2024-07-26 16:07:09 ET
Euronext N.V. (EUXTF)
Q2 2024 Results Conference Call
July 26, 2024 03:00 AM ET
Company Participants
Stéphane Boujnah - Chairman and Chief Executive Officer
Giorgio Modica - Chief Financial Officer
Anthony Attia - Global Head, Derivatives and Post-Trade Operations
Nicolas Rivard - Global Head, Cash Equity and Data Services
Conference Call Participants
Hubert Lam - Bank of America
Enrico Bolzoni - J.P. Morgan
Johannes Thormann - HSBC
Benjamin Goy - Deutsche Bank
Gregory Simpson - BNP Paribas
Bruce Hamilton - Morgan Stanley
Herve Drouet - CIC
Presentation
Operator
Hello, and welcome to Euronext's Q2 2024 Results. My name is Alicia, and I will be your coordinator for today's event. Please note, this call is being recorded. And for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the call. [Operator Instructions]
I will now hand you over to Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, joined by Giorgio Modica, CFO. Thank you.
Stéphane Boujnah
Good morning, everybody, and thank you for joining us this morning for the Euronext second quarter 2024 results conference call and webcast. I am Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, and I will start with the highlights of the second quarter. Giorgio Modica, the Euronext's CFO, will then develop the main business and financial highlights of the second quarter of 2024.
As an introduction, I would like to highlight three main points. First, the Euronext diversified business model continues to drive strong top line growth. We have delivered plus 12.2% revenue growth in Q2 2024 compared to Q2 2023, and that brings revenue and income to a new record level of €412.9 million. This very good performance was driven by solid growth in non-volume related businesses, combined with strong growth in clearing, especially in fixed income.
Second, thanks to continued cost control in an inflationary environment, we increased our adjusted EBITDA by close to plus 12% year-on-year to €256.8 million, and we grew our adjusted EBITDA margin by plus 3.5 points to 62.2%.
Third, we are entering the last phase of the Borsa Italiana Group integration. In May, we have migrated the MTS Production Data Center to our core data center in Bergamo. In July, we have successfully migrated the clearing of Euronext's commodity derivatives to Euronext Clearing. And this successful first phase paves the way for our financial derivatives clearing migration, the very final step of our 2024 strategic plan, which will be accomplished and delivered in September 2024. This last step will complete our integration across our value chain and will deliver on the last remaining targeted synergies to reach €115 million of run rate EBITDA synergies in relation to the acquisition of the Borsa Italiana Group....
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Euronext N.V. (EUXTF) Q2 2024 Earnings Call Transcript