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Euroclear reports strong business income growth in Q1 2025

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BRUSSELS, May 14, 2025 /PRNewswire/ — Results for the first quarter ending 31 March 2025

Financial highlights

Strong underlying[1] business growth offsetting lower interest income

Underlying business income for Q1 2025 reached a record €466 million, representing a 10% increase compared to Q1 2024. This growth was supported by robust business drivers, including fixed income issuance, increased equity quotations, and increased settlement activity due to market volatility related to geopolitical uncertainty.Underlying interest and banking income decreased by 10% compared to Q1 2024, to €255 million as expected given the declining interest rate environment. The impact was partially mitigated by increased cash balances.Underlying costs rose by 5%, broadly in line with expectations. This reflects investments in strategic development initiatives and inflation. Cost containment measures initiated last year continue to progress.As result of the positive operating leverage, business income operating margin improved from 23.4% in Q1 2024 to 27.1% in Q1 2025.Resulting adjusted net profit of €283 million decreased slightly by 1%. Adjusted Earnings Per Share remain stable year-on-year at €90.Euroclear Group retains a very strong capital position, comfortably above regulatory requirements with a Common Equity Tier 1 capital ratio of around 61%[2].

Following the acquisition of a 49% stake in Inversis (see below), Inversis’ results are consolidated as from March 1st, contributing to the group profit for €1.2 million through the share of results.

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

Valerie Urbain, Chief Executive Officer of Euroclear, commented:

“We have made a strong start to 2025, reporting a 10% increase in business income driven by robust growth in safekeeping fees and settlement income, offsetting the anticipated decrease in interest income as rates have declined. Despite market volatility and uncertainty, our continued growth shows the strength of our diversified, resilient business model.

We continue to closely monitor the impact of tariffs imposed by the US administration announced in early April, but the immediate direct impact on our business so far remains limited. Resilience and reliability remain the top priorities for our business and the volatile backdrop has underscored the strength of Euroclear’s systems, which continue to perform highly efficiently and securely during periods of elevated trading volumes.

As Europe’s largest player in post-trade, continuing to drive market openness, innovation and efficiency is central to our approach and we have made strong progress against our strategic priorities during the start of 2025. Our partnership with Microsoft will further enhance client experience, support our strategic ambitions and drive new opportunities for business growth. We are increasingly leveraging technological evolutions such as AI throughout the business to transform markets and to build an open digital and data-enabled platform that promotes collaboration, drives efficiency and delivers value for all market participants.”

Business performance

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

Q1 2024

Q1 2025

YoY evolution

3-year CAGR

Assets under custody

€39.1 trillion

€41.4 trillion

+6 %

+4 %

Number of transactions

80.6 million

88 million

+9 %

+3 %

Turnover

€274 trillion

€336 trillion

+23 %

+8 %

Fund assets under custody

€3.3 trillion

€3.6 trillion

+9 %

+5 %

Collateral Highway

€1.8 trillion

€2 trillion

+12 %

+1 %

Underlying cash deposits (full year average)

€22.4 billion

€24.8 billion

+11 %

+1 %

 

Euroclear has reached record levels in settlement and safekeeping activities, with assets under custody growing for the tenth quarter in a row and closing the first quarter over the €41 trillion mark. The turnover increased by 23% compared to Q1 2024 thanks to high equity quotations, robust results in fixed income and increased settlement activity due to market volatility in the context of geopolitical uncertainty. The outstanding of Euroclear’s Collateral Highway now surpasses to €2 trillion, while the funds depot is close to its peak of €3.6 trillion.

Q1 2025 business milestones

Strategic stake in Inversis

Early March 2025, Euroclear successfully completed the acquisition of 49% of Inversis. This first transaction paves the way for the full acquisition of the Spanish company. This aligns with Euroclear’s strategic vision to accelerate the growth of its one-stop-shop funds offering – Euroclear FundsPlace – and expand its presence in Southern Europe. Inversis’ technology-led, diversified and resilient business model underpinned by continued growth perfectly complements Euroclear’s existing funds business.

New Singapore branch

Further delivering on its Asia strategy, Euroclear Bank received approval for a branch licence in Singapore. Effective 1 February 2025, the new Singapore branch operates under a wholesale banking licence, enabling it to provide a broader range of activities. This change underscores Euroclear’s long-standing commitment to the Asia Pacific market and its strategic focus on enhancing operational resilience while increasing proximity to clients in the region.

New, innovative service for US Treasury repo market

Euroclear launched a US Treasury Delivery-Versus-Payment (DVP) repo service. The service offers cash lenders similar operational efficiency for DVP repo transactions as triparty repo transactions. Repo collateral is held in a segregated account with the cash lender’s custodian of choice. Electronic trading workflows on venues are integrated into the new service, making activities such as collateral allocation seamless for cash lenders and their counterparties.

Strategic partnership with Microsoft harnessing cloud, data and AI

Euroclear entered into a 7-year strategic partnership with Microsoft to transform Euroclear clients’ experience and drive new opportunities for growth. The partnership further strengthens Euroclear’s business ecosystem and technology infrastructure by leveraging Microsoft’s leading technology, expertise and cloud services. This will enhance Euroclear’s ability to create value for all market participants and unlock new opportunities at the core of the capital markets ecosystem. Microsoft will support Euroclear’s strategic ambition in key growth areas like funds and client experience as well as its long-term vision to evolve into a Digital and Data-Enabled Financial Market Infrastructure.

Russian sanctions impacts 

Financial impacts of the Russian assets

Interest earnings from Russian sanctioned assets were €1,470 million, a 7.5% decrease from Q1 2024 due to gradual rate cuts. Future interest earnings will continue to evolve in line with future policy rates. As required by the EU windfall contribution regulation implemented in May 2024, Euroclear provisioned €944 million as windfall contribution for Q1 2025.The Russian sanctions and countermeasures resulted in direct costs of €22 million and a loss of business income of €9 million.Interest earnings related to Russian assets, which are subject to Belgian corporate tax, generated €360 million in tax revenue for the Belgian State.

Update on Russian sanctions and countermeasures 

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 2025, Euroclear Bank’s balance sheet totalled €230 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 the first quarter of 2025, interest arising on cash balances from Russian-sanctioned assets was approximately €1.5 billion.

In May 2024, the European Commission has adopted a new 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. After retention of a 10% share of the windfall contribution to comply with capital and risk management requirements, Euroclear paid approx. €3.5 billion to the European Fund for Ukraine for the 2024 fiscal year.  

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.

[1] Excluding Russian sanctions impacts
[2] Based on estimated RWA of around €14.4 billion (of which around €6,3 billion of RWA are related to Russian assets) and CET1 capital of around €8.8 billion

About Euroclear
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, Euroclear UK & International.

Contact: Pascal Brabant, pascal.brabant@euroclear.com, +32 475 78 36 62

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View original content:https://www.prnewswire.co.uk/news-releases/euroclear-reports-strong-business-income-growth-in-q1-2025-302454274.html

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POVADDO LAUNCHES NEW RESEARCH SERVICE GIVING ORGANIZATIONS DIRECT ACCESS TO INSIGHTS FROM PUBLIC POLICY PROFESSIONALS IN THE U.S. AND EUROPE

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The Povaddo Panel Omnibus introduces a new shared-survey format that makes high-quality policy professional insights accessible at a fraction of the cost of a bespoke study

ST. LOUIS, May 3, 2026 /PRNewswire/ — Povaddo, a leading provider of public opinion and policy elite research, today announced the launch of the Povaddo Panel Omnibus — a new research service that gives companies and organizations an efficient, cost-effective way to access public policy professional insights across the United States and Europe. Unlike Povaddo’s custom research offerings, the omnibus format allows multiple organizations to share survey space, significantly reducing cost while maintaining the same access to high-quality insights.

Launched in 2018, the Povaddo Panel was built to meet the growing demand for research insights from individuals who shape, influence, and analyze public policy as part of their daily work. Over the past eight years, the panel has grown to nearly 5,000 public policy professionals worldwide, including more than 2,000 in the United States. Many panelists are former elected officials, including former Members of Congress. Each panelist is individually verified to ensure both authenticity and quality.

The 2026 Povaddo Panel Omnibus schedule includes three waves, with the first launching on June 15. Companies and organizations can field questions among 200 U.S. public policy professionals and/or 200 European public policy professionals, with results delivered within two weeks. Pricing begins at $4,500 for a five-question package among one audience, or $8,000 for both the U.S. and European audiences. Each omnibus package includes:

Question consultation to ensure clarity and effectivenessData collection among the selected audienceTopline results for the total sample and key subgroups

To learn more, reserve space in an upcoming wave, or submit questions, please visit the “Omnibus” section of Povaddo’s website or email omnibus@povaddo.com.

“Companies and organizations that want to understand what public policy professionals think—whether about their brand or an issue they are facing—now have a new and more streamlined way to do so. While organizations have long been able to commission custom research through Povaddo, our new omnibus survey among public policy professionals fills an important need in the research marketplace,” said Brooke Hayes, Executive Vice President of Povaddo, who oversees the Povaddo Panel and the firm’s new omnibus research service.

“The organizations that navigate complex policy environments most successfully are the ones that understand how the policy community thinks. The Povaddo Panel Omnibus makes that kind of insight accessible and actionable for any organization that needs it,” said William Stewart, President and Founder of Povaddo. “What’s more, we know many senior management teams are keen to measure their organizations’ reputation among this elite audience.”

The Povaddo Panel Omnibus launches alongside Povaddo’s most recent thought leadership study, which illustrates the kind of distinctive insights the panel is uniquely positioned to deliver. Povaddo’s 2026 survey of public policy professionals in the U.S. and Europe examines attitudes toward artificial intelligence, including AI regulation, labor market impact, misinformation risk, and the broader existential concerns of the policy community. A high-level summary of select key findings is available on Povaddo’s website, and the complete 38-page report is available for purchase at $500.

About Povaddo: Povaddo specializes in public opinion and policy elite research. Founded in 2009, Povaddo is recognized as a trusted advisor to top-tier organizations that are navigating complex issues management, strategic communications, corporate reputation, and business transformation challenges. Povaddo’s expertise spans external affairs, corporate affairs, public affairs, government affairs, regulatory affairs, scientific affairs, corporate communications, and business planning and strategy. For more information, please visit www.povaddo.com.

Inquiries:

Brooke Hayes
+1 (855) 768-2336
hayes@povaddo.com

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SOURCE POVADDO LLC

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Tianma Highlighting Micro-LED HUD, Ultra-High-Refresh AMOLED, and Glasses-Free 3D Medical Display at Display Week 2026

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Tianma, a leading global manufacturer of flat panel displays, will showcase its latest display innovations at SID Display Week 2026, taking place May 5–7 at the Los Angeles Convention Center. At Booth 805, South Hall, Tianma will highlight three key technology demonstrations spanning automotive, mobile, and medical applications: a Micro-LED head-up display (HUD) designed for extreme brightness and transparency, an ultra-high-refresh-rate AMOLED display engineered for next-generation mobile performance, and a glasses-free 3D medical display enabling real-time 2D/3D visualization.

CHINO, Calif., May 3, 2026 /PRNewswire-PRWeb/ — Tianma, a leading global manufacturer of flat panel displays, will showcase its latest display innovations at SID Display Week 2026, taking place May 5–7 at the Los Angeles Convention Center.

At Booth 805, South Hall, Tianma will highlight three key technology demonstrations spanning automotive, mobile, and medical applications: a Micro-LED head-up display (HUD) designed for extreme brightness and transparency, an ultra-high-refresh-rate AMOLED display engineered for next-generation mobile performance, and a glasses-free 3D medical display enabling real-time 2D/3D visualization.

This year, at the annual Business Conference on Monday, May 4, Tianma’s Jun Chen, Ph.D., Senior Manager, Automotive Market Development, will be a featured panelist during the Automotive Forum. In addition, Tianma has entered several new cutting-edge products and technologies into SID’s annual People’s Choice Awards competition, honoring the best products at Display Week.

KEY TECHNOLOGY HIGHLIGHTS

Micro-LED IRIS HUD for Next-Generation Automotive Displays

Tianma’s 12-inch Micro-LED IRIS HUD is engineered to address one of the most critical challenges in automotive display design: maintaining visibility under all lighting conditions without compromising driver awareness.

Delivering peak brightness exceeding 120,000 nits, the display remains clearly visible even in direct sunlight. Its Micro-LED architecture enables an ultra-thin optical engine (approximately 2 mm), while a transparent front-window design eliminates the need for black masking layers — preserving the driver’s field of view and supporting more advanced, integrated cockpit designs.

Ultra-High-Refresh AMOLED for Next-Generation Mobile Performance

In mobile display technology, Tianma will showcase a 6.32-inch AMOLED display with a 240Hz refresh rate, designed to overcome the traditional trade-offs between speed and image accuracy. The display incorporates a dual-track pixel driving architecture, separating data writing and threshold compensation to maintain stable, precise pixel control at high refresh rates. This approach significantly reduces motion artifacts while preserving low-gray detail, enabling smoother visuals and improved image stability for high-performance mobile applications.

Glasses-Free 3D Medical Display with Multi-Region 2D/3D Switching

For advanced professional applications, Tianma will present a 27-inch 4K medical-grade glasses-free 3D display, introducing multi-region 2D/3D switching capabilities. Unlike conventional systems limited to full-screen 3D, this display enables simultaneous presentation of 2D and 3D content, with seamless, real-time switching between modes. The system integrates low-latency eye tracking and real-time rendering, making it well suited for medical environments where precision, flexibility, and sterile operation are critical.

BROAD PORTFOLIO OF DISPLAY INNOVATIONS

In addition to these featured technologies, Tianma will present a wide range of display solutions across automotive, consumer, and professional applications.

In automotive, Tianma will showcase a transparent Micro-LED tiling display with over 60% transparency and a scalable, modular design, along with a 43.7-inch ultra-wide IRIS HUD featuring high brightness and curved integration for immersive cockpit environments.

In consumer electronics, Tianma will highlight its latest AMOLED innovations, including SLOD and U11 architectures designed to improve efficiency, brightness, and device lifetime, as well as a foldable AMOLED prototype engineered to reduce crease visibility and improve durability.

For IT applications, Tianma will demonstrate a 27-inch QHD Oxide TFT LCD with a native 610Hz refresh rate, setting a new benchmark for ultra-high-frame-rate displays.

In professional and industrial applications, Tianma will also feature an adaptive refresh Oxide display (20–144Hz) designed to balance high performance with power efficiency.

Advancing Display Innovation Across Applications

Together, these demonstrations reflect Tianma’s continued investment in Micro-LED, AMOLED, and advanced LCD technologies, enabling new levels of performance, efficiency, and integration across automotive, consumer, and professional markets. More information about the innovative new display solutions being displayed by Tianma is available at Booth 805 at Display Week and in the Tianma press kits, accessible online at usa.tianma.com/press Visit usa.tianma.com for more details.

About Tianma America, Inc.

Tianma America delivers advanced display solutions for the Americas, leveraging the global resources and innovation of the Tianma Group. Our expertise spans small to medium-size displays for a wide range of applications, including automotive, industrial, medical, consumer electronics, and emerging technologies.

As part of the Tianma Group, we combine world-class R&D with manufacturing capabilities across China and Japan to offer cutting-edge technologies such as TFT, LTPS, Oxide-TFT, AMOLED, flexible and transparent displays, and integrated touch solutions.

Through a strong network of distributors and partners, Tianma America provides complete display module solutions that meet the highest standards of quality and performance.

Specifications and pricing are subject to change without notice.

Media Contact

Dale Maunu, Tianma America, Inc., 1 408-313-5642, Dale.Maunu@Tianma.com, usa.tianma.com

Bill Maurer, Macrovision, 1 215-327-8109, bill@macrovis.com, macrovision.com

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SOURCE Tianma America, Inc.

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FranklinWH Introduces Enhanced 15 kWh aPower in Australia and New Zealand

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Expansion comes as policy shifts and rising power costs accelerate demand for residential energy storage

SYDNEY, May 4, 2026 /PRNewswire/ — FranklinWH, a leading provider of whole-home energy management and battery storage solutions, today announced the launch of its enhanced 15 kWh aPower battery in Australia and New Zealand, as demand for residential energy storage continues to grow, driven by evolving policy settings and increasing interest in energy independence.

The updated aPower builds on the company’s established platform, increasing usable capacity from 13.6 kWh to 15 kWh and raising warrantied throughput from 43 MWh to 60 MWh, an increase of 40 percent. These updates deliver more usable energy over the life of the system while maintaining the same footprint and price.

“The energy landscape is shifting quickly, and more homeowners are thinking beyond the upfront specs to what really pays off over time,” said Steve Ruskin, General Manager of FranklinWH Australia. “This upgrade is about delivering more performance over the life of the system, more usable energy, greater throughput, while staying true to our ‘buy once, buy right’ philosophy.”

The increase in warrantied throughput translates into savings for homeowners. Based on typical usage patterns and an electricity rate of A$0.35 per kilowatt-hour, the additional throughput may represent up to approximately A$5,950 in value over the lifetime of the system. The increase in usable capacity also improves energy density, lowering the effective cost per kilowatt-hour and supporting more efficient use of stored energy.

The 15 kWh configuration also aligns with current and upcoming policy frameworks benefitting residential battery adoption. This includes the updated Cheaper Home Batteries Program, with changes coming into effect for Australian homeowners from 1 May, 2026, helping households maximise value as incentives continue to evolve.

As the residential battery market expands, FranklinWH continues to focus on reliability and system performance. The aPower incorporates design elements to support durability, including structural reinforcement to reduce cell stress over time, per-cell temperature monitoring, and the separation of the battery pack and control systems to maintain reliable performance.

“We believe performance should be measured over years, not just at installation,” Ruskin added. “We focus on building systems that deliver consistent, reliable results over time. That long-term perspective is what ultimately defines value for homeowners.”

The aPower is designed to operate as part of the FranklinWH System, an integrated home energy management platform that coordinates energy generation, storage, and consumption. The system is designed to optimise multiple energy inputs, provide reliable backup power, and support more efficient and independent energy use at the household level.

About FranklinWH

FranklinWH Energy Storage is the manufacturer of the FranklinWH System. FranklinWH is a market-oriented, research-driven company focused on next-generation residential energy management and storage solutions. Located in Macquarie Park, Sydney with a global head office in the San Francisco Bay Area, FranklinWH’s team has decades of experience in energy systems, from design, through manufacturing, to sales and installation. FranklinWH is AVL-listed with multiple financial institutions.

Contact: Media@franklinwh.com

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SOURCE FranklinWH Australia Pty Ltd

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