Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

daily volume on individual equity derivatives was down -4.2% at 295,227 contracts, while the average daily volume on equity index derivatives was down -2.0% to 240,550 contracts. Commodity products recorded a decrease in average daily volumes in 2019, down -7.3% to 53,224 contracts compared to 2018. Yield on derivatives averaged €0.30 in 2019, up +1.7% compared to 2018, resulting from enhanced yield management.

For the year ended 31 December 2019: Cash trading revenue decreased by -2.6% in 2019, to a total of €203.6 million, resulting from a decline in trading volumes in a low volatility environment with average daily volume for cash trading decreasing to €7.8 billion in 2019, down -3.8% compared to 2018. On a like-for-like basis, cash trading revenue decreased by -5.8%. The average yield over the year was 0.52bps, and amounted to 0.53bps on a like-for-like basis, compared to 0.51bps in 2018. The cash trading market share throughout 2019 averaged 68.8% like- for-like, an increase from 66.1% in 2018. The average daily transaction value of ETFs on the electronic order book was €216 million over 2019, down -18.8% compared to 2018, driven by low volatility levels. The total number of ETFs listed on Euronext was 1,236 at end of December 2019. Derivatives trading revenue increased by +6.6% to €52.5 million in 2021 as a result of the consolidation of Borsa Italiana Capital Markets, newly launched innovative products and of a record year for commodity derivatives trading. In 2021, average daily volume on financial derivatives was 650,898 lots, down -8.3% from 2020 reflecting a low volatility environment for equity derivatives, while average daily volume on commodity derivatives was 82,219 lots, up +22.6% from 2020 reflecting successful expansion of the franchise. Euronext revenue capture on derivatives trading was €0.29 per lot for 2021. On a like-for-like basis at constant currencies, derivatives trading revenue was down -8.5% in 2021 compared to 2020. For the year ended 31 December 2020: Derivatives trading revenue increased +11.0% in 2020, to €49.2 million, compared to €44.3 million in 2019. Derivatives trading volumes in 2020 increased +14.6% compared to 2019. Average daily volume on individual equity derivatives was up +27.6% at 376,732 contracts, resulting from increased individual equity futures volumes, while the average daily volume on equity index derivatives was down -2.3% to 235,080 contracts. Commodity products recorded an increase in average daily volumes in 2020, up +26.0% to 67,037 contracts compared to 2019, reflecting client diversification and geographic expansion. Yield on derivatives averaged €0.28 in 2020, down -6.2% compared to 2019, as increased volumes in high-yield commodity products were offset by the dilutive impact of significant volumes in recently launched lower-yield equity futures. On a like-for-like basis at constant currencies, revenue from derivatives trading was up +8.7%. For the year ended 31 December 2019: Derivatives trading revenue increased +0.9% in 2019, to €44.3 million, compared to €43.9 million in 2018. On a like-for- like basis, derivatives trading revenue was down -1.8%. Average Derivatives Trading For the year ended 31 December 2021 (1) :

Fixed Income Trading For the year ended 31 December 2021:

Fixed income trading reported revenue at €65.8 million in 2021, compared to €2.6 million in 2020 and €2.6 million in 2019, resulting from the consolidation of MTS. MTS Cash contributed €46.8 million of revenues, while MTS Repo reported €12.7 million for 2021. MTS Reported significant growth in cash volumes driven by steady issuance as well as European bond buying programmes and a dynamic Italian market. MTS Cash average daily volumes grew +71.8% versus 2020 to €24.0 billion in 2021. MTS Repo reported term adjusted average daily volumes down -18.2% to €282.7 billion with a renewed dynamic during the fourth quarter of 2021. On a like-for-like basis at constant currencies, fixed income trading revenue (solely Euronext perimeter) was down -34.2% in 2021 compared to 2020. For the years ended 31 December 2020 and 2019, variances in fixed income trading were not significant. FX trading reported revenue at €23.5 million in 2021, down -10.9% from2020, reflecting lower trading volumes as FXmarkets recorded lower volatility through the year. In 2021, US$19.2 billion average daily volumes were recorded, down -10.3% compared to 2020. On a like-for-like basis at constant currencies, FX trading revenue was down -7.4% in 2021 compared to 2020. For the year ended 31 December 2020: Spot FX trading activity on the Euronext FX spot foreign exchange market recorded average daily volumes of $21.4 billion in 2020, up, +17.2%, compared to $18.3 billion in 2019, reflecting a more volatile environment and geographic expansion. As a result, spot FX trading generated €26.4 million of revenue in 2020, up +15.0% compared to €22.9 million in 2019. On a like-for-like basis at constant currencies, revenue from spot FX trading was up +16.8%. For the year ended 31 December 2019: Spot FX trading activity on the Euronext FX spot foreign exchange market recorded average daily volumes of $18.3 billion in 2019, down -9.2% compared to $20.1 billion in 2018, impacted by a low volatility environment through 2019. Spot FX trading generated €22.9million of revenue in 2019, up +5.6% compared to €21.7million in 2018, thanks to improved yield management. FX Trading For the year ended the 31 December 2021:

(1) 2020 data used in 2021 are pro forma Borsa Italiana volumes.

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2021 UNIVERSAL REGISTRATION DOCUMENT