Euronext N : Euronext publishes Q2 2022 results

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Euronext publishes Q2 2022 results

Solid quarter driven by the sustained dynamism of non-volume activities and of trading operations. First revenue synergies related to the Borsa Italiana Group acquisition delivered.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 28 July 2022 - Euronext, the leading pan-Europeanmarket infrastructure, today publishes its results for the second quarter 2022.

• Q2 2022 revenue and income up +2.5% pro forma1, compared to Q2 2021 underlying revenue and income2, to €374.7 million (+14.0% reported, +€45.9 million) driven by the growth of non- volume related business and trading activities:
• • Non-volumerelated revenue accounted for 59% of Q2 2022 total revenue (vs. 60% pro forma in Q2 2021) and covered 144% of underlying operating expenses, excluding D&A (vs. 150% in Q2 2021 pro forma).
  • Contribution of the Borsa Italiana Group to revenue was €129.2 million.
  • Trading revenue grew to €129.2 million (+3.7% pro forma, +14.6% reported), resulting from a robust performance across all asset classes in a volatile market environment. Cash trading revenue was €75.3 million (+1.4% pro forma, +7.4% reported), reflecting strong revenue capture, and fixed income trading revenue was €24.9 million (+2.4% pro forma, +44.0 % reported).
  • Post-traderevenue grew to €93.9 million (+1.8% pro forma, +12.6% reported). Clearing revenue increased to €31.4 million (+5.5% pro forma, +18.0% reported) as a result of a volatile environment and net treasury income of Euronext Clearing was €15.7 million. Custody and Settlement revenue was €62.5 million (+0.1% pro forma, +10.1% reported) thanks to the resilience of the diversified Euronext Securities business model in a normalising settlement environment.
  • Euronext remained the leading venue for equity listing in Europe and for debt listing worldwide. Euronext recorded 19 new equity listings in Q2 2022. Listing revenue grew to €55.4 million (+7.8% pro forma, +15.0% reported), demonstrating the resilience of the business and the attractiveness of the offering.
  • Advanced Data Services revenue grew to €52.0 million (+2.4% pro forma, +11.9% reported) due to a solid core data business performance.
• Adjusted EBITDA3 up +2.5% pro forma to €221.7 million (+12.3% reported, +€24.3 million) reflecting continued cost discipline and successful ongoing integration. Adjusted EBITDA margin at 59.2% (stable pro forma, -0.9pt reported):
• • Underlying operating expenses, excluding D&A, were €153.0 million (+2.6% pro forma, +16.4% reported), resulting from continued cost discipline in a context of ongoing integration.
• Reported net income, share of the parent company shareholders, up +25.6% pro forma
  (+37.2% reported) to €118.9 million (+€32.2 million):
• • Net financing expenses were at €9.1 million and results from equity investments amounted to €1.2 million, impacted by an impairment. Income tax rate was 27.1%.
• Adjusted EPS4 was down -6.1% to €1.345.
• Key figures for Q2 2022

In €m, unless stated otherwise		Q2 2022		Q2 2021	% var	% var	% var
		l-f-l6	pro forma
Revenue and income		374.7		328.8	+14.0%	+2.4%	+2.5%
Underlying operational expenses excluding D&A		(153.0)		(131.4)	+16.4%	+3.3%	+2.6%
Adjusted EBITDA		221.7		197.4	+12.3%	+1.7%	+2.5%
Adjusted EBITDA margin		59.2%		60.0%	-0.9pt	-0.4pt	0.0pt
Net income, share of the parent company shareholders		118.9		86.6	+37.2%		+25.6%
Adjusted Net income, share of the parent company shareholders		143.2		134.6	+6.4%
Adjusted EPS (basic, in€) (share count differs between the two periods)		1.34		1.43	-6.1%
Reported EPS (basic, in€) (share count differs between the two periods)		1.11		0.88	+26.3%
Adjusted EPS (diluted, in€) (share count differs between the two periods)		1.34		1.43	-6.1%
Reported EPS (diluted, in€) (share count differs between the two periods)		1.11		0.88	+26.3%

1. The variances on pro forma basis assume that the acquisition of the Borsa Italiana Group took place on 1 January 2021 and therefore include the Borsa Italiana Group financial performance for the entire comparative period. The Borsa Italiana Group financials were consolidated from 29 April 2021.
2. Q2 2021 pro forma includes €6.5 million of non-underlying transitional income related to the Borsa Italiana Group acquisition in April 2021, prior to the acquisition
3. Definition in appendix - Adjusted for non-underlying operating expenses excluding D&A
4. Definition in appendix
5. Basic weighted average number of shares at 106,616,256 for H1 2022, H1 2021 basic outstanding shares at 85,094,834 shares.
6. Like-for-likerevenue at constant currencies excludes in 2021 and 2022 the Borsa Italiana Group, Centevo and OMS as well as related integration costs.

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• Net debt to reported EBITDA1 at 2.4x at the end of June 2022.
• Climate commitment: Step up in Euronext ESG 'Fit for 1.5°' commitment setting ambitious emission reduction targets in line with the SBTi2. The first major step was achieved with the successful migration to a full green Core Data Centre in June 2022.
• Continued momentum in the delivery of targeted synergies, in relation to the Borsa Italiana Group acquisition:
• • €24.1 million cumulated run-rate annual synergies achieved at the end of Q2 2022. €8.9 million run-rateannual synergies delivered in Q2 2022, mainly related to the first phase of revenue synergies arising from the successful migration of Euronext's Core Data Centre.
  • €36.7 million of cumulated implementation costs incurred at the end of Q2 2022, of which €5.4 million during Q2 2022.
• Significant quarter for the integration of the Borsa Italiana Group:
• • Successful move of Euronext's Core Data Centre from Basildon, in the UK, to Bergamo, in Italy, paving the way for the migration of Italian cash and derivatives markets onto the Optiq® trading platform in 2023.
  • Euronext Clearing adoption of VaR methodology for fixed income instruments advancing the European expansion of Euronext Clearing3.
  • Acceleration of the integration of MTS and Euronext Securities Milan through the contemplated acquisition of the technology businesses from Nexi's capital markets activities4.
• Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

"This second quarter of 2022 was marked by the continuation of the volatile environment seen since the first quarter of the year. Euronext's business model again demonstrated its resilience, and generated solid growth in revenue, adjusted EBITDA and adjusted net income.

A key milestone in our 'Growth for Impact 2024' strategic plan was achieved with the successful migration of our Core Data Centre from Basildon, near London, to a fully green data centre in Bergamo, near Milan. This migration enables Euronext to deliver the first revenue synergies targeted under our 2024 strategic plan. This success paves the way to the migration of Italian cash and derivatives markets to the Euronext state-of-the-art European proprietary trading platform Optiq® by 2023. In addition, we pursued our integration work and we reached €24.1 million cumulated run-rate annual synergies in relation to the acquisition of the Borsa Italiana Group at the end of Q2 2022, 14 months after the closing of the transaction.

As previously announced, we disclosed our Fit for 1.5° climate targets, aligned with SBTi standards. These ambitious targets will be achieved through the transformation of our own operations without any purchase of any offsetting credit. These Euronext commitments have an impact on the whole ecosystem, engaging our suppliers to join forces with us for the creation of a more sustainable global financial system."

1. Last twelve months EBITDA pro forma the Borsa Italiana Group, reported EBITDA including costs previously reported as exceptional items
2. Science-Basedtargets initiative. More information in the corporate highlights section of this document and at: https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-its-science-based-climate-targets
3. More information in the corporate highlights section of this document and at:https://www.euronext.com/en/about/media/euronext-press-releases/euronext-clearing-introduces-new-var-based-margin-methodology
4. More information in the corporate highlights section of this document and at:https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-acquisition-technology-businesses-nexis

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Euronext Q2 2022 financial performance

In €m, unless stated otherwise									% var	% var
The figures in this document have not been audited or reviewed by		Q2 2022			Q2 2021		% var		(like-for-like,	Pro forma
					constant
our external auditor.
								currencies)
Revenue and income		374.7		328.8	+14.0%	+2.4%	+2.5%1
Listing		55.4		48.2	+15.0%	+5.9%	+7.8%
Trading revenue, of which		129.2		112.8	+14.6%	+4.0%	+3.7%
Cash trading		75.3		70.1	+7.4%	+2.7%	+1.4%
Derivatives trading		14.9		13.1	+14.3%	+6.2%	+8.3%
Fixed income trading		24.9		17.3	+44.0%	+28.3%	+2.4%
FX trading		7.3		5.7	+27.6%	+12.8%	+27.6%
Power trading		6.9		6.6	+3.4%	+2.7%	+3.4%
Investor Services		2.3		2.2	+4.9%	+11.1%	+4.9%
Advanced Data Services		52.0		46.5	+11.9%	+2.1%	+2.4%
Post-Trade, of which		93.9		83.4	+12.6%	-0.6%	+1.8%
Clearing		31.4		26.6	+18.0%	+4.1%	+5.5%
Custody and Settlement		62.5		56.8	+10.1%	-2.7%	+0.1%
Euronext Technology Solutions & Other		24.1		22.9	+5.6%	+1.7%	-8.4%
NTI through CCP business		15.7		9.6	+64.4%	n/a	+14.7%
Other income		1.0		1.4	-25.3%	-83.9%	-32.5%
Transitional revenues		0.9		1.9	-53.8%	n/a	-63.5%
Underlying operational expenses exc. D&A		(153.0)		(131.4)	+16.4%	+3.3%	+2.6%
Adjusted EBITDA		221.7		197.4	+12.3%	+1.7%	+2.5%1
Adjusted EBITDA margin		59.2%		60.0%	-0.9pt	-0.4pt	0.0pt
Operating expenses exc. D&A		(161.1)		(161.2)	-0.0%	+3.3%	-11.6%
EBITDA		213.6		167.6	+27.4%	+1.7%	+12.6%
Depreciation & Amortisation		(38.5)		(31.2)	+23.5%	-14.4%	+1.3%
Total Expenses (inc. D&A)		(199.6)		(192.4)	+3.8%	+1.7%	-9.3%
Adjusted operating profit		206.9		182.6	+13.3%	+2.9%	+3.6%
Operating Profit		175.1		136.4	+28.3%		+15.4%
Net financing income / (expense)		(9.1)		(13.0)	-30.1%		-37.9%
Results from equity investments		1.2		2.3	-46.1%		-46.1%
Profit before income tax		167.2		125.7	+33.0%		+20.0%
Income tax expense		(45.2)		(37.2)	+21.8%		+8.0%
Share of non-controlling interests		(3.1)		(1.9)	+62.1%		+6.5%
Net income, share of the parent company		118.9		86.6	+37.2%		+25.6%
shareholders
Adjusted Net income, share of the parent		143.2		134.6	+6.4%
company shareholders2
Adjusted EPS (basic, in€)		1.34		1.43	-6.1%
Reported EPS (basic, in€)		1.11		0.88	+26.3%
Adjusted EPS (diluted, in€)		1.34		1.43	-6.1%
Reported EPS (diluted, in€)		1.11		0.88	+26.3%
Q2 2021 pro forma income statement disclosed in appendix

Q2 2022 revenue and income

In Q2 2022, Euronext consolidated revenue and income increased to €374.7 million, up +14.0%, resulting primarily from the dynamic performance of non-volume related activities and a strong performance from trading operations supported by volatile market conditions and solid revenue capture. On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income grew +2.4% in Q2 2022, to €245.5 million, compared to Q2 2021. Pro forma the Borsa Italiana Group acquisition on 29 April 2021, Q2 2022 revenue grew +2.5% compared to Q2 2021 underlying revenue and income1, resulting from solid organic growth across all businesses.

Non-volume related revenue accounted for 59% of total Group revenue in Q2 2022, compared to 60% pro forma in Q2 2021, reflecting the successful diversification toward non-volume related activities. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 144% in Q2 2022, compared to 150% pro forma in Q2 2021.

1. Q2 2021 pro forma excludes €6.5 million of non-underlying transitional income related to the Borsa Italiana Group acquisition in April 2021, prior to the acquisition
2. For the total adjustments performed please refer to the appendix of this press release

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Q2 2022 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased to €153.0 million, up +16.4%, primarily as a result of the consolidation of the costs from acquisitions, partially offset by continued cost control and delivery of planned synergies. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +3.3% compared to Q2 2021 that was positively impacted by the decrease of travel and marketing due to the pandemic. On a pro forma basis, underlying operational expenses excluding depreciation and amortisation increased by +2.6% compared to Q2 2021.

Consequently, adjusted EBITDA for the quarter increased to €221.7 million, up +12.3% compared to Q2 2021. This represents an adjusted EBITDA margin of 59.2%, down -0.9 points compared to Q2 2021 due to ongoing strategic and integration costs. Pro forma the Borsa Italiana Group acquisition, Q2 2022 adjusted EBITDA was up +2.5% year on year1. On a like-for-like basis, adjusted EBITDA for Q2 2022 was up +1.7%, to €143.2 million, and adjusted EBITDA margin was 58.3%, down -0.4 points compared to the same perimeter in Q2 2021.

Q2 2022 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €38.5 million in Q2 2022, up +23.5%, resulting from the consolidation of D&A from acquisitions. PPA related to acquired businesses accounted for €20.9 million.

Adjusted operating profit was €206.9 million, a +13.3% increase compared to Q2 2021. On a like-for- like basis, adjusted operating profit was up +2.9% compared to Q2 2021, at €134.7 million. Pro forma the Borsa Italiana Group acquisition, adjusted operating profit was up +3.6%.

€31.8 million of non-recurring expenses, including depreciation and amortisation, were reported in Q2 2022, related to the integration of the Borsa Italiana Group, the implementation of the 'Growth for Impact 2024' strategic plan and the PPA of acquired businesses.

Net financing expense for Q2 2022 was €9.1 million compared to a net financing expense of €13.0 million in Q2 2021. This decrease results from the costs of the issued debt in relation to the bridge financing of the acquisition of the Borsa Italiana Group in Q2 2021.

Results from equity investments amounted to €1.2 million in Q2 2022, representing the contribution received from LCH SA, in which Euronext owns an 11.1% stake, partly offset by an impairment. As a reminder, in Q2 2021, Euronext reported €2.3 million of results from equity investments.

Income tax for Q2 2022 was €45.2 million. This translated into an effective tax rate of 27.1% for the quarter (Q2 2021: €37.2 million and 29.6% respectively).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €3.1 million in Q2 2022.

As a result, the reported net income, share of the parent company shareholders, increased by +37.2% for Q2 2022 compared to Q2 2021, to €118.9 million. This represents a reported EPS of €1.11 basic and €1.11 fully diluted in Q2 2022, compared to €0.88 basic and €0.88 fully diluted in Q2 2021. The weighted number of shares used over the first six months of 2022 was 106,616,256 for the basic calculation and 106,802,961 for the fully diluted calculation.

Adjusted net income, share of the parent company shareholders was up +6.4% to €143.2 million. Adjusted EPS (basic) was down -6.1% in Q2 2022, at €1.34 per share, based on 106,616,256 shares for H1 2022, compared to an adjusted EPS (basic) of €1.43 per share in Q2 2021, based on 85,094,834 shares for H1 2021.

In Q2 2022, Euronext reported a net cash flow from operating activities of €76.8 million, compared to -€1.3 million in Q2 2021, reflecting lower negative changes in working capital partially offsetting the consolidation of the Borsa Italiana Group. Excluding the impact on working capital from Euronext Clearing (formerly CC&G) and Nord Pool CCP activities, net cash flow from operating activities accounted for 42.1% of EBITDA in Q2 2022.

1 Q2 2021 pro forma includes €6.5 million of non-underlying transitional income related to the Borsa Italiana Group acquisition

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Business highlights

■ Listing

in €m, unless stated otherwise	Q2 2022	Q2 2021	% change
Listing revenue	55.4	48.2	+15.0%
Equity	26.8	21.0	+27.4%
Annual fees	17.4	13.1	+33.0%
Follow-ons	4.6	4.3	+7.5%
IPOs	4.8	3.6	+30.7%
Debts	10.0	9.7	+3.0%
ETFs, Funds & Warrants	5.7	4.6	+23.1%
Corporate Services	10.1	10.4	-3.6%
ELITE and Other	2.9	2.4	+19.9%
Money raised	253,887	438,940	-42.2%

Listing revenue was €55.4 million in Q2 2022, an increase of +15.0% compared to Q2 2021, driven by a resilient performance in equity listing and debt listing in a challenging market environment. On a like- for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q2 2021. Pro forma the Borsa Italiana Group acquisition, listing revenue increased by +7.8% year on year.

Euronext's primary equity listing business sustained its leading position in Europe with 19 new listings in Q2 2022, compared to 63 new listings, pro forma, in Q2 2021.

The majority of new listings on Euronext were from Tech and innovation-driven companies, with healthtech and cleantech listings representing more than €2 billion in market capitalisation. Two new SPAC listings and the listing of UK-based biotech BenevolentAI through a business combination with the SPAC Odyssey Acquisition on Euronext Amsterdam demonstrated Euronext's leading position in Europe for SPAC listings.

Euronext reinforced its offer for Tech companies with the launch of Euronext Tech Leaders, an initiative dedicated to highlighting the visibility and attractiveness of high-growth and leading Tech companies to international investors, together with a suite of services to support them along their listing journey. De Nora, leading player in sustainable technologies, joined the over 100 high-growth Tech companies in the Tech Leaders segment on its listing in Milan at end June.

In Q2 2022, €2.1 billion was raised by newly listed companies on major European stock exchanges, of which €1.1 billion was raised on Euronext, representing more than half of the total money raised at listing in Europe1. This compares to a very strong Q2 2021 with €7.0 billion raised on Euronext primary markets.

Euronext's secondary markets reported €11.1 billion raised in secondary equity issues in Q2 2022, compared to €26.6 billion in Q2 2021.

Euronext remained a leading exchange in Europe for the listing of ETFs, welcoming 96 new ETFs during the second quarter of 2022.

Euronext sustained its position as the leading listing venue for bonds worldwide in Q2 20222 with over 52,500 bonds listed across all Euronext markets, and continued the growth of its ESG bond listing franchise. In Q2 2022, €241.7 billion in debt was raised on Euronext's markets, reflecting current market conditions, and compared to €405.4 billion raised in Q2 2021.

In total, €253.9 billion in equity and debt was raised on Euronext's markets in Q2 2022, compared to €438.9 billion in Q2 2021.

Euronext Corporate Services reported a solid quarter in terms of revenue at €10.1 million in Q2 2022, down -3.6% compared to Q2 2021, resulting from a solid performance across the offering partially offset by a small decline in Company Webcast activity compared to a very strong Q2 2021, that was positively impacted by health restrictions supporting high demand for webcasts.

1. Considered scope: Euronext, LSE, Nasdaq Nordic, Deutsche Börse, SIX & BME. Sources: Internal data for Euronext, Dealogic for others
2. According to the WFE (World Federation of Exchanges) Money raised figures have been restated

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