Euronext Delivers Solid Results for Q1 2024: Total Revenue Soars Past €400M

Euronext, the largest stock exchange in Europe, announced its financial results for the first quarter of 2024 (Q1 2024), reporting a total revenue and income of €401.9 million for the period, which represents an 8% increase compared to the prior-year quarter's €372.3 million.

In Q1 2024, Euronext's listing revenue reached €57.7 million, showing a 5.5% increase compared to €54.7 million in Q1 2023. Trading revenue amounted to €138.4 million, indicating a 7.4% increase compared to €128.9 million in last year's Q1. Advanced data services revenue rose to €59.4 million, an increase of 5.5% from €56.3 million in the same quarter of 2023. Post-trade revenue stood at €104.8 million, demonstrating growth of 11.5% compared to €94.0 million year-on-year (YoY).

Looking more closely at Euronext's trading business, cash trading revenue decreased by 1.6% from €71.7 million in Q1 2023 to €70.6 million in Q1 2024. Derivative trading revenue declined by 10.2% YoY from €14.9 million to €13.4 million. However, fixed income trading revenue saw a significant increase of 34.5%, rising from €26.2 million to €35.2 million. FX trading revenue also experienced growth, rising by 12.7% from €6.3 million to €7.1 million. Additionally, power trading revenue increased by 23.7%, jumping from €9.8 million to €12.2 million.

In terms of Euronext's post-trade business, clearing revenue reached €37.0 million in Q1 2024, marking a 23.1% increase from €30.0 million in the prior year period. Custody and settlement revenue amounted to €67.8 million, reflecting a 6.0% rise from €64.0 million in Q1 2023.

The revenue generated by Euronext's technology solutions and other businesses totaled €26.7 million in Q1 2024, which represents a decrease of 3.3% compared to €27.6 million in the same quarter of the previous year.

Underlying operating expenses, excluding depreciation and amortization, amounted to €150.7 million in Q1 2024, slightly decreasing by 2.0% compared to €153.8 million in the same quarter last year, thanks to continued cost control and some positive one-off releases.

Adjusted EBITDA for the quarter was reported at €251.3 million, with a margin of 62.5%. This represents a 15.0% increase and a 3.8 pts rise compared to €218.5 million and a margin of 58.7% in last year's Q1.

Adjusted operating profit amounted to €232.3 million in Q1 2024, showing a significant jump of 51.3% compared to €131.3 million in the same quarter of the previous year. Profit before income tax for the quarter experienced a substantial increase of 50.3%, rising from €135.2 million to €203.3 million on a yearly basis.

Adjusted net income for Q1 2024 registered €164.2 million, displaying an 11.7% increase compared to €147.1 million in Q1 2023. The adjusted earnings per share (EPS) stood at €1.58, representing a 15.0% increase compared to €1.38 in the same quarter last year.