Euronext N : Euronext publishes Q3 2022 results

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Euronext publishes Q3 2022 results

Solid quarter demonstrating Euronext's diversified business model and continued cost discipline, in line with 2022 cost guidance

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 3 November 2022 - Euronext,

the leading pan-European market infrastructure, today publishes its results for the third quarter 2022.

• Q3 2022 underlying revenue and income was stable compared to Q3 2021 underlying revenue and income1, at €350.3 million (-0.1%2 reported, -€0.3 million, reported revenue and income at €301.4 million) illustrating the strong performance of non-volume related business:
• • Non-volumerelated revenue accounted for 59% of Q3 2022 underlying revenue1 (vs. 57% in Q3 2021) and covered 138% of underlying operating expenses, excluding D&A (vs. 142% in Q3 2021).
  • Trading revenue was down at €117.8 million (-6.0%like-for-like,-5.2% reported), resulting from lower cash equity and MTS Cash volumes, partially offset by efficient yield management and strong quarters for FX, derivatives and power trading.
  • Post-traderevenue (excluding NTI) grew to €86.2 million (+2.2% like-for-like, +3.7% reported). Custody and Settlement revenue was €57.1 million (+0.5% like-for-like, +2.8% reported) thanks to the diversified Euronext Securities business model in a normalising settlement environment. Clearing revenue increased to €29.1 million (+5.5% like-for-like, +5.5% reported) as a result of growing bonds and derivatives clearing activity. Net treasury income for Euronext Clearing was -€38.3 million, including -€49.0 million of non-underlyingpre-tax loss following the partial disposal of the Euronext Clearing portfolio1, as announced in Euronext second quarter 2022 results.
  • Listing revenue grew to €54.0 million (+5.9% like-for-like, +6.3% reported), demonstrating the resilience of the business in tough market conditions. Euronext remained the leading venue for equity listing in Europe and for debt listing worldwide. Euronext recorded 18 new equity listings in Q3 2022. Four new companies joined the new Euronext Tech Leaders segment following its launch in June 2022.
  • Advanced Data Services revenue grew to €53.0 million (+6.5% like-for-like, +6.3% reported), driven by a strong performance across the offering.
• Adjusted EBITDA3 was at €199.9 million (-4.4% reported, -€9.2 million) reflecting continued cost discipline in an inflationary environment. Adjusted EBITDA margin was at 57.1% (-2.6ptslike-for-like,-2.6pts reported):
• • Underlying operating expenses, excluding D&A, were €150.4 million (+5.6% like-for-like, +6.3% reported), in line with 2022 cost guidance of €612 million of underlying costs.
• Reported net income, share of the parent company shareholders, was down -34.5% to €75.8 million (-€40.0 million), mainly due to the non-underlyingone-off loss in net treasury income:
• • Net financing expenses were at €4.6 million and results from equity investments amounted to €1.7 million. Income tax rate was at 26.2%.
• Adjusted EPS4 was down -3.2% at €1.215.
• Key figures for Q3 2022:

In €m, unless stated otherwise		Q3 2022		Q3 2021	% var	% var
		l-f-l6
Revenue and income		301.4		350.6	-14.0%	-0.8%
Underlying revenue and income1		350.3		350.6	-0.1%	-0.8%
Underlying operational expenses excluding D&A		(150.4)		(141.5)	+6.3%	+5.6%
Adjusted EBITDA		199.9		209.1	-4.4%	-5.2%
Adjusted EBITDA margin		57.1%		59.6%	-2.6pts	-2.6pts
Net income, share of the parent company shareholders		75.8		115.8	-34.5%
Adjusted Net income, share of the parent company shareholders		129.5		137.0	-5.5%
Adjusted EPS (basic, in€) (share count differs between the two periods)		1.21		1.25	-3.2%
Reported EPS (basic, in€) (share count differs between the two periods)		0.71		1.08	-34.2%
Adjusted EPS (diluted, in€) (share count differs between the two periods)		1.21		1.25	-3.2%
Reported EPS (diluted, in€) (share count differs between the two periods)		0.71		1.08	-34.2%

1. Underlying revenue excludes €49.0 million non-underlying,one-off loss (€35 million post tax) related to the partial disposal of the Euronext Clearing portfolio. Please refer to the section on net treasury income section and https://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-resultsfor more details.
2. Unless specified otherwise, percentages refer to Q3 2022 compared to Q3 2021.
3. Definition in appendix - Adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
4. Definition in appendix.
5. Basic weighted average number of shares at 106,652,256 for 9M 2022, 9M 2021 basic outstanding shares at 92,447,841 shares.
6. Like-for-likerevenue at constant currencies for 2021 and 2022 excludes Euronext Funds360 and the activities acquired from Spafid by Euronext Securities, as well as related costs.

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• Net debt to reported EBITDA1 was at 2.3x at the end of September 2022.
• Continued delivery of targeted synergies in relation to the Borsa Italiana Group acquisition:
• • €24.4 million cumulated run-rate annual synergies achieved at the end of Q3 2022. €0.3 million run-rateannual synergies delivered in Q3 2022.
  • €37.9 million of cumulated implementation costs incurred at the end of Q3 2022, of which €1.2 million during Q3 2022.
• Continued advancement of the integration of the Borsa Italiana Group:
• • Euronext has successfully introduced a new listing framework in Italy, which is harmonised with Group and global standards. The harmonisation of the listing framework will benefit Italian issuers and strengthen the Italian capital market ecosystem.
  • Euronext confirmed the first phase of the migration of Borsa Italiana cash markets onto Optiq® in March 2023. The migration to the Euronext state-of-the-art proprietary trading platform will provide Euronext and Borsa Italiana clients with significant benefits while retaining a strong local footprint, as demonstrated in the two previous successful migrations in Ireland and Norway.
  • Euronext confirmed the first phase of the expansion of Euronext Clearing with the expected launch of the equity clearing offering by the end of 2023. This is the first milestone in the transformation of Euronext Clearing to create the Euronext clearing house of choice for its cash equity markets, further ensuring strategic alignment between the Euronext markets and its clearing house.
• Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

"This third quarter of 2022 demonstrated the robustness of Euronext's diversified business model in a more challenging trading environment. We recorded strong growth in our non-volume related activities, as well as good performance of derivatives, FX and power trading activities. Euronext confirmed its position as the main trading venue in Europe this quarter, providing market participants with the highest market quality and depth. Combined with continued cost discipline, in line with our 2022 cost guidance, this led to robust adjusted EBITDA and adjusted net income.

We continued working on the integration of the Borsa Italiana Group and delivery of the 'Growth for Impact 2024' strategic plan. €24.4 million cumulated run-rate annual synergies in relation to the acquisition of the Borsa Italiana Group were reached at the end of Q3 2022.

Going forward, the simplification of listing rules in Italy announced in September will facilitate access to financing for local and international issuers, further reinforcing Euronext's position as the leading listing venue in Europe. Additional major milestones in the delivery of our 'Growth for Impact 2024' strategic plan will be achieved in 2023. Italian and European clients will soon benefit from the migration of the Italian cash markets to the Euronext state-of-the-art proprietary trading platform Optiq® in March 2023, joining the largest liquidity pool in Europe. In addition, in relation to the acquisition of the Borsa Italiana Group, Euronext Clearing will become the Euronext clearing house of choice for equity clearing by the end of 2023. These strategic deliveries will further unlock a significant part of the targeted synergies. Our diversified business model combined with continued cost discipline gives us the confidence to face macro-economic challenges in 2023."

1 Last twelve months reported EBITDA, including costs previously reported as exceptional items

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Euronext Q3 2022 financial performance

In €m, unless stated otherwise								% var
The figures in this document have not been audited or reviewed		Q3 2022			Q3 2021		% var	(like-for-like,
				constant
by our external auditor.
							currencies)
Revenue and income		301.4		350.6	-14.0%	-0.8%
Underlying revenue and income		350.3		350.6	-0.1%	-0.8%
Listing		54.0		50.8	+6.3%	+5.9%
Trading revenue, of which		117.8		124.2		-5.2%	-6.0%
Cash trading		67.3		75.0	-10.2%	-10.2%
Derivatives trading		14.0		13.5	+3.3%	+3.2%
Fixed income trading		21.4		23.8	-9.8%	-9.8%
FX trading		7.3		5.6	+30.1%	+11.2%
Power trading		7.8		6.3	+23.5%	+20.2%
Investor Services		2.5		2.1	+16.3%	+12.2%
Advanced Data Services		53.0		49.8	+6.3%	+6.5%
Post-Trade, of which		86.2		83.1	+3.7%	+2.2%
Clearing		29.1		27.5	+5.5%	+5.5%
Custody and Settlement		57.1		55.6	+2.8%	+0.5%
Euronext Technology Solutions & Other		26.0		24.4	+6.7%	+6.5%
NTI through CCP business		(38.3)		12.9	-395.8%	-17.6%
Other income		(0.5)		0.8	-161.3%	-160.6%
Transitional revenues		0.6		2.3	-72.0%	-72.0%
Underlying operational expenses exc. D&A		(150.4)		(141.5)		+6.3%	+5.6%
Adjusted EBITDA		199.9		209.1		-4.4%	-5.2%
Adjusted EBITDA margin		57.1%		59.6%	-2.6pts	-2.6pts
Operating expenses exc. D&A		(153.0)		(149.0)	+2.7%	+5.6%
EBITDA		148.3		201.6		-26.4%	-5.2%
Depreciation & Amortisation		(38.8)		(38.5)	+0.8%	-10.3%
Total Expenses (inc. D&A)		(191.9)		(187.5)	+2.3%	+3.9%
Adjusted operating profit		183.8		191.3		-3.9%	-4.7%
Operating Profit		109.5		163.1	-32.9%
Net financing income / (expense)		(4.6)		(7.3)	-36.6%
Results from equity investments		1.7		11.8	-85.5%
Profit before income tax		106.6		167.6		-36.4%
Income tax expense		(27.9)		(48.5)	-42.6%
Share of non-controlling interests		(2.9)		(3.2)	-10.7%
Net income, share of the parent company		75.8		115.8		-34.5%
shareholders
Adjusted Net income, share of the parent		129.5		137.0		-5.5%
company shareholders1
Adjusted EPS (basic, in€)		1.21		1.25		-3.2%
Reported EPS (basic, in€)		0.71		1.08		-34.2%
Adjusted EPS (diluted, in€)		1.21		1.25		-3.2%
Reported EPS (diluted, in€)		0.71		1.08		-34.2%

Q3 2022 revenue and income

In Q3 2022, Euronext consolidated revenue and income amounted to €301.4 million, down -14.0% compared to Q3 2021, mainly due to the €49.0 million non-underlying,one-offpre-tax loss (€35 million post-tax) related to the partial disposal of the Euronext Clearing portfolio2, partially offset by the robust performance of non-volume related activities and the good performance of derivatives, FX and power trading activities. Underlying revenue and income, excluding the non-underlying,one-off, loss related to the partial disposal of the Euronext Clearing portfolio, was slightly down -0.8% in Q3 2022, to €350.3 million. On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was down -0.8% in Q3 2022, to €349.4 million, compared to Q3 2021.

Non-volume related revenue accounted for 59% of underlying Group revenue in Q3 2022, compared to 57% in Q3 2021, reflecting the successful diversification towards non-volume related activities and challenging environment for cash trading and MTS cash trading this quarter. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 138% in Q3 2022, compared to 142% in Q3 2021.

1. For the total adjustments performed please refer to the appendix of this press release
2. For more details on the partial disposal of the portfolio, see Net treasury income section of this press release and the announcement of the portfolio re-allocation in the Q2 2022 results press release: https://www.euronext.com/en/investor-relations/financial-information/regulated-information-and-investor-news/euronext-212.

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Q3 2022 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased to -€150.4 million, up +6.3%, reflecting continued cost discipline in a post-pandemic context and higher clearing expenses, and in line with 2022 guidance of €612 million underlying costs. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +5.6% compared to Q3 2021 that was positively impacted by the decrease of travel and marketing due to the pandemic.

Consequently, adjusted EBITDA for the quarter totalled €199.9 million, down -4.4% compared to Q3 2021. This represents an adjusted EBITDA margin of 57.1%, down -2.6 points compared to Q3 2021 due to the decrease in volume-related revenue, which was partly offset by resilient non-trading related revenue and continued cost discipline. On a like-for-like basis, adjusted EBITDA for Q3 2022 was down -5.2%, to €199.3 million, and adjusted EBITDA margin was 57.0%, down -2.6 points compared to the same perimeter in Q3 2021.

Q3 2022 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €38.8 million in Q3 2022, stable compared to Q3 2021. PPA related to acquired businesses accounted for €20.9 million.

Adjusted operating profit was €183.8 million, a -3.9% decrease compared to Q3 2021. On a like-for- like basis, adjusted operating profit was down -4.7% compared to Q3 2021, at €183.2 million.

€25.4 million of non-underlying expenses, including depreciation and amortisation, were reported in Q3 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 Q3 2022 was €4.6 million compared to a net financing expense of €7.3 million in Q3 2021. This decrease results from a positive revaluation of foreign currencies balances impact in Q3 2022.

Results from equity investments amounted to €1.7 million in Q3 2022, solely representing the contribution received from LCH SA, in which Euronext owns an 11.1% stake. As a reminder, in Q3 2021, Euronext reported €11.8 million of results from equity investments, reflecting a dividend payment by Euroclear in addition to the contribution received from LCH SA.

Income tax for Q3 2022 was €27.9 million. This translated into an effective tax rate of 26.2% for the quarter (Q3 2021: €48.5 million and 29.0% respectively).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €2.9 million in Q3 2022.

As a result, the reported net income, share of the parent company shareholders, decreased by -34.5% for Q3 2022 compared to Q3 2021, to €75.8 million, including the one-off loss due to the partial disposal1 of the Euronext Clearing portfolio. This represents a reported EPS of €0.71 basic and €0.71 fully diluted in Q3 2022, compared to €1.08 basic and €1.08 fully diluted in Q3 2021. The weighted number of shares used over the first nine months of 2022 was 106,652,256 for the basic calculation and 106,857,642 for the fully diluted calculation.

Adjusted net income, share of the parent company shareholders was down -5.5% to €129.5 million. Adjusted EPS (basic) was down -3.2% in Q3 2022, at €1.21 per share, based on 106,652,256 shares for the first nine months of 2022, compared to an adjusted EPS (basic) of €1.25 per share in Q3 2021, based on 92,447,841 shares for the first nine months of 2021.

In Q3 2022, Euronext reported a net cash flow from operating activities of €318.1 million, compared to €213.5 million in Q3 2021, reflecting higher positive changes in working capital partially offsetting the lower profit before tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 179% of EBITDA in Q3 2022.

1 Please refer to the Net treasury income section andhttps://www.euronext.com/en/investor-relations/financial-calendar/q2-2022-resultsfor more details.

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Business highlights

■ Listing

in €m, unless stated otherwise	Q3 2022	Q3 2021	% change
Listing revenue	54.0	50.8	+6.3%
Equity	27.4	24.6	+11.2%
Annual fees	16.9	15.1	+11.8%
Follow-ons	5.4	3.8	+40.7%
IPOs	5.1	5.7	-10.2%
Debts	8.6	9.3	-7.1%
ETFs, Funds & Warrants	5.6	5.5	+1.7%
Corporate Services	9.4	9.0	+4.3%
ELITE and Other	3.0	2.4	+26.0%
Money raised	177,660	379,163	-53.1%

Listing revenue was €54.0 million in Q3 2022, an increase of +6.3% compared to Q3 2021, reflecting the resilience of the listing offering driven by the good performance of equity follow-ons, Corporate Services and the positive impact of equity IPO revenue recognition over time1. On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q3 2021.

Euronext's primary equity listing business sustained its leading position in Europe with 18 new listings in Q3 2022. This compared to 51 new listings in the third quarter of 2021, which was a record year for new listings. The majority of new listings on Euronext were from Tech and innovation-driven companies. The listing of Teract became the sixth successful de-SPAC operation on Euronext markets in 2022, illustrating Euronext's attractiveness for SPAC listings. In addition, Euronext welcomed its fourth listing from a Euronext Tech Leader company since the inception of the new Tech Leaders programme.

In Q3 2022, Euronext's markets reported €143.8 million raised primary equity issues. This compares to a very strong Q3 2021 with €5.3 billion raised on Euronext primary markets.

Euronext's secondary markets reported €4.8 billion raised in secondary equity issues in Q3 2022, compared to €37.7 billion in Q3 2021.

Euronext recorded another strong quarter for ETPs remaining a leading exchange in Europe for the listing of ETPs with 105 new listings.

Euronext sustained its position as the leading listing venue for bonds worldwide in Q3 20222 with over 52,500 bonds listed across all Euronext markets, despite a slowdown in global bond listing activity due to rising interest rates and concerns over economic growth. In Q3 2022, €172.8 billion in debt was raised on Euronext markets, reflecting the current market conditions, and compared to €336.2 billion raised in Q3 2021.

In total, €177.7 billion in equity and debt was raised on Euronext's markets in Q3 2022, compared to €379.2 billion in Q3 2021.

Euronext Corporate Services reported a solid quarter in terms of revenue at €9.4 million in Q3 2022, up +4.3% compared to Q3 2021, resulting from a solid performance across the offering, despite the seasonally lower activity for events.

1. Admission fees are recognised over a period of 3-5 years according to the principles of IFRS 15.
2. According to FESE (Federation of European Securities Exchanges). Figures for money raised figures have been restated

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