Euronext // 2021 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

NOTE 8

REVENUE AND INCOME

8.1

Revenue from contracts with customers

8.1.1 Disaggregation of revenue from contracts with customers Substantially all of the Group’s revenues are considered to be revenues from contracts with customers. At 31 December 2021 and 2020, there were no customers that individually exceeded 10% of the Group’s revenue. Set out below is the disaggregation of the Group’s revenue from contracts with customers:

Timing of revenue recognition

Timing of revenue recognition

Product or service transferred

Product or service transferred

Year ended 31 December 2021

Year ended 31 December 2020

at a point in time

at a point in time

Major revenue stream In thousands of euros

over time

over time

Listing

189,689

14,314

175,375

145,473

10,189

135,284

of which

Primary listing services and other

152,600

3,831

148,769

113,047

2,086

110,961

Corporate services

37,088

10,483

26,605

32,426

8,103

24,323

Trading revenue

465,265

449,926

15,339

365,100

365,100

—

of which

Cash trading

293,684

289,098

4,586

259,606

259,606

—

Derivatives trading

52,458

51,256

1,202

49,206

49,206

—

Fixed income trading

65,783

56,232

9,551

2,620

2,620

—

FX trading

23,479

23,479

—

26,352

26,352

—

Power trading

29,861

29,861

—

27,316

27,316

—

Investor services

8,894

140

8,754

7,584

316

7,268

Advanced Data Services

183,607

1,275

182,332

139,036

1,269

137,767

Post-trade

320,570

185,537

135,033

177,228

118,264

58,964

of which

Clearing

101,376

101,376

—

67,056

67,056

—

Custody & Settlement and other

219,194

84,161

135,033

110,172

51,208

58,964

Euronext Technology Solutions & other revenue TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS

85,498

1,587

83,911

49,725

1,054

48,671

1,253,523

652,779

600,744

884,146

496,192

387,954

Fixed income trading revenue increased by €63.2 million, which is fully related to the MTS S.p.A. bond trading platform that was acquired as part of Borsa Italiana Group. The Borsa Italiana Group’s cash, derivatives and fixed income trading markets generate membership and subscription fees that are recognised over time. As these fees are not earned at other trading markets within the Group, this explains the variance to previous period; n Advanced Data Services revenues increased by €44.6 million, of which €38.9 million related to Borsa Italiana Group; n clearing revenues increased by €34.3 million, of which €29.9 million is related to the clearing activity of Cassa di Compensazione e Garanzia S.p.A., that was acquired as part of Borsa Italiana Group;

The significant movements in revenues from contracts with customers during the year, related to the following: n listing revenue increased by €44.2 million, of which €32.0 million related to Borsa Italiana Group. The increase for the Group excluding Borsa Italiana related to an increase in new listings, for which revenue are partly recognised this year. The increase of Corporate services revenue recognised at a point in time related to the growth in events; n cash -and derivatives trading revenue increased by €37.3 million, of which €44.7 million related to Borsa Italiana Group. The decrease for the Group excluding Borsa Italiana, related to a drop in trading volume, as last year included a significant positive impact on volatility caused by the COVID-19 outbreak.

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2021 UNIVERSAL REGISTRATION DOCUMENT