OUTLOOK FOR THE REMAINING OF 2015 2016 9m 2015 FY2015 2013 TARGET REAL OUTLOOK (in € million) Third party 387 9% to 10% revenue +46 (clearing) 5% CAGR over 2013-2016 ~€500m €393m 2-year (adjusted) = €433 million CAGR Q4’2014: €124m EBITDA margin ~ 53% 54.7% ~55% Cost base 302 -€80m net, run-rate (adjusted) +27 (clearing) ~€250m €191m €80m net Incl. D&A =€329 million by the end of 2016 efficiencies run-rate Q3’2015 €60m
Activity for October:
Listing: five new listings (AroundTownProperty Holding on Euronext Paris and Intertrust NV on Euronext Amsterdam), of which three EnterNext SMEs (Showroomprivé, Technofirstand KKO International) raised €719 million. €2.8 billion was raised in corporate bonds and €2.8 billion of follow- on equity.
Cash trading: ADV of €7,735 million, down –4.8% compared to €8,124 million in October 2014 (Q4 2014 of €7,256 million)
Derivatives trading: Index products ADV of 201,379 lots (Q4 2014: 276,280 lots) – Individual Equity Products ADV of 233,314 lots (ADV Q4 2014: 267,953 lots) – Commodity Products ADV of 57,163 lots (ADV Q4 2014: 61,601 lots)
Cumulated restructuring expenses to achieve these €80 million of net efficiencies should not exceed €70 million by the end of 2015. Some additional restructuring expenses will be spent in the following years. 17