Full year 2023 revenue and income[1] was up +3.9% at €1,474.7 million (+0.5% compared to 2022 underlying revenue and income):

·Strong performance of non-volume related revenue representing 60% of total revenue2 and income (vs. 57% in 2022) and covering 145% of underlying operating expenses, excluding D&A[2] (vs. 133% in 2022):

oTechnology Solutions reported €109.9 million of revenue (+9.8%), reflecting continued benefits from the internalisation of colocation services following the migration of the Core Data Centre to Bergamo, Italy;

oAdvanced Data Services revenue grew to €224.8million (+6.0%), driven by a strong performance across the data products offering and solid demand for analytic products;

oCustody and Settlement revenue grew to €248.9 million (+2.4%), driven by growing assets under custody, improved revenue capture and continued expansion of the services business. This was partly offset by lower settlement volumes and the negative FX impact. Like-for-like at constant currencies, revenue was up +5.5%;

oListing revenue grew to €220.6 million (+1.0%), thanks to the continued expansion of the Corporate Services offering.  In 2023, Euronext remained the leading venue for equity listing in Europe, recording 64 new equity listings, and the leading venue for debt listing globally. Listing performance was negatively impacted by FX impact. Like-for-like at constant currencies, revenue was up +3.2%.

·Clearing revenue was stable year-on-year at €121.3 million, thanks to the additional business captured by  Euronext Clearing following its expansion for equities on 27 November 2023 and dynamic bond clearing, that offset softer equity and derivatives clearing volumes. Net treasury income for Euronext Clearing was €46.7 million (+6.0% compared to 2022 underlying net treasury income1).

·Trading revenue was €490.0 million (-4.7%), reflecting the softer environment for cash trading (€265.4 million, -12.0%) and derivatives trading (€54.2 million, -7.2%) offset by record results in fixed income (€107.4 million, +15.6%) and power trading (€37.4 million, +14.5%).

Underlying operating expenses excluding D&A2 were €610.0 million (+0.6%), better than guided at €618 million (revised from €630 million[3] due to FX impact) thanks to continued cost control, and a one-off accruals release of €6.3 million.

·Adjusted EBITDA2 was €864.7 million (+0.4%) and adjusted EBITDA margin was 58.6% (-0.1 pts).

·Adjusted net income2 was €584.7 million (+5.3%) and adjusted EPS was €5.51 (+5.9%).

·Reported net income was €513.6 million (+17.3%), reflecting €53.0 million of capital gains, positive interest rates environment and positive comparison base in 2022.

·Net debt to reported EBITDA was at 2.0x at the end of 2023 and net debt to adjusted EBITDA at 1.9x.