 2025 highlights
& EURONEXT Q1 2025 highlights
Slide 4: Q1 2025 double-digit growth resulted from strong growth in non-volume-related activities and exceptional volatility
Q1 2025 double-digit growth resulted from strong growth in non-volume-related activities and exceptional volatility in volume-related business €458.5m €294.1m €1.62 Revenue and income, up +14.1% Adjusted EBITDA, up +17.0% Reported(2) EPS, +20.0% 57% 64.1% €190.6m non-volume related(1) revenue Adjust
Slide 5: Q1 2025 business review
& EURONEXT Q12025 business review
Slide 6: Q1 2025 revenue and income fuelled by market volatility and record FICC trading volumes
Q1 2025 revenue and income fuelled by market volatility and record FICC trading volumes Non-volume-related revenue and income Q1 2025 revenue and income Securities €83.4m Services +6.8% FICC Markets Capital Markets and Data Solutions €90.7m 20% Capital Markets €157.4m €157.4m and Data Solutions +6.6
Slide 7: Strong performance of non-volume-related revenue and income (1/2)
Strong performance of non-volume-related revenue and income (1/2) Securities Services in €m +6.8% Custody and Settlement 83.4 78.1 Strong performance driven by an increase of the AuC to €7.1 trillion and dynamic settlement instructions. Value-added services continued to grow double-digit, suppor
Slide 8: Strong performance of non-volume-related revenue and income (2/2)
Strong performance of non-volume-related revenue and income (2/2) Capital Markets and Data Solutions in €m +6.6% Primary Markets 157.4 Resilient equity listing activity in a volatile environment. 147.6 Euronext sustained its leading position for equity listing with 8 new 46.3 +1.8% listings. 45.
Slide 9: Exceptional quarter for volume-related revenue, driven by market volatility (1/2)
Exceptional quarter for volume-related revenue, driven by market volatility (1/2) FICC Markets in €m +25.1% Fixed income trading and clearing 90.7 Record fixed income trading activity supported by favourable market conditions. 72.5 MTS Cash trading ADV reached €56.8 billion (+64.0%). MTS Repo
Slide 10: Exceptional quarter for volume-related revenue, driven by market volatility (2/2)
Exceptional quarter for volume-related revenue, driven by market volatility (2/2) Equity Markets in €m +18.0% 108.4 Cash equity trading and clearing 91.9 Euronext recorded average daily cash trading volumes of €13.8 billion (+31.8%), fuelled by volatility. +22.5% Revenue capture on cash trading
Slide 11: Q1 2025 financial review
& EURONEXT Q1 2025 financial review
Slide 12: Q1 2025 adjusted EBITDA up +17.0% to €294.1 million
Q1 2025 adjusted EBITDA up +17.0% to €294.1 million in €m +21.3% 294.2 294.1 10.8 8.8 0.1 5.2 3.2 0.2 51.9 64.1% 242.6 Adj. EBITDA margin +1.6pts Underlying costs up +9.1%, including acquisitions €294.1m Adjusted EBITDA Q1 2024 Revenue Cost Revenue Costs FX impact Non- Q1 2025 Non- Q1 2025 Reported
Slide 13: Q1 2025 adjusted net income at €183.5 million, up +11.8%
Q1 2025 adjusted net income at €183.5 million, up +11.8% in €m 17.9% 4.3 6.2 183.5 €164.8m Reported 13.1 18.8 164.8 Net Income 51.6 3.0 +17.9% 139.7 €183.5m Adjusted Net Income1) +11.8% €1.80 Adjusted EPS1) +13.9% Q1 2024 EBITDA D&A Net financing Income tax Share of non Q1 2025 Total non- Q1 2025 ad
Slide 14: A strong financial situation at end of March 2025
A strong financial situation at end of March 2025 CASH FLOW GENERATION in €m 294.2 Q1 2025 EBITDA to net operating cash flow conversion rate 242.6 259.1 impacted by: 190.6 Change in working capital related to Nord Pool and 184.6 166.4 Reported EBITDA Euronext Clearing CCP activities for €-68.5 mil
Slide 15: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah Giorgio Modica Anthony Attia Nicolas Rivard Chief Executive Officer, Chairman Chief Financial Officer Global head of Derivatives & Head of Cash Equity and Data of the Managing Board Post-trade Services │ 15
Slide 16: Appendix
& EURONEXT Appendix
Slide 17: Liquidity at end of Q1 2025
Liquidity at end of Q1 2025 in €m 2,219.7 600.0 30.4 5.0 29.8 9.5 5.5 1,620.5 190.6 204.5 1,619.7 3.6 €400m Targeted cash for operation Cash in Net Exc. Net Net Capex Net Payment Acquisition Other, Cash in Undrawn Liquidity Q4 2024, operating Impact of (Purchase) interests of lease of own inc. FX Q1
Slide 18: Q1 2025 last twelve months revenue and income
Q1 2025 last twelve months revenue and income Non-volume-related revenue and income Securities Services €314.9m Last twelve months revenue and income FICC Markets €313.2m Capital Markets Capital Markets and 18% and Data Solutions €606.7m Data Solutions €606.7m 36% Net Treasury €63.7m €1,683.5m Incom
Slide 19: Number of outstanding shares used for EPS computation
Number of outstanding shares used for EPS computation For comparative purposes, average numbers of outstanding shares (basic) for previous comparative periods were restated using the bonus fraction. For the first quarter of 2025, the average number of outstanding shares (basic) is 101,695,588 Fo
Slide 20: Adjusted EPS for Q1 2025
Adjusted EPS for Q1 2025 in €m unless specified otherwise Q1 2025 Q1 2024 Net income reported 164.8 139.7 EPS reported (€) 1.62 1.35 Adjustments for non-underlying items included in : Operating expenses excl. D&A 0.1 (8.7) Depreciation and amortisation (26.8) (25.0) Minority interest 0.9 0.4 Tax rel
Slide 21: Q1 2025 income statement
Q1 2025 income statement In €m, unless stated otherwise % var The figures in this document have not been audited or reviewed by our external Q1 2025 Q1 2024 % var (like-for-like, auditor. constant currencies) Total Revenues and income 458.5 401.9 +14.1% +12.9% Securities services 83.4 78.1 +6.8% +4.
Slide 22: Q1 2025 last twelve months income statement
Q1 2025 last twelve months income statement Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTM Revenue and income 401.9 412.9 396.3 439.9 1,683.5 Securities services 81.0 72.9 77.7 83.4 314.9 Custody and Settlement 70.0 63.1 70.0 75.8 278.9 Other Post Trade 10.9 9.8 7.7 7.6 36.0 Capital markets and Data Solutions
Slide 23: Balance sheet as of 31 March 2025
Balance sheet as of 31 March 2025 in €million 31 March 2025 31 December 2024 Non-current assets Property, plant and equipment 107.4 106.2 unaudited, in € million As of 31/03/2025 Right-of-use assets 88.2 57.5 Goodwill and other intangible assets 6,096.5 6,096.2 CCP clearing business assets Deferred
Slide 24: Q1 2025 cash flow statement
Q1 2025 cash flow statement in €million Q1 2025 Q1 2024 Profit before tax 244.4 203.3 Adjustments for: - Depreciation and amortisation 48.3 44.0 - Share based payments 3.9 3.9 - Changes in working capital (37.4) (36.6) Cash flow from operating activities 259.2 214.7 Income tax paid (68.6) (30.0) Net
Slide 25: Disclaimer
DISCLAIMER This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information and materials contained in this presentation are provided ‘as is’ and Euronext does not warrant as to the accuracy, adequacy or completeness of the informatio
Slide 26: Investor Relations
Investor Relations Aurélie Cohen, Chief Communications and Investor Relations Officer Judith Stein, Investor Relations Senior Manager www.euronext.com/en/investor-relations Margaux Kurver, Investor Relations Officer +33 6 15 23 91 97 ir@euronext.com