Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

Other Operational Expenses

2021

2020

2019

In thousands of euros

Systems and communications

(86,286) (84,726) (33,650) (9,332) (55,934)

(38,527) (54,989) (33,067) (6,767) (31,950)

(26,385) (37,070) (29,402) (5,467) (28,219)

Professional services Clearing expenses

Accommodation Other expenses

TOTAL

(269,928)

(165,300)

(126,543)

For the year ended 31 December 2019: System and Communications increased by €0.2 million, or 0.7%, to €26.4 million in 2019, compared to €26.2 million in 2018. This increase is attributable to the integration of Oslo Børs VPS and Commcise, offsetting a decrease in licences fees and the impact of IFRS 16. Professional Services decreased by €9.9 million, or 21.1%, to €37.1 million in 2019, compared to €47.0 million in 2018. This decrease is mainly attributable to a decrease in consulting and advisory costs and the impact of IFRS 16 Clearing expenses (solely related to clearing activities with LCH SA) decreased by €0.4 million, or 1.5%, to €29.4 million in 2019, compared to €29.8 million in 2018. This decrease is linked to the lower Clearing revenues in 2019. Accommodation decreased by €5.0 million, or 47.6%, to €5.5 million in 2019, compared to €10.4 million in 2018. This decrease is attributable to the impact of IFRS 16. Other Expenses decreased by €0.6 million, or 2.0%, to €28.2 million in 2019 when compared to €28.8 million in 2018. This decrease mainly reflects a decrease in tax expenses, as 2018 was notably impacted by €1.7 million of one-off stamp duty tax relating to the acquisition of Euronext Dublin, and a decrease in other costs, offsetting the consolidation of costs from newly acquired businesses previously mentioned. Operating profit before exceptional items was €627.1 million, a +35.7% increase compared to 2020. On a like-for-like basis at constant currencies, operating profit before exceptional items was up +3.4%, to €475.4 million. For the year ended 31 December 2020: Operating profit before exceptional items was €462.3 million, a +29.9% increase compared to 2019. On a like-for-like basis at constant currencies, operating profit before exceptional items was up, +20.4%, to €423.7 million. For the year ended 31 December 2019: Euronext operating profit before exceptional items for the year ended 31 December 2019 was €355.7 million, compared to €330.9 million for the year ended 31 December 2018, an increase of €24.9 million. Operating Profit Before Exceptional Items For the year ended 31 December 2021:

For the year ended 31 December 2021: Systems and Communications increased by €47.8 million, or +124.0%, to €86.3million in 2021, compared to €38.5million in 2020. The increase can primarily be attributed to recent acquisitions and an increase in licence fees. Professional Services increased by €29.7 million, or 54.1%, to €84.7million in 2021, compared to €55.0million in 2020. This change is mainly attributable to the impact of recently acquired subsidiaries. Clearing expenses (solely related to clearing activities with LCH SA) increased by €0.6 million, or 1.8%, to €33.6 million, compared to €33.1 million in 2020. This is mainly linked to higher clearing revenues. Accommodation increased by €2.6 million, or 37.9%, to €9.3 million, compared to €6.8 million in 2020. This increase can be attributed to the impact of recently acquired subsidiaries. Other Expenses increased by €24.0 million, or +75.1%, to €55.9 million in 2021, compared to €32.0 million in 2020. This can primarily be attributed to recent acquisitions, For the year ended 31 December 2020: System and Communications increased by €12.1 million, or 46.0%, to €38.5 million in 2020, compared to €26.4 million in 2019. This increase is primarily attributable to the integration of Nord Pool and VP Securities and an increase in licence fees. Professional Services increased by €17.9 million, or 48.3%, to €55.0 million in 2020, compared to €37.1 million in 2019. This increase is mainly attributable to the impact from the new acquired subsidiaries in 2020, integration costs related to Oslo Børs VPS and increased costs related to the strategic plan of the Company. Clearing expenses (solely related to clearing activities with LCH SA) increased by €3.7 million, or 12.5%, to €33.1 million in 2020, compared to €29.4 million in 2019. This increase is linked to the higher Clearing revenues in 2020. Accommodation increased by €1.3million, or 23.8%, to €6.8million in 2020, compared to €5.5 million in 2019. This increase is attributable to the impact from newly acquired subsidiaries and one additional half-year impact from Oslo Børs VPS. Other Expenses increased by €3.7 million, or 13.2%, to €31.9 million in 2020 when compared to €28.2 million in 2019. This increase mainly reflects the impact from newly acquired subsidiaries and an increase in expected credit loss allowance provision (see Section 8 Note 21).

194

2021 UNIVERSAL REGISTRATION DOCUMENT