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Euronext 4Q18 Analysts Presentation

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Euronext 4Q18 Analysts Presentation 2019 ANNUAL GENERAL MEETING 16 May 2019 2018 HIGHLIGHTS A STRONG AND DIVERSIFIED COMPANY: AT A GLANCE Cash trading 210,9 Client flow origins1) €615.0m (ADV as of 31/12/2018) Derivatives Cash trading Revenue in 2018 trading 43,9 2,7% 2,1% 0,3% Listing 106,5 FX Spot trading 21,7 7,9% 3,9% 9,4% USA 45,4% Euronext France Technologies Advanced 10,8% and others data services Switzerland 118,3 16,6% 36,1 Custody & United Kingdom Settlement 22,1 Clearing 55,3 The Netherlands Germany Derivatives trading Ireland 1,7% 0,4% 0,1% Belgium 6,7% Portugal EBITDA NET PROFIT EURONEXT HEADCOUNT Others MARGIN MARKET CAP. 28,0% €216.0m 848 29,5% Japan 2) 57.6% €4.3bn (as of 31 Dec. Italy 2018) 14,7% 12,9% 5,7% 2018 financials are audited and include Euronext Dublin for 9 months of consolidation. 1) Both legs of the transaction are counted (double counted) Euronext 2019 AGM - 16 May 2019 |3 2) As of 30/04/19 STRONG INCREASE OF EURONEXT PERFORMANCE THROUGH 2018 Strong revenue growth thanks to good performance of +15.5% Revenue core businesses notably cash trading and advanced data €615.0m services1), recent acquisitions and growth initiatives +€83m Core business costs down (-4.3%) while Group costs up (+11.2%) mainly due to change of perimeter (Euronext +19.0% EBITDA €354.3m Dublin, FastMatch and InsiderLog) +€56m EBITDA to cash flow conversion rate at 63% EBITDA Core business and selected growth initiatives, excluding clearing, EBITDA margin2) at 61.6% 57.6% +1.7 pts Margin €23.8m costs savings Double digit increase in Adjusted EPS of €3.44, up +11.2% Proposed Reported net income impacted by exceptional items and Adjusted €3.44 Dividend3) net financing expenses, and negative base effect due to EPS +11.2% €1.54/Share 2017 positive one-offs In 2018, Euronext has adopted IFRS 15. Unless stated otherwise, percentages compare FY 2018 and Q4 2018 data including IFRS 15 to respectively reported FY 2017 and Q4 2017 data (excluding IFRS 15). For further details, please refer to the FY18 presentation available |4 on www.euronext.com Euronext 2019 AGM - 16 May 2019 1) Formerly called Market Data and Indices 2) Scope used for the 61-63% EBITDA margin 2019 target of Agility for Growth strategic plan (see press release published on 13 May 2016 available on www.euronext.com). Including IFRS 15 impact 3) To be proposed to the 16 May 2019 General Meeting of Shareholders EURONEXT HAS SCALED ITS PERIMETER UP : +€63M REVENUE IN 20181) ▪ Successful expansion of Euronext decentralised model ▪ Integration of Dublin management into Euronext governance, and Central Bank of Ireland joined Euronext College of Regulators ▪ Migration to Euronext Optiq® trading platform achieved in February 2019 now allowing Irish capital €24.6m of revenue in 20182) markets participants to access to the largest single liquidity pool in Europe ▪ €6.7 million of synergies3) achieved since Q2 2018 ▪ Successful revenue diversification through a new asset class, spot FX trading ▪ New matching engine in Singapore, expected to be fully operational in Q4 2019, to be closer to clients worldwide and create a strong development base in the region €21.7m of revenue in 2018 ▪ Renewed management, rebranding and commercial expansion to Asia-Pacific ▪ Building up of a complete franchise aims at adding value to issuers ▪ Strong increase in total number of clients to c.1,900 at the end of 2018 and continued high level of commercial intensity with both listed and non-listed users €16.6m of revenue in 2018 ▪ Continuous screening of opportunities to complement or expand the current offering 4) ▪ Software as a Service ("SaaS") provider of award-winning research evaluation and commission management solutions for financial services firms ▪ Acquisition creating more value for Euronext clients, asset managers and broker-dealers by addressing a strong need generated by MiFID II regulation. ▪ Diversification of Euronext revenue profile, €1.1m revenue contribution in Q1 2019 1) Revenue consolidated in 2018: Euronext Dublin consolidated for 9 months in 2018, FastMatch and Corporate Services for the full year. Euronext 2019 AGM - 16 May 2019 |5 2) Consolidated for 9 months 3) Run rate as of March 2019 4) On 20 December 2018, Euronext acquired 78% of the capital of Commcise SOLID CASH FLOW GENERATION AND LIQUIDITY POSITION IN 2018 EBITDA to Net operating cash flow conversion rate Debt 31 December 2018 In €m In €m 31 December 2017 69.5% 63.1% 509 354.3 165 297.8 223.5 207.0 EBITDA 111 Net operating cash flow 2017 2018 (after tax) Gross debt Net debt -23 Gross debt Net debt Liquidity In €m 669.1 250.0 165.0 398.0 48.2 5.3 Cash & 176.1 27.1 223.5 496.6 Cash equivalent RCF 187.8 22.3 120.4 31.7 €110m 10.9 Targeted cash for operation Cash in Net Acquisition Purchase of CapEx Dividend Dividend Proceeds Repayment Others Cash in Investments Cash Undrawn Liquidity in Q4 2017 operating of financial paid received from of Q4 2018 in Q1 2019accumulation RCF1) Q1 2019 cash flow subsidiaries, assets borrowings, borrowings, in Q1 2019, net of cash net of net of net of others transaction transaction fees fees Certain amounts do not correspond to 2017 reported figures, due to reclassifications made Euronext 2019 AGM - 16 May 2019 |6 1) On 8 April 2019, Euronext entered into a Supplemental Agreement to increase the credit facility to €400m ACHIEVEMENT ONE YEAR IN ADVANCE OF MOST OF THE 2019 TARGETS ~€340m Deliver value to 61.6% EBITDA margin 50% pay out For core business and selected capital deployed since 2016 shareholders with a floor at €1.42/share growth initiatives1) of which ~€100m for bolt-ons Vs. 61-63% target Vs. 50% target €23.8m achieved €14.6m Optiq® live Enhance Agility for Euronext cash markets and Gross cost savings Restructuring costs market data Vs. €22m target Vs. €33m expected Strengthen +2.0% >65% >50% resilience of the Average market share on cash Average market share on French CAGR core business growth core business 2015-18 trading since 2017 equity options Vs. +2.0% CAGR2015-19 Vs >60% and 50% target targets Grow in selected Good progress on Clearing optionality for cash €17.6m Corporate Services, equities with LCH SA and EuroCCP segments incremental revenue traction on Tech SMEs initiative, Renewed 10-year contract with generated in 2018 ETF MTF to be live in 2019 LCH SA for derivatives Vs. €55m target in 2019 1) Scope used for the 61-63% EBITDA margin 2019 target of Agility for Growth strategic plan (see press release published on 13 May 2016 available on www.euronext.com). Including IFRS 15 impact Euronext 2019 AGM - 16 May 2019 |7 2019 COST GUIDANCE In 2018, Euronext has extended its scope of activity through acquisitions ✓ (€62.9 million revenue in 2018) Most of the 2019 targets of the Agility for Growth plan have been achieved one ✓ year in advance To simplify and improve the tracking of its performance, Euronext will now report only group performance (including selected growth initiatives and new ✓ perimeter) New mid-term targets will be presented in H2 2019 as a part of the new strategic ✓ plan Euronext provides for 2019 a Group cost guidance In 2019, Euronext expects to limit the growth rate of its operating costs to a low single digit, despite the consolidation of Euronext Dublin for the full year of 2019 Compared to Group operating costs excluding D&A for 2018 of €260.8m. For 2018, Euronext Dublin costs were only consolidated for 3 quarters. As a reminder, the operating costs for Euronext Dublin for Q1 2018 were €5.8m. Euronext 2019 AGM - 16 May 2019 |8 Q1 2019 UPDATE Q1 2019 RESULTS BOLSTERED BY ACQUISITIONS AND STRONG OPERATING PERFORMANCE ▪ Improved Group revenue diversification in an environment of subdued volumes +1.4% Revenue ▪ Non-volume related revenue: 47% of total revenue €152.6m ▪ Euronext Dublin contributing €7.9m and +€2.1m Commcise €1.1m ▪ Group operating costs (excluding D&A) up (+8.2%) -3.0% EBITDA impacted by the integration of Euronext Dublin (€5.4m) €89.3m and the consolidation of Commcise (€0.6m) -€2.7m ▪ EBITDA margin impacted by acquisitions and subdued EBITDA volumes ▪ €6.7 million run-rate cost synergies delivered from 58.5% -2.6 pts margin Euronext Dublin following the migration to the Optiq® trading platform on 4 February 2019 ▪ Net income, reported, down -6.6% to €56.1m with higher exceptional items partially offset by improved Adjusted €0.87 -1.7% EPS1) net financing income, results from equity investments and lower tax rate Euronext has adopted IFRS 16 in 2019. Unless stated otherwise, percentages compare Q1 2019 to Q1 2018 data restated for IFRS 15 and not restated for IFRS 16. For further details, please refer to the appendix |10 1) Definition in Appendix Euronext 2019 AGM - 16 May 2019 OSLO BORS VPS ACQUISITION Next Steps DISCLAIMER This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information and materials contained in this presentation are provided ‘as is’ and Euronext does not warrant as to the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for any errors or omissions. It is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Euronext. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced without the prior written permission of Euronext.
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