Euronext - 2020 Universal Registration Document

Operating and Financial Review

Overview

For the year ended 31 December 2020: In 2020, exceptional items included:

n €0.5 million of litigation provisions/settlements attributable to individual legal cases, including the $0.8 million settlement with former FastMatch CEO; n €0.9 million of onerous maintenance contract costs.

n €4.3 million of restructuring costs mainly related to expenses for employee termination benefits in the various Euronext locations, with the main impacts in VP Securities, Euronext Amsterdam and Euronext Paris; n €8.8 million of costs incurred for contemplated acquisitions of major significance to the Group, potentially changing the Group’s form or character (transformational acquisitions), which primarily relate to the acquisition of the Borsa Italiana Group; n €1.5 million of claims provision related to the trading platform outage on 19 October 2020; n €1.5 million of impact from the write-off/impairment of software; n €0.2 million of costs related to termination of contracts in Oslo Børs VPS; n €0.8 million of litigation provisions attributable to individual legal cases; n €0.2 million of costs related to onerous commercial contracts. n €5.7 million of restructuring costs mainly related to expenses for employee termination benefits in the various Euronext locations; n €11.7 million of costs incurred for contemplated acquisitions of major significance to the Group, potentially changing the Group’s form or character (transformational acquisitions), which primarily relate to the acquisition of Oslo Børs VPS; n €1.3 million of settlement payment related to the investment in Algomi Ltd.; n €2.2 million related to the early termination of various IT contracts within Oslo Børs VPS; n €0.9 million of costs related to onerous commercial contracts. For the year ended 31 December 2019: In 2019, exceptional items included: n €8.1 million of restructuring costs mainly related to expenses for employee termination benefits in the various Euronext locations; n €2.1 million of costs incurred for contemplated acquisitions of major significance to the Group, potentially changing the Group’s form or character (transformational acquisitions); n €4.8 million of impact related to the early termination of the trading services contract provided by Deutsche Börse AG to the Irish Stock Exchange; n €3.2 million of items related to the revaluation of the investment in Algomi Ltd., of which €1.5 million related to impaired intangible assets in 2018; n €2.0 million of costs related to the termination of contract with a reseller within corporate services business; For the year ended 31 December 2018: In 2018, exceptional items included:

Operating Profit For the year ended 31 December 2020:

Euronext operating profit for the year ended 31 December 2020 was €444.9 million, compared to €333.9 million for the year ended 31 December 2019, an increase of €111.1million or 33%. This impact was caused by an increase of €205.2 million in revenues, which was primarily due to an increase in trading volumes and the impact of newly acquired subsidiaries. This is partly offset by an increase of €98.6 million in operating expenses, which mainly relate to the impact of newly acquired subsidiaries in 2020. For the year ended 31 December 2019: Euronext operating profit for the year ended 31 December 2019 was €333.9 million, compared to €309.4 million for the year ended 31 December 2018, an increase of €24.5 million or 7.9%. This impact was caused by an increase of €64.1 million in revenues, partly offset by an increase of €39.2 million in operating expenses, which both primarily relate to the impacts from the acquisition of Oslo Børs VPS. Change in Fair Value Of Financial Liabilities Change in fair value of financial liabilities increased from an expense of €13.3 million in 2019 to a €0.3 million profit in 2020. The significant impact of last year was due to the revaluation of deferred payments and buy option liabilities related to CompanyWebcast and InsiderLog, which resulted in an €13.3 million expense (see Note 13 of the Consolidated Financial Statements). Net financing expense for 2020 was €12.8 million compared to a net financing expense of €17.4 million in 2019, reflecting interest expenses related to the second bond issued in 2019, the tap issue in June 2020 (see section 7.1.11 - Facilities Agreement and Bonds) and financing costs related to the contemplated acquisition of the Borsa Italiana Group. For the year ended 31 December 2019: Euronext’s net financing income/(expense) for the year ended 31 December 2019 was a net expense of €17.4 million, compared to a net expense of €5.3 million for the year ended 31 December 2018, an increase in net expense of €12.2 million. In details, in 2019, interest expenses increased following the second Bond issued in June 2019 (see section 7.1.11 - Facilities Agreement and Bonds) and other net financing income was positively impacted by income from interest rate swaps, as a result of the Group entering into interest rate swap agreements related to the first issued bond (see section 7.1.11 - Facilities Agreement and Bonds). Net Financing Income/(Expense) For the year ended 31 December 2020:

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2020 UNIVERSAL REGISTRATION DOCUMENT