Euronext announces its new strategic plan, Growth for Impact 2024
Euronext announces
its new strategic
plan,
Growth for Impact 2024
Growth for Impact 2024
maps path to build the leading market
infrastructure in Europe
Amsterdam, Brussels, Dublin, Lisbon,
Milan, Oslo and Paris
– 8 November
2021 – Euronext, the leading pan-European
market infrastructure, today released its new three-year strategic
plan, “Growth for Impact 2024”.
Over the past three years, under the “Let’s Grow
Together 2022” strategic plan, Euronext has built the leading
pan-European market infrastructure, through a combination of
organic growth, the acquisitions of Nord Pool1 and VP Securities,
and the transformational acquisition of the Borsa Italiana
Group.
Today, Euronext operates seven national markets,
four CSDs and one clearing house in Europe, as well as various
trading infrastructures, giving it the ability to manage the entire
capital markets value chain for the first time since its IPO.
Looking forward, Euronext intends to grow and
leverage its scale for the benefit of its clients, team members,
shareholders and stakeholders. Euronext’s mission is to connect
European economies to global capital markets, to accelerate
innovation and sustainable growth.
“Growth for Impact 2024” sets out the Group’s
ambition to build the
leading market infrastructure in Europe. The Group aims to
make an impact on its industry and its ecosystem to
shape
capital markets for future generations.
- The
“Growth for Impact 2024”
strategic plan translates into the following
2024 financial targets:
- Revenue growth: +3% to
+4% CAGR2020PF2-2024E (compared to +2% to +3%
CAGR2018PF-2022E in the previous plan);
- EBITDA growth: +5%
to +6% CAGR2020PF1-2024E;
- CAPEX (unchanged):
between 3% to 5% of total revenue;
- Dividend policy
(unchanged): pay-out at 50% of reported net income for the
period;
- Targeted 2024
pre-tax run-rate synergies for the Borsa Italiana Group acquisition
are increased by 67%, to €100 million, mainly thanks to the
European expansion of CC&G clearing activities and the
migration of Euronext’s Core Data Centre. More than 55% of the
synergies are related to growth projects. Total implementation
costs are estimated at €160 million.
- The “Growth
for Impact 2024” strategic plan is built
on the following
strategic priorities:
-
Leverage
Euronext’s integrated value
chain, through the European expansion of CC&G clearing
activities, the Core Data Centre migration to the European
Union, and the international expansion of MTS;
-
Pan-Europeanise Euronext CSDs through the
expansion of services across its four CSDs in Portugal, Norway,
Denmark and Italy, the harmonisation of processes and enhancement
of the client experience;
- Build
upon Euronext’s
leadership in
Europe, to further develop its leading listing and trading
venues, to accelerate the delivery of innovative products and
services thanks to technology, and to scale up advanced data
services, corporate and investor services;
- Empower
sustainable finance through an ambitious climate
commitment for Euronext that aims to make a tangible impact on its
partners and clients, with the launch of the Fit for 1.5° climate
commitment, and also through an enhanced inclusive people strategy;
and
- Execute
value-creative M&A by continuing to seek external
diversification opportunities, in line with Euronext’s strict
investment criteria and its commitment to maintain an investment
grade rating.
Stéphane Boujnah, CEO and Chairman of
the Managing Board of Euronext said:
”Growth for Impact 2024 is the new phase of the
exciting transformation journey that we embarked on in 2014, and
that has seen an acceleration over the last two years. Euronext is
now stronger, with a presence across the full value chain, and
ready to build the leading market infrastructure in Europe.
Today, we are determined to leverage Euronext’s
integrated value chain, by seizing the opportunities linked to the
Borsa Italiana Group’s integration, notably through the European
expansion of CC&G clearing activities and the migration of our
Core Data Centre to Italy. Those growth projects allow us to
materially increase the synergies related to the acquisition of the
Borsa Italiana Group. The integration of the Borsa Italiana Group
teams within Euronext is going very well. Thanks to our shared
vision and complementary activities, we have already delivered a
fully coordinated organisation.
Strengthened by its new scale, Euronext will
build upon its position as a leading listing and trading venue and
will pan-Europeanise its CSDs, to provide an enhanced offering to
clients and grow further. We will continue to invest in operations,
to enhance resilience even further and leverage scale in technology
to deliver innovative products and services.
Euronext aims at making an impact on its
industry and its ecosystem for the benefit of its clients, team
members and stakeholders. The Group has initiated a very ambitious
ESG strategy to align with the 1.5-degree trajectory on climate
change. The development of Euronext’s team members will be central,
and we will rely on our integration model and diversity strategy to
achieve the greatest impact.
Euronext’s organic growth target of 3% to 4%
average annual revenue growth, and of 5% to 6% average annual
EBITDA growth between 2020PF and 2024 reflects the ambition to grow
in all activities while keeping a strong focus on costs. The Group
will continue to look for external diversification opportunities,
in line with its investment criteria.
Growth for Impact 2024 is a turning point for
Euronext to shape capital markets for future generations, before
and after 2024.”
Growth for Impact
2024
Euronext achieved its 2022 financial targets two
years in advance in 2020, thanks to a strong organic revenue growth
of +6.4% CAGR2018PF-2020, compared to +2% to +3% CAGR2018PF-2022
targeted. It maintained strong cost discipline, reaching 60.5% of
EBITDA margin in 2020, within the framework of the 2022 strategic
plan, above the 60% margin initial target. Since the IPO in June
2014, the Group has grown enormously. After the acquisition of the
Irish Stock Exchange in 2018 and Oslo Børs VPS in 2019, the Group
diversified its businesses and expanded geographically through the
acquisitions of Nord Pool and VP Securities in 2020 and the
Borsa Italiana Group in 2021. Euronext has changed scale and
successfully delivered its ambition set in 2019 to become the
leading pan-European market infrastructure.
Today, Euronext operates seven national markets,
four CSDs and one multi-asset clearing house in Europe as well as
various trading infrastructures. Euronext has the capabilities to
directly manage the entire capital markets value chain for the
first time since its IPO. Euronext can now more than ever be bold
and strategically ambitious, leveraging its strengths and greater
scale to deliver on its new ambition: build the leading market
infrastructure in Europe.
As Euronext has become increasingly relevant in
the market infrastructure industry, the Group wants to continue to
grow to make an impact, to shape capital markets for future
generations. This strategy has been built for the benefit of
clients and, more broadly, of European economies, to serve
Euronext’s mission to connect European economies to global capital
markets, to accelerate innovation and sustainable growth.
-
Euronext strategic priorities
1.1. Leverage
Euronext’s integrated value
chain
- European
expansion of
CC&G clearing activities
to all Euronext
markets3, with
CC&G becoming Euronext Clearing
Euronext has been, until now, the only market
infrastructure that does not directly manage its clearing
activities for its listed derivatives markets. Since 2003, Euronext
has relied on a third-party clearing house, LCH SA, for the
clearing of most of its cash and derivatives trading flows on its
markets, with a revenue sharing agreement. Euronext has proposed on
various occasions to take the control of LCH SA, unsuccessfully.
Today, for the first time, thanks to the acquisition of CC&G in
April 2021, Euronext is the owner of a multi-asset clearing house
and is thus in a position to directly manage its clearing
activities to complete its value chain. Euronext is determined to
directly manage the clearing of its cash and derivatives flows. As
of today, the only available concrete option is the European
expansion of CC&G clearing activities1.
Euronext will grow CC&G into Euronext
Clearing, making it Euronext’s CCP of choice for its cash equity,
listed derivatives and commodities markets. Euronext will continue
offering an open access CCP model for cash equity clearing.
Euronext will position CC&G as a European
clearing house. CC&G will be enhanced with a new Value at Risk
framework, in an ongoing dialogue with regulators. CC&G will be
reinforced by cutting-edge technology in line with its new
international ambitions. The European clearing organisation will
have teams in Italy and France.
This strategic ambition will allow Euronext to
directly manage another core service for clients and create value
through a harmonised clearing framework across Euronext venues. It
will allow Euronext to align strategic priorities between trading
and clearing, and significantly increase its footprint in the
post-trade space. In addition, Euronext will be in an ideal
position to innovate and improve time-to-market, notably on
derivatives products, to serve the evolving needs of its clients.
Revenue and costs contribution for this key project are part of the
increased Borsa Italiana Group synergies target. Similarly, the
necessary one-off costs to execute this project are included in the
2024 guidance.
- Migration
of the Core Data Centre to
Italy
Euronext announced in April 2021 the strategic
decision to migrate its Core Data Centre from Basildon, in the
United Kingdom, to Bergamo, in Italy.
The migration is a response to multiple factors,
including the dynamic created by Brexit and a strong rationale to
locate the Group’s Core Data Centre in a European Union country
where Euronext operates a large business. This transformative move,
managed in collaboration with clients, marks a milestone in
bringing back to the European continent the data centre that
handles 25% of European trading volumes.
This migration will allow Euronext to fully
control and directly manage its core IT infrastructure, and a key
service to clients, which was previously outsourced. This will also
allow the generation of colocation revenues, embedded in the
upgraded synergies. Clients will benefit from a state-of-the-art
colocation facility. Since this data centre is 100% powered by
renewable energy sources, clients will see their own carbon
footprints reduced.
The date currently targeted for the first part
of the Group Core Data Centre migration, subject to regulatory
approvals and operational readiness, is set for June 2022. This
migration is timed to be ready for the migration of the Borsa
Italiana equity and derivatives markets onto the Optiq® trading
platform by mid-2023.
- Migration
of Borsa Italiana
equity and derivatives markets to
Optiq®
Borsa Italiana will join the Euronext single
order book, which offers a unique gateway to investors accessing
the largest liquidity pool in Europe. This single liquidity pool is
powered by Optiq®, Euronext’s proprietary state-of-the-art
technology, offering a unique entry point to Euronext’s securities
and products for both local and global institutional and for retail
investors. Issuers will benefit from this increased visibility
towards international investors, while Italian brokers and
investors will benefit from a single access point to trade the
securities of seven European countries.
The date currently targeted for the Borsa
Italiana equity and derivatives markets migration to the Optiq®
trading platform is mid-2023.
-
Expand the European
footprint of MTS and enhance
value
MTS is the leading fixed income trading platform
in Europe, number one in Europe for Dealer-to-Dealer (D2D) European
Government bonds trading, number one in Italian repo trading and
number three in Europe for Dealer-to-Client (D2C) European
Government bonds trading. As part of its mission to finance the
real economy, Euronext has proposed to the European Commission the
use of the MTS platform for the secondary market, and
transparent negotiation, of bonds issued within the Next Generation
EU recovery programme.
Euronext will strengthen its leading position in
D2D, through extended geographical reach and an expanded offering
with new services. Its buy-side reach will be expanded through MTS
BondVision together with the deployment of an added-value data
offering. MTS will expand across the full value chain, by exploring
opportunities to deploy new and existing solutions to meet the
needs of its clients.
The incremental revenue from MTS’s expansion
strategy is included in the new Borsa Italiana Group synergies
target.
1.2. Pan-Europeanise
CSDs through the expansion of services, the harmonisation of
processes and enhancement of the client experience
Euronext operates a leading CSD network
representing €6.3 trillion in assets under custody, 120 million
yearly settlement instructions and more than 7,700
issuers4. The Group is now the third-largest CSD
operator in Europe. Euronext will combine its four CSDs brands into
Euronext Securities, a new umbrella brand for its CSD business,
while keeping a strong local presence and identity.
The new positioning will help Euronext
gain new business and diversify its activity in Europe through
the expansion of added-value services for financial institutions
such as tax reporting services, compliance, data products and asset
servicing. Euronext will also make new services available to
issuers, especially SMEs, leveraging its fully digital issuance
capabilities.
Euronext Securities will also streamline
processes to better serve local and international customers,
gradually mutualising its infrastructure, applications, and
functionalities to facilitate access to the local markets served by
Euronext Securities and to support Euronext issuance and trading
businesses across Europe.
Finally, Euronext will roll out targeted new
client interfaces and a client service model addressing the needs
of both local and global clients.
1.3. Build
upon Euronext’s
leadership in Europe
- Build upon
our position as the
leading European primary markets venue
to create a global
champion
Euronext is the leading equity listing venue in
Europe with 1,900 issuers representing €6.5 trillion of aggregated
market capitalisation5. Euronext is also the world’s leader in debt
listing with 52,000 listed securities from 4,200 issuers.
Euronext’s size makes it by far the largest
liquidity pool in Europe, providing an integrated “one-stop-shop”
for local and global issuers, to cover their equity and debt
financing needs, and corporate services.
Building on its geographic expansion, with the
recent additions of the Irish, Norwegian and Italian markets,
Euronext will continue to expand its pan-European reach and will
welcome top international issuers, leveraging its unique liquidity
pool and sectorial strengths.
With more than 1,400 SMEs listed on Euronext
markets, the Group is committed to financing the real economy and
will further simplify access to equity and bond financing by
increasing the competitiveness of its listing venues. Euronext will
expand Borsa Italiana’s STAR segment and grow the ELITE network to
deepen its relationships with SMEs. Euronext’s successful pre-IPO
programmes will be strengthened, notably with specific ESG modules
to support issuers in their ESG transition and to comply with
non-financial disclosure requirements. Euronext is Europe’s leading
venue for Technology companies, with over 700 issuers listed on its
markets across clean technologies, life sciences, TMT,
bio-technologies, medical technologies, and other sectors. Euronext
will continue to grow this franchise, notably by continuing to
invest in dedicated pre-IPO programmes, notably TechShare, which
now counts over 500 alumni and 76 partners across 10 countries.
Euronext has the ambition to become the leading
global ESG financing venue, and the partner of choice for issuers
in the sustainable transition. The Group will create a climate
transition market segment, dedicated to issuers committed to
Science-Based Targets6, will expand ESG bonds to track the
1.5-degree ambitions of ESG bond issuers, and will flag
taxonomy-eligible issuers to increase their visibility to
investors.
Capitalizing on accelerated trends towards
digitalisation, Euronext Corporate Services has successfully
delivered 40% revenue CAGR between 2018 and 2020, and it now serves
over 4,000 clients in 25 countries spanning listed and private
companies, as well as public sector entities. Euronext Corporate
Services has transformed several single-product companies into a
pan-European multi-product business, supporting clients’ needs in
compliance, communication, governance, and investor relations.
Euronext will continue to grow Corporate Services further by
consolidating its position in core domestic countries, growing
internationally in new strategic markets, and continuously
developing the portfolio of solutions, with a specific focus on
Compliance.
-
Leverage our scale as
the leading European venue for
trading
Euronext operates seven regulated markets and is
the number one European cash equity trading venue, with €11.7
billion of cash ADV7, representing a quarter of
European lit volumes. Euronext has shown a unique track record in
the management of cash trading market share and value extraction.
Euronext has leveraged its unified markets with a standardised
approach across Europe, while protecting local specificities and
ecosystems. Euronext wishes to consolidate its European scale and
maximize touchpoints upstream in the value chain. This strategy,
combined with the Core Data Centre migration, the migration of
Borsa Italiana capital markets to Optiq® and the European expansion
of CC&G clearing activities, aims to build the launchpad for an
integrated European market.
Euronext will continue to be the most liquid and
largest trading venue in Europe, and to extract superior value from
cash trading activities. It will develop a new generation of
pricing strategies, built on its years of expertise, to support
yields and market quality. It will continue to support diversity of
flows by offering a trading model that meets the needs of both
local and global players to offer a best-in-class trading
experience for retail and institutional investors.
The derivatives franchise will be strengthened
by expanding to new geographies and leveraging Borsa Italiana
markets, and by developing more ESG-related products. The European
expansion of the CC&G clearing operations will give Euronext
the flexibility to develop products to meet client demand quickly
and efficiently.
Euronext will offer its clients the option of
exposure to crypto-assets through a suite of new products. After
the recent success of cryptocurrency ETPs listing on Euronext, the
Group will continue to expand its crypto-tracking ETP offering.
Euronext will propose a new family of Euronext branded
crypto-indices to support the launch of related products. Moving
forward, Euronext will provide its clients with exposure to
crypto-assets with the same level of regulatory security and
operational efficiency as on Euronext’s core markets.
- Scale up
our Advanced Data Services
Euronext’s Advanced Data Services business will
scale up through leveraging the most comprehensive cash equity data
in Europe, its fast-growing index franchise, and new datasets from
recent acquisitions. Euronext aims to become the number one
European ESG index provider, leveraging national brands, strong
local presence and its ecosystem of innovative ESG data partners.
Euronext will build on recent successes to further deepen its
relationship with ETF issuers and asset owners. It will take its
data analytics offering to the next level by building on leading
quant capabilities and most advanced data products tailored to
end-user client segments. And Euronext will also monetise
non-public proprietary data and extend its expertise to new
datasets from recently integrated businesses, such as fixed
income.
Euronext will support the evolving use of market
data and adapt its product suite and commercial policies to new
usage demands. It will leverage technology, both cloud and digital,
to transform data servicing and data distribution, leveraging the
Group’s new scale.
- Leverage
scale in technology to deliver innovative products and
services
Euronext continually develops its existing
architecture and ensures business scalability using cloud,
microservices and application programming interface services.
Harmonisation of its infrastructure, especially across Euronext’s
CSD network, will permit further efficiencies. Euronext will also
harness data science to develop innovative solutions, products and
services.
Euronext has consistently invested in resiliency
and platform stability, and the proprietary Optiq® trading platform
handled trading volatility peaks seamlessly in 2020 and 2021. To
continuously improve the monitoring of its IT systems along the
trading chain, Euronext has developed a set of best practices
supported by a comprehensive data-driven operational risk
framework.
Euronext has significantly invested in and
improved its crisis management framework. It performs regular
stress training, relying on a robust playbook for decision-making
and a comprehensive crisis communication plan. In the years to
come, Euronext will continue to invest to deliver best-in-class
resiliency and stability for its platform, while offering new
services and products. Furthermore, Euronext will extend the use of
artificial intelligence to improve data analysis and infrastructure
agility.
Customer satisfaction is at the centre of
Euronext’s strategy. Investment in enhanced digital tools will
allow the Group to offer a better and more unified customer
experience.
1.4. Empower
sustainable finance through an ambitious ESG
strategy
“Growth for Impact 2024” builds on Euronext’s
strong focus on ESG since its IPO.
The world has entered a decisive decade for the
achievement of the objective of the Paris Agreement to keep the
global temperature increase at well below 2 degrees compared to
pre-industrial levels. As Euronext launches “Growth for Impact
2024”, important climate negotiations are taking place as part of
COP26 in Glasgow and urgent action is required now, from companies
and from the financial sector more broadly, to avoid the negative
effects of climate change.
Against this backdrop, Euronext is leveraging
its ESG performance to build an impactful ESG strategy. The new
sustainability strategy focuses on accelerating climate action both
in the Euronext operations and through the role it plays in
empowering sustainable finance across all its markets.
Euronext is proud to announce the launch of its
“Fit for 1.5°” climate commitment, for its own sake, its partners
and its clients.
Euronext has committed to setting science-based
quantitative climate targets by signing the “Business Ambition for
1.5°C”, a campaign led by the Science Based Targets initiative8 in
partnership with the UN Race to Zero campaign. The detailed
quantitative targets will be announced in H1 2022. The planned
relocation of Euronext’s Core Data Centre to a green facility will
be the first move to follow through on this transformational
commitment. The new data centre is powered 100% by renewable energy
sources, much of which is self-produced through solar panels and
hydroelectric power stations. The migration to a sustainable data
centre sets the standard for the industry and provides clients with
concrete tools to improve their own carbon footprint.
Furthermore, Euronext is developing services and
products to accelerate the transition to a European economy aligned
with a 1.5-degree trajectory. This will help drive investment
towards decarbonised assets and support Euronext’s clients on their
ESG journey. Solutions supporting the strategy include, among
others, the creation of a climate transition market segment,
dedicated to issuers committed to Science-Based Targets, the
creation of climate and ESG versions of Euronext’s national
benchmark indices, revised ESG reporting guidance for issuers
focusing on climate, and low-carbon colocation services.
Euronext will complement this environmental
focus by implementing a forward-looking and outcome-based
approach across all its impact areas, including human capital,
community investment and governance issues that are material to its
industry with a view to improving its overall ESG ratings relative
to peers.
Euronext is diverse by nature and by commitment,
with 55 nationalities across 18 countries, and a genuinely
inclusive culture, embedded in its federal model. The Euronext
Managing Board and Supervisory Board have reached their gender
diversity targets in two years, with 30% and 40% gender diversity
respectively already delivered. Euronext will go further, and will
reach a 30% target in all the local Boards of the regulated markets
and in the Senior Leadership Team by 2024.
Building on the success of Euronext’s Diversity
Day and International Women’s Day initiatives, each Euronext
country has taken the commitment to reinforce local diversity
partnerships with schools and recruitment providers, as well as
early mentoring programmes as part of the Group’s financial
literacy initiatives. Euronext sees all forms of diversity,
including disability, gender, sexual orientation, age, and cultural
background, as a key success factor of its federal model, and is
committed to further improve diversity practices in the next three
years. This commitment will be reinforced in all its people
practices through its people integration programme across
Europe.
1.5. Continue
to execute
value-creative
M&A
Euronext will pursue its growth strategy through
high value-added acquisitions aimed at diversifying and
strengthening the business profile of the Group, with a specific
focus on Europe.
Euronext will maintain a rigorous investment
policy, with a targeted ROCE of acquisitions above WACC between
years 3 to 5. As a key market infrastructure, Euronext expects to
maintain its investment grade while leveraging its financial
flexibility to capture market opportunities that arise.
- Euronext 2024 financial
targets9
Euronext’s growth ambition is reflected in its
2024 financial targets and a rigorous capital allocation
strategy.
- Revenue is
expected to grow by +3% to +4% CAGR2020PF-2024E, excluding
potential acquisitions, driven by (i) organic growth, especially in
services, and (ii) growth initiatives related to Borsa Italiana
integration.
- EBITDA is
expected to grow by +5% to +6% CAGR2020PF-2024E, excluding
potential acquisitions, driven by (i) the contribution of new
activities such as the Core Data Centre and the European expansion
of CC&G clearing activities and (ii) continued best-in-class
cost discipline.
- Euronext expects
to achieve €100 million of run-rate pre-tax synergies related to
the Borsa Italiana Group acquisition by 2024, up c. 67% compared to
the €60 million of synergies announced at the time of the
acquisition, to incur €160 million of restructuring costs, of which
one half will be in operating costs and one half in exceptional
costs. The upgraded synergies mainly result from the expansion of
CC&G clearing activities and the migration of the Core Data
Centre. More than 55% of those synergies are related to growth
projects.
- Capex is
confirmed at between 3% and 5% of revenue.
- Dividend policy
is set at 50% pay-out of reported net income.
Agenda
The investor day will
be held on 9 November 2021, at 09:00 CET, at Palazzo Mezzanotte,
Piazza Affari, in Milan.
Live webcast
(investors’
and analysts’ questions
allowed):
To view the live webcast of the plenary session
go to: Link to webcast
To view the webcast of the afternoon workshops
go to: Link to webcast
The webcast will be available for replay
after the call at the webcast link and on Euronext’s Investor
Relations webpage at
www.euronext.com/investors
Conference call
(listen-only):
To connect to the conference call, please
dial:
UK
Number: |
+44 33 0551
0200 |
NO
Number: |
+47 2 156
3318 |
FR
Number: |
+33 1 70 37 71
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PT
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+351 3 0880
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NL
Number: |
+31 20 708
5073 |
IR
Number: |
+353 1 436
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US
Number: |
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6659 |
IT
Number: |
+39 06
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BE
Number: |
+32 2 789
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|
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Password:
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CONTACTS
INVESTOR RELATIONS: |
|
|
Aurélie Cohen –
Chief Communications and Investor Relations Officer |
+33 1 70 48 24
17 |
ir@euronext.com |
Clément Kubiak –
Investor Relations Manager |
+33 1 70 48 26
33 |
|
CONTACTS
MEDIA: |
|
|
Aurélie Cohen -
Chief Communications and Investor Relations Officer |
+33 1 70 48 24
45 |
mediateam@euronext.com |
Sarah Mound
(UK/Paris) |
+33 1 70 48 24
45 |
parispressoffice@euronext.com |
Marianne Aalders
(Amsterdam) |
+31 20 721 41
33 |
maalders@euronext.com |
Pascal Brabant
(Brussels) |
+32 2 620 15
50 |
pbrabant@euronext.com |
Shannon Sweeney
(Dublin) |
+353 87 361
2380 |
ssweeney@euronext.com |
Sandra Machado
(Lisbon) |
+351 210 600
614 |
smachado@euronext.com |
Andrea Monzani
(Europe/ Milan/Rome) |
+39 02 72 42
62 13 |
media.relations@borsaitaliana.it |
Oslo Press
office |
+47 41 69 59
10 |
CLSegerlund@euronext.com |
About Euronext
Euronext is the leading pan-European market
infrastructure, connecting local economies to global capital
markets, to accelerate innovation and sustainable growth. It
operates regulated exchanges in Belgium, France, Ireland, Italy,
the Netherlands, Norway and Portugal. With close to 1,920 listed
issuers and around €6.5 trillion in market capitalisation as of end
September 2021, it has an unmatched blue chip franchise and a
strong diverse domestic and international client base. Euronext
operates regulated and transparent equity and derivatives markets,
one of Europe’s leading electronic fixed income trading markets and
is the largest centre for debt and funds listings in the world. Its
total product offering includes Equities, FX, Exchange Traded
Funds, Warrants & Certificates, Bonds, Derivatives, Commodities
and Indices. Euronext also leverages its expertise in running
markets by providing technology and managed services to third
parties. In addition to its main regulated market, it also operates
a number of junior markets, simplifying access to listing for SMEs.
Euronext provides custody and settlement services through central
securities depositories in Denmark, Italy, Norway and Portugal.
For the latest news, go to euronext.com or follow us on Twitter
(twitter.com/euronext) and LinkedIn (linkedin.com/euronext).
Disclaimer
This press release is for information purposes
only: it is not a recommendation to engage in investment activities
and is provided “as is”, without representation or warranty of
any kind. While all reasonable care has been taken to ensure the
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Appendix
Non-IFRS financial measures
For comparative purposes, the company provides
unaudited non-IFRS measures, defined as follows:
- Operational
expenses excluding depreciation and amortisation as the total of
salary and employee benefits, and other operational expenses
- EBITDA as the
operating profit before exceptional items and depreciation and
amortisation
- EBITDA margin as
the operating profit before exceptional items and depreciation and
amortisation, divided by total revenue and income.
Non-IFRS financial measures are not meant to be
considered in isolation or as a substitute for comparable IFRS
measures and should be read only in conjunction with the
consolidated financial statements.
2020 pro forma revenue
and EBITDA
|
2020 pro forma |
Revenue |
€1,352 million |
EBITDA |
€789 million |
- 2020 pro forma
revenue and EBITDA for the acquisition of the Borsa Italiana Group
and excluding transitional revenue and cost
1 66% of the capital2 Proforma
2020 revenue and 2020 EBITDA for the acquisition of the Borsa
Italiana Group, excluding transitional revenue and cost. Details in
appendix3 Subject to regulatory
approvals4 At end of September
20215 As of end of September
20216 The Science-Based Targets initiative – see
Empower Sustainable Finance section below7 As of
end of September 20218
https://sciencebasedtargets.org/business-ambition-for-1-5c9
Based on 2020 proforma figures for the acquisition of the Borsa
Italiana Group and adjusted for transitional revenue and costs.
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