Euronext - 2020 Universal Registration Document

Presentation of the Group 1 Strategy: “Let’s Grow Together 2022” Strategic Plan

Euronext aims to exploit the power of Optiq®, its proprietary cutting- edge trading platform to build an entire ecosystem and become the trusted alternative trading platform. Following the acquisition of VPS and VP Securities, Euronext aims to transform its post-trade assets from core local market infrastructures to value-added, innovative solutions. Euronext’s 2022 Transformation Euronext has engaged in transformation projects that enable the Group to grow and make its model scalable. Euronext aims to empower teams to grow, perform and innovate. It will support teams to execute, collaborate and challenge within a positive performance culture focused on clients. Euronext aims to enhance client connectivity by developing new solutions through a focused client culture, cross-business alignment, improved data management and innovative tools deployment. Euronext aims to deliver operational excellence by improving operating efficiency through an integrated technology backbone, enhance client service interaction and integrate new businesses while keeping its trademark cost discipline. Innovation Euronext aims to pursue the development of innovation solutions and services to enable the Group to capture new opportunities and proactively address challenges from the industry. Euronext’s innovation framework to 2022 will be articulated around: n collective intelligence and codesign; n accelerated digitalisation; n enriching Euronext’s core technology capabilities; n leveraging innovative technology such as tokenisation, bespoke trading models and artificial intelligence. Sustainable Finance As a key market infrastructure, at the heart of the financial ecosystem, Euronext aims to support the acceleration of the transition towards sustainable growth and finance, notably by capitalizing on Oslo Børs VPS’s expertise and the Group’s franchise in green bonds and ESG indices. Euronext commits to: n the development and active support of innovative and sustainable products and services for clients and other members of the financial community; Innovation and Sustainable Finance at the Heart of the Strategy

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 aimed 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 aimed 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 theWACC (6) 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. In February 2021, Euronext announced that it reached its 2022 financial targets two years in advance. Accordingly and ahead of the expected closing of the contemplated acquisition of the Borsa Italiana Group, the 2022 financial targets were withdrawn (see section 1.2.3 – Strategic targets and prospects in 2021). Acquisition of VP Securities On 4 August 2020, Euronext announced that it completed the settlement of shares under its offer launched on 23 April 2020 to acquire 100% of VP Securities, the Danish Central Securities Depository. Euronext’s offer to acquire the remaining shares in VP Securities remained open until 31 August 2020. The acquisition of VP Securities positions Euronext as a leading CSD operator in Europe with three CSDs (Euronext VPS in Norway, Interbolsa in Portugal and VP Securities in Denmark) representing €2.2 trillion in assets under custody, 31 million settlement instructions per year and 4.5 million accounts in 2019. 1.2.2 UPDATE IN 2020

(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 section 5.2 – Other financial Information. (4) Do not meet IAS 37 recognition criteria. (5) Return on Capital Employed. (6) Weighted average cost of capital.

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2020 UNIVERSAL REGISTRATION DOCUMENT