Hellenic Exchanges (EXAE) Q4 2023 earnings summary

Executive summary

• FY 2023 turnover reached €47.135m, up 24.5%; net earnings rose 58.3% to €13.001m, supported by stronger trading and post-trading revenue.

• Average daily cash-market trade value rose 50.6% to €111.0m and average market capitalization increased 27.5% to €80.7bn; the Main Market General Index gained 39.1%.

Financial highlights

• Turnover was €47.135m, up 24.5%; revenue after the Hellenic Capital Market Commission fee was €45.174m, up 23.9%.

• Operating expenses before depreciation rose 9.1% to €26.161m; EBITDA increased 52.3% to €19.013m and EBIT rose 74.0% to €15.191m.

• Earnings after tax increased 58.3% to €13.001m; EPS rose 61.7% to €0.225.

Segment performance

• Post-trading revenue rose 34.7% to €20.247m, or 43% of turnover; trading revenue increased 46.5% to €8.626m, or 18%.

• Listing revenue increased 14.9% to €5.744m, or 12% of turnover; data services rose 6.3% to €3.812m, or 8%.

• IT, digital and other services revenue rose 4.6% to €7.397m, or 16% of turnover; ancillary services increased 3.4% to €1.309m, or 3%.

• Personnel costs rose 23.4% to €15.3m, including higher bonus and severance provisions; other operating expenses declined 6.1%, mainly on lower electricity and consultant costs.