Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

For the year ended 31 December 2020: Net financing expense for 2020 was €12.8 million compared to a net financing expense of €17.4 million in 2019, reflecting interest expenses related to the second bond issued in 2019, the tap issue in June 2020 (see Section 7.1.11 – Facilities Agreement and Bonds ) and financing costs related to the acquisition of the Borsa Italiana Group. For the year ended 31 December 2019: Euronext’s net financing income / (expense) for the year ended 31 December 2019 was a net expense of €17.4 million, compared to a net expense of €5.3 million for the year ended 31 December 2018, an increase in net expense of €12.2 million. In details, in 2019, interest expenses increased following the second Bond issued in June 2019 (see Section 7.1.11 – Facilities Agreement and Bonds ) and other net financing income was positively impacted by income from interest rate swaps, as a result of the Group entering into interest rate swap agreements related to the first issued bond (see Section 7.1.11 – Facilities Agreement and Bonds ).

primarily due to an increase in trading volumes and the impact of newly acquired subsidiaries. This is partly offset by an increase of €98.6 million in operating expenses, which mainly relate to the impact of newly acquired subsidiaries in 2020. For the year ended 31 December 2019: Euronext operating profit for the year ended 31 December 2019 was €333.9 million, compared to €309.4 million for the year ended 31 December 2018, an increase of €24.5 million or 7.9%. This impact was caused by an increase of €64.1 million in revenues, partly offset by an increase of €39.2 million in operating expenses, which both primarily relate to the impacts from the acquisition of Oslo Børs VPS.

Net Financing Income / (Expense) For the year ended 31 December 2021:

Net financing expense for 2021 was €34.4 million compared to a net financing expense of €12.8 million in 2020. This increase results from the costs of the newly issued debt in relation to the financing of the acquisition of the Borsa Italiana Group

2021

2020

2019

In thousands of euros

Interest expense (effective interest method)

(40,295)

(17,043)

(11,632)

Interest in respect of lease liabilities

(718)

(525)

(555)

Other finance costs

309

306

336

Finance costs

(40,704)

(17,262)

(11,851)

Contingent liabilities Redemption liabilities

— — —

394

(1,310)

(131)

(11,965) (13,275)

Change in fair value of financial liabilities Interest income (effective interest method) Interest income from interest rate swaps

263

1,479 5,004 (698) (711) 1,238 6,312

1,029 4,949

1,879 4,971

Hedging result

(27)

124 198 539

Gain / (loss) on disposal of treasury investments

84

Net foreign exchange gain/(loss)

(1,836)

Other net financing income/(expense)

4,199

7,711

TOTAL

(34,392)

(12,800)

(17,415)

Result from equity investments and gain on disposal of subsidiaries For the year ended 31 December 2021: In 2021, results from equity investments amounted to €33.2 million, reflecting the following items: n €25.7 million of dividends received from Euroclear and Sicovam Holding S.A.; n the contribution from LCH SA, in which Euronext owns a 11.1% stake. In addition, the Group disposed its interest in subsidiaries Centevo AB and Oslo Market Solutions AS in 2021. This resulted in a combined result from disposal of €2.7 million.

For the year ended 31 December 2020: In 2020, the €10.6 million of results from equity investments mainly related to the following items: n €1.6 million of dividends received from Sicovam Holding S.A.; n €8.9 million of result from investment in associates and joint ventures, mainly contributed by the investment in associate LCH SA. For the year ended 31 December 2019: In 2019, the €9.1 million of results from equity investments mainly related to the following items: n €7.3 million of dividends received from Euroclear S.A./N.V. and Sicovam Holding S.A.; n €1.8 million of result from investments in associates and joint ventures, comprising the impairment of EuroCCP stake sold in 2019, offset by €7.7million of result contribution from investments in associate LCH SA.

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2021 UNIVERSAL REGISTRATION DOCUMENT