Q2 2024 Euronext NV Earnings Call Transcript

Jul 26, 2024 / 07:00AM GMT

Release Date Price: $20.2 (-0.42%)

Transcript

Key Points

Positve

Euronext NV (EUXTF) reported a 12.2% year-on-year revenue growth in Q2 2024, reaching a record level of EUR412.9 million.
The company achieved a 12% increase in adjusted EBITDA to EUR256.8 million, with an improved EBITDA margin of 62.2%.
Successful integration of the Borsa Italiana Group is nearing completion, with significant synergies expected to reach EUR115 million by the end of 2024.
Euronext NV (EUXTF) completed a strategic acquisition of Global Rate Set Systems, enhancing its position in the Interbank Offered Rate indices market.
The launch of the Euronext Wireless Network, a new microwave service, positions Euronext NV (EUXTF) as a pioneer in Europe, offering improved order transmission speed and latency.

Negative

The share of non-volume related revenue slightly decreased this quarter due to strong trading and clearing activities.
Technology solutions revenue declined by 7% due to the termination of double-run connectivity revenues.
Despite strong performance, the net cash flow from operations decreased to EUR111.5 million from EUR139 million in the same quarter last year.
The company maintains its cost guidance despite being on track to beat it, indicating potential cost increases in the second half of the year.
Advanced data services revenue growth slowed to 4% like-for-like, reflecting a mild erosion of professional terminal demand.

Operator

Hello, and welcome to Euronext's Q2 2024 results. My name is Alicia, and I will be your coordinator for today's event. Please note, this call is being recorded. (Operator Instructions)

I will now hand you over to Stephane Boujnah, CEO and Chairman of the Managing Board of Euronext, joined by Giorgio Modica, CFO. Thank you.

Stephane Boujnah

Euronext NV - Chairman of the Managing Board, Chief Executive Officer

Good morning, everybody, and thank you for joining us this morning for the Euronext second quarter 2024 results conference call and webcast. I am Stephane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of the second quarter. Giorgio Modica, the Euronext's CFO, will then develop the main business and financial highlights of the second quarter of 2024.

As an introduction, I would like to highlight three main points. First, the Euronext diversified business model continues to drive strong topline growth. We have delivered plus 12.2% revenue growth in Q2 2024 compared to Q2 2023, and that

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