Eaton Vance New York Municipal Bond Fund Stock Price: Quote, Forecast, Splits & News (ENX)

Company Profile

Eaton Vance New York Municipal Bond Fund Price & Performance (ENX)

Market Summary

Updated May 15, 6:05 PM UTC

Eaton Vance New York Municipal Bond Fund

$9.43USD

-$0.06 (-0.63%)

Prev Close

$9.49

Market Cap

$169.38M

Day Range

$9.35 - $9.46

Open

$9.46

P/E Ratio

5.8

52W Range

$8.74 - $10.14

24H Volume

$158.55K

Dividend Yield

5.70%

EPS

1.64

Latest News

Eaton Vance Discloses May Distribution Dates and Rates for Closed-End Funds
May 1, 2025
Eaton Vance has announced distribution amounts and payment dates for its suite of closed-end funds. Notably, the Tax-Managed Buy-Write Income Fund (ETB) offers a 9.50% distribution rate, while the Floating-Rate Income Trust (EFT) stands at 9.27%. Payments for most funds will be made on May 30, following today's record date.12
Nuveen and BlackRock Compete with Eaton Vance in Municipal Fund Payouts
Jan 14, 2025
Several municipal bond funds, including those from Eaton Vance, Nuveen, and BlackRock, have set ex-dividend dates for May 15. Eaton Vance’s EFR and ETG post yields above 8%, while Nuveen’s NAN and BlackRock’s MQY offer 7.71% and 6.23%, respectively, highlighting strong competition in tax-exempt income offerings.32
Municipal Bond Fund EIM Maintains Steady Distribution Amid Market Volatility
May 13, 2025
Eaton Vance Municipal Bond Fund (EIM) continues to deliver stable, tax-exempt income, declaring a $0.0508 distribution at a 6.29% market rate. The fund’s disciplined focus on high-quality municipal bonds supports income consistency, a valuable trait for investors navigating uncertain fixed-income markets.42

What's Happening

Peers

Earnings

Report Date

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Rev Estimate

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Avg 1d Change

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Report Period

Q1 2025

EPS Estimate

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Implied Move 1d

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Transcript

7m 18s

Our q one twenty twenty five revenue grew by plus 14.1% compared to Q1 twenty twenty four to 458,500,000.0 This remarkable performance reflects strong growth in non volume related activities. And it also reflects exceptional volatility across trading and clearing activities especially in cash equity, in fixed income, in ForEx, in power electricity and in commodities. Second, we have accomplished very significant steps with the delivery of our 2027 strategic priorities. In the first quarter of twenty twenty five, have announced a series of measures to support the integration and the competitiveness of European capital markets. First, we have announced the consolidation of settlement in Euronext Securities for equities trading in Amsterdam Paris, and Brussels from September 2026. This move represents a significant optimization the European pulse rate landscape. With Euronext securities as the CSD of choice for Europe now. Also, we have announced last month that Euronext is committed to facilitate access to European capital markets with the launch of a simplified English language European common prospectus. We are creating a sort of European s one to facilitate the integration of capital markets when it comes to Last week, have announced a full suite of initiatives to support investments in companies that contribute to European strategic autonomy.

9m 6s

This includes a series of new indices to capture exposure to critical investment teams in energy, in security, and in geostrategy. And also a set of tailored private market equity type of instruments and initiatives and debt financing solutions for aerospace and defense projects. Earlier this week, we have successfully completed the acquisition of Indian Control. This acquisition completed yesterday, in fact, this acquisition doubles the size of our governance solutions and further expands our footprint in The Nordics with a high growth business. We are looking forward to boost the development of immune control across our unique corporate solutions network in Europe. Since the beginning of the year, demonstrated our capacity to innovate ahead of the curve. To lead the way to a more innovative and a more competitive European capital market. Let me now give you a quick overview in the slightly more level of details of Q1 twenty twenty four. Five highlights on Slide four. As reminder, this is the first quarter in which we are using our new and simplified reporting framework, It will help you to clearly distinguish [indiscernible] to track the progress of our strategic priorities. Our non volume related revenues and income streams comprises three distinct segments.

10m 33s

First, security services, which includes custody and settlement, as well as non volume related clearing revenue. Second, capital markets and data solutions, which encompasses primary markets, data services, the solutions business. And net treasury income which reflects the the treasury income generated through our CCP initiatives at Euronext year. Then our volume related revenue streams is divided in two into two segments. Fixed incomes, currency and commodities [indiscernible] which includes trading and covering revenue from fixed income, commodities, and foreign exchange, equity markets, which includes revenue from trading and clearing of cash equity and financial derivatives. Jojo will provide you with the details of each of the new line of this new reporting framework in a few moments. But first, I would like to take a few minutes to look at the big picture. And the big picture is that Euronext delivered a double digit revenue growth in q one twenty twenty five. As I said earlier, for the fourth quarter in a row. In Q1 twenty twenty five, revenue grew by plus 14.1% year on year up to 458,500,000.0 Let's start with nonvolume related revenue because as mentioned in previous conversations, we are implementing a double diversification strategy. And in the context of this double diversification strategy, we are growing online volume related revenue.

12m 8s

Nonvolume related revenue amounted to 57% of total revenue and income and posted a strong performance of the world. Security services reported solid growth. Customer and settlement revenue grew by plus 11.6% year on year. €75,800,000. Driven by higher assets under custody, driven by dynamic settlement activity and also strong growth of value added services. Capital markets and debt solutions were also a strong contributor to a record performance in 2025. Advanced Data Solutions revenue grew by plus 8.1% to 65,100,000.0, driven by growing demand for diversified datasets also dynamic retail usage. Data solutions were also supported by the diversification of our offering, with the acquisition of GRSS, leading service provider to benchmark administrators. Corporate and Investor Solutions and Technology Services grew by plus 9.8% to 45,900,000.0. The strong growth in this segment is driven by the commercial expansion of our SaaS business a growing client base in our collocation services, and also a double digit growth in investor solutions supported by the acquisition of Substantive Research. Let's move now to our volume related business. When I referred earlier to double diversification, I want to underline also the very wide and and powerful diversification of our various seg of the various segments rated within the Euronext volume related business.

13m 46s

And clearly, this volume related business was fueled by exceptional volatility, especially in cash equity, fixed income, in ForEx, and in power and agricultural commodities trading and clearing. FICC markets revenue was up plus 25.1%. Compared to Q1 twenty twenty four at €90,700,000 Equity markets was up plus 18%. Compared to Q1 twenty twenty four at 108,400,000.0. When it comes to cost, or underlying expenses excluding DNA, were at €164,500,000 up plus 9.1% compared to Q1 twenty twenty four. This increase on our cost base compared to Q1 twenty twenty four reflects [indiscernible] [indiscernible] on investment and the impact of three acquisitions performed in 2024. This growth of our cost base is totally in line with the ramp up of growth investments we have announced as part of the underlying cost guidance of $670,000,000 for the full twenty twenty five year. In parallel, we continue to deploy a very strong cost discipline across all our operations. Consequently, our Q1 twenty twenty five adjusted EBITDA grew by plus 17% compared to Q1 twenty twenty four to €294,100,000 Euronext adjusted EBITDA margin increased by plus 1.6 points to 64.1%. Reflecting the strong top line growth of the group. So we reported net financing expenses of €1,500,000 in Q1 twenty twenty five, impacted mainly by short term price movement.

15m 44s

This compares to a net financing income of €4,700,000 in Q1 twenty twenty four. Minority interest were also increased compared to last year, driven by the strong performance of MTS and Nopal, where we have minority partners. Consequently, adjusted net income was at 183,500,000.0 up plus 11.8%. We reached recorded adjusted earnings per share at €1.8 per share. Q one twenty twenty five reported net income was 164,800,000.0, up plus 17.9%. Reported EPS grew by plus 20% compared to Q1 twenty twenty four, to €1.62 per share. This also reflects our lower share count due to the share repurchase program performed in 2324. As you know, on 10/2025, we complete the 300,000,000 share repurchase program announced on the Investor Day after the launch of strategic plan. On in November 2024. Net debt last twelve months EBITDA was at 1.4 times at the March 2025, which is totally in line with our target leverage ratio between 1x and 2x announced as part of Innovate for Growth 2027. So now, let me give the floor to Giorgio for the business and financial review of q one twenty twenty five. Thank you, Stephane, good morning, everyone.

17m 26s

Let's now have a look at the strong performance of this first quarter of twenty twenty five. I'm now on Slide six. As you can see, the slide show the new reporting format We are convinced that this will sharpen and simply our communication and better represent our business. Nonvolume related revenue and income comprise security service capital markets and data solution, and net treasury income. The volume related revenue consists of the fixed markets and equity markets. I will deep dive into the different segments on the following slides. On our investor relation website, you can find a reconciliation table detailing line by line all changes between the old and the new reporting format. This quarter, reported a remarkable growth driven by exceptional market condition and the progression of our strategic plan initiatives in our nonvolume related businesses. Total revenue and income is up 14.1% compared to last year, reaching €458,500,000, of which 57% is nonvolume related covering 158% of our r underlying operating expenses, excluding DNA. Let me dive into the drivers of this strong performance starting with nonvolume related revenues and income on slide seven. Let's begin with the asset driven revenue business. Security service revenue was at €83,400,000, making a 6.8% increase.

19m 5s

This segment comprises custody and settlement as well as other post trade revenue. Accounting for all nonvolume related clearing revenue. Custody and settlement revenue reached €75,800,000, 11.6% increase compared to the first quarter twenty twenty four. This growth was driven by record asset under custody above one point €7,100,000,000,000 alongside dynamic settlement destruction driven by market volatility. Value added service continued to grow organically double digit and are further supported by the acquisition of AccuPay. Other postpaid revenue declined 25.3% to €7,600,000 primarily due to the reclassification of treasury income related to Euronext derivative flows from revenues to net treasury income in September 2024, following the expansion of Euronext clearing activities to derivatives. Net treasury income was up 55.8% compared to the first quarter twenty twenty four, and this represent the flip side of the reduction we just discussed in our postpaid revenues. As discussed, NTI benefits from the expansion of Euronext clearing and the internalization of treasury income from FCHSA following the derivative clearing migration in September 2024. It also reflect higher cash collateral posted to the CCP due to the elevated market volatility. Turning to capital markets and data solution on slide eight. Revenue reached €157,300,000 with a 6.6% increase compared to the first quarter of twenty twenty four.

21m 3s

Primary market generated €46,300,000 of revenues, up 1.8% compared to the same quarter last year. This is an illustration of the resilience of our listing business, the despite extreme market volatility. Advanced Data Solution revenue grew to €65,100,000, up 8.1%, driven by the acquisition of JRSS, the strong demand from retail, and growing monetization of our diversified datasets. Corporate and Investor Solutions and Technology Services reported €45,900,000 in revenues for the first quarter of twenty twenty five. This reflects continued commercial expansion of the governance SaaS offering and the acquisition of substantive research which support investor solution revenue. It also supported by the growing client base of our colocation and microwave connectivity services. Following the completion of the acquisition of Admin Control on thirteen May twenty twenty five, admin control revenue would be reported within the Euronext corporate and investor solution and technology services revenue starting from the second quarter of twenty twenty five. Moving to our volume related activity now. I am now on slide nine. Revenue from our fixed market reached €90,600,000, making a 25.1% increase compared to the first quarter of twenty twenty four. Fixed Income Trading and Clearing revenue grew by impressive 32.4% to €51,800,000 driven by the favorable market conditions.

22m 52s

MTS cash average daily volume was up 64% year on year at €56,800,000,000. MTS repo term adjusted average daily trading volume reached 508,900,000,000.0 up 3%. Commodity trading and clearing revenue increased 12.8% to €29,600,000 in the first quarter of twenty twenty five. Supported by record intraday volumes at Nord Pool and dynamic agricultural trading and clearing volumes. Lastly, FX trading revenue reached a new record of €9,200,000 this quarter, up 30.4% compared to the first quarter of twenty twenty four. This reflects favorable market volatility and a positive volume mix effect with more anonymous trading. Continuing with our volume related revenue on slide 10, equity markets revenue saw 18% increase compared to the first quarter of twenty twenty four. And reached €108,400,000. Cash equity trading and clearing revenue grew by 22.5% reaching €94,000,000. This growth reflects a 31.8% increase in average daily volumes driven by volatility and an average revenue capture of 0.5 basis points due to the increase in volume stronger intraday volatility and larger average order size. This reflects the usual inverse correlation between the level of volumes and the average fee. Financial derivative trading and clearing revenue was €14,400,000 in the first quarter of twenty twenty five.

24m 48s

A 4.8% decline compared to the same quarter last year. This decrease is mostly linked to the decrease of the average clearing fee as following the clearing migration, certain clearing fees are now reported in the line other post trade revenues. As such are not fully comparable with the first quarter of twenty twenty four. Moving on with the EBITDA bridge, I'm now on slide 12. Euronext reported EBITDA for the quarter was up 21.3% to 294,200,000.0, mainly thanks to €51,900,000 of additional revenues at constant perimeter. The reduction of our non underlying cost of 8,800,000.0 linked to the termination of the delivery clearing arrangement with LTHSA was offset by €10,800,000 of additional cost at constant perimeter and 3,200,000.0 of additional cost from change of scope. Euronext adjusted EBITDA for the quarter was up 17% to €294,100,000 with an adjusted margin of 64.1%, this quarter, up 1.6 compared to the first quarter of twenty twenty four. The underlying operating expenses excluding depreciation and amortization increased 9.1% compared to the first quarter of twenty twenty four, reflecting the investment in our strategic growth project and the impact of the acquisition in 2024 for €3,200,000 as already discussed. On a like for like basis, underlying operating expenses excluding D and A increased 7.2%.

26m 43s

Moving to net income on Slide 13, Adjusted net income in the first quarter of twenty twenty five reached 183,500,000.0, which represent an increase of 11.8% compared to the first quarter of twenty twenty four. This reflects mainly the strong EBITDA growth in the first quarter of twenty twenty five. Depreciation and amortization accounted for €48,300,000, plus 9.8% compared to the first quarter of twenty twenty four. PPA related to the acquired business accounted this quarter €20,400,000. Euronext reported a net financing expense of €1,500,000 this quarter compared to an income of 4,700,000.0 in the first quarter of twenty twenty four. This variation mainly reflects short term FX movement and the decreasing interest rate. In the next few quarters, we expect net financing expenses to be around €6,000,000 excluding any impact from FX and capital gain or losses on financial instruments. As of today, our case position was impacted by 500,000,000 bond redemption, and the acquisition for 400,000,000 of admin control. And we've been impacted in in the next, weeks and and months by 290,000,000 dividend payment and the acquisition of the Power delivery business from, from Nasdaq. In addition, going forward, raising that for Euronext will have a cost which is higher than the cost of the debt today.

28m 37s

Depending on the maturity and on the instrument, the cost is going to be between 34%. And the return on our cash that, as you know, is invested in in in a in a very short term, max three months maturity will be impacted by the fluctuation of the interest rates and today is yielding around 2%. Income tax for the first quarter of twenty twenty four was €67,800,000 This translated into an effective tax rate of 27.7% for the quarter compared to 26.9 in the first quarter of twenty twenty four.

29m 23s

I want to highlight that the higher tax rate is quarter is mostly related to prior year adjustments. In the full year 2025, we expect the tax rate to remain at around 27%.

29m 39s

The share of non controlling interest increased to 11,900,000.0 as Stephane said, this reflects the strong performance of MTS and Nord Pool. As a result, the reported net income share of parent company showed they increased by 17.9% compared to the first quarter of twenty twenty four and reached €164,800,000 Adjusted EPS was up 13.9% this quarter at €1.8 per share compared to €1.58 per share in the third quarter of twenty twenty four. This increase reflects higher profits and lower number of our outstanding shares over the first quarter of twenty twenty five compared to the same quarter last year. Reported EPS increased by an impressive 20% year on year to €1.62 per share. To conclude, I'm now on Slide 14 for the cash flow generation and leverage. In the first quarter, twenty twenty five, Euronext reported a net cash flow from operating activities of 190,600,000.0 compared to 184,600,000.0 in the first quarter of twenty twenty four. This reflects higher cash flow from operating activity offset by negative changes in working capital from shorter movement in outstanding power, say, customer and supplier invoices related to notebook TCP activity and higher income tax. Excluding the impact on working capital, from Euronext clearing and Norfolk CCP activities net cash flow from operating activities accounted for 88.1% of EBITDA in the first quarter twenty twenty five.

31m 33s

Net debt to EBITDA ratio was at 1.4 times at the end of the quarter. On twenty twenty twenty five, Euronext successfully redeemed the 500,000,000 bond issue in connection with the acquisition of Euronext Dublin in April 2018. As a reminder, subject to to the approval today, of the dividend, we will pay total dividend of €292,800,000 or €2.9 per share. This represents an increase of 16.9% compared to the dividend per share of 2.48 paid in 2024. And this concludes my presentation. Now I give back the floor to Stephane.

32m 20s

Thank you, Giorgio. As you seen, we have started 2025 on totally exceptionally strong note. We have seen a very strong volatility in the first quarter of the year. And April 2025 was yet another record month for volume related activities. So this puts us in an ideal position for the delivery of our ambitious Innovate for Growth 2027 strategic plan. Since the beginning of the year, you you've seen that we have demonstrated we are able to innovate at an [indiscernible] To capture evolving market trends. So thank you for your attention. We are now ready to take your questions together with Giorgio. And also with Antoniazia, the Global Head of Derivatives and Post Trade. And Nicolas Rivar, the Global Head of Cash Equity and Data Services.

33m 20s

Thank you, Seth. If you would like to ask a question, please press 1 on your telephone keypad. 2. We'll take our first questions from Benjamin Goy from Deutsche Bank. Your line is open. Please go ahead.

33m 39s

Yes. Hi. Good morning. Two questions, please. First, on the Savings and Investment Union, there seems to be more progress, maybe Stephane, you can share a bit of your view, what are you most excited about and near term catalysts that should support your next business? And also maybe why this time is different because the Capital Markets Union has been around for quite some time. And the second question is, Giorgio, you mentioned net financing income. The €6,000,000 Maybe you can just clarify whether that is the rest of the year, whether it's income or an expense or whether it's a quarter? Thank you.

34m 16s

Well, on the saving and investment union, we are definitely proceeding at a different pace. The commission in charge Maya Louis Aboukouaki is the former minister of finance of of Portugal during the great financial crisis. She has an ambitious road map that she wants to to roll out. Clearly, the commitment is unprecedented. The willingness to proceed on some critical issues like delivering a single supervision for capital market is there. And so it's very likely that we will proceed towards a single supervision. Clearly, there is a willingness among the member states to to to capture the the the catalyst of the saving and investment union process to accelerate transformation of local incentives in order to drive to channel more as all savings towards long term equity investment. The debate on pension funds is everywhere in Europe. It's probably extremely advanced in Germany. With the agreement that is reflected by the coalition contract on this on on on the very ambitious project on this front. But it's true also with discussions in France and in other countries about how to channel massive household savings in Europe, As you know, we have an average savings between 1318% of these disposable income.

36m 4s

Of available income of households in in saving. So this is this is the So it will it will happen because of their commitment, because there is [indiscernible] on on driving more flows to long term investment, and that will that will contribute to a totally new reset reboot of equity markets in Europe in the coming years.

36m 33s

Yeah. So with respect to the leverage, a few clarity clarifications. So at the end of the last quarter, leverage ratio was at 1.4 times. And now following the acquisition of MinControl and the payment of the dividend, this number should go closer to the upper side of our leverage band. Between 02%, we should be around one eight, one nine. And then progressively, that should quickly reduce in the next quarter as we will pile up cash from our operating activities. And as as a result of that, what we would have is a higher financing cost. And the the number I mentioned of around €6,000,000 is what we expect to have. On average in the next couple of quarters. And this does not include, again, any positive or negative FX impact. Which actually, last quarter made the whole difference. So the the the reduction from the the 4.7 positive to minus 1.5 There is a portion of that which is linked to of interest, but mostly, it's linked to, some positive, effect that we had the the the first quarter of twenty twenty four that we have anymore. This quarter. So the 6,000,000 can in actual time, change depending on on FX movement, but we cannot predict that that that element.

38m 7s

So to answer your question again, increase is linked to increase of leverage, and the 6,000,000, it's a it's a ballpark number. The should be valid for the next couple of quarters, assuming that the level of interest rate will not change massively.

38m 24s

Understood. Thank you. Thank you. We will take our next questions from Mike Werner from UBS. Your line is open. Please go ahead.

38m 36s

Thank you guys for the presentation. We saw another really good quarter from custody and settlements. And you made the announcement this quarter that you're going to bring settlement in house in 2026. In September, I believe. Can you just provide a little bit of color about how you're going to be able to bring in that settlement activity? Within those three markets. I believe it's France Brussels and Amsterdam. And whether you see any opportunities of your core exchange markets. You know, again, part of this consolidation of of the European infrastructure? Thank you.

39m 14s

We are focused on, on delivering these movements of integration consolidation of of settlements and custody from Paris Brussels and Amsterdam because these are two of the of the top markets in terms of equities and in terms of issuers that are listed on Euronext, traded on Euronext, cleared on Euronext, will benefit from integrated and consolidated value chain. For settlement and custody.

39m 53s

We are deploying the program. It's it's it's a it's a very large project. The go live is for September 26. It is being deployed with all the relevant deployments with all the relevant developments to to scale up what needs to be scaled up and to to build a consistent, cohesive program with with the issuers with the the relevant intermediaries, to make it happen in a smooth way, but in a very in a very massive way. So this is work in progress. We've just announced the deployment, but we have a very strong and intimate level of dialogue with the with all the the relevant parties to make it happen by September 26.

40m 48s

Thank you. Thank you. We will take our next questions from Rico Bolzoni from JPMorgan.

40m 59s

Yes. Thank you. Good morning. Thanks for taking my questions. Going back for one second on the migration settlement and the opportunity there, I was wondering whether you could help us quantify the revenue opportunity. If I look at the number of trades across these three values that you want to migrate, think they represent actually more than 50% of the of the of the trade. I'm talking about equity for now. But at the group level. So would it be fair for us to assume that specific to to the settlement line, we could see in a blue sky scenario doubling of those of those revenues when the when the migration is completed. And alongside that, I guess there is an opportunity also for custody, Will the migration increase the chances of also attracting more custody? Do you have any projection there? And what sort of, impact on revenue we we can expect. So that's that's my first question. And the second question, I wanted to ask you again about the saving and investment union. I appreciate that all the measure that can incentivize retail participation, clearly, are gonna be positive. There is also a part of the of the proposal that has to do with the removal of friction between exchanges between post trade solutions within within the European Union.

42m 20s

Now you clearly are a big entity, and you can do a lot within the group. But can you elaborate a bit on what sort of proposal you would like to see that can actually remove friction, not just within clinic Euronext as a group, but also between Euronext and, for example, other, market infrastructure players in Europe. Thank you.

42m 43s

So let let let me give answer your your your your two questions. We are not providing any specific guidance for this segment. The, CSD European expansion program is a significant contributor to the objectives we have set at the Investor Day in November 2024. I remind everyone that all target or guidance is to deliver above above 5% CAGR growth by '27. In terms of top line and above above 5% CAGR growth in terms of EBITDA. We have a large number of projects that are going to contribute to that ambition. The CSD expansion is one of them. So we do not provide specific guidance. Second, it's it's it's a work in progress. It's a it's a progress where we have a clear deadline, which is September 26. It's a progress, and that's the link between this question and your the other question. That is being deployed in a context of a convergence program to make the CID platforms across Europe that are operated by Euronext closer and closer, with the same mindset as the one that did drive the consolidation of a trading platform. It will never be as integrated as a single matching engine, but it will be much more integrated than any other set of CSD platforms in Europe.

44m 30s

So we are positioning Euronext as the most consolidating, integrating, converging, platform for settlement and custody. And as you are rightly pointing out, we believe that the cutting edge platform we are building for settlement and custody [indiscernible] for custody of other assets from other from from from other origins. When it comes to the way we we we believe consolidation should should go forward, We are doing consolidation in the bottom up way, through consolidation of of platforms.

45m 16s

We believe that this is the most straightforward way to make things happen for real. We believe that there are all sorts of existing tools that make possible for the clients the selection of whatever they want in terms of of clearing and in terms of settlement and custody platform. But we believe that our duty is to develop an offering which from a technological point of view from a business model point of view, from a client service point of view, is compelling and attractive than any other platforms that are available to the market, and that's what we are working hard on to focus on making the European integrated platform for settlement and custody much, much more competitive and innovative than they may have been in the past when they were just local [indiscernible] back office platforms of of exchanges. There is a a European integrated ambition behind our convergence project. That, is all about providing clients with with consolidated options. I don't know whether, Anthony, you want to add anything on that front. [indiscernible] The the removing frictions in Europe will be obtained through through different purchase depending on the asset class. If you look at what we're doing on the on your x security side, by by offering through European services on our CLDs by leveraging heavily on target to securities, we, in effect, contribute to the lowering of the overall cost cost and and by removing frictions.

47m

Another asset classes such as listed derivatives, removing friction depends on on on our ability to compete from end to end, so from trading and clearing. In a in a in a in a healthy way. So, again, integrating trading clearing and providing European offerings create healthy competition, reduces cost, and, and contributes to to the to the building of the of the capital market in in Europe.

47m 32s

Thank you. We will take our next questions from Hubert Lam from Bank of America. Please go ahead.

47m 42s

Hi. Good morning. I've got three questions. Firstly, on the cost guidance, I think, Giorgio, you're confirming the $670,000,000 for this year. I just wondered how confident you are to achieve this just given that you have the additional cost coming from the AdminControl deal. Well as strong revenues. So just confidence around $6.70 for this year. Second question, again sorry. Just wanted to ask again on the finance income or cost line. Just wanted to confirm, is it six minus million or 6,000,000 expenses per quarter you're expecting over the next, three quarters? And, also, what is your outlook for this line into next year? And lastly, just wondering, Stefan, your thoughts around m and a opportunities. Just given possibly more pressure from private equity firms, that need to exit, [indiscernible] you know, opportunities for acquisitions And also now with your higher share price, does it mean mean there's more potential to do deals? Thank you. Yeah.

48m 51s

So first question, the the the $6.70 is clearly is clearly a a constant perimeter that does not include the new acquisition. It includes the one which we had performed at the time in which we did set the target of $6.70. So for example, admin control is is not part of that. And then with respect to your second question, just to be clear, what what I make reference to is the sum of the following element, if interest income from investing our cash, minus the cost of our funding plus or minus the impact of FX and the capital gain and losses from on financial instruments.

49m 32s

So assuming that the latter two effects and gain and losses are zero, we expect the €6,000,000 as a net impact of the cash that we will get from investing our cash. And the cost of our financing. The 6,000,000 is valid for the next couple of quarters, and then we will updating. Because as you can understand, there are a number of moving factor, leverage investment and many other elements. So until the end of the year, we expect around 12,000,000 and you could break it down in six and six, more or less. And and then once we will have more update and coming into next year, we will provide you with further details.

50m 15s

On the on the M and A side, to be clear. M and A is a tool. It's not an objective.

50m 24s

The objectives are first, accelerate growth.

50m 28s

Second, secure profitability, And third, diversify revenue streams to secure resilience of our top line. So whenever we can achieve accelerated growth, increased profitability, and diversification through organic growth, we do it. Whenever we can achieve accelerated growth, secured profitability, diversified diversification revenue streams to secure the resilience of the group, through m and a? We do it. As long as M and A opportunities can deliver return capital employed above the WACC of the company, between year three and five post synergies. So with a very strong cost discipline, a very strong capital deployment discipline as we have evidenced it over the past eight years or so.

51m 15s

So yes, the the fact that more p players are might might be eager or more eager than in the past to to dispose some assets is is is changing the environment. It's not happening as massively as many people [indiscernible] or have have plenty of time and resources to hold for a number of years until the cycle recovers. But it's true that that to a certain extent, what you are saying is reflected in the attitude of certain certain number of PEs. Let's see. I can tell you that we are more welcome to and we are more invited to contribute in processes by sell side advisers the past few months as we have been in the past few years. And that we are perceived as being more legitimate owners or more legitimate buyers around assets than in an environment where, the cost of debt was low. And the PEs were rich. And valuation were rocketing. We are in an environment where interest rates are higher than they have been in the past. And we are in an environment where PE are more struggling in average to raise money. And we are in an environment where the length, the maturity of many funds is is getting close to to a moment of where where returning some form of capital gains to investors become becomes a priority.

53m 1s

So that's true that the environment is changed. But our approach remains extremely disciplined, and and we are monitoring all the situation around. But you should not expect that because of some buzz around the private equity being, quote, unquote, under pressure to sell, we would become all of a sudden another excited buyer. We remain as disciplined today as we have been in the past.

53m 25s

Thank you.

53m 29s

Thank you. We are now taking our next questions. From Bruce Hamilton from Morgan Stanley. Please go ahead.

53m 38s

Hi. Good morning, guys, and thank you for taking my questions. Maybe just to start, you've spoken a bit about c CST plans, which sound pretty encouraging. I just get an update on where you are in terms of your kind of fixed income plans, in terms of plans to sort of internationalize there? To, you know, in terms of perhaps broadening out BondVision, just, you know, how excited we should be about that part of the business. And then sorry to, lay the point on the net financing income or cost. That $12,000,000 over the remainder of the year, is that an income number or is that a negative number, just to be completely clear. Thank you. [indiscernible] because I deliver as always a long reply to the M and A question, we forgot to cover the question on the oh, did it cover it. Okay. So so I'll give the floor to to Giorgio to clarify the the financing cost and maybe you can comment on on the fixed income ambition.

54m 40s

Yes.

54m 41s

Sure. Let me start. So to clarify, six is a negative number. So the as leverage will increase and as the average cost of debt will increase, and as we will invest more of our cash into business, having a acquired admin control, There are going to be to affect the the the net financing cost is going to increase, 6,000,000 is the cost. But, really, the flip side of that is that we would have acquired a business that will generate revenues, EBITDA and margin, etcetera. So this is with respect to your first question. With respect to your second question, the development in fixed income are are proceeding well. The volumes of bond vision that you see as a part of the overall volumes are are increasing and they are on the platform is getting nice nice traction. It's fair to say that given the overall very substantial growth of volume on the NPS platform, this more strategic development are less visible in our P and L. But having said that, from a business standpoint, we are where we wanted to be. It's a bit that from from your perspective, it's it's a bit diluted from a 60% increase of volumes year on year.

55m 58s

But we are where we wanted to be. On on the different fronts.

56m 3s

Which is, getting more activity on on bone vision, on the different asset class, not only government bond, but as well [indiscernible] And the the efforts, to expand the MTS model Europe is still continuing strong. So all positive signal from our income franchise.

56m 29s

Got it. Very helpful. Thank you.

56m 33s

Thank you. We're now taking our next questions from Julien Rochas from ABN AMRO. Good morning, gentlemen, thanks for taking my questions. I have two. First one is on the NTI one came up touch better than than expected. Just wondering if you could comment how do you think this will develop over the next quarters in 2025? And it kind of relates to what Giorgio said. So the I think Giorgio said that Q1 high cash collateral was mainly due to elevated market volatility, which we understand. But was just wondering how stable normally is the pool of cash collateral from a clearing member throughout the cycle?

57m 11s

I. E, if the vola declines a couple of points quarter over how might it drag the collateral? Levels that that has for you. And the other one is on the North Pole and MPS high minority alliance, and we'll explain why why that happened because of strong performance. At these two trading platforms. But I was just wondering if you actually consider acquiring perhaps the rest of minorities and, you know, obviously keeping all the future profits to yourself. So would appreciate if you could comment on the strategic view that you have on this platforms. Thank you.

57m 43s

So I'll let Giorgio answer the NCI question on the minority interest. Minority interests are not yet there by chance. So by legacy of the past, they are there because critical partners to the development of Norpol, the the former owners, critical partners in the development of ATS, large users, are supporting very actively initiatives to codesign new offerings to create critical mass to launch of of new of new services, and we have no intention to proactively buy back those minority interest. No.

58m 29s

On your second question, a few clarifications. The first one, is that the net it's it's clear that volatility brings more collateral on our platform, but the overall level of of NPI is pretty much where we expect it to be. Maybe a little bit better, but not massively better. This is the level that we more or less anticipate for the next quarter. Having said that, making a longer term projection is is complicated, but because, as you know, we have a very intense pipeline of developments within [indiscernible] And this would affect the the the collateral, the pricing, and many other elements, the new products that we will bring on the platform. So once those development are going to be actually executed, we will guide you. But for for the time being, the level of NPI that we have you see on our p and l, this is what we expect to to maintain in the next quarter. Maybe it's a little bit more elevated, but it's difficult to predict when the current level of volatility will will change direction.

59m 38s

Understood. Thank you.

59m 42s

Thank you. We will take our next questions from Tobias Lukesh from Kepler Cheuvreux. Your line is open. Please go ahead.

59m 50s

Also three questions from my side, please. First on costs, so how should we think about underlying cost versus the total cost reported as these were basically quite similar in Q1. Do you expect a big difference in the coming quarters here Secondly, on the MTS performance, how would you describe the year to date performance in terms of secular growth versus cyclical growth? Do you think that the secular growth has further accelerated basically in 2025? And thirdly, sorry for that, maybe, touching back on the net financing expenses. So I understand you had €1,500,000 of expenses in Q1. So is the €6,000,000 the year end number for twenty twenty five million so meaning a kind of €1,500,000 negative quarterly run rate number? Thank you. [indiscernible] start with your first question with respect to cost. As you know, non underlying cost are costs that are linked to specific projects or are linked to double run of platform or are linked to exceptional expenses. And as such, they they they are going to be zero as long as we will not add those items in our p and l. So as a category, non underlying cost will remain Then it depends how much exceptional cost we will have going forward.

1h 1m 18s

I I believe that the good news is that you can see that following the delivery of the Borsi Tadde integration, those exceptional costs now become zero. That we have plenty of projects going on so that that line item might increase, in in the next in the next quarters. Then, with respect to your other question, so just, again, another clarification. So this quarter, in the first quarter of twenty twenty five, we had a net financing expense of 1,500,000.0 which is a negative number in the P and L. What is go what what is happening as we speak is that already 500,000,000 of our cash is not there anymore. Because we have repaid the bond. Then what what is going to happen in the next days, to be specific on the twenty eighth, is that we will pay 93,000,000 of dividends, and this will further reduce the cash we have. And then we'll we'll the acquisition of Admin Control.

1h 2m 20s

So two things will happen. We will have less cash to invest This cash is today invested at the rate which is lower than the one at which we used to invest in the previous quarter because as I said, cash and cash equivalent can have a maturity, not exceeding three months. And therefore, the interest we get, it very much related to the interest that we that that evolves in the market. So the combination of having less cash at a lower rate and having the same level of debt at a higher interest triggers the fact that we expect, excluding one off movement in effects and gain and losses, because for the next couple of quarter, a cost of 6,000,000 per quarter.

1h 3m 9s

Very good. Thank you. 6 is equal to the average cash on our balance sheet multiplied the rate that we will be able to extract. And at the moment, we have around or a little bit less than 2%. And the cost of debt, so the outstanding debt time the average cost of debt. For the new debt, raising debt in this very moment as I said, depending on the instrument and the maturity, is a cost which is in between 34% for Euronext. So now you have really all the elements of the equation.

1h 3m 47s

Thank you. We are taking our next question.

1h 3m 49s

Sorry.

1h 3m 50s

I I am sorry. I I missed the part With respect to the secular growth of MTS. This is something that we have highlighted during the invest investment plan. So one element or one KPI that we you could track and we have highlighted is the fact that the net refinancing needs of government bonds are structurally geared out. And therefore, we were expecting and we're expecting an increase structural increase of volumes as European state will need to refinance more and more. I remember I remind to you that that number was close to zero. Pre pandemic. And when ECB was buying European government bonds, and now it's become a number which is closer to €800,000,000,000 per year. Now, having said that, so there is a secular trend of growth in that market. But on top of the secular growth, there is as well an element of and change of interest rate in the different maturity of the curve, Now to split exactly how much come from what is very complex. However, what I can say is that in the volumes you see today of of of MTS, there is, for sure, a part of growth which is secular, But on top of that, there is, as well a very exceptional market condition that triggers a very high level of volumes.

1h 5m 24s

Unfortunately, it's very difficult. It's it's impossible to split how much comes from what.

1h 5m 35s

Thank you. Those are, I mean, you know, the the impact for change the PMS structure, but from a business standpoint, this is not a real decrease. [indiscernible] compliment from a from from a volume standpoint on on equity derivatives. So the options and and index features.

1h 10m 41s

Just just to just to give you back on what George has said.

1h 10m 45s

We are we are developing the product range and and expanding our franchise.

1h 10m 53s

And so so the the the competition is is is strong.

1h 10m 57s

But we are we are in a in in a in a growing path.

1h 11m 6s

Okay. Thank you. Thank you. Are now taking our next questions from Oliver Cowter from Goldman Sachs. Line is open. Please go ahead.

1h 11m 17s

Hi there. Oliver Krelles from Goldman Sachs. Thanks for taking my questions. I just got one left.

1h 11m 22s

On the Savings and Investment Union, we had the market structure consultation document published a few ago by the European Commission.

1h 11m 29s

And as you're saying, this touched your business in a number of different ways with a number of possible tailwinds and changes.

1h 11m 35s

One area the commission is looking into is the difference in fees charged to market participants in the closing auction relative to continuous trading. So just to understand how material this is or how material this could be, of your cash equity revenues, how much of this comes from the closing auction?

1h 11m 53s

And how much of this is continuous trading? How much does the revenue capture differ between the two? Thank you. [indiscernible] consultation has just been launched We don't comment on this process, which is extremely early stage, extremely diversified in terms of of topics to be covered. And I think best recipe to be precisely wrong rather if you're correct is to embark into a microanalysis of very preliminary, broad document.

1h 12m 30s

Okay, thank you.

1h 12m 33s

Thank you. We are now taking our next questions.

1h 12m 36s

From Johannes Thormann from HSBC. Your line is open. Please go ahead.

1h 12m 42s

Good morning, everybody. Just some follow-up questions for me. First of all, on the cash trading. Historically, we had a run rate of fifty zero point five three bps in the previous quarters.

1h 12m 55s

Now it's 0.5 bps according to your presentation. Is this the new run rate according to the changes in reporting? Or have there been other elements as well? Secondly, on the net financial results, just to clarify the outlook. Was positive in the last year. Should we now model a negative amount in the next years? And last but not least, on your retail derivatives, fixed income retail derivatives initiative, There is a lot of talk about Capital Markets Union, but the biggest headwind for retail investors in Europe is currently different taxation rules with double taxation treatments. Do you plan to offer incentives to your partners that they lower their own fees so those double taxation impact can be lowered. Or what is is there no plans? Thank you.

1h 13m 56s

So first, Georgia, then then Nicolas, and then Antoni.

1h 14m 2s

So with respect [indiscernible] we had an income because with an average cost of debt slightly higher than 1%, and there were were moments where the interest rates on on on our cash was in excess of three and three and a half percent. So with 1,000,000,000 of cash, we made more money than with 3,000,000,000 of debt. But now as the interest rate on cash is reducing and we are deploying our cash in investments, then that number changes. So to answer your question, yes, in the next quarters, we will move from an income to to a cost. And the cost for the next couple of quarter is is estimated at around 50,000,000. Excluding fluctuation, again, I repeat, excluding fluctuation of FX, for capital gain and losses and financial And with regard to the yield for for cash equity, the yield you division in Q1 twenty five is mechanical. Our fee structure operates higher trading volumes Q1, twenty five volume were up 22% versus Q1 twenty four. Reaching number of clients which lower marginal trading fees. Which on average decrease the the yield. So it's a it's a mechanical impact of the increasing volume and the setup of the c the peak feature.

1h 15m 25s

And very quickly on the on the the retail trend on final financial derivatives, as you know, Euronext is very well positioned to capture that trend in Europe, thanks to our very strong retail market in Netherlands. [indiscernible] We've just we just launched some some mini options on European names and and you know, we will launch mini bond features on European govies. This is again to to respond to to market needs.

1h 15m 57s

And so what we're doing is we're working with with the market [indiscernible] The retail brokers in particular to to promote retail education, and to and to make sure that that every retail population has the possibility to to to access with without friction to our offering on our optic platform.

1h 16m 23s

Maybe one comment to to to to clarify.

1h 16m 26s

So what is happening I mean, as there are a lot of question on net financing income or expense, what what is happening is that we have less cash because we're we're buying companies. Power Nordex, we are buying admin control. And so we will have more costs, but then the flip side of that is that it's going we are going to have more revenues, more EBITDA, and more other elements. So you should not factor one without factoring the other. The two things are two sides of the same coin. We have less cash invested at the bank, but we are more business that we run and is consolidated in our p and l. Just to make sure we we don't get misunderstandings.

1h 17m 12s

Thank you. We are now taking our final questions from Bruce Hamilton from Morgan Stanley. Your line is open. Please go ahead.

1h 17m 23s

Hi there, Yed. So just on the on the admin control deal, I guess that the time of acquisition, I think you indicated that was about, for last year, about a 40,000,000 and EUR 20,000,000 or just below EBITDA business. Can I get an update on whether is there a lot of growth in that business we think about the 25 impacts just obviously as an offset to the the financing cost point you made earlier?

1h 17m 48s

No. Absolutely.

1h 17m 49s

We are expecting synergies of cost and revenues. This is a growing business, and we expect double digit growth for the next three years as as the rest of the the the sales activity of Euronext.

1h 18m 4s

Brilliant. Very helpful. Thank you.

1h 18m 10s

Thank you. It appears there are no further questions. So I will hand over back to Stefan for any additional or closing remarks. Please go ahead, sir.

1h 18m 19s

Thank you very much all of you. As always, the Investor Relations team here, already. Everyone in team is available to support you and to help you and provide you with any additional data facts or perspective that you may need to produce your your own analysis. Thanks a lot, and have a good day.

1h 18m 42s

This concludes today's call. Thank you for your participation. May now disconnect.

Key Insights

Q1 2025 revenue grew by 14.1% year-on-year to €458.5 million, driven by strong growth in both non-volume related activities (57% of total revenue) and exceptional volatility in trading and clearing, especially in cash equity, fixed income, FX, and commodities.
Adjusted EBITDA increased by 17% to €294.1 million with a margin of 64.1% (up 1.6 points YoY); adjusted net income rose 11.8% to €183.5 million, and reported EPS grew 20% to €1.62 per share, reflecting higher profits and a lower share count due to share repurchases.
Security services (custody and settlement) revenue grew 11.6% YoY to €75.8 million; capital markets and data solutions revenue rose 6.6% to €157.3 million, with advanced data solutions up 8.1% and corporate/investor solutions & tech services up 9.8%.
Volume-related revenues surged: FICC markets up 25.1% to €90.7 million, equity markets up 18% to €108.4 million, with cash equity trading and clearing revenue up 22.5% on a 31.8% increase in average daily volumes; net treasury income also rose 55.8%.
Forward-looking: Full-year 2025 underlying cost guidance confirmed at €670 million (excluding new acquisitions like AdminControl); net financing expense expected at ~€6 million per quarter for the next couple of quarters; tax rate expected around 27% for FY25; dividend of €2.90 per share proposed (+16.9% YoY); leverage expected to temporarily rise to ~1.8–1.9x post-acquisitions/dividend, then decrease as operating cash flow accumulates.

Recent Transcripts

Euronext achieved double-digit revenue and EBITDA growth in 2024, surpassing €1B adjusted EBITDA.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$4.8M	$9.9M	-$53M	$13M	$30M
Cost of Revenue	$2.6M	$2.5M	$2.2M	$2M	$0
Gross Profit	$2.2M	$7.4M	-$55M	$11M	$30M
Gross Profit %	46%	75%	104%	84%	100%
R&D Expenses	$0.47	$0.74	$25	$0	$0

2020

2021

2022

2023

2024

Revenue

$4.8M

$9.9M

-$53M

$13M

$30M

Cost of Revenue

$2.6M

$2.5M

$2.2M

$2M

Gross Profit

$2.2M

$7.4M

-$55M

$11M

$30M

Gross Profit %

46%

75%

104%

84%

100%

R&D Expenses

$0.47

$0.74

$25

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	$4.5M	$9.6M	-$53M	$2.8M	$29M
Dep. & Amort.	$0	$0	$0	$0	$0
Def. Tax	$0	$0	$0	$0	$0
Stock Comp.	$0	$0	$0	$0	$0
Chg. in WC	-$306K	$421K	$496K	$959K	-$86K

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$161K	$0	$550K	$0	$0
ST Investments	$0	$0	$0	$0	$0
Cash & ST Inv.	$161K	$0	$550K	$0	$0
Receivables	$4.7M	$5M	$17M	$19M	$3.2M
Inventory	-$0.00000000093	$0	$0	$0	$0

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Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. Reported revenue and EPS data from Earnings powered by FinChat.io. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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I want to highlight that the higher tax rate is quarter is mostly related to prior year adjustments. In the full year 2025, we expect the tax rate to remain at around 27%.

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38m 24s

Understood. Thank you. Thank you. We will take our next questions from Mike Werner from UBS. Your line is open. Please go ahead.

38m 36s

39m 14s

39m 53s

40m 48s

Thank you. Thank you. We will take our next questions from Rico Bolzoni from JPMorgan.

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47m 32s

Thank you. We will take our next questions from Hubert Lam from Bank of America. Please go ahead.

47m 42s

48m 51s

49m 32s

50m 15s

On the on the M and A side, to be clear. M and A is a tool. It's not an objective.

50m 24s

The objectives are first, accelerate growth.

50m 28s

51m 15s

53m 1s

53m 25s

Thank you.

53m 29s

Thank you. We are now taking our next questions. From Bruce Hamilton from Morgan Stanley. Please go ahead.

53m 38s

54m 40s

Yes.

54m 41s

55m 58s

But we are where we wanted to be. On on the different fronts.

56m 3s

56m 29s

Got it. Very helpful. Thank you.

56m 33s

57m 11s

57m 43s

58m 29s

59m 38s

Understood. Thank you.

59m 42s

Thank you. We will take our next questions from Tobias Lukesh from Kepler Cheuvreux. Your line is open. Please go ahead.

59m 50s

1h 1m 18s

1h 2m 20s

1h 3m 9s

1h 3m 47s

Thank you. We are taking our next question.

1h 3m 49s

Sorry.

1h 3m 50s

1h 5m 24s

Unfortunately, it's very difficult. It's it's impossible to split how much comes from what.

1h 5m 35s

1h 10m 41s

Just just to just to give you back on what George has said.

1h 10m 45s

We are we are developing the product range and and expanding our franchise.

1h 10m 53s

And so so the the the competition is is is strong.

1h 10m 57s

But we are we are in a in in a in a growing path.

1h 11m 6s

Okay. Thank you. Thank you. Are now taking our next questions from Oliver Cowter from Goldman Sachs. Line is open. Please go ahead.

1h 11m 17s

Hi there. Oliver Krelles from Goldman Sachs. Thanks for taking my questions. I just got one left.

1h 11m 22s

On the Savings and Investment Union, we had the market structure consultation document published a few ago by the European Commission.

1h 11m 29s

And as you're saying, this touched your business in a number of different ways with a number of possible tailwinds and changes.

1h 11m 35s

1h 11m 53s

1h 12m 30s

Okay, thank you.

1h 12m 33s

Thank you. We are now taking our next questions.

1h 12m 36s

From Johannes Thormann from HSBC. Your line is open. Please go ahead.

1h 12m 42s

Good morning, everybody. Just some follow-up questions for me. First of all, on the cash trading. Historically, we had a run rate of fifty zero point five three bps in the previous quarters.

1h 12m 55s

1h 13m 56s

So first, Georgia, then then Nicolas, and then Antoni.

1h 14m 2s

1h 15m 25s

1h 15m 57s

1h 16m 23s

Maybe one comment to to to to clarify.

1h 16m 26s

1h 17m 12s

Thank you. We are now taking our final questions from Bruce Hamilton from Morgan Stanley. Your line is open. Please go ahead.

1h 17m 23s

1h 17m 48s

No. Absolutely.

1h 17m 49s

We are expecting synergies of cost and revenues. This is a growing business, and we expect double digit growth for the next three years as as the rest of the the the sales activity of Euronext.

1h 18m 4s

Brilliant. Very helpful. Thank you.

1h 18m 10s

Thank you. It appears there are no further questions. So I will hand over back to Stefan for any additional or closing remarks. Please go ahead, sir.

1h 18m 19s

1h 18m 42s

This concludes today's call. Thank you for your participation. May now disconnect.

Key Insights

Q1 2025 revenue grew by 14.1% year-on-year to €458.5 million, driven by strong growth in both non-volume related activities (57% of total revenue) and exceptional volatility in trading and clearing, especially in cash equity, fixed income, FX, and commodities.
Adjusted EBITDA increased by 17% to €294.1 million with a margin of 64.1% (up 1.6 points YoY); adjusted net income rose 11.8% to €183.5 million, and reported EPS grew 20% to €1.62 per share, reflecting higher profits and a lower share count due to share repurchases.
Security services (custody and settlement) revenue grew 11.6% YoY to €75.8 million; capital markets and data solutions revenue rose 6.6% to €157.3 million, with advanced data solutions up 8.1% and corporate/investor solutions & tech services up 9.8%.
Volume-related revenues surged: FICC markets up 25.1% to €90.7 million, equity markets up 18% to €108.4 million, with cash equity trading and clearing revenue up 22.5% on a 31.8% increase in average daily volumes; net treasury income also rose 55.8%.
Forward-looking: Full-year 2025 underlying cost guidance confirmed at €670 million (excluding new acquisitions like AdminControl); net financing expense expected at ~€6 million per quarter for the next couple of quarters; tax rate expected around 27% for FY25; dividend of €2.90 per share proposed (+16.9% YoY); leverage expected to temporarily rise to ~1.8–1.9x post-acquisitions/dividend, then decrease as operating cash flow accumulates.

Eaton Vance New York Municipal Bond Fund Price & Performance (ENX)

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