Euroclear reports robust H1 2025 results
BRUSSELS, July 18, 2025 /PRNewswire/ -- 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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Valerie Urbain, Chief Executive Officer of Euroclear, commented:
"We are reporting robust results for the first half of 2025, in line with our expectations. Our business income continues to increase (+8%) to €932 million, reflecting our strong operational performance in settlement and safekeeping activities, and making our results less reliant on interest income. I am also pleased to see initiatives such as our strategic partnership with Inversis in Spain start to contribute to the company's profit.
As Europe's largest player in post-trade, Euroclear has been actively contributing to the financing of the European economy and integration of European markets for decades, notably through the Eurobond and iETF models. As we move forward, we are accelerating our strategy to answer the clear needs outlined in Europe's Savings and Investments Union (SIU). Our ambition is to further facilitate the seamless flow of capital across Europe by building on the know-how, synergies, scale and global connectivity of our model which combines our international CSD (Euroclear Bank) with our six domestic CSDs in Europe and the UK. This unique, open model positions Euroclear as Europe's gateway to the world.
In the same spirit, the recent announcement of our AI powered tool EasyFocus+ is part of our commitment to make our clients' life easier and to support industry transitions such as widescale T+1 settlement by optimising market connectivity and boosting settlement efficiency. As a business of scale, Euroclear is accelerating its use of AI to automate increasingly sophisticated processes and enhance its customer service. Euroclear's open access model gives clients a choice of interconnected international and national CSDs, supporting competition, avoiding costly silos - ultimately delivering a single, seamless interface."
Business performance
The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the period.
H1 2024
H1 2025
YoY evolution
3-year CAGR
Assets under custody
€39.6 trillion
€41.5 trillion
