Euronext publishes Q4 and full year 2024 results
Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.
- Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
- Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F1 (vs. 145% in 2023):
- Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
- Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
- Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F2 depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
- Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.
- Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F1 (vs. 145% in 2023):
- Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
- Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).
- Underlying operating expenses excluding D&A1 were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
- Adjusted EBITDA1 was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
- Adjusted net income1 was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
- Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
- Net debt to EBITDA2F3 was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
- Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted.
- Key figures for full year 2024:
| In €m, unless stated otherwise | 2024 | 2023 | % var | % var l-f-l3F4 |
| Revenue and income | 1,626.9 | 1,474.7 | +10.3% | +10.0% |
| Underlying operational expenses excluding D&A2 | (620.5) | (610.0) | +1.7% | +1.0% |
| Adjusted EBITDA | 1,006.4 | 864.7 | +16.4% | +16.3% |
| Adjusted EBITDA margin | 61.9% | 58.6% | +3.3pts | +3.4pts |
| Net income, share of the parent company shareholders | 585.6 | 513.6 | +14.0% | |
| Adjusted net income, share of the parent company shareholders | 682.5 | 584.7 | +16.7% | |
| Adjusted EPS (basic, in €) (share count differs between the two periods4F5) | 6.59 | 5.51 | +19.6% | |
| Reported EPS (basic, in €) (share count differs between the two periods) | 5.65 | 4.84 | +16.7% | |
| Adjusted EPS (diluted, in €) (share count differs between the two periods) | 6.56 | 5.50 | +19.3% | |
| Reported EPS (diluted, in €) (share count differs between the two periods) | 5.63 | 4.83 | +16.6% |
- Dividend proposal to the 2025 Annual General Meeting
A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F6.
- Euronext continues its cost discipline and invests in strategic growth
In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.
2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.
Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.
- Progress with the delivery of “Innovate for Growth 2027”
- Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
- Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
- Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.
In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.
In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F7. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”
Notes
1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
2 Norwegian Krone
3 Full year 2024 reported and adjusted EBITDA
4 Like-for-like basis at constant currency
5 The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
6 Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
7 Subject to receipt of applicable regulatory approvals