Euronext - 2020 Universal Registration Document

Operating and Financial Review 7 Overview

Total Revenue Euronext’s total revenue for the year ended 31 December 2020 was €884.3 million, an increase of €205.2 million compared to €679.1 million for the year ended 31 December 2019. The table below sets forth Euronext’s revenue for the years ended 31 December 2020, 2019 and 2018.

2020

2019

2018

In thousands of euros

Listing

145,473

128,951

106,490

Trading revenue

365,100

272,810

276,572

of which

n Cash trading

262,226

205,565

210,947

n Derivatives trading

49,206

44,324

43,910

n FX trading

26,352

22,921

21,715

Power trading

27,316

Investor Services

7,584

5,735

Advanced data services

139,036

128,756

118,298

177,228

104,831

77,381

Post-trade

n of which n Clearing

67,056

55,237

55,331

Custody & Settlement and other

110,172

49,594

22,050

Euronext Technology Solutions & other revenue

49,725

37,805

36,063

Other income

172

220

229

679,108

615,033

TOTAL REVENUE

884,318

Secondary markets saw fluctuating activity during the year. While the first and fourth quarters saw large M&A-related issuances, the second and third quarters were more moderate, and driven by convertible bonds issuance and support funding deals. In 2020, €54.2 billion was raised in secondary equity issues, compared to €33.2 billion in 2019. Debt-related fixed revenue offset the decrease in new debt listings due to the unfavourable macroeconomic environment in 2020. New debt listings also saw growing momentum in ESG-related bond listings during 2020. In 2020, €1,155 billion in debt was raised on Euronext’s markets, compared to €1,230 billion in 2019. In total, €1,216 billion in equity and debt was raised on Euronext’s markets in 2020, compared to €1,268 billion in 2019. Corporate Services reported a strong performance, generating €32.4 million in revenue in 2020, up +32.4%, including €1.6 million in contribution from recent acquisitions (1) , compared to €24.4 million in 2019. This performance reflects continued commercial development and an enhanced digital offering meeting an increased demand for digital solutions. For the year ended 31 December 2019 (2) : Listing revenue was €129.0 million in 2019, an increase of +21.1% compared to 2018, driven by the strong performance of Euronext’s Corporate Services (+€7.2 million) and the consolidation of Oslo Børs VPS for 6.5 months and Euronext Dublin for three months (Euronext

The like-for-like measure in the operating results review below is used by the Group to improve comparability with the impact generated in the comparative period. It comprises the consolidated impact of the specific revenue or expense category for the year minus the impact of the specific revenue or expense category from newly acquired subsidiaries during the year.

Listing For the year ended 31 December 2020:

Listing revenue was €145.5 million in 2020, an increase of +12.8% compared to 2019, driven primarily by the strong performance of Corporate Services and the first full year of consolidation of Oslo Børs listing activities. On a like-for-like basis at constant currencies, listing revenue increased by +4.4%. 2020 saw a record activity in primary listings, notably supported by record activity at Oslo Børs. In 2020, Euronext recorded 90 new listing, the bulk of which took place during the second semester. Euronext notably welcomed the largest IPO in Europe in 2020, with the listing of JDE Peet’s, and demonstrated the attractiveness of its offering with listings from both large capitalisation and SME tech companies. In 2020, €6.7 billion was raised on Euronext primary markets, compared to €5.1 billion in 2019.

(1) Ticker and 3Sens. (2) 2019 data might differs from hat was published in 2020 due to a divergence in methodology between Oslo Børs and Euronext in 2019.

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2020 UNIVERSAL REGISTRATION DOCUMENT