€1,475 million
+3.9%
+3.9%
+0.4%
The migration of Borsa Italiana’s derivatives to Optiq in Q1 2024 and the expansion of Euronext Clearing to Euronext listed derivatives by Q3 2024 will complete our presence on the entire trading value chain and will position Euronext ideally to capture futuregrowth opportunities. As we celebrate the 10 year anniversary of our IPO in 2024, I am looking forward to deepdive into the opportunities that this transformation will offer for Euronext in the coming years at our Investors Day in November 2024.
We are well on track for the delivery of the last major milestones of the “Growth for Impact 2024” strategic plan in 2024.
We reached €74 million of cumulated run-rate annual EBITDA synergies at end of 2023, above our €70 million interim target.
The migration of Italian derivatives trading to Optiq® in Q1 2024 and the expansion of Euronext Clearing to Euronext listed financial and commodities derivatives by Q3 2024 will significantly contribute to reaching the targeted €115 million synergies by end of 2024.
Throughout the year, we continued to consolidate our leadership position in the listing of equities in Europe, welcoming 64 new companies on our market, and attracting the majority of international listings in Europe. In addition, we continued to support the financing of the real economy through capital markets, with more than 300 issuers that raised €20 billion on Euronext through follow-on transactions to fund their growth and investment projects.
We consolidated our position as the first debt listing venue worldwide, with more than 55,000 total bonds listed on our market. Euronext has also further solidified its position as the world leading venue for sustainable bonds, with more than 450 new ESG bond listings in 2023 raising more than €280 billion.
In 2023, we were able to demonstrate once again our exceptional integration capabilities. We delivered some of the key milestones of our ‘Growth for Impact 2024’ strategic plan. With the successful migration of Borsa Italiana’s cash markets to Optiq®, Euronext was able to reinforce its leadership in cash equity trading across Europe. We are today uniting 25% of European equity trading on Euronext’s single technology platform, forming the largest liquidity pool in Europe.
In November 2023, we established Euronext Clearing as the CCP of choice for Euronext's cash markets, with the expansion of its offering to Belgium, France, Ireland, the Netherlands and Portugal. We also set MTS as a recognized interdealer platform for the implementation of electronic market making on European Union issued debt instruments, with very dynamic first volumes.
2024 marks the 10 years anniversary of Euronext since its IPO, and allows us to observe the exceptional growth transformation the group has undergone during the last 10 years. WE have expanded across the entire trading value chain, and have extended the range of products we provide to our clients, such as power trading, forex or fixed income. The delivery of the last bricks of our strategic plan will unlock new innovation capabilities for us, which we will further detail with the release of our new strategic plan for 2027 on our investor day in November 2024.
Migrating the Borsa Italiana markets onto one platform gives investors in Italy the opportunity to trade a much wider range of products, while issuers of financial instruments gain access to a broad investor base across Europe and internationally, through all seven Euronext marketplaces. Likewise, European investors can benefit from trading Italian products through the Euronext platform.
The successful expansion of the Euronext Clearing offering to Euronext cash markets is a significant milestone in the delivery of our Euronext “Growth for Impact 2024” strategic plan and demonstrates our capacity to timely and seamlessly integrate and expand European market infrastructures. This move will enable us to further cater to our clients along the entire trading value chain, unlocking new opportunities to develop innovative solutions in a more agile way.
Euronext enhanced the stock universe of its Euronext GEM market, which was previously run by Borsa Italiana and known as BIt GEM. Retail investors and brokers can now trade 230+ US stocks and 120+ stocks from Germany, Spain, Finland and Sweden. Trading is in Euros, and is supported by market makers to guarantee liquidity.
Trades on both the GEM and TAH markets are cleared and settled in Euros by Euronext Clearing and Euronext Securities Milan, keeping the whole trade life cycle simple and efficient.
MTS, Euronext's leading fixed income trading platform, was recognized as an interdealer platform for the implementation of electronic market making on European Union issued debt instruments.
In 2023, Euronext reached record revenue and income close to €1.5 billion. Robust organic growth in our non-volume related businesses and double-digit growth in fixed income and power trading drove Group revenue growth to +3.9%, despite negative FX impacts and the softer cash trading environment. Despite an inflationary environment, Euronext was able to finance growth projects and to beat its revised cost guidance.
Underlying operating expenses excluding D&A were €610.0 million, better than guided at €618 million (revised from €630 million due to FX impact) thanks to continued cost control, and a one-off accruals release of €6.3 million
Net debt to reported EBITDA was at 2.0x at the end of 2023 and net debt to adjusted EBITDA at 1.9x resulting from continued strong cash generation.
In 2023, we continued to work towards delivering on our ambitious ambitious SBTi-validated targets to reduce our greenhouse gas emissions in alignment with the Paris Agreement. We also pursued our dual mission to drive investment in innovative, sustainable products and services as well as inspire and promote sustainable tangible practices.
Continued leadership for ESG bonds
Launch of My ESG Profile
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