Euronext // 2021 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

5.3.4 NOTES TO THE UNAUDITED “PRO FORMA” COMBINED FINANCIAL INFORMATION

The sources fromwhich the unadjusted financial information has been extracted and whether or not an audit or review report on the source has been published are disclosed in the basis of preparation, section 5.3.2.

NOTE 1

RECLASSIFICATIONS

Group (“LSEG”), for the period starting 1 January 2021 up to 29 April 2021. At Borsa Italiana Group these costs were classified as “non-underlying” costs, consisting of salaries and employee benefits and other operating expenses. As a result, the following adjustment is incorporated in the unaudited pro forma combined financial information, as of and for the year ended 31 December 2021: n reclassification of €1.7 million of salaries and employee benefits and €1.6 million of other operating expenses to the line “exceptional items”, reflecting the impact for the period starting 1 January 2021 up to 29 April 2021. The continuing impact of the adjustment is dependent on the occurrence of any infrequent and unusual items.

Euronext N.V. separately discloses in its statement of profit or loss any clearly identifiable income and expense items which are infrequent and unusual by their size or by their nature, in order to provide further understanding of its financial performance. These income and expense items are presented on the line “exceptional items”. A review was performed to assess if for the period starting 1 January 2021 up to 29 April 2021 any reclassifications were necessary in the Unaudited pro forma Financial Information to align the separate disclosure of any income and expense items which are infrequent and unusual by their size or by their nature at Borsa Italiana Group with that of Euronext N.V. The review resulted in the identification of €2.6 million of infrequent and unusual costs, that were incurred by Borsa Italiana Group in relation to the separation from London Stock Exchange Euronext N.V. and Borsa Italiana Group prepare their consolidated financial statements in accordance with IFRS as adopted by the European Union. Upon consummation of the Transaction, a review was completed by management to assess if adjustments were necessary to Borsa Italiana Group’s accounting policies to align with Euronext N.V.’s accounting policies. This review was conducted by comparing Euronext N.V.’s accounting policies from its Consolidated Financial Statements as of and for the year ended 31 December 2021 to Borsa Italiana Group’s accounting policies. This resulted in the identification of the following significant difference: n Leases of intangible assets : As specified in Paragraph 4 of the IFRS 16, “Leases”, “A lessee may, but is not required to, apply the Standard to leases of intangible assets other than those described in Paragraph 3(e)” . Euronext N.V. uses this practical expedient and does not apply IFRS 16 to leases of intangible assets, whereas Borsa Italiana Group does. Given the difference in accounting policy with Euronext N.V., the following adjustment is incorporated in the unaudited pro forma combined financial information for the year ended 31 December 2021: a. elimination of the interest cost of €47k linked to the lease liability, elimination of the amortisation expense linked to the right-of-use intangible asset of €2.7 million and recognition NOTE 2 ACCOUNTING POLICY IMPACTS

of the related lease expense of €2.7 million, reflecting the impact for the period starting 1 January 2021 up to 29 April 2021. The adjustment is expected to have a continuing impact on Euronext N.V.’s future results. No further significant accounting policy differences were identified, except for the new accounting policies that Euronext N.V. had to implement for the Central Counterparty (“CCP”) activity of Cassa di Compensazione e Garanzia S.p.A. (CC&G), that was included in the acquisition of the Borsa Italiana Group, as this activity was new to Euronext N.V. As Euronext N.V. adopted the identical accounting policies applied by Borsa Italiana Group for Net treasury income through CCP business and CCP clearing business financial assets and liabilities , these accounting policy differences had no further adjusting effect on the unaudited pro forma combined statement of profit or loss for the financial year ended 31 December 2021. These accounting policies are further described in Note 3 “Significant accounting policies and judgments” as part of Chapter 8 - Financial Statements in this Universal Registration Document.

156

2021 UNIVERSAL REGISTRATION DOCUMENT