Euroclear delivers record business income and accelerates strategic growth

Brussels, 30 October 2026 – Results for the first nine months of 2026

Net profit adjusted increased 8% year-on-year, supported by sustained business growth.

• Euroclear delivered a solid financial performance in the first nine months of 2026, supported by strong market activity, continued growth across its business lines and cost discipline.
• Business income increased by 9% to €1.5 billion, with Euroclear FundsPlace^®, Global & Emerging Markets and the Collateral Highway^® each delivering double-digit growth. Performance also benefited from strong safekeeping and settlement activity across the domestic CSDs.
• Interest income increased by 1% to €810 million, supported by structurally higher client balances, favourable foreign exchange hedging and higher than initially anticipated interest rates.
• In September 2026, Euroclear increased its stake in Inversis from 49% to 90%, resulting in the company being fully consolidated into the group’s results. Inversis contributed €2 million in operating profit during its first month of consolidation, while Euroclear’s previous 49% stake contributed to the group’s share of results until August.
• Operating expenses totalled €1.1 billion, up 4% year-on-year, including €9 million related to Inversis. Excluding this impact, operating expenses increased by 3%. Costs remained well controlled through disciplined cost management and efficiencies in external and workforce spend, while supporting continued investment in strategic priorities.
• The business income operating margin reached 31.4% (excl. Inversis), an improvement of 4.3 percentage points year-on-year, as a consequence of higher income growth and cost control.
• Adjusted net profit increased by 8% to €963 million, while adjusted earnings per share reached €30.6. The EBITDA margin rose by 1.6 percentage points to 59.6%.
• In September, Euroclear successfully priced €600 million of 10-year senior unsecured notes. The transaction attracted strong investor demand, with an order book exceeding €2 billion, more than 3.3 times the final issue size, reflecting continued investor confidence in Euroclear’s financial profile and long-term strategy.
• Euroclear group’s capital position remains very strong, comfortably above regulatory requirements, with a Common Equity Tier 1 (CET1) capital ratio of around 52%².

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

Valérie Urbain, Chief Executive Officer of Euroclear

“Euroclear entered the final quarter of 2026 with strong momentum, translating the current market conditions into sustained revenue growth, expanding margins and resilient earnings. Performance remains ahead of budget, supported by the strength of our business model and a robust balance sheet. This resilience is particularly important during periods of intense market activity, when our clients rely on us to provide safe and efficient market infrastructure. It also gives us a strong foundation to continue investing in our business, our people and the future of our company.

We are making continued progress in delivering our strategy and transforming Euroclear around the evolving needs of our clients. Whether expanding access to global markets, strengthening connectivity and choice across Europe, growing our funds franchise or developing new solutions for a faster and increasingly digital market, the common objective is clear: to make it easier for our clients to connect, invest and operate across markets. This is how we can help build more open, efficient and connected capital markets while positioning Euroclear for its next chapter.”

The key operating metrics (end of period unless stated otherwise) demonstrate record performance.

Strong market activity supported Euroclear’s operating performance in the first nine months of 2026, with assets under custody close to €46 trillion. Safekeeping activity benefited from record depot levels and higher equity market valuations.

Turnover rose 13% year-on-year to more than €1,100 trillion, supported by strong transaction volumes.

Fund assets under custody continued to grow, initially driven by ETFs and progressively broadening to mutual and alternative funds, alongside new client onboarding.

The Collateral Highway maintained its momentum, mobilising almost €2.7 trillion of collateral daily, supported by robust OTC derivatives activity and favourable repo-market conditions.

Expanding global market connectivity

Euroclear continued to broaden its international network. A new link with Qatar Central Bank will make Qatari government bonds and sukuk Euroclearable to simplify access for international investors while connecting issuers to a broader and more diversified pool of capital. Separately, Serbia’s long-term dinar-denominated government bonds have become accessible to international investors through Euroclear Bank. Together, these developments support greater cross-border investment flows and Euroclear’s broader strategy to connect domestic capital markets with its global investor network.

Increasing settlement choice across European markets

Euroclear Bank has been designated as an alternative central securities depository for eligible Italian government bond transactions executed on MTS markets. Choice of settlement venue will also be expanded for Borsa Italiana, with Euroclear Bank expected to become an alternative CSD for international ETFs and Euroclear France and Euroclear Nederland expected to become alternative CSDs for the domestic ETF segment, subject to completion of the regulatory process.

This gives clearing members and dealers further settlement options alongside their wider European fixed-income and ETF activity, helping clients consolidate activity, mobilise collateral more easily and simplify post-trade operations. The initiative brings greater choice for market participants while supporting Euroclear’s broader ambition to contribute to better-connected European capital markets.

Preserving issuer and investor choice in Belgium, France and the Netherlands

Following changes to the settlement model for eligible equity and euro-denominated ETP transactions traded on Euronext Amsterdam, Brussels and Paris, market participants and issuers continue settling through Euroclear CSDs.

Choosing Euroclear helps preserve established processes, broad investor access for issuers and investors, connectivity and settlement relationships, backed by Euroclear’s scale, resilience and expertise across European markets. Euroclear continues to enhance the attractiveness of its issuer franchise in Europe, having entered exclusive negotiations for the proposed acquisition of French corporate trust services provider, Uptevia.

Expanding in the Nordics

In its support of a collaborative market-led approach, Euroclear Nordics has joined the Capital Markets Track of the Nordic Compass, an industry initiative bringing together key market participants to identify concrete actions that strengthen competitiveness, innovation and resilience across the region.

Strengthening our European funds franchise

Euroclear completed the acquisition of a 90% stake in Inversis, marking another important step in the growth of its funds business. The combination strengthens Euroclear FundsPlace, expands Euroclear’s presence in Southern Europe and brings together Inversis’ local franchise and distribution capabilities with Euroclear’s international funds ecosystem. With FundsPlace now operating €4.6 trillion in assets and connecting more than 3,000 distributors and 2,500 asset managers globally, the transaction provides further scale to support a more connected and efficient European investment ecosystem.

Helping clients prepare for faster settlement

Euroclear and HSBC announced the launch of AutoFX, an automated foreign exchange service designed to support clients as European and UK securities markets prepare for T+1 settlement. By embedding FX execution directly into the settlement process, initially across more than 30 currencies, AutoFX will help clients reduce operational risk, improve settlement certainty and manage cross-currency transactions more efficiently. The initiative supports Euroclear’s broader focus on automation and resilient infrastructure as markets transition towards shorter and more efficient settlement cycles.

Leadership appointments

Euroclear was pleased to announce several internal appointments to the Executive Committee. Guillaume Eliet has been appointed as CEO of Euroclear Bank from 1 January 2027, succeeding Peter Sneyers when he retires at the year-end. Marie-Anne Haegeman will succeed Guillaume as the group Chief Risk Officer. The appointments are subject to regulatory approvals. In addition, Marc De Rycke was appointed group Chief Information Officer.

During the third quarter, the group also made important external appointments in two strategically vital focus points; namely in Asia and Digital Assets. James Chang will be CEO of Asia Pacific from 1 December 2026, succeeding Philippe Laurensy when he retires next year. Usman Ahmed joined Euroclear in July in a new, dedicated role to lead its Digital Assets franchise.

Fostering an ownership culture

Euroclear announced the introduction of its first employee ownership plan, providing all eligible employees with a share-linked financial award. The initiative will connect employees’ reward to the long-term value created for its shareholders.

Following international sanctions imposed on Russia, Euroclear Bank continues to hold immobilised Russian assets on its balance sheet. At the end of September 2026, Euroclear Bank’s balance sheet totalled €244 billion, of which €204 billion relates 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 European Union. To date, Euroclear has paid out approx. €8 billion through the windfall contribution. The last payment, of €1.4 billion, was paid in August 2026. 

Financial impacts throughout 2026

• Interest earnings from Russian sanctioned assets were €3.6 billion YTD, a 6% year-on-year decrease due to lower interest rates. Future interest earnings will continue to evolve in line with future policy rates.
• Euroclear reported €2.4 billion as windfall contribution up until September 2026.
• The Russian sanctions and countermeasures resulted in a loss of business income of €27 million and in direct costs of €233 million, of which €162 million is attributed to provisions for claims in Russian courts.

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 its claim against Euroclear. Following the rejection of its initial appeal on 16 July, Euroclear filed a cassation appeal, which was also rejected on 22 October. Euroclear continues to contest the decision.

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.

Euroclear Bank and Euroclear Holding are the two group issuing entities. The year-to-date Q3 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.