Euroclear has reported solid financial and operational results for the first half of 2025, with growth in core settlement and safekeeping activities, stable net profit, and an improved operating margin despite ongoing geopolitical and macroeconomic challenges.
Underlying business income rose to €932 million, up 8% compared to the same period in 2024, driven by increased safekeeping revenues and settlement activity. A recovery in equity markets and elevated issuance levels supported this growth. The group also began consolidating results from Inversis, following the acquisition of a 49% stake in the Spanish financial services firm earlier this year.
Valerie Urbain, Chief Executive Officer of Euroclear, commented, “We are reporting robust results for the first half of 2025, in line with our expectations. Our business income continues to increase (+8%) to €932 million, reflecting our strong operational performance in settlement and safekeeping activities, and making our results less reliant on interest income. I am also pleased to see initiatives such as our strategic partnership with Inversis in Spain start to contribute to the company’s profit.”
Euroclear’s business income operating margin up to 27.2%
Operating costs rose 3% to €682 million when adjusted for non-recurring items, including transformation and acquisition-related expenses. Nonetheless, Euroclear’s business income operating margin improved by approximately four percentage points to 27.2%. Adjusted net profit held steady year-on-year at €598 million, with adjusted earnings per share recorded at €1,903 before a 10:1 share split.
Despite a decrease in underlying interest and banking income by 6% to €551 million due to lower interest rates, this was partially offset by a 9% increase in average deposits. The group’s Common Equity Tier 1 (CET1) capital ratio stood at approximately 61%, significantly above regulatory requirements.
Key operating metrics reflect continued business strength. Assets under custody reached €41.5 trillion, up 5% year-on-year. Turnover increased by 18% to €665 trillion, while the number of transactions rose 8% to 177 million. Euroclear’s Collateral Highway and fund assets under custody also posted year-on-year gains of 8%.
The group cited consistent business income in Q2, with market volatility slightly lower than in Q1. Strong issuance activity and continued cost control measures kept Q2 expenses in line with the previous quarter.
In support of the European Union’s Savings and Investments Union (SIU) initiative, Euroclear is pursuing a strategic plan to create a single post-trade market across the EU. The group’s model combines the international central securities depository (CSD) Euroclear Bank with six national CSDs in Europe and the UK, creating a platform that supports seamless capital flow across jurisdictions.
Urbain added, “As Europe’s largest player in post-trade, Euroclear has been actively contributing to the financing of the European economy and integration of European markets for decades. Our ambition is to further facilitate the seamless flow of capital across Europe by building on the know-how, synergies, scale and global connectivity of our model.”
Euroclear also announced new developments in automation and artificial intelligence. The rollout of EasyFocus+, an AI-powered tool developed with Meritsoft and Taskize, will help clients manage T+1 settlement by providing real-time resolution capabilities across CSDs. This service runs on Microsoft cloud infrastructure and supports Euroclear’s push to reduce fragmentation in the post-trade space.
In Asia Pacific, Euroclear and Marketnode launched an end-to-end fund order and processing platform for Singapore, enhancing fund servicing capabilities and streamlining reconciliation and settlement processes. The move follows Euroclear’s investment in Marketnode last year and supports its global funds strategy.
Euroclear has also formalized its social impact agenda with the creation of the Euroclear Foundation. The foundation focuses on supporting marginalized youth and enhancing nonprofit capacity building, in line with the group’s long-term commitment to societal inclusion.
Sanctions on Russia continued to weigh on Euroclear’s operations. Interest income from Russian-sanctioned assets totaled €2.7 billion in H1 2025, down 21% from a year earlier due to declining policy rates. Euroclear provisioned €1.8 billion under the EU windfall contribution regulation, with €1.6 billion due to be paid to the European Commission in July. The group incurred €52 million in direct costs and lost €16 million in business income as a result of the sanctions.
At the end of June, Euroclear Bank’s balance sheet reached €229 billion, of which €194 billion relate to Russian-sanctioned assets. Euroclear is currently facing multiple legal proceedings in Russian courts, where sanctioned entities seek ruble-denominated compensation. The company noted a high likelihood of unfavorable rulings, given Russia’s stance on international sanctions.
Euroclear reaffirmed its commitment to comply with all regulatory obligations while minimizing legal and operational risks associated with the blocked assets. The group continues to reinvest Russian-related cash balances in accordance with EU capital requirements.
As it enters the second half of 2025, Euroclear is focused on operational resilience, regulatory alignment, and the strategic use of AI to support settlement modernization and cross-border efficiency.
