BRUSSELS, July 18, 2025 -- Results for the first half year ended 30 June 2025
Financial highlights
Solid business performance and improved operating margin despite challenging geopolitical and macroeconomic environment
- Underlying1 business income for H1 2025 reached €932 million, an 8% increase compared to H1 2024. Higher safekeeping revenues, supported by an increase in group depot and in settlement and communication income, reflect a robust equity market recovery and strong issuance activity.
- Following the acquisition of a 49% stake in Inversis, Inversis' results are consolidated as from March 1st, contributing for €4.7 million to Euroclear's share of results in H1 2025.
- In line with expectations, underlying interest and banking income continues to decrease (-6%) to €551 million, mainly impacted by lower interest rates. This was partly offset by an increase in average deposits.
- Operating costs increased by 3% to €682 million when adjusted for non-recurring items2. Cost mitigation measures initiated last year continue to progress and partially compensate the inflation and higher compensation spend.
- As result of the positive operating leverage, business income operating margin improved to 27.2% (approx. +4% percentage points), reflecting continued growth in core activities and effective cost control.
- Resulting adjusted net profit remains stable year-on-year at €598 million. Adjusted Earnings Per Share is €1903.
- Q2 2025 business income remained consistent with the very strong performance in Q1, which was marked by volatility due to US announcements and geopolitical uncertainties. Volatility slightly decreased in the second quarter while issuances remained strong. As a result of the ongoing cost control measures, Q2 expenses remained in line with previous quarter.
- Euroclear Group's capital position remains very strong, comfortably above regulatory requirements with a Common Equity Tier 1 capital ratio of around 61%4.
The impacts of the Russian sanctions are detailed in the last section of this press release.
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