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Euronext publishes Q1 2023 results
Solid quarter driven by non-volume business organic growth
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 16 May 2023 – Euronext, the leading pan-European market infrastructure, today publishes its results for the first quarter of 2023.
• Q1 2023 revenue and income was €372.3 million (-5.9% compared to Q1 2022):
• Strong performance of non-volume related business:
? Technology Solutions reported €27.6 million of revenue (+19.4%1) thanks to the internalisation of colocation services following the migration of the Core Data Centre to Italy.
? Advanced Data Services reached record revenue of €56.3 million (+7.0%) driven by an increased number of clients and revenue capture, as well as a strong performance of the data solutions business.
? Custody and Settlement registered the best quarter in Euronext’s history with revenue of €64.0 million (+0.1%) supported by new fee schemes.
? Listing activity confirmed Euronext’s leadership in Europe, despite an unfavourable IPO market, with 12 listings. 25% of the listings were from international companies. Listing revenue was €54.7 million (-1.2%), negatively impacted by the NOK depreciation over the year.
? Non-volume related revenue accounted for 58% of Q1 2023 revenue (vs. 55% in Q1 2022) and covered 141% of underlying operating expenses, excluding D&A (vs. 151% in Q1 2022).
• Fixed income trading reported record revenue of €26.2 million (+7.0%) driven by increasing interest rates. Power trading revenue grew to a record of €9.8 million (+8.4%) resulting from increased market share and strong momentum in the European electricity market.
• Q1 2022 was marked by unprecedented volatility driven by geopolitical events, resulting in a strong negative comparison base for cash and derivatives trading related activities in Q1 2023:
? Clearing revenue was €30.0 million (-6.0%), due to negative comparison base.
? Cash trading revenue was €71.7 million (-23.7%) as volumes softened against the exceptionally strong Q1 2022. Equity market share was sustained at 63.8%. Cash revenue capture averaged 0.48bps, negatively impacted by larger average order size. Euronext confirms its floor of cash equity trading average market share greater or equal to 63%, and revenue capture around 0.52bps following the migration of Borsa Italiana cash markets to Optiq®.
• Adjusted EBITDA2 was €218.5 million (-13.3%) and adjusted EBITDA margin was?58.7% (-5.0pts):
• Underlying operating expenses, excluding D&A, were at €153.8 million (+7.1%), resulting from continued cost discipline. Underlying operating expenses excluding D&A had been positively impacted in Q1 2022 by one-off items. Euronext reiterates its 2023 guidance for underlying operating expenses excluding D&A of €630 million.
• Reported net income, share of the parent company shareholders, was €96.5 million (-32.9%):
• As previously announced in January 2023, Euronext incurred a €36.0 million pre-tax non-underlying provision related to the termination fee of the clearing agreement with LCH SA3.
• Adjusted net income4 was €147.1 million (-10.6%), representing the second best quarter ever after a record Q1 2022.
• Adjusted EPS5 was €1.38 (-10.7%).
• Deleveraging path continued with net debt to reported EBITDA at 2.4x at the end of Q1 2023 (vs. 2.6x at end of Q4 2022), and net debt to adjusted EBITDA at 2.1x.