The pan-European market infrastructure Euronext has released its financial metrics for the third quarter of 2022.
According to the results, the group shared with LeapRate, the underlying revenue and income came in at €301.4 million, down by 14% compared to the same period the previous year.
Trading revenue on the platform was also down by 5.2% YoY at €117.8 million. The company attributed the drop to “lower cash equity and MTS Cash volumes, partially offset by efficient yield management and strong quarters for FX, derivatives and power trading”.
Additionally, post-trade revenue (excluding NTI) registered growth of 3.7% YoY to €86.2 million. Clearing revenue reached €29.1 million, 5.8% lower on yearly basis as a result of a growing bonds and derivatives clearing activity and net treasury income of Euronext Clearing stood at -€38.3 million.
Euronext reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of €199.9 million with a 4.4% fall compared to Q3 2021, which reflected continued cost discipline in an inflationary environment. Adjusted EBITDA margin was down -2.6pts at 57.1%
Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
Stéphane Boujnah
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
