Euroclear has reported another period of steady growth and resilient financial performance, with the group delivering solid results across most of its business lines in the first three quarters of 2025.
The market infrastructure provider said its disciplined cost control and strong underlying activity helped sustain momentum despite a softer interest rate environment.
Underlying business income rose 7 per cent year-on-year to €1.4 billion, supported by record-high deposit levels, continued settlement resilience, strong flows into exchange traded funds, and healthy volumes in international fixed income markets. The performance underscores Euroclear’s ability to capture growth across a diversified client base, even as monetary conditions normalise.
Euroclear net earnings remain above forecast
Interest and banking income declined 10 per cent to roughly €800 million, in line with expectations and reflecting the gradual easing of global rates. The company noted, however, that net interest earnings remained above forecast, buoyed by higher balances and relatively stable dollar rates through much of the period. This resilience mitigated the effect of a lower-rate backdrop, particularly in Europe.
Operating expenses, adjusted for one-off items, increased by €31 million to €1.02 billion — a 3 per cent rise from the previous year. Management highlighted the ongoing success of cost mitigation measures, which continue to offset inflationary pressures and higher wage-related expenses.
The group said efficiency initiatives remain central to its strategy as it balances investment in growth areas with prudent financial discipline.
Inversis integration
Inversis, the Spanish investment platform in which Euroclear acquired a 49 per cent stake in March 2025, contributed €7 million to group earnings, outperforming expectations in its first months of inclusion. Initial synergies have already materialised, with Inversis transferring its international settlement and custody operations to Euroclear Bank.
The integration marks an early step in Euroclear’s broader ambition to strengthen its funds offering and deepen its footprint in Southern Europe. The company confirmed it intends to acquire the remaining 51 per cent of Inversis over the coming years.
Thanks to positive operating leverage, Euroclear’s business income operating margin improved by 3.4 percentage points to 27.4 per cent, reflecting both the firm’s top-line growth and its sustained focus on cost efficiency. The group’s adjusted net profit remained broadly stable at €878 million, while adjusted earnings per share stood at €27.91.
Strong capital position
Euroclear’s capital position continues to be one of the strongest in the sector. The Common Equity Tier 1 capital ratio — a key measure of financial resilience — stands at about 61 per cent, comfortably above regulatory requirements. This robust buffer provides flexibility to pursue strategic investments, shareholder returns and further balance sheet optimisation.
Looking ahead, the company signalled cautious confidence. While lower rates will continue to weigh on interest income, Euroclear expects growth in settlement and collateral management activity to underpin its performance. With a well-capitalised balance sheet, a growing funds platform and a strong operational base, the group remains positioned to benefit from structural trends in post-trade and market infrastructure services.
