By Christian Moess Laursen
Euronext NV, the pan-European market exchange, has reported strong financial results for the third quarter of 2023. The company’s net income exceeded market expectations, and it also revised its full-year cost forecast downwards.
According to Euronext, net income for the quarter increased to €166.5 million ($178.2 million), up from €75.8 million in the same period last year. This figure surpassed the analyst consensus of €150.7 million provided by the company.
The growth in net income can be attributed to Euronext’s continued focus on cost discipline and a significant 20% increase in revenue to €360.2 million. The company’s non-volume-related business performed exceptionally well during this period.
Adjusted earnings before interest, depreciation, and amortization also saw a rise, reaching €213.7 million compared to €199.9 million in the previous year.
Analysts had initially predicted revenue of €362 million and adjusted Ebitda of €207.2 million, as per the consensus compiled by the company.
“Euronext’s 3Q 2023 results demonstrate the success of our diversification strategy,” stated Chief Executive Stephane Boujnah.
As a result of its strong performance, the Amsterdam-based bourse has revised its full-year cost guidance, now expecting underlying operating expenses to be below €630 million.
