Euroclear delivers sustained growth across core activities in H1 2026

Brussels, 17 July 2026 – Results for the first half year ended 30 June 2026

Net profit increased 12% year-on-year in dynamic market conditions.

• In the first half of 2026, Euroclear delivered a strong financial performance, underpinned by growing business income and controlled cost management.
• Underlying business income (excluding Russian-related impacts) increased by 8% to €1 billion, thanks to strong progress in the Global & Emerging Markets and Euroclear FundsPlace business lines, as well as high depot levels and a record number of transactions.   
• Interest and banking income rose 4% to €573 million, reflecting higher long balances and favourable forex hedging, partly offset by lower interest rates in USD & GBP.
• Operating expenses, adjusted for non-recurring items, remained controlled at €686 million (+1%), reflecting continued cost discipline and the ability to absorb inflationary pressures. Ongoing efforts to limit external spending, notably through contractor insourcing and further optimisation of the cost base, helped offset inflation and support investment in strategic priorities.
• Inversis, in which Euroclear holds a 49% stake, contributed €7 million to the group’s results.
• Driven by positive operating leverage, the business income operating margin improved to 32.1% (+5.1 percentage points year-on-year).
• As a result, adjusted net profit increased by 12% to €676 million. Adjusted Earnings Per Share amounted to €21.5. EBITDA margin expanded by 2.6 percentage points to 61%.
• Euroclear group’s capital position remains very strong, comfortably above regulatory requirements, with a Common Equity Tier 1 capital ratio of around 55%¹.

The impacts of the Russian sanctions are detailed in the last section of this press release.

Valérie Urbain, Chief Executive Officer of Euroclear, commented:

"Euroclear delivered a strong first-half performance in 2026, with net profit up 12%. Continued growth across our core activities and disciplined cost management delivered positive operating leverage. Despite an uncertain external environment, we remain well positioned to support our clients, invest for the future and create sustainable long-term value.

We also continue to strengthen our franchise through targeted strategic investments. Our proposed acquisition of Uptevia, a leading player specialised in services to issuers, represents an important step in broadening our issuer services capabilities in France and supporting companies throughout their capital markets journey.

At the same time, we continue to help shape the next generation of financial market infrastructure. Through our collaborations with Société Générale-FORGE and Banque de France (Project Pythagore), we are moving from innovation to practical application, advancing the adoption of digital assets, digital cash and distributed ledger technology across capital markets. By bringing together market participants, public institutions and new technologies, we are helping turn an ambition into reality.”

The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the first half of 2026.

Strong market activity supported Euroclear’s operating performance in H1 2026, with assets under custody exceeding €45 trillion.

Turnover increased 12% year on year to €742 trillion, reflecting growth across most European fixed income markets and equities, alongside higher settlement activity in a volatile macroeconomic environment.

Fund assets under custody continued to grow, increasing by €400 billion in Q2 to a record €4.5 trillion, driven by strong momentum in both mutual funds and ETFs.

Now serving more than 1,000 clients worldwide, the Collateral Highway^® reached new highs. It mobilises €2.5 trillion of collateral daily, supported by growing repo and securities lending activity, increased use of equities as collateral for OTC derivatives and continued momentum in APAC.

Strengthening European market connectivity in support of the Savings and Investments Union

Euroclear has expanded access to European capital markets by connecting seven countries to its platform in one single move. Virtually all asset classes in Hungary, the Czech Republic, Estonia, Latvia, Lithuania, Slovenia and Cyprus are now accessible via Euroclear Bank, Europe’s largest International Central Securities Depository (ICSD). The expansion is part of delivering on Euroclear’s plans to provide a single point of access to all 27 EU markets and supports the objectives of the Savings and Investments Union by helping make European capital markets more connected and efficient.

Expanding issuer services through proposed acquisition of Uptevia

Euroclear entered into exclusive negotiations with BNP Paribas and CACEIS to acquire Uptevia, a leading French corporate trust services provider. The proposed transaction would add complementary capabilities in areas such as register management, general meetings, employee share plans and complex corporate actions, while reinforcing Euroclear’s presence in France. Together, Euroclear and Uptevia would be well positioned to provide issuers with efficient, high-quality services across a broader range of corporate events and lifecycle activities.

Advancing the transformation of European capital markets

Euroclear announced a collaboration with Société Générale-FORGE to explore how digital cash solutions could support the issuance and settlement of short-term funding instruments in US dollars. Complementing Project Pythagore, Euroclear’s initiative with Banque de France to modernise the NEU CP market through distributed ledger technology, the collaboration will test how USD settlement can evolve alongside a future DLT-based market infrastructure. Together, these initiatives support more efficient, liquid and interoperable markets while maintaining high standards of safety, resilience and regulatory compliance.

Euroclear FundsPlace® continued expansion

Euroclear FundsPlace maintained strong momentum, with total fund assets under custody reaching a record €4.5 trillion, supported by favourable market conditions and €90 billion of new business migrated since the start of 2026. Its coverage also expanded with the launch of distribution services in Saudi Arabia and Israel, alongside new agreements with several leading private-market asset managers.

Enhancing collateral efficiency for clients

Euroclear continued to expand its Collateral Optimisation Service, welcoming new clients including MUFG. By combining advanced optimisation technology with its collateral infrastructure, the service enables clients to improve capital efficiency, reduce funding costs and dynamically manage collateral allocation across trades and counterparties. This results in more efficient use of high-quality liquid assets and increased agility in responding to changing market conditions.

Strengthening Euroclear’s Board

Mr Eric Lombard was appointed to the Board of Euroclear in June 2026 as a Non-Executive Director, having previously served as a member of the Board between 2022 and 2024. France’s former Minister of Economy and Finance brings more than four decades of experience across finance, the public sector and government leadership.

As a consequence of international sanctions imposed on Russia, Euroclear Bank continues to hold immobilised Russian assets on its balance sheet. At the end of June 2026, Euroclear Bank’s balance sheet totalled €241 billion, of which €202 billion relate to sanctioned Russian assets. Income generated on these assets is managed in accordance with applicable sanctions and regulatory requirements.

In line with the EU windfall contribution regulation, a large portion of these profits is contributed to the EU. To date, Euroclear has paid out approx. €6.6 billion through the windfall contribution. The next payment, estimated at €1.4 billion, is due to take place in July 2026. 

Financial impacts in H1 2026

• Interest earnings from Russian sanctioned assets were €2.3 billion, a 13% year-on-year decrease due to lower interest rates. Future interest earnings will continue to evolve in line with future policy rates.
• Euroclear provisioned €1.5 billion as windfall contribution in H1 2026.
• The Russian sanctions and countermeasures resulted in a loss of business income of €18 million and in direct costs of €146 million.

As a direct consequence of the sanctions and countermeasures, Euroclear faces multiple proceedings in Russian courts, including a legal claim initiated by the Central Bank of Russia related to the immobilisation of Russian sovereign assets under EU sanctions.

Euroclear strongly contests the Central Bank of Russia’s claim, which is without merit. 

On 15 May 2026, the Moscow Court of First Instance has issued a judgement favouring the Central Bank of Russia in relation to their claim against Euroclear. Euroclear appealed the court’s decision, but the appeal was rejected on 16 July 2026. Euroclear does not recognise the court’s jurisdiction and such claims are not recognised under EU law.

In line with its commitment to safeguarding market stability, the rule of law and defending its clients’ interests, Euroclear will continue to defend its interests, including in Belgian courts.

In a mid-year report published on 7 July 2026, Fitch confirmed Euroclear at AA, stable outlook and assessed potential liquidity and legal risks for Euroclear Bank arising from immobilised CBR assets as remote over the next 12–18 months. The report noted that the legal proceedings in Russian courts do not affect Euroclear’s ratings, as such claims and any Russian judgments are not recognised under EU law and Euroclear does not recognise the courts’ jurisdiction.

Euroclear Bank and Euroclear Holding are the two group issuing entities. The H1 2026 summary income statement and statement of financial position for both entities are shown below.

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & International.