Slide 1: Euronext Q3 2023 results
Euronext Q3 2023 results Analysts call Published on 8 November 2023 at 5.45 pm CET
Slide 2: Q3 2023 highlights, business review, financial review
1 Q3 2023 highlights 2 Q3 2023 business review 3 Q3 2023 financial review Stéphane Boujnah Giorgio Modica CEO and Chairman of Chief Financial Officer the Managing Board │2
Slide 3: Q3 2023 highlights
Q3 2023 highlights 1
Slide 4: Solid Q3 2023 driven by organic growth in non-volume related business
Solid Q3 2023 driven by organic growth in non-volume related business and continued cost discipline €360.2m €213.7m €1.38 Revenue and income Adjusted EBITDA, up +6.9% Adjusted2) EPS, +13.7% +2.8% compared to underlying revenue and income +19.5% compared to total revenue 59.3% €208.0m and income Adju
Slide 5: Progress with key milestones of Borsa Italiana integration
Progress with key milestones of Borsa Italiana integration Achieved milestones Upcoming strategic milestones June 2022 By Q4 2023 ✓ Migration of the Core Data Centre from Basildon (UK) to Euronext Clearing expansion to remaining Euronext markets Bergamo (Italy) for cash equities March 2023 By Q1 202
Slide 6: Q3 2023 business review
Q3 2023 business review 2
Slide 7: Strong quarter driven by organic growth in non-volume-related business
Strong quarter driven by organic growth in non-volume-related business and solid diversified trading revenue Q3 2023 revenue and income Technology € 27.4 m Solutions +5.5% Technology Solutions 8% Listing 15% Advanced Data €55.5m +4.5% Advanced Data Services Services 15% Post €88.4m €360.2m Cash Trad
Slide 8: Strong performance of non-volume related businesses
Strong performance of non-volume related businesses Technology Solutions Revenue up +5.5% Revenue in €m ▪ Continued benefits from the internalisation of colocation services Q3 2023 27.4 following the migration of the Core Data Centre to Bergamo Q3 2022 26.0 ▪ Good performance of Nord Pool technology
Slide 9: Reinforced leadership in listing in Europe in Q3 2023
Reinforced leadership in listing in Europe in Q3 2023 Revenue grew +3.4% like-for-like at constant currencies, reported revenue was up +1.1% due to NOK depreciation #1 venue for equity listing in Europe and for debt listing worldwide Revenue in €m 54.0 54.6 23 60k+ new listings ESG data points made
Slide 10: Solid trading revenue at €118.3 million (1/2)
Solid trading revenue at €118.3 million (+0.4%), benefitting from diversified trading activities (1/2) Cash trading ▪ Revenue down -4.4% and ADV down -4.4% reflecting a low Revenue in €m volatility environment for equity trading Q3 2023 64.4 ▪ Average yield at 0.54bps, above floor following migratio
Slide 11: Solid trading revenue at €118.3 million (2/2)
Solid trading revenue at €118.3 million (+0.4%), benefitting from diversified trading activities (2/2) Fixed income trading Revenue in €m ▪ Continued strong momentum with revenue up +18.7% driven by increasing interest rates and market volatility Q3 2023 25.4 ▪ MTS Cash ADV at €21.3 billion, up +38.
Slide 12: Solid Q3 2023 for post trade driven by record CSD activities
Solid Q3 2023 for post trade driven by record quarter for CSD activities Clearing – exc. NTI ▪ Solid quarter with revenue up +1.6%, driven by stronger bond Revenue in €m and commodities clearing activity, compensating the softer equity Q3 2023 11.3 18.2 29.5 clearing environment and lower NTI contri
Slide 13: Q3 2023 financial review
Q3 2023 financial review 3
Slide 14: Q3 2023 adjusted EBITDA up +6.9% to €213.7 million
Q3 2023 adjusted EBITDA up +6.9% to €213.7 million in €m +39.3% 213.7 206.5 7.1 59.3% 44.4 Adj. EBITDA 0.2 2.0 4.8 margin 2.5 148.3 14.3 Including €49.0m non- underlying NTI loss in Q3 2022 Underlying costs down -2.6% Q3 2022 Revenue Cost Revenue FX impact FX impact Non- Q3 2023 Non- Q3 2023 Reporte
Slide 15: Q3 2023 adjusted net income at €146.5 million, up +13.2%
Q3 2023 adjusted net income at €146.5 million, up +13.2% in €m +119.6% €166.5m 20.5 166.5 Reported 2.7 Net Income1) 52.7 20.0 146.5 +119.6% 3.0 6.1 Including €146.5m 58.2 €41.6m capital Adjusted gain from LCH SA stake Net Income1) 75.8 disposal +13.2% €1.38 Adjusted EPS1) +13.7% Q3 2022 EBITDA D&A N
Slide 16: Strong cash flow generation continued
Strong cash flow generation continued CASH FLOW GENERATION 318.1 Q3 2023 EBITDA to net operating cash flow 265.4 Reported EBITDA conversion rate impacted by: 206.6 208.0 ▪ Change in working capital related to Nord Pool and 174.5 Net operating cash flow Euronext Clearing CCP activities for -€33.5 mil
Slide 17: Q&A
Q&A
Slide 18: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah Giorgio Modica Anthony Attia Simon Gallagher CEO and Chairman of the Chief Financial Officer Global Head of Derivatives Head of Global Sales, Managing Board & Post Trade CEO of Euronext London │ 18
Slide 19: Appendix
APPENDIX
Slide 20: Liquidity at end of Q3 2023
Liquidity at end of Q3 2023 1,917.9 in €m 600.0 28.8 66.2 1,317.9 67.1 111.0 6.3 26.4 0.8 12.8 4.7 8.2 174.5 1,148.5 €400m Targeted cash for operation Cash in Net Impact of Net Net Capex Dividends Dividends Net interests Payment Proceed Acquisition of Other, Cash in Undrawn Liquidity Q2 2023, operat
Slide 21: Number of outstanding shares used for EPS computation
Number of outstanding shares used for EPS computation Following the rights issue that occurred on 29 April 2021, whose settlement occured on 14 May 2021, the average outstanding number of shares (basic) to be used for EPS computation is provided below. For comparative purposes, average numbers of ou
Slide 22: Adjusted EPS for Q3 2023
Adjusted EPS for Q3 2023 in €m unless specified otherwise Q3 2023 Q3 2022 Net income reported 166.5 75.8 EPS reported (€) 1.57 0.71 Adjustments of which revenues 0.0 (48.9) of which Operating expenses exc. D&A (7.1) (2.6) of which Depreciation and amortisation (23.6) (22.7) of which Net financing ex
Slide 23: Q3 2023 income statement
Q3 2023 income statement In €m, unless stated otherwise % var Q3 2023 Q3 2022 % var (like-for-like, The figures in this document have not been audited or reviewed by our external auditor. constant currencies) Revenue and income 360.2 301.4 +19.5% +21.3% Listing 54.6 54.0 +1.1% +3.4% Trading revenue,
Slide 24: Last twelve months income statement
Last twelve months income statement Q4 2022 Q1 2023 Q2 2023 Q3 2023 LTM reported Revenue and income 347.0 372.3 368.1 360.2 1,447.6 Listing 53.5 54.7 55.1 54.6 218.0 Trading Revenue 116.3 128.9 118.2 118.3 481.7 of which Cash trading 65.1 71.7 65.2 64.4 266.4 of which Derivatives trading 13.4 14.9 1
Slide 25: Balance sheet as at 30 September 2023
Balance sheet as at 30 September 2023 unaudited, in €m As at 30/9/2023 in € million As of 30 Sept'23 As of 30 Jun'23 Non-current assets Property, plant and equipment 108.4 105.7 CCP clearing business assets Right-of-use assets 56.9 60.9 CCP trading assets at fair value 11,666.2 Goodwill and other in
Slide 26: Q3 2023 cash flows statement
Q3 2023 cash flows statement in € million Q3 2023 Q3 2022 Profit before tax 220.6 106.6 Adjustments for: - Depreciation and amortisation 41.9 38.8 - Share based payments 3.5 2.6 - Gain on sale of associates (41.6) - - Share of profit from associates and joint ventures - (1.7) - Changes in working ca
Slide 27: 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 28: Investor Relations
INVESTOR RELATIONS Aurélie Cohen, Chief Communications and Investor Relations Officer Clément Kubiak, Investor Relations Manager Judith Stein, Investor Relations Officer ir@euronext.com +33 1 70 48 24 27 www.euronext.com/en/investor-relations