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Euronext Publishes Q1 Results - Q1 2019 Results Bolstered By Acquisitions And Strong Operating Performance

Date 15/05/2019

Euronext, the leading pan-European exchange in the Eurozone with 1,300 listed issuers, today announces its results for the first quarter of 2019.

  • Q1 2019 revenue at €152.6 million (+1.4%[1]):
    • Improved Group revenue diversification with contribution from Euronext Dublin of €7.9 million (consolidated since Q2 2018) and Investor Services (Commcise) of €1.1 million (first quarter of consolidation)
    • Listing revenue at €28.0 million (+28.1%) driven by the consolidation of Euronext Dublin and the expansion of Euronext’s Corporate Services franchise to €5.1 million (+39.6%)
    • Cash trading revenue at €48.3 million (-13.3%), with solid market share reaching 66.1% in Q1 2019 and yield at 0.53bps (+1.9%) in an environment of low volumes (Cash ADV at €7.2bn, -16.9%)
    • Spot FX trading revenue at €5.8 million (+10.4%) due to improved market share, revenue capture and positive exchange rate impact
    • Advanced Data Services[2] revenue at €30.8 million (+3.8%)
    • Group non-volume related revenue accounted for 47% of total revenue in Q1 2019, and covered 114% of operating expenses excluding D&A
  • Q1 2019 EBITDA at €89.3 million (-3.0%), with EBITDA margin at 58.5%:
    • Group operating costs excluding D&A up (+8.2%) impacted by the integration of Euronext Dublin and the consolidation of Commcise, partially offset by control of operating costs and the impact of IFRS 16
    • €6.7 million run-rate cost synergies from Euronext Dublin, following the migration to the Optiq® trading platform on 4 February 2019, less than a year after closing
  • Q1 2019 adjusted EPS at €0.87[3] (-1.7%). Net income, reported, share of the Group, at €56.1 million (-6.6%):
    • €3.3 million of exceptional items partially offset by improved net financing income, results from equity investments and lower tax rate

Continued geographical expansion and revenue diversification

  • Euronext received clearance from the Norwegian Ministry of Finance to acquire up to 100% of Oslo Børs VPS’s capital on 13 May 2019, and expects to complete the transaction before the end of June 2019, once Euronext’s shareholders’ approval is obtained on 16 May 2019
  • After completion of the transaction, Oslo Børs VPS will contribute to the Group revenue diversification thanks to over 80% of non-volume related revenue
  • Expansion of Euronext FX in Asia with new office and the set-up of a matching engine in Singapore, expected to be live in Q4 2019
  • Broadening of offering to Investor Services (Commcise) and strengthening of Corporate Services

Key figures - in €m, unless stated otherwise

Q1 2019

Q1 20181

% var

Organic growth

 (like-for-like)[4]

Revenue

152.6

150.5

+1.4%

-4.7%

Operational expenses excluding D&A

-63.3

-58.5

+8.2%

-2.1%

EBITDA

89.3

92.0

-3.0%

-6.4%

EBITDA margin

58.5%

61.1%

-2.6 pts

-1.1 pts (60.0%)

Net income, share of the Group

56.1

60.0

-6.6%

N/A

EPS (adjusted)4

                           0.87  

                           0.89  

-1.7%

N/A

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

In Q1 2019, Euronext Group’s revenue grew thanks to a successful acquisition and revenue diversification strategy and despite an environment of subdued volumes. Euronext’s EBITDA margin reached 58.5% in Q1 2019, in a context of consolidation of new businesses.

The first quarter of 2019 has been marked by the ongoing integration work of Euronext Dublin leading to its successful migration to the Optiq® trading platform on 4 February with, as of February 2019, €6.7 million of costs synergies delivered.

Euronext received on 13 May 2019 clearance from the Norwegian Ministry of Finance to acquire up to 100% of Oslo Børs VPS’s capital. After the approval of Euronext’s shareholders expected on 16 May 2019, completion of the transaction for Oslo Børs VPS is planned by the end of June 2019. Euronext will present its strategic plan, with 2022 financial guidance, in October 2019.

 

[1] Euronext has adopted IFRS 16 in 2019. Unless stated otherwise, percentages compare Q1 2019 to Q1 2018 data including IFRS 15, and not restated for IFRS 16. For further details, please refer to the appendix

[2] Formerly « Market data and indices »

[3] Definition in appendix

[4] “Like-for-like”, “organic” and “l-f-l” refer to Euronext Group perimeter excluding Commcise and Euronext Dublin as well as any project cost supported by Euronext for the integration of these companies

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