Euronext - 2019 Universal Registration Document

2022 FINANCIAL TARGETS REFLECTING EURONEXT GROWTH AMBITIONS

2018

2022e TARGETS

COMMENTS

VS. PROFORMA

Organic growth, excluding potential M&A Cross-cycle trading growth in line with European GDP

+ 2 to 3 % CAGR 2018PF-2022e

PROFORMA

€ 734 m

Continued focus on revenue diversification and services

Revenue

Organic margin, excluding potential M&A Continued best-in-class cost discipline Investments in operational excellence

57.0 % PROFORMA

≥ 60%

EBITDA margin

Uplift profitability of acquired companies to Euronext level

One-off costs

Internal Projects costs: €12m over the plan

3 % to 5 % of revenue 50 % of Reported Net Income

c. 4% of revenue Current

Capex

50% of Reported Net Income Current

Dividend Policy

Pro forma include full-year2018 of Commcise, Euronext Dublin and Oslo BørsVPS. 2018 pro forma EBITDA margin rebased for the adoption of IFRS 16.

EXECUTING DISCIPLINED AND VALUE ACCRETIVE M&A

Develop new growth and diversification initiatives 2 Investor services New asset classes Post trade solutions Take recent successes to the next level 1 Corporate Services FX stack Index & data franchise

Rigorous capital allocation policy

Investment criteria:

ROCE > WACC in year 3 to 5

Optimised leverage with credit floor rating ≥ Strong investment grade

Transformational deals 3 Expansion of the federal model

Diversification of the revenue base

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2019 UNIVERSAL REGISTRATION DOCUMENT