BRUSSELS, Oct. 24, 2025 -- Results for the first nine months of 2025
Financial highlights
Record deposit levels, solid business performance and improved operating margin
- In the first three quarters of 2025, Euroclear has achieved solid financial performance and demonstrated sustained growth in most business lines coupled with disciplined cost management.
- Underlying business income increased by 7% year-on-year to reach €1.4 billion, driven by record-high deposit levels, resilient settlement activity, strong ETF flows and solid international fixed income volumes.
- As anticipated, interest and banking income continues to decrease (-10%) to approx. €800 million, mainly due to lower interest rates. Nevertheless, net interest earnings exceeded expectations, supported by stable USD interest rates and higher balances.
- After adjusting for non-recurring items, operating expenses increased by €31 million (+3%) to €1,021 million. Cost mitigation measures continue to progress and helped offset inflationary impacts and increased wage-related costs.
- Inversis, in which Euroclear has held a 49% stake since March 2025, contributed €7 million to the share of results, outperforming expectations. Initial synergies were realised with Inversis transferring its international settlement and custody service to Euroclear Bank. As planned, Euroclear will acquire the remaining 51% in the coming years to accelerate the growth of its funds offering and expand its presence in Southern Europe.
- As result of the positive operating leverage, business income operating margin continues to improve to 27.4% (+3.4% percentage points), reflecting continued growth in core activities and effective cost control.
- Resulting adjusted net profit remains stable at €878 million. Adjusted Earnings Per Share is €27.91.
- Euroclear Group's capital position remains very strong, comfortably above regulatory requirements with a Common Equity Tier 1 capital ratio of around 61%2.
The impacts of the Russian sanctions are detailed in the last section of this press release.
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