Euronext - 2019 Universal Registration Document

Presentation of the Group 1

Strategy: “Let’s grow together 2022” Strategic Plan

Acquisition of Nord Pool In December 2019, Euronext entered into a binding agreement to acquire 66% of the share capital and voting rights of Nord Pool (6) , which runs a leading physical power market in Europe, operating from its headquarters in Oslo and offices in Helsinki, Stockholm, Tallinn, Berlin and London. Nord Pool is the second largest power market in Europe, offering trading, clearing, settlement and associated services in both intraday and day-ahead physical markets across 14 European countries, notably in the Nordic and Baltic regions. The acquisition of Nord Pool diversifies Euronext revenue mix to new asset classes not correlated with financial market cycles, and will strengthen its commodity franchise by leveraging Nord Pool’s leadership position and know-how in physical power markets. AND PROSPECTS IN 2020 As announced at the 2019 Investor Day, Euronext expects to incur non-recurring costs related to the integration of Oslo Børs VPS and internal digitalisation projects, which will start generating savings in 2021. As a result, Euronext expects its operating costs excluding depreciations and amortisations to temporarily increase by a mid-single digit in 2020, compared to its second half 2019 annualised cost base. Euronext will pursue delivering on its 2022 strategic plan as well as the integration of Oslo Børs VPS with the migration of Oslo Børs market to the Optiq® trading platform expected in 2020. Despite the high level of uncertainty resulting from the Covid-19 pandemic, the management believes that - on the basis of strong credit worthiness, flexible financial structure, high level of profitability and significant percentage of non-volume related revenues – the Group is well equipped to cope with the evolving situation and pursue its strategic objectives of its strategic plan “Let’s Grow Together 2022”. Please refer to Section 2.1 Risk Factors for more details on the Covid-19 pandemic. 1.2.3 STRATEGIC TARGETS

n the promotion of tangible sustainable practices in Euronext and within its wider ecosystem to support the transition to sustainable growth and to contribute to the Sustainable Development Goals. Euronext 2022 Financial Targets (1) Euronext’s growth ambition is reflected in the 2022 financial targets and a rigorous capital allocation strategy. n Revenue is expected to grow by 2% to 3% CAGR (2) 2018 ProForma - 2022 Expected , excluding potential acquisitions, driven by (i) organic growth, (ii) cross-cycle trading growth in line with European GDP and (iii) continued focus on revenue diversification and services. n EBITDA (3) margin is expected to be above 60%, excluding potential acquisitions, driven by (i) continued best-in-class cost discipline, (ii) investments in operational excellence and (iii) uplift profitability of already-acquired companies to Euronext’s level. n To realise these ambitions, Euronext expects to record one-off costs of €12M relating to internal project costs over the period. n Euronext expects to achieve €12M of run-rate cost synergies by 2022 at Oslo Børs VPS, to incur €18M of restructuring costs (4) , and to achieve a ROCE (5) on this transaction above the WACC by Year 3. n Capex is expected to remain between 3% and 5% of revenue. n Dividend policy set with a 50% pay-out of reported net income.

1.2.2 UPDATE IN 2019 Launch of Euronext Green Bonds Offering

In November 2019, Euronext announced the creation of a new Euronext Green Bonds offering across its six regulated markets. The initiative is operated out of Euronext Dublin, the Group centre of excellence for Debt, Funds and ETFs, and is designed to encourage and promote more sustainable investment in Europe. The Green Bonds offering marks the first product launch of Euronext’s new three-year strategic plan, “Let’s Grow Together 2022”, illustrating Euronext’s commitment to accelerating the transition towards sustainable finance, by developing sustainable products and services for the financial community.

(1) Based on 2018 proforma figures (including FY 2018 for Oslo Børs VPS and Euronext Dublin) of €734M revenue and 57% EBITDA margin, rebased for the adoption of IFRS16. (2) Compound annual growth rate. (3) As defined in Chapter 5 and as defined as EBITDA 1 in section 7.1.1. (4) Do not meet IAS 37 recognition criteria. (5) Return on Capital Employed. (6) Completed on 15 January 2020.

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2019 UNIVERSAL REGISTRATION DOCUMENT