Euronext // 2021 Universal Registration Document

Operating and Financial Review

Overview

2017. As per 31 December 2021 the investment amounted to €66.8 million (31 December 2020: €61.5 million and 31 December 2019: €60.0 million). n Investment in Tokeny Solutions On 28 June 2019, the Group acquired a 23.5% stake in Tokeny Solutions, a tokenisation platform that provides users end-to-end solutions to issue, manage and transfer tokenised securities on public blockchain. The consideration of the investment amounted to €5.0 million. The Group recognised the acquired interest as an investment in associate. As per 30 June 2021, following indications of a deteriorated future cash flow situation, the investment in associate Tokeny Solutions was impaired by €4.3 million to zero value. There were no changes to this value as per 31December 2021 (31December 2020: €4.5 million and 31 December 2019: €4.8 million). On 30 April 2014, ICE contributed to the Group a 2.75% ownership interest into Euroclear, an unlisted company involved in the settlement of securities transaction and related banking services. Due to share buy-backs by Euroclear in 2015 and 2017 the direct investment in Euroclear increased from 2.75% to 3.34% as per 31 December 2017. In 2018, the Group increased its interest in Euroclear from 3.34% to 3.53%, which was due to the acquisition of the Irish Stock Exchange Plc., that holds an 0.19% ownership interest in Euroclear. The Group also holds an 1.53% indirect investment in Euroclear, through its 9.60% ownership interest in Sicovam Holding S.A. The Group established a standardised multi-criteria approach valuation for financial institutions based on the Gordon Growth Model valuation technique as its primary valuation method and the regression valuation technique (P/BV and ROE) and tradingmultiples as control methods. In addition, the Group considers the most recent transactions observed, for the determination of fair value in addition to its primary valuation technique. The Group applies a weighted approach taking into account an illiquidity discount accounting for the limited number of transactions. In 2021, this valuation method resulted in a total valuation of Euroclear S.A./N.V. of €4.2 billion (2020: €4.1 billion and 2019: €3.9 billion) and to an increase in fair value of Euronext S.A./N.V.’s direct- and indirect investments of €3.2 million (2020:€6.7 million and 2019 €9.1 million). This revaluation was recorded in Other Comprehensive Income. As per 31 December 2021, following the above, the fair value of the investment in Euroclear was measured at €148.3 million (31 December 2020: €145.3 million and 31 December 2019: €140.4 million) and the fair value of the investment in Sicovam Holding S.A. was measured at €59.1 million (31 December 2020: €58.9 million and 31 December 2019: €57.1 million). n Algomi Limited Investment (Algomi) In November 2016, Euronext announced a 10-year partnership with would have used fixed-income technology provider Algomi Limited (Algomi) to create a long-term joint venture “Algonext”. This JV, initially capitalised by Euronext for $2.3million, would have deployed Algomi’s technology to a new multilateral trading facility (“MTF”), owned and operated by Euronext. Based on shared ownership Equity Investments n Euroclear S.A./N.V. (Euroclear) Investment

level. The Group expects to receive net proceeds of approximately €8.8 million from the sale of its minority stake. As a result of this agreement, the Group impaired the value of its investment by approximately €6.0million, and classified the investment as an asset held for sale as per 31 December 2019. On 1 July 2020, the Group sold its 20% investment in associate EuroCCP to CBOE Global Markets for a cash consideration of €8.8 million. The investment was subsequently derecognised. n Algonext Ltd In November 2016, Euronext announced a 10 year partnership with fixed income technology provider Algomi to create a long-term joint venture. This joint venture, capitalised by Euronext, would have deployed Algomi’s technology to a new multilateral trading facility (“MTF”) “Synapse”. Dealers would have been able to access the trading interface either directly through their existing Algomi technology or through their stand-alone systems. The platform would have used algorithmic smart matching processes to create an auction between dealers to improve liquidity and search for best execution. Algonext was incorporated on 16 December 2016 and, based on shared ownership, Euronext has an interest of 50%. The investment in Algonext amounting to €1.2 million has been recognised as an investment in joint ventures as at 31 December 2016. 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 Algonext Ltd., bringing its value down to zero (see also “Algomi investment” within the “Equity investments” section). There were no changes to this value as per 31 December 2019. In 2020, Algonext Ltd. was dissolved and subsequently the investment was derecognised. n LiquidShare S.A. On 10 July 2017 the Group, together with six other leading financial institutions, incorporated LiquidShare S.A., a fintech joint venture with the objective to improve SME’s access to capital markets and improving the transparency and security of post-trading operations using blockchain technology. The Group shares joint control with the other founders and has an interest of 16.23% in LiquidShare (2020 and 2019: 16.23%). In 2019, the Group made a capital contribution of €1.0 million in LiquidShare S.A. As per 31 December 2021 the investment amounted to €1.7 million (31 December 2020: €1.7 million and 31 December 2019: €1.9 million). n LCH SA In the second half of 2017, the Group announced its intentions to swap its 2.31% stake in LCH Group for a 11.1% stake in LCH SA, subject to regulatory approvals and other customary conditions. The transaction was finalised on 29 December 2017 and will strengthen the long-standing relationship between Euronext and LCH SA. Euronext will remain on the board of LCH SA following completion of the share swap. Euronext will also nominate one representative to LCH SA Audit Committee and will continue to be represented at LCH SA Risk Committee. A new Consultative Committee dedicated to Euronext derivatives business will be created. The parties have agreed that Euronext will have certain minority protection rights connected with its new shareholding in LCH SA. As the Group concluded it has significant influence, the 11.1% stake in LCH SA amounting to €58.0 million was recognised in investments in associates and joint ventures as per 31 December

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2021 UNIVERSAL REGISTRATION DOCUMENT