Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

services than settlement services, the revenue recognised over time increased relative to the revenue recognised at a point in time; n Technology Solutions and other revenue increased by €35.8 million, of which €34.0 million is related to Borsa Italiana Group.

n Custody & Settlement revenues increased by €109.0 million, of which €52.0 million is related to the activity of Monte Titoli S.p.A., the Italian CSD, that was acquired as part of Borsa Italiana Group. In addition VP Securities AS, the Danish CSD, contributed for €46.8 million to the variance, as it was only acquired as from August 2020. As these CSD’s perform substantially more custody

Set out below is the geographical information of the Group’s revenue from contracts with customers:

United Kingdom Belgium Portugal Ireland

United States Norway Sweden Denmark Finland

Hong Kong Total

France Italy Netherlands

In thousands of euros

2021 Revenue from contracts with customers (a) 2020 Revenue from contracts with customers (a)

375,170 294,624

183,352 6,910 29,897 33,584 39,006 25,622 186,463 4,000 74,373 522 — 1,253,523

372,083 — 188,239 5,936 33,049 33,213 39,188 27,557 148,700 8,266 27,618 281 16 884,146 (a) Cash trading, Derivatives trading, Clearing and Advanced Data Services revenues are attributed to the country where the exchange is domiciled. Revenues from other categories are attributed to the billing entity.

8.1.2 Contract balances The Group has recognised the following assets and liabilities related to contracts with customers:

31 December 2021 31 December 2020

1 January 2020

In thousands of euros

Trade receivables (Note 21)

290,726

107,633

93,856

Contract receivables (Note 21)

24,695

24,926

19,878

Contract liabilities (Note 33)

150,822

106,874

108,620

Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period amounted to €55.4 million (2020: €55.4 million). The amount of revenue recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods was considered not significant (2020: not material). Performance obligations Information about the Group’s performance obligations are described in Note 3 “Significant accounting policies and judgements”. The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) are as follows: 8.1.3

Trade receivables are non-interest bearing and are generally due on terms of 30 to 90 days and represent amounts in respect of billed revenue, for which the Group has an unconditional right to consideration ( i.e. only the passage of time is required before payment of the consideration is due). Trade receivables increased by €183.1 million, which is partly attributable to the acquisition of Borsa Italiana Group for €64.7 million and €111.5 million is related to Nord Pool power sales, as a result of higher trading volumes and energy prices at the end of 2021. Contract receivables represent amounts in respect of unbilled revenue, for which the Group has an unconditional right to consideration ( i.e. only the passage of time is required before payment of the consideration is due). Contract receivables slightly decreased by €0.2 million. In 2021, €4.9million (2020: €3.4million) was recognised as provision for expected credit losses on trade and contract receivables. The increase in loss allowance provision, was primarily due to the acquisition of Borsa Italiana Group. Contract liabilities primarily relate to received consideration (or an amount of consideration is due) from customers for the initial (or subsequent) listing of equity securities, bond lifetime fees, indices licences, software maintenance & hosting and corporate services. In 2021, contract liabilities increased by €43.9 million to which the significant increase in listing IPO’s during the year contributed for €23.4 million. The acquisition of Borsa Italiana Group contributed for €17.2 million to the increase in contract liabilities during the year relating to listing and Advanced Data Services.

8

31 December 2021 31 December 2020

In thousands of euros

Within one year

81,682

68,329

More than one year

82,032

57,772

TOTAL

163,714

126,101

The remaining performance obligations expected to be recognised in more than one year primarily relate to the initial (or subsequent) listing of equity securities and bond lifetime fees which are recognised over the related listing period. Other performance obligations included in this category are software maintenance & hosting contracts, market data and indices licence contracts and corporate services licence contracts. In 2021, the number of IPO’s significantly increased when compared to prior year, resulting in

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2021 UNIVERSAL REGISTRATION DOCUMENT