Euronext announces a solid performance, helped by growth in non-volume and trading activities, cost control and the integration of the Borsa Italiana group. Revenue for the 1st quarter of 2022 was thus up by 6% pro forma at 395.7 million euros (+58.8% published, +146.6 million euros). The contribution of the Borsa Italiana group amounts to 129.4 million euros.
Trading revenue increased to €150.8 million (+9.9% pro forma, +57.2% reported), resulting from strong trading activity across all asset classes with trading revenue at cash at 94 million euros and fixed income trading income at 24.4 million euros.
Aftermarket revenue increased to €95.8 million (+3.1% pro forma, +51.7% reported), thanks to continued sustained activity. Clearing revenues increased to €31.9 million (+11.2% pro forma, +87.2% reported) due to a highly volatile environment and Euronext Clearing’s net treasury income declined. amounted to 13.4 million euros. Custody and settlement revenues amounted to €63.9 million (stable pro forma, +38.6% reported) driven organically by an increase in the number of accounts at Euronext Securities Oslo and Euronext Securities Copenhagen .
Advanced data services revenue increased to €52.6 million (+3.4% pro forma, +43.9% reported) thanks to a strong performance in the basic data business.
Adjusted EBITDA was up 11.4% pro forma at €252.2 million (+66.8% published, +€101 million) thanks to continued cost control and the success of ongoing integration. Adjusted EBITDA margin was 63.7% (+3.1pts): Underlying operating expenses, excluding D&A, amounted to €143.6 million (-2.2% pro forma , +46.5% reported), down organically thanks to continued cost control and the achievement of planned synergies.
Published net income, share of parent company shareholders, was up 10.9% pro forma (+46.5% published) to 143.8 ME (+45.6 ME): Net financial expenses amounted to 9.9 million euros and the results of investments to 3.1 million euros. The tax rate was 26.1%.
Adjusted EPS was up 7.3% at 1.544 euros.
Net debt to reported EBITDA stood at 2.3x at the end of March 2022.
Updated 2022 underlying cost forecast and 2024 cumulative implementation cost, through continued cost discipline and effective integration:
612 million euros of underlying costs are expected in 2022 (-10 million euros against 622 million euros compared to the February 2022 guidance).
150 million euros of cumulative implementation costs are expected by 2024 (-10 million euros compared to 160 million euros compared to the November 2021 guidance).