Euronext - 2019 Universal Registration Document

Operating and financial review

Overview

EURONEXT 2019 THIRD PARTY REVENUE BY GEOGRAPHY

For the year ended 31 December 2018: Clearing revenue increased in 2018, to €55.3 million, +8.2% compared to 2017, reflecting a dynamic commodities activity during the year, and higher treasury income.

Sweden 0.34%

USA 3.42% Norway 8.40%

Hong Kong 0.01%

Ireland 5.25%

Settlement & Custody For the year ended 31 December 2019:

Portugal 4.89%

Revenue from Custody, Settlement and other post-trade activities, notably encompassing Interbolsa and VPS activities, increased by +124.9% to €49.6 million in 2019, resulting mainly from the consolidation of Oslo Børs VPS. Both VPS and Interbolsa reported a good performance driven by an increased activity in both custody and settlement. On a like-for-like basis, revenue from Custody, Settlement and other post-trade was up +1.0%. For the year ended 31 December 2018: Revenue from Interbolsa in Portugal and other post trade activities increased by +7.2%, to €22.1 million in 2018, driven by an increase in equities and public debt under custody and settlement activity compared to 2017. Euronext Technology Solutions & Other revenue increased by +4.8% in 2019, to €37.8 million, as a result of good performance of SFTI/Colocation services, hosted services, connection fees and the consolidation of Oslo Børs VPS. On a like-for-like basis, revenue was up +0.6% compared to last year. For the year ended 31 December 2018: Euronext Technology Solutions revenue increased by +7.8% in 2018, to €36.1 million as the activity continued to benefit from Optiq® project work on commercial releases for international clients, as well as an increased activity in Managed Services solutions and in SFTI/Colocation services. Euronext Technology Solutions For the year ended 31 December 2019:

France 48.78%

United Kingdom 0.78% Belgium 4.56%

2019

Netherlands 23.57%

EURONEXT 2018 THIRD PARTY REVENUE BY GEOGRAPHY

Sweden 0,20%

Ireland 3,99%

USA 3,55%

Hong Kong 0,01%

Portugal 5,69%

France 53,37%

United Kingdom 0,05% Belgium 5,35%

2018

Netherlands 27,80%

7

Operating Expenses

Year ended

2019

2018

2017

In thousands of euros

Salaries and employee benefits

(153,145)

(118,488)

(104,363)

Depreciation and amortisation

(43,676)

(23,400)

(16,932)

Other operational expenses

(126,543)

(142,295)

(130,149)

TOTAL OPERATING EXPENSES

(323,364)

(284,183)

(251,444)

Euronext operating expenses comprise salaries and employee benefits, depreciation and amortisation, and other operational expenses. For the year ended 31 December 2018: Euronext operating expenses in 2018 were €284.2million, compared to €251.4 million in 2017, an increase of €32.7 million or 13.0%. The overall cost increase in 2018 was due to: n the acquisitions of InsiderLog and Euronext Dublin; in 2018, and the full year cost impact from the acquisitions of iBabs and FastMatch;

For the year ended 31 December 2019: Euronext operating expenses in 2019 were €323.4million, compared to €284.2 million in 2018, an increase of €39.2 million or 13.8%. The overall cost increase in 2019 was due to: n the acquisitions of Oslo Børs VPS, Commcise and OPCVM360 in 2019, and the full year cost impact from the acquisitions of Euronext Dublin; n PPA and earn-out adjustment, related to the acquisitions mentioned above;

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2019 UNIVERSAL REGISTRATION DOCUMENT