Euroclear reports strong growth in business income and profit in Q1 2026

Brussels, 8 May 2026 – Results for the first quarter ending 31 March 2026

Net profit rose 20% year-on-year amid volatile macroeconomic environment.

• In Q1 2026, Euroclear achieved robust financial performance, demonstrating consistent growth across all business segments and maintaining effective cost management.
• Underlying business income (Russian impacts excluded) rose by 8% to €505 million, driven by strong settlement and settlement-related activities as well as record-high safekeeping activities.
• Interest and banking income rose 14% to €290 million due to higher-than-expected cash deposits.
• After adjusting for non-recurring items, operating expenses remain stable (+1%) at €342 million thanks to cost discipline and efficiency measures. We continue to grow our hub in Poland – which now accounts for 20% of our staff – and effectively balance location, contractors and strategic hires to support our strategy and manage costs. Investments and infrastructure upgrades progressed as planned to support future growth.
• Inversis, in which Euroclear holds a 49% stake, contributed €3 million to the group’s results.
• As a result of the positive operating leverage, business income operating margin improved year-on-year to 32.2% (+5.1 percentage points), reflecting continued growth in core activities and effective cost management.
• Resulting adjusted net profit increased by 20% to €342 million. Adjusted Earnings Per Share is €10.9¹, up 21%. EBITDA margin increased by 3.9 percentage points to 61.1%.
• Euroclear group’s capital position remains very strong, comfortably above regulatory requirements with a Common Equity Tier 1 capital ratio of around 57%².
• On 4 May 2026, at its Annual General Meeting, Euroclear’s shareholders approved the board mandate renewal of the Chair of its Board, Mr. Francesco Vanni d’Archirafi, whereupon the Board confirmed his appointment as Chair, extending his tenure until May 2030 and ensuring continuity and stability in the company’s governance.

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 started 2026 on a strong note, with a 20% year-on-year increase in net profit, reaching €342 million in the first quarter. This result, driven by sustained robust settlement activity and record-high assets under custody levels amid market volatility, is a testament to the strength of our business model. While these figures are encouraging, it is important to recognise that they may not fully reflect the conditions we will encounter over the course of 2026, given the complex and dynamic external environment.

In times of uncertainty, our clients rely on Euroclear for stability and reliability. We are steadfast in our commitment to exceptional operational delivery, ensuring we remain a trusted partner through moments of market stress.

We remain focused on driving revenue and continued cost-discipline. By simplifying processes and deploying our resources intelligently, we are able to invest in innovation and continue delivering excellence for our clients, while navigating a rapidly evolving landscape."

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

Strong market activity boosted Euroclear’s operating metrics in Q1 2026 with assets under custody close to €44 trillion.

Turnover rose 8% year on year to €365 trillion, driven by solid growth in most European fixed income markets and equities, as well as increased settlement activity amid heightened market volatility and macroeconomic uncertainty.

Funds deposits continue to grow quickly, reaching a record €4 trillion, driven by strong growth in both mutual funds and ETFs.

The daily average outstanding amount on the Collateral Highway continue to progress, reaching €2.3 trillion thanks largely to higher OTCD activity and record levels in repo markets.

Navigating uncertainty in the Middle East

The war in the Middle East has increased uncertainty and caused disruptions for the financial sector. Euroclear continues to serve clients across the Middle East region by ensuring business continuity, with its systems performing robustly during periods of heightened market volatility. Euroclear remains committed to serving clients across the region and sees further connectivity of the Middle East with global financial markets as a strategic priority.

Euroclear FundsPlace^®: an attractive one-stop shop for the funds industry

Euroclear’s integrated funds offering continues to prove attractive to leading fund distributors and advisory platforms, including Aegon UK, with over €60 billion of cross-border fund assets having newly migrated to Euroclear Bank in the first quarter.

Thanks to a continuously enhanced offering, Euroclear FundsPlace^® recorded double-digit annual growth in ETFs supported by the international CSD model.

Digitising the Eurobond issuance

As a global and neutral financial market infrastructure, Euroclear is ideally placed to support digital transformation of international markets. Alongside Clearstream, Euroclear has launched its dematerialised issuance services for Eurobonds, marking a major milestone in the evolution of the €15.3 trillion market. Market participants will benefit from faster processing, improved operational efficiency and reduced costs thanks to the removal of physical, global-note handling. This digitisation also aims to make European markets more efficient and attractive for international issuers and investors.

Euroclear invests in Proxymity

Euroclear has acquired a minority stake in Proxymity and became a strategic shareholder and client of this fast-growing digital investor communications platform. By integrating Proxymity’s platform within Euroclear’s corporate actions and governance services, Euroclear will help clients reduce operational complexity, improve transparency and expedite voting and shareholder communications across markets.

• Interest earnings from Russian sanctioned assets were €1.1 billion, a 23% year-on-year decrease due to lower interest rates. Future interest earnings will continue to evolve in line with future policy rates.
• Euroclear provisioned €744 million as windfall contribution in Q1 2026. The windfall contribution, which comes from the net profit generated by the redeposit of the Central Bank of Russia’s cash balances, is used by Europe to support Ukraine.
• The Russian sanctions and countermeasures resulted in a loss of business income of €9 million and in direct costs of €38 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 March 2026, Euroclear Bank’s balance sheet totalled €237 billion, of which €200 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 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 has paid out approx. €6.6 billion through the windfall contribution to the European Fund for Ukraine. The next payment, estimated at €1.4 billion, is due to take place in July 2026. 

Euroclear continues to act prudently and to strengthen its capital by retaining the remainder of the Russia sanctions-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.

The Central Bank of Russia has initiated legal proceedings against Euroclear in the Russian courts, with hearings taking place behind closed doors. Euroclear defends its interests, in line with its commitment to safeguarding market stability, the rule of law and defending its clients’ interests.

Euroclear also continues to anticipate future risk scenarios for itself and its clients. The Company closely monitors developments related to the war in Ukraine, peace negotiations and other legal challenges related to these events.

Euroclear Bank and Euroclear Holding are the two group issuing entities. The Q1 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.