Q1 2025 Euronext NV Earnings Call Transcript
Key Points
- Euronext NV (EUXTF) reported a double-digit revenue growth of 14.1% year-on-year, reaching EUR 458.5 million in Q1 2025.
- Non-volume related revenue accounted for 57% of total revenue, showcasing strong growth in security services, capital markets, and data solutions.
- The company successfully completed the acquisition of Admincontrol, doubling the size of its governance solutions and expanding its footprint in the Nordics.
- Euronext NV (EUXTF) announced significant steps towards its 2027 strategic priorities, including the consolidation of settlement in Euronext Securities and the launch of a simplified European common prospectus.
- Adjusted EBITDA grew by 17% to EUR 294.1 million, with an increased margin of 64.1%, reflecting strong top-line growth.
- Net financing expenses were reported at EUR 1.5 million in Q1 2025, a shift from a net financing income of EUR 4.7 million in Q1 2024, mainly due to short-term FX movements.
- Underlying operating expenses excluding D&A increased by 9.1% compared to Q1 2024, reflecting growth investments and the impact of acquisitions.
- The financial derivatives trading and clearing revenue saw a decline of 4.8% compared to the same quarter last year, attributed to changes in clearing fee reporting.
- The company's net debt to EBITDA ratio increased to 1.4 times, with expectations of further increase due to recent acquisitions and dividend payments.
- Euronext NV (EUXTF) faces potential challenges in maintaining its cost guidance of EUR 670 million for 2025, given additional costs from recent acquisitions.
Hello and welcome to the Euronext Q1 2025 results call. Please note this conference is being recorded. (Operator instructions)
I will now hand you over to your host, Stephane Boujnah, CEO and Chairman of the managing board to begin today's conference. Please go ahead, sir.
Good morning, everybody, and thank you for joining us this morning for the Euronext first quarter 2025 results conference call and webcast. I am Stephane Boujnah, the Chairman of the Managing Board of Euronext, and I will start with the highlights of this first quarter for the year of the year, and Giorgio Modica, the Euronext CFO, will then develop the main business and financial II of the first quarter of 2025.
As an introduction, I would like to highlight two key points. First, we continue to deliver double digit top line growth in Q1 2025, and this is the fourth quarter in a row of double-digit growth of the top line. Our Q1 2025 revenue grew by plus-14.1% compared to Q1 2024 to
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