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• Full-Year Revenue Growth: 10.3% increase to EUR1,626.9 million.

• Adjusted EBITDA: Exceeded EUR1 billion, with a 16.4% growth compared to 2023.

• Adjusted EBITDA Margin: Increased by 3.3 points to 61.9%.

• Adjusted Net Income: Increased by 19.7% to EUR682.5 million.

• Adjusted EPS: Grew close to 20% year on year to EUR6.59 per share.

• Proposed Dividend: EUR292.8 million, representing a 14% increase year on year.

• Q4 Revenue Growth: 11.1% increase to EUR415.8 million.

• Q4 Adjusted EBITDA: Grew by 16.7% to EUR252.6 million.

• Q4 Adjusted EBITDA Margin: Increased by 2.9 points to 60.7%.

• Q4 Adjusted EPS: Increased by 16.9% to EUR1.66 per share.

• Net Debt to Adjusted EBITDA Ratio: 1.4 times at the end of 2024.

• Listing Revenue: EUR231.9 million for the year, with a 5.1% growth.

• Trading Revenue: Grew by 14.2% for the year.

• Clearing Revenue: Increased by 19% to EUR144.3 million for the year.

• Net Treasury Income: Grew by 21.8% to EUR56.8 million for the year.

• Underlying Expenses: EUR620.5 million, in line with revised guidelines.

• Cash Flow from Operations: EUR175 million in Q4 2024.

• Warning! GuruFocus has detected 11 Warning Signs with EUXTF.

Release Date: February 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Euronext NV (EUXTF) delivered double-digit topline growth in Q4 and for the full year 2024, driven by business model diversification and clearing house expansion.

• The company exceeded EUR1 billion in adjusted EBITDA for the first time, showcasing operational excellence and cost discipline.

• Full-year 2024 adjusted EPS grew by nearly 20% year-on-year, reaching EUR6.59 per share.

• Euronext NV (EUXTF) announced the acquisition of Nasdaq's Nordic Power Future business, expected to enhance its market position in the Nordic and Baltic regions.

• The company launched innovative financial derivatives, including cash-settled Mini Futures on European government bonds, set to be available for trading in September 2025.

Negative Points

• 2025 is projected to be an investment year, with increased costs expected to support strategic growth projects.

• The company faces currency headwinds, particularly from the depreciation of the Norwegian kroner, impacting listing revenue growth.

• Despite strong overall performance, the clearing revenue showed relative weakness compared to trading volumes in Q4.

• There is uncertainty regarding the cost implications of transitioning to a T+1 settlement cycle by 2027, as indicated by the European Commission.

• The integration of Nasdaq's Nordic Power Future business may involve additional costs, although these are expected to be minimal.