Financial highlights
Record deposit levels, solid business performance and improved operating margin
In the first three quarters of 2025, Euroclear has achieved solid financial performance and demonstrated sustained growth in most business lines coupled with disciplined cost management.
Underlying business income increased by 7% year-on-year to reach €1.4 billion, driven by record-high deposit levels, resilient settlement activity, strong ETF flows and solid international fixed income volumes.
As anticipated, interest and banking income continues to decrease (-10%) to approx. €800 million, mainly due to lower interest rates. Nevertheless, net interest earnings exceeded expectations, supported by stable USD interest rates and higher balances.
After adjusting for non-recurring items, operating expenses increased by €31 million (+3%) to €1,021 million. Cost mitigation measures continue to progress and helped offset inflationary impacts and increased wage-related costs.
Inversis, in which Euroclear has held a 49% stake since March 2025, contributed €7 million to the share of results, outperforming expectations. Initial synergies were realised with Inversis transferring its international settlement and custody service to Euroclear Bank. As planned, Euroclear will acquire the remaining 51% in the coming years to accelerate the growth of its funds offering and expand its presence in Southern Europe.
As result of the positive operating leverage, business income operating margin continues to improve to 27.4% (+3.4% percentage points), reflecting continued growth in core activities and effective cost control.
Resulting adjusted net profit remains stable at €878 million. Adjusted Earnings Per Share is €27.91.
Euroclear Group's capital position remains very strong, comfortably above regulatory requirements with a Common Equity Tier 1 capital ratio of around 61%2.
The impacts of the Russian sanctions are detailed in the last section of this press release.
Photo: https://mma.prnewswire.com/media/2804442/Euroclear_financial_performance_Q3_2025.jpg
Valerie Urbain, Chief Executive Officer of Euroclear, commented:
"Our performance demonstrates the continued strength and resilience of our business. We delivered solid growth in our core activities, with underlying business income up 7% year-on-year to €1.4 billion and our operating margin improving to 27.4%. In the nine first months of 2025, our systems seamlessly processed 267 million transactions worth over €1 quadrillion. This represents a year-on-year increase of 20% and a new record confirming Euroclear's systemic role at the heart of the global capital markets.
In Europe, we continue to implement our vision for a true Savings and Investments Union, one that delivers tangible benefits to issuers, investors and all users through deepening liquidity pools, ensuring systems are interoperable and asset classes are fungible. Euroclear's plan is clear: providing a single point of access across all financial asset classes to the 27 Member States and the UK. This commitment is supported by innovative projects to develop a modern and interconnected market infrastructure, most recently illustrated by our collaboration with Banque de France to tokenise short-term debt (NEU CP) on our DLT platform.
We are aware that the European Commission is working on a proposal to provide Ukraine with a Reparations Loan. We expect to receive further information on the envisaged mechanism and will continue to engage with decision-makers. Any proposal should respect international law and internationally accepted legal principles underpinning Western economies, and protect the interests of Euroclear and its stakeholders."
Business performance
The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the period.
End Q3 2024
End Q3 2025
YoY evolution
3-year CAGR
Assets under custody
€40 trillion
€42.5 trillion
+5 %
+7 %
Number of transactions
243 million
