Euroclear delivers strong 2025 results

Brussels, 4 February 2026 – Results for the year ending 31 December 2025

Reported net profit reached €1.1 billion. Robust business income offsets expected interest income decline.

• In 2025, Euroclear delivered strong financial results with sustained growth across all business lines and effective cost control.
• Underlying (Russian impacts excluded) business income rose by 6% to nearly €1.9 billion, outperforming expectations. This growth was driven by record-high deposit levels, high volatility-driven settlement activity, especially within the ETF business.
• As anticipated, interest and banking income decreased (-5%) to €1.1 billion, mainly due to lower interest rates.
• After adjusting for non-recurring items, operating expenses increased by 2% to €1,376 million, in line with expectations. This reflects sustained cost discipline and targeted efficiency efforts.   
• Inversis, in which Euroclear holds a 49% stake, contributed to share of results totalling €10 million. As announced, Euroclear will become a majority shareholder in 2026 as it accelerates the growth of its funds offering and expands its presence in Southern Europe.
• As result of the positive operating leverage, business income operating margin improves year-on-year to 26.2% (+3% percentage points), reflecting continued growth in core activities and effective cost management.
• Resulting adjusted net profit increases by 5% to €1,199 million. Adjusted Earnings Per Share is €38.1¹. EBITDA margin remains stable at 58%.
• Euroclear group’s capital position remains very strong, comfortably above regulatory requirements with a Common Equity Tier 1 capital ratio of around 57%².

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 strong results and steady growth in 2025, demonstrating the resilience of our business model and the importance of the services we provide in an ever-evolving economic and challenging geopolitical environment. Underlying net profit reached close to €1.2 billion, as record-high deposit levels, sustained volatility-driven settlement activity and robust ETF flows supported our financial performance. These results underline the strength of our growing and diversified income base, as we continue to reinforce Euroclear’s role as a leading global post-trade market infrastructure.

In parallel, we continued to implement the sanctions related to the Russian assets held by Euroclear. We welcome the European Council’s proposal for a €90 billion loan to Ukraine, funded through EU market borrowing. By making this choice, EU leaders decided not to proceed with a Reparations Loan backed by Russian immobilised assets at this stage. We will keep working closely with policymakers on sanctions issues, ensuring our actions support financial stability and uphold the rule of law.”

The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during 2025.

Strong market activity boosted Euroclear’s operating metrics in 2025, with assets under custody exceeding €43 trillion for the first time, continuing thirteen quarters of growth.

Turnover rose 20% in 2025 to €1,390 trillion, driven by solid growth in most European fixed income markets and Eurobonds, as well as increased settlement activity amid heightened market volatility and macroeconomic uncertainty.

Funds depot reached a record €3.9 trillion, supported by the success of ETFs and strong stock valuations.

Daily average outstanding amounts on the Collateral Highway remain at record levels at €2.1 trillion thanks to higher OTCD and repo market activity, partially offset by a decline in securities lending income.

Completion of the integration of MFEX, providing a unified funds platform

Effective January 1st, 2026, the successful integration of MFEX services into Euroclear Bank marks a significant step in Euroclear’s strategy to provide clients with a comprehensive, unified platform for accessing all fund asset classes. With MFEX’s cutting-edge fund distribution and data technology now fully embedded into Euroclear’s established settlement and custody solutions, clients benefit from a truly one-stop shop: Euroclear FundsPlace^®. Our unified platform enables seamless access to mutual funds, alternative and private funds and ETFs, delivering increased operational efficiency, scalability and global reach.

Euroclear facilitates adoption of Digitally Native Notes

In 2025, Euroclear continued to advance the digitalisation of global capital markets through its Digital Financial Market Infrastructure (D-FMI). Key milestones included Türkiye’s first Digitally Native Note (DNN), issued by İşbank aimed at financing in earthquake-affected regions, as well as the country’s first gender-focused digital bond, directing finance to women-owned SMEs and mortgage lending for women.

Euroclear also enabled Qatar’s debut USD 150 million DNN by Doha Bank, strengthening the country’s position as a regional pioneer in digital bonds. In addition, Emirates NBD launched its first AED 1 billion digital bond – the first AED-denominated digital issuance and the largest public digital bond in the Middle East and North Africa.

Altogether, digital issuances on Euroclear’s D-FMI reached approximately €1.2 billion.

Collateral Optimisation Service

Building on a partnership announced in 2024, Euroclear and Transcend have launched a new client solution combining Euroclear’s industry-leading collateral management infrastructure with Transcend’s advanced optimisation technology. This service provides clients with a holistic offering across their operations, strengthening liquidity management and achieving meaningful cost savings. The new Euroclear Collateral Optimisation Service sets a new standard in delivering innovative solutions to the market while ensuring data segregation and protection.

Enhancing Italian debt settlement through market collaboration

Further advancing its partnership with LCH SA, Euroclear announced it will enable clearing members to settle all Italian government debt traded on MTS and BrokerTec and cleared through LCH SA. This will include cash and repo at Euroclear Bank. By enabling settlement within Euroclear’s international CSD, clients gain access to a broader, more efficient network for euro-denominated securities. This model reduces fragmentation, enhances collateral mobility and reinforces the principles of open infrastructure and client choice.

• Interest earnings from Russian sanctioned assets were €5 billion, a 26% year-on-year decrease due to lower interest rates. Future interest earnings will continue to evolve in line with future policy rates.
• As required by the EU windfall contribution regulation, Euroclear provisioned €3.3 billion as windfall contribution for 2025, of which €1.6 billion has been paid to the European Commission in July 2025. A second payment for 2025 amounting to approx. €1.4 billion is expected in early 2026. The windfall contribution, which comes from Euroclear’s interest income, is used by Europe to support Ukraine.
• The Russian sanctions and countermeasures resulted in a loss of business income of €34 million and in direct costs of €113 million. In addition, a provision of €342 million has been taken given material risks and uncertainties to Euroclear, resulting in total direct operating expenses of €455 million.

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 December 2025, Euroclear Bank’s balance sheet totalled €222 billion, of which €195 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 December 2025, the European Council agreed to issue joint borrowing backed by Member States to raise €90 billion for Ukraine. In doing so, the policymakers have decided not to move forward with a Reparations Loan backed by the Russian immobilised assets at this stage.

In light of this decision, Fitch affirmed Euroclear Bank SA/NV and Euroclear Holding SA/NV's rating at AA with a Stable Outlook and removed the Rating Watch Negative. Fitch now considers the scenario in which a Reparations Loan backed by cash balances from immobilised Russian assets could increase liquidity risks for Euroclear Bank – the rationale for the prior Rating Watch Negative – as remote over the Outlook horizon.

In May 2024, the European Commission adopted a regulation about a windfall contribution applicable to CSDs holding Russian Central Bank assets with a total value of more than €1 million. The profits generated by the reinvestment of these sanctioned amounts dating from 15 February 2024 onwards are required to be contributed to the European Fund for Ukraine. To date, Euroclear contributed approx. €5 billion to the European Fund for Ukraine. The next payment, of €1.4 billion, is due to take place in early 2026. 

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 to defend itself and its clients’ interests, the probability of unfavourable rulings in Russian courts is high since Russia does not recognise the international sanctions.

Most recently, the Russian Central Bank has initiated legal proceedings against Euroclear, with hearings taking place behind closed doors. Euroclear will defend its position, in line with its commitment to safeguarding market stability and defending its clients’ interests throughout the process.

Euroclear Bank and Euroclear Holding are the two group issuing entities. The 2025 summary income statements and financial positions 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.