Euronext // 2021 Universal Registration Document

Operating and Financial Review

Overview

Profit before Income Tax For the year ended 31 December 2021:

ended 31 December 2019 compared to 30.2% for the year ended 31 December 2018. The increase of the effective tax rate in 2019 is primarily attributable to: n non-deductible acquisition costs; n the impact of the rate decrease on the deferred tax assets in France and a tax rate increase in the Netherlands impacting the deferred liability; n non-deductible expenses linked to the recognition of earn out liabilities in connection with the buy out of Company Webcast and Insiderlog. Euronext reported profit for the year ended 31 December 2021 was €422.1 million, compared to €320.5 million for the year ended 31 December 2020, an increase of €101.5 million or +32%. Of this profit, €413.3 million was attributable to the shareholders of the parent. For the year ended 31 December 2020: Euronext reported profit for the year ended 31 December 2020 was €320.5 million, compared to €225.3 million for the year ended 31 December 2019, an increase of €95.3 million or +42.3%. Of this profit, €315.5 million was attributable to the shareholders of the parent. For the year ended 31 December 2019: Euronext reported profit for the year ended 31 December 2019 was €225.3 million, compared to €217.6 million for the year ended 31 December 2018, an increase of €7.6 million or +3.5%. Of this profit, €222.0 million was attributable to the shareholders of the parent. The increase was caused by the €13.9 million increase in Operating Profit before tax already described above, partly offset by an increase in income tax expenses of €6.2 million. BALANCE SHEET For the figures used in the balance sheet review below, reference is made to the table containing the Consolidated Balance Sheet in Chapter 5 Selected historical consolidated financial information and other financial information . For the year ended 31 December 2021 compared to the year ended 31 December 2020: Total assets increased by €142,983.9 million, to €145,868.5 million for year ended 31 December 2021, compared to €2,884.6 million for the year ended 31 December 2020. This increase was mainly attributable to: n €4,642.0 million of increase in the line Goodwill and other intangible assets, which was caused by the goodwill and intangible assets included in the acquisition of Borsa Italiana Group in 2021, as is further described in Section 7.1.5; n €221.6 million of increase in the line Trade and other receivables, which was mainly related to the impact from the acquisition of Borsa Italiana Group and Nord Pool power sales, as a result of higher trading volumes and energy prices at the end of 2021; 7.1.9 Profit for the Year For the year ended 31 December 2021:

Euronext profit before income tax for the year ended 31 December 2021 was €580.7 million, compared to €442.7 million for the year ended 31 December 2020, an increase of €138.0 million or +31.2%. This increase was mainly caused by the €134.3 million increase in operating profit already described above, as well as higher results from equity investment, partly offset by higher net financing income / (expense). For the year ended 31 December 2020: Euronext profit before income tax for the year ended 31 December 2020 was €442.7 million, compared to €325.6 million for the year ended 31 December 2019, an increase of €117.1 million or +36.0%. This impact was mainly caused by the €111.1 million increase in operating profit already described above, and a decrease of €4.6 million in net financing income / (expense). For the year ended 31 December 2019: Euronext profit before income tax for the year ended 31 December 2019 was €325.6 million, compared to €311.7 million for the year ended 31 December 2018, an increase of €13.9million or +4.4%. This impact was caused by the €24.5 million increase in Operating Profit already described above, and is partly offset by i) an increase of €6.4 million in finance costs, which relate to interest expense of the second Bond issued in June 2019, and ii) an increase of €10.1 million in negative changes in fair value of financial instruments, which relate to revaluation of the deferred payments and buy options linked to the acquisitions of Company Webcast and Insiderlog. Euronext’s income tax expense for the year ended 31 December 2021 was €158.6 million, compared to €122.2 million for the year ended 31 December 2020, an increase of €36.4 million or +29.9%. Euronext’s effective tax rate was 27.3% for the year ended 31 December 2021 compared to 27.6% for the year ended 31 December 2020. The decrease of the effective tax rate in 2021 is primarily due to non-deductible acquisition costs. For the year ended 31 December 2020: Euronext’s income tax expense for the year ended 31 December 2020 was €122.2 million, compared to €100.3 million for the year ended 31 December 2019, an increase of €21.9 million or +21.8%. Euronext’s effective tax rate was 27.6% for the year ended 31 December 2020 compared to 30.8% for the year ended 31 December 2019. The decrease of the effective tax rate in 2020 is primarily attributable to: n non-deductible acquisition costs; n the impact from statutory tax rate changes on deferred tax Income Tax Expense For the year ended 31 December 2021:

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positions in France and the Netherlands. For the year ended 31 December 2019:

Euronext’s income tax expense for the year ended 31 December 2019 was €100.3 million, compared to €94.1 million for the year ended 31 December 2018, an increase of €6.2 million or +6.6%. Euronext’s effective tax rate was 30.8% for the year

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2021 UNIVERSAL REGISTRATION DOCUMENT