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Euroclear reports robust H1 2025 results
Solid business performance and improved operating margin despite challenging geopolitical and macroeconomic environment
The impacts of the Russian sanctions are detailed in the last section of this press release.
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The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the period.
Euroclear continued its strong performance, with assets under custody reaching record levels, marking an eleventh consecutive quarter of growth. Turnover rose 18% from H1 2024, driven by robust fixed income and settlement activity amid volatile markets and geopolitical uncertainty. Collateral Highway outstanding and fund depots remain near peak levels.
Euroclear recently unveiled a comprehensive plan to establish a true single market for post-trade services in all 27 Member States across all asset classes. This initiative, aimed at enhancing the efficiency and effectiveness of European market infrastructure, will support the Savings and Investments Union's (SIU) ambitions and ensure Europe remains the 'go-to place' for investors and issuers globally.
Euroclear's ambitious project builds on the know-how, scale and global connectivity of its unique model: combining the leading international Central Securities Depository (Euroclear Bank) with its local CSDs in Europe . This open-model positions Euroclear as Europe's gateway to the world - enabling it to connect global markets, drive innovation and unlock further efficiency.
At the end of Q2, Euroclear successfully connected to the European Central Bank's Eurosystem Collateral Management System (ECMS), marking a major step forward in the harmonisation of the management of collateral used in the Eurosystem. The recently launched ECMS replaces 20 separate National Central Bank (NCB) access points with a single, unified platform.
This connection strengthens Euroclear's central position in asset custody and liquidity management, supported by our Collateral Highway, the world's first neutral and global open architecture for institutions looking to optimise their collateral strategies.
In support of the industry's transition to T+1 settlement in Europe by October 2027 , Euroclear has announced the next generation of its EasyFocus service in partnership with Meritsoft and Taskize. EasyFocus+ provides clients with an enhanced, AI-powered platform, running on a Microsoft cloud, to deliver real-time data, insights and resolution capabilities across all of Euroclear's Central Securities Depositories (CSDs). The move aligns with Euroclear's strategy of reducing industry fragmentation, advancing the EU's Savings and Investments Union (SIU) and delivering services that optimise market connectivity.
Euroclear and Marketnode, the Singapore based digital market infrastructure operator, have announced the roll out of a comprehensive, end-to-end fund order and processing solution for retail and institutional investors in Singapore . The service streamlines multiple activities across the retail cash and pension fund order and settlement lifecycle, allowing client to reduce manual intervention, improve reconciliation processes and accelerate settlement times. This launch follows Euroclear's strategic investment in Marketnode in 2024, reinforcing Euroclear FundsPlace as a one stop shop for fund services across Asia Pacific and supporting its broader global funds strategy.
Euroclear marked a pivotal step in its commitment to social impact with the recent launch of the Euroclear Foundation. Dedicated to improving life chances for underserved, marginalised, and at-risk youth, the Foundation will enable better access to resources, skills, support networks, and opportunities for fuller participation in society. In addition, it will provide capacity-building support to nonprofits with bold ambitions for change.
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Russia's invasion of Ukraine in February 2022 resulted in market-wide application of international sanctions. Euroclear considers the application of international sanctions as a key obligation. Therefore, well established processes are in place which have allowed the group to implement the sanctions while maintaining our normal course of business.
As a result of the sanctions, blocked coupon payments and redemptions owed to sanctioned entities continue to accumulate on Euroclear Bank's balance sheet. At the end of June 2025 , Euroclear Bank's balance sheet totalled €229 billion, of which €194 billion relate to sanctioned Russian assets.
In line with Euroclear's risk appetite and policies and as expected by the EU Capital Requirements Regulation, Euroclear's cash balances are re-invested to minimise risk and capital requirements. In the first half of 2025, interest arising on cash balances from Russian-sanctioned assets was approximately €2.7 billion.
Euroclear continues to act prudently and to strengthen its capital by retaining the remainder of the Russian sanction related profits as a buffer against current and future risks. Euroclear is focused on minimising potential legal, financial, and operational risks that may arise for itself and its clients, while complying with its obligations.
As a direct consequence of the sanctions and countermeasures, Euroclear faces multiple proceedings in Russian courts. Since Russia considers international sanctions against public order, Russian claimants initiated legal proceedings aiming mainly to access assets blocked in Euroclear Bank's books, by claiming an equivalent amount in Russian Ruble and enforcing their claim in Russia . Despite all legal actions taken by Euroclear and the considerable resources mobilised, the probability of unfavourable rulings in Russian courts is high since Russia does not recognise the international sanctions.
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Euroclear Bank and Euroclear Holding are the two group issuing entities. The Q2 2025 summary income statements and financial positions for both entities are shown below.
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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.
Excluding Russian sanctions impacts
Non-recurring items include transformation costs (provision for early retirement plan and spend effectiveness programme), acquisition and disposal related costs (Inversis, MFEX), donation to Euroclear Foundation.
Pre 10:1 share split as of July 1, 2025
Based on estimated RWA of around €14.3 billion (of which around €6.1 billion of RWA are related to Russian assets) and CET1 capital of around €8.7 billion
Contact:
Pascal Brabant ,
pascal.brabant@euroclear.com,
+32 475 78 36 62
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