Euronext - 2020 Universal Registration Document

Operating and Financial Review

Overview

EURONEXT 2020 REVENUE BY GEOGRAPHY

EURONEXT 2019 REVENUE BY GEOGRAPHY

Sweden 0.93%

Sweden 0.34%

USA 3.42% Norway 8.40%

Denmark 3.12%

Norway 16.82%

Hong Kong 0.01%

Finland 0.03%

Ireland 5.25%

USA 3.12%

Hong Kong 0.00%

Portugal 4.89%

France 48.78%

Portugal 3.76% Ireland 4.43%

France 42.09%

United Kingdom 0.78% Belgium 4.56%

2019

2020

Belgium 3.74%

Netherlands 23.57%

United Kingdom 0.67%

Netherlands 21.29%

Operating Expenses

2020

2019

2018

Salaries and employee benefits Depreciation and amortisation Other operational expenses TOTAL OPERATING EXPENSES

(198,970) (57,776) (165,300) (422,046)

(153,145) (43,676) (126,543) (323,364)

(118,488) (23,400) (142,295) (284,183)

This increase is mainly attributable to the increase in headcount following the incorporation of newly acquired businesses and to

For the year ended 31 December 2020: Euronext operating expenses in 2020 were €422.0million, compared to €323.4 million in 2019, an increase of €98.6 million or 30.5%. The overall cost increase in 2020 was due to: n the acquisitions of Nord Pool and VP Securities in 2020, and the full year cost impact from the acquisitions of Oslo Børs VPS; n PPA amortisation, related to the acquisitions mentioned above; n Integration cost related to new acquisitions. For the year ended 31 December 2019: Euronext operating expenses in 2019 were €323.4million, compared to €284.2 million in 2018, an increase of €39.2 million or 13.8%. The overall cost increase in 2019 was due to: n the acquisitions of Oslo Børs VPS, Commcise and OPCVM360 in 2019, and the full year cost impact from the acquisitions of Euronext Dublin; n PPA amortisation, related to the acquisitions mentioned above. Euronext operating expenses comprise salaries and employee benefits, depreciation and amortisation, and other operational expenses.

increased performance based payments. For the year ended 31 December 2019:

Salaries and Employee Benefits increased by €34.7million, or 29.2%, to €153.1 million in 2019, compared to €118.5 million in 2018. This increase is mainly attributable to the increase in headcount following the incorporation of newly acquired businesses and to increased performance based payments.

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Depreciation and Amortisation For the year ended 31 December 2020:

Depreciation and amortisation accounted for €57.8 million in 2020, up +32.3%, resulting primarily from the consolidation of Nord Pool and VP Securities PPA and one additional half year of Oslo Børs VPS PPA accounting. For the year ended 31 December 2019: Depreciation and amortisation accounted for €43.7 million in 2019, up +86.6%, resulting primarily from the consolidation of Oslo Børs VPS PPA and one additional quarter of Euronext Dublin PPA accounting for €6.3 million and the adoption of IFRS 16. On a like-for-like basis, depreciation & amortisation was up +39.6% to €32.7 million, mainly due to the impact of IFRS 16.

Salaries and Employee Benefits For the year ended 31 December 2020:

Salaries and Employee Benefits increased by €45.8 million, or 29.9%, to €198.8million in 2020, compared to €153.1million in 2019.

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2020 UNIVERSAL REGISTRATION DOCUMENT