Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

n Acquisition of additional interest by exercise of call option for remaining shares in Commcise Software Ltd On 30 September 2021, the Group exercised its call option to acquire the remaining 21% of the shares in Commcise Software Ltd., increasing the Group’s ownership to 100%. Cash consideration of €12.7 million was paid to the non-controlling shareholders. The following acquisitions of subsidiaries were made in 2020: n Acquisition of Nord Pool Holding AS On 15 January 2020, Euronext completed the acquisition of 66% of the share capital and voting rights in Nord Pool, which runs a leading physical power market in Europe. The total purchase consideration of the transaction amounted to €65.4 million. n Acquisition of VP Securities AS On 3 August 2020, the Group acquired 85.2% of the outstanding share capital in VP Securities AS, the Danish national Central Securities Depository operator, for consideration of DKK 969.5 million, or €130.2 million. This represented a controlling interest of 86.8% (including 1.6% of treasury shares) in VP Securities AS. Subsequent to the transaction, the Group acquired the remaining 13.2% minority stake, making the Group the beneficial owner of 100% of the VP Securities AS shares as per 23 October 2020. n Acquisition of BlackWoodpecker Software Oy (Ticker Software) On 2 June 2020, the Group acquired 100% of the share capital in Black Woodpecker Software Oy, a regulatory technology specialist from Finland, for a cash consideration of €1.7 million, plus a contingent consideration payable depending on future financial performance. n Acquisition of Troisième Sens (3Sens) On 8 July 2020, the Group acquired 100% of the share capital in Troisième Sens (“3Sens”), a webcast and corporate events specialist in France, for a cash consideration of €1.6 million. n Acquisition of additional interest by exercise of put option for remaining shares in Company Webcast B.V. On 25 March 2020, the minority shareholders exercised their put option for selling the remaining 49% of the shares in Company Webcast B.V., increasing the Group’s ownership to 100%. Cash consideration of €22.3 million was paid to the non-controlling shareholders. n Acquisition of additional interest by exercise of call option for remaining shares in InsiderLog AB On 11 February 2020, the Group exercised its call option for the remaining 20% of the shares in InsiderLog AB, increasing the Group’s ownership to 100%. Cash consideration of €5.7 million was paid to the non-controlling shareholders. n Acquisition of additional interest by exercise of call option for remaining shares in Euronext FX On 22 December 2020, the Group exercised its call option for the remaining 2.7% of the shares in Euronext FX, increasing the Group’s ownership to 100%. Cash consideration of €4.3 million was paid to the non-controlling shareholders.

The following acquisitions of subsidiaries were made in 2019: n Acquisition of Oslo Børs VPS Holding ASA On 14 June 2019, the Group acquired a majority stake in Oslo Børs VPS, the Norwegian Stock Exchange and national CSD operator, increasing its ownership to 97.8% as per that date. The total purchase consideration of the transaction amounted to €693.4 million. Subsequent to the transaction, the Group acquired the remaining 2.2%minority stake, making the Group the beneficial owner of 100% of the Oslo Børs VPS shares as per 4 July 2019. n Acquisition of FinanceWebWorking S.A.S. (Euronext Funds360) On 9 July 2019, the Group acquired 60% of Finance Web Working S.A.S., a leading fund data provider in France, operating under the business name Euronext Funds360 (formerly OPCVM360), with an option to acquire the remaining capital in 2023. The total purchase consideration of the transaction amounted to €3.2 million. On 22 July 2016, Euronext acquired a 34.04%stake in Tredzone S.A.S., a highly specialised low latency software developer, as part of its innovation strategy. Euronext has assessed the high level of performance of the Tredzone technology by using it to develop the next generation trading platform Optiq®. This agreement will enable Tredzone to strengthen its leading edge technology and will allow Euronext to benefit from future developments made by Tredzone. Software development tools from Tredzone allow Euronext to fully leverage multi-core processing, hence enabling substantial savings in use of hardware, simplifying and securing IT infrastructure. Designed by a team of experts from financial markets software design, these tools are specifically adapted to handle large amounts of data in real time within a complex environment. The €1.4 million investment was recognised as an investment in associate as at 31 December 2016. As per 31 December 2017 the investment amounted to €1.1 million. As per 31 December 2018, following a review for impairment of its associates and joint ventures, the Group recognised an impairment of its interest in Tredzone S.A.S., bringing its value down to zero. There were no changes to this value as per 31 December 2019. In 2020, Tredzone S.A.S. was dissolved and In August 2016, Euronext announced it had signed a definitive agreement to acquire a 20% stake in European Central Counterparty N.V. (EuroCCP), the leading CCP for pan-European equity markets, providing clearing and settlement services. Following regulatory approvals, the completion of the transaction was finalised on 15 December 2016 for an amount of €13.4 million. The investment in EuroCCP has been recognised as an investment in associate as at 31 December 2016. As per 31 December 2017 the investment amounted to €14.1million. As per 31 December 2018 the investment amounted to €14.4 million. On 10 December 2019, Euronext announced that it entered into a binding agreement to sell its 20%minority stake in EuroCCP to CBOE Global Markets, alongside the other current EuroCCP shareholders. The transaction is expected to close in the first half of 2020, subject to receipt of required regulatory clearances and the arrangement of a supporting liquidity facility at the EuroCCP clearing entity Investments in Associates and Joint Ventures n Tredzone subsequently the investment was derecognised. n European Central Counterparty N.V. (EuroCCP)

184

2021 UNIVERSAL REGISTRATION DOCUMENT