Euronext // 2021 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

NOTE 19 DEFERRED INCOME TAX

The analysis of deferred tax assets and deferred tax liabilities is as follows:

2021 37,489

2020 20,844

In thousands of euros

Deferred income tax assets (a)

Deferred income tax liabilities (a)

(592,431)

(92,860)

TOTAL NET DEFERRED TAX ASSETS (LIABILITIES)

(554,942)

(72,016)

(a) As shown in the balance sheet, after offsetting deferred tax assets and liabilities related to the same taxable entity.

2021

2020

In thousands of euros

Deferred tax assets / (liabilities) Property, plant and equipment

(2,165)

(2,461)

(585,163)

(93,673)

Intangible assets (a)

(21,626)

(20,789)

Investments (b)

Provisions and employee benefits

18,770

15,290

Other (c)

34,806

28,973

Loss carried forward (d)

436

644

DEFERRED TAX ASSETS (NET)

(554,942)

(72,016)

(a) The increase mainly relates to the recognition of a deferred tax liability resulting from the intangible assets recognised upon the acquisition of Borsa Italiana Group in 2021. (b) The investments mainly relate to the valuation of assets measured at fair value through other comprehensive income (“FVOCI”). (c) The line “Other” primarily relates to the tax impact from contract liabilities of €24.3 million (2020: €17.8 million), currency movements on intercompany loans (NOK and USD) of €1.4 million (2020: €6.1 million) and intra group accrued unpaid interest of €5.3 million (2020: €3.8 million). (d) Losses carry forward relate mainly to tax losses carry forward recognised by investments in the USA and the UK.

For the year 2022 and onwards, the Netherlands have increased the corporate income tax rate to 25.8% (2021: 25%). For 2022 onwards, the French corporate income tax rate is 25% (2021: 26.5%). The surcharge of 3.3% remains applicable.

For the years 2021 and 2022, the United Kingdom’s corporate tax rate is 19%. With effect from 1 April 2023, this will increase to 25%. The deferred tax assets and liabilities have been recognised at prevailing rates in the various countries.

2021

2020

In thousands of euros

Balance at beginning of the year Recognised in income statement

(72,016)

(57,729)

36,804

3,916

Reclassifications and other movements (a)

(511,974)

(23,827)

Exchange differences and other

(2,801)

2,952

Charge related to other comprehensive income

(4,955)

2,672

BALANCE AT END OF THE YEAR (72,016) (a) In 2021, the line “Reclassifications and other movements” was impacted by the acquisition of Borsa Italiana Group for €512.9 million. In 2020, the line “Reclassifications and other movements” was impacted by the acquisitions of Nord Pool and VP Securities for €24.1 million. (554,942)

Themajority of the net deferred tax asset is expected to be recovered or settled after more than twelve months.

As per 31 December 2021 tax losses totalling €27.7m were not recognised in the UK, US, France, Hong Kong and Singapore since it is not considered probable, at this moment, that these deferred tax assets can be used to offset future taxable income.

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2021 UNIVERSAL REGISTRATION DOCUMENT