Euronext Nv · EURONEXT:ENX
Euronext Nv — Q2 2021 Earnings Presentation
25 slides from Euronext Nv's earnings presentation, Jul 30, 2021
Slide 1: Euronext Q2 2021 Results
EURONEXT Q2 2021 RESULTS Released on 30 July 2021 at 9.00am CEST
Slide 2: Agenda
AGENDA Q2 2021 HIGHLIGHTS Q2 2021 BUSINESS REVIEW Q2 2021 FINANCIAL REVIEW Q&A SPEAKERS Stéphane Boujnah Giorgio Modica CEO and Chairman of Chief Financial Officer the Managing Board │2
Slide 3: Q2 2021 Highlights
, eA Q2 2021 HIGHLIGHTS — be ! EURONEXT
Slide 4: Q2 2021 strong performance resulting from organic growth driven by record listing and post-trade activity
Q2 2021 strong performance resulting from organic growth driven by record listing and post-trade activity, and from the Borsa Italiana Group acquisition ▪ Solid revenue growth, resulting from strong performance in Revenue and listing and post trade activities and from the consolidation of +€118.0m V
Slide 5: Q2 2021 Business Review
3 Q2 2021 BUSINESS REVIEW
Slide 6: Q2 2021 revenue up +56.0% driven by robust organic growth in listing and post-trade
Q2 2021 revenue up +56.0% driven by a robust organic growth in listing and post-trade businesses and the first consolidation of the Borsa Italiana Group Revenue grew +3.5% like-for-like +56.0% ▪ €328.8m Listing ▪ Post-trade revenue growth driven by the dynamism of VP Securities and VPS Q2 2021 conso
Slide 7: Listing revenue up +33.6% to €48.2 million in Q2 2021
Listing revenue up +33.6% to €48.2 million in Q2 2021 Number 1 listing venue in Europe, with 62 listings - Number 1 equity raising venue in Europe €48.2m 62 €444.5bn +31.2% Revenue Corporate Services +33.6% New equity listings money raised revenue ▪ Record activity in equity and ETFs listing and pos
Slide 8: Trading revenue up +26.1% to €112.8 million in Q2 2021 (1/2)
Trading revenue up +26.1% to €112.8 million in Q2 2021 (1/2) CASH TRADING Cash trading ▪ Strong revenue capture with an average yield excluding Borsa Italiana at 0.57bps €70.1m €11.3bn 0.52bps 68.3%3 revenue ADV1 Yield2 market share ▪ Negative comparison base for volumes with an exceptionally volati
Slide 9: Trading revenue up +26.1% to €112.8 million in Q2 2021 (2/2)
Trading revenue up +26.1% to €112.8 million in Q2 2021 (2/2) FX TRADING Cash trading ▪ Lower trading volumes in a low volatility environment €5.7m $18.6bn revenue ADV ▪ Like-for-like at constant currencies, revenue decreased -5.3% -13.5% -9.8% POWER TRADING ▪ Lower power trading activity on Nord Poo
Slide 10: Post-trade revenue, including net treasury income, up +157.4% to €93.0 million
Post-trade revenue, including net treasury income, up +157.4% to €93.0 million in Q2 2021 Consolidation of VP Securities, high retail activity in Nordic CSDs and first consolidation of CC&G CLEARING Cash trading in €m Derivatives Equities Bonds Other ▪ Total clearing revenue: €26.6m, +70.6% ▪ CC&G c
Slide 11: Advanced Data Services, Investor Services and Technology Solutions
Advanced Data Services, Investor Services and Technology Solutions ADVANCED DATA SERVICES Cash trading in €m Q2 2021 46.5 ▪ Consolidation of the Borsa Italiana Group data activities +€10.7m and robust market data business Q2 2020 35.8 revenue +29.7% ▪ Like-for-like at constant currencies, revenue in
Slide 12: Q2 2021 Financial Review
(A) Q2 2021 FINANCIAL REVIEW
Slide 13: Q2 2021 EBITDA up +53.8% to €192.9 million
Q2 2021 EBITDA up +53.8% to €192.9 million Consolidation of acquisitions and organic growth in €m +53.8% 58.7% EBITDA 20.0 margin -46.4 -0.8pts 192.9 -4.5 1.3 89.6 59.2% Like for like1) 125.4 7.5 EBITDA margin ▪ Borsa Italiana Group (acquired) ▪ Ticker (acquired) ▪ 3Sens (acquired) ▪ VP Securities (
Slide 14: Q2 2021 Net Income up +5.6% to €86.6 million, Adjusted EPS up +26.8%
Q2 2021 Net Income up +5.6% to €86.6 million, Adjusted EPS up +26.8% to €1.43 per share in €m +5.6% -16.9 €134.7m ▪ Announced costs related to Adjusted the financing of the Borsa -25.6 Italiana Group and new Net Income1) 67.5 bonds issuance -10.5 0.0 -9.2 86.6 82.1 -0.7 ▪ Announced exceptional €1.43
Slide 15: Cash flow generation and liquidity position
Cash flow generation and liquidity position CASHFLOW GENERATION in €m ▪ Q2 2021 EBITDA to net operating cash flow 192.9 192.9 conversion rate impacted by: EBITDA 125.4 ▪ Clearing activities of Nord Pool and CC&G 80.6 negatively impacting changes in working 61.3 capital Net operating cash flow -1.3 ▪
Slide 16: Liquidity
Liquidity 5,472.8 4,124.6 ▪ Private placement in €m ▪ Rights issue 2,373.4 3,682.9 ▪ Bridge loan facility ▪ Newly issued debt ▪ Repayment bridge loan facility 600.0 1,220.5 759.2 1.3 14.5 11.3 3.4 10.1 159.7 12.9 620.5 €400 m Targeted cash for operation Cash in Net (Purchase) / Capex Dividends Proce
Slide 17: Euronext
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Slide 18: Q&A - Speakers
Q&A - Speakers Stéphane Boujnah CEO and Chairman of the Managing Board Giorgio Modica Group Chief Financial Officer Anthony Attia Global Head of Primary Markets & Post Trade │ 18
Slide 19: Appendix
APPENDIX
Slide 20: Adjusted EPS
Adjusted EPS In €m unless stated otherwise Q2 2021 Q2 2020 Net income reported 86.6 82.1 EPS Reported (€ per share) 0.88 1.08 Intangible assets adj. related to acquisitions (PPA) 15.7 4.8 Exceptional items 26.0 0.3 Impairment 4.3 - Exceptional financing expense 8.9 - Tax related to those items 6.9 1
Slide 21: Q2 2021 income statement
Q2 2021 income statement unaudited, in €m Q2 2021 Q2 2020 % var % var l-f-l Total Revenues and income 328.8 210.7 +56.0% +3.5% Listing 48.2 36.1 +33.6% +9.5% Trading revenue, of which 112.8 89.4 +26.1% -6.0% Cash Trading 70.1 64.5 +8.7% -6.7% Derivatives Trading 13.1 11.0 +18.3% +0.6% Fixed income t
Slide 22: Balance sheet as at 30 June 2021
Balance sheet as at 30 June 2021 unaudited, in €m As at 30/06/21 As at 31/03/21 unaudited, in €m As at 30/06/21 As at 31/03/21 Non-current assets Equity Property, plant and equipment 78.7 56.4 Shareholders' equity 3,441.8 1,148.4 Right-of-use assets 72.5 43.0 Non-controlling interests 81.1 21.6 Good
Slide 23: Q2 2021 cash flows and outstanding debt
Q2 2021 cash flows and outstanding debt unaudited, in €m Q2 2021 Q2 2020 Outstanding debt issued Profit before tax 125.7 111.2 Amount Maturity Interest Adjustments for: - Depreciation and amortization 30.5 13.6 €500 million 2025 Swap-to-floating - Share based payments 2.5 2.5 €750 million 2029 Fixed
Slide 24: 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 25: Investor Relations
INVESTOR RELATIONS Aurélie Cohen, Chief Communications and Investor Relations Officer Clément Kubiak, Investor Relations Manager ir@euronext.com +33 1 70 48 24 27 www.euronext.com/en/investor-relations