Euronext // 2021 Universal Registration Document

Operating and Financial Review 7 Overview

are listed on Euronext Dublin. The bond issue included €18.6 million of bond premium and issue costs, which are subsequently accounted for under the Effective Interest Rate method. CCP credit lines As at 31 December 2021, the Group’s CCP had €420 million credit lines granted by commercial banks serving as liquide recourse to mitigate liquidity risks according to EMIR regulation. None of the credit lines had been used as of 31 December 2021.

The Bond issue included €5.7 million of Bond premium and issue costs, which are subsequently accounted for under the Effective Interest Rate method. On 17 May 2021, the Group issued €1.800 million 3 equal tranches bond (“Senior Unsecured Note #3, #4 and #5”) to partially refinance the Bridge Loan Facility entered into to initially finance the Borsa Italiana Group acquisition. The Bond #3 has a 5 year maturity and a fixed annual rate coupon of 0.125%. The Bond #4 has a 10 year maturity and a fixed annual rate coupon of 0.75%. The Bond #3 has a 20 year maturity and a fixed annual rate coupon of 1.50%. The Bonds are rated BBB by Standard & Poor’s rating agency, and

7.1.12 CONTRACTUAL OBLIGATIONS The table below summarises Euronext debt, future minimum payment lease obligations under non-cancellable leases and capital expenditure commitments as at 31 December 2021:

Payments due by year

Notes of the Consolidated Financial Statements

Total

2022 2023-2026 Thereafter

In thousands of euros

1,100,000

Debt (principal and accrued interest obligations)

3,067,359

17,359

1,950,000

Note 37.1 – Liquidity risk

Debt (future interest obligations)

298,892

10,329

105,750

182,813

Note 37.1 – Liquidity risk

Lease liabilities – minimum payments

71,685

20,993

44,634

6,058

Note 37.1 – Liquidity risk

Capital expenditure commitments

12,950

11,428

1,522

— Note 39.1 – Capital Commitments

TOTAL

3,450,886

60,109

1,251,906

2,138,871

7.1.13 OFF-BALANCE SHEET ARRANGEMENTS

Capital Expenditures Euronext’s capital expenditures were €67.6 million, €19.2 million and €26.1 million for the years ended 31 December 2021, 2020 and 2019, respectively. Capital expenditures increased in 2021 when compared to 2020, which is primarily driven by the Group’s expanded perimeter due to the acquisition of the Borsa Italiana Group and the investments done for the new data centre in Bergamo and investments made for improvements to the Oslo Børs building. Capital expenditures decreased in 2020 when compared to 2019, which was primarily driven by investments done in 2019 for the Armoury building in Dublin. Euronext’s capital expenditure requirements depend on many factors, including the rate of its trading volume growth, strategic plans and acquisitions, required technology initiatives, regulatory requirements, the timing and introduction of new products and enhancements to existing products, the geographic mix of Euronext’s business, and the continuing market acceptance of its electronic platform. For the years ending 31 December 2021, 2020 and 2019, Euronext has made operational capital expenditures as well as incurred capitalised software development costs. These expenditures were aimed at enhancing Euronext technology and supporting the continued expansion of Euronext’s businesses. In 2021, Euronext spent €33.4 million on hardware and investments in properties (2020:€6.6 million and 2019:€14.7 million) and €34.2 million on development efforts and acquisition of third party licenses (2020: €12.6 million and 2019: €11.4 million).

Euronext is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on Euronext’s financial condition, results of operations, liquidity, capital expenditure or capital resources, other than the €600 million revolving credit facility under the Facilities Agreement and the commitments described in Note 39 of the Consolidated Financial Statements. 7.1.14 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK As a result of its operating and financing activities, the Group is exposed to market risks such as interest rate risk, currency risk and credit risk. The Group has implemented policies and procedures designed to measure, manage, monitor and report risk exposures, which are regularly reviewed by the appropriate management and supervisory bodies. The Group’s central treasury team is charged with identifying risk exposures and monitoring and managing such risks on a daily basis. To the extent necessary and permitted by local regulation, the Group’s subsidiaries centralise their cash investments, report their risks and hedge their exposures in coordination with the Group’s central treasury team. The Group performs sensitivity analyses to determine the effects that may result from market risk exposures. The Group uses derivative instruments solely to hedge financial risks related to its financial position or risks that are otherwise incurred in the normal course of its commercial activities. The Group does not use derivative instruments for speculative purposes.

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2021 UNIVERSAL REGISTRATION DOCUMENT