Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

The annual impairment testing of the “FX Trading” CGU performed at each year-end did not result in any instance where the carrying value of the operating segment exceeded its recoverable amount. Recoverable amount is sensitive to key assumptions. As of 31 December 2021, a reduction to 0% per year of third party revenue growth during the explicit forecast period, a reduction to 0% per year of perpetual growth rate, or an increase by 1% per year in discount rate, which management believes are individually reasonably possible changes to key assumptions, would not result in a goodwill impairment. The sensitivity test on the key assumptions defined in 2021 would not result in a goodwill impairment. Possible correlations between each of these parameters were not considered. Nord Pool CGU The recoverable value of the “Nord Pool” CGU is based on its fair value less cost of disposal, applying a discounted cash flow approach. The fair value measurement uses significant unobservable inputs and is therefore categorised as a Level 3 measurement under IFRS 13. Cash flow projections are derived from the 2022 budget and the business plan for 2023. Key assumptions used by management include third party revenue growth, which factors future volumes on day ahead and intraday physical energy markets, the Group’s market share, average fee per transaction, and the expected impact of new product initiatives. These assumptions are based on past experience, market research and management expectation of market developments. For the impairment test performed as of 31 December 2021, revenues have been extrapolated using a perpetual growth rate of 1.5% (2020: 1.9%) after 2021. The discount rate applied was 7.2% (2020: 7.3%). The annual impairment testing of the “Nord Pool” CGU performed at year-end did not result in any instancewhere the carrying value of the operating segment exceeded its recoverable amount. Recoverable amount is sensitive to key assumptions. As of 31 December 2021, a reduction to 0% per year of third party revenue growth during the explicit forecast period, a reduction to 0% per year of perpetual growth rate, or an increase by 1% per year in discount rate, which management believes are individually reasonably possible changes to key assumptions, would not result in a goodwill impairment. The sensitivity test on the key assumptions defined in 2021 would not result in a goodwill impairment. Possible correlations between each of these parameters were not considered.

These assumptions are based on past experience, market research and management expectation of market developments. The assumptions and sensitivities mentioned below fairly capture the inclusion of Borsa Italiana Group in the Euronext CGU. For the impairment test performed as of 31 December 2021, revenues have been extrapolated using a perpetual growth rate of 1.2% (2020: 1.3%) after 2022. The weighted average cost of capital applied was 6.7% (2020: 6.9%). The annual impairment testing of the “Euronext” CGU Group performed at each year-end did not result in any instance where the carrying value of the operating segment exceeded its recoverable amount. Recoverable amount is sensitive to key assumptions. As of 31 December 2021, a reduction to 0% per year of third party revenue growth during the explicit forecast period, a reduction to 0% per year of perpetual growth rate, or an increase by 1% per year in discount rate, which management believes are individually reasonably possible changes to key assumptions, would not result in a goodwill impairment. The sensitivity test on the key assumptions defined in 2021 would not result in a goodwill impairment. Possible correlations between each of these parameters were not considered. FX Trading CGU The recoverable value of the “FX Trading” CGU is based on its fair value less cost of disposal, applying a discounted cash flowapproach. The fair value measurement uses significant unobservable inputs and is therefore categorised as a Level 3 measurement under IFRS 13. Cash flow projections are derived from the 2022 budget and the business plan for 2023. Key assumptions used by management include third party revenue growth, which factors future volumes on global Foreign Exchange trading markets, the Group’s market share, average fee per transaction, and the expected impact of new product initiatives. These assumptions are based on past experience, market research and management expectation of market developments. For the impairment test performed as of 31 December 2021, revenues have been extrapolated using a perpetual growth rate of 2.0% (2020: 2.4%) after 2022. The discount rate applied was 7.2% (2020: 7.3%).

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2021 UNIVERSAL REGISTRATION DOCUMENT