Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

Settlement & Custody For the year ended 31 December 2021:

EURONEXT 2021 REVENUE BY GEOGRAPHY (1)

US 2.0%

Belgium 2.4%

Revenue from Custody, Settlement and other Post Trade, including the activities of Euronext Securities (Copenhagen, Milan, Oslo, Porto), was €219.2 million in 2021, up +99.0% from 2020. This result from the consolidation of Euronext Securities Milan (from 29 April 2021) and of Euronext Securities Copenhagen (from 4 August 2020), as well as record activity across the CSDs with all-time high value of assets under custody, number of settlement instructions and number of retail accounts. Over 2021, 136,171,006 of settlement instructions were processed by Euronext Securities CSDs, pro forma Euronext Securities Milan. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-trade revenue was up +12.1% compared to 2020. For the year ended 31 December 2020: Revenue from Custody, Settlement and other Post-Trade activities, encompassing Interbolsa, Euronext VPS and VP Securities Activities, increased by +122.1% to €110.2 million in 2020. This performance resulted primarily from the consolidation of VP Securities, the first full year of consolidation of Euronext VPS, higher settlement activities and an evolving market structure with increased retail participation in the Danish and Norwegian CSDs. On a like-for-like basis at constant currencies, revenue fromCustody, Settlement and other Post-Trade activities was up +16.9%. For the year ended 31 December 2019: Revenue from Custody, Settlement and other post-trade activities, notably encompassing Interbolsa and VPS activities, increased by +124.9% to €49.6 million in 2019, resulting mainly from the consolidation of Oslo Børs VPS. Both VPS and Interbolsa reported a good performance driven by an increased activity in both custody and settlement. On a like-for-like basis, revenue fromCustody, Settlement and other post-trade was up +1.0%. Euronext Technology Solutions and other Revenue For the year ended 31 December 2021: Euronext Technologies and Other revenue was €85.5 million in 2021, up +71.9% from2020 as a result of the consolidation of Borsa Italiana Group technology businesses, including Gatelab and X2M as well as increased revenues from connectivity and colocation services. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +5.0% compared to 2020. For the year ended 31 December 2020: Euronext Technology Solutions and Other revenue increased by +31.5% in 2020, to €49.7 million, reflecting the consolidation of Nord Pool, and good performance of the core business. On a like-for-like basis at constant currencies, revenue was up +10.0% compared to last year. For the year ended 31 December 2019: Euronext Technology Solutions and Other revenue increased by +4.8% in 2019, to €37.8 million, as a result of good performance of SFTI/Colocation services, hosted services, connection fees and the consolidation of Oslo Børs VPS. On a like-for-like basis, revenue was up +0.6% compared to last year.

Portugal 2.7%

Other 0.9%

Ireland 3.1%

Denmark 5.9%

France 29.9%

Netherlands 14.6%

2021

Norway 14.9%

Italy 23.5%

EURONEXT 2020 REVENUE BY GEOGRAPHY

US 3.1%

Ireland 4.4%

Other 1.6%

Portugal 3.8%

Denmark 3.1% Belgium 3.7%

France 42.1%

2020

Norway 16.8%

Netherlands 21.3%

EURONEXT 2019 REVENUE BY GEOGRAPHY

US 3.4%

Ireland 5.3%

Other 1.1%

Portugal 4.9%

Belgium 4.6%

France 48.8%

Norway 8.4%

2019

Netherlands 23.6%

(1) For eight months of consolidation of the Borsa Italiana Group.

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2021 UNIVERSAL REGISTRATION DOCUMENT