Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

For the year ended 31 December 2020 compared to the year ended 31 December 2019: Total assets increased by €477.4 million, to €2,884.6 million for year ended 31 December 2020, compared to €2,407.2 million for the year ended 31 December 2019. This increase was mainly attributable to: n €77.3 million of increase in the line Goodwill and other intangible assets, which was caused by the goodwill included in the acquisitions of Nord Pool and VP Securities in 2020, as is further described in Section 7.1.5 – Key factors affecting businesses and results of operations ; n €57.6 million of increase in the line Trade and other receivables, which was mainly related to the impact from the acquisition of Nord Pool and VP Securities in 2020; n €80.0 million of increase in the line other current financial assets, which was mainly caused by debt investments in listed bonds that were included in the acquisition of VP Securities; n €259.7 million of increase in the line cash and cash equivalents, whichmovement is further explained in Section 7.1.10 – Cash flow . Total equity increased by €155.2 million, to €1,089.0 million for year ended 31 December 2020, compared to €933.8 million for the year ended 31 December 2019. This increase was mainly attributable to: n €200.7 million of increase in the line Retained earnings, which was primarily caused by €315.5 million of profit for the year attributable to the shareholders of the Company, partly offset by the dividends paid to the shareholders of the company for €-110.6 million; n €-55.5 million impact from foreign currency translation reserve, caused by the revaluation of investments in foreign currencies primarily in NOK. Total liabilities increased by €322.2 million, to €1,795.6 million for year ended 31 December 2020, compared to €1,473.4 million for the year ended 31 December 2019. This increase was mainly attributable to: n €261.0 million of increase in the line Non-current Borrowings, which was mainly caused by the €250 million tap offering on the Bond #2 that was issued in June 2020 (as described in Section 7.1.11 – Facilities agreements and bonds ); n €14.0 million of increase in the line Deferred tax liability, which was caused by deferred tax impact on valuation of certain intangible assets on acquisition of Nord Pool and VP Securities in 2020; n €68.5 million of increase in the line Trade and other payables, which was mainly caused by the impact from the newly acquired subsidiaries in 2020; n €-30.2 million of decrease in the line Other current financial liabilities, which was caused by the payment of the deferred payments and buy option liabilities related to the acquisitions of Company Webcast and InsiderLog AB.

n €137,750.9 million of increase in the line CCP clearing business assets, which reflect the financial instrument positions linked to the Central Counterparty (“CCP”) activity of Cassa di Compensazione e Garanzia S.p.A. (“CC&G”), that was included in the acquisition of the Borsa Italiana Group in 2021; n €65.5 million of increase in the line other current financial assets, which was mainly caused by debt investments in government bonds that were included in the acquisition of Borsa Italiana Group in 2021; n €174.9 million of increase in the line cash and cash equivalents, which movement is further explained in Section 7.1.10. Total equity increased by €2,643.9 million, to €3,732.9 million for year ended 31 December 2021, compared to €1,089.0 million for the year ended 31 December 2020. This increase was mainly attributable to: n €2,375.2 million of total increase in the lines Issued capital and Share premium, which was caused by the issuing of new equity through a private placement to CDP Equity and Intesa Sanpaolo and a rights offer to the Group’s existing shareholders. The new equity was issued to partly finance the acquisition of Borsa Italiana Group in 2021; n €196.7 million of increase in the line Retained earnings, which was primarily caused by €413.3 million of profit for the year attributable to the shareholders of the Company, partly offset by the dividends paid to the shareholders of the company for €-157.2 million and acquisition of non-controlling interest for €-59.3 million (primarily iBabs B.V.). Total liabilities increased by €140,339.9million, to €142,135.5million for year ended 31 December 2021, compared to €1,795.6 million for the year ended 31 December 2020. This increase was mainly attributable to: n €1,771.9 million of increase in the line Non-current Borrowings, which is almost fully attributable to the Bonds that were issued to partly finance the acquisition of Borsa Italiana Group in 2021 (as described in Section 7.1.11 – Facilities agreements and bonds ); n €499.6 million of increase in the line Deferred tax liability, which was caused by deferred tax impact on valuation of certain intangible assets on acquisition of Borsa Italiana Group in 2021; n €137,732.4 million of increase in the line Central Counterparty (“CCP”) clearing business liabilities, which reflect the financial instrument positions linked to CCP activity of Cassa di Compensazione e Garanzia S.p.A. (CC&G), that was included in the acquisition of the Borsa Italiana Group in 2021; n €254.1 million of increase in the line Trade and other payables, which was mainly related to the impact from the acquisition of Borsa Italiana Group and Nord Pool power purchases, as a result of higher trading volumes and energy prices at the end of 2021.

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2021 UNIVERSAL REGISTRATION DOCUMENT