Euronext // 2021 Universal Registration Document

Operating and Financial Review

Overview

7.1.10 CASH FLOW The table below summarises Euronext consolidated cash flow for the years ended 31 December 2021, 2020 and 2019:

Year ended 31 December 2021 31 December 2020 31 December 2019

In thousands of euros

Net cash generated by operating activities

543,706

277,988

253,771

Net cash (used in) investing activities

(4,215,509)

(104,725)

(607,307)

Net cash generated by financing activities

3,839,087

104,235

327,678

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS

167,284

277,498

(25,858)

Cash and cash equivalents – Beginning of period

629,469

369,822

398,018

Non-cash exchange gains/(losses) on cash and cash equivalents

12,656

(17,851)

(2,338)

CASH AND CASH EQUIVALENTS – END OF PERIOD (a)

809,409

629,469

369,822

(a) Includes €5.0 million of cash and cash equivalents classified as held for sale for the year ended 31 December 2021.

Net Cash Generated by Operating Activities Net cash generated by operating activities increased by €265.7 million, to €543.7 million for year ended 31 December 2021, compared to €278.0 million for the year ended 31 December 2020. This increase was mainly attributable to: n the effect of an increase in profit before tax of €138.0 million, an increase of adjusting effects for depreciation and amortisation of €67.9 million related to the acquired intangible assets of Borsa Italiana Group and an increase of €156.9 million of impact from changes in working capital, primarily attributable to the outstanding positions in power sales and power purchases of Nord Pool at end of 2021; n these impacts were partly offset by €-100.8 million related to increased income taxes paid in 2021, primarily at Borsa Italiana Group. Net cash generated by operating activities increased by €24.2million, to €278.0 million for year ended 31 December 2020, compared to €253.8 million for the year ended 31 December 2019. This increase was mainly attributable to: n the effect of an increase in profit before tax of €117.1 million, partly offset by €-71.6 million of impact from changes in working capital, almost fully attributable to the payment of suppliers that were included in the acquisition balance of Nord Pool in 2020; n the effect of a decrease of €-13.6million in adjustment for changes in fair value of financial instruments. This is attributable to the revaluation of deferred payments and buy option liabilities related to the acquisitions of Company Webcast and Insiderlog in 2019. The payment of these liabilities were made in 2020. Net Cash (Used in) Investing Activities Net cash used in investing activities increased by €4,110.8 million, to €4,215.5 million for the year ended 31 December 2021, compared to €104.7 million for the year ended 31 December 2020. This increase was mainly attributable to: n €4,115.6 million of increasing impact from acquisitions of subsidiaries (net of cash acquired), which is caused by the acquisition of Borsa Italiana Group and the acquisition of

remaining minority stakes in iBabs and Commcise in 2021. These acquisitions are further described in Section 7.1.5 – Key factors affecting businesses and operations . Net cash used in investing activities decreased by €-502.6 million, to €104.7 million for the year ended 31 December 2020, compared to €607.3 million for the year ended 31 December 2019. This decrease was mainly attributable to: n €-501.4 million of decreasing impact from acquisitions of subsidiaries, which is caused by the acquisitions of controlling stakes in Nord Pool and VP Securities in 2020, compared to the acquisitions of controlling stakes in Oslo Børs VPS and Finance Web Working S.A.S. in 2019. These acquisitions are further described in Section 7.1.5. Net Cash Generated by Financing Activities Net cash generated by financing activities increased by €3,734.9million, to €3,3839.1million for the year ended 31 December 2021, compared to a net cash generated by financing activities of €104.2 million for the year ended 31 December 2020. This decrease was mainly attributable to: n €5,215.8 million of increasing impact from proceeds from borrowings. In 2021, the impact relates to the draw down of the bridge loan facility and the proceeds from the Bonds Issue (net of premium and issue cost). These elements are further described in Section 7.1.11 – Facilities agreements and bonds ; n €-3,762.9 million of decreasing impact from repayments of borrowings. The impact relates to the full repayment of the bridge loan facility and the repayment of a €72.9million loan with London Stock Exchange Group that was included in the acquisition of Borsa Italiana Group in 2021; n €2,375.2 million of increasing impact from 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 (net of transaction cost). The proceeds were used to partly repay the bridge loan facility; n €-18.6 million of decreasing impact from an increased share buyback program in 2021, when compared to prior period;

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2021 UNIVERSAL REGISTRATION DOCUMENT