2024 Annual Report

Euronext achieved its “Growth for Impact 2024” financial guidance one full quarter in advance. Euronext revenue reached +4.7% CAGR2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted.

On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This repurchase programme was implemented and directed by an independent agent between 11 November 2024 and 10 March 2025. Between 11 November 2024 and 10 March 2025, 2,692,979 shares, or approximately 2.58% of Euronext’s share capital, were repurchased at an average price of €111.40 per share. The General Meeting will be requested during the 2025 Annual General Meeting on 15 May 2025 to authorise the Managing Board of the Company to confirm the cancellation by way of withdrawal of the shares that were purchased under the share repurchase programme. 

Euronext is building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business, subject to regulatory approval. This addition will significantly contribute to the growth of our FICC trading and clearing business. Euronext was pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Euronext has also made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.

• Non-volume related revenue and income represented 58% of total revenueand income (compared to 
  60% in 2023) and covered 153% of underlying operating expenses, excluding D&A. (vs. 145% in 2023):
• Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets 
  under custody, dynamic settlement activity and strong growth of value-added services;
• Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand 
  for fixed income trading data, power trading data and dynamic retail usage. Revenue was 
  supported by the acquisition of GRSS, a leading provider of services to benchmark 
  administrators; 
• Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK
  depreciation. This reflects the continued strong performance of corporate solutions and 
  resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, 
  Euronext confirms its leading European position in equity listing and its worldwide leadership 
  in debt listing;
• Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination 
  of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.
• Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and 
  power trading and solid growth in cash trading revenue;
• Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext 
  Clearing, dynamic fixed income activity and the strong performance of commodities clearing.
• Net treasury income was at €56.8 million (+21.8%). 

On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’. S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group's strong cash flow generation. Net debt to EBITDA was at 1.4x at the end of December 2024, within Euronext’s target range.

• 5% reduction in location-based GHG emissions vs. 2023  
• 11% reduction in carbon intensity (GHG emission in tCO² / revenue in M€) vs. 2023  
• 22% reduction in Scope 1 GHG emissions compared vs. 2023  
• 25% reduction in Scope 2 market-based GHG emissions vs. 2023  
• 2% reduction in Scope 3 GHG emissions vs. 2023 
• Joined the Net Zero Financial Service Providers Alliance, part of the global ‘Race to Zero’ coalition 
• 1,752 green bonds listed on the Euronext ESG Bond Platform, with 480 new listings  in 2024, solidifying Euronext’s position as the world’s leading venue for green bonds.   
• 35% female representation in senior leadership positions  
• 98% of employees trained   

• In 2024, Euronext continued to improve its ESG ratings, reinforcing investor and stakeholder confidence in our sustainability performance.  
• Key achievements include:  
• MSCI rating upgrade: A → AA 
• Sustainalytics score improvement: 18.7 → 13.4, achieving"Industry ESG Top Rated" status 
• CDP rating upgrade: D → B 
• Learn more here.