Euronext, the leading pan-European market infrastructure, today publishes its results for the third quarter of 2023.

·Q3 2023 revenue and income was €360.2 million, up +2.8% compared to Q3 2022 underlying revenue and income (+19.5% compared to Q3 2022 total revenue and income):

·Strong performance of non-volume-related business:

oTechnology Solutions reported €27.4 million of revenue (+5.5%[1]), thanks to the continued benefits from the internalisation of colocation services following the migration of the Core Data Centre to Bergamo and the good performance of Nord Pool technology activities.

oAdvanced Data Services reported €55.5 million of revenue (+4.7%), reflecting growth in market data and continued strong performance of the advanced data solutions business.

oCustody and Settlement reported €58.9 million of revenue (+3.1%) as new services and growing assets under custody offset lower settlement activity and the negative impact of the NOK[2] depreciation. Like-for-like at constant currencies, revenue was up +6.5%.

oListing reported €54.6 million of revenue (+1.1%), resulting from Corporate Services activities and sustained leadership position for listing in Europe, partially offset by the NOK depreciation. Euronext welcomed 23 new listings, representing 72% of the new listings in Europe in Q3 2023. Like-for-like at constant currencies, revenue was up +3.4%.

oNon-volume-related revenue accounted for 60% of Q3 2023 revenue (vs. 53% in Q3 2022) and covered 148% of underlying operating expenses, excluding D&A (vs. 106% in Q3 2022).

·Clearing revenue was €29.5 million (+1.6%), reflecting dynamic bond clearing activities and solid derivatives clearing activities offsetting softer equities clearing volumes, and NTI were at €13.7 million.

·Trading revenue was solid, at €118.3 million (+0.4%), resulting from Euronext’s diversified trading activities and strengthened leadership in cash trading in a low volatility environment for equities trading. Strong organic growth was recorded in fixed income trading (€25.4 million, up +18.7%) and power trading (€8.6 million, up +10.0%), more than offsetting lower cash trading revenue (€64.4 million, -4.4%). Cash equity market share averaged 66.5% in Q3 2023 and revenue capture averaged 0.54 bps, above indicated floors.

·Adjusted EBITDA[3] was €213.7 million (+6.9%) and adjusted EBITDA margin reached 59.3% (+2.3pts):

·Underlying operating expenses, excluding D&A, were at €146.5 million (-2.6%), primarily resulting from continued cost discipline and the positive impact of foreign exchanges rates.

·Considering the current foreign exchange rate of the NOK, Euronext expects a full-year positive impact of €12 million from the NOK depreciation on the cost base. Consequently, Euronext expects its underlying costs excluding D&A to be lower than its 2023 underlying costs excluding D&A guidance of €630 million.

·Adjusted net income was €146.5 million (+13.2%) and adjusted EPS was €1.38 (+13.7%).

·Reported net income was €166.5 million (+119.6%), reflecting the €41.6 million capital gain following the disposal of Euronext 11.1% stake in LCH SA, the positive comparison base from the non-underlying one-off loss in net treasury income in Q3 2022 related to the partial disposal of the Euronext Clearing investment portfolio[4] and positive net financing income.