Euronext // 2021 Universal Registration Document

Operating and Financial Review

Overview

Power Trading For the year ended 31 December 2021:

For the year ended 31 December 2020: Advanced Data Services reported revenue up +8.0% to €139.0million in 2020, as a result of the consolidation of data activities of acquired businesses and of the good performance of ESG products and indices. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +2.4% compared to 2019. For the year ended 31 December 2019: Advanced Data Services reported revenue up +8.8% to €128.8million in 2019 due to the good performance of index activities, particularly on ESG products and structured products, and the consolidation of Oslo Børs VPS. On a like-for-like basis, Advanced Data Services revenues were up +1.1% compared to 2018, thanks to the good performance of the indices business, offset by the decrease of market data revenue. Clearing revenuewas up in 2021, at €101.4million, +51.2%compared to 2020, as a result of the consolidation of Euronext Clearing (formerly CC&G) activities as well as higher clearing revenue supported by an increase in commodity derivatives cleared and higher treasury income received from LCH SA. Euronext Clearing’s derivatives clearing for the full year amounted to €3.9 million, bonds clearing to €5.7 million, and equities clearing generated €11.6 million of revenues, for 8 months of consolidation of Euronext Clearing clearing activities. On a like-for-like basis at constant currencies, clearing revenue was up +6.6% compared to 2020. For the year ended 31 December 2020: Clearing revenue was up in 2020, at €67.1 million, +21.4% compared to 2019, reflecting higher treasury income and higher derivatives trading volumes. For the year ended 31 December 2019: Clearing revenue was stable in 2019, at €55.2 million, slightly down -0.2% compared to 2018, as lower derivatives trading volumes were partially offset by higher treasury income. Net treasury income through the CCP business of Euronext Clearing was €35.4million in 2021 for 8months of consolidation. Net treasury income through CCP clearing business is earned from instruments held at amortised cost or fair value as follows: n a net €43.6 million was earned from financial assets and financial liabilities held at amortised cost (€93.1 million income and €49.5 million expense). n a net €8.2 million loss was incurred from assets held at fair value (€30.1 million income and €38.3 million expense). Post Trade Clearing For the year ended 31 December 2021: Net Treasury Income For the year ended 31 December 2021:

Power trading reported €29.9 million in revenue in 2021, +9.3% compared to 2020 as lower trading volumes in the UK and Ireland as well as Central and Western Europe markets were offset by an enhanced revenue capture. In 2021, average daily day-ahead power traded was 2.47TWh, down -2.0% compared to 2020, and average daily intraday power traded was 0.07TWh, down -2.3% compared to 2020. On a like-for-like basis at constant currencies, power trading revenue was down -0.3% compared to 2020. For the year ended 31 December 2020: Power trading, encompassing the trading activities of Nord Pool, of which Euronext acquired 66% in January 2020, reported €27.3 million of revenue in 2020, reflecting a strong performance in the Central and Western Europe market offsetting the impact of a warmer winter at the beginning of the year. Over 2020, average daily day-ahead power traded was 2.52 TWh, and average daily intraday power traded was 0.07 TWh. Investor Services revenue increased to €8.9 million in 2021, up +17.3% compared to 2020, resulting from successful commercial expansion and enhancement of the offering. On a like-for-like basis at constant currencies, Investor Services revenue was up +26.9% compared to 2020. For the year ended 31 December 2020: Investor Services, encompassing the activities of Commcise and Investor Services activities from Oslo Børs VPS, reported revenue up +32.3% to €7.6 million of revenue in 2020 reflecting continued commercial development. On a like-for-like basis at constant currencies, revenue from Investor Services was up +26.0%. For the year ended 31 December 2019: Investor Services, created in 2019, encompassing primarily the activities of Commcise, of which Euronext acquired 78% of the capital in December 2018, as well as Investor Services activities from Oslo Børs VPS, reported €5.7 million of revenue in 2019 as the business benefited fromEuronext’s commercial reach and expertise throughout the year. Over 2021, Advanced Data Services revenue grew to €183.6 million, up +32.1% compared to the previous year as a result of the consolidation of Borsa Italiana Group data businesses, as well as solid market data activities, dynamic indices business with the launch of 20 new ESG indices and growing traction of data solutions activity. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.1% compared to 2020. Advanced Data Services For the year ended 31 December 2021: Investor Services For the year ended 31 December 2021:

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2021 UNIVERSAL REGISTRATION DOCUMENT