I.	Semi-Annual Financial Report as at 30 June 2022	3
II.	Condensed Interim Consolidated Financial Statements as at 30 June 2022	4
III.	Management Statement	29
IV.	Independent auditor's review report	30

I. Semi Annual Financial Report as at 30 June 2022

Performance and important events in the first half-year of 2022

For an overview of the main events that occurred during the first six months of 2022 and their impact on the unaudited Condensed Interim Consolidated Financial Statements as at 30 June 2022 please refer to Note 2 "Significant events and transactions" of the Condensed Interim Consolidated Financial Statements attached hereto and to the Press Releases, issued and available on Euronext's website (www.euronext.com) as from 28 July 2022.

Related party transactions

Euronext has related party relationships with its associates, joint ventures and key management personnel. Transactions with subsidiaries are eliminated on consolidation. For more details, please refer to Note 23 "Related parties" of the Condensed Interim Consolidated Financial Statements attached hereto.

Risks and uncertainties

In the 2021 Universal Registration Document issued by Euronext N.V. on 31 March 2022, Euronext has described certain risks and risk factors, which could have a material adverse effect on the Company's financial position and results. Those risk categories and risk factors can be found in Chapter 2 (pages 50 to 71) of the 2021 Universal Registration Document.

During the first six-months of 2022, these risk categories and risk factors did not substantially change. In view of Russia's invasion of Ukraine and the measures taken by the European Union/European Economic Area, the United Kingdom and the United States related to sanctions on Russia, the Group's overall risk position has not materially changed. The Group actively manages all impacts that it is aware of and analyses potential new risks on an ongoing basis.

For the second half-year of 2022, Euronext currently considers the risk categories and risk factors as described in the 2021 Universal Registration Document to be applicable. Additional risks not known to Euronext, or currently believed not to be material, could later turn out to have a material impact on Euronext's business or financial position.

II. Condensed Interim Consolidated Financial Statements as at 30 June 2022

	Condensed Interim Consolidated Statement of Profit or Loss5
	Condensed Interim Consolidated Statement of Comprehensive Income6
	Condensed Interim Consolidated Balance Sheet7
	Condensed Interim Consolidated Statement of Cash Flows 8
	Condensed Interim Consolidated Statement of Changes in Equity9
	Notes to the Condensed Interim Consolidated Financial Statements 10
1.	General information 10
2.	Significant events and transactions 10
3.	Basis of preparation, significant accounting policies and judgments11
4.	Segment information…12
5.	Group information 13
6.	Business combinations 14
7.	Revenue and geographical information15
8.	Salaries and employee benefits 16
9.	Depreciation and amortization 16
10.	Other operational expenses 17
11.	Non-underlying items17
12.	Net financing income / (expense) 18
13.	Results from equity investments 18
14.	Gain on sale of subsidiaries 18
15.	Share of net profit/(loss) of associates and joint ventures 18
16.	Income tax expense 18
17.	Goodwill and other intangible assets 19
18.	Shareholders' equity 19
19.	Earnings per Share 20
20.	Borrowings 20
21.	Derivatives financial instruments 20
22.	Financial instruments 21
23.	Related parties 28
24.	Contingencies 28
25.	Events after the reporting period 28

Condensed Interim Consolidated Statement of Profit or Loss

(Re-presented (a)) Underlying Non-underlying Underlying Non-underlying In thousands of euros (except per share data) Note items items (b) Total items items (b) Revenue 7 736,968 — 736,968 564,483 — Net treasury income through CCP business 7 29,080 — 29,080 9,564 — Other income 7 4,383 — 4,383 3,937 — Total revenue and income 770,431 — 770,431 577,984 — Salaries and employee benefits 8 (147,726) (2,588) (150,314) (125,171) (3,291) Depreciation and amortisation 9 (33,280) (45,484) (78,764) (24,301) (22,910) Other operational expenses 10 (148,826) (11,009) (159,835) (104,294) (32,453) Operating profit 440,599 (59,081) 381,518 324,218 (58,654) Finance costs 12 (18,460) — (18,460) (12,665) (9,907) Other net financing income/(expense) 12 362 — 362 2,120 — Results from equity investments 13 — — — 12,524 — 14 — (930) — 2,680 Gain/(loss) on sale of subsidiaries (930) Share of net profit/(loss) of associates and 15 5,902 (1,526) 4,376 5,821 (4,294) joint ventures accounted for using the equity	Total (a) 564,483 9,564 3,937 577,984 (128,462) (47,211)









	(136,747)
	265,564
	(22,572)
	2,120
	12,524
	2,680
method, and impairments thereof	1,527
Profit before income tax 428,403 (61,537) 366,866 332,018 (70,175)	261,843
Income tax expense 16 (113,452) 16,193 (97,259) (84,858) 10,454	(74,404)
Profit for the period 314,951 (45,344) 269,607 247,160 (59,721)	187,439
Profit attributable to:
– Owners of the parent 307,608 (44,897) 262,711 244,010 (59,166)	184,844
– Non-controlling interests 7,343 (447) 6,896 3,150 (555)	2,595
Basic earnings per share 19 2.89 2.46 2.87	2.17
Diluted earnings per share 19 2.88 2.46 2.86	2.17

(a) The comparative period has been re-presented, comprising the removal of the exceptional items line and the addition of two columns reflecting 'underlying' and 'non-underlying' items. See Note 3 for more details.

(b) Details of non-underlying items are disclosed in Note 11.

The above Condensed Interim Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying notes.

Condensed Interim Consolidated Statement of Comprehensive Income

	Six months ended
	30 June	30 June
Note In thousands of euros	2022	2021

Profit for the period	269,607	187,439

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	(11,528)	28,495
– Income tax impact on exchange differences on translation of foreign operations	612	(3,365)
– Change in value of debt investments at fair value through other comprehensive income	(51,733)	(67)
– Income tax impact on change in value of debt investments at fair value through
other comprehensive income	14,909	20
Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	34,861	3,173
– Income tax impact on change in value of equity investments at fair value through
other comprehensive income	(7,676)	(589)
– Remeasurements of post-employment benefit obligations	10,887	3,392
– Income tax impact on remeasurements of post-employment benefit obligations	(1,284)	(363)
Other comprehensive income for the period, net of tax	(10,952)	30,696
Total comprehensive income for the period	258,655	218,135

Comprehensive income attributable to:
– Owners of the parent	252,192	214,814
– Non-controlling interests	6,463	3,321

The above Condensed Interim Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

Condensed Interim Consolidated Balance Sheet

		As at 30 June	As at 31 December
In thousands of euros	Note	2022	2021
Assets
Non-current assets
Property, plant and equipment		103,794	97,580
Right-of-use assets		53,187	66,168
Goodwill and other intangible assets	17	6,145,077	6,178,067
Deferred tax assets		49,759	37,489
Investments in associates and joint ventures		66,952	69,237
Financial assets at fair value through other comprehensive income	22	291,633	258,068
Financial assets at amortised cost	22	8,067	2,902
Other non-current assets		1,196	1,317
Total non-current assets		6,719,665	6,710,828
Current assets
Trade and other receivables	22	544,744	394,986
Other current assets		38,927	21,573
Income tax receivables		15,640	9,965
Derivative financial instruments	21	96	11,913
CCP clearing business assets	22	168,663,044	137,750,884
Other current financial assets	22	142,563	157,590
Cash and cash equivalents	22	946,610	804,361
Total current assets		170,351,624	139,151,272
Assets from disposal groups held for sale		4,668	6,436
Total assets		177,075,957	145,868,536

Equity and liabilities Equity
Issued capital	18	171,370	171,370
Share premium		2,432,426	2,432,426
Reserve own shares		(32,813)	(42,778)
		1,083,125	1,022,921
Retained earnings
Other reserves		43,525	63,647
Shareholders' equity		3,697,633	3,647,586
Non-controlling interests		82,943	85,337
Total equity		3,780,576	3,732,923
Non-current liabilities
Borrowings	20	3,024,924	3,044,391
Lease liabilities	22	33,397	50,691
Deferred tax liabilities		584,568	592,431
Post-employment benefits		20,680	32,123
Contract liabilities		68,883	70,276
Provisions		7,777	8,847
Total non-current liabilities		3,740,229	3,798,759
Current liabilities
Borrowings	20	3,401	17,359
Lease liabilities	22	24,524	20,993
CCP clearing business liabilities	22	168,696,512	137,732,403
Current income tax liabilities		41,862	42,068
Trade and other payables	22	675,118	439,856
Contract liabilities		112,043	80,546
Provisions		1,038	2,308
Total current liabilities		169,554,498	138,335,533
Liabilities from disposal groups held for sale		654	1,321
Total equity and liabilities		177,075,957	145,868,536

The above Condensed Interim Consolidated Balance Sheet should be read in conjunction with the accompanying notes.

Condensed Interim Consolidated Statement of Cash Flows

		Six months ended
		30 June	30 June
In thousands of euros	Note	2022	2021
			(Re-presented (a))
Profit before income tax		366,866	261,843

Adjustments for:
• Depreciation and amortisation (a)	9	78,764	47,211
• Share based payments	8	7,256	4,905
• Share of profit from associates and joint ventures, and impairments thereof	15	(4,376)	(1,527)
• Changes in working capital and provisions (a)		111,784	(22,720)
Cash flow from operating activities		560,294	289,712

Income tax paid		(114,861)	(105,099)
Net cash generated by operating activities		445,433	184,613

Cash flow from investing activities
Business combinations, net of cash acquired	6	(11,662)	(4,183,340)
Proceeds from sale of subsidiary		849	5,875
Purchase of other current financial assets		(17,361)	(37,658)
Redemption of other current financial assets		25,855	42,540
Purchase of property, plant and equipment		(15,635)	(4,766)
Purchase of intangible assets	17	(25,193)	(12,048)
Dividends received from equity investments	13	—	12,522
Dividends received from investments in associates		6,651	—
Proceeds from sale of property, plant and equipment and intangible assets		15	20
Net cash (used in) investing activities		(36,481)	(4,176,855)
Cash flow from financing activities
Proceeds from borrowings, net of transaction fees		—	5,472,755
Repayment of borrowings, net of transaction fees		—	(3,682,855)
Interest paid		(28,710)	(15,212)
Interest received		5,665	5,000
Settlement of derivative financial instruments	21	(8,887)	—
Dividends paid to the company's shareholders	18	(205,985)	(157,165)
Dividends paid to non-controlling interests		(3,146)	(6,126)
Issuance of new shares, net of transaction fees		—	2,373,408
Payment of lease liabilities		(13,388)	(8,458)
Transactions in own shares	18	5	(308)
Employee Share transactions		(3,413)	(3,778)
Net cash (used in) / generated by financing activities		(257,859)	3,977,261

Net (decrease)/increase in cash and cash equivalents		151,093	(14,981)
Cash and cash equivalents - Beginning of the period		809,409	629,469
Non-cash exchange (losses)/gains on cash and cash equivalents		(11,438)	6,043
Cash and cash equivalents - End of the period		949,064	620,531

(a) The comparative period has been re-presented, see Note 3 for more details.

The above Condensed Interim Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

Condensed Interim Consolidated Statement of Changes in Equity

							Other reserves Fair value
In thousands of euros	Note		Issued capital Share premium	Reserve own shares	Retained Earnings	Foreign currency translation reserve	reserve of financial assets at FVOCI	Total other reserves	Total Shareholders' equity	Non controlling interests	Total equity
Balance as at 1 January 2021		112,000	116,560	(19,867)	826,302	(54,492)	78,245	23,753	1,058,748	30,238	1,088,986
Profit for the period		—	—	—	184,844	—	—	—	184,844	2,595	187,439
Other comprehensive income for the period		—	—	—	3,029	24,404	2,537	26,941	29,970	726	30,696
Total comprehensive income for the period		—	—	—	187,873	24,404	2,537	26,941	214,814	3,321	218,135
Issuance of common stock		59,370	2,314,038	—	—	—	—	—	2,373,408	—	2,373,408
Share based payments		—	—	—	5,016	—	—	—	5,016	—	5,016
Dividends paid or provided for		—	—	—	(157,165)	—	—	—	(157,165)	(16,021)	(173,186)
Transactions in own shares	18	—	—	(308)	—	—	—	—	(308)	—	(308)
Acquisition of non-controlling interest		—	—	—	(48,973)	—	—	—	(48,973)	(6,654)	(55,627)
Non-controlling interests on acquisition of subsidiary		—	—	—	—	—	—	—	—	70,174	70,174
Other movements		—	—	7,844	(11,614)	—	—	—	(3,770)	—	(3,770)
Balance as at 30 June 2021		171,370	2,430,598	(12,331)	801,439	(30,088)	80,782	50,694	3,441,770	81,058	3,522,828

Balance as at 1 January 2022		171,370	2,432,426	(42,778)	1,022,921	(10,631)	74,278	63,647	3,647,586	85,337	3,732,923
Profit for the period		—	—	—	262,711	—	—	—	262,711	6,896	269,607
Other comprehensive income for the period		—	—	—	9,603	(10,483)	(9,639)	(20,122)	(10,519)	(433)	(10,952)
Total comprehensive income for the period		—	—	—	272,314	(10,483)	(9,639)	(20,122)	252,192	6,463	258,655
Share based payments		—	—	—	7,256	—	—	—	7,256	—	7,256
Dividends paid or provided for		—	—	—	(205,985)	—	—	—	(205,985)	(8,688)	(214,673)
Transactions in own shares	18	—	—	5	—	—	—	—	5	—	5
Non-controlling interests on acquisition/ (disposal) of subsidiary		—	—	—	—	—	—	—	—	(169)	(169)
Other movements		—	—	9,960	(13,381)	—	—	—	(3,421)	—	(3,421)
Balance as at 30 June 2022		171,370	2,432,426	(32,813)	1,083,125	(21,114)	64,639	43,525	3,697,633	82,943	3,780,576

The above Condensed Interim Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

1. General information

Euronext N.V. ("the Group" or "the Company") is a public limited liability company incorporated and domiciled at Beursplein 5, 1012 JW Amsterdam in the Netherlands under Chamber of Commerce number 60234520 and is listed at the following Euronext local markets: Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris.

The Group operates securities and derivatives exchanges in Continental Europe, Ireland and Norway. It offers a full range of exchange- and corporate services, including security listings, cash and derivatives trading, and market data dissemination. It combines the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris exchanges in a highly integrated, cross-border organisation.The Group also operates Interbolsa S.A. (Euronext Securities Porto), Verdipapirsentralen ASA (Euronext Securities Oslo), VP Securities AS (Euronext Securities Copenhagen) and Monte Titoli S.p.A. (Euronext Securities Milan) (respectively the Portuguese, Norwegian, Danish and Italian national Central Securities Depositories (CSDs)) and Cassa di Compensatione e Garanzia S.p.A. (Euronext Clearing), a fully owned Italian multi-asset clearing house.

The Group further owns Euronext FX Inc., a US-based Electronic Communication Network in the spot foreign exchange market, and has majority stakes in Nord Pool, a leading power market in Europe offering intraday and day-ahead trading in the physical energy markets, and MTS S.p.A., a leading trading platform for European government bonds.

The Group's in-house IT function supports its exchange operations. In addition, the Group provides software licenses as well as IT development, operation and maintenance services to third-party exchanges.

These Condensed Interim Consolidated Financial Statements were authorised for issuance by Euronext N.V.'s Supervisory Board on 28 July 2022.

2. Significant events and transactions

The following significant events and transactions have occurred during the six-months period ended 30 June 2022:

Acquisition of Spafid's Issuer Services Business

On 1 April 2022, Euronext Securities Milan acquired the Issuer Services Business of Spafid S.p.A., which operates as an investment advisory firm and is a fully owned subsidiary of Mediobanca S.p.A.

The purchase consideration for this business acquisition amounted to €12.0 million. For more details on the acquisition, reference is made to Note 6.

Acquisition of the technology businesses from Nexi's capital markets activities

On 14 June 2022, the Group announced the signing of the purchase of the technology businesses of Nexi S.p.A., an Italian bank specialised in payment systems, currently powering MTS and Euronext Securities Milan. The purchase price for this business acquisition approximates €57 million (on a debt free, cash free basis), subject to customary closing adjustments. The transaction is expected to close in the second half of 2022 and is subject to approvals from the competent authorities and completion of the union consultation procedure.

Sale of subsidiary and impairment of joint venture

During the first six months of 2022, the Group sold its 60% majority interest in subsidiary Finance Web Working S.A.S. ("Euronext Funds360") to FE Fundinfo, a global provider of data and tools management for the funds industry. The proceeds from the sale amounted to €0.8 million (net of cash). Including allocated goodwill, the loss from disposal of this subsidiary was €0.9 million (see Note 14).

In addition, following indications of a deteriorated future cash flow situation and Board decision to propose to the Shareholders meeting to liquidate the entity, management decided to impair its investment in joint venture LiquidShare by €1.5 million to zero value as per 30 June 2022 (see Note 15).

Revaluation of direct- and indirect stakes in Euroclear S.A./N.V.

For the determination of fair value of its direct and indirect investments in Euroclear S.A./N.V., the Group applied a weighted approach of the Gordon Growth model and recent observed market transactions taking into account an illiquidity discount for the limited number of transactions. The Group considered four recently observed transactions in 2022 and one observed transaction in 2021. This valuation method resulted in a total valuation of Euroclear S.A./N.V. of €4.9 billion and to an increase in fair value of Euronext S.A./N.V.'s direct- and indirect investments of €34.8 million as per 30 June 2022. This revaluation was recorded in Other Comprehensive Income.

Termination of Interest Rate Swap agreements

On 3 May 2022, the Group terminated its interest rate swap agreements which were formally designated and qualified as fair value hedges of Senior Unsecured Note #1. On termination, the Group cash settled the swap agreements that had a carrying amount of €8.9 million and the hedge relationship was discontinued.

As from the moment of discontinuation of the fair value hedge, the accumulated fair value adjustments of Senior Unsecured Note #1 will be amortised to profit or loss based on a recalculated Effective Interest Rate over the remaining term of the Senior Unsecured Note #1. As per 30 June 2022, the accumulated fair value adjustments amounted to €7.3 million (see Note 20).

Migration of Euronext Data Centre from Basildon (UK) to Bergamo (Italy)

On 6 June 2022, the Group completed the first part of the migration of its core data centre from Basildon (UK) to Bergamo (Italy). The core data centre migration was executed in order to pave the way for the migration of the Borsa Italiana equity and derivatives markets onto Euronext Optiq® trading technology by 2023/2024.

Partial accelerated depreciation of its right of use asset related to the Basildon data centre was recorded as non-underlying item (see Note 11).

Long-Term Incentive Plan 2022

On 23 May 2022, a Long-Term Incentive plan ("LTI 2022") was established under the revised Remuneration Policy that was approved by the AGM in May 2021. The LTI cliff vests after 3 years whereby performance criteria will impact the actual number of shares at vesting date. The share price for this grant at grant date was €77.60 and 197,416 Restricted Stock Units ("RSU's") were granted. The total share-based payment expense at the vesting date in 2025 is estimated to be €13.5 million. As from the grant date, compensation expense recorded for this LTI 2022 plan amounted to €0.4 million in the income statement for the six months period ended 30 June 2022.

3. Basis of preparation, significant accounting policies and judgments

A. Basis of preparation

The Group has prepared these Condensed Interim Consolidated Financial Statements in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting. These Condensed Interim Consolidated Financial Statements should be read in conjunction with the Group's Consolidated Financial Statements as of and for the fiscal year ended 31 December 2021, which were prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU").

B. Significant accounting policies and judgments

The principal accounting policies and critical accounting estimates and judgments applied in the preparation of these Condensed Interim Consolidated Financial Statements are consistent with those described in the Consolidated Financial Statements as of and for the year ended 31 December 2021, except for:

a. a change of presentation in the income statement comprising the removal of the exceptional items line and the addition of two columns reflecting 'underlying' and 'non-underlying' items, supported by an updated accounting policy;
b. the adoption of new and amended standards effective as of 1 January 2022; and
c. taxes on income in the interim periods which are accrued using the tax rate that would be applicable to expected total annual earnings in each tax jurisdiction;

The change of presentation in the income statement and updated accounting policy, and new and amended standards effective as of 1 January 2022 are set out below.

(a) Change of presentation in the income statement and updated accounting policy

As from 1 January 2022, the Group removed the line 'exceptional items' from its consolidated income statement and introduced a columnar format for the presentation of 'underlying' and 'non-underlying' items. This change has been established in order to provide the reader with supplemental data relating to the Group's financial condition and results of operations. The Group presents profit for the year before any 'non-underlying' items as this highlights more clearly trends in the Group's business and gives an indication of the Group's ongoing sustainable performance.

Accordingly, the exceptional items accounting policy, as presented in the consolidated financial statements for the year ended 31 December 2021, has been replaced by an updated accounting policy to reflect the extension to 'non-underlying' items. The updated accounting policy is reflected below:

Non-underlying items

Items of income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be incurred in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group.

Non-underlying items include:

• Operating Income and expense items which are material by their size and/or are infrequent and unusual by their nature, such as integration or double run costs of significant projects (one side of the cost to resource both the old and the new services within the project), restructuring costs and costs related to acquisitions that change the perimeter of the Group.

• Non-operating income and expense items which are material by their size and/or are infrequent and unusual by their nature, such as one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments.

• Amortisation and impairment of intangible assets which are recognised as a result of acquisitions. These intangible assets mostly comprise customer relationships, brand names and software that were identified during purchase price allocation (PPA). This amortisation is presented as a non-underlying item in order to provide more meaningful information regarding the Group's sustainable performance.

• Tax related to non-underlying items.

Non-underlying items are further disclosed in Note 11.

The above changes resulted in the following re-presentation of exceptional items to their respective categories for the comparative period:

	Six months ended
In thousands of euros	Reported 30 June 2021	Increase / (decrease)	Re-presented 30 June 2021
Interim Statement of Profit or Loss (extract)
Salaries and employee benefits	(125,171)	(3,291)	(128,462)
Depreciation and amortisation	(46,479)	(732)	(47,211)
Other operational expenses	(111,205)	(25,542)	(136,747)
Operating profit before exceptional items	295,129	(29,565)	265,564
Exceptional items	(29,565)	29,565	—
Operating profit	265,564	—	265,564
Interim Statement of Cash Flows (extract)
Adjustments for:
• Depreciation and amortisation	46,479	732	47,211
• Changes in working capital and provisions	(21,988)	(732)	(22,720)
Cash flow from operating activities	289,712	—	289,712

(b) New IFRS standards, amendments and interpretations

A number of new or amended standards became applicable for the current reporting period, but did not have a material impact on the Group's Condensed Interim Consolidated Financial Statements:

Amendments to IFRS 3 'Reference to Conceptual framework'
Amendments to IAS 37 'Onerous Contracts Cost of Fulfilling a Contract'
Amendments to IAS 16 'Proceeds before Intended Use'
Annual improvement Cycle amendments and clarifications for IFRS 1, IFRS 9 and IAS 41

Impact of standards issued but not yet effective

A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2022, which the Group has not applied in preparing these Condensed Interim Consolidated Financial Statements.

In the Consolidated Financial Statements of the Group as of and for the year ended 31 December 2021, the (potential) impact for a number of these new standards and amendments were mentioned. No updates on these mentioned new standards and amendments are to be reported in these Condensed Interim Consolidated Financial Statements.

4. Segment information

Segments are reported in a manner consistent with how the business is operated and reviewed by the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments. The chief operating decision maker of the Group is the Extended Managing Board. The organisation of the Group reflects the high level of mutualisation of resources across geographies and product lines. Operating results are monitored on a group-wide basis and, accordingly, the Group represents one operating segment and one reportable segment. Operating results reported to the Extended Managing Board are prepared on a measurement basis consistent with the reported Condensed Interim Consolidated Statement of Profit or Loss.

5. Group information

The following tables provide an overview of the Group's subsidiaries, associates, joint-ventures and non-current investments:

		Ownership %
		As at	As at
		30 June	31 December
Subsidiaries	Domicile	2022	2021
Euronext Amsterdam N.V.	The Netherlands	100.00	100.00
Euronext Brussels S.A./N.V.	Belgium	100.00	100.00
Euronext IP & IT Holding B.V.	The Netherlands	100.00	100.00
Euronext Hong Kong Limited	Hong Kong	100.00	100.00
Euronext Lisbon S.A. (a)	Portugal	100.00	100.00
Euronext London Ltd.	United Kingdom	100.00	100.00
Euronext Paris S.A.	France	100.00	100.00
Euronext Technologies S.A.S.	France	100.00	100.00
Euronext Technologies Unipessoal Lda.	Portugal	100.00	100.00
Euronext Technologies S.r.l.	Italy	100.00	100.00
Interbolsa S.A. (b),(c)	Portugal	100.00	100.00
The Irish Stock Exchange Plc. (d)	Ireland	100.00	100.00

Euronext Corporate Services B.V.	The Netherlands	100.00	100.00
Company Webcast B.V.	The Netherlands	100.00	100.00
iBabs B.V.	The Netherlands	100.00	100.00
IR Soft Ltd.	United Kingdom	100.00	100.00
InsiderLog AB	Sweden	100.00	100.00
Euronext US Inc.	United States	100.00	100.00
Euronext Market Services LLC	United States	100.00	100.00
Euronext Markets Americas LLC	United States	100.00	100.00
Euronext FX Inc.	United States	100.00	100.00
Euronext Markets Singapore Pte Ltd.	Singapore	100.00	100.00
Euronext UK Holding Ltd.	United Kingdom	100.00	100.00
Commcise Software Ltd.	United Kingdom	100.00	100.00
Euronext India Private Limited	India	100.00	100.00
Oslo Børs ASA	Norway	100.00	100.00
Verdipapirsentralen ASA ("VPS") (c)	Norway	100.00	100.00
Fish Pool ASA	Norway	97.00	97.00
NOTC AS	Norway	100.00	100.00
Euronext Nordics Holding AS	Norway	100.00	100.00
Finance Web Working SAS (e)	France	0.00	60.00
Nord Pool Holding AS	Norway	66.00	66.00
Nord Pool AS	Norway	66.00	66.00
Nord Pool Finland Oy	Finland	66.00	66.00
Nord Pool AB	Sweden	66.00	66.00
Nord Pool Consulting AS	Norway	66.00	66.00
Nord Pool European Market Coupling Operator AS	Norway	66.00	66.00
Nord Pool European Market Coupling Operator AB	Sweden	66.00	66.00
Nord Pool European Market Coupling Operator OY	Finland	66.00	66.00
Black Woodpecker Software Oy	Finland	100.00	100.00
Company Webcast France SAS	France	100.00	100.00
VP Securities AS (c)	Denmark	100.00	100.00
Euronext Italy Merger S.r.l.	Italy	100.00	100.00
Euronext Holding Italia S.p.A.	Italy	100.00	100.00
GATElab S.r.l.	Italy	100.00	100.00
GATElab Limited	United Kingdom	100.00	100.00
Bit Market Services S.p.A.	Italy	99.99	99.99
Borsa Italiana S.p.A.	Italy	99.99	99.99
Cassa di Compensazione e Garanzia S.p.A. (f)	Italy	99.99	99.99
Monte Titoli S.p.A. (c)	Italy	98.92	98.92
MTS S.p.A.	Italy	62.52	62.52

MTS Markets International Inc.	United States	62.52	62.52
Marche de Titres France SAS	France	62.52	62.52
Euro MTS Limited	United Kingdom	62.52	62.52
Elite S.p.A.	Italy	74.99	74.99
Elite Club Deal Limited (g)	United Kingdom	74.99	74.99

Italy	74.99	74.99
Italy	100.00	100.00
The Netherlands	0.00	0.00
Domicile
France	11.10	11.10
Luxembourg	19.47	19.47
Belgium	23.00	23.00
Domicile
France	16.23	16.23
Norway	50.00	50.00
Domicile
France	9.60	9.60
Belgium	3.53	3.53
Norway	5.00	5.00
Belgium	2.20	2.20
Ireland	33.30	33.30

(a) Legal name of Euronext Lisbon S.A. is Euronext Lisbon - Sociedade Gestora de Mercados Regulamentados, S.A.

(b) Legal name of Interbolsa S.A. is Interbolsa - Sociedade Gestora de Sistemas de Liquidaçao e de Sistemas Centralizados de Valores Mobiliários, S.A.

(c) Interbolsa S.A., Verdipapirsentralen ASA, VP Securities AS and Monte Titoli S.p.A. respectively operate under the business names "Euronext Securities Porto", "Euronext Securities Oslo", "Euronext Securities Copenhagen" and "Euronext Securities Milan".

(d) The Irish Stock Exchange plc. operates under the business name "Euronext Dublin".

(e) On 3 March 2022, the Group sold its 60% ownership in Finance Web Working ("Euronext Funds360").

(f) Cassa di Compensazione e Garanzia S.p.A.operates under the business name "Euronext Clearing".

(g) Elite Club Deal Limited is under liquidation, which is expected to be finalised in the third quarter of 2022.

(h) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation.

6. Business combinations

The acquisitions that occurred during the six months period ended 30 June 2022 are set out below.

6.1. Acquisition of Spafid's Issuer Services Business

On 1 April 2022, Euronext Securities Milan acquired the Issuer Services Business of Spafid S.p.A., which operates as an investment advisory firm and is a fully owned subsidiary of Mediobanca S.p.A. The purchase consideration for this business acquisition amounted to €12.0 million.

The acquisition is an important step to further develop local added-value services to issuers, and to deliver on Euronext Securities' ambition to converge issuers services across all its locations (Denmark, Norway, Portugal and Italy). The agreement includes the transfer of business relationships with over 200 trusted customers, hardware, technical software tools and experienced personnel who will oversee and manage all operational aspects of the services.

As the initial book values of the net assets acquired were considered not material from a Euronext Group perspective, the preliminary goodwill equals the purchase consideration pending final valuation outcomes of the net identifiable assets acquired (including software and customer relationships), which had not been completed by the date these interim financial statements were authorised for issuance by Euronext N.V.'s Supervisory Board. Consequently, the goodwill is subject to subsequent purchase price allocation adjustments.

7. Revenue and income

7.1 Revenue from contracts with customers

Substantially all of the Group's revenues are considered to be revenues from contracts with customers.

The Group's power trading revenue is closely correlated to seasonal fluctuations caused by higher energy demands in winter versus lower energy demands in summer. The Group's other revenue streams are not subject to significant seasonality patterns, except that there are generally lower trading volumes and listing admissions during the summer period. Trading volumes are subject to market volatility.

The increase in revenues from contracts with customers was due to the fact that the first half-year of 2022 included the full impact from Borsa Italiana Group, whereas the comparative period only included the impact from Borsa Italiana Group as from the date of control, i.e. 29 April 2021.

Set out below is the disaggregation of the Group's revenue from contracts with customers for the six months ended 30 June:

	Six months	Timing of revenue recognition				Six months
In thousands of euros	ended	Product or service transferred		ended	Product or service transferred
Major revenue stream	30 June 2022	at a point in time	over time	30 June 2021	at a point in time	over time
Listing	110,824	8,870	101,954	86,965	7,454	79,511
of which
Primary listing services and other	90,285	2,611	87,674	68,020	1,623	66,397
Corporate services	20,539	6,259	14,280	18,945	5,831	13,114
Trading revenue	280,030	268,793	11,237	208,744	204,930	3,814
of which
Cash trading	169,300	166,008	3,292	139,405	138,236	1,169
Derivatives trading	30,997	30,147	850	24,746	24,456	290
Fixed income trading	49,363	42,268	7,095	17,812	15,457	2,355
FX trading	14,426	14,426	—	11,763	11,763	—
Power trading	15,944	15,944	—	15,018	15,018	—
Investor services	4,534	—	4,534	4,481	140	4,341
Advanced data services	104,612	721	103,891	83,014	900	82,114
Post-trade	189,744	107,072	82,672	146,551	89,677	56,874
of which
Clearing	63,353	63,353	—	43,687	43,687	—
Custody & Settlement and other	126,391	43,719	82,672	102,864	45,554	57,310
Euronext Technology solutions & other revenue	47,224	666	46,558	34,728	705	34,023
Total revenue from contracts with customers	736,968	386,122	350,846	564,483	303,806	260,677

(a) In the comparative period, certain lines have been reclassified from 'over time' to 'point in time' for a total amount of €8 million, not impacting total revenue for the year.

7.2 Geographical information

The first half-year of 2022 included the full impact from Borsa Italiana Group (Italy), whereas the comparative period only included the impact from Borsa Italiana Group as from the date of control, i.e. 29 April 2021.

Set out below is the geographical information of the Group's revenue for the six months ended:

In thousands of euros	Italy	Nether lands	United Kingdom	Belgium	Portugal	Ireland	United States	Norway	Sweden	Denmark	Finland	Total
30 June 2022
Revenue from contracts with customers (a)	196,795 227,296 96,232		3,896	15,386	17,541	19,970		15,672 102,853	2,101	38,960	266	736,968
30 June 2021
Revenue from contracts with customers (a)	185,141 77,704	94,399	3,225	15,261	16,903	19,930	12,810	95,917	3,265	39,671	257	564,483

(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.

7.3 Net treasury income through CCP business

Income recognised in the CCP clearing business executed by Euronext Clearing includes net treasury income earned on margin and default funds, held as part of the risk management process.

For the six months period ended 30 June 2022, net treasury income through CCP business amounted to €29.1 million and is the result of gross interest income of €100.5 million, less gross interest expense of €71.4 million (see Note 22.2.6). Where negative interest rates apply, the Group recognises interest paid on financial assets as a treasury expense, which amounted to €71.0 million, and interest received on clearing members' margin as treasury income, which amounted to €80.3 million.

7.4 Other income

Other income primarily consists of transitional income from services provided by Borsa Italiana Group to London Stock Exchange Group (LSEG) to facilitate the transition of ownership following the acquisition of Borsa Italiana Group.

Transitional Service Agreements ("TSA") were established, providing for temporary services rendered to or received from LSEG. Each individual service is priced separately, generally on a fixed fee basis, based on actual usage or mutually agreed service levels. The agreement was established on arm's length basis.

Services rendered to LSEG primarily include technology and various ancillary services. All such services to LSEG are transitional and, accordingly, the related income from LSEG is expected to be phased out after fiscal year 2023.

Expenses for services received from LSEG under this agreement are recognised in other operational expenses (see Note 10).

8. Salaries and employee benefits

	Six months ended
In thousands of euros	30 June 2022	30 June 2021
Salaries and other short term benefits	(104,982)	(89,250)
Social security contributions	(28,182)	(27,622)
Share-based payment costs	(7,256)	(4,905)
Pension cost - defined benefit plans	(4,244)	(1,493)
Pension cost - defined contribution plans	(3,062)	(1,901)
Underlying salaries and employee benefits	(147,726)	(125,171)
Non-underlying salaries and employee benefits	(2,588)	(3,291)
Total	(150,314)	(128,462)

Underlying salaries and employee benefits increased, as the first half-year of 2022 includes the full impact from Borsa Italiana Group, whereas the comparative period only includes the impact from Borsa Italiana Group as from the date of control, i.e. 29 April 2021. Non-underlying salaries and employee benefits mainly related to cost incurred to integrate the Borsa Italiana Group activities with those of the Group and termination expenses in the various Euronext entities (see Note 11).

9. Depreciation and amortisation

	Six months ended
In thousands of euros	30 June 2022	30 June 2021
Depreciation of tangible fixed assets	(7,656)	(6,020)
Amortisation of intangible fixed assets	(14,148)	(8,769)
Amortisation of right-of-use assets	(11,476)	(9,512)
Underlying depreciation and amortisation	(33,280)	(24,301)
Non-underlying depreciation and amortisation	(45,484)	(22,910)
Total	(78,764)	(47,211)

Underlying depreciation and amortisation increased, as the first half-year of 2022 includes the full impact from Borsa Italiana Group, whereas the comparative period only includes the impact from Borsa Italiana Group as from the date of control, i.e. 29 April 2021. Non-underlying depreciation and amortisation mainly related to amortisation of acquired intangible assets (PPA) and accelerated depreciation of the right-of-use asset of the datacentre in Basildon (see Note 11).

10. Other operational expenses

	Six months ended
In thousands of euros	30 June 2022	30 June 2021
Systems and communications	(58,196)	(33,530)
Professional services	(29,260)	(29,369)
Clearing expenses (a)	(18,054)	(16,756)
Accommodation	(6,223)	(4,122)
Other expenses (b)	(37,093)	(20,517)
Underlying other operational expenses	(148,826)	(104,294)
Non-underlying other operational expenses	(11,009)	(32,453)
Total	(159,835)	(136,747)

(a) Clearing expenses consist of the fees paid to LCH SA for services received under the Derivatives Clearing Agreement.

(b) Other expenses include marketing, taxes, insurance, travel, professional membership fees, corporate management and other expenses.

Underlying other operational expenses increased, as the first half-year of 2022 includes the full impact from Borsa Italiana Group, whereas the comparative period only includes the impact from Borsa Italiana Group as from the date of control, i.e. 29 April 2021.

In addition, underlying other operational expenses include expenses for services received from LSEG under the TSA agreements, which include the use of operational systems and infrastructure, as well as certain market data, hosting, connectivity and other services. The services received from LSEG are expected to be transitional. For the six months period ended 30 June 2022, approximately €6.5 million of transitional costs were recognised (for the six months period ended 30 June 2021, approximately €3.0 million).

Non-underlying other operational expenses primarily comprises cost incurred to integrate the Borsa Italiana Group activities with those of the Group and costs related to acquisitions that change the perimeter of the Group (see Note 11).

11. Non-underlying items

	Six months ended
In thousands of euros	30 June 2022	30 June 2021
Non-underlying salaries and employee benefits
Integration -and double run costs a)	(3,076)	—
Restructuring costs	488	(3,291)
	(2,588)	(3,291)
Non-underlying depreciation and amortisation
Integration -and double run costs a)	(2,224)	—
Amortisation and impairment of acquired intangible assets (PPA) b)	(41,889)	(22,178)
Amortisation and impairment of other (in)tangible assets	(1,371)	(732)
	(45,484)	(22,910)
Non-underlying other operational expenses
Integration -and double run costs a)	(9,663)	(6,908)
Acquisition costs c)	(1,034)	(27,461)
Other	(312)	1,916
	(11,009)	(32,453)
Non-underlying non-operating items d)
Finance costs	—	(9,907)
Gain/(loss) on sale of subsidiaries	(930)	2,680
Impairment of associates and joint ventures	(1,526)	(4,294)
	(2,456)	(11,521)
Non-underlying items before tax	(61,537)	(70,175)
Tax on non-underlying items e)	16,193	10,454
Non-controlling interest	447	555
Non-underlying profit / (loss) for the period attributable to the shareholders of the Company	(44,897)	(59,166)

a) The total integration- and double run costs amounted to €15.0 million (2021: €6.9 million) and were attributable to significant projects and activities to integrate the Borsa Italiana Group businesses with those of the Group.

b) Amortisation of intangible assets that were recorded as a result of acquisitions amounted to €41.9 million (2021: €22.2 million).

c) The acquisition costs of €1.0 million mainly related to the acquisitions of Spafid's Issuer Services Business and the technology businesses of Nexi S.p.A.. In the comparative period, the acquisition costs of €27.5 million related to the acquisition of Borsa Italiana Group.

d) The non-underlying non-operating items comprised a €0.9 million loss on sale of the interest in subsidiary Finance Web Working SAS and a €1.5 million impairment of investment in joint venture LiquidShare. The comparative period included €9.9 million of fees related to the bridge loan facility, a €2.7 million gain on sale of the interests in subsidiaries Centevo AB and Oslo Market Solutions AS and a €4.3 million impairment of investment in associate Tokeny Solutions.

e) After the determination that an item is taxable, the tax impact of the Group's non-underlying items of the individual entities of the Group to which the non-underlying items relate, is computed based on the tax rates applicable to the respective territories in which the entity operates.

12. Net financing income / (expense)

	Six months ended
In thousands of euros	30 June 2022	30 June 2021
Interest expense (effective interest method)	(18,102)	(12,347)
Interest in respect of lease liabilities	(358)	(318)
Underlying finance costs	(18,460)	(12,665)
Non-underlying finance costs	—	(9,907)
Total finance costs	(18,460)	(22,572)

Interest income (effective interest method)	1,334	585
Interest income from interest rate swaps	1,479	2,484
Hedging result	—	(307)
Gain / (loss) on disposal of treasury investments	(2,107)	(496)
Net foreign exchange gain/(loss)	(344)	(146)
Other net financing income/(expense)	362	2,120
Total	(18,098)	(20,452)

Underlying finance costs for the six months period ended 30 June 2022 includes the full half-year impact of interest expenses on the Senior Unsecured Notes #3, #4 and #5. issued in May 2021 for the purpose of repayment of the bridge loan facility.

Non-underlying finance costs comprises fees related to the bridge loan facility, that was used to pre-finance the acquisition of Borsa Italiana Group in 2021.

Interest income from interest rate swaps decreased, following the termination of the interest rate swap agreements in May 2022.

13. Results from equity investments

	Six months ended
In thousands of euros	30 June 2022	30 June 2021
Dividend income	—	12,524
Total	—	12,524

During the six months period ended 30 June 2022, no dividends were received from Euroclear S.A./N.V. and Sicovam Holding SA. The comparative period includes dividend received from Euroclear S.A./N.V. and Sicovam Holding SA.

14. Gain/(loss) on sale of subsidiaries

During the first six months of 2022, the Group sold its 60% majority interests in Finance Web Working SAS (Euronext Funds360). Proceeds of the sale were €0.8 million (net of cash). Including allocated goodwill of €2.2 million, the loss from disposal of this subsidiary was €0.9 million.

During the comparative period, the Group sold its interests in subsidiaries Centevo AB and Oslo Market Solutions AS, resulting in a combined gain from disposal of €2.7 million.

In both periods, the gain and (loss) on sale of subsidiaries are reflected as non-underlying items in the consolidated statement of profit or loss (see Note 11).

15. Share of net profit/(loss) of associates and joint ventures

The share of net profit /(loss) of associates and joint ventures is primarily contributed by associate LCH SA for €6.0 million (2021: €5.7 million). Furthermore, an impairment loss for joint venture Liquidshare of €1.5 million was recognised and reflected as nonunderlying item in the consolidated statement of profit or loss (see Note 11).

The comparative period included an impairment loss for associate Tokeny Solutions of €4.3 million, which was reflected as nonunderlying item in the consolidated statement of profit or loss (see Note 11).

16. Income tax expense

Income tax expense for the interim period is recognised by reference to management's estimate of the weighted average income tax rate expected for the full fiscal year, with the exception of discrete "one-off" items which are recorded in full in the interim period.

The underlying effective tax rate slightly increased from 25.6% for the six months ended 30 June 2021 to 26.5% for the six months ended 30 June 2022.

The total effective tax rate decreased from 28.4% for the six months ended 30 June 2021 to 26.5% for the six months ended 30 June 2022. The decrease in effective tax rate is largely explained due to non-deductible expenses incurred for the Borsa Italiana Group acquisition in 2021, which impacted the comparative period.

17. Goodwill and other intangible assets

The Goodwill held by the Group increased primarily as a result of the acquisition of the Issuer Services Business of Spafid. See Note 6 for further information on this acquisition.

					Fair value adjustment intangible assets recognised on business combinations
			Purchased software / Construction in progress/
		Internally developed	Patents and		Customer	Brand
In thousands of euros	Goodwill	software	Trademarks	Software	Relations	Names	Total
As at 31 December 2021
Cost	3,999,783	189,510	239,682	171,228	2,048,011	37,675	6,685,889
Accumulated amortisation and impairment	(54,369)	(129,823)	(202,436)	(42,729)	(71,250)	(7,215)	(507,822)
Net book amount	3,945,414	59,687	37,246	128,499	1,976,761	30,460	6,178,067
As at 1 January 2022 net book amount	3,945,414	59,687	37,246	128,499	1,976,761	30,460	6,178,067
Exchange differences	(7,391)	106	17	(740)	(3,959)	398	(11,569)
Additions	—	22,234	2,959	—	—	—	25,193
Impairment charge / write off	—	—	—	—	—	—	—
Transfers and other	—	87	278	—	—	—	365
Business combinations (Note 6)	12,000	—	—	—	—	—	12,000
Disposal of subsidiaries/business	(2,163)	—	(50)	—	—	—	(2,213)
Amortisation charge (Note 9)	—	(6,350)	(8,783)	(10,719)	(30,041)	(873)	(56,766)
As at 30 June 2022 net book amount	3,947,860	75,764	31,667	117,040	1,942,761	29,985	6,145,077

As at 30 June 2022

Cost	4,002,199	206,488	242,824	158,324	2,043,505	32,023	6,685,363
Accumulated amortisation and impairment	(54,339)	(130,724)	(211,157)	(41,284)	(100,744)	(2,038)	(540,286)
Net book amount	3,947,860	75,764	31,667	117,040	1,942,761	29,985	6,145,077

As there were no indicators for impairment, management has not updated any of the impairment calculations as per 30 June 2022. Management is closely monitoring interest evolution, given the announced interest rate hikes expected in the second half of the year.

The increase of internally developed software mainly related to investments for the Group's trading platform Optiq and the core data centre in Bergamo.

18. Shareholders' equity

Under the Articles of Association, the Company's authorised share capital amounts to €200,000,001.60 and is divided into 125,000,000 Ordinary Shares and one Priority Share, each with a nominal value of €1.60 per share. All of Euronext's shares have been or will be created under Dutch law.

As of 30 June 2022, the Company's issued share capital amounts to €171,370,070 and is divided into 107,106,294 Ordinary Shares. The Priority Share is currently not outstanding. The fully paid ordinary shares carry one vote per share and rights to dividends, if declared. The Group's ability to declare dividends is limited to distributable reserves as defined by Dutch law.

Treasury shares

The movements in treasury shares were as follows, during the six months period ended 30 June:

Movements in treasury shares during the half-year	Shares 2022	Shares 2021	Total Value 2022	Total Value 2021
			(In thousands of	(In thousands of
			euros)	euros)
Liquidity contract (a)	-	2,850	5	308
Share Repurchase Program (b)	-	-	-	-
From share-based payments (c)	(146,098)	(138,867)	(9,960)	(7,844)

(a) The movement in value of €5k during the first half of 2022, relates to the transactions in Euronext N.V. shares conducted by the liquidity provider on behalf of the Group under the liquidity contract established.

(b) Under the Share Repurchase Program, no shares were repurchased by the Group during the first half of 2022.

(c) 146,098 shares were delivered to employees for whom share plans had already vested during the first half of 2022.

Dividend

On 18 May 2022, the Annual General Meeting of shareholders voted for the adoption of the proposed €1.93 dividend per ordinary share, representing a 50% pay-out ratio of net profit. On 25 May 2022, the dividend of €206.0 million was paid to the shareholders of Euronext N.V.

19. Earnings per Share

Basic

Earnings per share are computed by dividing profit attributable to the shareholders of the Company by the weighted average number of shares outstanding for the period. The number of weighted average shares used for the basic earnings per share calculation for the six months ended 30 June 2022 was 106,616,256 (30 June 2021: 85,094,834).

Diluted

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The impact of share plans is determined by the number of shares that could have been acquired at fair value (determined as the average quarterly market price of Euronext's shares) based on the fair value (measured in accordance with IFRS 2) of any services to be supplied to Euronext in the future under these plans. The number of weighted average shares used for the diluted earnings per share calculation for the six months ended 30 June 2022 was 106,802,961 (30 June 2021: 85,290,349).

20. Borrowings

In thousands of euros	Balance at 31 December 2021	New issues	Repayments	Acquisition of subsidiary	Fair Value adjustments to interest rate hedge	Other movements	Balance at 30 June 2022
Non-current
Borrowings
Senior Unsecured note #1 (a)	513,139	—	—	—	(20,387)	—	492,752
Senior Unsecured note #2	750,000	—	—	—	—	—	750,000
Senior Unsecured note #3	600,000	—	—	—	—	—	600,000
Senior Unsecured note #4	600,000	—	—	—	—	—	600,000
Senior Unsecured note #5	600,000	—	—	—	—	—	600,000
Discount, premium and issue costs	(21,929)	—	—	—	—	—	(21,929)
Amortisation discount, premium and issue costs	3,181	—	—	—	—	920	4,101
Total	3,044,391	—	—	—	(20,387)	920	3,024,924
Current
Borrowings
Accrued interest	17,359	—	(28,710)	—	—	14,752	3,401
Total	17,359	—	(28,710)	—	—	14,752	3,401

(a) The Senior Unsecured Note #1 is carried at amortised cost and was adjusted for fair value movements due to the hedged interest rate risk until 3 May 2022.

Senior Unsecured Note #1

As from the moment of discontinuation of the fair value hedge, the accumulated fair value adjustments of Senior Unsecured Note #1 will be amortised to profit or loss based on a recalculated Effective Interest Rate over the remaining term of Senior Unsecured Note #1. The accumulated fair value adjustments amounted to a negative €7.3 million as per 30 June 2022.

21. Derivative financial instruments

Fair value hedges for interest rate risk

In relation to the 1% fixed-rate €500 million Senior Unsecured Note #1, issued in April 2018, the Group used interest rate swap agreements (formally designated as fair value hedges) to reduce the variability of the fair value of the Senior Unsecured Note #1 attributable to the change in interest rate.

On 3 May 2022, the Group terminated its interest rate swap agreements. On termination, the Group cash settled the swap agreements at a carrying amount of €8.9 million and the hedge relationship was discontinued.

As the hedge was effective, no amounts for ineffectiveness were recognised in 'hedging result' in the Consolidated Statement of Profit or Loss for the six months period ended 30 June 2022.

The Group does not hold or issue any derivative instruments for trading or speculative purposes.

22. Financial instruments

Set out below are the financial instruments held by the Group at 30 June 2022 and 31 December 2021.

22.1. Financial instruments by category

	As at 30 June 2022
		FVOCI	FVOCI
	Amortised	equity	debt
In thousands of euros	cost	instruments	instruments	FVPL	Total
Financial assets
CCP trading assets at fair value	—	—	—	7,600,521	7,600,521
Assets under repurchase transactions	134,889,739	—	—		— 134,889,739
Other financial assets traded but not yet settled	—	—	—	44,773	44,773
Debt instruments at fair value through other comprehensive income	—	—	4,901,253	—	4,901,253
Other instruments held at fair value	—	—	—	2,614	2,614
Other receivables from clearing members	10,979,815	—	—	—	10,979,815
Cash and cash equivalents of clearing members	10,244,329	—	—	—	10,244,329
Total financial assets of the CCP clearing business	156,113,883	—	4,901,253		7,647,908 168,663,044

Financial assets at fair value through other comprehensive income	—	242,519	49,114	—	291,633
Financial assets at amortised cost	8,067	—	—	—	8,067
Trade and other receivables	544,744	—	—	—	544,744
Derivative financial instruments	—	—	—	96	96
Other current financial assets	49,972	—	92,591	—	142,563
Cash and cash equivalents	946,610	—	—	—	946,610
Total	157,663,276	242,519	5,042,958		7,648,004 170,596,757
Financial liabilities
CCP trading liabilities at fair value	—	—	—	7,600,521	7,600,521
Liabilities under repurchase transactions	134,889,739	—	—		— 134,889,739
Other financial liabilities traded but not yet settled	—	—	—	45,144	45,144
Other payables to clearing members	26,161,108	—	—	—	26,161,108
Total financial liabilities of the CCP clearing business	161,050,847	—	—		7,645,665 168,696,512

Borrowings (non-current)	3,024,924	—	—	—	3,024,924
Lease liabilities (non-current)	33,397	—	—	—	33,397
Borrowings (current)	3,401	—	—	—	3,401
Lease liabilities (current)	24,524	—	—	—	24,524
Trade and other payables	675,118	—	—	—	675,118
Total	164,812,211	—	—		7,645,665 172,457,876

The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in Note 3 of the Group's annual consolidated financial statements for the year ended 31 December 2021.

	As at 31 December 2021
		FVOCI	FVOCI
	Amortised	equity	debt
In thousands of euros	cost	instruments	instruments	FVPL	Total
Financial assets

CCP trading assets at fair value	—	—	—	11,123,682	11,123,682
Assets under repurchase transactions	105,638,953	—	—		— 105,638,953
Other financial assets traded but not yet settled	—	—	—	4,126	4,126
Debt instruments at fair value through other comprehensive income	—	—	4,460,408	—	4,460,408
Other instruments held at fair value	—	—	—	1,190	1,190
Other receivables from clearing members	5,857,349	—	—	—	5,857,349
Cash and cash equivalents of clearing members	10,665,176	—	—	—	10,665,176
Total financial assets of the CCP clearing business	122,161,478	—	4,460,408		11,128,998 137,750,884

Financial assets at fair value through other comprehensive income	—	207,693	50,375	—	258,068
Financial assets at amortised cost	2,902	—	—	—	2,902
Trade and other receivables	394,986	—	—	—	394,986
Derivative financial instruments	—	—	—	11,913	11,913
Other current financial assets	50,091	—	107,499	—	157,590
Cash and cash equivalents	804,361	—	—	—	804,361
Total	123,413,818	207,693	4,618,282		11,140,911 139,380,704
Financial liabilities
CCP trading liabilities at fair value	—	—	—	11,123,682	11,123,682
Liabilities under repurchase transactions	105,638,953	—	—		— 105,638,953
Other financial liabilities traded but not yet settled	—	—	—	4,126	4,126
Other payables to clearing members	20,965,642	—	—	—	20,965,642
Total financial liabilities of the CCP clearing business	126,604,595	—	—		11,127,808 137,732,403

Borrowings (non-current)	3,044,391	—	—	—	3,044,391
Lease liabilities (non-current)	50,691	—	—	—	50,691
Borrowings (current)	17,359	—	—	—	17,359
Lease liabilities (current)	20,993	—	—	—	20,993
Trade and other payables	439,856	—	—	—	439,856
Total	130,177,885	—	—		11,127,808 141,305,693

22.2. Fair value measurement

This note provides an update on the judgments and estimates made by the Group in determining the fair values of the financial instruments since the last annual financial report.

22.2.1. Fair value hierarchy

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

▪ Level 1: quoted prices in active markets for identical assets or liabilities
▪ Level 2: inputs that are based on observable market data, directly or indirectly
▪ Level 3: unobservable inputs

In thousands of euros	Level 1	Level 2	Level 3	Total
As at 30 June 2022
Assets
Financial assets at FVOCI
Unlisted equity securities	—	—	242,519	242,519
Quoted debt instruments	141,705	—	—	141,705
Quoted debt instruments of CCP clearing business	4,901,253	—	—	4,901,253
Financial assets at FVPL				—
Derivative instruments of CCP clearing business	7,600,521	—	—	7,600,521
Other instruments of CCP clearing business	47,386	—	—	47,386
Other derivative instruments (a)	—	96	—	96
Total assets	12,690,865	96	242,519	12,933,480
Liabilities
Financial liabilities at FVPL
Derivative instruments of CCP clearing business	7,600,521	—	—	7,600,521
Other instruments of CCP clearing business	45,144	—	—	45,144
Total liabilities	7,645,665	—	—	7,645,665

a) Includes foreign exchange spot transactions of €96k in Nord Pool

As at 31 December 2021

Total liabilities	11,127,808	—	—	11,127,808
Other instruments of CCP clearing business	4,126	—	—	4,126
Derivative instruments of CCP clearing business	11,123,682	—	—	11,123,682
Financial liabilities at FVPL
Liabilities
Total assets	15,747,280	11,913	207,693	15,966,886
Other instruments of CCP clearing business	5,316	—	—	5,316
Derivative instruments of CCP clearing business	11,123,682	—	—	11,123,682
Hedging derivatives - interest rate swaps (a)	—	11,913	—	11,913
Financial assets at FVPL
Quoted debt instruments of CCP clearing business	4,460,408	—	—	4,460,408
Quoted debt instruments	157,874	—	—	157,874
Unlisted equity securities	—	—	207,693	207,693
Financial assets at FVOCI
Assets

a) Includes foreign exchange spot transactions of €12k in Nord Pool

There were no transfers between the levels of fair value hierarchy in the six months period ended 30 June 2022.

22.2.2. Fair value measurements using quoted prices in active markets for identical assets or liabilities (level 1)

The quoted debt instruments primarily relate to investments in listed bonds held by Euronext Securities Copenhagen and Euronext Clearing's own fund investments in government bonds.

The quoted debt instruments of CCP clearing business represent an investment portfolio in predominantly government bonds funded by the margins and default funds deposited by members of the CCP clearing business.

The derivative instruments of CCP clearing business comprise open transactions not settled at the reporting date on the derivatives market in which Euronext Clearing operates as a central counterparty. The other instruments of CCP clearing business include clearing member trading balances for equity and debt instruments that are marked to market on a daily basis.

Fair values of the instruments mentioned above are determined by reference to published price quotations in an active market.

22.2.3. Fair value measurements using observable market data, directly or indirectly (level 2)

The fair value of interest rate swaps was calculated as the present value of the estimated future net cash flows based on observable yield curves at the reporting date.

22.2.4. Fair value measurements using unobservable inputs (level 3)

The following table presents the changes in level 3 instruments for the six months period ended 30 June 2022:

	Unlisted equity
In thousands of euros	securities
As at 31 December 2021	207,693
Revaluations recognised in OCI	34,861
Payments	—
Exchange differences	(35)
As at 30 June 2022	242,519

Valuation process

Concerning the valuation process for fair value measurement categorised within level 3 of the fair value hierarchy, the Group's central treasury department collects and validates the available level 3 inputs and performs the valuation according to the Group's valuation methodology for each reporting period. The fair value estimates are discussed with-, and challenged by the Group Finance Director and the Chief Financial Officer. Periodically the values of investments categorized in "level 3" are validated by staff with extensive knowledge of the industry in which the invested companies operate. Although valuation techniques are applied consistently as a principle, Management, upon advice from the Group's valuation experts, may decide to replace a valuation technique if such a change would improve the quality or the reliability of the valuation process.

Unlisted equity securities in Euroclear S.A./N.V. and Sicovam Holding S.A.

For measuring fair value of its long-term investments in unlisted equity securities in Euroclear S.A/N.V. and Sicovam Holding S.A., the Group applied a weighted approach, using both the Gordon Growth Model (with return on equity and expected dividend growth rate as key non-observable parameters) and recent observed market transactions taking into account an illiquidity discount for the limited number of transactions. In addition, for measuring the fair value of Sicovam Holding S.A, the Group applied an illiquidity discount as an unobservable input for which a sensitivity impact of +10%/(-10%) would amount to a decrease or (increase) of €7.6 million in the fair value (2021: €6.6 million).

The key assumptions used in the Gordon Growth Model valuation model are shown in the tables below. The sensitivity analysis shows the impact on fair value using the most favorable combination (increase), or least favorable combination (decrease) of the unobservable inputs per investment in unlisted equity securities.

30 June 2022:

In thousands of euros	Fair value at 30 June 2022 Unobservable inputs *)			Range of inputs (probability-weighted average)
				Increase	decrease
Euroclear S.A./N.V.	173,419	Return on equity	8.5% - 9.5% (9.0%)	4,813	(5,332)
		Expected dividend growth rate	0.5% - 1.5% (1.0%)
Sicovam Holding S.A.	68,753	Return on equity	8.5% - 9.5% (9.0%)	1,872	(2,074)
		Expected dividend growth rate	0.5% - 1.5% (1.0%)

*) There were no significant inter-relationships between unobservable inputs that materially affect fair value

31 December 2021:

In thousands of euros	Fair value at 31 December 2021	Unobservable inputs *)	Range of inputs (probability-weighted average)	Relationship of unobservable inputs to fair value
				Increase	decrease
Euroclear S.A./N.V.	148,256	Return on equity	8.5% - 9.5% (9.0%)	4,748	(5,488)
		Expected dividend growth rate	0.5% - 1.5% (1.0%)
Sicovam Holding S.A.	59,083	Return on equity	8.5% - 9.5% (9.0%)	1,779	(2,202)
		Expected dividend growth rate	0.5% - 1.5% (1.0%)

*) There were no significant inter-relationships between unobservable inputs that materially affect fair value

SEMI-ANNUAL FINANCIAL REPORT AS AT 30 JUNE 2022

22.2.5. Fair values of other financial instruments

The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For these instruments the fair values approximate their carrying amounts.

As per 30 June 2022, trade and other receivables included €237.5 million (2021: €116.5 million) of Nord Pool power sales positions and trade and other payables included €459.8 million (2021: €188.6 million) of Nord Pool power purchases positions. The increase is the result of higher energy prices at end of June 2022.

22.2.6. Net Treasury Income by classification

For the six months period ended 30 June 2022, net treasury income from CCP clearing business is earned from instruments held at amortised cost or fair value as follows:

A net €36.8 million (€81.9 million income and €45.1 million expense) was earned from financial assets and financial liabilities held at amortised cost (2021: a net €10.9 million earned (€22.3 million income and €11.4 million expense)).
A net €7.7 million loss (€18.7 million income and €26.4 million expense) was incurred from assets held at fair value (2021: a net €1.3 million loss (€9.8 million income and €11.1 million expense).

22.2.7. Offsetting within clearing member balances

CCP clearing business financial assets and liabilities are offset and only the net amount is presented in the consolidated balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. The following tables show the offsetting breakdown by products:

31 December 2021

	30 June 2022
In thousands of euros	Gross amounts	Amount offset	Net amount as reported
Derivative financial asset	25,859,480	(18,258,959)	7,600,521
Reverse repurchase agreements	148,188,789	(13,299,050)	134,889,739
Other	102,925	(58,152)	44,773
Total assets	174,151,194	(31,616,161)	142,535,033
Derivative financial liabilities	(25,859,480)	18,258,959	(7,600,521)
Reverse repurchase agreements	(148,188,789)	13,299,050	(134,889,739)
Other	(102,925)	58,152	(44,773)
Total liabilities	(174,151,194)	31,616,161	(142,535,033)

Gross amounts	Amount offset	Net amount as reported
24,913,656	(13,789,974)	11,123,682
118,785,865	(13,146,912)	105,638,953
7,362	(3,236)	4,126
143,706,883	(26,940,122)	116,766,761
(24,913,656)	13,789,974	(11,123,682)
(118,785,865)	13,146,912	(105,638,953)
(7,362)	3,236	(4,126)
(143,706,883)	26,940,122	(116,766,761)

22.2.8. Risk management within clearing member business

Credit risk

In its role as CCP clearer to financial market participants, the Group's CCP guarantees final settlement of transactions acting as buyer towards each seller and as seller towards each buyer. It manages substantial credit risks as part of its operations including unmatched risk positions that might arise from the default of a party to a cleared transaction.

Clearing membership selection is based upon supervisory capital, technical and organisational criteria. Each member must pay margins, computed and collected at least daily, to cover the exposures and theoretical costs which the CCP might incur in order to close out open positions in the event of the member's default. Margins are calculated using established and internationally acknowledged risk models and are debited from participants' accounts through central bank accounts and via commercial bank payment systems. Minimum levels of cash collateral are required. Non-cash collateral is revalued daily but the members retain title of the asset and the Group only has a claim on these assets in the event of a default by the member.

Clearing members also contribute to default funds managed by the CCP to guarantee the integrity of the markets in the event of multiple defaults in extreme market circumstances. Amounts are determined on the basis of the results of periodic stress testing examined by the risk committees of the CCP. Furthermore, the Group's CCP reinforces its capital position to meet the most stringent relevant regulatory requirements applicable to it, including holding a minimum amount of dedicated own resources to further underpin the protective credit risk framework in the event of a significant market stress event or participant failure.

An analysis of the aggregate clearing member contributions of margin and default funds across the CCP is shown below:

In thousands of euros	30 June 2022 31 December 2021
Total collateral pledged
Margin received in cash	15,402,829	12,148,577
Margin received by title transfer	1,004,467	798,186
Default fund total	6,611,647	6,910,839
Total on balance sheet collateral (a)	23,018,943	19,857,602
Total member collateral pledged	23,018,943	19,857,602

(a) The counterbalance of the total on balance sheet collateral is included in the line 'other payables to clearing members' in the table at Note 22.1

Investment counterparty risk for CCP margin and default funds is managed by investing the cash element in instruments or structures deemed 'secure', including through direct investments in highly rated, 'regulatory qualifying' sovereign bonds and supranational debt, investments in tri-party and bilateral reverse repos (receiving high-quality government securities as collateral) in certain jurisdictions and deposits with the central bank of Italy. The small proportion of cash that is invested unsecured is placed for short durations with highly rated counterparties where strict limits are applied with respect to credit quality, concentration and tenor.

In thousands of euros		30 June 2022 31 December 2021
Investment portfolio	4,901,253	4,460,408
CCP other financial assets (a)	4,901,253	4,460,408

Clearing member cash equivalents - short term deposits	90,287	175,378
Clearing member cash - central bank deposits	10,148,097	10,479,680
Clearing member cash - other banks	5,945	10,118
Total clearing member cash (b)	10,244,329	10,665,176

(a) The CCP other financial assets are included in the line 'Debt instruments at fair value through other comprehensive income' in the table at Note 22.1.

(b) The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 22.1.

Distress can result from the risk that certain governments may be unable or find it difficult to service their debts. This could have adverse effects, particularly on the Group's CCP, potentially impacting cleared products, margin collateral, investments, the clearing membership and the financial industry as a whole.

Specific risk frameworks manage country risk for both fixed income clearing and margin collateral and all clearing members' portfolios are monitored regularly against a suite of sovereign stress scenarios. Investment limits and counterparty and clearing membership monitoring are sensitive to changes in ratings and other financial market indicators, to ensure the Group's CCP is able to measure, monitor and mitigate exposures to sovereign risk and respond quickly to anticipated changes. Risk Committees maintain an ongoing watch over these risks and the associated policy frameworks to protect the Group against potentially severe volatility in the sovereign debt markets.

The Group's sovereign exposures at the end of the financial reporting period were:

In thousands of euros	30 June 2022 31 December 2021
Sovereign investments
Italy	2,130,721	2,124,637
Spain	1,052,269	976,955
EU Central (a)	631,432	684,495
Portugal	540,920	677,301
France	327,218	118,289
Germany	66,974	53,789
Ireland	95,059	—
Netherlands	47,226	320
Belgium	99,722	—
Total for all countries (b)	4,991,541	4,635,786

(a) 'EU Central' consists of supra-national debts.

(b) The total sovereign investments include the investment portfolio of CCP clearing business assets as disclosed in the line 'Debt instruments at fair value through other comprehensive income' in the table at Note 22.1.

Liquidity risk

The Group's CCP must maintain a level of liquidity (consistent with regulatory requirements) to ensure the smooth operation of its respective markets and to maintain operations in the event of a single or multiple market stress event or member failure. This includes the potential requirement to liquidate the position of a clearing member under a default scenario including covering the associated losses and the settlement obligations of the defaulting member.

The Group's CCP maintains sufficient cash and cash equivalents and has access to intraday central bank refinancing (collateralized with ECB eligible bonds) along with commercial bank credit lines to meet in a timely manner its payment obligations. As at 30 June 2022, the Group's CCP had €420 million credit lines granted by commercial banks serving as liquid recourse to mitigate liquidity risks according to EMIR regulation. None of the credit lines had been used as of 30 June 2022.

Revised regulations requires the CCP to ensure that appropriate levels of back-up liquidity are in place to underpin the dynamics of a largely secured cash investment requirement, ensuring that the maximum potential outflow under extreme market conditions is covered (see credit risk section). The Group's CCP monitors its liquidity needs daily under normal and stressed market conditions. Where possible, the Group employs guaranteed delivery versus payment settlement techniques and manages CCP margin and default fund flows through central bank or long-established, bespoke commercial bank settlement mechanisms. Monies due from clearing members remain the clearing members' liability if the payment agent is unable to effect the appropriate transfer. In addition, the Group's CCP maintains operational facilities with commercial banks to manage intraday and overnight liquidity.

In line with the investment policy and the regulatory requirements, the Group's CCP has partially invested the default funds and margin in government bonds, with an average maturity of around 12 months as per 30 June 2022. Even though these financial assets are generally held to maturity, a forced liquidation of the investment portfolio could lead to losses and lack of required liquidity.

In thousands of euros	Maturity < 1 year	Maturity between 1 and 2 years	Maturity between 2 and 3 years	Total
30 June 2022
Investment portfolio	2,814,432	1,822,679	264,142	4,901,253
31 December 2021
Investment portfolio	2,721,945	533,789	1,204,674	4,460,408

The table below analyses the Group's CCP financial liabilities into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table reflect the contractual undiscounted cash flows.

	Maturity < 1	Maturity between 1	Maturity > 5
In thousands of euros	year	and 5 years	years	Total
30 June 2022
CCP clearing member liabilities	168,696,512	—	—	168,696,512
31 December 2021
CCP clearing member liabilities	137,732,403	—	—	137,732,403

Interest rate risk

The Group's CCP faces interest rate exposure through the impact of changes in the reference rates used to calculate member liabilities versus the yields achieved through their predominantly secured investment activities.

In the Group's CCP, interest bearing assets are generally invested in secured instruments or structures and for a longer term than interest bearing liabilities, whose interest rate is reset daily. This makes investment revenue vulnerable to volatility in overnight rates and shifts in spreads between overnight and term rates. On daily basis the interest rate risk associated to investments is monitored via capital requirements.

The Group's CCP has an investment policy, mitigating market risks. The Group's CCP investments have an average duration of around one year and are generally held until maturity. Losses will not materialise unless the investment portfolio is liquidated before maturity or in an event of portfolio rebalancing before maturity. In case of a forced liquidation of the CCP's financial investment portfolio before maturity to provide necessary liquidity, the CCP may face higher interest rate exposure on its financial investment portfolio. The interest rate exposure of the investment portfolio is predominantly at fixed rates (only a negligible part is at floating rates) at the amounts and maturities as disclosed at Liquidity risk above. As per 30 June 2022, an increase/decrease of the rate by 100 basis points would have an increasing/decreasing impact on the investment portfolio market value of €48 million or 0.96%.

23. Related parties

23.1. Transactions with related parties

The Group has related party relationships with its associates, joint ventures and key management personnel. The nature of related party transactions during the six months period ended 30 June 2022 did not significantly deviate from the nature of transactions as reflected in the consolidated financial statements as at and for the year ended 31 December 2021. Transactions with subsidiaries are eliminated on consolidation. The interests in group companies are set out in Note 5.

Euronext Clearing has an interoperability agreement in place with associate LCH SA, covering trades in Italian Government bonds executed on MTS markets. No cross-charges of revenue or expenses are recognized in connection with this agreement.

23.2. Key management personnel

During the first six months of 2022, the following mutations in the Group's key management personnel have occurred:

Managing Board

On 17 May 2022, the Group announced that Manuel Bento was appointed as Chief Operating Officer and Member of the Managing Board of Euronext N.V., subject to regulatory and shareholder approvals. This follows the decision from Georges Lauchard to resign from his position as Chief Operating Officer and Member of the Managing Board of Euronext N.V. as per 10 June 2022. On 18 May 2022, Fabrizio Testa as CEO of Borsa Italiana was appointed as a Member of the Managing Board of Euronext N.V.

Supervisory Board

No changes in the Supervisory Board occurred to date.

With the exception of the above there were no other changes in key management personnel during the six months period ended 30 June 2022. Other arrangements with key management have remained consistent since 31 December 2021.

24. Contingencies

The Group is involved in a number of legal proceedings that have arisen in the ordinary course of Euronext's business. Set out below are the legal proceedings that had changes in status, compared to what has been reported in Note 38 "Contingencies" of the Group's Consolidated Financial Statements for the year ended 31 December 2021. No new material legal proceedings occurred during the six months period ended 30 June 2022.

Euronext Amsterdam Pension Fund

In the court case between Euronext Amsterdam and approximately 120 retired and/or former Euronext Amsterdam employees, united in an association ("VPGE"), Euronext has lodged an appeal in Cassation before the Supreme Court. On 29 October 2021, the Attorney General ("Advocaat-Generaal") advised the Supreme Court to annul the decision of the Higher Court and to reject the cross-appeal filed by VPGE. The Supreme Court will decide on 2 September 2022.

No provision was booked in connection with this case.

25. Events after the reporting period

In July 2022, Euronext Clearing reduced its investment portfolio with the aim of strengthening and preserving its available regulatory capital and aligning the investment strategy to the current level of market volatility and uncertainty.

As a result, Euronext Clearing disposed of its portfolio maturing after 1 May 2023. A post-tax loss of €35 million on this transaction will be recorded in Q3 2022. Euronext Clearing decided to retain its short-term investment portfolio maturing through April 2023 and hold these to maturity.

Amsterdam, 28 July 2022

Stéphane Boujnah Chief Executive Officer and Chairman of the Managing Board

Giorgio Modica Chief Financial Officer

III. Management Statement

The Company Management hereby declares that to the best of its knowledge:

The interim condensed consolidated financial statements prepared in accordance with IAS 34 "Interim Financial Reporting", give a true and fair view of the assets, liabilities, financial position and profit or loss of Euronext N.V. and the undertakings included in the consolidated as a whole; and
The semi-annual report includes a fair review of the information required pursuant to section 5:25d(8) (9) of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

Amsterdam, 28 July 2022

Stéphane Boujnah Giorgio Modica Chief Executive Officer and Chairman of the Managing Board Chief Financial Officer

IV. Independent auditor's review report

To: the shareholders and supervisory board of Euronext N.V.

Our conclusion

We have reviewed the condensed interim consolidated financial statements included in the accompanying semi-annual financial report of Euronext N.V. based in Amsterdam for the period from 1 January 2022 to 30 June 2022.

Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements of Euronext N.V. for the period from 1 January to 30 June 2022, are not prepared, in all material respects, in accordance with IAS 34, "Interim Financial Reporting", as adopted by the European Union.

The condensed interim consolidated financial statements comprise:

The condensed interim consolidated statement of profit or loss
The condensed interim consolidated statement of comprehensive income
The condensed interim consolidated balance sheet
The condensed interim consolidated statement of cash flows
The condensed interim consolidated statement of changes in equity
The notes comprising of a summary of the significant accounting policies and other explanatory information

Basis for our conclusion

We conducted our review in accordance with Dutch law, including the Dutch Standard 2410, "Review of interim financial information performed by the independent auditor of the entity". A review of interim financial information in accordance with the Dutch Standard 2410 is a limited assurance engagement. Our responsibilities under this standard are further described in the Our responsibilities for the review of the condensed interim consolidated financial statements section of our report.

We are independent of Euronext N.V in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).

We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Responsibilities of management for the condensed interim consolidated financial statements

Management is responsible for the preparation and presentation of the condensed interim consolidated financial statements in accordance with IAS 34, "Interim Financial Reporting" as adopted by the European Union. Furthermore, management is responsible for such internal control as it determines is necessary to enable the preparation of the condensed interim consolidated financial statements that are free from material misstatement, whether due to fraud or error.

The supervisory board is responsible for overseeing Euronext's financial reporting process.

Our responsibilities for the review of the condensed interim consolidated financial statements

Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.

The level of assurance obtained in a review engagement is substantially less than the level of assurance obtained in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit opinion.

We have exercised professional judgment and have maintained professional skepticism throughout the review, in accordance with Dutch Standard 2410. Our review included among others:

Updating our understanding of Euronext N.V. and its environment, including its internal control, and the applicable financial reporting framework, in order to identify areas in the condensed interim consolidated financial statements where material misstatements are likely to arise due to fraud or error, designing and performing analytical and other review procedures to address those areas, and obtaining assurance evidence that is sufficient and appropriate to provide a basis for our conclusion
Obtaining an understanding of internal control as it relates to the preparation of condensed interim consolidated financial statements
Making inquiries of management and others within Euronext N.V.
Applying analytical procedures with respect to information included in the condensed interim consolidated financial statements
Obtaining assurance evidence that the condensed interim consolidated financial statements agree with, or reconcile to, Euronext's underlying accounting records
Evaluating the assurance evidence obtained
Considering whether there have been any changes in accounting principles or in the methods of applying them and whether any new transactions have necessitated the application of a new accounting principle
Considering whether management has identified all events that may require adjustment to or disclosure in the condensed interim consolidated financial statements
Considering whether the condensed interim consolidated financial statements have been prepared in accordance with the applicable financial reporting framework and represent the underlying transactions free from material misstatement

Amsterdam, 28 July 2022

Ernst & Young Accountants LLP

signed by J.G. Kolsters

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3839_ir_2022-07-28-211256_cae1a30d-be11-4ff3-b80f-43f11edfbcb5.pdf

TABLE OF CONTENTS

I. Semi Annual Financial Report as at 30 June 2022

Performance and important events in the first half-year of 2022

Related party transactions

Risks and uncertainties

II. Condensed Interim Consolidated Financial Statements as at 30 June 2022

Contents

Condensed Interim Consolidated Statement of Profit or Loss

Condensed Interim Consolidated Statement of Comprehensive Income

Condensed Interim Consolidated Balance Sheet

Condensed Interim Consolidated Statement of Cash Flows

Condensed Interim Consolidated Statement of Changes in Equity

1. General information

2. Significant events and transactions

Acquisition of Spafid's Issuer Services Business

Acquisition of the technology businesses from Nexi's capital markets activities

Sale of subsidiary and impairment of joint venture

Revaluation of direct- and indirect stakes in Euroclear S.A./N.V.

Termination of Interest Rate Swap agreements

Migration of Euronext Data Centre from Basildon (UK) to Bergamo (Italy)

Long-Term Incentive Plan 2022

3. Basis of preparation, significant accounting policies and judgments

A. Basis of preparation

B. Significant accounting policies and judgments

(a) Change of presentation in the income statement and updated accounting policy

Non-underlying items

Non-underlying items include:

(b) New IFRS standards, amendments and interpretations

Impact of standards issued but not yet effective

4. Segment information

5. Group information

6. Business combinations

6.1. Acquisition of Spafid's Issuer Services Business

7. Revenue and income

7.1 Revenue from contracts with customers

7.2 Geographical information

7.3 Net treasury income through CCP business

7.4 Other income

8. Salaries and employee benefits

9. Depreciation and amortisation

10. Other operational expenses

11. Non-underlying items

12. Net financing income / (expense)

13. Results from equity investments

14. Gain/(loss) on sale of subsidiaries

15. Share of net profit/(loss) of associates and joint ventures

16. Income tax expense

17. Goodwill and other intangible assets

As at 30 June 2022

18. Shareholders' equity

Treasury shares

Dividend

19. Earnings per Share

Basic

Diluted

20. Borrowings

Senior Unsecured Note #1

21. Derivative financial instruments

Fair value hedges for interest rate risk

22. Financial instruments

22.1. Financial instruments by category

22.2. Fair value measurement

22.2.1. Fair value hierarchy

As at 31 December 2021

22.2.2. Fair value measurements using quoted prices in active markets for identical assets or liabilities (level 1)

22.2.3. Fair value measurements using observable market data, directly or indirectly (level 2)

22.2.4. Fair value measurements using unobservable inputs (level 3)

Valuation process

Unlisted equity securities in Euroclear S.A./N.V. and Sicovam Holding S.A.

30 June 2022:

31 December 2021:

22.2.5. Fair values of other financial instruments

22.2.6. Net Treasury Income by classification

22.2.7. Offsetting within clearing member balances

22.2.8. Risk management within clearing member business

Credit risk

Liquidity risk