Euronext Reports Total Revenue and Income of €360M for Q3 2023, Up 19.5% YoY

Euronext, the largest stock exchange in Europe, released its financial results for the third quarter of 2023 (Q3 2023), reporting the total revenue and income of €360.2 million for the quarter, increasing 19.5% compared to €301.4 million in the same period of last year.

More specifically, listing revenue accounted for €54.6 million, 1.1% higher than €54.0 million in Q3 2022; cash trading revenue was €64.4 million, 4.4% lower than €67.3 million in Q3 2022; derivatives trading revenue was €13.4 million, 3.9% lower than €14.0 million in Q3 2022; fixed income trading revenue was €25.4 million, 18.7% higher than €21.4 million in Q3 2022; and FX trading revenue was €6.4 million, 11.4% lower than €7.3 million in Q3 2022.

As for Euronext's post-trade business in Q3 this year, clearing revenue was €29.5 million, 1.6% higher than €29.1 million in Q3 2022; custody and settlement revenue was €58.9 million, 3.1% higher than €57.1 million in Q3 2022; and technology solutions revenue was €27.4 million, 5.5% higher than €26.0 million in Q3 2022.

Underlying operating expenses, excluding D&A, were at €146.5 million, a decrease of 2.6% compared to €150.4 million in Q3 of last year, primarily resulting from continued cost discipline and the positive impact of foreign exchanges rates.

Adjusted EBITDA came in at €213.7 million with a margin of 59.3% for the quarter, compared to €199.9 million with a margin of 57.1% in the same period of 2022, up 6.9% and 2.2pts respectively.

Adjusted operating profit amounted to €164.7 million, rising 50.4% from €109.5 million in the year-ago quarter.

Profit before income tax jumped 106.9% from €106.6 million to €220.6 million on a year-on-year basis.

Adjusted net income registered €146.5 million for the period, up 13.2% compared to €129.5 million in Q3 2022. Adjusted EPS stood at €1.38, 13.7% higher than €1.21 in last year's Q3.

In Q3 2023, Euronext reported a net cash flow from operating activities of €174.5 million, compared to €318.1 million in Q3 2022, reflecting lower change in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 100.7% of EBITDA in Q3 2023.