Euronext // 2021 Universal Registration Document

Other Information

INFORMATION IN SUPPORT OF OUR OPINION We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The following information in support of our opinion and any findings were addressed in this context, and we do not provide a separate opinion or conclusion on these matters. Our understanding of the business Euronext N.V. is a European market infrastructure group which businesses comprise listing, cash trading, derivatives trading, fixed income trading, spot FX trading, power trading, investor services, advanced data services, post-trade services as well as technology solutions. The main subsidiaries are located in the Netherlands, France, Belgium, Ireland, Norway, Portugal, Denmark, and, following the acquisition of the Borsa Italiana Group in 2021, Italy. The FX trading is operated by a subsidiary in New York. As part of the acquisition of the Borsa Italiana Group in 2021, Euronext N.V. has become owner of the central counter party clearing activities of Cassa di Compensazione e Garanzia S.p.A. (CC&G), based in Rome. We refer to our key audit matters on “Accounting for acquired business” and “Measurement of clearing assets, liabilities and revenues”. The company is at the head of a group of entities and we tailored our group audit approach accordingly. Materiality We start by determining materiality and identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error in order to design audit procedures responsive to those risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Scope of the group audit Euronext N.V. is at the head of a group. The financial information of this group is included in the consolidated financial statements. Because we are ultimately responsible for the opinion, we are also responsible for directing, supervising and performing the group audit. In this respect we have determined the nature and extent of the audit procedures to be carried out for group components. Decisive were the size and/or the risk profile of the group entities or operations. On this basis, we selected components for which an audit or review had to be carried out on the complete set of financial information or specific items. We have: n Performed audit procedures ourselves at the components in the Netherlands and France n Used the work of other component auditors within our EY network when auditing the group entities in Italy, Norway, Ireland, Portugal and Denmark n Used the work of non-EY auditors for the audit of a component in the United States of America n Performed review procedures for other group components. We sent instructions to component auditors, covering the significant areas and the information required to be reported to us. Based on our risk assessment, we determined the level of involvement in component audits. Because of the continuing travel restrictions and social distancing due to the pandemic, some of our site visits of the component teams in Italy, Norway, Denmark and the United States of America were virtual. Our site visits encompassed some, or all, of the following activities: reviewing key local working papers and conclusions, meeting with local management teams and obtaining an understanding of key processes. We interacted regularly with the component teams during various stages of the audit, using videoconferencing facilities. We reviewed key working papers of component auditors using the EY electronic audit file platform, screen sharing or by the provision of copies of work papers submitted to the group audit team. In total, with these procedures we covered 93.6% of profit before income tax and 99.9% of the group’s total assets. By performing the procedures mentioned above the group components, together with additional procedures at group level we have been able to obtain sufficient and appropriate audit evidence about the group’s financial information to provide an opinion about the consolidated financial statements. Teaming and use of specialists We ensured that the audit teams both at group level and at component level included the appropriate skills and competences which are needed for an audit of a listed client in the market infrastructure industry. We included teammembers with specialized knowledge in the areas of IT audit, forensics, legal, income tax and sustainability and have made use of our own specialists in the areas of valuation of derivatives, hedge accounting, employee benefits, fair value disclosures, purchase price accounting and impairment analysis of goodwill.

Materiality

€30 million (2020: €22 million)

Benchmark applied

5% of the profit before income tax (2020: 5%)

Explanation

We consider profit before income tax as the most appropriate basis to determine materiality as it is one of the key performance measures for the users of the financial statements. As a result of the acquisitions in Italy in 2021 and the impact thereof on the profit before income tax, our materiality increased accordingly.

We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons. We agreed with the supervisory board that misstatements in excess of €1.5 million, which are identified during the audit, would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds.

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2021 UNIVERSAL REGISTRATION DOCUMENT