Euronext (ENX) Q3 & CMD 2024 earnings summary

Executive summary

• Q3 2024 revenue grew 10% year-over-year to €396.3 million, with adjusted EBITDA up 15.1% to €245.8 million and margin expanding to 62%.

• Adjusted EPS increased 26.1% to €1.74, and adjusted net income reached €180.8 million.

• The group achieved all "Growth for Impact 2024" strategic targets ahead of schedule, including Borsa Italiana integration and expansion of services.

• Over 58% of revenue is now non-volume related, reflecting successful diversification.

• The new "Innovate for Growth 2027" plan targets organic revenue and EBITDA growth above 5% CAGR through 2027.

Financial highlights

• Q3 2024 revenue rose 10% to €396.3 million; adjusted EBITDA up 15.1% to €245.8 million; margin at 62%.

• Adjusted EPS at €1.74 (+26.1%); reported EPS at €1.54.

• Net debt to EBITDA reduced to 1.5x.

• Non-volume related revenue comprised 58% of total, covering 153% of underlying operating expenses.

• Net operating cash flow was €237.4 million in Q3 2024.

Outlook and guidance

• Organic revenue and adjusted EBITDA expected to grow above 5% CAGR from 2023 to 2027.

• CapEx investment to be 4–6% of revenue through 2027, supporting innovation and scalability.

• Leverage ratio targeted between 1x and 2x net debt to adjusted EBITDA.

• Dividend payout maintained at 50% of reported earnings, with potential for special returns including buybacks.

• 2024 underlying operating cost guidance upgraded to €620 million.