Pan-European market infrastructure Euronext today published its results for the third quarter 2024.
FX trading revenue was up 27.6% to record levels of €8.2 million in the third quarter of 2024, reflecting growing volumes supported by a favourable volatility environment and increased market share.
On a like-for-like basis at constant currencies, FX trading revenue was up 28.8% compared to Q3 2023.
Across all segments, in Q3 2024, Euronext’s revenue and income amounted to €396.3 million, up 10.0% compared to Q3 2023, driven by the strong performance of trading and post-trade activities, resulting from a dynamic trading environment for most asset classes and the positive contribution of the Euronext Clearing European expansion for cash instruments at the end of November 2023, as well as solid organic growth in non-volume related businesses.
On a like-for-like basis and at constant currencies, Euronext revenue and income was up 9.7% in Q3 2024 compared to Q3 2023.
Non-volume related revenue accounted for 58% of Group revenue in Q3 2024, slightly down compared to Q3 2023 due to the record performance in fixed-income trading and strong performance across most of the other volume-related activities. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 153% in Q3 2024, compared to 148% in Q3 2023.
Underlying operational expenses excluding depreciation and amortisation increased by 2.7% to €150.5 million, reflecting continued cost control and the positive impact of seasonality which offset accelerated growth investments. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +2.1% compared to Q3 2023.
Consequently, adjusted EBITDA for the quarter totalled €245.8 million, up 15.1% compared to Q3 2023.
Adjusted operating profit was €224.7 million, up 15.0% compared to Q3 2023. On a like-for-like basis, adjusted operating profit was up 14.9% compared to Q3 2023.
Results from equity investments accounted for €23.4 million in Q3 2024, reflecting the dividend from Euroclear received in Q3 2024. As a reminder, in Q3 2023, Euronext reported €54.4 million in results from equity investments, reflecting the €41.6 million gain on the sale of Euronext’s stake in LCH SA and the dividend received from Euroclear.
Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.8 million in Q3 2024.
As a result, the reported net income, share of the parent company shareholders, decreased by 4.2% for Q3 2024 compared to Q3 2023, to €159.5 million. This represents a reported EPS of €1.54 basic and €1.53 diluted in Q3 2024, compared to €1.57 basic and €1.56 diluted in Q3 2023.
Adjusted net income, share of the parent company shareholders was up 23.4% to €180.8 million. Adjusted EPS (basic) was up 26.1% in Q3 2024, at €1.74 per share, compared to an adjusted EPS (basic) of €1.38 per share in Q3 2023.
This increase reflects higher profit and a lower number of outstanding shares over the first nine months of 2024 compared to the first half of 2023.
