Euronext // 2021 Universal Registration Document

Financial Statements

Notes to the Consolidated Financial Statements

37.4.1 Impairment of financial assets The Group’s trade and contract receivables and other debt financial assets at amortised cost or FVOCI (including CCP clearing business) are subject to the expected credit loss model. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was considered immaterial. Trade and contract receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade and contract receivables. To measure expected credit losses, trade and contract receivables have been grouped based on shared credit risk characteristics and the days past due. The historical loss rates are based on the

payment profiles of the sales over a period of 24 months before reporting date and the corresponding historical credit losses experience within this period. The historical loss rates are adjusted to reflect current and forward-looking factors specific to the debtors and economic environment. Generally trade receivables are written-off if past due more than one year, or when there is no reasonable expectation of recovery. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 21. The Group evaluates the concentration of credit risk with respect to trade and contract receivables as low, as most of its customers are leading financial institutions that are highly rated.

Set out below is the information about the credit risk exposure on the Group’s trade and contract receivables using a provision matrix as at 31 December 2021 and 2020:

31 DECEMBER 2021

Trade receivables

Contract Receivables

30-60 days past due

61-90 days past due

> 91 days past due

Current

Total

In thousands of euros

Expected credit loss rate

0.09 % 24,695

0.09 %

0.37 % 29,905

0.93 %

2.33 % 23,663

Collectively assessed receivables Expected credit loss collective basis

225,173

8,013

311,449

23

209

110

74

552

968

Expected credit loss rate

— — —

— — —

— — —

— — —

100.0 %

Individually assessed receivables Expected credit loss individual basis TOTAL EXPECTED CREDIT LOSS

3,972 3,972 4,524

3,972 3,972 4,940

23

209

110

74

31 DECEMBER 2020

Trade receivables

Contract Receivables

30-60 days past due

61-90 days past due

> 91 days past due

Current

Total

In thousands of euros

Expected credit loss rate

0.79 % 24,926

0.08 % 57,560

0.23 % 17,521

0.60 %

1.73 % 28,130

Collectively assessed receivables Expected credit loss collective basis

1,822

129,959

196

45

40

11

486

778

Expected credit loss rate

— — —

— — —

— — —

— — —

100.0 %

Individually assessed receivables Expected credit loss individual basis TOTAL EXPECTED CREDIT LOSS

2,600 2,600 3,086

2,600 2,600 3,378

8

196

45

40

11

The other debt financial assets at amortised cost or FVOCI (including CCP clearing business) are considered to have low credit risk, as the issuers of the instruments have a low risk of default evidenced by their strong capacity to meet their contractual cash flow obligations in the near term. The Group closely monitors its CCP investment portfolio and invests only in government debt andother collateralised instruments where the risk of loss is minimal. There was no increase in credit risk in the year and none of the assets are past due. The loss allowance recognised during the period was therefore limited to 12 months expected credit losses. The Group did not recognise any material provision for expected credit losses on its other debt financial assets at amortised cost or FVOCI (including CCP clearing business) as per 31 December 2021 (2020: not material). The amount of credit-impaired financial assets is considered not significant.

In 2021, the increase in loss allowance provision was due to a higher customer base following the acquisition of Borsa Italiana Group and an increase of individually assessed customers at risk. This impact was partly offset by a partial release of provision to reflect decreased risk in current economic environment for non-trading customers. Other debt financial assets at amortised cost or FVOCI (including CCP clearing business) The other debt financial assets comprise i) debt investments at amortised cost, which include short-term deposits with a maturity over three months, ii) debt investments at FVOCI, which include investments in listed bonds and government bonds and iii) CCP clearing business financial assets at amortised cost of FVOCI.

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2021 UNIVERSAL REGISTRATION DOCUMENT