Euronext announces its new strategic plan : Growth for Impact 2024

Over the past three years, under the “Let’s Grow Together 2022” strategic plan, Euronext has built the leading pan-European market infrastructure, through a combination of organic growth, the acquisitions of Nord Pool1 and VP Securities, and the transformational acquisition of the Borsa Italiana Group.

Today, Euronext operates seven national markets, four CSDs and one clearing house in Europe, as well as various trading infrastructures, giving it the ability to manage the entire capital markets value chain for the first time since its IPO.

Looking forward, Euronext intends to grow and leverage its scale for the benefit of its clients, team members, shareholders and stakeholders. Euronext’s mission is to connect European economies to global capital markets, to accelerate innovation and sustainable growth.

“Growth for Impact 2024” sets out the Group’s ambition to build the leading market infrastructure in Europe. The Group aims to make an impact on its industry and its ecosystem to shape capital markets for future generations.


The “Growth for Impact 2024” strategic plan translates into the following 2024 financial targets:

  • Revenue growth: +3% to +4% CAGR2020PF2-2024E (compared to +2% to +3% CAGR2018PF-2022E in the previous plan);
  • EBITDA growth: +5% to +6% CAGR2020PF1-2024E;
  • CAPEX (unchanged): between 3% to 5% of total revenue;
  • Dividend policy (unchanged): pay-out at 50% of reported net income for the period;
  • Targeted 2024 pre-tax run-rate synergies for the Borsa Italiana Group acquisition are increased by 67%, to €100 million, mainly thanks to the European expansion of CC&G clearing activities and the migration of Euronext’s Core Data Centre. More than 55% of the synergies are related to growth projects. Total implementation costs are estimated at €160 million.

The “Growth for Impact 2024” strategic plan is built on the following strategic priorities:

  • Leverage Euronext’s integrated value chain, through the European expansion of CC&G clearing activities, the Core Data Centre migration to the European Union, and the international expansion of MTS;
  • Pan-Europeanise Euronext CSDs through the expansion of services across its four CSDs in Portugal, Norway, Denmark and Italy, the harmonisation of processes and enhancement of the client experience;
  • Build upon Euronext’s leadership in Europe, to further develop its leading listing and trading venues, to accelerate the delivery of innovative products and services thanks to technology, and to scale up advanced data services, corporate and investor services;
  • Empower sustainable finance through an ambitious climate commitment for Euronext that aims to make a tangible impact on its partners and clients, with the launch of the Fit for 1.5° climate commitment, and also through an enhanced inclusive people strategy; and
  • Execute value-creative M&A by continuing to seek external diversification opportunities, in line with Euronext’s strict investment criteria and its commitment to maintain an investment grade rating.


Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext said:

”Growth for Impact 2024 is the new phase of the exciting transformation journey that we embarked on in 2014, and that has seen an acceleration over the last two years. Euronext is now stronger, with a presence across the full value chain, and ready to build the leading market infrastructure in Europe.

Today, we are determined to leverage Euronext’s integrated value chain, by seizing the opportunities linked to the Borsa Italiana Group’s integration, notably through the European expansion of CC&G clearing activities and the migration of our Core Data Centre to Italy. Those growth projects allow us to materially increase the synergies related to the acquisition of the Borsa Italiana Group. The integration of the Borsa Italiana Group teams within Euronext is going very well. Thanks to our shared vision and complementary activities, we have already delivered a fully coordinated organisation.

Strengthened by its new scale, Euronext will build upon its position as a leading listing and trading venue and will pan-Europeanise its CSDs, to provide an enhanced offering to clients and grow further. We will continue to invest in operations, to enhance resilience even further and leverage scale in technology to deliver innovative products and services.

Euronext aims at making an impact on its industry and its ecosystem for the benefit of its clients, team members and stakeholders. The Group has initiated a very ambitious ESG strategy to align with the 1.5-degree trajectory on climate change. The development of Euronext’s team members will be central, and we will rely on our integration model and diversity strategy to achieve the greatest impact.

Euronext’s organic growth target of 3% to 4% average annual revenue growth, and of 5% to 6% average annual EBITDA growth between 2020PF and 2024 reflects the ambition to grow in all activities while keeping a strong focus on costs. The Group will continue to look for external diversification opportunities, in line with its investment criteria.

Growth for Impact 2024 is a turning point for Euronext to shape capital markets for future generations, before and after 2024.”

Article Published: 09/11/2021