- STRONG PERFORMANCE ACROSS ALL BUSINESSES AND FIRST ACHIEVEMENTS OF 2019 TARGETS
Amsterdam, Brussels, Dublin, Lisbon, London and Paris – 12 November 2018 – Euronext, the leading pan-European exchange in the Eurozone with 1,300 listed issuers, today announces its results for the third quarter of 2018.

Strong performance for the third quarter of 2018
•Increase in Q3 2018 revenue to €150.9 million (+17.2%[1]): •Listing revenue of €27.8 million (+37.6%), driven by the consolidation of Euronext Dublin and incremental contribution from Corporate services
•Cash trading revenue at €48.5 million (+9.2%), thanks to a resilient market share, at 65.7%, effective yield management, at 0.52bps, and improved volumes (Cash ADV at €7.2bn, (+4.8%))
•Market data and indices revenue of €29.4 million (+16.7%)
•Improved Group’s revenue diversification initiatives with Euronext Dublin contributing €8.1 million, FastMatch €5.4 million and selected growth initiatives €4.4 million

•Core business costs (excluding D&A) down (-8.2%) while Group costs up (+6.5%) mainly due to perimeter effect (Euronext Dublin and FastMatch)
•EBITDA increased to €87.8 million (+26.4%), with a 58.2% margin (+4.2pts)
•Growth in EPS (basic) to €0.73 (+31.6%). Adjusted EPS at €0.85[2] (+31.0%) •Net income, share of the Group, at €50.5 million driven by strong operating performance, cost discipline and impacted by €8.8 million of exceptional items

•Performance on a comparable accounting basis: excluding IFRS 15 impact1, Q3 2018 revenue would have been €146.7 million (+13.9%), listing revenue €23.5 million (+16.5%), EBITDA €83.5 million (+20.2%) and EPS €0.68 (+23.5%)

Agility for Growth strategic plan recent events
•Deliver value to shareholders: last twelve months’ EBITDA margin for core business[3] and selected growth initiatives, excluding clearing and new perimeter, reaching the 61% level for the first time, one year in advance, of the 61-63% 2019 EBITDA margin target
•Enhance agility: 2019 cost reduction target achieved one year in advance with €24.2 million of cumulated core business gross efficiencies achieved since Q2 2016 (vs. €22 million targeted) thanks to continued cost discipline, with less than half of expected restructuring costs incurred (€13.9 million vs. €33 million targeted)
•Strengthen resilience of the core business: increased market share on cash trading to 65% on average since 2017 (vs. > 60% market share targeted)
•Grow in selected segments: Euronext Synapse MTF and Euronext family of Indices in partnership with Morningstar initiatives no longer expected to contribute for €20 million of incremental revenue by 2019
•Annual update on Agility for Growth strategic plan during Q4 2018 announcement

Key figures - in €m, unless stated otherwise
Q3 2018 incl. IFRS 15 Q3 2017 reported % var
Revenu 150.9 128.7 +17.2%
Operational expenses excluding D&A -63.2 -59.3 +6.5%
EBITDA 87.8 69.5 +26.4%
EBITDA margin 58.2% 53.9% +4.2 pts
Net income, share of the Group 50.5 38.3 +31.6%
EPS (adjusted)[2] 0.85 0.65 +31.0%

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“Euronext delivered in Q3 2018 strong results, driven by growth in all its business lines. Euronext has kept a strong market share on its cash trading business, at 65.7%, along with an effective yield management. Since the beginning of the year, Euronext has diversified, consistently strengthened its position across all asset class traded, as well in non-trading activities, and delivered key milestones of our 2019 objectives for the core business. Thanks to this good performance, Group EBITDA margin is above 58% for the first nine months of 2018.

We are proud to announce that, within the scope of our Agility for Growth strategic plan, Euronext EBITDA margin over the last twelve months reached for the first time, and one year in advance, the 61% level of our 61 to 63% 2019 EBITDA margin target. In addition, the continued focus on costs reduction allowed us to reach the 2019 target one year in advance, with €24 million of cost savings on the core business achieved vs. €22 million targeted, while incurring less than half of the expected restructuring costs.”

[1] In 2018, Euronext has adopted IFRS 15. Unless stated otherwise, percentages compare Q3 2018 data including IFRS 15 to reported Q3 2017 data (excluding IFRS 15). For further details, please refer to the appendix
[2] Definition in appendix
[3] Core business refers to the perimeter of Euronext as of May 2016 excluding clearing
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