Euronext - 2020 Universal Registration Document

Selected Historical Consolidated Financial Information, Other Financial Information and Unaudited Pro Forma Combined Financial Information 5 Unaudited Pro Forma Combined Financial Information

RECONCILIATION OF PRO FORMA EBITDA, PRO FORMA NET DEBT AND PRO FORMA NET DEBT TO PRO FORMA EBITDA LEVERAGE RATIO

Year ended 31 December 2020

In thousands of euros (except for ratios)

Pro Forma Operating profit

602,357

Pro Forma Exceptional items

(48,315)

Pro Forma Operating profit before exceptional items

650,672

Pro Forma Depreciation and amortisation

(139,037)

789,709

Pro Forma Operating profit before exceptional items and depreciation and amortisation (EBITDA)

Pro Forma Non-Current Borrowings

3,066,470

Pro Forma Current Borrowings

8,243

3,074,713

Pro Forma Gross Debt

Less: Pro Forma Cash and cash equivalents

(550,658)

2,524,055

Pro Forma Net Debt (a)

3.2x

Pro Forma Net Debt to Pro Forma EBITDA Leverage ratio

5.3 Unaudited Pro Forma Combined Financial Information

On 9 October 2020, Euronext N.V. entered into an acquisition agreement (the “Acquisition Agreement”) with London Stock Exchange group plc (“LSEG”) and London Stock Exchange Group Holdings (Italy) Limited to acquire the entire issued share capital of Borsa Italiana Group. The proposed Transaction has been approved by London Stock Exchange Group’s shareholders on 3 November 2020 and by Euronext N.V. shareholders on 20 November 2020. The Transaction is still subject to regulatory approvals in several jurisdictions. The major conditions that were already satisfied are disclosed in section 1.2.2 of this Universal Registration Document. As stated above, the Unaudited Pro Forma Combined Financial Information has been prepared for illustrative purposes only, and, by its nature, is not intended to represent or to be indicative of the actual results of operations or the actual financial position that the Combined Group would have recorded, had the Transaction been completed as of 31 December 2020 in the unaudited pro forma combined balance sheet, or as of 1 January 2020 in the unaudited pro forma combined statement of profit or loss, nor is the Unaudited Pro Forma Combined Financial Information necessarily indicative of the future operating results or financial position of the Combined Group. Therefore, the hypothetical financial position or results included in the pro forma financial information may differ from the entity’s actual financial position or results.

The following unaudited pro forma combined financial information included in this Universal Registration Document, which has been prepared using historical consolidated financial information of Euronext N.V. and audited historical Consolidated Financial Statements as of and for the year ended 31 December 2020, of London Stock Exchange Group Holdings Italia S.p.A., together with its subsidiaries (the “Borsa Italiana Group”), is presented for illustrative purposes only and should not be considered to be an indication of the profit/(loss) or financial position of Euronext N.V following the contemplated acquisition of the Borsa Italiana Group (the “Combined Group”). Background information The unaudited pro forma combined financial information of Euronext N.V. includes an unaudited pro forma combined balance sheet as of 31 December 2020 and an unaudited pro forma combined statement of profit or loss for the financial year ended 31 December 2020 with the related explanatory notes (together the “Unaudited Pro Forma Combined Financial Information”) and has been prepared for illustrative purposes only to represent the pro forma effects of the contemplated acquisition of the Borsa Italiana Group by Euronext N.V. (the “Transaction”) on the unadjusted historical financial information of Euronext N.V. 5.3.1 INTRODUCTION

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2020 UNIVERSAL REGISTRATION DOCUMENT