Euronext Earnings: Good Start to 2024 as EBITDA Margin Expands

Euronext reported a good set of results for the first quarter of 2024. Revenue increased 8.5% to EUR 401.9 million, while underlying operating expenses declined 1.6% to EUR 150.7 million. The adjusted EBITDA margin increased 3.8 percentage points to 62.5% as a result. On the top line, Euronext peformed well across all segments with just a few exceptions. Cash trading declined 1.6%, driven by a 9.2% decline in volumes traded. Larger average order sizes also weighed on cash trading revenue, albeit offset by the migration of the Italian cash markets onto Euronext’s trading platform Optiq. There were strong results in fixed-income trading (up 34.5%) on higher money market activity, driving volumes and clearing (up 23.1%) benefitting from the equity clearing expansion into cash markets in Belgium, France, Ireland, and the Netherlands.