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Euronext - 3rd Quarter Results

EURONEXT PUBLISHES Q3 2020 RESULTS

SOLID THIRD QUARTER 2020 DEMONSTRATING CONTINUED BENEFITS FROM DIVERSIFICATION
AND RESILIENT CORE BUSINESS

Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris – 5 November 2020 – 17.45
CET – Euronext, the leading pan-European market infrastructure, today
announced its results for the third quarter of 2020.

o Q3 2020 revenue at €204.8 million (+12.7%):

o Post-trade revenue increased to €44.6 million (+44.9%), driven by the
consolidation from 4 August 2020 of VP Securities, the Danish CSD,
contributing €10.0 million revenue, and higher clearing revenue.
Like-for-like^1 at constant currencies, post-trade revenue increased
+16.0%
o Trading revenue increased to €75.9 million (+7.3%), with €6.3 million
contributed by Nord Pool power trading offsetting lower cash and
derivatives trading volumes. Like-for-like at constant currencies,
trading revenue decreased -1.0%
o Listing revenue increased to €35.8 million (+2.9%), driven by the
strong performance of Corporate Services at €7.8 million (+20.0%
like-for-like). Like-for-like at constant currencies, listing revenue
increased +2.6%
o Advanced data services revenue increased to €34.5 million (+3.0%),
reflecting a solid performance of the market data and indices
businesses. Like-for-like at constant currencies, advanced data
services revenue increased +2.6%
o Nord Pool contributed €8.6 million revenue in Q3 2020
o Group non-volume related revenue^2 accounted for 54% of Q3 2020 total
revenue (vs. 52% in Q3 2019), and covered 128% of operating expenses
excluding depreciation & amortisation (vs. 129% in Q3 2019)

o Q3 2020 EBITDA at €117.8 million (+9.1%), with EBITDA margin at 57.5%
(-1.9pts); like-for-like, EBITDA margin at 59.7% (+0.1pts):

o Group operating costs excluding D&A were up +€13.3 million to €87.1
million, primarily as a result of the consolidation of costs from
acquired businesses currently undergoing integration
o Euronext confirms its 2020 guidance for costs, excluding D&A, of
mid-single digit^3 growth in 2020, compared to the H2 2019 annualised
cost base, to reflect expected costs in Q4 2020 related to the
integration of Oslo Børs VPS and implementation of the strategic plan
projects

o Q3 2020 reported net income, share of the Group, at €70.2 million (+10.6%)
and Adjusted EPS^4 at €1.12 (+13.8%)

o Increased financing costs related to foreign exchange impacts and the
bond tap issue in June 2020
o Income tax rate at 26.4%, reflecting reduced domestic tax rates and
the enlarged Nordic footprint