Euronext // 2021 Universal Registration Document

Operating and Financial Review

Overview

Operating Expenses

2021

2020

2019

In thousands of euros

Salaries and employee benefits

(275,883)

(198,970)

(153,145)

Depreciation and amortization

(125,747)

(57,776)

(43,676)

Other operational expenses

(269,928)

(165,300)

(126,543)

TOTAL OPERATING EXPENSES

(671,558)

(422,046)

(323,364)

For the year ended 31 December 2020: Salaries and Employee Benefits increased by €45.9million, or 29.9%, to €199.0 million in 2020, compared to €153.1 million in 2019. This increase is mainly attributable to the increase in headcount following the incorporation of newly acquired businesses and to increased performance based payments. For the year ended 31 December 2019: Salaries and Employee Benefits increased by €34.7million, or 29.2%, to €153.1 million in 2019, compared to €118.5 million in 2018. This increase is mainly attributable to the increase in headcount following the incorporation of newly acquired businesses and to increased performance based payments. Depreciation and amortisation accounted for €125.7 million in 2021, up +117.6%, resulting primarily from the consolidation of the Borsa Italiana Group, including its related PPA for €39.0 million (for eight months of consolidation). For the year ended 31 December 2020: Depreciation and amortisation accounted for €57.8 million in 2020, up +32.3%, resulting primarily from the consolidation of Nord Pool and VP Securities PPA and one additional half year of Oslo Børs VPS PPA accounting. For the year ended 31 December 2019: Depreciation and amortisation accounted for €43.7 million in 2019, up +86.6%, resulting primarily from the consolidation of Oslo Børs VPS PPA and one additional quarter of Euronext Dublin PPA accounting for €6.3 million and the adoption of IFRS 16. On a like-for-like basis, depreciation & amortisation was up +39.6% to €32.7 million, mainly due to the impact of IFRS 16. Depreciation and Amortisation For the year ended 31 December 2021:

For the year ended 31 December 2021: Euronext operating expenses in 2021 were €671.6million, compared to €422.0 million in 2020, an increase of €249.5 million or 59.1%. The overall cost increase in 2021 was due to: n the consolidation of the costs from the Borsa Italiana Group, Euronext Securities Copenhagen (since 4 August 2020) and 3Sens (part of Corporate Services); n increase in depreciation and amortisation resulting from the Borsa Italiana Group, including its related PPA for €39.0 million (for eight months of consolidation); n integration costs related to the new acquisitions. For the year ended 31 December 2020: Euronext operating expenses in 2020 were €422.0million, compared to €323.4 million in 2019, an increase of €98.6 million or 30.5%. The overall cost increase in 2020 was due to: n the acquisitions of Nord Pool and VP Securities in 2020, and the full year cost impact from the acquisitions of Oslo Børs VPS; n PPA amortisation, related to the acquisitions mentioned above; n integration cost related to new acquisitions. For the year ended 31 December 2019: Euronext operating expenses in 2019 were €323.4million, compared to €284.2 million in 2018, an increase of €39.2 million or 13.8%. The overall cost increase in 2019 was due to: n the acquisitions of Oslo Børs VPS, Commcise and OPCVM360 in 2019, and the full year cost impact from the acquisitions of Euronext Dublin; n PPA amortisation, related to the acquisitions mentioned above. Euronext operating expenses comprise salaries and employee benefits, depreciation and amortisation, and other operational expenses.

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Salaries and Employee Benefits For the year ended 31 December 2021:

Salaries and Employee Benefits increased by €76.9 million, or 38.7%, to €275.9million in 2021, compared to €199.0million in 2020. The increase is mainly attributable to the increase in headcount following the incorporation of the Borsa Italiana Group and other recent acquisitions.

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2021 UNIVERSAL REGISTRATION DOCUMENT