Euronext N.V. — Earnings Release 2016

May 12, 2016

Amsterdam +31.20.721.4488 Brussels +32.2.620.15.50 +33.1.70.48.24.17 Lisbon +351.210.600.614 Paris +33.1.70.48.24.45

CONTACT - Media: CONTACT - Investor Relations:

EURONEXT PUBLISHES FIRST QUARTER 2016 RESULTS

Amsterdam, Brussels, Lisbon, London and Paris – 12 May 2016 – Euronext today announced its results for the first quarter of 2016.

• Resilient revenue despite turbulent market conditions: -2.7% to €126.5 million (Q1 2015: €130.0 million)
• Substantial reduction in operational expenses excluding depreciation and amortization: -12.1% to €54.7 million (Q1 2015: €62.2 million)
• EBITDA margin of 56.8% (Q1 2015: 52.2% )
• €85 million of cumulated efficiencies achieved
• New strategic plan, "Agility for Growth", to be released tomorrow, 13 May 2016

"Despite turbulent market conditions, Euronext has continued to improve its EBITDA margin thanks to the Company's ongoing cost discipline.These results once again demonstrate the resilience of Euronext business model. Tomorrow, we will present our strategic plan till 2019. It will reinforce our commitment to maintain robust cost control while increasing emphasis on selected growth initiatives in order to deliver more value to all our clients." said Stéphane Boujnah, Chairman and CEO of the Managing Board of Euronext NV.

Financial performance

Third party quarterly revenue slightly decreased by -2.7% to €126.5 million (Q1 2015: €130.0 million), mainly driven by lower volumes on cash trading business, and a pause in the IPO market resulting from uncertain macroeconomic conditions in the first quarter of the year.

Operational expenses excluding Depreciation & Amortization decreased by -12.1% to €54.7 million (Q1 2015: €62.2 million), thanks to the benefits of the costs restructuring efforts implemented throughout 2015. However Q1'2016 cost base does not fully reflect the actual run-rate of the group as the quarter was positively impacted by some non-recurring items in the compensation and benefits line (about €3 million).

The ongoing robust cost discipline has enabled the EBITDA margin to strongly improve in Q1 2016, to 56.8% (Q1 2015: 52.2%).

Depreciation and Amortization decreased by -18%, amounting to €3.7 million (Q1 2015: €4.6 million), mainly due to the accelerated depreciation of assets in Q1'2015 in anticipation of the relocation of our premises in Paris and Brussels.

Quarterly operating profit before exceptional items was €68.0 million; a 7.6% increase compared to last year (€63.3 million).

Exceptional expenses in Q1 2016 have shown a credit of +€0.6 million due to a partial release of the provision for the French restructuring plans to align the provision with the execution of the departure plan (Q1 2015: +€6.3 million).

Income tax for Q1 2016 amounted to €21.6 million, representing a tax rate of 31%, in line with the Group's normalized tax rate (Q1 2015: tax rate of 28.7%, which was positively impacted, amongst other discrete items, by the release of a provision created in 2014 in connection with the Cannon Bridge House lease).

The net profit for the first quarter of 2016 amounted to €48.0 million (same as in Q1 2015), representing an EPS of €0.69 (both basic and diluted) in Q1 2016, compared to €0.69 (basic) and €0.68 (diluted) in Q1 2015.

As of 31 March 2016 the Company had cash and cash equivalents excluding financial investments of €202.8 million, and total debt of €108.5 million.

Business highlights

Listing

Listing revenues were €14.2 million in Q1 2016, a decrease of -7.4% compared to the €15.3 million achieved in Q1 2015. This performance was impacted by a pause in the IPO market resulting from uncertain macro conditions and by soft secondary market activity. In total €20.3 billion in equity and debt were raised on our markets in Q1 2016, compared to €40.2 billion in Q1 2015 which was a strong quarter. One new listing took place in Q1 2016 (on Enternext), raising €3 million compared to 14 listings for €2.6 billion during the same quarter in 2015. EnterNext registered 10 SME listings in Q1 2015.

Trading

Cash trading

Cash trading business recorded revenues of €49.1 million in Q1 2016, a decrease of -5.7% compared to €52.1 million in Q1 2015.

Average daily volumes over the quarter reached €8.3 billion, a 4.4% decrease compared to Q1 2015 (€8.7 billion), which was our best quarter for volumes since Q2 2010. The number of trading days was limited this quarter to 62 compared to 63 in Q1 2015.

A strengthened competition between some Multi Lateral Facilities for low-yield flow slightly weakened our market share in Q1 2016, to 60.9% althought it returned to 61.4% in March 2016 (Q1 2015: 62.2%).

Activity on ETFs remained particularly dynamic in Q1 2016 with an average daily transaction value of €701 million, up +21% compared to Q1 2015. We also continue to grow our ETF franchise, with 82 new listings during Q1 2016, putting the overall number of ETFs listed at 757.

Derivatives trading

Derivatives trading revenue decreased slightly, by -2.2%, in Q1 2016 compared to the same quarter last year, amounting to €11.0 million (Q1 2015: €11.2 million). Quarterly Average Daily Volumes on individual equity derivatives increased by +3.2%, at 253,399 contracts during the first quarter of 2016, while volumes on equity index derivatives decreased by -3.2% at 245,824 contracts. Revenues were also impacted by the revised fee scheme implemented in Q1 2016 to address competitive situation on individual equity options in France.

Commodity products continued to perform well, benefiting from volatility on the raw materials prices. Quarterly average daily volume on commodities derivatives was up +27% compared with Q1 2015 at 63,398 contracts.

Market data & indices

Market data & indices revenue in Q1 2016 was up 6.7% compared to the same quarter in 2015, to €26.2 million (Q1 2015: €24.6 million) benefiting from the positive impact of the new products and services launched during the course of 2015 as well as from some fee adjustments starting 1 January 2016.

Post-trade

Clearing

For Q1 2016 Euronext recorded a 11.2% increase in clearing revenues, to €13.0 million, (Q1 2015: €11.7 million), benefiting from the strong performance and increased weight of our commodity franchise in our derivatives products mix.

Settlement & Custody

Revenues for Interbolsa in Portugal decreased by 4.5% in Q1 2016, to €4.8 million (Q1 2015: €5.0 million), due to the absence of recovery in the average value of assets under custody.

Market solutions & other

Revenues from market solutions decreased by 12.9% in Q1 2016 (Q1 2015: €9.3 million) as we are phasing out the deliverance and service provision of our NSC® and UTP® platforms to customers. We expect this trend to reverse once our new Optiq™ platform becomes available for client delivery.

Corporate Highlights

Agreement on new prudential requirements

Euronext and the Dutch Ministry of Finance have reached agreement on Euronext's prudential requirements. As a result of the agreement, the Dutch Ministry of Finance has decided to withdraw its appeal against the ruling of the District Court of Rotterdam of 17 December 2015² . The improved requirements enable Euronext to pursue acquisitions and investments and to define a prudent and consistent dividend policy and financial structure.

Changes in management team

Euronext has announced a number of changes in its management team to strenghthen its leadership team since the beginning of the year:

• Maria João Carioca was appointed CEO of Euronext Lisbon, CEO of Interbolsa and member of the Managing Board of Euronext N.V., pending all relevant shareholder and regulatory approvals.
• Amaury Houdart joined Euronext as Chief Talent Officer. Amaury will lead both the Human Resources function and strategic initiatives related to talent development and organisational changes across Euronext.
• Nicolas Rivard joined Euronext as Chief Innovation Officer. Nicolas will lead Euronext's efforts to anticipate technology changes affecting the market infrastructure sector, to assess disruptive evolutions and position Euronext in the most relevant projects, and to strengthen internal innovation processes and innovation culture.
• Pauline Bucaille joined Euronext as Chief Communication Officer. Pauline will lead all external and internal communication efforts to position Euronext as the leading pan-European platform to power capital markets in the financing of the real economy.
• Giorgio Modica has been appointed Chief Financial Officer, as Amaury Dauge is leaving the company to pursue new professional projects in fintech in New York on 1st June 2016.

Nb trading days	Q1 2016 62	Q1 2015 63
NUMBER OF TRANSACTIONS (Buy and sells) (reported trades included)
	Q1 2016	Q1 2015	Change % YTD
Total Cash Market *	132 129 274	119 464 794	10,6%
ADV Cash Market *	2 131 117	1 896 267	12,4%

* (shares, warrants, trackers, bonds...)

TRANSACTION VALUE ( € million - Single counted)

Eur million	Q1 2016	Q1 2015	Change % YTD
Total Cash Market *	514 271,7	546 782,6	-5,9%
ADV Cash Market *	8 294,7	8 679,1	-4,4%

* (shares, warrants, trackers, bonds...)

EURONEXT (Euronext, Alternext)

CAPITAL RAISED on Equities on Primary and Secondary Market

	(mln of €)
--	------------

	Q1 2016	Q1 2015	Change % YTD
Nb New Listings **	1	14
Money Raised New Listings incl over alloment	3	2 880	-99,9%
of which Money Raised New Listings	3	2 637	-99,9%
Follow-ons on Equities	4 552	10 245	-55,6%
Corporate Bonds	15 741	27 069	-41,8%
Total Money Raised *	20 296	40 194	-49,5%

of which ENTERNEXT

CAPITAL RAISED on Equities on Primary and Secondary Market

(mln of €)

	Q1 2016	Q1 2015	Change %
			YTD
Nb New Listings **	1	10
Money Raised New Listings incl over alloment	3	347	-99,3%
of which Money Raised New Listings	3	319	-99,2%
Follow-ons on Equities	1 148	1 572	-27,0%
Corporate Bonds	625	276	126,0%
Total Money Raised *	1 775	2 195	-19,1%

* included New Listings incl over allotment, Follow-ons on Equities, Corporate Bonds on Euronext Listed Issuers

	Q1 2016	Q1 2015
Nb trading days	62	63

Volume (in lots)

		Q1 2016	Q1 2015	Change % YTD
Equity		30 951 830	31 467 529	-1,6%
of which Atomx		73 217
Index		15 241 107	16 005 398	-4,8%
of which Atomx		23 217
	Futures	12 024 915	12 148 470	-1,0%
	of which Atomx	23 217
	Options	3 216 192	3 856 928	-16,6%
	of which Atomx
Individual Equity		15 710 723	15 462 131	1,6%
of which Atomx		50 000
	Futures	35 534	7 197	393,7%
	of which Atomx	0
	Options	15 675 189	15 454 934	1,4%
	of which Atomx	50 000
Commodity		3 930 666	3 145 443	25,0%
	Futures	3 321 812	2 645 310	25,6%
	Options	608 854	500 133	21,7%
Other		17 459	54 541	-68,0%
	Futures	0	0
	Options	17 459	54 541	-68,0%
Total Futures		15 382 261	14 800 977	3,9%
Total Options		19 517 694	19 866 536	-1,8%
Total Euronext		34 899 955	34 667 513	0,7%

	Q1 2016	Q1 2015	Change %
			YTD
Equity	499 223	499 485	-0,1%
of which Atomix	1 181
Index	245 824	254 054	-3,2%
of which Atomx	374
Futures	193 950	192 833	0,6%
of which Atomx	374
Options	51 874	61 221	-15,3%
of which Atomx	0
Individual Equity	253 399	245 431	3,2%
of which Atomx	806
Futures	573	114	401,6%
of which Atomx	0
Options	252 826	245 316	3,1%
of which Atomx	806
Commodity	63 398	49 928	27,0%
Futures	53 578	41 989	27,6%
Options	9 820	7 939	23,7%
Other	282	866	-67,5%
Futures	0	0
Options	282	866	-67,5%
Total Futures	248 101	234 936	5,6%
Total Options	314 802	315 342	-0,2%
Total Euronext	562 903	550 278	2,3%

ADV (in lots)

Consolidated income statement

(Amounts in thousands of euros)

	Three months ended
In thousands of euros (except per share data)	31 March 2016	31 March 2015
	unaudited	unaudited
Third party revenue and other income	126 470	130 028
Total revenue and other income	126 470	130 028
Salaries and employee benefits	(23 585)	(28 710)
Depreciation and amortisation	(3 741)	(4 560)
Other operational expenses	(31 099)	(33 507)
Operating profit before exceptional items	68 045	63 251
Exceptional items	646	6 320
Operating profit	68 691	69 571
Net financing income / (expense)	896	(2 144)
Results from equity investments	-	(6)
Profit before income tax	69 587	67 421
Income tax expense	(21 597)	(19 377)
Profit for the period	47 990	48 044
Profit attributable to:
– Owners of the parent	47 990	48 044
– Non-controlling interests	-	-
Basic earnings per share	0,69	0,69
Diluted earnings per share	0,69	0,68

Consolidated comprehensive income statement

(Amounts in thousands of euros)

	Three months ended
In thousands of euros	31 March 2016	31 March 2015
	unaudited	unaudited
Profit for the period	47 990	48 044
Other comprehensive income for the period
Items that will be subsequently reclassified to profit or loss:
– Currency translation differences	(4 901)	3 485
Items that will not be reclassified to profit or loss:
– Remeasurements of post-employment benefit obligations	(4 141)	(248)
– Income tax impact post employment benefit obligations	279	110
Total comprehensive income for the period	39 227	51 391
Profit attributable to:
– Owners of the parent	39 227	51 391
– Non-controlling interests	-	-

	Three months ended
	31 March	31 March
In thousands of euros	2016	2015
	unaudited	unaudited
Profit before income tax	69 587	67 421
Adjustments for:
- Depreciation and amortisation	3 741	4 561
- Share based payments	262	2 854
- Changes in working capital and provisions	(3 840)	(20 005)
Cash flow from operating activities	69 750	54 831
Income tax paid	(15 582)	(3 779)
Net cash generated by operating activities	54 168	51 052
Cash flow from investing activities
Repayment of short-term investments	-	10 000
Purchase of property, plant and equipment	(894)	(2 037)
Purchase of intangible assets	(2 732)	(2 043)
Net cash provided by / (used in) investing activities	(3 626)	5 920
Cash flow from financing activities
Repayment of borrowings, net of transaction fees	-	(141 043)
Interest paid	(337)	(667)
Interest received	141	-
Acquisition own shares	(1 985)	(278)
Net cash provided by / (used in) financing activities	(2 181)	(141 988)
Net increase / (decrease) in cash and cash equivalents	48 361	(85 016)
Cash and cash equivalents - Beginning of period	158 642	241 639
Non-cash exchange gains/(losses) on cash and cash equivalents	(4 245)	5 386
Cash and cash equivalents - End of period	202 758	162 009

Consolidated balance sheet (Amounts in thousands of euros)

	As at 31 March	As at 31 December
In thousands of euros	2016	2015
	unaudited	audited
Assets
Non-current assets
Property, plant and equipment	27 882	28 779
Goodwill and other intangible assets	321 560	321 357
Deferred income tax assets	11 232	12 691
Equity investments	114 282	114 282
Other receivables	7 466	7 451
Total non-current assets	482 422	484 560
Current assets
Trade and other receivables	111 079	96 188
Income tax receivable	12 887	10 506
Cash and cash equivalents	202 758	158 642
Total current assets	326 724	265 336
Total assets	809 146	749 896
Equity and liabilities
Equity
Issued capital	112 000	112 000
Share premium	116 560	116 560
Reserve own shares	(19 744)	(18 791)
Retained earnings	279 382	231 497
Other comprehensive income (loss)	(2 862)	5 901
Total equity	485 336	447 167
Non-current liabilities
Borrowings	108 366	108 153
Deferred income tax liabilities	512	345
Post-employment benefits	12 572	8 235
Provisions	6 724	6 560
Other liabilities	700	700
Total non-current liabilities	128 874	123 993
Current liabilities
Borrowings	100	104
Current income tax liabilities	57 044	50 301
Trade and other payables	121 131	105 749
Provisions	16 661	22 582
Total current liabilities	194 936	178 736
Total equity and liabilities	809 146	749 896

Financial calendar

Investor Day 13 May 2016 Q2'2016 results 28 July 2016

Q3'2016 results 9 November 2016

Contact

Media Pauline Bucaille +33 1 70 48 24 41 pbucaille@euronext.com

Analysts & investors Stephanie Bia +33 1 70 48 24 17 sbia@euronext.com

About Euronext

Euronext is the primary exchange in the Euro zone with more than 1 300 listed issuers worth more than €3.0 trillion in market capitalization as of end December 2015, an unmatched blue chip franchise consisting of 25 issuers in the EURO STOXX 50® benchmark and a strong diverse domestic and international client base.

Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. Euronext operates regulated markets, Alternext and the Free Market; in addition it offers EnterNext, which facilitates SMEs' access to capital markets.

Disclaimer

This press release is for information purposes only and is not a recommendation to engage in investment activities. This press release is provided "as is" without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext's subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext.

This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at www.euronext.com/terms-use. © 2016, Euronext N.V. - All rights reserved.