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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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PopTake joins Stamina Group’s media network through strategic partnership with View the VIBE

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Hosted by Hugo Filipe and Mikael Melo, the Canadian pop culture podcast enters a new chapter as “PopTake, powered by View the VIBE,” with ambitions to reach audiences across Canada and beyond.

TORONTO, Oct. 26, 2026 /CNW/ — Canadian pop culture podcast PopTake, hosted by Hugo Filipe and Mikael Melo, has officially joined Stamina Group’s media network through a strategic partnership with View the VIBE. The collaboration brings together two entertainment-focused platforms with a shared passion for culture, community and storytelling, with plans to expand PopTake’s reach nationally and explore international distribution opportunities.

Now operating as “PopTake, powered by View the VIBE.” Your hot takes on music, pop culture and life. The show will benefit from the publication’s established Canadian audience, editorial platform and industry/distribution relationships while maintaining the independent voice and creative chemistry that have become its signature.

The partnership also builds on Stamina Group’s experience bringing Canadian-produced content to international audiences. Through its globally distributed video podcast Gents Talk, which has secured placement on airline entertainment systems worldwide and through other transportation syndication partners, Stamina Group has established relationships it hopes to leverage to introduce PopTake to audiences beyond Canada.

“Building Stamina Group has always been about amplifying creative voices and connecting audiences through meaningful content,” says Steven Branco, Founder & Chief Creative Officer, Stamina Group Inc. and Editor-in-Chief, View the VIBE. “With PopTake’s focus on pop culture and View the VIBE’s roots in community, culture and entertainment, the partnership felt like a natural fit. Hugo and Mikael have built something special, and we’re excited to help take it further. Building on the international success of Gent’s Talk and our global distribution partnerships, we see an opportunity to bring PopTake to audiences across Canada and around the world.”

Two best friends, plenty of hot takes

Launched in April 2025, PopTake is a weekly entertainment podcast covering music, film, television, celebrity culture and life. Hosted by longtime friends Hugo Filipe and Mikael Melo, the show combines candid commentary, celebrity interviews and social-first content with the energy of a group chat.

Now in its second season, PopTake has built a growing presence on Canada’s entertainment circuit, covering major events including TIFF, the JUNO Awards, the Canadian Screen Awards and Osheaga. Its celebrity interviews have featured the likes of Zara Larsson, Katy Perry, Chloe Bailey, JADE, Perrie Edwards, FLO, Sofi Tukker, Patrick J. Adams, Eric McCormack, Lauren Ash, Simple Plan and Holly Humberstone, and more.

The show also features recognizable segments including Backtrack, where artists identify their songs played backwards; This or That, a rapid-fire celebrity interview format where artists must choose between their own songs; and HotTake or FlopTake, featuring the hosts’ weekly pop culture verdicts.

“PopTake started as two best friends who couldn’t stop talking about pop culture, so we hit record,” says Hugo Filipe, Co-Founder & Co-Host, PopTake. “Partnering with View the VIBE puts our takes in front of an audience that loves this stuff, as much as we do.”

“We strike the balance between professional and fanboy,” adds Mikael Melo, Co-Founder & Co-Host, PopTake . “Our podcast feels like your two internet besties gushing over your favourite artists, and every now and then, we get to interview them. Asking the questions fans actually want answered.”

Beyond the podcast, both hosts bring established entertainment and creative industry experience.

Hugo Filipe is a Toronto-based creative director, photographer and entrepreneur. He leads Mister Mister, a creative studio with clients including H&M, RBC, OVO and Campbell’s, and owns Nosso Studio, which operates two creative spaces in Toronto.

Mikael Melo is a Canadian Screen Award-winning producer, reporter and digital creator whose credits include ET Canada, Big Brother Canada and The Social. He has interviewed international stars including Katy Perry, Olivia Rodrigo and Florence Pugh, and collaborated with brands including Paramount+, Samsung, Sony Pictures and Universal Music Canada.

What’s next for PopTake?

Through the partnership, PopTake will continue producing its weekly podcast and signature social-first content, while exploring expanded editorial collaborations, new sponsors, celebrity interviews, event coverage, branded entertainment opportunities, in-person events and new distribution channels.

The addition of PopTake further strengthens Stamina Group’s growing portfolio of International media properties, which includes View the VIBE, WanderEater, Gent’s Post and the internationally distributed and acclaimed video podcast, Gent’s Talk.

NOTE TO EDITORS

High-resolution photos and more are available here, including portraits, hero imagery, BTS, logo files and more. Please credit PopTake/Stamina Group accordingly.

About PopTake

PopTake is a Canadian pop culture and entertainment podcast hosted by best friends Hugo Filipe and Mikael Melo. Every week, the pair deliver fresh perspectives and unfiltered hot takes on the biggest stories in music, film, TV and celebrity culture. Beyond the weekly episode, PopTake has built a reputation for social first interviews and red carpet coverage, from the JUNO Awards and the Canadian Screen Awards to TIFF and Osheaga, with signature segments like Backtrack, This or That and HotTake or FlopTake. PopTake brings the energy of a group chat to the biggest names in pop. PopTake is powered by View the VIBE, part of the Stamina Group media network.

For more, visit PopTake on YouTube, Apple Podcasts, Spotify, Instagram, TikTok and everywhere you stream your podcasts or PopTakePodcast.com.

About View the VIBE

Established in 2010, View the VIBE is a leading Canadian digital lifestyle and entertainment publication delivering fresh, engaging and culturally relevant content. Known for its fun, edgy and informative approach to storytelling, the platform covers food, hospitality, fashion, entertainment, pop culture and lifestyle through original editorial, video, social storytelling and live experiences. For over 15 years, View the VIBE has connected audiences with the people, places, trends and cultural conversations shaping Toronto, Canada and beyond. Proudly owned and operated by Stamina Group Inc., View the VIBE continues to deliver its signature perspective on culture, community and, of course, the best VIBES.

For more, visit ViewtheVIBE.com.

About Stamina Group Inc.

Stamina Group Inc. (STAMINA) is a privately owned Canadian media, communications and creative production company specializing in award-winning digital-first content, original storytelling and unique brand experiences. Founded and led by award-winning creative multihyphenate and on-air lifestyle expert Steven Branco, STAMINA owns, operates or partners with a growing network of Canadian media brands and platforms, including View the VIBE, WanderEater, Gent’s Post, the globally streamed video podcast Gent’s Talk, and PopTake. Through its creative production arm, STAMINA produces original editorial photography, video and branded content internationally, with work produced for and/or featured in leading global publications including Flaunt, FASHION, HELLO!, VULKAN, SWAGGER, GQ, The Perfect Man, Condé Nast Traveler, Travel + Leisure and Architectural Digest, among others.

For more, visit HaveStamina.com.

SOURCE STAMINA Group Inc.

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Shure Named a Leader in the 2026 IDC MarketScape for AI-Enabled Smart Conference Room Hardware for Hybrid Meetings

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NILES, Ill., Oct. 26, 2026 /PRNewswire/ — Shure today announced that it has been named a Leader in the IDC MarketScape: Worldwide AI-Enabled Smart Conference Room Hardware for Hybrid Meetings 2026 Vendor Assessment (Doc #EUR154115926, October 2026).

Building on more than 100 years of audio expertise, Shure helps organizations equip and manage modern meeting spaces while delivering the high-quality speech capture that AI-powered transcription, speaker attribution and meeting summaries rely on.

“Shure’s position as a Leader in this IDC MarketScape reflects how far the company has expanded beyond its audio heritage,” said Gala Spasova, Senior Research Manager, IDC. “Shure has built a comprehensive workplace collaboration portfolio spanning audio, video, compute and cloud management, while maintaining a clear strength in the complex environments where consistent speech capture and intelligibility matter most are critical.”

Shure brings audio, video, compute and ShureCloud device management together in a portfolio that works across the collaboration platforms organizations already use and trust. Shure solutions support Microsoft Teams, Zoom, Google Meet and Cisco Webex.

Shure Recognized for Strengths
The report cited the following strengths for Shure:

Shure solutions are well suited for challenging audio environments, including large, complex, and mission-critical deployments where consistent speech capture, scalable coverage, and intelligibility are critical to the meeting experience and downstream AI outcomes.

Real-time talker-positional data can trigger and enhance camera tracking in partner video systems, enabling organizations to improve speaker-focused video experiences while retaining flexibility across camera vendors.

Microsoft Teams and Zoom run directly on the IntelliMix Room Kits and Foundation System, which supply compute, audio processing, and touch panel together, and the Bar Pro runs Teams on the Microsoft Device Ecosystem Platform, with Shure’s own person-detection and speech-enhancement models on the device

“We believe Shure’s recognition as a Leader in the IDC MarketScape reflects the progress we’ve made in expanding our role in the hybrid workplace. Enterprise collaboration should be built as a platform, not a collection of individual meeting rooms,” said Sam Sabet, Executive VP and Chief Technology Officer at Shure. “At Shure, we’re building that platform with secure, manageable technology that can scale from an all-in-one collaboration bar to a multi-camera system in a large, complex room. Continuous innovation is part of that approach, with solutions designed to grow with our customers as their technology needs evolve. That gives IT a consistent foundation to scale while providing AI tools the high-quality inputs they need to do their job.”

When Organizations Should Consider Shure
According to the IDC MarketScape, organizations should consider Shure when:

You manage a large or complex estate with varied acoustic conditions, and audio quality is a decisive purchasing criterion. You want to maximize the value of meeting AI and recognize that transcription, speaker attribution, summarization, and AI-driven insights depend on the quality of the audio captured in the room.

You want system- and device-level life-cycle management and analytics from the conference room solution supplier, complementing the management capabilities available through your collaboration platform’s console.

Support Across the Lifecycle
“The investment doesn’t stop once the technology is installed,” Sabet added. “Customers need to know their systems will continue to perform and that the right support is there when they need it. With warranty coverage available for up to five years and a professional services team working alongside integrators, resellers and managed services providers, we support customers throughout the lifecycle of their collaboration environments.”

To learn more about Shure’s collaboration and conferencing solutions or request a product demonstration, visit Shure’s conferencing page.

About Shure
Shure (www.shure.com) has been helping people sound extraordinary for more than 100 years. Founded in 1925, we are a leading global manufacturer of audio and collaboration technology, known for our commitment to quality, performance, and durability. We make microphones, wireless microphones, conference room solutions, earphones and headphones, in-ear monitors, and more. 

From the biggest broadcast events and live performances, to critical business meetings and university lectures, to your home office or studio, you can always rely on Shure. 

Shure is headquartered just outside of Chicago in Niles, Illinois, in the United States. We have more than 30 locations around the world, and our products are sold in over 120 countries. 

About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and services suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

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SOURCE Shure Inc.

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Big Tree Cloud Holdings Limited Announces Filing of Annual Report on Form 20-F for Fiscal Year 2026

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SHENZHEN, China, Oct. 26, 2026 /PRNewswire/ — Big Tree Cloud Holdings Limited (“Big Tree Cloud” or the “Company”) (NASDAQ: DSY; DSYWW),  a capital platform focusing on industrial integration and strategic investments in the Chinese personal care industry and a provider of AI technology services, today announced that it filed its annual report on Form 20-F for the fiscal year ended June 30, 2026 (the “Annual Report”)  with the U.S. Securities and Exchange Commission (“SEC”) on October 26, 2026.

The Annual Report is available on Big Tree Cloud’s website at https://www.bigtreecloud.net  and  https://ir.bigtreeclouds.com,  as well  as the SEC’s website at http://www.sec.gov. Big Tree Cloud will provide a hard copy of the Annual Report, including its audited consolidated financial statements, free of charge, to its shareholders upon request to the investor relations contact below.

About Big Tree Cloud

Founded in 2020, Big Tree Cloud is positioned as an international capital platform focused on industrial integration and strategic investment in China’s personal care industry. In 2026, the Company also expanded its business to include AI technology services. The Company is committed to empowering industries through capital operations and technology-driven solutions. To learn more about the Company, please visit its corporate website at https://www.bigtreecloud.net.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to achieve its goals and strategies; its future business development, financial condition and results of operations; the growth of, and trends in, the markets in which the Company operates; its ability to successfully develop and expand its AI technology services business, attract and retain customers, satisfy their technical and operational requirements and capture market demand; its ability to maintain and enhance its brand and reputation; its reliance on its relationship with its customers and end-users; its customer concentration; its ability to obtain additional financing on acceptable terms; changes in laws and regulations affecting its business, including laws and regulations in China; general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Annual Report. All information provided in this press release is as of the date of this press release, and the Company undertakes no duty to update such information, except as required under applicable law.

SOURCE Big Tree Cloud Holdings Limited

Investor Relations Contact
Ting Yan
Phone: +86 15986815865
Email: yanting@bigtreeclouds.com 

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