Euronext N.V.

Annual Report (ESEF) • Mar 28, 2025

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Empower sustainable finance 6.12 Dividends and Other Distributions 3.1 General information 6.13 Financial Calendar 3.2 Environment 3.3 Social 3.4 Governance 7 Operating and financial review 3.5 Sustainability notes 7.1 Overview 3.6 Appendix 7.2 Material contracts and related party transactions 7.3 Legal Proceedings 4 Corporate Governance 7.4 Insurance 4.1 Dutch Corporate Governance Code, 7.5 Liquidity and Capital Resources "Comply or Explain" 7.6 Tangible Fixed Assets 4.2 Management Structure 4.3 Report of the Supervisory Board 8 Financial Statements 4.4 Remuneration Report of the Remuneration Committee 8.1 Consolidated Statement of Profit or Loss 8.2 Consolidated Statement of Comprehensive Income 5 Selected historical consolidated financial 8.3 Consolidated Balance Sheet information and other financial 8.4 Consolidated Statement of Cash Flows information 8.5 Consolidated Statement of Changes in Equity 5.1 Selected Historical Consolidated Financial Information Notes to the Consolidated Financial Statements 5.2 Other Financial Information Company Financial Statements 9 Other information 9.1 Profit Appropriation Section Independent auditor's report Items above in the contents of the Universal Registration Document with the symbol 'DR' concern the Directors' Report within the meaning of Article 2:391 of the Dutch Civil Code Limited assurance report of the independent auditor on the sustainability statement Glossary, Concordance Tables 2024 UNIVERSAL REGISTRATION DOCUMENT 1 2024 UNIVERSAL REGISTRATION DOCUMENT including the Annual Financial Statements Euronext N.V. (the “Company” or “Euronext” and together with its subsidiaries, the “Group”) is a Dutch public company with limited liability (naamloze vennootschap), whose ordinary shares are admitted to listing and trading on regulated markets in the Netherlands, France, Belgium and Portugal. The applicable regulations with respect to public information and protection of investors, as well as the commitments made by the Company to securities and market authorities, are described in this Universal Registration Document (the “Universal Registration Document”). In addition to historical information, this Universal Registration Document includes forward-looking statements. The forward-looking statements are generally identified by the use of forward-looking words, such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “predict”, "target", “will”, “should”, “may” or other variations of such terms, or by discussion of strategy. These statements relate to Euronext’s future prospects, developments and business strategies and are based on analyses or forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements represent the view of Euronext only as of the dates they are made, and Euronext disclaims any obligation to update forward-looking statements, except as may be otherwise required by law. The forward-looking statements in this Universal Registration Document involve known and unknown risks, uncertainties and other factors that could cause Euronext’s actual future results, performance and achievements to differ materially from those forecasted or suggested herein. These include changes in general economic and business conditions, as well as the factors described in section 2.1.1- Risk Factors of this Universal Registration Document. This Universal Registration Document includes information from third-party providers. Euronext confirms that this information has been accurately reproduced and that the sources of this information have been identified. As far as Euronext is aware and able to ascertain from the information published by these third parties, no facts have been omitted which would render the reproduced information inaccurate or misleading. This universal registration document has been filed with the Stichting Autoriteit Financiële Markten (the “AFM”) on 28 March 2025 as competent authority under Regulation (EU) 2017/1129 without prior approval pursuant to Article 9 of Regulation (EU) 2017/1129. This universal registration document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if approved by the AFM together with any amendments, if applicable, and a securities note and summary approved in accordance with Regulation (EU) 2017/1129. 2 2024 UNIVERSAL REGISTRATION DOCUMENT A message from Stéphane Boujnah, our Chief Executive Officer and Chairman of the Managing Board Dear Shareholders 2024 was a pivotal year for Euronext. We finalised the integration of the Borsa Italiana Group and successfully expanded our presence across the entire capital markets value chain. We exceeded our 2024 financial targets, delivering a revenue CAGR of +4.7% and an EBITDA CAGR of +6.4% between 2020 and 2024. We announced our ambition to accelerate growth with our new strategic plan “Innovate for Growth 2027”. In 2024, Euronext delivered double-digit topline growth. Total revenue and income reached €1,626.9 million. This is the result of the diversification of our business model, and the successful expansion of Euronext Clearing across Europe. Non-volume related revenue amounted to 58% of total revenue and income and posted a strong performance overall. Custody and Settlement revenue grew by +8.7% year-on- year, to €270.5 million, driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services. Advanced Data Services revenue grew by +7.5%, to €241.7 million, driven by growing demand for diversified datasets and dynamic retail usage. Listing revenue grew by +5.1%, to €231.9 million. Our trading revenue grew by +14.2%. This was driven by record results in fixed income, FX and power trading and a positive dynamic in cash trading. In 2024, Euronext’s adjusted EBITDA grew double digit, and exceeded the significant threshold of €1 billion in adjusted EBITDA for the first time. We delivered a record adjusted EPS of €6.59 through cost discipline and strategic capital allocation. We will propose a total dividend of €292.8 million at our next annual general meeting to be held in May 2025. This represents a +14.0% increase compared to the 2023 dividend. In 2024, we demonstrated once again our ability to outperform ambitious targets. In March, we successfully migrated the Italian derivatives markets to Euronext’s state-of-the-art, proprietary trading platform Optiq®. In September, Euronext completed the European expansion of Euronext Clearing with the successful expansion of our clearing house to all Euronext derivatives markets. This marks the final step of the Borsa Italiana Group integration. In total, we delivered €121 million in run-rate EBITDA synergies related to the acquisition of the Borsa Italiana Group. This is twice the amount initially targeted at the closing of the acquisition in April 2021. Over the year 2024, we strengthened our non-volume business with strategic acquisitions. In June, we acquired Global Rate Set Systems to enhance our data and analytics capabilities. Substantive Research, acquired in September, is an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data, and investment research content. Finally, in October, we acquired Acupay, which will reinforce Euronext Securities’ fast-growing services offering. Throughout the year, we continued to consolidate our leadership position in the listing of equities in Europe, welcoming 53 new companies to our market, and attracting the majority of international listings in Europe. We continued to support the financing of the real economy through capital markets, with more than 300 issuers that raised more than €15 billion on Euronext through follow-on transactions to fund their growth and investment projects. We reinforced our position as the first debt listing venue worldwide, with more than 55,000 total bonds listed on our market. Euronext is now present across the entire capital markets value chain, from pre-listing to post trade and solutions. We are perfectly positioned to accelerate growth, through innovation and efficiency, with our new "Innovate for Growth 2027" strategic plan that we presented to the market on our investor day in November 2024. We are now building the foundations to achieve an EBITDA and revenue CAGR above 5% between 2023 and 2027 and we are investing to innovate for growth. Over the next three years, we will use our unique positioning to accelerate growth in non-volume business through further harmonisation and integration of European markets and the expansion of subscription-based services. We will expand our FICC trading and clearing franchise. And we will build upon our leadership in trading in Europe. As part of our new strategy, we have updated our capital allocation policy with a focus on shareholders’ returns and strategic flexibility. In line with this new capital allocation policy, Euronext has launched a €300 million share repurchase programme on 11 November 2024, which was completed on 10 March 2025. We have already made some major progress with the delivery of our strategic priorities. In February 2025, we announced the acquisition of Nasdaq’s Nordic power futures business, subject to applicable regulatory approvals. This announcement is a major accelerator for our Nordic and Baltic power futures market, which is expected to go live in June 2025. We will provide our clients with the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds, available for trading from September 2025. Finally, we have made a major first step in the expansion of our Repo clearing franchise through a strategic partnership with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, that will further reinforce our position as the leading capital market infrastructure in Europe. Stéphane Boujnah "Over the next three years, under our "Innovate for Growth 2027" strategic plan, we will use our unique coverage of the capital markets value chain to accelerate growth through innovation and efficiency. We will accelerate growth in non-volume business, expand our FICC trading and clearing franchise and build upon our leadership in trading in Europe." Stéphane Boujnah 2024 UNIVERSAL REGISTRATION DOCUMENT 3 A record performance in 2024 €1,627m €1,006m 61.9% +10.3% +16.4% ADJUSTED EBITDA MARGIN REVENUE ADJUSTED EBITDA 72.3%1) €6.59 €293m2) +19.6% +14.0% EBITDA TO NET OPERATING CASH FLOW ADJUSTED EPS DIVIDEND PROPOSED Completion of the Borsa Italiana Group integration 2x the initial amount announced in October 2020 €121m Successful migration of Italian cash and derivatives markets to Optiq® Successful expansion of Euronext Clearing as pan-European clearing house for cash markets RUN-RATE SYNERGIES DELIVERED Successful migration of derivatives clearing from all Euronext markets to Euronext Clearing Others includes other income 1) Excluding the impact on working capital of Nord Pool and Euronext Clearing CCP activities 2) Subject to shareholders approval at the 2025 Annual General Meeting Adjusted EBITDA is defined in section 5.2 - Other Financial Information 4 2024 UNIVERSAL REGISTRATION DOCUMENT Key figures Adjusted EPS €/share(a) Total dividend proposed(b) € million Revenue € million Adjusted EBITDA(a) € million (a) Adjusted figures as defined in Section 5.2 - Other Financial Information (b) Subject to shareholders approval at the 2025 Annual General Meeting (c) Non-volume related revenue include Advanced Data Services, Custody and Settlement, Technology Solutions, Listing exc. IPO fees, Investors Services, fixed fees arising from Clearing activities and NTI through CCP activities (d) Last twelve months adjusted and reported EBITDA 58% Non-volume related revenue(c) 153% of underlying(a) costs exc. D&A covered by non-volume related revenue(C) 1.4x Net debt to EBITDA at the end of 2024 (d) 2024 UNIVERSAL REGISTRATION DOCUMENT 5 The leading European capital market infrastructure WHO WE ARE WHAT WE DO OUR PURPOSE The leading European capital market infrastructure Provide trusted and sustainable markets to drive innovation and growth Shape capital markets for future generations EURONEXT FEDERAL MODEL Euronext is the leading European market infrastructure, spanning Belgium, Denmark, France, Ireland, Italy, Norway, Portugal and the Netherlands. This unique model unites marketplaces that date back as far as the start of the 17th century, and is designed to incorporate the individual strengths and assets of each market, combining heritage and forward-looking modernity. We operate seven national regulated securities and derivatives markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris, a regulated derivatives market in Bergen, a leading fixed-income trading platform, MTS, as well as four central securities depositories, a clearing house and services across Europe. 6 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 7 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Presentation of the Group 1 1.1 Company Profile 1.4 Regulation 1.1.1 History 1.4.1 Overview 1.1.2 Ambition 1.4.2 European Regulation 1.1.3 Business Environment 1.4.3 Ownership Limitations and Additional Notification Requirements 1.2 Strategy: "Innovate for Growth 2027" Strategic Plan 1.2.1 "Innovate for Growth 2027" 1.2.2 Strategic Targets and Prospects in 2025 1.3 Description of the Business 1.3.1 Business Overview 1.3.2 Strengths 1.3.3 Listing 1.3.4 Trading 1.3.5 Advanced Data Services 1.3.6 Investor Services 1.3.7 Clearing 1.3.8 Euronext Securities 1.3.9 Euronext Technology Solutions & Other 8 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1. PRESENTATION OF THE GROUP 1.1 Company Profile Euronext N.V. is a Dutch public company with limited liability (naamloze vennootschap) with its registered office in Amsterdam. the Netherlands, Euronext N.V. is registered with the trade register of the Chamber of Commerce for Amsterdam, the Netherlands, under number 60234520. Euronext N.V. has its main subsidiaries in Belgium, Denmark, France, Ireland, the Netherlands, Norway, Portugal, Italy, the United Kingdom and the United States . Euronext N.V. has diversified its activities and services offering through selected acquisitions (please refer to section 1.1.1 - History) and expanded its European federal model, with the acquisition of 100% of the Irish Stock Exchange on 27 March 2018, 100% of Oslo Børs VPS on 4 July 2019, 100% of VP Securities, in Copenhagen, on 4 August 2020 and 100% of London Stock Exchange Group Holdings Italia S.p.A. (renamed Euronext Holding Italia S.p.A. after the acquisition) and its subsidiaries (Borsa Italiana Group) on 29 April 2021. Euronext N.V. has a two-tier governance structure with a Supervisory Board and a Managing Board. Euronext was incorporated under the name Euronext Group N.V. on 15 March 2014 in the context of a demerger of Euronext N.V., which was a company owned by ICE. Euronext Group N.V. changed its name to Euronext N.V. on 2 May 2014. The following chart provides an overview of Euronext N.V. main entities as of 31 December 2024. Percentages refer to both share of capital and voting rights. 2024 UNIVERSAL REGISTRATION DOCUMENT 9 Presentation of the Group 100% Euronext Paris S.A. 9.6% Sicovam Holding S.A. 15.89% 100% Euronext Brussels 3.53% Euroclear Holdings N.V./ S.A. 100% Euronext London Ltd 100% Euronext UK Holding Ltd 100% Commcise Software Ltd 100% Substantive Research Ltd 100% Euronext Holding Italia S.p.a. 99.99% Borsa Italiana S.p.A 98.92% Monte Titoli S.p.A. 100% 75% 63.14% 99.99% GATElab S.r.l. Elite S.p.A. MTS S.p.A. Cassa di Compensazione e Garanzia S.p.A. 100% Euronext Lisbon S.A. 100% Interbolsa S.A. 100% Euronext Amsterdam N.V. Euronext N.V. 100% Euronext Nordics Holding AS 66% Nord Pool Group 100% 100% 5% Oslo Børs ASA Verdipapirsentralen ASA Nordic Credit Rating AS 100% VP Securities AS 100% Irish Stock Exchange Plc 100% Euronext US Inc. 100% Euronext FX 100% Accurate Tax and CA Services LLC 100% Euronext IP & IT Holding B.V. 100% Euronext Corporate Services B.V. 100% Euronext NZ Holding Ltd 75% Global Rate Set Systems Ltd 18.95% EuroCTP B.V. This chart provides a summary of Euronext's entities. For a complete overview, please refer to Note 4 - Group information in Chapter 8 of this document for a complete overview. 10 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1.1.1 HISTORY Today, Euronext is the leading European capital market infrastructure, offering a diverse range of products and services across the value chain and notably operating transparent and efficient equity, fixed income securities and derivatives markets in Amsterdam, Brussels, Dublin (since March 2018), Lisbon, Milan (since April 2021), Oslo (since June 2019) and Paris. Euronext’s businesses comprise equity, debt, fund and ETF listing, corporate and investor services, cash trading, foreign exchange trading, derivatives trading, fixed income trading, power trading, advanced data services and post-trade services (including clearing across Euronext markets and custody and settlement in Denmark, Italy, Norway and Portugal) as well as technology solutions. As of the end of December 2024, Euronext has over 1,800 listed equity issuers totalling around €6 trillion in combined market capitalisation, positioning it as the largest equity listing venue in Europe, and attracting the majority of listings from domestic and international companies in Europe. The Group is also the leading bond and ESG bond listing venue globally with over 55,000 bonds listed. Further, Euronext is the largest equity lit trading venue in Europe, processing over 25% of on-exchange lit trading flows in 2024. On the seven national markets it operates, the Group reported on average a 64.8% market share on cash equity lit trading. Euronext has expanded its presence on the entire capital markets value chain, following the expansion of its clearing house Euronext Clearing to all Euronext equity markets in 2024. Euronext in its original form was created in 2000 and takes its roots from the European construction. It began as the result of a three-way merger of the Paris, Amsterdam and Brussels exchanges, which were combined into a unique federal model with unified rules and a Single Order Book, operating on the same electronic trading platform and cleared by LCH S.A. central counterparty (CCP). This created the first genuinely cross-border exchange in Europe, pre-dating all initiatives by policy makers to allow for the creation of pan-European market places. This was complemented soon after by the acquisition of the London-based derivatives market, LIFFE, and the merger with the Portuguese exchange. In May 2006, Euronext entered into an agreement with NYSE group for the combination of their respective businesses. The new holding company of these combined businesses, NYSE Euronext, was subsequently listed on the New York Stock Exchange and on Euronext Paris. In 2010, NYSE Euronext launched Euronext London, a London- based securities market aiming at attracting international issuers looking to list in London and benefit from Euronext’s value proposition. Euronext London ceased regulatory activities in June 2020. In November 2013, ICE, an operator of global markets and clearing houses, acquired NYSE Euronext. A key element of the overall transaction was the separation and IPO of NYSE Euronext’s continental European exchanges as a stand-alone entity. In order to do this, ICE carved out the continental European operations of NYSE Euronext and Euronext London into a newly formed entity, which was subsequently renamed Euronext N.V. Since its successful IPO on 20 June 2014, Euronext N.V. has been an independent listed company. In May 2016, Euronext N.V. launched its strategic plan named “Agility for Growth” which defined its growth ambitions for 2019, both through organic growth and bolt-on acquisitions. In 2017, Euronext N.V. diversified its revenue, through the acquisition of 90% of the shares of the spot forex platform FastMatch (subsequently renamed Euronext FX), and by investing in corporate solutions companies. In 2018, Euronext N.V. expanded its listing franchise, welcoming a new exchange to its federal model with the acquisition of the Irish Stock Exchange, now Euronext Dublin. The Group also strengthened its Corporate Solutions offering with the acquisition of InsiderLog and widened its product offering with the launch of Investor Services through the acquisition of Commcise in December 2018. In 2019, Euronext N.V. pursued the expansion of its federal model with the acquisition of Oslo Børs VPS, strengthening its capital markets footprint and its post-trade franchise and marking the first step in its Nordic expansion ambitions. In October 2019, Euronext launched its strategic plan, "Let's Grow Together 2022" under which Euronext built the leading pan- European market infrastructure, and which targets have been achieved two years in advance. In 2020, Euronext N.V. pursued both its Nordic and federal model expansion. The Group acquired a majority stake in Nord Pool, a leading power trading infrastructure operating in the Nordic region, Baltics and the Central and Western Europe region, widening its range of asset classes. The Group also strengthened its post-trade offering with the acquisition of VP Securities, now Euronext Securities Copenhagen, the Danish domestic CSD, and expanded its corporate solutions franchise with the acquisition of Troisième Sens and Ticker. In 2021, Euronext N.V. pursued both its federal model and asset class expansion with the transformational acquisition of 100% of the issued share capital of London Stock Exchange Group Holdings Italia S.p.A., the holding company of the Borsa Italiana Group. The transaction, which was completed on 29 April 2021, significantly enhances the scale of Euronext, diversifies its business mix into new asset classes and strengthens its post-trade activities, especially in clearing. In November 2021, Euronext N.V. launched its next strategic plan "Growth for Impact 2024", which set out the Group's ambition to build the leading market infrastructure in Europe. Under this plan, Euronext successfully completed the migration of the cash and derivatives markets of Borsa Italiana to Euronext's state-of-the-art trading platform Optiq®. This paved the way for the expansion of Euronext Clearing to Euronext Amsterdam, Brussels, Dublin, Paris, and Lisbon cash markets in 2023 and all seven markets for derivatives in 2024. Thanks to the successful expansion of its clearing house, Euronext finalised the integration of the Borsa Italiana Group in 2024. In total, Euronext delivered €121 million cumulated run-rate annual EBITDA synergies since the closing of the Borsa Italiana acquisition in April 2021, representing twice the amount announced in October 2020, when the acquisition was first announced (€60 million). In November 2024, Euronext launched its new strategic plan "Innovate for Growth 2027", which sets out the Group's ambition to leverage Euronext's presence on the entire capital markets value chain in Europe to accelerate growth through innovation and efficiency. 2024 UNIVERSAL REGISTRATION DOCUMENT 11 Presentation of the Group 1.1.2 AMBITION Euronext is the leading European capital market infrastructure. Euronext provides trusted and sustainable markets to drive innovation and growth. Euronext believes that the Group’s model is best suited to contribute to the construction of the backbone of the Savings and Investments Union in Europe. Euronext aims to leverage its new scale in Europe to develop innovative solutions and products for the benefit of its clients, shareholders and stakeholders. For the first time since its IPO, Euronext is present throughout the entire capital market value chain. Euronext is now fully equipped to step up to the next level of revenue growth acceleration. Euronext aims to be the key gateway to European capital markets, with its businesses in stronger leadership positions. Euronext operates regulated markets in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal, all of which are connected via a unique, single trading platform, with a central order book and with a harmonised regulatory framework. Euronext has a proven track record in connecting other independent exchanges to its single trading platform, as demonstrated with the migration of Italian cash and derivatives markets to Optiq® in 2023 and 2024. Euronext has also enhanced the harmonisation of listing rules across Europe. Euronext’s unique central order book allows investors to benefit from being able to trade, clear and settle in a uniform way throughout various jurisdictions while also accessing a broad and deep pool of liquidity. In 2024, Euronext confirmed its positioning as the undisputed leader for the listing and financing of European and international companies on European markets with 53 new equity listings and average daily cash trading volumes of €10.4 billion. With the acquisition of the Irish Stock Exchange, now Euronext Dublin, in 2018, Euronext became the global leader in the listing of debt and funds securities. As an operator of regulated capital markets, Euronext brings together buyers and sellers in venues that are transparent, efficient and reliable. The Group combines cash, fixed income securities and derivatives markets in its seven locations together with a global foreign exchange trading venue. Euronext’s broad portfolio of products, services and platforms covers the full capital markets value chain and range of market services, including the provision of market data, the development and operation of information technology systems, investor services and easy access to settlement and clearing facilities. Euronext has transformed a domestic CCP into a European clearing powerhouse delivering clearing services across Euronext geographies, markets and asset classes. The expansion of clearing activities to Euronext cash equity markets in 2023 has been a commercial success. In addition, the expansion of clearing activities to Euronext derivatives markets in 2024 has delivered significant added value to clients and allowed Euronext to internalise this key strategic capability.Euronext aims to leverage Euronext Clearing as a catalyst for growth and European expansion. Euronext Clearing will be a cornerstone of the development and diversification of Euronext’s derivatives and clearing franchises. Euronext will expand into fixed income derivatives with products tailored to clients’ needs for agile solutions. Euronext Clearing aims to launch a compelling European repo clearing offering and collateral management services. On 6 June 2022, Euronext migrated its Core Data Centre from Basildon, in the United Kingdom, to Bergamo, in Italy. The migration is in response to multiple factors, including the dynamic created by Brexit and a strong rationale to locate the Group’s Core Data Centre in a European Union country where Euronext operates a large business, and an ESG commitment. This transformative move, managed in collaboration with clients, marks a milestone in bringing back to the European continent the data centre that handled 25% of European trading volumes in 2024. Euronext launched Euronext Mid-Point Match, including Dark, Mid-Point and Sweep functionalities in Q1 2024. The whole Euronext ecosystem of trading members, local brokers, market makers and global banks, are able to benefit from zero latency in pegging to Euronext midpoint, and zero latency for sweeping from dark to lit on Euronext stocks. Euronext has also reinforced its retail ambition with the expansion of the Global Equity Market (GEM) retail offering to pan-European and US stocks in November 2023. In recent years, Euronext has expanded into fast-growing revenue services and new asset classes. Euronext has built a complete Corporate Solutions offering through successive bolt-on deals. This offering, also aimed at non-issuers, was designed to meet clients’ needs in critical areas such as regulation, governance, communication, and compliance. For the next strategic cycle, Euronext aims to scale its SaaS offering through investments to establish itself as a leader on the European market. Euronext has also entered new asset classes to diversify its business with the acquisition of Euronext FX in 2017, expanding into the FX market, and in 2020 with the acquisition of Nord Pool, Europe's leading power market and the world's first power exchange. Euronext announced in August 2024 that Nord Pool will enter a new area of business by launching a dedicated Nordic and Baltic power derivatives market. On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals. The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. Since April 2021, Euronext is the majority owner of MTS S.p.A., the leading fixed income trading platform in Europe. MTS is the number one in Europe for Dealer-to-Dealer (D2D) European Government bond trading, the number one in Italian repo trading, and number three in Europe for Dealer-to-Client (D2C) European Government bonds trading. MTS offers transparent and efficient fixed income trading solutions to more than 19 European sovereign debt issuers. Euronext aims to become a stronger player in this fast-growing asset class in Europe. MTS is ideally positioned to support European treasuries in their increasing financing needs, at an optimised cost. Euronext will further consolidate MTS’s leadership position and boost its successful model of electronic liquidity, transparency and efficiency in Europe. Euronext has already provided the European Commission with the MTS platform for electronic market making of bonds issued within the EU’s (1) At end of December 2024 according to data from the Federation of European Securities Exchanges, FactSet and Euronext data 12 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group NextGenerationEU recovery programme. This market became MTS’s third-largest market in 2024, and is ideally positioned to serve any future European borrowing requirements. In September 2024, Euronext announced the launch of a growth initiative in partnership with BondVision dealers. The initative is designed to further develop BondVision for rates, credit and repo, and promote competition across the market. With Interbolsa in Portugal (now Euronext Securities Porto), and the acquisition of VPS (Euronext Securities Oslo) as part of Oslo Børs VPS in Norway in 2019, VP Securities (Euronext Securities Copenhagen) in Denmark in 2020 and Monte Titoli (Euronext Securities Milan) in Italy in 2021, Euronext has positioned itself as a leading central securities depository (CSD) operator in Europe. Euronext has combined its four CSD brands into Euronext Securities, an umbrella brand for its CSD business, while keeping a strong local presence and identity. Over the last years, the Group has been instrumental in shaping the post-trade industry. Euronext has transformed its Italian clearing operations into a European clearing platform. Euronext has also harmonised its CSD offering. Euronext is the only market infrastructure in Europe to provide unified access to a network of four CSDs connected to more than 20 international markets. The Group aims to position Euronext Securities as the CSD of choice for European capital markets. 1.1.3 BUSINESS ENVIRONMENT As the leading capital market infrastructure in Europe, Euronext’s operations and performance depend significantly on market and economic conditions in Europe, but also the United States, Asia and the rest of the world. Euronext operates in a business environment that is best described as a complex non-linear system with dependencies on the decisions of policy makers and regulators worldwide, with subsequent developments in the legal, regulatory and tax environment as well as the macroeconomic environment both in Europe and abroad. Competition On the corporate listing side, competition between exchanges for domestic issuers is rare. When a domestic issuer lists on another exchange, it tends to be on a sector specific market rather than on another European stock exchange, in particular in for global companies and SMEs in the technology sector. As part of its strategy, Euronext strives to attract issuers from new markets: Euronext has an office in a European city outside its core markets – in Madrid (Spain) – to assist Tech companies in developing their business on a greater scale through capital markets and has launched in 2022 its Euronext Tech Leaders initiative to attract even more Tech companies. Euronext has confirmed its leadership position as the main listing venue in Europe with 53 listings in 2024. The aggregated market capitalisation of Euronext listed companies is twice the size of the London Stock Exchange Group and three times the one of Deutsche Boerse1. In recent years Euronext has faced increased pressure on pricing and market share in equity trading, in particular from new entrants to the market that have fee structures that are significantly lower than the Company’s fee structure and a reduced cost structure aligned with their narrower service offering. However, Euronext remains the largest liquidity pool in Europe, with market share on its cash equity markets averaging 64.8% in 2024. MTS’ main competitors in both D2D (Dealer-to-Dealer) Cash and Repo are BrokerTec (owned by CME Group) and the voice brokers. In addition, local operators such as BME (owned by SIX) in Spain and HDAT in Greece continue to provide competition in the respective domestic markets. Bloomberg also competes in emerging and small-scale markets as well as for the Primary Auction business. Notwithstanding this, MTS continues to be the number one D2D venue for European Government Bonds, achieved by leveraging its global offering to incentivise and reward liquidity provision. Within D2C (Dealer-to-Client), the main competitors for MTS’ BondVision are Bloomberg, MarketAxess and TradeWeb (majority owned by LSEG). Euronext’s retail businesses face significant competition from Bank’s Systemic Internalisers as well as from Bloomberg, MarketAxess and TradeWeb. In Italy, the main competitor in the retail business, Vorvel, has increased its market share while maintaining a relatively small market presence. The competition for proprietary real-time market data is still limited as trading participants prefer to receive and use market data from the home exchange rather than using substitute pricing. However, Euronext is experiencing increasing pressure, both from a regulatory perspective (MiFID II) and a competitive perspective (alternative trading platforms, including Multilateral Trading Facilities (“MTFs”) such as Cboe Europe, that focus on the most liquid blue chip stocks). Nevertheless, Euronext believes that diversity in the wide range of stocks listed on its markets is its strength in this increasingly competitive environment and will help Euronext retain its position as the preferred data source. In less time-critical areas such as non-real-time data, where there is a heightened competition among participants who are seeking a unified European feed from a single source, Euronext has been working on the integration of reference, corporate actions and historical data of Borsa Italiana into Euronext products to expand the contents of its data products enabling Euronext to offer a more complete, attractive and competitive set of products from a unique direct source. In the clearing space, MiFID II / MiFIR provides open access provisions for cash equity clearing which leads to fragmentation and reduced profitability, as central counterparties (CCPs) may connect to multiple trading venues, creating pressure on fees. Derivatives clearing operates through vertical integration, whereby the overall trading and clearing value proposition serves as the primary driver to capture flows and market share. Euronext believes that with Euronext Clearing servicing all Euronext trading venues and asset classes, clients benefit from an easier and streamlined access to Euronext's liquidity pool, delivering operational efficiencies, margin efficiencies and competitive clearing fees while providing a robust and resilient risk management framework, being the core function of a CCP. Since 2014 and the entry into force of the Central Securities Depository Regulation (CSDR), CSDs can compete against each other across the EU. Euronext CSDs can thus offer issuance, custody and settlement for securities issued outside of Portugal, Norway, Denmark and Italy whereas other CSDs can provide such services to issuers in these markets. Euronext CSDs have been able to maintain their strong local positions thanks to their ability to manage local specificities in each market as well as the network effect they have created over time. 2024 UNIVERSAL REGISTRATION DOCUMENT 13 Presentation of the Group As for market operator technology, the market for financial information technology is intensely competitive and characterised by rapidly changing technology and new entrants. Euronext has built its next generation trading platform, Optiq®, and is well positioned to benefit from its state-of-the-art stability, scalability and latency. Regulated Markets Regulated Markets are markets constituted in an EEA Member State’s territory that meet the criteria of MiFID. Regulated markets have higher disclosure and transparency requirements than Multilateral Trading Facilities. Trading on Regulated Markets is subject to stricter rules than on other types of trading venues. A Regulated Market cannot operate without securing prior authorisation from its regulator(s). Authorisation is subject to compliance with organisational requirements pertaining to conflicts of interest, identification and management of operational risks, systems resilience, the existence of transparent and non-discriminatory trading rules, as well as sufficient financial resources. Multilateral Trading Facilities Multilateral Trading Facilities (MTFs) are primarily institutional investor-focused marketplaces offering trading in pan- European securities on low-latency, low-cost platforms. They are usually operated by financial institutions (e.g. banks and brokerages) or operators of regulated markets. MTFs are also subject to less stringent disclosure, transparency and trading rules than regulated markets and have more discretion to operate and organise themselves. Euronext operates a number of MTFs, including its SME and midcap-dedicated marketplace Euronext Growth (formerly Alternext) (in Belgium, France, Portugal, Norway, Ireland, and Italy), Euronext Access (formerly the Marché Libre) in Belgium, Portugal and France, and Euronext Expand in Norway. Euronext also operates two MTFs in Ireland: the Global Exchange Market, for the listing of debt securities and investment funds, and the Atlantic Securities Market, for US listed companies seeking to access euro pools of capital. In Norway, Euronext operates Euronext NOTC (short for Norwegian OTC-list), a platform to provide quotes and allow non-listed firms to benefit from a certain level of liquidity. Lastly, Euronext operates Euronext Global Equity Market (GEM) enabling retail investors to trade a broad range of European and US stocks in euro, with strong focus on retail flow. Systematic Internalisers The systematic internaliser (SI) regime was introduced by MiFID in 2007. It defines an SI as an investment firm which, on an organised, frequent systematic and substantial basis, deals on an own account basis when executing client orders outside a regulated market, an MTF or an organised trading facility (OTF) without operating a multilateral system. SIs are bilateral trading platforms usually operated by banks or brokers and offering them the possibility to match client orders against their own capital, as an alternative to sending their orders to multilateral trading venues such as regulated markets or MTFs. SIs are subject to much lighter organisational, disclosure, and transparency requirements than regulated markets and MTFs while some elements of the framework may be amended (please refer to Chapter 2 - Risk, Risk Management & Control Structure). Over-the-counter (OTC) In all asset classes, Euronext is faced with competition from unlicensed marketplaces operating over-the-counter. 14 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1.2 Strategy: Euronext's 2027 strategic plan "Innovate for I. II. III. I. II. III. Growth 2027" EURONEXT’S KEY STRATEGIC PRIORITIES Accelerate growth in non- volume business Expand the FICC trading and clearing franchise Build upon our leadership in trading Empower sustainable finance through ambitious ESG commitments Enhance operational excellence through AI Deliver value-accretive M&A 2027 FINANCIAL TARGETS Revenue and income growth Above +5% CAGR '23-'27e Adjusted EBITDA growth Above +5% CAGR '23-'27e Capex / Sales 4-6% investments in growth Target long-term net leverage Net debt / Adjusted EBITDA: targeted range of 1.0x-2.0x Capital distribution Dividend Payout 50% + special returns to shareholders on leverage NEW NEW 2025 COST GUIDANCE In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024. 2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions. Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024. . (1) 2020PF means Pro Forma for the acquisition of the Borsa Italiana Group as included in the Universal Registration Document in 2021 2024 UNIVERSAL REGISTRATION DOCUMENT 15 Presentation of the Group “Growth for Impact 2024” Strategic Plan targets achieved 1 2024 targets 2024 achievements Revenue growth +3% to 4% CAGR 2020PF(1)-2024 +4.7% CAGR 2020PF(1)-2024 Adjusted EBITDA growth +5% to 6% CAGR 2020PF(1)-2024 +6.4% CAGR 2020PF(1)-2024 "Pan-Europeanise Euronext CSDs" "Leverage Euronext's integrated value chain" "Build upon Euronext's leadership in Europe" "Empower sustainable finance" "Execute value-creative M&A" (1) 2020PF means Pro Forma for the acquisition of the Borsa Italiana Group as included in the Universal Registration Document in 2021 (2) 2027e means 2027 forward looking estimate 16 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1.2.1 “INNOVATE FOR GROWTH 2027" Between 2021 and 2024, under its "Growth for Impact 2024" strategic plan, Euronext has built the leading European capital market infrastructure. Since 2021, Euronext has demonstrated strong integration capabilities, solid organic growth and continuous cost discipline. Euronext achieved its “Growth for Impact 2024” financial guidance one full quarter in advance and confirmed the achievement with its full-year 2024 results. Euronext revenue reached +4.7% CAGR2020PF 1-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR2020PF-2024, above the +5% to +6% targeted. This performance is the consequence of hard work to deliver strong organic growth. Euronext now operates seven national markets, four central securities depositories (CSDs) and one multi-asset clearing house in Europe, as well as various trading infrastructures, giving it the ability to manage the entire capital markets value chain for the first time since its IPO. In November 2024, Euronext released its three-year strategic plan, "Innovate for growth 2027" that set out the Group’s ambition to leverage Euronext’s presence on the entire capital markets value chain in Europe to accelerate growth through innovation and efficiency. Euronext also announced an updated capital allocation policy with a focus on shareholders’ returns and strategic flexibility. 2027 financial targets: ■ Revenue and income is expected to grow above 5% CAGR2023-2027e 2; ■ Adjusted EBITDA is expected to grow above 5% CAGR2023-2027e; ■ CAPEX is expected to be between 4% to 6% of total revenue over the period. 2027 strategic priorities: ■ Accelerate growth in non-volume business; ■ Expand the fixed income, currencies and commodities (FICC) trading and clearing franchise; ■ Build upon its leadership in trading. 1. Accelerate growth in non-volume business Position Euronext Securities as the CSD of choice for European capital markets “Growth for Impact 2024” achievements Euronext Securities is the third-largest network of CSDs in Europe with close to €7.0 trillion in assets under custody. Euronext Securities platforms connect issuers to capital markets across more than 20 countries. Euronext Securities is today the largest international gateway to Target2-Securities, with a leading position measured in number of cross-border settlement instructions sent. Euronext Securities has transformed the CSD industry services and developed general meeting and shareholder register services. The Euronext Securities tax offering is a commercial success and is further strengthened with the acquisition of Acupay in 2024. Since 2021, Euronext Securities has grown significantly to become the third-largest revenue contributor in Euronext, exceeding €270 million annual revenue in 2024. The fragmentation of the CSD landscape until today has held back investment opportunities in European Capital markets. Euronext Securities, as part of Euronext’s integrated value chain, is ideally positioned to address the fragmentation of the CSD landscape in Europe. “Innovate for Growth 2027” strategic priorities Euronext Securities is perfectly positioned to be the CSD of choice for European markets and unlock opportunities to raise capital, invest and trade across Europe. During the next strategic cycle, Euronext Securities will accelerate growth thanks to a unique European CSD footprint and new added- value services. Euronext Securities will extend its European activities in an open architecture. The Group will leverage Euronext’s Securities’ links to other CSDs and its integration within Euronext’s broader value chain to gain new businesses. Euronext Securities will grow the scope of its integrated operating model to deliver a harmonised, superior client experience across European capital markets. Euronext Securities will expand its digital services. It will leverage on the successful tax offering on Euronext markets to address the need for improved and harmonised services for European markets. This pan-European offering will meet clients’ needs for broader, more automated tax and data solutions. Euronext expects securities services to be one of the key growth engines of the Group. The expansion of Euronext Securities will contribute to the growth of non-volume revenues and support Euronext’s value proposition to be the gateway for European capital markets. Transform Euronext’s leading European listing franchise into a global champion “Growth for Impact 2024” achievements Euronext is the undisputed leader for the listing and financing of European and international companies on European markets. Euronext has designed a compelling value proposition for issuers and investors in Europe and globally. Since 2021, Euronext has welcomed more than 400 new companies on its markets, including 200 tech companies and 80 international companies. Euronext is the largest listing venue in Europe with more than 1,800 issuers representing around €6 trillion of aggregated market capitalisation. Euronext is also the world leader in debt listing with 55,000+ listed securities from 4,500 issuers and has been able to benefit from tailwinds related to the interest rate environment and evolving refinancing needs. Euronext has renewed its commitment to support listed companies throughout their ESG journey. In addition to efficient ESG products and advisory services, Euronext today collects, analyses and discloses the most comprehensive ESG data about listed companies via My ESG Profile available on the Euronext website. “Innovate for Growth 2027” strategic priorities As the leading capital market in Europe, Euronext will grow globally and reinforce its attractiveness outside current markets. A new team dedicated to international listings will further expand Euronext’s presence and visibility in global hubs as Euronext continues to organise IPO Days in selected geographies. Euronext will accelerate its commitment to finance the Tech community. Euronext will build on the 2024 UNIVERSAL REGISTRATION DOCUMENT 17 Presentation of the Group success of the Euronext Tech Leaders initiative launched in 2022, which gathers 110+ Tech companies listed on Euronext markets. Euronext will be the undisputed listing venue of reference for European and international Tech companies. Since its creation, Euronext has fostered the harmonisation of listing rules in Europe. For the next strategic cycle, Euronext will improve access to capital and reinforce the competitiveness of its European listing venue. The Listing Act will be a key enabler to further simplify admission and to facilitate offerings, notably for SMEs. Euronext will provide improved, smooth listing processes across Europe, and enhanced market segments for all companies. Euronext will make issuers benefit from enhanced visibility, support and access to investors in the largest liquidity pool in Europe. Euronext will further develop its successful pan-European pre- IPO programmes and corporate solutions. Euronext will foster retail participation in the financing of the real economy in Europe. Euronext will provide retail investors with simplified access to primary and secondary issuances by listed companies. Euronext will promote a direct distribution model in France and Italy, and expand the partnership with PrimaryBid. Euronext will enhance its global leadership in debt listing through its simplified digital admission process, unified client experience and commercial intensity, to capture even more market share in Europe and internationally. Scale up the SaaS offering “Growth for Impact 2024” achievements Since the creation of the Corporate Solutions business in 2016, Euronext has built a strong franchise through bolt-on acquisitions, and has further grown organically. Euronext Corporate Solutions 3 provides robust support for issuers’ digital transformation needs related to governance, compliance, investor relations and communication. Euronext Corporate Solutions serves 4,800+ clients in 30+ countries and is one of the growth engines of Euronext. Euronext Corporate Solutions saw double-digit growth over the last strategic cycle, to reach €50 million annual revenue in 2024. “Innovate for Growth 2027” strategic priorities For the next strategic cycle, Euronext will scale its SaaS offering through investments to establish itself as a leader on the European market. SaaS applications will be integrated into a unified client portal. This unified customer experience will drive cross-selling and upselling activities. Euronext will accelerate innovation on its product portfolio to deliver greater value to existing and new customers. Strategic partnerships will be implemented at scale to expand market reach through distribution capabilities across Europe. Commcise, Euronext’s investor solutions business, has seen annual double-digit growth since it joined the Group in 2019. Euronext will continue to invest and reinforce the growth of its investor solutions franchise, as with the recent acquisition of Substantive Research. Euronext will further develop the franchise and build new data and benchmark services for the buy side and sell side. Ramp up the monetisation of Euronext’s diversified datasets “Growth for Impact 2024” achievements Euronext provides the most trusted prices on more than 1,900 listed companies and a range of financial instruments in Europe to over 1,600 clients worldwide and over 500 data vendors. Market participants require high-quality and trusted data for their trading decisions, in an evolving technology- based investment and trading landscape. Data analytics and quant studies have been a large commercial success for Euronext. Regarding its index business, Euronext has established itself as a leading player in the European index space, with a strong presence on ESG indices and national benchmark indices. “Innovate for Growth 2027” strategic priorities Euronext will develop its diversified data franchise to become a one-stop shop for its clients. Euronext will expand its data product portfolio and monetise its diversified pan-European datasets from pre-trade to post-trade data, in asset classes such as fixed income and power. Euronext will enhance data analytics throughout the value chain to fuel the needs of an increasingly diversified client base to optimise their investment decision-making process. Euronext will attract new customers and maximise data distribution with enhanced delivery systems. The Group will leverage AI to improve the client journey. Going forward, Euronext will leverage on its diversified business to expand its index franchise in Europe and across asset classes. Euronext will deploy more contributed benchmark solutions leveraging on the recent acquisition of Global Rate Set Systems (GRSS). 2. Expand the FICC trading and clearing franchise Leverage Euronext Clearing as a catalyst for growth “Growth for Impact 2024” achievements Euronext Clearing is part of the top three large, multi-asset class, European clearing houses. Euronext has transformed a domestic CCP into a European clearing powerhouse delivering clearing services across Euronext geographies, markets and asset classes. The expansion of clearing activities to Euronext cash equity markets in 2023 has been a commercial success. In addition, the expansion of clearing activities to Euronext derivatives markets in 2024 has delivered significant added value to clients and allowed Euronext to internalise this key strategic capability. Euronext Clearing has also developed a leading positioning in the Italian repo market. The Euronext Clearing offering was enhanced in 2022 with a new Value-at- Risk framework, unique in Europe. Euronext now directly manages another core service for clients and creates value through a harmonised clearing framework across Euronext venues. “Innovate for Growth 2027” strategic priorities Euronext Clearing will be a cornerstone of the development and diversification of Euronext’s derivatives and clearing franchises. Euronext is committed to innovate and to accelerate the delivery of new derivatives products. The recently announced expanded range of Single Stock Options from Germany, Ireland and Portugal is a strong signal of the enhanced agility of Euronext derivatives and clearing development teams. Euronext will expand into fixed income derivatives with products tailored to clients’ needs for agile solutions. Collateral management services are increasingly in demand from clients, pushed by macroeconomic conditions and regulation. In February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including (3) In 2024 18 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing. Euronext Clearing offers a trademark customer experience, and will go one step further in supporting clients throughout their journey. Euronext Clearing’s transparent risk model will provide first-rate services and strong margin efficiencies to clients. Euronext Clearing will deploy innovative solutions in risk management, together with efficient collateral management services. Euronext Clearing will be the catalyst for Euronext’s growth in derivatives and clearing. The Euronext Clearing pan-European strategy will play a pivotal role in Euronext’s ambition to be the gateway of European capital markets. Moreover, Euronext announced the launch of fixed income derivatives on major European government bonds. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025. Expand leadership in power, from spot to derivatives “Growth for Impact 2024” achievements Nord Pool, a Euronext company, is Europe’s leading power market and the world’s first power exchange. Nord Pool provides efficient, simple and secure power trading across Europe and acts as a critical enabler of a single integrated European power market. Nord Pool is a global thought leader in the field of physical power trading, and power trading revenue has posted double-digit growth since it joined the Euronext Group in January 2020 to reach €45 million annual revenue in 2024. ”Innovate for Growth 2027” strategic priorities Going forward, Nord Pool will become the key partner to clients for trading and hedging power across Europe. Euronext announced in August 2024 that Nord Pool will enter a new area of business by launching a dedicated Nordic and Baltic power derivatives market, following extensive market consultations. This expands the leadership of Nord Pool to futures contracts. The new Euronext Nord Pool Power Futures market will be traded on Euronext’s Optiq® trading platform and cleared by Euronext Clearing. On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq's Nordic power futures business, subject to receipt of applicable regulatory approvals. The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing. The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. For the next strategic cycle, Euronext plans to scale up and expand spot and derivatives trading and clearing services across Europe. This expansion will reinforce the leadership of Nord Pool as the key marketplace for trading European spot power markets. Nord Pool will also further diversify the offering to new geographies, new data products and services. Expand the winning model of the fixed income business “Growth for Impact 2024” achievements MTS is one of the leading fixed income trading platforms in Europe. MTS is the number one in Europe for Dealer-to-Dealer (D2D) European Government bond trading, the number one in Italian repo trading, and number three in Europe for Dealer-to- Client (D2C) European Government bonds trading. MTS offers transparent and efficient fixed income trading solutions to more than 19 European sovereign debt issuers. Since it joined Euronext in 2021, MTS revenue has grown by +20% on average per year to reach €145 million annual revenue in 2024. “Innovate for Growth 2027” strategic priorities Euronext aims to become a stronger player in this fast- growing asset class in Europe. MTS is ideally positioned to support European treasuries in their increasing financing needs, at an optimised cost. Euronext will further consolidate MTS’s leadership position and boost its successful model of electronic liquidity, transparency and efficiency in Europe. Euronext has already provided the European Commission with the MTS platform for electronic market making of bonds issued within the EU’s NextGenerationEU recovery programme. This market became MTS’s third-largest market in 2024, and is ideally positioned to serve any future European borrowing requirements. Euronext will also use the full benefit of its presence on the entire debt capital markets value chain to defragment the fixed income post-trade landscape, thanks to Euronext Clearing and Euronext Securities. In addition, Euronext will further grow the D2C BondVision franchise through strategic partnerships to increase market share in European Government Bonds and traction in credit bonds. 3. Build upon Euronext’s leadership in trading Expand cash equity leadership through new trading services “Growth for Impact 2024” achievements Euronext has been a driving force in the transformation of European equity markets. Since its IPO, Euronext has consolidated seven large European markets on its unique, state of the art trading platform, Optiq® . Euronext successfully migrated its Core Data Centre near London to a fully green Data Centre in Bergamo and offers unparallelled latency with its microwave connectivity. Euronext is the largest liquidity pool in Europe and is the number one European cash equity trading venue, with €10.4 billion of equity ADV 3 . Euronext processes 25% of European lit equity volumes, and provides the highest market quality with the reference price and highest available volume on its stocks. Euronext has shown a unique track record in the management of cash trading market share and value extraction. 2024 UNIVERSAL REGISTRATION DOCUMENT 19 Presentation of the Group “Innovate for Growth 2027” strategic priorities Euronext is now fully equipped to move from migrations to greater innovation. Going forward, Euronext will stay ahead of market trends and will provide best-in-class solutions for evolving trading behaviours. Euronext will use its best-in-class technology and expertise in European cash equity markets to offer local and global brokers and buy-side clients more opportunities to trade on its markets. Euronext already launched its Mid-Point Match facility in April 2024. This new feature enables clients to benefit from options to source liquidity from its dark order book before reaching its deep liquidity pool with no impact on latency. Going forward, Euronext will further attract liquidity through dedicated fee schemes. Euronext has a long track record of offering innovative solutions for retail trading in Europe. Euronext will expand its Best-of-Book programme to offer tailored, cost- effective and best-quality services to retail investors. It will also go one step further in the global expansion of its Global Equity Market (GEM Equity) and allow investors to trade European and US stocks through a single access and an efficient post-trade set-up at Euronext. Build the leading ETF market in Europe “Growth for Impact 2024” achievements Euronext is a leading ETF listing and trading venue in Europe, with around 50 ETF issuers and more than 100 trading members. “Innovate for Growth 2027” strategic priorities Thanks to its integrated value chain, Euronext is today in the position to reverse the trend of fragmentation of ETF liquidity in Europe. Euronext will offer an integrated venue for the listing and trading of ETFs and align the post-trade setup across geographies. It will build the most efficient ETF offering in the market, to the benefit of ETF issuers, market makers and institutional and retail investors. Empower sustainable finance through ambitious ESG commitments Push climate ambitions to the next level “Growth for Impact 2024” achievements Euronext stepped up its climate commitment during the 2021-2024 period. Euronext set science-based greenhouse gas emission reduction targets, which were validated by the SBTi1 in 20232 : - By 2030, Euronext will reduce its Scope 1 and Scope 2 market-based greenhouse gas emissions by 73.5% compared to 2020; - By 2030, Euronext will reduce its Scope 3 business travel emissions by at least 46.2% compared to 2019; - By 2027, Euronext suppliers, representing 72% of Euronext’s greenhouse gas emissions derived from purchased goods and services, must set targets on their Scope 1 and Scope 2 emissions. Euronext ensures that ESG objectives are embedded in every decision to drive global, sustainable solutions to mitigate the most severe impacts of climate change. A detailed action plan that covers all parts of Euronext’s business is in place to ensure that the targets will be achieved. Since Euronext committed to these ambitious targets, Euronext has relocated its Core Data Centre to a green facility in June 2022. The new data centre is 100% powered by renewable energy sources, much of which is self produced through solar panels and hydroelectric power stations. The migration to a sustainable data centre sets the standard for the industry and provides clients with concrete tools to improve their own carbon footprint. Euronext has developed services and products to accelerate the transition to a European economy aligned with a 1.5- degree trajectory. Euronext operates a leading ESG bonds franchise and calculates nearly 500 indices with sustainability criteria. Euronext will continue to support its clients with innovative products to direct investment to ESG projects. “Innovate for Growth 2027” strategic priorities For the next strategic cycle, Euronext will go beyond the ‘Fit for 1.5°’ commitment by setting targets on achieving carbon neutrality by 2050 at the latest. To this effect, Euronext will join the Net Zero Financial Service Providers Alliance as part of the global coalition ‘Race to Zero’, a UN-backed initiative of over 10,000 companies worldwide. Euronext reaffirms its commitment to achieving carbon neutrality and aims to set science-based net zero targets by 2027. Foster diversity and inclusion as a catalyst for growth “Growth for Impact 2024” achievements Euronext is diverse by nature and by commitment, with over 65 nationalities represented across 18 countries, and a genuinely inclusive culture, embedded in its federal model. The Euronext extended Managing Board is composed of members of 10 different nationalities. The Euronext Managing Board and Supervisory Board target 30% and 40% gender diversity respectively. Under its last strategic plan, Euronext also achieved a 30% gender diversity target for all the local Boards of its regulated markets and in the Senior Leadership Team. Euronext has reinforced its commitment to all forms of diversity through the launch of dedicated Diversity and Inclusion networks across its locations. “Innovate for Growth 2027” strategic priorities As part of the “Innovate for Growth 2027” strategy, Euronext will continue to ensure fair and equal opportunities for all employees. Euronext has implemented dedicated measures on the recruitment process, career development and equal pay, with a target of achieving at least 30% female representation on local boards and in senior management. Euronext will develop a range of training opportunities, awareness sessions, and networking events, through its Diversity and Inclusion network across its locations. Euronext will celebrate key Diversity and Inclusion themes such as International Women’s Day, Pride, and Health through ‘Ring the Bell’ ceremonies and awareness sessions, to further engage with its employees, clients, partners, and community. Euronext will prepare new generations from all backgrounds to access the capital markets ecosystem, by leveraging the Euronext Foundation. Euronext will continue to strengthen all activities, to educate the younger generations in financial literacy. Euronext will empower its employees to embrace their societal engagement, and facilitate volunteering of its staff with dedicated days to contribute to a wide variety of activities, supporting Financial Literacy and the Blue Economy as well as Diversity in Finance. Enhance operational excellence through AI Euronext has proven its unique capacity to integrate European capital markets thanks to leading technology. This model was demonstrated through the cash and derivatives trading (1) Euronext Euronext NV ISIN code NL0006294274 shares 20 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group migration to the integrated trading platform, Optiq®, the infrastructure integration towards the new Core Data Centre, and the pan-European expansion of Euronext Clearing on a new clearing platform. Euronext is now preparing the integration of its settlement and custody operations. Euronext will leverage its unique technology expertise to serve the ambitious expansion projects of the Group. Euronext will use Artificial Intelligence to enhance its operational excellence. Euronext will also leverage on AI to be more efficient, faster, and more precise in the product development. AI will be made available to all Euronext employees to support them in their daily activities so they can focus on value-added tasks. AI will also be used to create tailor-made solutions for operational efficiency. AI capabilities will be leveraged to transform the software development lifecycle and unlock scalable growth. Continue to execute value-creative M&A Euronext has a strong track record of performing value-added transactions that improve the return to shareholders. Euronext will proactively pursue its growth strategy through high value-added acquisitions that strengthen the business profile of the Group. Euronext external growth will continue to focus mainly on non-volume related activities, market infrastructures and services. Euronext will maintain a rigorous investment policy, with a targeted ROCE of acquisitions above WACC between years 3 to 5. Updated capital allocation strategy With the release of its "Innovate for Growth 2027" strategic plan, Euronext updated its capital allocation strategy. The new policy combines a rigorous approach with the necessary flexibility to adapt to the evolving market conditions. Euronext has consistently demonstrated a strong track record of cash flow generation and delivered high returns to shareholders. Since 2021, Euronext leverage has decreased rapidly over the period, from a net debt/EBITDA ratio at 3.2x at the time of the Borsa Italiana Group acquisition, to 1.4x net debt/adjusted EBITDA as of 31 December 2024. The new capital allocation policy consists of the following guiding principles: ■ Euronext will continue investing to enhance growth, strengthen its market position, and to sustain a strong cash flow generation profile; ■ Euronext will maintain a strong balance sheet and targets to maintain a leverage ratio of 1.0x-2.0x net debt to adjusted EBITDA. Temporary deviation will be allowed. At all times, Euronext will preserve an investment grade rating by S&P of at least BBB. In February 2025, S&P upgraded Euronext to A-, stable outlook; ■ Euronext will maintain a dividend pay-out at 50% of reported net income; ■ Euronext will continue to pursue value-accretive M&A with ROIC>WACC in years 3 to 5; ■ Euronext introduced a flexible approach to special returns, including share buybacks. Special returns will be assessed periodically considering Euronext’s leverage, market and strategic opportunities. In line with its updated capital allocation policy, Euronext launched on 11 November 2024 a share buyback programme of a maximum of €300 million (representing around 3.0% of Euronext’s outstanding shares), for a maximum duration of 12 months. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. The purpose of the programme is to reduce the share capital of Euronext. All shares repurchased as part of the programme will be cancelled. 1.2.2 STRATEGIC TARGETS AND PROSPECTS IN 2025 Progress with the delivery of Euronext's "Innovate for Growth 2027' strategic plan On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq's Nordic power futures business, subject to receipt of applicable regulatory approvals. The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash. In February 2025, Euronext announced the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash- settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025. On 3 February 2025, Euronext announced it had been upgraded by S&P from 'BBB+, Positive Outlook', to 'A-, Stable Outlook'. S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group's strong cash flow generation. On 12 March 2025, Euronext announced that Euronext Amsterdam, Brussels and Paris will designate Euronext Securities as the CSD for the settlement of equity trades from September 2026. These three markets will join the other Euronext markets in Lisbon, Milan and Oslo, already supported by Euronext Securities. Euronext also announced the successful move of its own shares1 to Euronext Securities. Euronext Securities has consequently become the new CSD issuer for this security. The migration was performed as part of Euronext's strategic ambition to position Euronext Securities as the CSD of choice in Europe. On 13 March 2025, Euronext announced that it has entered into a definitive agreement with Visma to acquire 100% of Admincontrol, a leading provider of governance and secure collaboration Software as a Service (SaaS) solutions in the Nordics and in the UK. The acquisition of Admincontrol aligns with Euronext's strategic ambition to scale up its SaaS 2024 UNIVERSAL REGISTRATION DOCUMENT 21 Presentation of the Group offering, strengthen presence in the Nordics and increase Euronext’s share of subscription-based revenues. The transaction will be paid in cash and amounts to an enterprise value of NOK4,650 million (€398 million). Completion of the transaction is expected by Q2 2025, subject to receipt of customary regulatory approval. 2025 cost guidance In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024. 2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions. Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024. In order to align with the evolved business structure and to facilitate the analysis of performance, Euronext will introduce a new, simplified revenue presentation. From Q1 2025, consolidated revenue will be broken down into the following categories, to distinguish non-volume and volume-related revenue: Non-volume related revenue and income ■ Securities services; ■ Net treasury income; ■ Capital markets and data solutions; Volume-related revenue ■ Equity markets; ■ Fixed income, currencies and commodities (FICC) markets (1) Including Exchange Traded Funds (ETF), Exchange Traded Commodities (ETC) and Exchange Traded Notes (ETN) (2) Euronext owns 62.52% of MTS 22 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1.3 Description of the Business In accordance with Article 19 of Regulation (EU) 2017/1129, the following information is incorporated by reference in the Universal Registration Document: For Financial Year 2023 The description of principal activities of the Company for the financial year 2023, presented on pages 29 to 48 of the 2023 Universal Registration Document filed with the Autoriteit Financiële Markten on 28 March 2023 and available at: https://www.euronext.com/sites/default/files/financial- event-doc/2024-04/EUR_EURONEXT_URD2023_EN_MEL %20%281%29.pdf For Financial Year 2022 The description of principal activities of the Company for the financial year 2022, presented on pages 26 to 46 of the 2022 Universal Registration Document filed with the Autoriteit Financiële Markten on 31 March 2022 and available at: https://www.euronext.com/sites/default/files/financial- event-doc/2023-08/EUR_2022_URD_MEL %20FINALE_AUG.pdf 1.3.1 BUSINESS OVERVIEW Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, Nord Pool, the European power market, Euronext FX and Euronext MATIF. Euronext also provides clearing, settlement and custody services through Euronext Clearing and its Euronext Securities CSDs network in Denmark, Italy, Norway, and Portugal. Euronext is the number one equity listing venue in Europe based on both the number of companies listed and their aggregated market capitalisation. As of 31 December 2024, more than 1,800 issuers representing a combined market capitalisation of approximately €6.1 trillion were admitted to trading on Euronext’s markets. In addition, the Company has over 4,000 exchange traded products (ETPs) 1 and over 2,300 funds listed on its markets. Euronext Corporate Solutions provides software and service solutions to European issuers, private companies and public institutions in the fields of governance, compliance, investor relations and communication. Euronext Corporate Solutions serves more than 4,800 organisations, of which more than 1,000 listed companies, spanning across 30 countries, helping them decide with clarity, comply with confidence and communicate with trust. Euronext Corporate Solutions prioritise innovation, security and expertise to meet the evolving needs of its clients, leveraging Euronext’s extensive network and experience in financial and capital markets. Euronext ranked first among all trading venues in Eur ope in terms of monthly lit continuous & auctions order book trading volume in equities for the last 12 months ended 31 December 2024 among all trading venues in Europe. Euronext’s pan-European cash equities trading venue is the market leader in cash equity trading in its seven home continental European markets of Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal, as of 31 December 2024. Average Daily Value on cash trading amounted to €10.4 billion in 2024, representing around 25% of the total European lit equity trading markets. Euronext market share in cash equities trading of the securities listed on its markets reached 64.8% over 2024. Euronext provides multiple marketplaces including its Multilateral Trading Facilities (MTFs), for investors, broker-dealers and other market participants to meet directly to buy and sell cash equities, fixed income securities and exchange traded products (ETPs). Euronext is also the number one debt listing venue worldwide, with a total number of listed bonds exceeding 55,000 as of 31 December 2024. In 2024, Euronext welcomed over 14,700 new bond listings, an all-time record. Bond listing is an international business activity with over 4,500 issuers coming from nearly 100 jurisdictions across the globe. Euronext, with its regulated markets (in Paris, Brussels, Milan, Amsterdam, Lisbon) and MTFs (EuroTLX, Growth, Access, GEM) is a leading European platform for the electronic trading of fixed income securities in retail size / odd-lots. In 2024, average daily volume for retail fixed income trading on Euronext markets reached €1.4 billion. Euronext’s equity derivatives trading business has a strong market position in futures and options on benchmark indices such as the CAC 40®, AEX®, BEL 20®, ISEQ®, OBX® and PSI® and FTSE® MIB, single stock options and futures and commodity derivatives. It ranks second among European exchange groups in terms of open interest of derivatives traded as at 31 December 2024. Euronext offers options contracts based on all of the blue-chip equities listed on Euronext, thereby reinforcing liquidity for those equities. This includes the components of Euronext's flagship national indices such as the CAC 40®, the second most traded national index in Europe. Euronext stands as a leading player in agricultural commodity derivatives markets, offering a suite of contracts that serve as key pricing benchmarks for commercial and financial market participants worldwide. Euronext has solidified its position by providing instruments that enable hedging and price discovery across various commodity markets. The commodity derivatives offered by the derivatives trading business include the milling wheat futures contract, Euronext MATIF, which is a world-class contract for the European Union agriculture market. Since April 2021, Euronext is the owner of MTS 2, the leading European fixed income trading platform, number one in Europe for Dealer-to-Dealer (D2D) European Government bonds trading, number one in Italian repo trading and number three in Europe for Dealer-to-Client (D2C) European Government bonds trading. (3) As of 31 December 2024 2024 UNIVERSAL REGISTRATION DOCUMENT 23 Presentation of the Group Nord Pool, a Euronext company, is Europe’s leading power market and the world’s first power exchange. Nord Pool provides efficient, simple and secure power trading across Europe and acts as a critical enabler of a single integrated European power market. Euronext FX is an Electronic Communication Network (ECN) for spot foreign exchange, precious metals and NDF trading (the latter through its subsidiary Euronext Markets Singapore). Powered by FastMatch® technology, Euronext FX offers customers access to large pools of diversified and bespoke liquidity, transparency, flexibility in trading protocols and unique order types. Euronext’s advanced data services business distributes and sells real-time, historic and reference data to global data vendors as well as to financial institutions and individual investors. With a portfolio of over 1,500 benchmark indices, including the CAC 40® index in France and AEX® index in the Netherlands, Euronext is a leading provider of indices and a provider of advanced analytics products as well as interest rate benchmark indices and contributed data indices. Euronext is one of the leading index issuers in Europe, with more than 55 new indices launched in 2024 and a strong pipeline. Euronext has been instrumental in shaping the European post- trade industry. On 29 April 2021, Euronext acquired the multi- asset clearing house Euronext Clearing, which has become in 2023 and 2024 Euronext's CCP of choice for its cash equity, listed derivatives and commodities markets. Euronext continues to offer an open access CCP model for cash equity clearing. In addition, Euronext has harmonised its CSD offering. Euronext is the only market infrastructure in Europe to provide unified access to a network of four CSDs connected to more than 20 international markets. Euronext Securities is the third- largest network of CSDs in Europe with more than €7.0 trillion in assets under custody 3. Euronext Securities has transformed the CSD industry services and developed general meeting and shareholder register services. Euronext Technology Solutions & other comprises Euronext’s commercial technology solutions, Colocation and Client connectivity businesses and other services. Euronext offers custom solutions and cost-effective services to exchanges, venue operators, and financial institutions that require advanced functional capabilities and low latency processing across multiple-asset classes, surrounded by exchange-grade business services operating within highly regulated environments. The Colocation and client connectivity businesses have also become an important source of revenue for Euronext Technology Solutions and other, following Euronext core data centre migration to Bergamo, providing clients with advanced colocation facilities and connectivity solutions fully managed by Euronext within its data centre. 24 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1st Quarter JAN - FEB - MAR Launch of Euronext Mid-Point Match In February, Euronext announced the launch of Euronext Mid-Point Match, its advanced suite of dark, mid-point and sweep functionalities embedded within Euronext's Central Order Book. These enhancements allow trading members and buy-side firms to trade at the real mid-point, without incurring implicit latency costs, to access increased liquidity, while tapping into Euronext’s unique pool of liquidity fostered by local brokers and investors. Euronext Mid- Point Match offers a sweep functionality, allowing intermediaries to leverage both Euronext’s dark and lit liquidity pools, to increase execution opportunities and flexibility across Euronext seven regulated markets. Dark orders in Euronext Mid-Point Match are pegged to the real-time mid-point of the Euronext Primary Best Bid and Offer, and provide traders with accurate execution opportunities. The migration of Italian derivatives trading to Optiq® Euronext announced the successful migration process of Borsa Italiana's markets onto Euronext’s state-of-the-art, proprietary trading platform Optiq®. This migration was the last in the ambitious integration plan of Italian markets onto Euronext’s single trading platform, and was completed less than three years after the acquisition of the Borsa Italiana Group. 9th edition of the successful Euronext pre-IPO programmes now gathered under the name IPOready. Euronext is the leading equity listing venue in Europe and the venue of choice for Tech companies. 2024’s edition gathered more than 160 companies from 15 European countries. 2nd Quarter APR - MAY - JUN New Governance Solutions for corporates A new solution to support listed companies in their Environmental, Social, and Governance (ESG) strategy and their shareholder engagement with the launch of an Annual General Meetings (AGM) Voting Insight solution and a new version of its SaaS investor relation platform IR.Manager, now including ESG data distribution. Acquisition of Global Rate Set System Acquisition of 75% of the share capital of Global Rate Set Systems (GRSS), a leading provider of services to benchmark administrators. With the acquisition, Euronext expands and enhances its index franchise, positioning the group as a leading player in the calculation and administration of Interbank Offered Rate (IBOR) indices. 2 completions Migration of Italian derivatives trading to Optiq® And the acquisition of 75% of the share capital of Global Rate Set Systems (GRSS) MTS successfully concluded the migration of its Production Data Centre from Milan to the Aruba Global Cloud Data Centre IT3 in Bergamo on 13 May 2024. This strategic move enables customers to access MTS Markets’ Trading and Data services through the same facilities as all Euronext trading venues, thereby enhancing efficiencies in European capital markets. 2024 UNIVERSAL REGISTRATION DOCUMENT 25 Presentation of the Group 3rd Quarter JUL - AUG - SEP In August, Euronext announced that Nord Pool, the European power market, was to enter a new area of business with the launch, together with Euronext, of a dedicated Nordic and Baltic power derivatives market. The Euronext Nord Pool power futures market is expected to go live in June 2025. providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. Substantive Research provides valuable insights into research pricing and spending, benchmarks of market data providers, and automated delivery of user-customised research content. Euronext Sustainable Network Euronext launched the first annual ESG Trends Report, offering unique insights into how Euronext-listed companies make progress in their ESG reporting and performance ESG Peer Benchmarking tool under My ESG Profile, which enables issuers to assess their ESG performance relative to their peers. In September, Euronext acquired 100% of Substantive Research, an industry-leading pioneer 4th Quarter OCT - NOV - DEC In September, Euronext announced the successful completion of the expansion of Euronext Clearing activities to all Euronext financial derivatives markets. This milestone marks the conclusion of the migration from LCH SA to Euronext Clearing. This was the final phase in the European expansion of Euronext Clearing. On the 2nd of October Euronext announced the acquisition of substantially all the business of Acupay Group, the global leader in financial reporting, corporate actions, cross- border tax relief, and securities processing. The acquisition further expands Euronext Securities’ services offering to investors and issuers, leveraging Acupay’s strong presence in Italy and opportunities to scale Acupay’s services through Euronext Securities’ network across Europe. The acquisition also strengthened Euronext’s non-volume related revenue streams. Innovate for Growth 2027 On 8 November, Euronext presented its new three-year strategic plan, “Innovate for Growth 2027”. The strategic plan sets out the Group’s ambition to leverage Euronext’s presence on the entire capital markets value chain in Europe to accelerate growth through innovation and efficiency. As part of its plan, Euronext announced an updated capital allocation policy with a focus on shareholders’ returns and strategic flexibility. In line with this new capital allocation policy, Euronext launched a €300 million share repurchase programme on 11 November 2024. This programme was completed on 10 March 2025. Borsa Italiana Group integration completed A unique track record of Successful integration and operational leverage of Borsa Italiana : ■ €121 million of run-rate cumulated EBITDA synergies reached ■ ~2x initial targeted synergies of €60 million announced in April 2021 In July, Euronext launched the new London-based microwave service, the Euronext Wireless Network (EWIN). Euronext is the first exchange in Europe to offer “Plug & Play” order entry in London via microwave technology. This service was set to significantly enhance the speed of order transmission between London, UK, and Bergamo, Italy, where Euronext’s Core Data Centre is located, to offer unparallelled improvements in latency for our many London-based members. 26 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1.3.2 STRENGTHS 1 2 3 Present on the Diversified business model Strong operational entire value chain leverage 4 Liquidity and transparency 5 6 United in to all market participants Offering of a wide diversity with through regulated range of products an open exchanges federal model Presence on the entire value chain Euronext operates seven national markets, one multi-asset clearing house and four central securities depositories (CSDs) across Europe. The Group therefore has the ability to directly manage the entire capital markets value chain and intends to grow and leverage its scale and presence for the benefit of its clients, team members, shareholders and stakeholders. This presence on the entire value chain notably allows Euronext to align strategic priorities between its trading and post-trade activities supporting innovation for the benefit of its clients. Strong European anchorage Euronext operates the largest liquidity pool in Europe, for lit equity trading in Europe, with its platform Optiq® attracting around 25% of European share trading activity in 2024. Euronext benefits from a diverse client base, both in terms of geographic distribution and type of trading flow. The Company has an established European and United Kingdom client base, representing 62% of cash trading average daily volume and 72% of derivatives trading average daily volume for the year ended 31 December 2024. United States clients accounted for 37% of Euronext’s cash trading average daily volume and 28% of its derivatives trading average daily volume for the year ended 31 December 2024. Resilient Model Delivering Consistent Growth and Profitability Euronext’s sources of revenues are diversified across the businesses, markets and client segments. For the year ended 31 December 2024, approximately 58% of the Company’s revenues were generated by its non-volume related businesses. Non-volume related businesses include advanced data services, investor services, listings excluding initial public offerings (IPOs), custody and settlement, net treasury income through central counterparty (CCP) business, and Euronext Technology Solutions & Other. This helps to limit Euronext’s exposure to cyclicality in demand for particular products or services or in individual markets. The following table sets out information relating to the sources of total revenue for the year ended 31 December 2024 and for the year ended 31 December 2023: (1) As defined in section 5.2 - Other Financial information 2024 UNIVERSAL REGISTRATION DOCUMENT 27 Presentation of the Group In thousands of euros Year ended 31 December 2024 Year ended 31 December 2023 Revenue % of total revenues Revenue % of total revenues Listing 231,860 14.3% 220,642 15.0% Trading revenue 559,431 34.4% 490,008 33.2% of which: ■ Cash trading 284,022 17.5% 265,439 18.0% ■ Derivatives trading 53,083 3.3% 54,168 3.7% ■ Fixed income trading 145,527 8.9% 107,425 7.3% ■ FX trading 31,742 2.0% 25,556 1.7% ■ Power trading 45,057 2.8% 37,420 2.5% Investor services 14,126 0.9% 11,375 0.8% Advanced data services 241,743 14.9% 224,774 15.2% Post-trade 414,747 25.5% 370,183 25.1% of which: ■ Clearing 144,270 8.9% 121,283 8.2% ■ Custody and Settlement 270,477 16.6% 248,900 16.9% Euronext Technology Solutions & other 106,157 6.5% 109,894 7.5% Net treasury income through CCP business 56,824 3.5% 46,660 3.2% Other income 2,026 0.1% 1,171 0.1% TOTAL REVENUE AND INCOME 1,626,914 1,474,707 Euronext’s businesses are characterised by recurring revenue streams which generate resilient and robust free cash flow 1 and allow Euronext to operate and invest in its business with flexibility. The Group’s market expertise and proven, multi- asset class technology infrastructure allow Euronext to launch new products without substantial additional capital expenditure. Further, the Company’s trading businesses do not expose it to credit risk or counterparty risk, which is borne by the counterparties to the trade and not by the markets. Euronext believes that its capital-light business and resilient free cash flow generation provide the potential for attractive return for shareholders while observing its regulatory capital requirements. Liquidity and transparency to all market participants through regulated exchanges Euronext’s cash equities markets have a diverse member base by geography and trading profile, making for a particularly rich and diversified order book. The combination of Euronext’s position as a leading pan- European trading venue, the quality of its markets and the expertise of the Company’s teams has enabled Euronext to increase its market share in cash equities trading of the securities listed on its markets from 60% in 2011 to close to 65% in 2024. The primary tool for supporting market share is the flagship Supplemental Liquidity Provision programme, which rewards liquidity providers for ensuring Euronext’s market quality remains high, whilst balancing against yield management considerations. Further tools have been developed to support market share such as dedicated fee schemes for non-member proprietary flows or retail flows. Euronext continues to provide excellent market quality and best execution principles to retail investors through its functionality Best of Book. Optiq® Euronext has upgraded its core trading platform with Optiq®, an enhanced, multi-market trading platform, providing customers with maximum flexibility, simplified and harmonised messaging as well as high performance and stability. Optiq® combines the latest technologies with in- house expertise. Optiq® was rolled out across the Euronext markets to replace the Euronext Universal Trading Platform (UTP) in a phased implementation process. Market data has been managed through Optiq® for both cash and derivatives since July 2017, already delivering significant benefits to clients. In April and June 2018, the Optiq® trading engine went live for fixed income and cash markets, with impressive stability and performance. Euronext Dublin markets migrated to Optiq® in 2019. In December 2019, Euronext completed the successful completion of the roll-out of its Derivatives market to Optiq®. Oslo Børs markets migrated to Optiq® in 2020, just 17 months after the closing of the acquisition. As part of the integration of the Borsa Italiana Group, Italian cash markets migrated to Optiq® in 2023 and Italian derivatives markets in Q1 2024. In 2024, the availability of the Optiq® trading platform was 100.00% for regulated cash markets and 99.98% for regulated derivatives markets. Trusted, fair, transparent and orderly markets As an operator of regulated markets, Euronext’s role is to bring together buyers and sellers in trading venues that are transparent, efficient and reliable. To this end, Euronext: ■ Adopts rules for each of its markets to ensure fair and orderly trading and efficient order execution; ■ Sets up a framework to organise market monitoring by which it oversees trading in order to identify potential 28 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group breaches of the rules, disorderly trading conditions or conduct that may involve market abuse; ■ Offers state of the art, reliable, scalable and resilient technology with a large range of functionalities to market participants to allow trading even in times of high volumes. A particular attention is paid at cybersecurity and data protection; ■ Reports breaches of rules or of legal obligations relating to market integrity to the competent authority. Market surveillance and monitoring are implemented through a two-step process consisting of real-time market surveillance and post-trade (i.e., “next day”) analysis of executed trades. Euronext ensures member compliance with its rules by conducting regular audits and, when needed, ad-hoc investigations; ■ Invests in technology aiming to improve its monitoring. Part of Euronext’s role in maintaining trusted, fair and orderly markets includes ensuring the security of those markets. The growth in the digitalisation of the finance industry over the last years has revolutionised the sector. This transformation means that an increasing number of financial services are becoming available to more and more people at an ever increasing pace. Euronext has grown and continues to thrive with these changes via increased volumes and processing power enabling the Group to grow in complexity and size. With increased complexity, size and access come potential cyber security risks. Euronext has, through cyber security governance and management, implemented a programme that guarantees the necessary security controls in place in order to protect its markets from unwanted activity. Euronext management has a strong commitment to upholding the security of the group. Management oversees the information security/cybersecurity strategy and review process as well as annual plans, ensuring that the programme stays current with the evolving environment and to avoid and treat potential negative impacts to Euronext. For further information of cybersecurity risks please refer to section 2.1.1 - Risk Factors. The Euronext Market Services (EMS) team, also the front line to ensure fair and orderly markets for all Cash, Derivatives and Commodities products, including Corporate Actions, Euronext Indices, Euronext Market Data, Member on boarding and Hosted Commercial Markets. In this context, the EMS team has the ownership of the serious incidents process and ensures that it is fully assessed, graded and efficiently managed. The objectives of the Serious Incident Process are to: ■ Facilitate restoration of normal service operations as quickly as possible, and minimise the adverse impact on business operations, thus ensuring that the best possible levels of service quality and availability are maintained; ■ Ensure that serious incident management and resolution is performed in an effective and controlled manner in compliance with best practices and the organisation’s internal and external rules and regulations; ■ Ensure all customers, clearing houses and regulators are alerted in a timely manner on the market status and are kept informed during the incident; ■ Ensure that all relevant stakeholders within EMS and IT are directly updated on the status of recovery activities until service is fully restored; ■ Ensure that all relevant stakeholders within EMS and IT are informed of the outcomes of post-incident investigations and the actions being taken to avoid a recurrence. Offering of a Wide Range Of Product Services and Platforms Euronext’s issuer base is diverse, being home to more than 1,800 companies, incorporated in nearly 40 different countries worldwide, and spanning across eleven industry classification benchmark sectors. Euronext’s issuers vary in size, ranging from small capitalisation to large capitalisation issuers, and represent an aggregated market capitalisation of €6.1 trillion as of 31 December 2024. The Company is the largest Regulated Market for Exchange Traded Products (ETPs) in continental Europe by number of trades with more than 4,000 ETP listings and an average daily trading value of more than €700 million from January to December 2024. Euronext is the second-largest warrants and certificates Exchange in Europe with over €34 billion turnover and nearly 4.6 million trades. Over 400,000 new instruments were listed in 2024 and over 100,000 live instruments were available at the end of December 2024 to investors in Belgium, France, Italy, Luxembourg, the Netherlands and Portugal. Euronext is also a leading European derivatives trading venue, with derivatives trading activities across financial and commodity derivative products. The Group has established the CAC 40® futures contract as the second most traded national index in the Eurozone, with an equivalent of €5.5 billion in nominal value on an average daily basis in 2024. The milling wheat contracts which are the leading wheat derivatives in continental Europe, as well as the rapeseed commodity contracts continue to be included in recognised commodity benchmarks such as the S&P World Commodity Index and Rogers International Commodity indices. Euronext operates the leading debt listing exchange worldwide with more than 55,000 corporate, financial institutions, structured and government bonds listed on its markets. Euronext is also the majority owner of MTS. MTS is one of the leading fixed income trading platform in Europe, number one in Europe for Dealer-to-Dealer (D2D) European Government bonds trading, number one in Italian repo trading and number three in Europe for Dealer-to-Client (D2C) European Government bonds trading. Euronext FX is an Electronic Communication Network (ECN) for spot foreign exchange, precious metals and NDF trading (the latter through its subsidiary Euronext Markets Singapore). Powered by FastMatch® technology, Euronext FX offers customers access to large pools of diversified and bespoke liquidity, transparency, flexibility in trading protocols and unique order types. Its award-winning technology provides unparalleled speed and the capacity to handle thousands of orders simultaneously for Euronext FX clients, which include financial institutions, banks, asset managers, hedge funds, proprietary trading firms and retail brokers. Euronext owns 66% of Nord Pool, which operates a leading physical power market in Europe. Nord Pool operates both core intraday and day-ahead markets in the Nordics, Baltics, the UK and Ireland, France, Germany, Belgium, the Netherlands, Austria, Luxembourg and Poland. Euronext also operates one of the leading structured products trading venues in Europe with around 130,000 instruments available for trading. Euronext’s hybrid market model, also known as the Request For Execution market model, is widely recognised as one of the most advanced market models for 2024 UNIVERSAL REGISTRATION DOCUMENT 29 Presentation of the Group trading structured products and more specifically warrants & certificates. In 2020, Euronext released additional features allowing for an optimised and more efficient post-trade model as well as the possibility for investors to trade these instruments until 22:00 CET, paving the way for a truly pan- European structured products market. Euronext operates a multi-asset clearing house, Euronext Clearing, which provides proven risk management capabilities across a range of trading venues including Euronext regulated markets, MTS, BrokerTec and Hi-mtf. Asset classes cleared include equities, ETFs, Closed-end Funds, Financial Derivatives, Commodities (Agricultural & Energy) and Fixed income (Cash and Repos markets). In 2024, Euronext Clearing cleared c. 470 million transactions on shares, c.131 million lots on derivatives and more than €27 trillion of notional on repo. The CCP also held an average of €21.5 billion of resources (including margins and default fund contributions) to cover its clients’ activities. “United in Diversity” with an Open Federal Model Euronext is the only European exchange operating across multiple jurisdictions with a harmonised regulatory framework, a central order book for its exchanges in Amsterdam, Brussels, Dublin, Lisbon, Oslo, Paris and soon Milan and a single trading platform offering access to all markets through a single connection. The central order book consolidates liquidity in each multi-listed security to tighten spreads and increase market depth and achieves optimal price formation. Issuers listing on more than one of the Group’s markets benefit from enhanced visibility, qualification for inclusion in more local indices and greater exposure for their volumes and prices. The migration of Italian cash markets occured in 2023 and was followed by the migration of Borsa Italiana derivatives markets in 2024. Since the derivatives clearing migration onto Euronext Clearing in September 2024, the derivatives franchise benefits from the integration of the value chain into one single liquidity pool. The Group has generated sustainable and diversified cash flows across institutional, high frequency and algorithmic trading, own account, agency brokerage and retail client classes. The single liquidity pool model and pan-European technology are key to Euronext’s unique federal market structure. This structure enables the Company to integrate its constituent markets while they remain subject to regulation by national regulators. As a reminder, Euronext is also regulated by a College of Regulators at Group level (please refer to section 1.4.2 - European Regulation ). 1.3.3 LISTING 1.3.3.1 Listing − Products and Services Euronext is the number one equity listing venue in Europe based on both the number of companies listed and their aggregated market capitalisation. As of 31 December 2024, more than 1,800 issuers representing a combined market capitalisation of approximately €6.1 trillion were admitted to trading on Euronext’s markets. Euronext’s listing franchise includes around 400 large cap companies (companies with a market capitalisation above €1 billion) and more than 1,400 small & mid capitalisation companies. As of 31 December 2024, equity issuers listed on Euronext accounted for 62% of Euro STOXX 50 component securities, and 34% of Euro STOXX 600 component securities. Equity issuers listed on Euronext are eligible to join a family of leading index products in each of Euronext's national markets including the AEX® in the Netherlands, BEL 20® in Belgium, CAC 40® in France, ISEQ® in Ireland, MIB® ESG in Italy, PSI® in Portugal and the OBX® in Oslo. Euronext's family of index products provides investors and issuers with benchmarks enabling them to measure and trade the performance of key segments and strategies. The Group also offers extensive trading opportunities to investors, such as single stock derivatives on the underlying securities listed on its markets.Euronext is the number one debt listing venue worldwide, with a total of bonds exceeding 55,000. Euronext is home to all types of fixed income instruments, boasting global leadership in structured products, commercial papers, government bonds, Islamic Finance and ESG debt securities. Furthermore, Euronext advocates for its issuer community's interests. The leading listing venue in Europe A market for each step of a company's growth Euronext operates different types of markets to suit the evolving financing needs of companies at various stages of growth. These markets enable corporate clients, from early stage growth companies to more established businesses, to access capital from a broad range of investors. (i) Regulated markets: In Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris, Euronext operates European regulated markets as defined under MiFID. These are suited to medium and large sized companies with substantial financing requirements. These regulated markets provide access to a large range of international investors and the possibility of inclusion in well- known European indices. Euronext lists a wide variety of securities, including domestic and international equity securities, convertible bonds, debt securities (including 30 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group corporate and government bonds), structured products (including warrants and certificates and structured notes), exchange traded funds (ETFs), open-ended and closed-ended investment funds. Euronext regulated markets are segmented according to market capitalisation: ■ compartment A: companies with a market capitalisation of more than €1 billion; ■ compartment B: companies valued between €150 million and €1 billion; ■ compartment C: companies with a market capitalisation of less than €150 million. (ii) Multilateral trading facilities: Euronext Growth, Euronext Access, The Global Exchange Market (GEM) Euronext Growth (Brussels, Dublin, Lisbon, Milan, Oslo and Paris), the pan-European Multilateral Trading Facility (MTF) dedicated to small and mid capitalisation issuers, has been officially registered as an "SME Growth Market", as defined under MiFID, for both shares and bonds by the competent authorities in Belgium, France, Ireland, Italy, and Portugal. This status, introduced under MiFID II, has been designed to facilitate access to capital markets for European SMEs by further developing qualified markets to cater to the specific needs of small and medium-sized companies. Euronext Growth is dedicated to fast-growing small and mid- caps seeking to raise funds to finance their growth. It offers more flexible requirements than Euronext’s regulated markets while still providing access to a significant number of European investors focused on SMEs. Listed companies have greater flexibility in their choice of accounting standards and are subject to less extensive post-listing reporting requirements than companies listed on regulated markets. Euronext Growth lists a wide variety of securities, including domestic and international equity securities, convertible bonds and corporate bonds. Euronext Access markets are specifically designed for start- ups and SMEs seeking to join a stock exchange to finance growth and benefit from the reputational advantages of listing but do not meet the criteria for admission to Euronext’s regulated markets and Euronext Growth. . Euronext Access+ is a special compartment of Euronext Access tailored to the needs of start-ups and SMEs. Launched in 2017, Euronext Access+ facilitates a smooth transition for smaller companies to other Euronext markets, notably in terms of investor communications and transparency. This compartment serves as a springboard to other Euronext markets. The Global Exchange Market (GEM) is a Multilateral Trading Facility based in Dublin, for listing debt securities and investment funds. GEM is the largest MTF listing venue in Europe counting nearly 30,000 bonds and 1,500+ investment funds classes listed. (iii) Other alternative markets Euronext also offers alternative markets such as: ■ Trading Facility, an MTF in Belgium; ■ Euronext Expert Market, based in Brussels, which enables negotiation of prices for unlisted products – such as shares, real estate certificates notes and bonds – once a week; ■ NOTC: the Oslo platform for the provision of quotes to allow non-listed firms to benefit from a level of liquidity. Added-value services for Issuers Euronext provides a range of services to its issuers including: (i) ExpertLine ExpertLine is a team of market professionals who provide issuers with feedback on real-time events that may affect their share price. ExpertLine also acts as a first port of call for issuers listed on all Euronext markets, listing sponsors and other intermediaries, and the team develops and provides issuers with a suite of services such as the Connect web portal that Euronext updates and enriches regularly. (ii) Connect Companies listed on Euronext markets have access to Connect, a secure web portal that provides issuers with market intelligence. Connect is also a publication tool, enabling issuers to upload and publish press releases, maintain their financial calendar and update their company’s profile on Euronext’s website. (iii) Pre-IPO programmes Euronext has developed IPOready, a comprehensive pre-IPO programme tailored specifically for businesses that are ready to take the next step towards going public. This 6-month programme is designed for high-growth companies seeking to gain a better understanding of the mechanics of financial markets, their funding options, investor relations management, ESG and corporate governance topics. The programme offers a combination of academic seminars, workshop sessions and individual coaching. IPOready also provides companies access to a network of 80+ advisors and experts to help navigate their future IPO process. Now active across 9 locations in Europe, IPOready has trained over 1,000 programme alumni since inception. In 2024, Euronext introduced a new academic collaboration with INSEAD Business School, a global leader in executive education. The partnership aims to enhance the programme by providing managerial tools for executives to effectively lead their companies throughout the IPO process. Listing venue of choice for SMEs Euronext is the listing venue of choice for small and mid-cap companies in Europe with over 1,400 SMEs listed on Euronext markets representing a total market capitalisation of €202 billion as of 31 December 2024. Over the past few years, Euronext has strengthened its franchise of small and medium-sized companies by adapting financing solutions to match the profile of small and medium- sized companies, and by supporting them with tailored support and initiatives. In 2024, Euronext published new rules and guidelines to further simplify and harmonise listing on Euronext Growth and Euronext Access markets for SMEs. Boosting the financing of the Tech sector Euronext is the leading European platform for fast-growing technology companies. In 2024, 20 Tech companies went public on Euronext markets, choosing Euronext to facilitate and support their strategic growth ambitions. Euronext’s pan- European platform spans a wide range of subsectors with 700+ listed Tech companies in Digital Services, Cleantech, Biotech, Medtech, Technology, Media and Telecom (TMT), Software, IT Consulting and Technology Hardware. These companies 2024 UNIVERSAL REGISTRATION DOCUMENT 31 Presentation of the Group represent a total market capitalisation close to €1.3 billion as at 31 December 2024. All Tech sector are represented on Euronext markets (number of issuers by sector) Euronext Tech Leaders is a segment and index launched in 2022 and dedicated to Tech issuers. 110+ high-growth and leading Tech companies are benefiting from services such as: the Euronext Tech leaders index; a full suite of advisory and communication services; improved trading conditions on Euronext Tech Leaders stocks for retail investors; an exclusive access to top-tier events organized by Euronext and its network of partners, including the Euronext Tech Leaders Campus. Market activity in 2024 Euronext markets in 2024 recorded a resilient financing activity through its 7 listing venues amid challenging market conditions, confirming its leading position in Europe for equity listing and globally for debt listing. Over the course of 2024, Euronext welcomed 53 new listed companies, representing €27.1 billion of market capitalisation and €3.9 billion of money raised. The Tech industry continues to be a strong franchise for Euronext markets with more than 40% of new listings carried out by Tech companies and over 700 Tech companies listed on Euronext in 2024. In 2024, Euronext welcomed notably: ■ CVC Capital Partners (Euronext Amsterdam): €14.0 billion of market capitalisation, €2.3 billion raised; largest listing in Europe in market capitalisation at listing; ■ Pluxee (Euronext Paris): €3.8 billion of market capitalisation; spin-off from Sodexo and joined the Euronext Tech Leaders segment; ■ Havas (Euronext Amsterdam): €1.8 billion of market capitalisation; spin-off from Vivendi; ■ Louis Hachette Group (Euronext Growth Paris): €1.1 billion of market capitalisation; spin-off from Vivendi; ■ Planisware (Euronext Paris): €1.1 billion of market capitalisation, €278 million raised; joined the Euronext Tech Leaders segment; ■ Exosens (Euronext Paris): €1.0 billion of market capitalisation, €403 million raised; 2023 IPOready alumni and joined the Euronext Tech Leaders segment; ■ Paratus Energy Services (Euronext Growth Oslo): €768 million of market capitalisation, €69 million raised; international listing from Bermuda; ■ Theon (Euronext Amsterdam): €700 million of market capitalisation, €143 million raised; international listing from Greece and joined the Euronext Tech Leaders segment; ■ The London Tunnels (Euronext Amsterdam): €155 million of market capitalisation; international listing from the United Kingdom. Moreover, 220+ issuers have raised €16 billion through follow- on transactions, to fund their growth and investment projects. Euronext − Total money raised through equity (€bn) (a) 2020 42.6 2021 102.8 2022 29.4 2023 23.1 2024 19.6 (a) Figures consider money raised through listings and follow-ons In addition, the Euronext debt listing business has also grown in 2024, reinforcing its worldwide leadership position with a total number of listed bonds exceeding 55,000 as of 31 December 2024. Euronext's leadership position in ESG bonds has been strengthened with more than €270 billion in money raised through 600 new ESG bonds in 2024, bringing the all- time amount raised through ESG bonds on Euronext markets to c. €1.5 trillion. Empowering Sustainable Finance Euronext's "Growth for Impact 2024" strategic plan made environment, social, and governance (ESG) one of its priorities, empowering sustainable finance through an ambitious climate commitment for Euronext that aims to make a tangible impact on its partners and clients, with the launch of the "Fit for 1.5°" climate commitment, and also through an enhanced inclusive people strategy. As expectations on transparency and sustainability continue to increase within the investor community, Euronext's first step was to equip listed companies by publishing guidelines for ESG reporting in January 2020 and last updated in September 2024. The guide was designed to help issuers in their interactions with investors and the wider ESG community, to help them understand how to address ESG issues as a key component of investor relations, as well as the main principles to consider when preparing an ESG report. The last version includes insights into current ESG reporting requirements, including the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy. The Euronext guide focuses on three elements: 1. Materiality: the importance of identifying what is material for a business given its size, nature and geographic coverage whether for management or stakeholders 32 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 2. Investor Relations: the key and increasing role ESG reporting plays into feeding information to investors and nurturing financial communication 3. Transparency: insight and tools to support the reporting process (key concerns and questions, illustrative indicators, details of international standards, etc.) In November 2023, Euronext released My ESG Profile, a new tool showcasing listed companies’ extra-financial performance to the market. For all Euronext issuers, 100,000 ESG data points are made available in a standardised form on Euronext website. In 2024, Euronext released its first ESG Trends Report, based on ESG data from over 1,700 companies listed on Euronext markets, aimed at analysing the ESG reporting and performance of listed companies. Euronext also further reinforced My ESG Profile with a new ESG Peer Benchmarking tool, which enables companies to assess their ESG performance relative to their peers listed on Euronext, providing essential comparison points for improving sustainability practices. The incorporation of ESG factors into investment decision- making is the first step to make finance more sustainable, to ensure better allocation and channeling of capital towards sustainable and transitioning assets: 1. Euronext’s remains the leading market for ESG bond issues in 2024. 2. Euronext is Europe’s leading exchange for financing the sustainability transition, with more than 150 cleantech companies listed representing an aggregated market capitalisation of €78 billion as at 31 December 2024. 3. Cleantech companies are also well represented among Euronext Tech Leaders, benefitting from increased investor visibility and a dedicated service offering. 21 Euronext Tech Leaders are cleantechs, featuring an aggregated market capitalisation of €33 billion. Latest developments on Euronext Tech Leaders In June 2022, Euronext launched the Euronext Tech Leaders segment, dedicated to high-growth and leading Tech companies, with key partners active in private and public equity markets. The segment provides listed Tech companies with a suite of services to support them throughout their financial journey and a full suite of pre-IPO services to attract private Tech listing candidates to Euronext’s markets, supporting their growth financing needs. Euronext Tech Leaders benefit from an enhanced visibility among Euronext’s large international investor base, as well as access to the largest financing liquidity pool in Europe, which attracted 25% of European lit continuous and auction equity trading activity in 2023 via the Optiq® trading platform. Euronext has developed these new services in close cooperation with both public and private institutions.- The Euronext Tech Leaders segment is composed of innovative and high-growth Tech companies that are listed on Euronext markets and comply with a set of financial and non- financial criteria. Tech companies listed on this segment benefit from increased visibility towards investors and services to facilitate their access to financing throughout their growth journey. In 2024, Euronext has welcomed 14 new Euronext Tech Leaders, bringing the total for the segment to 110+ issuers, with an aggregated market capitalisation of €0.8 trillion as of 31 December 2024. This initiative further strengthens Euronext’s Tech ecosystem of 700+ listed Tech companies, 1,000+ private companies that are alumni of its pre-IPO programmes and a large base of international investors financing all types of Tech company growth profiles. In 2024, Euronext hosted the third edition of the Euronext Tech Leaders Campus in Paris, welcoming more than 300 participants More than 250 meetings were organised between investors and Euronext Tech Leaders companies, accelerating the Group commitment to supporting European high-growth tech companies. 32 Euronext Tech Leaders participated in the Campus, which has also been marked as the most international one ever, with 12 countries represented by the companies involved. In occasion of the third edition of Euronext Tech Leaders Campus, Euronext introduced its first Tech Pulse Report, a comprehensive analysis covering access to capital, performance overviews, investor profiles, and ESG data for Euronext Tech Leaders listed on its market. This report aims to create a heartbeat connection federating the vibrant European tech community in the long term. Attracting International issuers on Euronext venues In 2024, Euronext welcomed 12 new international companies, representing 50% of all international equity listings across Europe and 20% of new listings on Euronext. To date, seven International IPO Days have been organised with workshops in the Czech Republic, Greece, Lithuania, Poland, Switzerland, and Singapore, strengthening connections with key global markets. Building on this foundation, Euronext established in 2024 an international listing team in London, United Kingdom. This team will play a pivotal role in expanding Euronext’s global reach and further growing its international listing franchise. MyEuronext API for structured debt listings via MTM programmes In line with its commitment towards driving innovation and delivering exceptional client listing experience, Euronext has further expanded its MyEuronext Portal to Dublin. MyEuronext Portal serves as a comprehensive and efficient single-entry point for debt issuers in Milan, Paris and Dublin, enabling seamless listing procedures across these markets, and it will be expanded to other Euronext listing venues in 2025. Euronext continues to offer API connectivity via MyEuronext. An API solution will allow high frequency financial issuers comfortably scale up their issuing volumes while achieving significant operational cost reduction. The platform supplies multiple access options, including a user-friendly graphical interface, file transfer capabilities and API protocols, providing flexibility and convenience to users. 2024 UNIVERSAL REGISTRATION DOCUMENT 33 Presentation of the Group Update of the Euronext Growth and Euronext Access rules As part of its strategy to harmonise and simplify rules and processes across its markets, Euronext has implemented updates to its Euronext Growth and Euronext Access markets Rulebooks, effective from 2 May 2024. These changes are in line with the European Listing Act, published in the Official Journal of the European Union on 23 October 2024, which aims to improve accessibility to EU public capital markets for companies of all sizes, including SMEs, and ensure a high level of protection for investors. These changes to the Euronext Growth and Euronext Access markets Rulebooks include: The implementation of a harmonised Euronext Access Rulebook for Brussels, Lisbon and Paris to enhance market integration, with the removal of the Technical Note in Lisbon to further harmonise and simplify rules and processes ; The introduction of a notice and a guide to simplify and clarify the requirements for the Information Document; The inclusion of two separate notices for equity securities and debt securities to provide a comprehensive list of admission documents; The addition of a notice establishing guidelines for reverse listings on Euronext Growth and Euronext Access in Brussels, Lisbon and Paris to protect investors and ensure market quality; The standardisation of the admission process within 30 trading days across all Euronext markets. 1.3.3.2 Euronext Corporate Solutions Euronext Corporate Solutions is a wholly-owned subsidiary of the Euronext Group, launched in 2016 with the mission to empower European organisations to decide with clarity, comply with ease, and communicate with trust. Corporate Solutions supports listed companies in leveraging capital markets effectively while offering innovative solutions and advisory services in three key areas: Governance (iBabs), Compliance (ComplyLog), and Investor Relations & Communication (Company Webcast, IR Advisory Solutions). Today, Euronext Corporate Solutions serves over 4,800 clients in more than 30 countries, including over 1,600 listed companies ranging from blue-chip large caps to SMEs, spanning all Euronext markets and beyond, including Sweden, the United Kingdom, Germany, and Spain. A Comprehensive Value Proposition Euronext Corporate Solutions delivers a unique and integrated suite of solutions built around three main pillars: 1. Investor Relations & Communication Euronext Corporate Solutions provides tools and expertise to optimise investor engagement and corporate communication. This includes tailor-made advisory services, market intelligence, decision-making analytics, and ESG advisory for listed companies. IR.Manager is a powerful and intuitive platform for investor relationship management and targeting. Euronext Corporate solutions also offers dynamic analysis of shareholding structures. The investor relations & communication solutions comprise flexible market data components for corporate investor relations websites. Euronext Corporate Solutions operates a regulatory news distribution services for listed companies. Company Webcast is a leading provider of professional webcasting, hybrid event management, and webinar solutions. It provides a comprehensive communication solutions for digital events, webcasts, webinars, conference calls, and corporate events (e.g., investor relations, internal communications, marketing, and training). Euronext Academy is a corporate training centre offering world-class capital markets training courses and programmes. 2. Governance Euronext Corporate Solutions streamlines decision-making processes for boards and committees through secure, digital board portal solutions. iBabs is a top provider of secure, dematerialised board portal solutions for corporate and public organisations enabling efficient, paperless meeting management and improving governance with secured tools for board meetings and committee decision-making. 3. Compliance With ComplyLog, Euronext Corporate Solutions offers innovative solutions to help organisations meet regulatory requirements while improving efficiency. Euronext Corporate Solutions offers automated management of insider lists to ensure compliance with Market Abuse Regulation (MAR). The solutions comprise whistleblowing solutions allowing safe, anonymous reporting of ethical violations and wrongdoing. Euronext Corporate Solutions offers employee trade monitoring Software for enhanced compliance. Finally, the compliance solutions include digital liability registers designed for municipalities to comply with the Finnish Municipality Act. 34 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group 1.3.4 Trading Euronext is the leading trading venue in Europe. It provides multiple marketplaces for investors, broker-dealers and other market participants to meet directly to buy and sell cash equities, derivatives, agricultural commodities, power, FX, fixed income securities, securitised derivatives, and exchange traded products (ETPs). One of the primary functions of the Group’s markets is to ensure that orders to purchase and sell securities are executed in a reliable, orderly, liquid and efficient manner. Order execution occurs through a variety of means and Euronext continually seeks to develop additional and more efficient trading processes. 1.3.4.1 Cash Trading Products and services Equities The Company is the market leader in cash equity trading in its seven home markets of Belgium, France, Ireland, the Netherlands, Portugal, Norway and Italy. Over 2024, Euronext market share in cash equities trading of the securities listed on its markets averaged 64.8% and the Company had a strong blue chip issuer presence. At the end of December 2024, Euronext's issuers accounted for 62% of Euro STOXX 50 component securities and 34% of the Euro STOXX 600 component securities. Euronext is ranked first in Europe as measured by domestic market capitalisation and first by average daily lit and auction equity trading value. In addition, the Group has a solid exchange traded product (ETP) trading franchise based on over 3,300 ETPs listed on its markets. In equities, Euronext outperforms peer exchanges in yield extraction while maintaining high market share. This is achieved through a combination of superior execution quality, sophisticated liquidity schemes and advanced pricing segmentation. Euronext offers a compelling value proposition across the transaction chain, from blue chips to small companies, with tailored market models to maximise the depth and quality of liquidity available for trading those companies on the secondary market and to best adapt to the different types of client order flows as necessary. Since the introduction of new European Union legislation in 2007, via MiFID, competition for share trading has been intense. Yet Euronext has been successful in maintaining market share above 60% throughout the past decade demonstrating the resilience of its core business. Euronext’s product, pricing and client strategy and the execution thereof are vital to maintaining the high quality of execution and the broad diversity of clients active in Euronext’s markets. Euronext operates equity markets of which the main financial instruments are shares. Shares are any share of capital stock or any other equity securities issued by a corporation or other incorporated business enterprise. Since 2017, Euronext’s competitive position in equities has been enhanced due to the evolution of its blue-chip liquidity scheme (Supplemental Liquidity Programme scheme), a new best execution service for retail investors (Best of Book), a new fee scheme for non-member proprietary flow (Omega), a Dark trading offering (Euronext Mid-Point Match) and Local Fee Schemes dedicated to national local clients and new incentives embedded in the agency tariff to attract incremental flow from trading members. Euronext has re- positioned both the equity and warrants business to ensure its offering to local members in Euronext’s home markets is attractive and that flow from the local client community is either retained or repatriated. These initiatives enable Euronext to continue enhancing execution quality available on Euronext’s markets which is key to add value to clients and to compete effectively. Best of Book service for retail best execution Since 2017, Euronext has offered a best execution service for retail orders. In partnership with dedicated liquidity providers, Best of Book offers price improvement in the central order book for retail brokers by adding a layer of liquidity at a price equal to or better than the price in the central order book exclusively for retail flow. This helps ensure best execution for brokers executing orders on behalf of retail clients, in a way that ensures compliance and that the end investor achieves an optimum result. The service promotes and strengthens the diversity of Euronext’s order book to the benefit of the whole market. In 2024, this service was extended to include ETPs. Omega Fee Scheme for non-member proprietary trading flow In 2016, Euronext launched a new fee scheme for non-member proprietary trading flow. Non-member proprietary firms wishing to participate in the Omega fee scheme enter into a tripartite arrangement with Euronext and the member intermediary. This scheme provides non-member firms with improved value when trading on Euronext markets while promoting and strengthening the diversity of Euronext’s order book to the benefit of the whole market. Dark and Midpoint functionalities Dark trading venues have become alternatives to regulated markets, and MiFID II regulatory changes have further confirmed the position of such platforms. In April 2024, Euronext introduced dark midpoint trading functionalities to all its members, representing a major diversification in its offered execution means. This pool of liquidity is embedded in the Euronext Central Limit Order Book, rather than operating as a separate MTF. This leverages on the unique liquidity from Euronext network of local trading members. All Euronext members may benefit from this integrated solution to enhance the value delivered to their customers. Exchange Traded Funds Euronext, the leading European Regulated Market for Exchange Traded Products (ETPs) in 2024 as measured by number of trades (Source: FESE), offers a comprehensive solution for multi-national listing and trading in ETPs. In 2023, in combination with the migration of Borsa Italiana’s cash franchise onto Euronext’s Optiq trading platform, Euronext took the opportunity to harmonise its markets from a functionality as well as pricing point of view for issuers and trading members. Euronext markets are supported by robust infrastructure where product supply and demand meet within a framework of deep liquidity and advanced price formation. Euronext develops and maintains relations not only with issuers, but also liquidity providers, intermediaries, investors, regulators and other in the ETF community to understand their challenges and needs, providing strong alignment with Euronext’s business goals and a strong foundation to co- 2024 UNIVERSAL REGISTRATION DOCUMENT 35 Presentation of the Group create new products to accelerate growth in the ETF industry with the support of its major participants. Euronext’s client alignment is demonstrated by Euronext being consistently recognised as the Best European Exchange for Listing ETFs. Open Ended Investment Funds The Euronext Fund Services (EFS) offer asset managers ways to achieve better operational efficiency and enhance asset gathering opportunities. By engaging in active discussions with key stakeholders, the Company believes its offering is a relevant choice for any issuer considering fund distribution in Europe. The services include the Euronext Fund Service Amsterdam, first launched in 2007, which enables Fund Managers to further extend the geographic reach of their funds across Europe and will include a broader choice of trading solutions; EFS enables both local and global asset managers to list their funds (whether large or small) on Euronext’s regulated platform, enhancing the profile of the funds and helping to attract higher levels of investment into those funds. Securitised Derivatives (Warrants and Certificates) Euronext operates a retail structured products business across its continental European franchise, servicing the needs of retail investors via intermediary service provision, namely listing warrants, certificates and structured notes, developing Euronext’s market model for high quality liquidity provision and ensuring execution by retail brokers is cost efficient. Euronext develops relationships with its issuers not only to expand their usage of existing tailored services but also to create new and innovative services for operational efficiency and business expansion such as bilateral settlement (optimizing the settlement model and costs) and trading until 22.00 CET (allowing investors to trade securitised derivatives in Europe up until the close of US markets). Cash Market structure and functionality Cash trading on Euronext’s markets is hosted on the proprietary strategic architecture Optiq®. The Group’s trading rules provide for an order-driven market using an open electronic central order book for each traded security, various order types and automatic order matching and a guarantee of full anonymity both for orders and trades. While the core trading system is built on this order-driven principle, the flexibility of Euronext’s technology enables Euronext to develop different types of matching algorithms and functionalities to suit the different price formation mechanisms that exist amongst the different cash asset classes and to cater for different market participant needs. For example, Euronext continued to develop its best execution service for retail investors, Best of Book, which brings retail brokers an additional layer of liquidity specifically aimed at offering price improvement for retail order flow. This service is integrated into Euronext’s central order book enabling members to interact with this liquidity through the same connection as for the core market. The Company also operates a sophisticated liquidity provider programme for blue chips and liquid mid-cap equities which aims at ensuring Euronext offers superior market quality. Euronext’s equity markets continue to yield the best market quality metrics amongst its competitors. These metrics include, amongst others, spread, market depth, best price setting and presence time at the best bid and offer spread. The programme encompasses both a presence time obligation at the best bid and offer spread and a minimum passive volume obligation. This volume obligation is of particular interest as, in combination with the presence time obligation, it creates order persistence and therefore increases probability of execution. In a fragmented trading environment, market quality metrics are actively used by trading firms as decision making parameters embedded in their order routing systems and therefore contribute to maintaining Euronext’s market share. Furthermore, dark and midpoint functionalities were launched in 2024 and fully embedded on Optiq®. Cash Market trading members The Group has a diverse member base, from retail, large investment banks or regional banks and brokers, with a strong presence in its seven domestic markets. Cash trading average daily volume by geographic origin of customers The average daily volume on Euronext’s cash trading markets (including equities, ETFs and structured products) for the last twelve months ended 31 December 2024 amounted to €10.4 billion (single counted). For the last twelve months ended 31 December 2024, 62% of cash trading on Euronext originated from Europe, 37% from the United States and 1% from the United Kingdom (based on location of customers worldwide headquarters). 36 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group Advanced pricing strategy During 2024, Euronext continued to optimise and adjust its pricing strategy on several key components of the tariff structure. The flagship liquidity provision programme (Supplemental Liquidity Programme) continued to help in delivering a strong performance in the quality of Euronext's cash market while delivering substantial yield. Furthermore, as part of the "Growth for Impact 2024" strategic plan, Euronext committed to 'capitalise on its federal model', incentivising ‘natural’ flow from local and regional brokers and the buy-side in each market. Euronext achieved to have an equity trading market share averaging 64.8% in FY 2024 along .with a revenue capture above 0.52 bps. 1.3.4.2 Derivatives Trading Products and services Euronext is a leading pan-European derivatives trading venue with trading activities across financial and commodity derivatives products. Euronext offers financial derivatives trading in its markets in Amsterdam, Brussels, Lisbon, Oslo, Paris, and Milan with Borsa Italiana. Euronext was the second largest market for equity and index derivatives in Europe in number of contracts. Euronext offers local markets access to the trading of futures and options based on global equities, dividends, local market indices including the AEX®, BEL 20®, CAC 40®, ISEQ®, PSI®, OBX®, FTSE MIB and established pan-European equity indices such as the Euronext® Eurozone Banks Index Derivatives or FTSEurofirst and FTSE EPRA/NAREIT real estate indices. Since the clearing migration onto Euronext Clearing in September 2024, the Euronext derivatives franchise benefits from strong portfolio efficiencies leveraging on a powerful VaR model. This integration also enables an increased agility level to release new products. Few days after the migration, Euronext launched an extensive range of Irish, German and Portuguese single stock equity options, expanding the Euronext pan-European offering in the objective to deliver investors with trading opportunities leveraging on a single liquidity pool. Starting 2023, Euronext began transforming its distribution network with the launch of the first version of Euronext Trader, a new web-based trading interface. Developed by Gatelab, a subsidiary of Euronext, this platform simplifies access to Euronext's comprehensive product range. Euronext Trader not only enables members to cross outrights and numerous strategies but also offers a Total Return Future pricer that converts basis points into index points, and vice versa. Since the migration of Borsa Italiana derivatives in 2024, Italian members have also access to Euronext Trader. Over €160 billion in nominal value was traded through the web- based interface in 2024, which represents more than 5.4 million contracts traded. This includes 1.2 million index futures, 500,000 index options, 3.5 million equity options and 260,000 equity futures. Euronext also offers commodity derivatives trading with futures and options based on milling wheat, maize, rapeseed, salmon and durum wheat. The Group is the leading agricultural commodity franchise in Europe and its core commodity contracts have long been relied upon as trusted global and European benchmarks. In 2024, the notional value of the financial derivatives traded on Euronext’s derivatives markets was €5.5 trillion, equivalent to an average of €21.6 billion per day. Euronext’s derivatives team has a mission to bring innovation and agility to the derivatives markets. Since Euronext’s IPO in June 2014, Euronext has focused on researching and developing new derivatives products together with its client community. Euronext continues to expand its capabilities and make its business work better for Euronext’s customers. Euronext is pursuing the expansion of its commodity derivatives strategy along three axes: 1. focus on the core European agricultural markets; 2. innovation and diversification with cash-settled commodities; 3. enhanced client centric approach. 2024 UNIVERSAL REGISTRATION DOCUMENT 37 Presentation of the Group Both graphs include financial and commodities derivatives. Financial Derivatives Equity products: versatility and leverage Equity options and futures enable holders to hedge against, or take position on, changes in the underlying share. More than 620 equity options and over 560 equity futures can be traded on Euronext, making the Company one of the leading markets for equity derivatives trading. Equity options trading has historically been particularly active in Amsterdam due to high retail participation. Equity index products: hedging against fluctuations in the European equity market Equity index derivatives allow holders to hedge against, or take position on, changes in the future level of a particular index, the investor paying or receiving a cash sum representing their loss or gain on the future or option. Euronext’s equity index derivatives allow customers to hedge against fluctuations in a range of European stock market indices and the European equity market as a whole, and many are available as weekly or daily contracts as well as the more usual monthly contracts. Euronext's flagship equity index products encompass the CAC 40® index future, the FTSE MIB index future, and the AEX® index option. These contracts rank among the most actively traded national index derivatives on European exchanges. Additionally, Euronext offers mini and micro index derivatives. These allow investors to pursue similar investment strategies with lower initial margin requirements or smaller trading amounts. Dividend products: Hedging dividend risk and reducing volatility exposure Dividend index futures and stock dividend futures allow holders to hedge against, or take position on, changes in the dividend of a particular index or underlying share. Euronext’s dividend products include the CAC 40® and AEX® dividend index futures, and more than 330 single stock dividend futures (including 68 contracts on US names, 21 on Swiss names and 25 on Swedish names), making up the broadest offering in Europe. Total Return product: a listed solution to access implied equity repo The Total Return Future (“TRF”) on the CAC 40® Index launched in October 2018 has been developed by Euronext in order to meet clients’ need for a listed solution to trade total return swaps. With increased capital requirements being imposed by Basel III and EMIR, the new total return future contract offers strong netting advantages while providing a transparent and secure trading environment to access the implied equity repo rate on the constituents of the CAC 40® index. Euronext has been the first exchange to launch a TRF on a national benchmark. In 2023, the CAC 40 TRF reached a significant milestone by exceeding 1 million lots traded, with record- breaking monthly volumes in January and February. Since launch, a total of 1,630,000 contracts have been traded, representing a nominal value of €120.2 billion. The contract continues to gain traction among the buy-side community, largely due to the introduction of extended maturities of up to 10 years at the end of 2022. These longer maturities have significantly contributed to the observed increase in trading volume this year. Commodity derivatives Euronext stands as a leading player in agricultural commodity derivatives markets, offering a suite of contracts that serve as key pricing benchmarks for commercial and financial market participants worldwide. Euronext has solidified its position by providing instruments that enable hedging and price discovery across various commodity markets. Despite facing significant global volatility, Euronext’s agricultural futures, have reaffirmed their role as essential tools for risk management. The company’s strategy has been focused on expanding its commercial base both in Europe and internationally. This comprehensive approach has resulted in significant milestones and growth, including record-breaking volumes in 2024, and the successful introduction of new products to meet evolving market needs. Euronext's commodities business posted record total volumes in 2024 with 29,8 million lots traded across all commodity derivatives, up +29% compared to 2023. November 2024 was a new all-time record month, with 2,854,675 lots of futures and options traded (+16% compared to November 2023) and record of 135,937 lots in Average Daily Volume (ADV). The volumes of the flagship (1) MTS is 63.1% owned by Euronext (2) Excluding OBOE /TCS 38 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group milling wheat futures contract increased by +30% in 2024, reaching an average level of over 84,000 lots traded on a daily basis, representing the equivalent of 4.2 million tonnes of wheat. The rapeseed futures contract increased by 40% in 2024, while the maize contracts outperformed 2023 by 21% (with a strong rise of 72% in December 2024 compared to the previous year). In 2024, as part of its commodity development strategy, Euronext has launched spread-based contracts and integrated the existing salmon cash-settled futures, previously operated by Euronext subsidiary Fish Pool. Euronext has improved the current offering to clients with some new technical upgrades, aiming to enhance the existing performance. Clients have profited from innovation with an internal and efficient clearing solution, Euronext Clearing, which has led to lower margin requirements for the average market participant. Euronext will also continue to improve its contract physical delivery and settlement processes. In 2025, commodities development will focus on continuing deep client engagement. This includes the introduction of new trading features, such as Trading at Settlement (TAS), to offer market participants new trading and hedge strategies, a dedicated effort to develop new cash-settled products to meet evolving market needs and further enhancements to the options offering, with a focus on new strategies and the introduction of more intuitive trading features, to foster greater accessibility and engagement within the options market. ■ Derivatives trading members Trading members on Euronext's derivative markets fall into categories such as dealers, brokers, or a combination of both. Their activities encompass a wide range, including retail broking, investment banking, dealing, algorithmic trading, high-frequency trading, and international physical trading. Euronext's client base is notably diverse, both in client types and geographical spread. Trading members have the option to serve as market makers or liquidity providers, roles that are vital for the efficient functioning of the price formation process in derivative instruments. In these roles, members enter into agreements with Euronext, which outline their responsibilities regarding liquidity display and spread maintenance. Furthermore, market makers and liquidity providers leverage mass quotes to place multiple orders simultaneously. This capability enables them to transmit buy and sell orders across various contract months in a single message. This approach significantly enhances the efficiency of updating prices for Euronext’s extensive derivatives range in a timely manner. 1.3.4.3 Fixed Income trading Euronext Fixed Income trading is made up of two parts: 1) MTS 1 (wholesale) and 2) retail size market. MTS MTS is a leading operator of regulated electronic platforms for European rates, credit and money markets, supporting daily transaction volumes of more than €220 billion (notional). MTS Cash is a comprehensive and professional cash securities trading environment for the interdealer marketplace. MTS Repo is a venue for professional repo trading. MTS BondVision is a trusted and efficient multi-Dealer-to-Client electronic cash bond and repo trading platform, providing buy-side clients with real-time pricing and the ability to trade with the major dealers. MTS experienced record trading activity in 2024, fuelled by the strategic positioning of its solutions for the needs of market participants and other stakeholders, alongside continued favorable market conditions. MTS Cash volumes increased 61% year-on-year, from €23 billion per day in 2023 to €37 billion in 2024. MTS Repo notional volume increased +10% from €167 billion per day in 2023 to €184 billion in 2024.Throughout 2024, MTS continued to grow and develop its business. In September 2024, MTS announced the launch of its BondVision growth initiative, partnering with its top Dealers. The initiative is designed to further develop BondVision and promote competition across the market. In May 2024 MTS successfully completed the migration of its Data Centre, allowing customers to access MTS’s Markets trading and data services via the same facilities as all Euronext trading venues, delivering further operational efficiencies to European capital markets and cost efficiencies to Euronext. Retail Euronext, with its regulated markets (in Milan, Paris, Brussels, Amsterdam, Lisbon) and MTFs (EuroTLX, Growth, Access) is a leading European platform for the electronic trading of fixed income securities in retail size/odd-lots. On these markets 89 members trade 11,252 corporate, financial institutions and government listed bonds, representing a 2024 total turnover of approximately €313.8 billion2. Euronext also operates an Off-book On-Exchange (“OBOE”) reporting business in Oslo with 12 members reporting a monthly average of €19.8 billion. In 2024, MOT achieved a robust performance driven by sustained favorable market conditions, particularly in terms of market volatility influenced by the geopolitical landscape. This context also led to increased investor interest, especially in government and retail bonds. The MOT average daily volume was €1,172.6 million (+15% vs 2023) and the average daily trades 31,105 (flat vs 2023). The successful public distribution/offering of 6 bonds (4 corporate and 2 Italian government bonds) led to a total of roughly €30 billion raised. On EuroTLX, the bond trading activity increased compared to the levels observed in 2023. The average daily volume was of €52.2 million (+14% vs 2023) and an average daily trade of 2.234 (+28% vs 2023). In 2024, Euronext Fixed Income Regulated Markets (FI RM) saw a decline in trading activity compared with 2023 due to a decrease in government bonds trading. The FI RM average (3) Please refer to the press release on the announcement for more information: https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-nord-pool-announce-nordic- and-baltic-power-futures (4) Trading volume quoted for Nord Pool’s markets comprises all buy volume (total volume bought per hour by market participants) plus all sell volume (total volume sold per hour by market participants) within each bidding zone 2024 UNIVERSAL REGISTRATION DOCUMENT 39 Presentation of the Group daily volume was €15.3 million (-13% vs 2023) with 730 average daily trades (-27% vs 2023). 1.3.4.4 FX trading In 2024, Euronext FX – Euronext’s Electronic Communication Network (ECN) for spot foreign exchange (FX), precious metals, and its ECN for non-deliverable forwards (NDFs) through Euronext FX’s Euronext Markets Singapore subsidiary – had a remarkable performance as a result of overall FX volatility, continued growth in client acquisition (+8% vs 2023 in the number of active trading clients) and effective liquidity management for existing clients. In 2024, $26.5 billion of spot FX were traded on average daily on Euronext FX across 121 currency pairs. Metals trading daily trading reached an all-time high of $1.7bn in 2024, representing a 119% year-on-year growth. There has been a significant increase in the volumes of Collapse-to-Mid (CTM), a peg order that can be triggered at mid if there is opposing interest, launched in 2023. Interest in CTM has grown continuously throughout 2024, with average daily volume reaching more than $1.0bn in Q4 2024. 1.3.4.5 Power trading Euronext operates power markets through Nord Pool, of which it owns 66%. Nord Pool is the European cross-border power market and operates across 16 European countries including the Nordics, Baltics, and the UK in addition to France, Germany, Austria, Belgium, the Netherlands, Luxembourg and Poland, while also servicing power markets in Croatia, Bulgaria and Romania, along with expert global power market consultancy and knowledge-sharing via the dedicated NordPool Academy. Nord Pool offers platforms for power trading – day-ahead and intraday (continuous trading) – and clearing and settlement, compliance, transparency and data services. Above all else, Nord Pool delivers simple, efficient and secure multi-market power trading. In 2024, Nord Pool announced its intention to enter a new area of business with the launch – in 2025 – of a power derivatives arm; Euronext Nord Pool Power Futures 3. Nord Pool operates the physical power market, a short-term market where financial settlement takes place at the same time as physical delivery. As the central counterpart for all trades, Nord Pool ensures that all members are secured via bank guarantees or pledged cash and follows up, on a daily basis, to ensure that all members’ payments are executed in accordance with the settlement schedule. Nord Pool has more than 30 years of power market experience built on offering flexibility, transparency, innovation, greater choice and participation to its customers. In 2024, ~400 companies from more than 20 countries traded on Nord Pool’s markets. During 2024 a total of 1,149.89 TWh 4 of power was traded through Nord Pool. Aggregated day-ahead volume was 1,035.58 TWh, while the 2024 volume on the intraday markets saw another record year with a total volume of 114 TWh, up over 50% on 2023. 1.3.5 ADVANCED DATA SERVICES Market Data Euronext’s market data portfolio provides a wide range of data products to the global investment community, including pre- and post-trade market prices, index composition, and reference data spanning its Cash and Derivatives markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. The data is used by traders and investors to make buy or sell decisions with confidence, and by issuers to create new tradable products such as ETFs. Euronext’s market data clients range from the largest investment banks in the world to individual investors trading from their front room. Euronext’s market data business consists of two product and service categories: Real-Time Market Data Euronext’s main data offering involves the distribution of real- time market data. This data includes price, trade and order book data on all instruments traded on the cash and derivatives markets, as well as information about Euronext’s indices. The data is marketed through different information products which are packaged according to the type of instrument, the depth of the information, and the type of customer. Euronext continues to invest in its trading and information platforms to ensure both execution and data services are of the highest quality and value. In 2024, Euronext has successfully completed the harmonisation of Euronext and Borsa Italiana products and agreements following the Borsa Italiana phase 3 Optiq migration. The harmonised data across seven Euronext marketplaces is disseminated primarily via data vendors but also directly to financial institutions and other service providers in the financial sector. Approximately 500 vendors currently disseminate Euronext market data to approximately 260,000 screens in over 120 countries . Retail clients have access to data from Euronext’s markets through the Live.Markets section of the Live.Euronext.com website or via retail brokers. During 2024, the number of retail clients using Euronext data remained strong and kept on growing (+6% vs 2023). Data Solutions In addition to real-time market data, Euronext also provides daily historical data services, as well as reference and corporate actions data. These services include harmonised data from the Euronext markets in Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. In 2024, Euronext successfully harmonised its product offerings with those of Borsa Italiana, culminating in the integration of derivatives in April. This significant milestone expanded our data product portfolio and reinforced our position as the official source for these products, underpinned by strong client relationships. It also unlocked new cross- selling and up-selling opportunities across the Group, driving notable growth in our client base. Throughout the year, Euronext launched new data products, including Volume and Open Interest, and introduced enhancements to existing products and delivery channels, such as enrichments to the Corporate Actions Portal and the Cloud API. Additionally, (1) https://www.structuredretailproducts.com data, figures based on external third-party data. 40 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group foundational groundwork was laid to support upcoming innovations, scale and expand the data business, enhance cross-selling opportunities, and monetize data from diversified assets and an extended value chain within Euronext Group. Advanced Data In 2019 Euronext launched Market Flow which shows a daily breakdown of trading flows on the cash order book. It provides analytic products based on Euronext proprietary data, anonymised and aggregated. Euronext is seeing strong demand for these high-value products and the client base has further expanded in 2024. The product includes Borsa Italiana data and FX data since early 2023. Euronext Quant Research will soon roll out a similar product for Commodities and continue to improve existing products. Euronext has multiple new diverse sources of data from which to extract value, including Borsa Italiana Group, MTS, Oslo Børs, Euronext Dublin, Euronext FX, Nordpool, custody and settlement, clearing and Commcise data. Euronext will continue to invest in advanced data products and reinforce its quantitative research team. Indices Euronext is a leading index provider in Europe with over 40 years of experience in the index space. Euronext designs, calculates and publishes major national indices in Europe, including the AEX® and AEX ESG, BEL 20®, BEL ESG, CAC 40® and CAC ESG®, ISEQ®, MIB® ESG, PSI®, OBX® and OBX. Thanks to its acquisition of Global Rate Set Systems, Euronext further expanded its offering to interest rate benchmark indices and contributed data indices. Responsible investment has become increasingly important in the world of finance, with the aim of supporting more sustainable growth. Euronext’s ambition is to proactively contribute to the construction of a sustainable financial ecosystem. In response to the demand for mainstream ESG solutions, Euronext has introduced several ESG Blue-Chip indices taking into account Environmental, Social and Governance practices to continue supporting the growing demand for investment solutions with ESG, climate, thematic, alternative energy, healthcare and other trends, Euronext offers a large range of qualitative, liquid and research- enhanced solutions. Euronext indices are licensed by the world’s largest issuers of financial products. Euronext's strong brand, track record and ability to innovate and quick execution time make Euronext one of the main and innovative index providers. Among others, in 2024, Euronext launched the following ESG indices: ■ Euronext Eurozone Select PAB 50 Index: Utilising the ISS ESG data on ESG and carbon exposure, as well as Sustainalytics data on controversies and activity involvement, the index was designed to align with the Paris- Aligned-Benchmark (PAB) objectives and capture the price trends of shares traded within the Eurozone. ■ Euronext Biodiversité Climat Conviction PAB Index: Similarly to the aforementioned, this index seeks compliance with PAB, however, the companies are included in this index based on their biodiversity scores and Sustainable Development Goals (SDG) ratings. ■ Euronext Earth Focus 40 Index: The index is constructed leveraging Carbon4 Finance and Sustainalytics data. It highlights 40 Eurozone companies that steer clear of negative activities, as evaluated by their biodiversity scores, as determined by Carbon4 Finance. In 2024 Euronext launched its first fixed income index family - Euronext MTS European Government Bond (EGB) Broad. ■ Leveraging pricing data from MTS, the leading European electronic fixed income platform , the index family measures the total return of Euro-denominated government bonds issued within 10 European countries (Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain). ■ The collaboration with MTS Cash trading platform ensures a unique level of transparency and replicability. ■ Expanding into fixed income indices marks a significant milestone for Euronext Indices, enhancing its position as a comprehensive multi-asset index provider and meeting the growing demand from investors and clients for diversified benchmark solutions. Multiple Sectorial and Thematic indices have been launched in 2024, especially: ■ Eurozone, US, and Transatlantic Sector Indices Families: The index families have been created with the aim of mirroring the price movements of shares belonging to a target industry and geographic area. Based on the ICB, the indices follow 10 industries; basic materials, consumer discretionary, consumer staples, energy, financials, health care, industrials, technology, telecommunications, and utilities. ■ Invest in France Indices Family: This index family was launched to highlight the international companies that are at the forefront of economic advancements in France. 2024 marks a key milestone in broadening and strengthening our index offering with the acquisition of GRSS, positioning the Group as a leading player in the calculation and administration of Interbank Offered Rate (IBOR) indices. Euronext has a clear ambition to become the go-to provider in the contributed data and indices space. As a result, the Euronext index business: ■ Maintained a strong revenue in 2024 while further diversifying its business model and source of revenues; ■ Has further extended its global commercial relationships by adding new world’s top financial institutions as customers. As a stock exchange committed to sustainability, Euronext is well positioned to benefit from the increased integration of factor and ESG criteria into the investment process and will continue to extend its ESG index offering with the help of the expertise of its partners, CDP, Carbone 4, ISS-ESG, Iceberg Datalab, SESAMm, Sustainalytics and Equileap. ■ At the end of 2024 there were almost 300 listed structured products linked to Euronext ESG indices for the French market alone. These products had combined assets under management ("AUM") of €8.6 billion; ■ In 2024, the top five Euronext ESG indices sold in France by market listed sales volume were 1: 2024 UNIVERSAL REGISTRATION DOCUMENT 41 Presentation of the Group 2024 Sales volumes of underlying indices (€m) Euronext CDP France Environnement 206 Euronext Eurozone 60 PAB 193 Euronext Core Europe PAB 50 65 Euronext Eurozone PAB 50 59 Euronext France Climate Screened 22 ■ In 2024 a total of €1.4 Billion1 market listed sales volume linked to Euronext Single Stock Indices was sold in France. ■ In 2024 Euronext was awarded “Best ESG Index Provider 2024” from the Ethical Finance Awards. ■ ETFs linked to Euronext indices increased by 6% to €8.1 billion in AUM at the end of 2024. Figures based on external third-party data, past figures may have been restated. Building on its strengths and capabilities, Euronext is increasing investments in its index franchise, in teams, technology, and partnerships, with four key directions for growth: ■ Accelerating development of Sectorial and Thematic indices to cope with investor demands. ■ Accelerating development of ESG based indices. This will be done through continuous expansion of ESG partnerships bringing innovative science based companies to investors, at the forefront of sustainable finance; ■ Continuing diversification of our asset class offering as emphasised by the launch of the first 27 Fixed income indices in 2024; ■ Leveraging on technology to further accelerate index creation capacity; Leveraging our extended federal model, to replicate locally our strength, client proximity, time to market, technology, ESG partners, and smart Beta partners. 1.3.6 INVESTOR SERVICES Through its subsidiary Commcise, Euronext offers SaaS based technology solutions to 2000+ capital markets participants globally. Commcise’s solutions are designed to bring the buy- side, sell-side and research providers together using a network of contracts and technology that are designed to service the needs of each participant. Commcise aims to bring greater transparency to research market through developing industry leading technology plus service solutions. Euronext’s acquired of a majority stake in Commcise at the end of 2018. Post acquisition, Commcise has launched many new products and services and is now a wholly owned subsidiary of the Group. Commcise is a trusted partner to many of the world's largest institutional asset managers and hedge funds (who together account for more than $25 trillion in asset under management), brokers and research providers. Commcise's products and services include: ■ COMMCISEBUY is a technology solution designed specifically for the needs of the buy-side. CommciseBUY helps asset managers to track and value all sell-side relationships by dissecting every aspect of these relationships into a modular, fully integrated technology platform. Commcise tracks every commission generating trade executed with the street. Commcise unbundles every trade and allows firms to automatically reconcile these trades with the sell- side. Commcise technology is used to instruct and manage payments to the street for research services paid for by Commission Sharing Arrangement (“CSA”), Research Payment Account (“RPA”) or P&L (hard dollar). Commcise goes further to track the research side of each of these relationships. Commcise has direct feeds of data from over 2000+ research providers that means buy-side investors have immediate access to every interaction they have had with the street at the point of determining the value of these relationships. Commcise’s research evaluation module offers a data driven approach to determining the value derived from each research provider relationship ; ■ COMMCISESELL is a cloud-based technology solution designed to help the sell-side manage their CSA/Soft Dollar programmes at scale. CommciseSELL provides any executing broker with a commission management platform that includes Commcise’s industry-leading algorithmic rules engine for unbundling trades and integration with our market leading reconciliation engine that allows buy-side and sell-side to automatically reconcile CSA/soft dollar trades on a daily basis. CommciseSELL integrates to sell side payment systems to automate invoice workflows and provides robust reporting via a white-labelled company portal. CommciseSELL allows brokers, research providers, custodians, fund accountants to manage commissions in any level of granularity required by their customers; ■ COMMCISECS is a cloud-based technology solution designed specifically for the needs of any research provider that wants to maximise revenue. CommciseCS provides a ‘Client Strategy’ technology platform that integrates with any CRM system. CommciseCS automates the distribution of interaction data to the buy-side to use in their valuation process. CommciseCS manages research contracts and triggers invoicing of these on a timely basis. CommciseCS also normalises asset manager scorecards received in multiple formats into a machine-readable format that can be used to optimize analyst time within an account. (1) And BrokerTec and Hi-MTF 42 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group CommciseCS also helps research providers to assess the profitability of buy-side clients by pricing every interaction using multiple benchmarks. ■ CSA Aggregation was launched in 2020, a joint offering of COMMCISEBUY technlology from Commcise and a world class client service layer from Euronext Market Services LLC (EMS), a US affiliated broker dealer. – Aggregation 2.0 provides a turnkey soft dollar commission management platform with a full-service virtual aggregation solution. EMS cleint services team manages CSA reconciliation and research paryments whilst maintaining balances at multiple brokers that are virtually aggregated using industry leading Commcise technology. Asset Managers benefit from the ability to distribute their risk and maintain a direct end-to-end workflow relationship amongst their most trusted banking partners. – Custody 2.0 was launched in the US in 2023 as the first new entrant into the Custodial Aggregation market for over 15 years. Custody 2.0 offers a technology-first approach to commission aggregation and includes EMS’s industry leading client service layer, a robust fully automated finance apparatus and award winning COMMCISEBUY SaaS software. Commcise and EMS together provide an outsourced service that improves efficiency and transparency for the buy-side and sell- sides involved in the process. ■ Substantive Research (SR) was acquired by Euronext in September 2024. Working alongside Commcise as part of the Investor Services group, SR provides transparency and analytics in the investment research and market data space. Its Research Spend Analytics (RSA) solution provides the buyside with like-for-like cost benchmarking for research procurement teams. SR’s Market Data Spend Analytics tool (MDSA) is the industry’s first bottom-up market data cost benchmarking platform covering index providers, ratings agencies, pricing and reference data, research/analytics, and ESG data. Lastly SR offers Research Insights, a curated content platform providing investors with must read external research across 130+ investment themes where users can tailor content to their own areas of focus. 1.3.7 CLEARING Euronext’s post-trade business is a combination of Euronext Clearing (formerly known as CC&G), and Euronext Securities (network of four CSDs: Euronext Securities Copenhagen, Milan, Oslo and Porto). In addition to, Euronext also owns a minority stake in Euroclear S.A. / N.V. Fully owned post-trade infrastructures Euronext operates and fully owns one central counterparty (CCP), Euronext Clearing, following the acquisition of the Borsa Italiana Group in April 2021. Euronext Clearing was incorporated in Italy in 1992, under the Supervision of Bank of Italy, and it is authorised to offer services and activities in accordance with European Market Infrastructure Regulation (EMIR). Euronext Clearing, Euronext's Central Counterparty in Italy, is a multi-asset clearing house that provides proven risk management capabilities on 20 markets, across a range of trading venues including Euronext Milan, MTS, BrokerTec and Hi-MTF. Asset classes cleared include equities, exchange traded funds (ETFs), Close-end Funds, Financial Derivatives, commodities (agricultural) and Fixed Income (Cash and Repo markets). Euronext Clearing Following the successful expansion of Euronext Clearing to Euronext commodity in July 2024 and financial derivatives markets in September 2024 , Euronext now operates a Central Counterparty (CCP) in Italy which clears the Borsa Italiana markets and all the Euronext cash markets (except Euronext Oslo) and derivatives markets. Euronext also relies on strong partnership and contractual arrangements with external providers for the clearing of trades executed on the following markets: ■ trades executed on Euronext cash markets are cleared by Euronext Clearing since November 2023 and by LCH SA (under the Cash Clearing Agreement) and Cboe Clear Europe (formerly EuroCCP) under the open access model; ■ trades executed on Euronext Oslo Børs cash markets are cleared by a set of three interoperable CCPs: Cboe Clear Europe, SIX x-clear and LCH Ltd. Euronext Clearing clears transactions on Euronext markets 1 on a large number of asset classes (Repos, cash bonds, cash equity, ETFs and financial derivatives and commodity derivatives). Cash Equity Clearing In 2024, cash equity clearing has remained stable compared to 2023 limited volumes in Europe. The increase of transaction cleared compared to Q4 2023 is linked to (i) the successful migration of Euronext cash markets clearing to Euronext Clearing on 27 November 2023; and (ii) the securing of cash equity clearing market share against competition. (2) Mostly on Italian sovereign debt (3) Please refer to the press release for more information: https://www.euronext.com/en/about/media/euronext-press-releases/euronext-expands-fixed-income-derivatives-innovative-offering (1) At 31 December 2024 2024 UNIVERSAL REGISTRATION DOCUMENT 43 Presentation of the Group Financial and Commodity Derivatives Clearing Starting from July 2024 volumes increased thanks to the migration of Euronext Commodity Derivatives markets to Euronext Clearing. Volumes cleared on financial derivatives further increased following the migration of Euronext Financial Derivatives markets to Euronext Clearing in September 2024. Repo Clearing Repo national cleared by the CCP in 2024 increased slightly (€27.7 trillion compared to €25.4 trillion in 2023). Euronext Clearing is a key player 2 in Europe on Repo Clearing and manages a unique interoperability link on repo with LCH SA. Margin and default fund contributions Compared to 2023, the total resources (margins and default funds, considering all asset classes cleared by the CCP) increased on average from € 11.9 billion to € 21.5 billion thanks to the completion of the Euronext markets clearing migration to Euronext Clearing. General overview On 16 October 2023, Euronext Clearing implemented a new risk framework on financial derivatives and cash equity clearing relying on the Value-At-Risk (VAR) methodology. This new risk framework, together with the VAR framework deployed in 2022 for fixed income clearing, provides a modern, efficient and robust methodology easily replicable by Clearing Members. Euronext Clearing is expanded to Euronext's cash equity and derivatives flows, making it Euronext's CCP of choice for its cash equity, listed derivatives and commodities markets. Euronext has positioned Euronext Clearing as a European clearing house. Euronext Clearing has been expanded to Euronext cash markets (excl. Euronext Oslo) on 6 November 2023 and 27 November 2023 respectively for Euronext Brussels and Euronext Amsterdam, Dublin, Lisbon and Paris. Euronext will continue to offer an open access CCP model for cash equity clearing. Commodities have migrated on 15 July 2024 and Financial Derivatives on 9 September 2024. This strategy allows Euronext to directly manage another core service for clients and create value through a harmonised clearing framework across Euronext venues. It also allows Euronext to align strategic priorities between trading and clearing, and significantly increase its footprint in the post- trade space. In addition, Euronext is now in an ideal position to innovate and improve time-to-market, notably on derivatives products, to serve the evolving needs of its clients. Euronext has announced the launch of the first-ever mini futures cash- settled on European government bonds, delivering unparalleled accessibility and flexibility to investors3. The go- live of the new derivatives products is expected in September 2025. As part of its strategic plan, Euronext Clearing will launch a compelling European repo clearing offering and collateral management services. Euronext will use its strong existing Italian repo clearing franchise, as a launchpad. Euronext Clearing clears part of the MTS repo activity, as a launchpad. 1.3.8 EURONEXT SECURITIES Euronext operates Euronext Securities, a leading Central Securities Depository (CSD) business in Europe. Euronext Securities operates through 4 CSDs across Europe (Euronext Securities Copenhagen, Euronext Securities Milan, Euronext Securities Porto and Euronext Securities Oslo). These CSDs are authorised and supervised under Regulation (EU) n °909/2014 (CSDR) and are the operators of designated securities settlement system under Directive 98/26/EC. Since 2 October 2024, Euronext Securities also includes Acupay, a leading provider of financial reporting, cross-border tax relief and securities processing. Euronext Securities provides its customers with an access to more than €7 trillion in assets under custody1 and 20 markets. In 2024, Euronext Securities has processed 134,287,470 settlement instructions, an increase of +7.8% compared to 2023. Euronext Securities is today the largest international gateway to Target2-Securities, with a leading position measured in number of cross-border settlement instructions sent. The fragmentation of the CSD landscape until today has held back investment opportunities in European Capital markets. Euronext Securities, as part of Euronext’s integrated value chain, is ideally positioned to address the fragmentation of the CSD landscape in Europe. As part of the “Innovate for Growth 2027” strategy, Euronext aims to establish Euronext Securities as the CSD of choice in Europe, specifically by: ■ Expanding Euronext Securities’ European footprint by leveraging an open architecture, its existing network of links and the Target2-Securities gateway which currently 44 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group accounts for more than 70% of the Target2-Securities cross-border settlement volumes. ■ Extending value-added services to capture additional business along the value chain, with a particular focus on tax and data services. Euronext Securities will expand its digital services. ■ Integrating Euronext Securities’ operating model to deliver a best-in-class client experience, particularly through the roll-out of a common corporate events platform across the entire Euronext Securities network. 1.3.9 EURONEXT TECHNOLOGY SOLUTIONS & OTHER Euronext Technology Solutions & Other encompasses Euronext’s commercial technology offerings and services, such as Colocation and Client connectivity services comprising integrated Technology Services ‘X2M’ and Gatelab Euronext offers a cutting-edge colocation facility and connectivity services, fully managed by Euronext, located in a data centre powered by renewable energy, in addition to custom solutions and cost-effective services to exchanges, venue operators, and financial institutions, who require advanced functional capabilities, and low latency processing across multiple-asset classes surrounded by exchange-grade business services used to operating within highly regulated environments. Euronext Technology Solutions also provides commercial services based on its Regulatory Reporting Services, registered as both an Approved Publication Arrangement (APA) and an Approved Reporting Mechanism (ARM) within the EU and the UK. These services provide regulatory reporting facilities to investment firms. Euronext provides a state-of-the-art Colocation service offering in its primary data centre in Bergamo, Italy, fully operated by Euronext along with an extensive range of connectivity options accessible for both members and non- members. Euronext infrastructure adheres to the highest quality standards (Rating 4 certification), ensuring optimal safety, resilience, and sustainability by utilizing 100% renewable energy to minimize environmental impact. X2M is a market infrastructure and access service provider, with data centre footprint in Milan, London and Frankfurt, providing customers with access to international trading venues, connectivity and hosting services since 2004. X2M delivers infrastructure and network solutions designed and supported to meet the needs of the financial community. X2M services are certified ISO 22301:2019, ISO/IEC 27001:2013 and ISO/IEC 20000-1:2018. Gatelab, part of the Euronext Group, is a leading provider of trading and market access solutions to the global financial community. Founded in 1989, Gatelab offers scalable low- latency solutions to support market- makers, price-takers and brokers in pre-trade, trading, and post-trade operations across venues of any asset class. Gatelab provides solutions to both buy-side and sell-side and hedge funds as well as exchanges. Its products are deployed or available as software as a service (SaaS) and comprise: ■ Manual and automated trading and quoting including request for quotation (RFQs) and indication of interest (IOIs); ■ Algorithmic trading; ■ Comprehensive algorithmic trade validation framework for compliance with MiFID II RTS-6 organisational requirements on disorderly market conditions; ■ Smart order routing for equities and bonds (listed and over- the-counter (OTC)); ■ Ultra-low latency pre-trade Risk Gateways for sponsored access; ■ Seamless integration with external pricing, risk management, middle/back office, and clearing systems; ■ Post-trade and OTC trade registration (post-trade transparency and trade reporting). The Technologies & Other business benefits from the technology developments made by Euronext for its own markets and, in return, contributes recurring revenue that is non-cyclical and not trading related. Operating as a technology vendor gives Euronext an opportunity to benchmark both its technology and support services against other vendors to ensure that innovation can thrive within Euronext technology and throughout the wider Group. The solutions and services offered use the products and services developed by the Euronext group or licensed from third parties. The Euronext Technologies revenues are comprised of: ■ infrastructure and connectivity services, including colocation and network services within the Euronext Core Data Centre in Bergamo, Italy and connectivity services from the Euronext Point of Presence (PoPs) in London, Frankfurt and Milan; ■ Software and services licensed by third parties such as trading venues and financial institutions. Euronext's main strategic ambition is to leverage its secure and direct access to the main European liquidity centres from its Bergamo Core Data Centre facility, to provide access to a set of products covering the full trading cycle, from pre-trade insight (data) to asset allocation, portfolio modelling & construction, execution, and regulatory compliance. This is based on a value proposition created by combining ease of access and a rich set of products and services offered both to Euronext's market participants and to other financial firms. In July 2024, Euronext launched the Euronext Wireless Network (EWiN), Europe’s first "Plug & Play" microwave order entry service, significantly reducing latency between London and Euronext’s data centre in Bergamo, Italy. Developed with McKay Brothers, EWiN combines microwave technology with fibre back-up for full resilience, offering seamless straight- through processing (STP) and faster, more reliable access to Euronext’s unified liquidity pool on the Optiq® platform. This innovation enhances Euronext’s technological infrastructure, reinforcing its position as Europe’s leading trading venue. 2024 UNIVERSAL REGISTRATION DOCUMENT 45 Presentation of the Group 1.4 Regulation 1.4.1 OVERVIEW The Euronext Group provides exchange listing, trading, post- trade and related services in Europe. The Company operates Regulated Markets and Multilateral Trading Facilities (MTFs) in seven European countries (Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal). The Group operates these venues under a regulatory licence, under national legislation implementing MiFID II / MiFIR granted to the local market operator and the relevant National Competent Authority (NCA) or Ministry when appropriate. Each market operator is subject to the national laws and regulations supervised by the NCAs, central banks and finance ministries as appropriate. As part of their regular supervision, NCAs perform from time-to-time audits, inspections and on-site visits. This may lead to recommendations or other measures as appropriate. The Group also operates central securities depositories (CSDs) in four European countries (Denmark, Italy, Norway and Portugal). Each of the CSDs is a limited liability company subject to national laws and regulations; however, they all operate under the brand "Euronext Securities". VP Securities A/S (Euronext Securities Copenhagen), Monte Titoli S.p.A. (Euronext Securities Milan), Interbolsa S.A. (Euronext Securities Porto), and Verdipapirsentralen ASA (Euronext Securities Oslo) hold a licence under the CSDR, under limited national implementing provisions, granted by their NCA on 3 January 2018, 18 December 2019, 12 July 2018, and 28 January 2022 respectively. Euronext, through Euronext Securities Copenhagen, Euronext Securities Milan and Euronext Securities Porto, participates in the ECB's TARGET2-Securities (T2S) platform. The CSDs migrated respectively in September 2016 (with EUR in 2016 and with Danish Kroner in 2018), August 2015 and March 2016. Moreover, the Group operates a Central Counterparty in Italy, Cassa di Compensazione e Garanzia S.p.A ("Euronext Clearing"). The company was incorporated on 31 March 1992, holds its registered office in Rome at Via Tomacelli 146, and is registered with the Italian Register of Companies under no. 04289511000. It is authorised by the Bank of Italy as a CCP pursuant to Article 17 of EMIR with effect from 20 May 2014. 1.4.2 EUROPEAN REGULATION The regulatory framework in which Euronext operates is substantially influenced and governed by European directives and regulations in the financial services area, many of which were initially adopted pursuant to the Financial Services Action Plan, which was adopted by the European Union in 1999 to create a single market for financial services. Today, the Capital Markets Union (CMU) project encompasses many of these regulations. This has enabled the harmonisation of the regulatory regime for financial services, public offers, listing and trading, and settlement amongst other activities. Markets and trading There are currently two key pieces of European legislation that govern the fair and orderly operation of markets and trading: the MiFID II/MiFIR and the MAR/MAD II frameworks. The MiFID II/MiFIR framework includes the Markets in Financial Instruments Directive (Directive 2014/65/EU, “MiFID II”) and the Markets in Financial Instruments Regulation (Regulation (EU) No 648/2012, “MiFIR”) and has been applicable since 3 January 2018. The objective is to make European financial markets more transparent and to strengthen investor protection. The final texts of the MiFIR Review and the Directive amending MiFID II (MiFID II Review) entered into force on 28 March 2024, with the MiFIR Review binding in its entirety and directly applicable in all Member States, with varying applicable dates depending on finalisation of Level 2 measures and a 29 September 2025 transposition deadline for the MiFID II amendments. The new legislation foresees the introduction of a pre-trade consolidated tape (CT) for top-book anonymised EBBO data for shares and ETFs, and of post-trade data for shares, ETFs, bonds and OTC derivatives. A tender process for the CT provider has been launched by ESMA in early 2025, beginning with the bond CT. On market structure, transparency requirements have been revised, with one particular focus point on the revised single volume cap which will only cover the reference price waiver, and no longer will limit the use of the negotiated trade waiver. The MAR/MAD II framework includes the Market Abuse Regulation (Regulation (EU) No 596/2014, “MAR”) and the Directive on criminal sanctions for market abuse (Directive 2014/57/EU “MAD II”) and has been applicable since 3 July 2016. The objective is to guarantee the integrity of European financial markets and increase investor confidence. The concept of market abuse typically covers insider dealing, unlawful disclosure of inside information, and market manipulation. Clearing and settlement EMIR The EU Market Infrastructure Regulation (Regulation (EU) No 648/2012, “EMIR”) is primarily focused on the regulation of CCPs and includes the obligation for standardised OTC derivative contracts to be cleared through a CCP. EMIR came into effect on 16 August 2012 and has been subsequently amended. Most recently, on 24 December 2024, Regulation (EU) 2024/2987 (“EMIR 3.0”) came into force, bringing significant changes to the EMIR regulatory framework governing CCP clearing in the EU. With this reform, the EU intends to (i) address the potential financial stability risks to the Union due to the continued overreliance on systemic non-EU (UK) CCPs, and (ii) build more attractive, resilient, and robust EU clearing infrastructures, which will in turn strengthen the CMU, and further support EU CCPs competitiveness at an international level. Amongst others, EMIR 3 includes changes to the approval regimes as well as the supervisory architecture applicable to EU CCPs, meant to improve new product and service authorisation procedures. 46 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group CSDR The EU Central Securities Depositories Regulation (Regulation (EU) No 909/2014, (“CSDR") plays a pivotal role in post-trade harmonisation efforts in Europe, as it establishes authorisation requirements and common rules for the exercise of central securities depository activity, with particular reference to securities settlement services. Entered into force on 17 September 2014, the discipline set out in the CSDR was last reviewed on 5 January 2024 by the entry into force of the CSDR REFIT (Regulation (EU) 2023/2085). The concerned areas are settlement discipline, cross border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories. Listing The rules regarding public offerings of financial instruments and prospectuses, as well as on-going disclosure requirements for listed companies, are set out in the Prospectus Regulation (Regulation (EU) 2017/1129) and the Transparency Directive (Directive 2004/109/EC as most recently amended by Directive 2013/50/EU), as implemented in the countries in which Euronext operates. Companies seeking to list their securities on Euronext’s regulated markets must prepare a listing prospectus in accordance with the requirements of the Prospectus Regulation and comply with the requirements of Euronext Rulebook I, the harmonised rulebook for the Euronext Market Subsidiaries, and any additional local listing requirements in Rulebook II. Following admission, they must comply with the ongoing disclosure requirements set forth by the competent authority of their home Member State. The objective of the Transparency Directive (Directive (EU) 2004/109) is to harmonise the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market in the EU. The Market Abuse Regulation (Regulation (EU) No 596/2014) sets a regulatory framework with respect to the disclosure of inside information, market manipulation and related topics. On 8 October 2024, the European Council approved the Listing Act (published in the Official Journal of the European Union on 14 November 2024) a package of legislative measures with the aim of (i) simplifying the listing process by streamlining the prospectus and market abuse requirements, (ii) introducing a new Directive on multiple voting rights for issuers on MTFs, and (iii) repealing the Listing Directive. Indices As a benchmark administrator, Euronext must comply with the Benchmark Regulation (Regulation (EU) 2016/1011, “BMR”) which has been applicable since 1 January 2018. Euronext Amsterdam, Euronext Brussels, Euronext Dublin, Euronext Lisbon, Oslo Børs, Euronext Paris, Fish Pool and Nord Pool are registered by competent authorities as benchmark administrators under BMR. In October 2023, the Commission published a Benchmark Review Proposal, proposing to narrow the scope of the regulation, in effect excluding non-significant benchmarks from scope (benchmarks with usage below a threshold of EUR 50 bn The final compromise text of the BMR has been provisionally agreed upon on 20th December at COREPER II. The BMR review proposes to limit its scope to critical benchmarks, significant benchmarks, and specific ESG and EU-labelled climate benchmarks. Non-significant benchmarks (NSB) will largely be excluded from the BMR regulatory framework. The operation of regulated markets and MTFs MiFID II/MiFIR, MAR/MAD II, ESMA standards and the Euronext Rulebooks all provide minimum requirements for the monitoring of trading and enforcement of rules by Euronext as the operator of regulated markets and MTFs. In particular, market operators are required to meet, inter alia, all the requirements set out in MiFID II/MiFIR (and reinforced in MAR/ MAD) including the obligation to ensure that the markets they operate allow financial instruments to trade “in a fair, orderly and efficient manner”. To this end, Euronext has set up a framework to organise market monitoring by which it: ■ monitors trading in order to identify breaches of the rules, disorderly trading conditions or conduct that may involve market abuse; ■ reports breaches of rules or of legal obligations relating to market integrity to the competent authority. Market surveillance and monitoring are implemented through a two-step process consisting of real-time market surveillance and post-trade (i.e. “next day”) analysis of executed trades. Euronext ensures member compliance with its rules by conducting on-site investigations and inspections. Group-wide supervision and regulation The national regulators of Euronext’s markets (where Euronext holds a licence to operate regulated markets and/or MTFs granted by the relevant NCA and operates under its supervision) are parties to a memorandum of understanding (MOU) most recently amended and restated in January 2022 that established a “Euronext College of Regulators”.This provides a framework to coordinate their supervision and the regulation of the business and of the markets operated by Euronext. The Company commits itself to the MOU, to the extent that any obligations arising from the memorandum of understanding apply to the Company or its subsidiaries. These regulatory authorities have identified certain areas of common interest and have adopted a coordinated approach to the exercise of their respective national rules, regulations and supervisory practices regarding listing requirements, prospectus disclosure requirements, benchmarks, rulebook changes, organisation of the markets and ongoing obligations of listed companies. National regulation Most of the companies in the group are regulated and supervised by local authorities. These companies are subject to regular inspections by these authorities on dedicated topics. Findings are discussed between the company and the authorities and action plans are agreed where appropriate. 2024 UNIVERSAL REGISTRATION DOCUMENT 47 Presentation of the Group Belgium Euronext Brussels is governed by the Belgian Law of 21 November 2017 on the market infrastructures for financial instruments and transposing MiFID II. Euronext Brussels is responsible for matters such as the operation of regulated markets and MTFs and the admission, suspension and exclusion of members and has been appointed by law as the “competent authority” for listing matters within the meaning of the Listing Directive (Directive 2001/34/EC). Euronext Brussels is subject to the supervision of the Financial Services and Markets Authority (FSMA), an independent public authority which strives to ensure the honest and equitable treatment of financial consumers and the integrity of the financial markets. Denmark Euronext Securities Copenhagen is the central securities depository for the Danish financial market. Euronext Securities Copenhagen is governed by Regulation (EU) no. 909/2014 (CSDR) and the Danish Capital Market Act (Danish Act. no 198 of 26 February 2024 on capital markets). Euronext Securities Copenhagen is supervised by the Danish Financial Supervisory Authority and subject to oversight by the Danish Central Bank (Danmarks Nationalbank). Further, Euronext Securities Copenhagen has the ECB as relevant authority. Section 3 - Empower Sustainable Finance of this Universal Registration Document constitutes the statutory reporting on corporate responsibility cf. §99a of the Danish Financial Statement Act. France As a market operator, Euronext Paris manages the Euronext regulated markets and MTFs in France. In accordance with Article L.421-10 of the French Monetary and Financial Code, Euronext Paris adopts rules for each of these markets to ensure fair and orderly trading and efficient order execution. The requirements for market access and admission of financial instruments to trading are also covered by these rules, which are approved by the Autorité des Marchés Financiers (AMF) and published on the market operator’s website. Euronext Paris markets are subject to the provisions of Article L.421-4 et seq. of the French Monetary and Financial Code, which authorises the French Minister of Economy to confer and revoke regulated market status upon proposal of the AMF, which must consult with the Autorité de Contrôle Prudentiel et de Résolution (ACPR). Italy Borsa Italiana is a market operator supervised by CONSOB. According to Articles 64 and 64-quarter of the Consolidated Law of Finance, CONSOB is responsible for the authorisation of the regulated markets and MTFs managed by Borsa Italiana. MTS is authorised as operator of a wholesale regulated market for government securities according to Article 62 of the Consolidated Law on Finance. The Ministry of Economy grants the authorisation in agreement with the Bank of Italy and CONSOB. The Bank of Italy supervises the management of wholesale markets for government securities and on the soundness of the market rules without prejudice for CONSOB supervisory powers over financial markets. The Consolidated Law on Finance is supplemented by secondary legislative provisions included in the “Markets Regulation” adopted by CONSOB and supervisory instructions issued by Bank of Italy applicable to wholesale markets for government securities. Euronext Securities Milan is the central securities depository for the Italian financial market. Euronext Securities Milan is authorised as CSD according to Article 79-undecies of the Consolidated Law on Finance since 18 December 2019. CONSOB and the Bank of Italy are the NCAs responsible for authorisation and ongoing supervision pursuant to Article 11, sub-section 1, of Regulation (EU) no. 909/2014 (CSD-R). CONSOB, in accordance with the Bank of Italy, authorises the performance of the core and ancillary services in the capacity of central depository and the extension of the activities or the outsourcing of the services to third parties, pursuant to Articles 16 and 19 of Regulation no. 909/2014 and according to the procedure contemplated by Article 17 of the same regulation. Furthermore CONSOB, in accordance with the Bank of Italy, approves Euronext Securities Rules of Services at the time of the initial authorisation and any subsequent amendment thereof. CSDR is complemented by the domestic regulatory framework (Consolidated Law of Finance and Post- trading Regulation governing central counterparties, central securities depositories and central depository services). Euronext Clearing is a central counterparty authorised by CONSOB and the Bank of Italy to provide clearing services in compliance with EMIR, which provides clearing services across a broad range of trading venues and asset classes, including equities, derivatives, commodity derivatives and fixed income products. Euronext Clearing’s activities are subject to the direct supervision and oversight of the Italian NCAs, namely the Bank of Italy, with reference to the stability and the reduction of systemic risk, and by CONSOB, with respect to transparency and investor protection. A college has been constituted in compliance with EMIR. The European Market Infrastructure Regulation (EMIR) has been transposed domestically into the Italian Consolidated Law on Finance (d. lgs. 58/1998) and further into CONSOB and Bank of Italy Joint Regulation on Post-Trading (Provvedimento Unico sul Post-Trading of 13 August 2018). The Netherlands Both Euronext N.V. and Euronext Amsterdam have licences from the Dutch authorities to operate regulated markets. This means that they are subject to the regulation and supervision of the Dutch Minister of Finance and the Autoriteit Financiële Markten (“AFM”). Since the creation of Euronext in 2000, the Dutch regulators have taken the view that the direct parent company of Euronext Amsterdam, as controlling shareholder, should be seen as co-market operator and, accordingly, also requires a licence. Pursuant to section 5:26 paragraph 1 of the Dutch Financial Supervision Act it is prohibited in the Netherlands to operate or to manage a regulated market without a licence granted by the Dutch Minister of Finance. The Dutch Minister of Finance may, at any time, amend or revoke the licence if necessary, to ensure the proper functioning of the markets or the protection of investors. The licence may also be revoked for non-compliance with applicable rules. 48 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group Norway Oslo Børs has a licence as a regulated market from the Norwegian Ministry of Finance pursuant to section 11.1 of the Norwegian Securities Trading Act and operates two such regulated markets. In addition, Oslo Børs operates one MTF pursuant to section 9.8 of the Norwegian Securities Trading Act. Oslo Børs adopts rules for each of these markets to ensure fair and orderly trading and efficient order execution. In addition, Oslo Børs has been appointed as take-over authority pursuant to section 6.4 of the Norwegian Securities Trading Act. Oslo Børs has also delegated authority to supervise compliance with and to sanction violations of issuers’ obligation to disclose inside information pursuant to sections 5.2 and 5.3 of the Norwegian Securities Trading Act, cf. section 17.1 of the Norwegian Securities Trading Regulation. The Parliament of Norway resolved in June 2024 to transfer these two functions to the Norwegian Financial Supervisory Authority. It is expected that this legislative change will become effective in first half of 2025. The Norwegian Financial Supervisory Authority is responsible for the regulation and supervision of regulated markets and MTFs licensed in Norway. Euronext Securities Oslo is the only CSD in Norway and consequently holds a unique position in the Norwegian capital market. On 28 January 2022, Euronext Securities Oslo was granted an authorisation to operate as a CSD in accordance with CSDR. Euronext Securities Oslo started operating under the new authorisation from 1 March 2022, from which point in time Euronext Securities Oslo has been subject to the Act of 15 March 2019 no. 6 on Central Securities Depositories and Securities Settlement, etc. (the CSD Act), as amended, which implements CSDR in Norwegian law. Euronext Securities Oslo’s activities are subject to supervision and oversight by the Norwegian Financial Supervisory Authority and the Norwegian Central Bank. Portugal As a market operator, Euronext Lisbon is governed by Portuguese Decree of Law No. 357-C/2007 of 31 October 2007 which, along with the Portuguese Securities Code and regulations of the Comissão do Mercado de Valores Mobiliários (CMVM), governs the regime applicable to regulated markets and MTFs, market operators and other companies with related activities in Portugal. The creation of regulated market operators requires the prior authorisation from the CMVM. As a CSD, Euronext Securities Porto is governed by the Regulation (EU) no. 909/2014 (CSDR) and the Portuguese CSD Legal Framework, approved by Law no. 35/2018 of 20 July, along with the Portuguese Securities Code, the regulations of the CMVM and Euronext Securities Porto self-regulation. The CMVM (Comissão do Mercado de Valores Mobiliários) is is responsible for the regulation and supervision of regulated markets and MTFs as well as its market operators dully authorized. Under this regulatory and supervision CMVM’s umbrella is also Euronext Securities Porto. CMVM is Euronext Securities Porto national competent authority and national competent authority and along with the Banco deofde Portugal and the European Central Bank which are its relevant authorities. Republic of Ireland The Irish Stock Exchange Plc trading as Euronext Dublin is authorised by the Central Bank of Ireland (CBI) as a market operator pursuant to Article 56 (2) of the European Union (Markets in Financial Instruments) Regulation 2017 (S.I. 375/2017). As a market operator, Euronext Dublin operates one regulated market and three MTFs and adopts rules for each of these markets to ensure fair and orderly trading and efficient order execution. In addition, Euronext Dublin has been appointed as the competent authority for listing by the Department of Enterprise, Trade and Employment pursuant to the European Communities (Admission to Listing and Miscellaneous Provisions) Regulations 2007, as amended. The CBI is responsible for the regulation and supervision of regulated markets and market operators authorised in Ireland. Euronext Dublin is required to meet various legislative and regulatory requirements and failure to comply with these requirements could subject it to enforcement action by the CBI including significant penalties and/or revocation of its authorisation as a market operator. United Kingdom The revocation of Euronext's Recognised Investment Exchange (RIE) activities in the United Kingdom was confirmed by the FCA with effect from 19 April 2021. Euronext Amsterdam, Euronext Brussels, Euronext Paris and Borsa Italiana have been authorised under the Recognised Overseas Investment Exchange Regime (ROIE). Euronext also has a licence to operate Data Reporting Service Providers (DRSPs, an APA and ARM) in the UK and is supervised by the FCA for this activity. Euronext Paris SA requested the withdrawal of its UK DRSP license as of 1st January 2024 and is awaiting confirmation. Stichting In connection with obtaining regulatory approval of the acquisition of Euronext by the NYSE Group, Inc. in 2007, NYSE Euronext implemented certain special arrangements which included a standby structure involving a Dutch foundation (stichting). Following the acquisition of NYSE Euronext by ICE and the Demerger, the Company became a party to these arrangements, which include a Further Amended and Restated Governance and Option Agreement (the “GOA”), to which ICE, the stichting and Euronext are parties. The stichting has been incorporated to mitigate the effects of any potential change in U.S. law that could have extraterritorial effects on the regulated markets operated by the Euronext Market Subsidiaries as a result of a U.S. shareholder holding a controlling interest in the Company. The board members of the stichting are independent from Euronext. Pursuant to the GOA, while the Company has U.S. shareholders with a controlling interest in the Company, the stichting is empowered to take actions to mitigate the adverse effects of any potential change in U.S. law that have certain extraterritorial effects on the regulated markets operated by the Euronext Market Subsidiaries. If there is no such controlling U.S. shareholder, the stichting becomes dormant and unable to exercise such powers. If a new U.S. shareholder were to gain control of the Company, the stichting would be automatically revived. Up until 20 June 2014, the stichting was active through ICE’s shareholding. After the IPO, ICE sold its shareholding, and there has been no controlling American shareholder. At the Euronext College of Regulators’ request, the stichting has become dormant. 2024 UNIVERSAL REGISTRATION DOCUMENT 49 Presentation of the Group 1.4.3 OWNERSHIP LIMITATIONS AND ADDITIONAL NOTIFICATION REQUIREMENTS The rules set forth below apply to an acquisition of a direct or indirect interest in Euronext’s market operators. These rules are in addition to shareholder reporting rules applicable to listed companies generally set out above. Under Belgian law, any person who intends to acquire securities in a Belgian market operator and who would, as a result of such acquisition, hold directly or indirectly 10% or more of the share capital or of the voting rights in that market operator, must provide prior notice to the FSMA. The same obligation applies each time such person intends to increase its ownership by an additional 5%. Under Danish law, pursuant to article 27(11) of the CSDR, a Danish CSD shall a) provide the Danish Financial Supervisory Authority with, and make public, information regarding the ownership of the CSD, and in particular, the identity and scale of interests of any parties in a position to exercise control over the operation of the CSD. According to article 27a (2) and (3) of CSDR, any natural or legal person or such persons acting in concert (the ‘proposed acquirer’), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a CSD or to further increase, directly or indirectly, such a qualifying holding in a CSD as a result of which the proportion of the voting rights or of the capital held would reach or exceed 10 %, 20 %, 30 % or 50 % or would lead to the CSD becoming its subsidiary (the ‘proposed acquisition’), shall first notify the competent authority of that CSD in writing thereof, indicating the size of the intended holding and relevant information. Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in a CSD (the ‘proposed vendor’) shall first notify the competent authority in writing thereof, indicating the size of such holding. Such a person shall likewise notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 % or so that the CSD would cease to be that person’s subsidiary. The competent authority shall have a maximum of 60 working days after the date of the written acknowledgement of receipt of the notification and all documents required to be attached to the notification (the ‘assessment period’), to carry out the assessment. The competent authority can decide to either oppose or approve the proposed acquisition within the designated assessment period. Under Dutch law, a declaration of non-objection from the Dutch Minister of Finance is required for any holding, acquisition or increase of a Qualifying Participation (defined as direct or indirect participation of at least 10% of the issued capital of the relevant entity or the power to exercise at least 10% of the voting rights) in an operator or holder of a regulated market in the Netherlands which has been granted an Exchange licence to operate such market pursuant to section 5:26 of the Dutch Financial Supervision Act. The Dutch Minister of Finance has delegated its powers to grant a declaration of no-objection under section 5:32d of the Dutch Financial Supervision Act to the AFM, except in cases where the acquisition of the Qualifying Participation involves a fundamental change to the shareholding structure of the relevant licensed operator or holder of a regulated market in the Netherlands. Euronext N.V. controls Euronext Amsterdam, which is the licensed holder and operator of a regulated market in the Netherlands, and has obtained a declaration of no-objection under section 5:32d referred to above. Therefore, any acquisition or holding increase of a direct or indirect interest in the Company that results in an indirect Qualifying Participation in Euronext Amsterdam, will trigger the requirement to obtain a declaration of no-objection of the AFM or, in the case of a fundamental change in the shareholding structure, the Dutch Minister of Finance. Such declaration should be granted unless such holding, the acquisition or increase: (1) could or would lead to a formal or actual control structure that is lacking in transparency and would therefore constitute an impediment to the adequate supervision of the compliance by the market operator with the rules applicable to the operator of a regulated market; (2) could or would lead to an influence on the regulated market operator or effect on the exploited or managed regulated market that forms a threat to the interests which the Dutch Financial Supervision Act seeks to protect; or (3) could jeopardise the healthy and prudent operation of the regulated market concerned. Non-compliance with the requirement to obtain a declaration of no-objection is an economic offence and may lead to criminal prosecution. In addition, if a person acquires or increases a Qualifying Participation without having obtained a declaration of no-objection, it will be obliged to cancel the transaction within a period to be set by the Dutch Minister of Finance or the AFM unless the person cures the offence and obtains a declaration of non-objection. The Dutch Minister of Finance or the AFM may request the District Court in Amsterdam to annul any resolutions that have been passed in a general meeting of shareholders in which such person exercised its voting rights, if such resolution would not have been passed or would have been passed differently if such person had not exercised its voting rights. The District Court will not annul the resolution if the relevant person obtains a declaration of non-objection prior to the decision of the court. Under French law, any person or group of persons acting in concert who acquires or increases, directly or indirectly, a holding in Euronext Paris shares or voting rights in excess of 10%, 20%, 33⅓%, 50% or 66⅔% is required to inform Euronext Paris, which in turn must notify the AMF and make the information public. In addition, any person acquiring direct or indirect control of a market operator must obtain the prior approval of the Minister of Economy upon proposal of the AMF. Further, Euronext Paris shall promptly notify the AMF prior to any changes to the identity and the details of the holding of any existing shareholder or shareholders, alone or in concert, who is in a position to exercise, directly or indirectly, significant influence (10% or more of the share capital or voting right) over the management of Euronext Paris and the proposed change can proceed as long as Euronext Paris does not receive any objection from the AMF within the period of time provided by the AMF General Regulation. Under Irish law, prior notification to the Central Bank of Ireland of a proposed acquisition of, or increase in, a direct or indirect qualifying holding (10% or more of the capital or of the voting rights or which makes it possible to exercise a significant influence over the management of that undertaking) of Euronext Dublin is required. Under Italian Law, CONSOB shall be prior notified by anyone who directly or indirectly intends to acquire or transfer a stake in the equity share capital of the market operator or in the person that, whether directly or indirectly, controls the market operator, in such a way that the share of voting rights or capital reaches or exceeds, upwards or downwards, 10%, 20%, 30% or 50%, and in any event when changes result in the acquisition or loss of control of the company. CONSOB may oppose the acquisition of the stake or the change in the 50 2024 UNIVERSAL REGISTRATION DOCUMENT 1 Presentation of the Group control when there are objective reasons to believe that the healthy and prudent management of the market is put at risk, evaluating, among other things, the quality of the prospective buyer and the financial solidity of the acquisition project. In addition, any acquisition of stakes in the capital of the market operator of the regulated market and the subsequent variations, made directly or indirectly, must be communicated by the acquiring party within 24 hours to the market operator. Furthermore, market operators are required to notify CONSOB and make public the information on the ownership of the company and in particular the identity of the parties that are able to exercise a significant influence over its management and the size of their interest. The meaning of “significant influence” and control are specified by the Italian domestic framework. As regards the wholesale regulated market for government securities the power to asses the above- mentioned acquisition of stake and changes in control are attributed to the Bank of Italy. As regards CCPs, the European Market Infrastructure Regulation (EMIR) requires prior notification and subsequent approval of any decision either to acquire or to dispose of a qualifying holding. Article 31 EMIR requires that any decision taken by a natural or legal person also acting in concert, either to acquire, directly or indirectly, a qualifying holding in a CCP or to further increase, directly or indirectly, such a qualifying holding, as a result of which the proportion of the voting rights or of the capital held would reach or exceed certain predetermined decimal thresholds (10 %, 20 %, 30 % or 50 %), or so as to make the CCP become its subsidiary, should be subject to notification and subsequent approval by the CCP’s competent authority. The same applies in case of any decision to dispose or to reduce a qualifying holding, so that the proportion of the voting rights or of the capital held would fall below said predetermined thresholds, or so that the CCP would cease to be that person’s subsidiary. Pursuant to EMIR article 31, the NCA shall have a maximum of 60 working days as from the date of the written acknowledgement of the receipt of the notification by the proposed acquirer or vendor to perform said assessment, with the possibility to extend the deadline upon occurrence of certain conditions, e.g. in case of a further request for information. For Italian CCPs the assessment is performed by the Bank of Italy, in agreement with CONSOB. Under Article 27(11) of CSDR, a CSD shall provide the competent authority with information regarding the ownership of the CSD, and, in particular, the identity and scale of interests of any person having qualifying holding in the CSD. The CSD shall make public the information provided to the competent authority, and the transfer of ownership rights that results in a change in control of the CSD. Furthermore, according to Article 27a (2) and (3) of CSDR, any natural or legal person or such persons acting in concert (the “proposed acquirer”), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a CSD or to further increase, directly or indirectly, such a qualifying holding in a CSD as a result of which the proportion of the voting rights or of the capital held would reach or exceed 10%, 29%, 30% or 50% or would lead to the CSD becoming its subsidiary (the “proposed acquisition”), shall first notify the competent authority of that CSD in writing thereof, indication the size of the intended holding and relevant information. Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in a CSD (the ‘proposed vendor’) shall first notify the competent authority in writing thereof, indicating the size of such holding. Such a person shall likewise notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 % or so that the CSD would cease to be that person’s subsidiary. The competent authority shall have a maximum of 60 working days after the date of the written acknowledgement of receipt of the notification and all documents required to be attached to the notification (the ‘assessment period’), to carry out the assessment. The competent authority can decide to either oppose or approve the proposed acquisition within the designated assessment period. Under Norwegian law, an acquisition resulting in the acquirer having a significant holding in a market operator for an official stock exchange, or in the stock exchange itself, requires authorisation from the Norwegian Ministry of Finance. Significant holding means any direct or indirect holding representing at least 10% of the share capital or the voting rights, or which otherwise makes it possible to exercise substantial influence over the management of the undertaking. Shares held or acquired by related parties shall be deemed equivalent to the acquirer’s own shares. The acquisition of a right to become holder of shares shall be deemed equivalent to the holding of shares for the purpose of the first to third sentence where this must be considered a beneficial shareholding. Any acquisition increasing the holding such as to directly or indirectly exceed 20%, 30% or 50% of the share capital or voting rights of a stock exchange requires authorisation from the Norwegian Ministry of Finance. For the Norwegian CSD other regulation than stipulated above applies. The provisions concerning change of ownership contained in CSDR apply, as CSDR has been implemented into Norwegian law pursuant to section 1-1 of the Norwegian Act of 15 March 2019 no. 6 on Central Securities Depositories and Securities Settlement, etc. (the CSD Act). The resent change of CSDR - CSDR REFIT (Regulation (EU) 2023/2085) - which among others changes the provisions for change of ownership has however not been formally implemented into Norwegian law. Despite this, Euronext assumes that the amended provisions contained in CSDR art. 27 a (2) and (3) (as described under Denmark and Portugal) apply and must be complied with. Under Portuguese law, a shareholder who intends to acquire, directly or indirectly, a dominant holding (broadly defined as 50% or more of the share capital or voting rights) or a dominant influence (broadly defined as the majority of voting rights or the possibility to appoint or dismiss the majority of the members of the managing or supervisory bodies) in a Portuguese market operator must obtain the prior authorisation of the Portuguese Ministry of Finance (with prior advice of the CMVM). In addition, all entities envisaging (i) acquiring or disposing of a (direct or indirect) qualifying holding (10% or more of the share capital or voting rights or otherwise establishing a significant influence) or increasing a qualifying holding at the level of 10%, 20%, 33⅓% or 50% or more of the share capital or voting rights in a market undertaking in Portugal or (ii) otherwise establishing a control relationship with a market subsidiary in Portugal, must notify the CMVM of the acquisition or disposal as soon as a decision has been taken to proceed within four business days following the relevant transaction and seek a prior declaration of non- objection. The disposal/reduction of the aforementioned qualifying holdings (considering each threshold above) or change in the control relationship is also required to be notified to the CMVM. Under Article 27(11) of CSDR, a CSD shall provide the competent authority with information regarding the ownership 2024 UNIVERSAL REGISTRATION DOCUMENT 51 Presentation of the Group of the CSD, and, in particular, the identity and scale of interests of any person having qualifying holding in the CSD. The CSD shall make public the information provided to the competent authority, and the transfer of ownership rights that results in a change in control of the CSD. According to article 27a (2) and (3) of CSDR, any natural or legal person or such persons acting in concert (the ‘proposed acquirer’), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a CSD or to further increase, directly or indirectly, such a qualifying holding in a CSD as a result of which the proportion of the voting rights or of the capital held would reach or exceed 10 %, 20 %, 30 % or 50 % or would lead to the CSD becoming its subsidiary (the ‘proposed acquisition’), shall first notify the competent authority of that CSD in writing thereof, indicating the size of the intended holding and relevant information. Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in a CSD (the ‘proposed vendor’) shall first notify the competent authority in writing thereof, indicating the size of such holding. Such a person shall likewise notify the competent authority where it has taken a decision to reduce a qualifying holding so that the proportion of the voting rights or of the capital held would fall below 10 %, 20 %, 30 % or 50 % or so that the CSD would cease to be that person’s subsidiary. The competent authority shall have a maximum of 60 working days after the date of the written acknowledgement of receipt of the notification and all documents required to be attached to the notification (the ‘assessment period’), to carry out the assessment. The competent authority can decide to either oppose or approve the proposed acquisition within the designated assessment period. The Portuguese CSD Legal Framework also specifies that the acts through which the acquisition, increase, disposal or reduction of qualifying holdings and controlling interests is carried out are communicated to the CMVM and the CSD by the holders of the interest within 15 days. Qualifying holdings are deemed to be 10%, 20% or one-third of voting rights or capital. The CSD notifies the CMVM of changes in its ownership, in accordance with Article 27(11)(a) of Regulation (EU) 909/2014 (CSDR), as soon as it becomes aware of them. 52 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure 2024 UNIVERSAL REGISTRATION DOCUMENT 53 Risks, Risk Management & Control Structure 2 2.1 Risks 2.1.1 Risk Factors 2.1.2 Mitigation Measures 2.2 Risk Management & Control Structure 2.2.1 First Line of Defence 2.2.2 Second Line of Defence 2.2.3 Third Line of Defence 54 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure 2 RISKS, RISK MANAGEMENT & CONTROL STRUCTURE 2.1 Risks Euronext analyses and monitors risks related to its activities with specific attention those whose occurrence could have a material impact on the Group’s business. The table of the Group’s principal risks categories, the most material risks taking into account the impact and the probability of their occurrence. Although Euronext believes that the risks as described below are the material risks concerning the Group’s business and industry, they are not the only risks and relating to the Group. Other risks, events, facts or circumstances not presently known to Euronext, or that Euronext currently deems to be immaterial could, individually or cumulatively, prove to be important and may have a significant negative impact on the Group. 2.1.1 Risk Factors Hierarchy of Risk Factors Strategic Risks Business Model and Transformation Risk Regulatory Evolution Risk Geopolitical, Macro-economic and Financial Environment Risk Competition Risk Operational Risks Cyber Security Risk Information Technology Risk Third Party Risk Business Continuity Risk Employee Risk Regulatory and Liabilities Risk Financial Risks Credit Risk Market Risk Liquidity Risk Capital Requirements Risk Euronext recognises the importance of environmental, social and governance (“ESG”) related risks. During the CSRD Double Material Analysis ("DMA") process in 2024, no material risks were identified as impacting the operations, revenues and stakeholders of the Group. For further information on ESG risk integration into the Group risk processes please refer to Section 2.2 . 2024 UNIVERSAL REGISTRATION DOCUMENT 55 Risks, Risk Management & Control Structure Strategic Risks Business Model and Transformation Risk Risk Identification and Description Potential Impact on the Group The Group’s strategy includes the identification and implementation of organic initiatives and new business initiatives, acquisitions and partnerships. Over 2024, the Group completed the remaining significant milestones with respect to the Growth for Impact strategic plan which include the final step of the migration of Borsa Italiana markets to the Optiq® platform, and the completion of the CCP expansion project. In November 2024 the Group announced its new strategic plan Innovate for Growth 2027 with the ambition to grow the Group value chain via organic growth projects, including data expansion, repo expansion, power derivatives, expansion of its fixed income franchise and trading services, among others. The parallel management of multiple projects is complex and there may be challenges to execute and deliver according to stated timelines, or that proposed products and solutions may not be aligned to stakeholder appetite. In addition, business transformation programmes continue, notably the transformation across the CSDs that will continue over 2025 and aims at the creation of a framework to position Euronext Securities as the CSD of choice in Europe. The market for acquisition targets and strategic alliances is highly competitive, the Group acts on opportunities as they arise and may continue to enter into simultaneous business combination transactions. Delivering on stated targets is a priority for the Group and Euronext has built a reputation with its stakeholders by completing projects in line with announcements. As Euronext pivots to organic growth initiatives should the Group be unable to maintain its credibility there may be a risk to stakeholder confidence. Implementing the strategic plan requires substantial time and attention of the management team, and of key employees working on strategic plan initiatives. This could prevent oversight of other initiatives, reduce bandwidth for business as usual activities and, or slow other parallel projects or initiatives. The roll out the strategy also requires an effective management of the complexity in across all execution and delivery phases and management of interdependencies between projects and different part of the value chain, as delays in one project may impact timelines of another. The ability to adapt to a rapidly changing company culture by Euronext’s employees is necessary to ensure successful integrations and transformation. Failure to meet the demands of the changing company culture could negatively impact the advancement of projects and successful integration. If programmes related to the Group's strategic objectives and plan are not completed, do not operate as intended, are delayed or identified synergies are not delivered, Euronext's strategic ambition, financial targets, reputation and stakeholder confidence may be at negatively impacted. 56 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Risk Identification and Description Potential Impact on the Group The Group’s businesses are subject to extensive regulation and supervision at both European and national levels in the jurisdictions in which the Group has operations: Belgium, Czech Republic, Denmark, France, Ireland, Italy, the Netherlands, Norway, Portugal, the United Kingdom, and the United States. In addition, the Company has a presence in Singapore, Finland, Sweden, Chile and India. Regulatory changes may impact the operating environment of Euronext exposing the Group to risks associated with the implementation and maintenance of compliance with new regulatory requirements. As the Group expands, so has the scope of regulatory requirements to which it is subject and the breadth of relevant relationships it must maintain. The regulatory environment is an important element that may limit the ability of the Group or its entities to provide certain current or planned services, or build an efficient, competitive organisation. The Group must obtain regulatory approval to implement significant changes to the operations of its trading venues, and material changes to operations and models of its CCP and CSDs. Failure to obtain required approvals, which may need approval by multiple regulators, may delay or prevent the Group from achieving its strategic objectives. Key regulatory evolutions in 2024 and those anticipated in 2025 include the following: Changes to market structure regulation MiFID II/MiFIR, have been progressively enforced from March 2024. The changes represent a risk for market data revenues from 2026 onwards. The scope of the pre-trade consolidated tape is limited to anonymised top-of book EBBO data, shares and ETFs, while post-trade data applies to shares, ETFs, bonds, and OTC derivatives. The revised market structure regulatory framework, may potentially benefit off-venue trading with alleviations introduced on bank internalisation. The Listing Act proposed in 2022 was finalised in 2024 with Level 2 consultations starting in Q4 2024, and staggered implementation timeline from Dec 2024-Dec 2026. The Act has the aim of simplifying the listing process by streamlining prospectus and market abuse requirements. The Commission proposal for the Benchmark Regulation, seeking to evolve the definitions of critical,significant and environmental benchmark definitions, the review has continued over 2024 with trialogue negotiations starting in Q4 2024 and is expected to apply in 2026. The Commission proposal on the Retail Investment Strategy seeks to improve the framework for retail investors, and there is a risk, has continued in 2024 with trialogues starting in Q4 2024. On the post-trade side, the EMIR review was finalised in 2024 wand level 2 consultations have started in Q1 2025 with progressive implementation over 2025 and 2026. With regards to the CSDR framework, the Withholding Tax proposal, proposes that CSDs should register as Certified Financial Intermediaries, potentially causing additional burdens in this area. The Markets in Cypto Assets (MICA) Regulation is wholly applicable since year end-2024 and regulates the provision of services of crypto assets potentially allowing crypto asset service providers to leverage their more regulated structure and start competing on traditional financial instruments. Savings and Investments Union (previously CMU) call for deepening the European capital markets with the aim to create a single market for financing in the EU, is a positive development and to facilitate listing post trade and harmonise market supervision in Europe. Decisions by Euronext’s regulators to impose measures may impact the competitive situation and possible strategy of the Group. Adherence to new and evolving regulatory regimes implied increase compliance and associated costs for the Group, for instance by requiring the businesses of the Group to devote substantial time and cost to the implementation of new rules and related changes in their operations. It may also impact the ability to outsource certain activities and/or place financial and corporate governance restrictions on the Group and its entities. As the Group grows its product base and the jurisdictions in which it operates, regulatory oversight of the Group’s activities by additional regulatory bodies potentially increases regulatory constraints or increases compliance requirements if adversely designed could materially increase the costs of, and restrictions, of its activities. Delays or denials by regulatory authorities of approvals requested by Euronext required to implement its strategic initiatives, or to pursue business opportunities could have a significant impact on Euronext’s competitive positioning and growth. The impacts of the amendments to MiFIR remain difficult to assess as many details still need to be further laid out in the delegated act and technical standards. The changes to the structure of the market data business including both reasonable commercial basis provisions and the creation of a consolidated tape may negatively impact market data business revenues in the medium term. The same may be the case for market structure reforms, in particular with respect to the potential increased competition from Systematic Internalisers where additional flexibility is allowed. Regarding the Listing Act, it is hoped to support the attractivity of the Group's markets for listing given expected reduced costs and burdens for issuers, particularly in relation to the standardisation of the prospectus, increased exemptions and additional clarity in MAR. In addition, the new Multiple Voting Rights Directive may incentivise potential issuers to consider a public listing. On the post-trade side, the CSDR and EMIR reviews are generally positive for the Group, potentially facilitating these businesses, however, the legislative process remains to be finalised. The potential impact of the EMIR review is expected to include changes to the supervisory regime, authorisation procedures foreseen within EMIR, which may result in the relocation of clearing flows related to certain derivatives asset classes from the UK to the EU. The Withholding Tax proposal may however add regulatory burdens on CSDs. With respect to the MICA Regulation, in the medium term, the estimated impact, due to the asset perimeter is expected to be limited. In the longer term, more flexible provisions of digital finance may be extended to a broader asset perimeter, and enable new competition on Euronext's core activities, with the main impacts expected on bond listing, post-trade and retail trading activities. If competitors (including those in third party jurisdictions) can obtain regulatory approval for similar products (including new digital products) or services faster than established entities such as the Group or its subsidiaries, or with lower regulatory burdens than regulated entities, the Group's competitive position may be weakened. 2024 UNIVERSAL REGISTRATION DOCUMENT 57 Risks, Risk Management & Control Structure ESG related regulation continued to evolve over 2024, notably the negotiations of the Corporate Sustainability Due Diligence Directive (CSDDD) were agreed in mid-2024, the implementation timelines and further technical guidelines are expected to be published over the course of the two-year transposition phase. In addition, the EU adopted the Green Claims Directive, which will require companies to substantiate environmental claims regarding their practices. The ESG Ratings Provider Regulation was agreed in 2024 which will require ESG ratings providers to provide transparency on methodology and increased accountability, to be applicable in 2026. Finally Sustainable Financial Disclosure Regulation review is expected to start in mid 2025. Given the proliferation of ESG regulations specific care and attention will be required as these enter into force. Adhering to these regulations requires time and resources to ensure correct adaptation and implementation, including training and awareness for employees. Potential impacts of new regulations will be determined by the scope of application of new regulations and directives. Furthermore, the Group will need to ensure compliance, and potentially adapt products and services, in addition to ensuring its compliance as a corproate issuer. Well-designed legislation can support Group in its operations, products and services particularly in harmonising reporting obligations, however, compliance risks can be expected to increase. Geopolitical and Macro-economic, and Financial Environment Risk Risk Identification and Description Potential Impact on the Group The Group is exposed to global and regional economic, political and geopolitical market conditions. Changes in macro-economic macroeconomic factors, such as shifts in global or regional demand or supply as well as legislative developments can influence the level of financial activity both locally and globally. General economic conditions along with unanticipated, impactful events significantly influence financial and securities markets. These factors affect everything from determining capital availability, to investor confidence. Adverse economic changes or a negative outlook for the financial and securities industry can have a negative impact on the Group's revenues through declines in new listings, trading, clearing and settlement volumes, and demand for market data. Inflation continued its downward trend throughout 2024, prompting the ECB to lower interest rates, However economic activity was weaker than expected. Looking forward in 2025 reduced confidence could hinder the recovery of consumption and investment falling short of projections made in 2024. This lack of confidence may be further compounded by sources of geopolitical risk, including Russia’s ongoing war against Ukraine, political transitions in key regions, and conflicts in the Middle East. These factors could also disrupt energy supplies, supply chain and global trade amplifying economic uncertainty. Furthermore, global and regional growth may be impacted by a trend towards protectionist policies. A weaker global economy or increased trade tensions could dampen demand for euro area exports, potentially hindering euro area growth. Eurozone GDP growth for 2024 is projected to remain sluggish at approximately 0.7%, with a modest improvement to 1.1% year-on-year expected in 2025. This prolonged period of low growth may affect trading activity, elevate credit risk within the euro area, and reduce market participants’ appetite for risk, including trading activities. Despite these challenges, government bond markets are expected to remain supported by moderate inflation rates and a high level of anticipated issuance in 2025. Meanwhile, primary listing activities have been constrained by unfavourable market conditions over the past two years, and uncertainty surrounding these activities persists as we head into 2025. The impact of economic forecasts on equity markets are challenging to assess, 2025 is likely a year with increased volatility and divergence of views across investors. US policies will impact the macro-outlook with concerns over fiscal policies and tariffs and uncertainty over how these will be enacted. However, the sentiment remains broadly positive for equity assets, as initial market concerns over US fiscal expansion and tariff impacts may have been exaggerated, and a moderately growing economy and support central banks cutting rates will likely be supportive, if not smooth. However, forecasts may rapidly shift resulting from volatility brought on by sudden changes or growing uncertainty driven by geopolitics on both equity and commodity markets. 58 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Competition Risk Risk Identification and Description Potential Impact on the Group The industry in which the Group operates is highly competitive. In particular, the Group’s trading business is facing market fragmentation and increased competition, from OTC and bilateral trading, systematic internalisers and Multilateral Trading Facilities (MTFs). The listing business is facing competition from Regulated Markets as well as private equity funding. Finally competition from international and European players across the post-trade value chain, in both the CCP and CSD space is growing. Competition has intensified over the past few years due to trends including: ■ technological innovation; ■ the globalisation of capital markets, which has resulted in greater mobility of capital, greater international participation in local regions and more competition among different geographical areas; ■ the continued expansion of other market participants impacting volumes on our markets; ■ the growing appeal of private equity; and, ■ increased competition among exchanges, central counterparties and CSDs. The Group competes with other market infrastructures on: ■ diversity of flows, ■ index, clearing, issuance and settlement services, ■ data and quantitative research; ■ ease of use and performance of trading, clearing and settlement systems including quality and speed of execution and functionality; ■ range of products and services offered to customers, trading and clearing participants and listed companies; and ■ adoption of technological advancements. Competition on price across each of the Group’s product areas including, trade execution, post-trade services, market data, and technology continue, and is expected to persist. Finally, competition may intensify further should certain rules, regulation and circumstances change. Should the Group be unable to adapt to continued changing market pressures, evolving customer demands, or is required to adapt its pricing structure, revenues and profit margins could decline. The success of the Group’s business depends on its ability to attract and maintain order flow and clients, both in absolute terms and relative to other market infrastructures, as such, loss could negatively impact the Group’s sources of liquidity and its market position, which could have a material adverse effect on the Group’s business, results of operations, financial condition and prospects. Intensifying competition among exchanges and private equity offers may have a negative impact on listing fees and future trading fees as well as an intensification of competition in post-trade could impact on ability to retain clients across the value chain. 2024 UNIVERSAL REGISTRATION DOCUMENT 59 Risks, Risk Management & Control Structure Operational Risks Cyber Security Risk Risk Identification and Description Potential Impact on the Group Cyber resilience is a critical priority for the Group. The Group’s growth footprint and threat landscape in terms of employees, geographical, and business footprint increases the Group’s exposure to cybersecurity threats meaning that secure transmission of business information over public and other networks are critical elements to the Group’s operations. The volume of cyber-attacks has been increasing in general and, consequently, within the financial sector. As the Group expands, it accumulates, stores, and uses more business data which are protected by business contracts and regulated by various laws, including data protection, in the countries in which it operates. The Group expansion also leads to an enlarged global footprint, expanding the overall attack surface. The Group may be exposed to exploitation of its internet exposed applications by malicious actors, data leakage, including ransomware, unauthorized access or other security incidents including: ■ Breaches at the level of third parties, including cloud computing services, to whom Euronext provides information and may not be fully diligent in safeguarding it. ■ DDoS threats on internet exposed assets and applications of the Group. ■ Attacks leveraging potentially unsecure internet connections for employees working remotely. ■ Advanced persistent threats from highly sophisticated attackers including state sponsored or organised crime hacking groups with malicious intentions which may target the financial sector. ■ Third-party software used by Euronext within its context and software solutions, which is available to the public and may be exposed to unknown or undisclosed vulnerabilities (zero-days). ■ Phishing attacks targeting Group employees. ■ Persons who circumvent deployed security measures that could wrongfully access the Group’s or its customers information, or cause interruptions or malfunctions in the Group’s operations. Data protection regulations increase the risks associated with regulatory non-compliance in case there is an incident. The impact of a successful cybersecurity attack depends on the nature and scope of the attack . Cyber attack can compromise the confidentiality, integrity avilitbility or authenticity of information assets for example: ■ Data breaches and loss of sensitive information: unauthorised access, leaks, loss or theft of sensitive, personal, strategic or confidential data, including information protected by data privacy regulations could expose the Group to regulatory sanctions, litigation, reputation damage, and direct financial losses. ■ Disruption of IT systems: a cybersecurity attack exploiting vulnerabilities in the Group’s IT infrastructure could lead to operational failures, system downtime, or disruptions to critical services. For instance, DDoS (Distributed Denial-of-Service) attacks targeting internet-facing systems may render them temporarily unavailable, impacting the Group's ability to assure clients and stakeholders services. Any compromise of the confidentiality (C), integrity (I), availability (A), or authenticity (A) of the Group’s systems and information could undermine trust in the Group’s operations and services. This could result in long-term reputational harm and diminished stakeholder confidence. The Group is committed to maintaining and safeguarding its IT systems and information, with particular attention on external growing threats and threat actors (such as cybercriminals). However, malfunctions, significant disruption, loss or disclosure of sensitive data could disrupt the Group’s operations, result in significant reputational harm or have a material adverse effect on the Group’s business, results of operations, financial condition and prospects. Information Technology Risk Risk Identification and Description Potential Impact on the Group Technology is a key component of Euronext’s business strategy, and is crucial to the Company’s success. Euronext’s business depends on the security, performance and stability of complex computer and communications systems. The ability to expand system capacity and performance to handle increased demand or regulatory requirements is fundamental to Group operations. The Group's has experienced systems failures and delays in the past and could experience future systems failures and delays on one of its critical systems, impacting our members, participants, and clients and related execution of trading, clearing, or settlement of instruments. Such failures may arise for a wide variety of reasons including hardware and software malfunctions or defects, or complications experienced in connection with the operation of such systems, including system upgrades. In 2024 Euronext concluded its significant technology integration and expansion programmes particularly expanding the trading and clearing technology platforms to integrate Borsa Italiana markets onto Optiq and non-Borsa Italiana clearing onto Euronext Clearing platform. Since the conclusion of the technology expansion, a broader technology risk exists that if one or more of the Group's technology and/or information systems suffer from major or repeated failures, this could interrupt or disrupt the Group's operations or services in relation to its new expanded scope. Euronext's future success will depend, in part, on continued innovation and investment in its trading and post-trade systems and related ability to respond to customer demands, understand and react to emerging industry standards and practices on a cost-effective and timely basis. Following the completion of transformation project milestones Euronext is a critical service provider across the full value chain for its clients, thus increasing the impact and visibility of system failures or disruptions should they occur. Given the significance of current and future projects, there is a continuing need for effective change and integration management, to minimise technology disruptions as the Group implements its strategic objectives. In general, should the Group’s technology not be properly managed, and system issues occur during operations, reputational damage and confidence in the Group maybe undermined, and may lead to customer claims, litigation and regulatory actions including investigations or fines. 60 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Third Party Risk Risk Identification and Description Potential Impact on the Group There is a risk that if one of the Group's third party services providers suffer from major or repeated failures, Group operations or services could be interrupted or disrupted. Technology Service Providers The Group has worked over to identify its critical Information Communication Technology providers in line with the incoming DORA legislation. These providers consist of among others two key groups, the first, data centre and clouds service providers and the second, telecommunications providers, in addition to corporate service providers. With respect to data centre providers, the Group's core data centre is provided by Aruba and located in Bergamo, Italy; the Group depends on Equinix for the secondary data centre for trading systems while other businesses, CCP and CSDs depend on other data centre providers. The Group also depends on telecom providers to ensure the availability of its IT backbone interconnecting its multiple data centres and allowing its clients to reach them. Finally, for a subset of services, Euronext depends on cloud providers. Clearing Service Providers and Settlement Partners In Q3 2024 the Group concluded the final step of its CCP expansion programme, thereby becoming the default CCP for its trading venues for Euronext's cash equity clearing and becoming the sole CCP for Euronext derivatives clearing, reducing its dependency on LCH SA. Open access is maintained via the preferred CCP model under which CBOE Clear Europe remains a preferred CCP for all Euronext Trading Venues with the exception of Euronext Oslo. With respect to Oslo cash markets Euronext Oslo relies on three interoperable CCPs: LCH Ltd., Cboe Clear Europe, and Six X Clear. LCH SA together with the Group's CCP provide clearing for the fixed instruments traded on MTS platform via the interoperability link established between these two CCPs. The settlement of trades concluded on the Group's trading venues relies not only the Group's own CSDs but also on third party CSDs, according to the type of securities to be settled. Technology Service Providers Euronext actively manages its relationships with its key strategic technology suppliers, and includes framework Service Level Agreements to ensure services are guaranteed. However, should a significant disruption occur, including a discontinuation of services or a service failure, the Group may experience significant disruption to its business and may be subject to, reputational damage, litigation by its customers or increased regulatory scrutiny or regulatory fines. Clearing Service Providers and Settlement Partners To the extent that any of the entities providing clearing or settlement for trades concluded on Euronext markets experience difficulties, materially change its business relationship with the Group, or are unable for any reason to perform its obligations, the Group may suffer negative impacts on its operations, business, reputation, and financial results. Business Continuity Risk Risk Identification and Description Potential Impact on the Group Business continuity a key objective of the Group’s operational resilience strategy, helps to address the Group’s ability to prevent, adapt, respond and recover from operational disruptions to minimise the impact on our customers and on the financial stability of capital markets. The rise of social and environmental tensions in Europe may create pressure on the physical security of facilities and well-being of employees should the Group be targeted a symbol of capitalism. Unforeseen events such as physical security and system security threats, epidemic or pandemic, or a major system breakdown, could impact the continuity of the Group’s services operation, reputation and its financial condition, cause financial detriment both internally and externally to the wider market. Should a crisis or significant social disruption occur, the Group, particularly its critical services or its critical service providers of the Group including data centres be impacted, the Group may not be able to run its critical operations without disruption or diminished service which may negatively impact the reputation and financial results and of the Group. 2024 UNIVERSAL REGISTRATION DOCUMENT 61 Risks, Risk Management & Control Structure Employee Risk Risk Identification and Description Potential Impact on the Group People management is a key component of Euronext's business and ESG strategy, and is crucial to the Group's success. People risks could arise from a lack of critical skills, which could impact the ability for the Group to deliver its objectives. The ability to attract and retain key employees and critical skills is dependent on many factors including market conditions, internal talent development and compensation practices, and employee engagement initiatives. A people strategy to support the Group strategy and company purpose, a structured organisation and a diverse workforce are necessary to ensure people engagement and performance. An inability to attract skilled senior management and other key people at the right time and with the right skills could impact delivery of some projects and financial objectives at business line level. Employee turnover is not expected to impact the business or operational resilience of the Group. Regulatory and Liabilities Risk Risk Identification and Description Potential Impact on the Group Euronext operates in a highly regulated environment with multiple regulators which highlights a potential risk that one or more of the Group's entities may fail to comply with the regulatory or contractual requirements to which it is subject. Compliance risk may arise under laws and regulations relating to financial markets and services, insurance, tax, employee behaviour, misuse of information systems, technology, data and intellectual property of others, data privacy, market abuse, corruption, anti-money laundering, financial sanctions, foreign asset controls, and data privacy and foreign corrupt practices areas. Starting in January 2025 the Digital Operational Resilience Act has come into force with significant requirements, increasing the regulatory requirements regulated financial entities face, and potentially increasing compliance risk, particularly in the early states of the DORA process rollout. In addition the AI Act entered into force in 2024, the Group must ensure compliance with the different obligations enumerated by the Act, notably given the complexity and growth of AI tools and actors. In addition, potential liabilities may result from disputes terms of a securities trade, positions to be cleared and/or settlement, from claims that a system, or operational failure or delay caused monetary losses to a customer, as well as employment, competition matters and other commercial disputes. Euronext N.V. licenses rights to a number of trademarks, service marks, trade names, copyrights, applications (that also embed libraries or components subject to open-source licenses), products, specific deliverables, software and databases, including those of third parties. The Group’s intellectual property could be misappropriated by third parties, and/or the Group may inadvertently infringe third party IP rights during its business activities., particularly as the Group is increasingly digitalised. Euronext could be exposed to significant fines or sanctions from relevant regulators, authorities or a court that announce adverse resolutions of any lawsuit or claim against Euronext Group as well, which could impose restrictions on how Euronext Group shall conduct its businesses and the ability to compete. This situation may expose the Group to significant reputational damage, consequences on the Group’ financial results, and the significant legal expenses in defending claims, even those without merit. Failure to protect intellectual property (including trademarks service marks, trade names and copyrights) adequately could harm the Group’s reputation and affect its ability to compete effectively, diminish the value of that intellectual property as an asset as well as diminishing potential revenues stemming from those rights. Further, defending the Group’s intellectual property rights may require significant financial and managerial resources. 62 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Financial Risks Credit risk Risk Identification and Description Potential Impact on the Group Non-Clearing The Group’s exposure to credit risk predominantly arises in the event of a counterparty default, from its operating activities, primarily trade receivables, its financing activities, and the investment in cash equivalents, short-term financial investments and derivatives contracts used for hedging purposes. The Group’s power market is potentially subject to credit risk should one of its members default with an amount in excess of the collateral provided outstanding. The power market has a credit risk towards its main banking partner with respect to the settlement of wholesale electricity transactions. Non-Clearing The Group may incur a loss that would impact its net income should one of the counterparties to which it is exposed default. Adverse changes in the economic environment may increase loss allowance provisions which would negatively impact the net income of the Group. With respect to the Group’s power market, should a participant default beyond the collateral, the entity could incur losses. Clearing The Group’s CCP assumes the credit counterparty risk for all cleared transactions. The credit risk is thus the risk of a CCP member default i.e. that one of the parties to a cleared transaction defaults on their obligation; in this circumstance the CCP is obliged to honour the contract on the defaulter’s behalf and thus an unmatched risk position arises. The CCP may suffer a loss in the process of closing the positions of the defaulter if the market moves against them. The CCP is required to make available a proportion of its regulatory capital available (‘skin in the game’) to cover potential residual defaulting losses following the exhaustion of the defaulter’s resources (margins and default fund contribution) before allocating remaining losses to non-defaulting members’ default fund allocation. Moreover, the CCP is required to provide an additional layer of pre-funded own resources in compliance with the CCP Recovery and Resolution Regulation. The CCP is also exposed to Credit Risk linked to treasury counterparties default as any other entity of the Group (see Credit Risk paragraph above). Credit risk related to CCP Investments are subject to the CCP Investment Policy which is aligned with EMIR regulation, and described under Market Risk in the “Clearing” subsection. CCP Investments over 2024 are negligible, almost all cash deposited at Central Bank. Clearing Should a default of a CCP clearing member not be manageable within the resources available, the CCP’s (and by extension the Group’s) reputation and financial resources may be adversely impacted. In case of usage of the CCP’s own resources (first and second ‘Skin in the Game’) during a default of a clearing member, the CCP must restore these capital reserves to continue to fulfil the regulatory requirements. If CCP reserves and/or capital surplus are not sufficient to replenish the skin in the game contributions, CCP shareholders would be asked to replenish them by contributing in a capital injection. The financial and reputational impact of CCP recapitalisation on the Group may be significant. Market Risk Risk Identification and Description Potential Impact on the Group Non-Clearing Market risk arises from changes in interest rates, foreign-exchange risk and other market prices. The Group is exposed to interest rate risk on both fixed-rate bond and floating rate financial assets and liabilities, including the fixed-rate bonds and the Revolving Credit Facility. The Group is exposed to foreign currency risk arising from the translation of assets and liabilities of subsidiaries with functional currencies other than the Euro. The Group is exposed to foreign exchange risk primarily in NOK, USD, DKK and GBP. Fluctuations may affect the Group’s profit margins and value of assets and liabilities in non-euro denominated currencies when translated into Euros. Please refer to Note 37 in the Notes to the Financial Statements for details on sensitivity analyses performed by Group Treasury. Non-Clearing Increased interest rates could negatively impact the net financial income of the Group by increasing the cost of borrowing, refinancing, however having a positive impact on interest income on cash investments. Fluctuations in non-Euro currencies particularly with respect to the NOK, USD and GBP may impact the income generated and the (regulatory) equity in these currencies when translated into Euros in the Consolidated Financial Statements. Although the Group seeks to limit its exposure to market risks, it cannot eliminate them. As such, adverse changes in market conditions, on both interest rate and foreign currency fluctuations may negatively impact the net financial income of the Group. Clearing The CCP assumes the counterparty risk for all cleared transactions. This is a latent market risk as it only exists in the event of a clearing member default. In addition the risk is increased if market conditions are unfavourable at the time of default. Regarding the CCP Investment Risk, the Group’s CCP makes investments in high-quality liquid sovereign bonds. CCP Investments over 2024 are negligible, almost all cash deposited at Central Bank. The successful operation of these investment activities is contingent on general market conditions and there is no guarantee that such investments may be exempt from unexpected losses (that could materialise in case of default of a Sovereign Country, a number of Clearing members, or unfavourable interest rate movements). Clearing Should a default of a CCP clearing member not be manageable within the resources available, the CCP’s (and by extension the Group’s) reputation and financial resources may be adversely impacted. Unfavourable movements in interest rates could negatively impact the net financial income of the Group by reducing interest income. 2024 UNIVERSAL REGISTRATION DOCUMENT 63 Risks, Risk Management & Control Structure Liquidity Risk Risk Identification and Description Potential Impact on the Group Non-Clearing The Group would be exposed to a liquidity risk if its short-term liabilities become higher than its cash, cash equivalents, short-term financial investments and available bank facilities and in the case where the Group is not able to refinance this liquidity deficit, for example, through new banking lines. The Group’s power market is exposed to liquidity risk should there be a significant delay in receiving large payments. Non-Clearing In the event that the Group fails to maintain a level of liquidity sufficient to cover its short term obligations, it will increase its default risk, potentially damage its creditworthiness and subsequently its reputation. Depending on the amount of the liquidity shortfall resulting from a delayed payment to the the Group’s power market’s, the Group may be asked to fill the liquidity gap in extreme circumstances. Clearing The Group’s CCP is exposed to the risk of incapacity to meet cash obligations towards its Clearing Members both in standard conditions and while managing a member default. Clearing The Group’s CCP collects clearing members’ margin and default funds contributions in cash and/or in highly liquid securities. To maintain sufficient ongoing liquidity and immediate access to funds, the Group’s CCP deposits the cash received in highly liquid and secure investments, such as Central Bank accounts, sovereign bonds and reverse repos, as mandated under EMIR. In the event that the CCP fails to have sufficient liquidity to fund its obligations the CCP may have significant reputational and regulatory impacts which may further extend to the Group. Capital Requirement Risk Risk Identification and Description Potential Impact on the Group Euronext N.V. as well as certain local entities, operate under strict regulatory requirements, which may include the maintenance of minimum capital requirements. Management of regulatory capital is conducted in compliance with applicable regulation i.e. Capital Requirements Regulation, MiFID II, Market Infrastructure Regulation (EMIR), CSDR, as well respectively applicable national requirements. There is a risk that Euronext N.V. or one of its regulated entities fails to comply with the applicable regulation and associated requirements for minimum capital held. In the event that Euronext N.V. or its regulated subsidiaries do not have sufficient regulatory capital, the Group or the relevant subsidiary's operating licences may be jeopardised, which would affect the Group’s capacity to operate its financial infrastructure, negatively impacting revenues, brand and reputation. 2.1.2 Mitigation Measures The measures described in this section are presented to provide additional information on the Group’s efforts to seek to manage the likelihood, frequency, or impact of certain risks. Despite the measures noted, the Group’s efforts may not be successful in limiting or preventing these risks from materialising or may not achieve the intended benefits, therefore risks in Section 2.1.1 - Risk Factors remain material risks for the Group. Please refer to Section 2.1.1 - Risk Factors for a discussion of the Risk Factors that may negatively impact the Group. Strategic Risks Business Model and Transformation Risk The Group closely monitors its strategic initiatives and programmes, which include formal frameworks that establish governance bodies to organise, and implement its strategic priorities. Governance instances are also developed horizontally across strategic projects to properly assess capacity needs, assign priorities and identify cross- dependencies, including delivery and internal and external readiness. The complexity and interdependency of the current programme requires significant planning and full Group capacity in terms of people and resources to not incur delays. Moreover, client appetite and external stakeholder confidence towards prosed solutions is strictly monitored, as well as competitor reactions. Group knowledge and expertise is continually increasing as the Group gains capacity, competence and experience in expanding its technology and delivering complex projects and synergies. The Group has developed a strong project culture including management knowledge and oversight of projects, reinforcing the Group's ability to complete projects within expected timelines. Regulatory Evolution Risk Euronext actively monitors all relevant European and national legislative and regulatory policy developments and engages in regular discussions with issuers and trading members, European and national policy-makers, and regulators to provide input and respond to developments and consultations attempting to ensure an acceptable impact on its markets. Euronext is working to simplify and harmonise its regulatory process. However, Euronext remains subject to all applicable regulations and directives signed into law whether they be detrimental to its business or not and may translate into an additional regulatory burden for the Group or its entities. 64 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Geopolitical, Macro-economic and Financial Environment Risk Euronext considers international institutions’ economic outlooks and analyst forecasts to assess the level of this risk. The Group has demonstrated the resilience of its business model (diverse asset classes, geographic regions and other sources of income), and is working to develop its non-volume related businesses to reduce the impacts of macroeconomic volatility. Competition Risk The Group challenges its peers on their markets, in particular for the listing of global companies and SMEs in the technology sector. The Group has established a sales presence building proximity in several European locations. The Group identifies unlisted companies to support meeting their ambitions (additional financing) and maintains targeted pre-IPO programmes to familiarise key executives with financing solutions of capital markets. Innovation in the equity sector and movements in the competitive landscape are closely monitored and actions are taken to protect market share and develop new offerings to attract trading. Euronext is focused on delivering the highest quality liquidity management with the aim of providing a deep pool of liquidity, best execution and a resilient market. The Group maintains, or improves its position by offering services, research and client engagement to respond to client needs. In particular, in 2024 Euronext expanded its pan-European and US equity offering and implemented new functionalities for the trading execution of institutional flows. The Group clearing house competes for cash equity clearing flows, to maintain attractiveness the Group seeks to generate decreased costs for clearing members for the clearing and settlement of instruments. Operational Risks Cybersecurity Risk The Group makes significant efforts to mitigate cybersecurity risks, whether from threat actors or vulnerabilities, from materialising by making targeted investments in people, processes, and technology. The Group has a specific cybersecurity strategy, roadmap, and a Group-wide established governance model supported by dedicated resources. The roadmap and strategy are challenged by internal audits, external auditors and regulators from all countries where Euronext operates regulated markets. Euronext implements a security strategy and best practices aligned and certified in recognised global standards (e.g. ISO9001, ISO 27001, NIST) and seek to ensure a high level of cybersecurity maturity. Furthermore, the DORA programme is continuously improving the cybersecurity posture of the Group via the five pillars of DORA which enhance ICT risk management, ICT incident classification and reporting, digital operational resilience testing (which includes for example vulnerability assessments, penetration testing, source code analysis among others to cover DORA requirements). Despite the Group's efforts, cybersecurity threats continue to grow in sophistication and thus the risk cannot be eliminated. Information Technology Risk The performance and availability of the Group’s systems are reviewed continuously and monitored to prevent problems when possible and responding, in a timely and efficient manner, when problems do occur. Euronext continuously invests in the development of its technology in order to maintain and ensure best in class service and capacity Euronext seeks to reduce the technology risk by maintaining technical segregation of its key IT platforms across the value chain to ensure that an issue affecting one platform or service cannot contaminate multiple systems. The Group has established governance instances to oversee complex cross value-chain IT programmes. This supports the objective of control of execution, proper resource allocation while maintaining system stability and continuity of service. Third Party Risk Technology Service Providers The Group seeks to identify and manage risks associated with third party supplier risk by partnering with reputable technology and services providers, via audits of the technology, backups and business continuity arrangements, as well as information on remediation plans should any of its providers experience service issues. The Group has implemented an Outsourcing Policy and a Procurement Policy which ensure the due diligence and contract review of all service providers to ensure that contracts are robust. The Group performs yearly testing of its business continuity plans including disaster recovery exercises. In addition, the DORA regulation will support enhanced resilience of key financial infrastructure ICT providers, supporting overall Group resilience. With respect to data centre providers Aruba Data Centre is state-of-the-art Tier 4 data centre which ensures redundancies to avoid outages. With respect to telecom providers, for the most critical of these the Group ensures multi-vendor solutions to maintain to a maximum reasonable extent the availability of tis critical systems, services, and platforms. Clearing Service Providers and Settlement Partners Euronext trading venues have contracts with each of its post- trade clearing providers that establish clear governance and service quality. The Group's CCP, has contractual relationships with the CSDs which provide settlement and custody services for Euronext Clearing, including the Group's CSDs and Euroclear Bank and Clearstream Banking Luxembourg. Such contracts include provisions to ensure the continuity of service. The Group interests are further protected with respect to Euroclear as the Group holds 3.5% stake of Euroclear S.A./N.V. Business Continuity Risk The Group has process and controls in place to mitigate the impacts of unforeseen disruptions on its business activities. The Group has a strong group-wide Business Continuity and Crisis Management Policy and programme, with mature governance instances in place. The Policy includes risk-based scenarios that support the assessment of the risk profile of the Group and its subsidiaries. The Group maintains an ongoing process to assess its operational resilience and capacity to operate critical 2024 UNIVERSAL REGISTRATION DOCUMENT 65 Risks, Risk Management & Control Structure activities across its locations. The Group along with financial sector peers seek to ensure the well-being of their employees and continuity of their operations and to this end work to strengthen relationships with authorities to maintain security and resilience. Employee Risk The federal model and geographic footprint enable Euronext to have a diversified talent pool and to allocate resources in areas with less competitive market conditions. It contributes to minimise impacts on business and operational resilience of the Group. Shared processes and HR systems are deployed across locations together with a common framework on talent acquisition, talent development, succession plans, performance management, compensation and career mobility. To mitigate risk, the Group has established common Talent Develop practices across all locations, in accordance with the strategic plan priorities. A Group training plan, including leadership programmes, and local training actions are in place to develop competencies of core strategic skills. To help prevent a skill shortage, specifically in the information technology field, Euronext partners with engineering and IT schools to co-develop projects and improve its visibility as an attractive employer. The Group has an “Early Career” programme to recruit and train students and recent graduates with the latest technologies and critical skills. In addition, for more senior roles, Euronext has developed short term and long term international mobility to support teams upskilling and the federal model. In 2024, the Group continued to reinforce its ESG commitment internally and externally with initiatives to support its corporate purpose "Shaping capital markets for future generations", including climate sessions, society projects, a D&I Network and Women Network across the Groups. Our various wellbeing programmes continue to support our employees' health. Please refer to section 3.3 Social for additional information regarding employee initiatives in place. Regulatory and Liabilities Risk To ensure that the Group remains compliant with all laws and regulations it has taken a range of proactive preventative measures. For example, the Regulatory and Government Affairs team of the Group monitors and informs the business about all relevant legislative developments, to ensure that business lines and operations are aware of all applicable rules and regulations. In addition, compliance policies and procedures are in place, regularly reviewed and supported by an annual training plan. The actions ensures Group entities and staff are compliant with applicable laws and regulations and uphold our corporate standards. The Euronext Code of Business Conduct and Ethics sets out the principles of behaviour required of all Company employees and is provided to all new joiners. In addition, conduct risk is primarily managed via a wide range of policies and procedures, applicable to employees, and is enforcing these through regular training and monitoring. For regulations or directives that may have a significant impact on the Group, notably DORA and CSRD dedicated programmes were established and implemented in project mode, with governance including project committees and steering committees to maintain sufficient focus, escalation and arbitration to support Group readiness for the date that the directive or regulation in question is applicable. Regarding the usage of AI tools, a transversal working group has been identified and is being implemented to develop and frame the usage of these systems to support compliance with the AI act. Legal and compliance functions have been established at various locations to ensure coverage of all business lines, including throughout all stages of business projects to comply with local laws and regulations. Financial Risks Credit Risk Non-Clearing The Group's Treasury Investment Policy governs the credit risk requirements of counterparties (banks, financial institutions, funds) and their diversification to avoid a concentration of risk. Investments of cash and cash equivalents in bank current accounts, government and supranational bonds and money market instruments, such as short-term fixed and floating rate interest deposits, are governed by a strict group Treasury Investment Policy aimed at reducing credit risk. The Group seeks to limit its exposure to credit risk by rigorously selecting the counterparties with whom it executes agreements. Credit risk created by derivatives for hedging purposes are negotiated with leading high-grade banks. The Group continuously monitors the credit ratings of its counterparties and reviews individual counterparty limits on a regular basis. Customers of the Group are typically leading highly rated financial institutions. Credit risk at the Group’s power market is reduced by the margin/collateral posted by members, which is intended to exceed their expected daily trading. The Group’s power market adjusts its risk model parameters to take into account high volatility and prices to ensure sufficient levels of collateral in case of a member default. In certain circumstances, trading could potentially exceed collateral posted, however the entity closely monitors all members to prevent outstanding trading amounts in excess of collateral capacity. Key banking relationship assessed and considered low risk given high credit rating and systemic importance. Clearing Risks associated with clearing activity are mitigated by a number of preventative controls and as well as measures that seek to reduce the impact should the risk materialise, the most important of which include: ■ Strict CCP membership rules including supervisory capital and operational capability ■ The maintenance of prudent levels of margin and default funds to cover exposures to participants. Members deposit margins are computed at least daily (including intraday calls), to cover the expected costs which the clearing service could incur in closing out open positions in a volatile market in the event of the member’s default. ■ Regular ‘Fire Drills’ are carried out to test the operational soundness of the CCP's default management processes. Market Risk Non-clearing All outstanding bonds maturing between 2025-2041 totalling €3,050 million are fixed-rate bonds not hedged. The Group 66 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure seeks to protect capital by making short term investments in high quality and low risk financial instruments. Foreign currency risk is reduced as operating revenue and expenses in the various Group subsidiaries are generally denominated in the functional currency of each relevant subsidiary. The Group may use derivative instruments or foreign denominated debt to manage its net investment exposures. The Group is primarily exposed to major currencies, for which it is the Group’s policy not to hedge net investment exposures, cash flows paid or received at a currency different from the functional currency of the entity in question. While not typical, the Group may consider, on a case by case, hedging net investments and cash flows should circumstances dictate. Clearing Margins and default funds collected from Clearing Members are sized to protect against latent market risk. The adequacy of margins is daily (also intraday) monitored and adjusted. Daily stress test based on ‘extreme but plausible’ scenarios encapsulating not only historical crises, but theoretical scenarios ensure that the Default Funds are sufficient to cover the most exposed banking groups. The CCP is compliant with the appropriate regulatory requirements regarding margin calculations, capital and default rules. The CCP has a specific Investment Policy, compliant with EMIR Regulation. It defines the scope and the limits of potential investments to ensure that risk taking is limited and controlled. The Group’s CCP manages its exposure to credit and concentration risks arising from such investments by maintaining a diversified portfolio of high-quality liquid investments. The CCP monitors on an permanent basis, its portfolio and its compliance with the Investment Policy. Given the external environment, Euronext Clearing has maintained its strategy to risk-off to minimise any residual risk. Liquidity Risk Non-Clearing The Group’s policy is to maintain sufficient cash, cash equivalents and available bank facilities to enable the Group to repay its financial liabilities at all maturities, irrespective of incoming cash flows generated by operational activities. These assets are managed as a global treasury portfolio invested in non-speculative financial instruments, readily convertible to cash to ensure a high level of available liquidity. The Group’s power market has committed risk capital, committed and uncommitted credit lines, trading is covered by collateral posted by members via pledged accounts, on- demand bank guarantees and letters of credit. Additionally the settlement cycle provides a buffer between inflow and outflows that further underpins liquidity. These measures have been established to help ensure that the entity has sufficient liquidity should it be required. Clearing The Group's CCP has implemented a regulatory compliant Liquidity Plan (regularly reviewed and shared with the CCP's regulators head of submission to the CCP’s Board for approval) for day-to-day liquidity management and controls, including contingencies for stressed conditions. The Group's CCP has multiple layers of defence against liquidity shortfalls including: minimum cash balances, access to contingent liquidity, and access to intraday central bank liquidity and secured and unsecured committed lines of credit. Investments over 2023 are, however, negligible almost all cash collateral is deposited at the Central Bank. Capital Requirements Risk Euronext N.V. has a control and regulatory reporting framework with dedicated procedures aimed at ensuring the regular monitoring of the capital requirements for each of the regulated entities and that sufficient capital is constantly maintained within specific thresholds to meet the required levels under each of the regulations applicable to its subsidiaries. 2.2 Risk Management & Control Structure A Unified Second Line of Defence Euronext is dedicated to building the leading European market infrastructure and powering capital markets to finance the real economy, while delivering value to shareholders. To execute our ambitions Euronext is committed to preserving a balance between pursuing our strategic ambitions and ensuring operational excellence. To support our ambitions and preserve favourable conditions to fulfil this mandate Euronext has adopted Enterprise Risk Management (ERM) framework and Internal Control frameworks. The Enterprise Risk Management framework is designed and operated to identify potential events that may affect the Company, with the objective of protecting the Company. The ERM approach provides a framework to identify, assess, measure and manage risk to be within the defined risk appetite, via mitigation measures and control mechanisms, and monitor and report risks to protect the Group. The Internal Control framework is designed to complement the ERM Framework. It seeks to support the Group in ensuring controls are robust, i.e. appropriately designed and implemented and correctly executed to support risk mitigation. Corporate Compliance provides guidance with dedicated policies and standards to all Group staff, to establish and safeguard required and expected conduct in accordance with all applicable regulations and Group expectations. Business Continuity Management (BCM) underpins Group operational resilience as it seeks to anticipate, respond and mitigate the impacts of potential incidents and crises to ensure the recovery of critical processes and operations as quickly as possible in the event of a significant disruption. 2024 UNIVERSAL REGISTRATION DOCUMENT 67 Risks, Risk Management & Control Structure Euronext embeds the risk and control awareness in the Company culture, to make risk and opportunity management a regular and everyday process for employees. The Supervisory and Managing Boards regard risk management and internal control as key management processes to steer Euronext, and enable management to effectively manage risks and opportunities. Risk Management, Internal Control, Compliance and Business Continuity Management teams work closely to support and protect Group value, assets, and reputation. Enterprise Risk Management Framework The objectives and principles of the ERM process are set forth in the Group’s ERM Policy. The ERM framework is based on industry best practice of both Internal Control and Enterprise Risk Management. It employs a bottom-up and top-down process to enhance management and transparency of risks and opportunities. At the top, the Supervisory Board and Managing Board discuss major risks and opportunities, related risk responses and controls and opportunity capture, as well as the status of the Group risk profile, including significant changes and planned improvements. The design of the Group risk management process seeks to ensure compliance with applicable laws and regulations with respect to internal control and risk management, addressing both subjects in parallel. From the level of business and operations activities, these teams interact with Risk Management and Internal Control teams regularly to support the identification and assessment of risks, their evolution, supporting risk escalation. Enterprise Risk Management Framework Governance The ERM framework and governance is designed to allow the Managing Board and the Supervisory Board, as part of Euronext’s business model (please refer to section 1.3.1 - Business Overview), to identify and assess the Company’s principal risks to enable strong decision-making to execute Group strategy. Reporting is made and consolidated on a regular basis to support this process. The risk management framework further enables the Supervisory and Managing Boards to maintain and attest to the effectiveness of the systems of internal control and risk management as set out in the Dutch Corporate Governance Code. The Governance structure and related responsibilities for the ERM process are as follows: ■ The Supervisory Board validates the risk appetite, reviews risk management and internal control systems, and assesses their effectiveness via the Risk Committee. ■ The Managing Board is responsible for the suitable design and sustainable implementation of enterprise risk management (ERM) and internal control systems across the Group. ■ By delegation, the Risk Committee of the Managing Board (‘Risk Committee of MB’ or ‘RCMB’) oversees that the RM Policy and the RM Framework is applied, discusses key risks and potential actions, and challenges the RM Process. It defines and applies the risk appetite of the Group. The RCMB is composed of a subsection of the Managing Board. ■ Boards of subsidiaries, if constituted, ensure that the RM Policy and the RM Framework is appropriate to the specific circumstances of the entity and serves the governance and regulatory requirements of that entity. ■ The Group’s CFO has primary responsibility for the controls over financial reporting and regulatory capital requirements. ■ The Group’s CISO has primary responsibility for the controls over cyber and information security. ■ The senior management of the Company assume responsibility for the operation and monitoring of the ERM system in their respective areas of responsibility, including appropriate responses to reduce the probability and impact of risk exposures and increase the probability and impact of opportunities. ■ The Head of Risk and Compliance is appointed by the Managing Board, reports to the Chief Executive Officer and has a line of communication to the Risk Committee of the Supervisory Board. This reporting structure provides the necessary independence of second line of defence teams. The Group Head of Risk and Compliance has primary responsibility for the ERM strategy, priorities, process design, culture development and related tools; the risk management organisation is structured cross-division, as a network of risk owners permitting the coverage of the entire Group and drives a proactive risk management culture. Risk and Compliance officers are located in countries where Euronext conducts its activities and are supported as necessary by local legal staff to benefit from the local expertise and knowledge of the local business and environment. 68 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure External Auditors Regulators Supervisory Board Approves strategic objectives and validates the risk appetite Reviews Euronext's risk management and internal control systems Assess these systems' effectiveness via its Risk and Audit Committees Managing Board Oversees the suitable design and sustainable implementation of Enterprise Management Management (ERM) and internal control systems across the Group Defines and allocates risk appetite across the Group Dedicated governance of risk management Three Lines of Defence Model 1st LINE OF DEFENCE 2nd LINE OF DEFENCE 3rd LINE OF DEFENCE Business & Operations Management Risk Management, Internal Control, Compliance, Specialist functions Internal Audit Identifies and manages risks in its scope and responsibility Maintains effective day-to-day control Develop and promotes the ERM framework supporting management in the identifications, assessment, management, monitoring and reporting of risks Facilitates consistent and period reviews of the design and implementation of internal control systems Provides independent assurance of the effectiveness of the risk management and internal control frameworks, design of the controls, and activities in the Group Euronext’s internal risk management and control is a process executed by the Managing Board, management and other employee stakeholders. It is designed to provide reasonable assurance regarding the achievement of objectives in the following categories: ■ effectiveness and efficiency of operations; ■ reliability of financial and non-financial information; ■ compliance with laws, regulations and internal policies; ■ safeguarding of assets, and identification and management of liabilities; and ■ strategic and business objectives. No major failings were identified by the Risk and Internal Control Programmes over the course of 2024. As Euronext continuously evolves its internal control programme and related oversight, it will continue to challenge first line controls and ensure the Internal Control testing plan is risk-based and adapted to oversee critical processes. Euronext’s first and second lines of defence perform their roles in risk assessment and reporting on risk management and control systems. The results are reported in the Risk Profile and discussed regularly at Managing Board meetings and with the Supervisory Board via the Risk Committee of the Supervisory Board. Internal Audit, as the third line of defence, provides an independent and objective assurance on the organisation's governance, risk management and internal control as well as the operational robustness of processes. Internal Audit reports are discussed with risk and process owners. The Head of Internal Audit attends Managing Board meetings on a regular basis to discuss its findings and recommendations. (Please refer to section - 2.2.3 Third Line of Defence). 2.2.1 First Line of Defence The First Line of Defence, represented by the department risk owner is accountable and has the authority to manage risk. The first line identifies, notifies, assesses, and manages/ mitigates risks within their relevant scope in coordination with the Second Line of Defence. Furthermore, the First Line of Defence cascades the risk appetite throughout their scope, monitors risk and validates risk-related information. The first line is accountable for maintaining accurate information regarding the action plans related to identified risks. In addition, the First Line of Defence is responsible for designing and executing controls to support the mitigation of identified risks, as well as the identification and implementation of remediation plans. The progress and effectiveness of remediation plans (as well as the implemented risk mitigation measures) is monitored by the relevant risk owners and, regularly and/or upon request by the Second Line of Defence. 2.2.2 Second Line of Defence The Second Line of Defence, represented by the Risk Management and Internal Control Teams and supported by the Business Continuity Management and Compliance teams. 2.2.2.1 Risk Management The Risk Management team develops the risk management policy, including the risk appetite framework and processes, and supports consistent application across the Group. The Risk Management Team coordinates the risk management 2024 UNIVERSAL REGISTRATION DOCUMENT 69 Risks, Risk Management & Control Structure activities across the group, and reports to relevant instances (see governance above) the risks profile with a particular focus on eventual risks that may exceed the stated risk appetite levels (please see bellow) for details on Risk Appetite). The Risk Management team is responsible for challenging the first line risk owners on the comprehensiveness and level of their identified risks and related mitigation measures and action plans to propose and recommendations where deemed necessary. Risk management further coordinates risk information from other specialist second line and control functions, including but not limited to Business Continuity Management, Internal Control and Compliance as necessary. Risk Appetite Risk appetite is the type and amount of risk, on a broad level, Euronext is willing to take to achieve its strategic objectives. Developing the Risk Appetite Statements is an exercise in striking a balance between risk and opportunity. Risk Appetite is set for both risks related to daily business as usual operations and specific business initiatives. Risk Appetite sets the basis for the requirements for monitoring and reporting on risk. Risk appetite is considered at an operational level and strategic level with quantitative and qualitative components and cascaded into business lines and legal entities. These components are used during the assessment process to develop the residual risks and support risks reported and escalated to the Managing Board and Supervisory Board. Risk Appetite Statements According Risk Typology: Strategic Risks Operational Risks Financial Risks Moving Euronext forward requires taking calculated risk in pursuit of rewards while securing its core business, its reputation and regulatory development including environment, social and governance (ESG) subjects. The Group may take risk when pursuing strategic opportunities including M&A and organic initiatives that will enhance its position and further enable achievement of strategic objectives. The Group aims to ensure revenue aligns with the budget plan in expected economic conditions. Euronext ensures core services are provided to its members, participants and clients across the value chain. The Group has no appetite for a material compromise of the confidentiality, integrity, authenticity or availability of our information assets, ICT assets, and/or financial assets under its control, The Group has no appetite for failing to meet legal and regulatory requirements, or for its employees to fail to comply with internal Group policies. The Group aims to design, execute and maintain processes that are efficient and effective while while ensuring digital operational resilience is maintained and while avoiding significant adverse impacts on environmental, social and governance (ESG) factors. Operational investments are prioritised in line with the degree of tolerance accepted. Strategic initiatives may introduce increased risk for a certain period of time. Euronext will take some financial risk in alignment with the strategic objectives within the limit of maintaining its investment grade profile. The Group has no appetite for regulated entities to fail to meet regulatory capital requirements and will maintain targeted liquidity headroom at all times. 70 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Risk Management Process Risk Identification involves the identification of threats to the Group as well as causes of loss and potential disruptions. In line with Risk Appetite the Group classifies its risks under three principle categories. Risks are classified to support the objectives of: ■ Creating a uniform language to examine risks; ■ Allowing newly identified risks to be assigned to an appropriate category for measurement, tracking and reporting. The Group classifies risks into the following categories: Strategic, Financial and Operational (including Compliance). These categories provide comprehensive coverage of the Group and its activities and are the foundation of the enterprise-wide risk classification system. The classification system ensures that risks in all businesses, subsidiaries, and operations of the Group and its activities are considered and reported. In addition to embedding sustainability risk in the Group's risk appetite statements. Risks with an ESG dimension are integrated into the risk management process. Complementing the risk taxonomy (see table below), the Group has developed ESG Risk definitions and has integrated them to the risk process, in particular during the Risk Identification leg of the process. The Group's approach to ESG Risk Management is to integrate where relevant the ESG dimension into existing risks, to avoid duplication of risks. To do this the Group completes a dual analysis to first identify and classify a risk according to its principle risk category: operational, strategic or financial (see table below "Overview and Definition of Principle Risk Categories) according to the Group taxonomy and then uses the ESG Risk definitions (See table below "ESG Risk Definitions to determine whether there is an ESG dimension to a risk, and thus whether it can also be considered an ESG Risk. Overview and Definition of Principle Risk Categories Strategic Risks Operational Risks Financial Risks Risks associated with the quality of Group strategy, creation, and implementation. Risks associated with the external environment, regulatory evolution, competition and stakeholder confidence. Risk of loss resulting from a failure in, or inadequate or failed internal processes, people, and systems or from external events including physical and information security. The risk of loss, due to a failure to act in accordance with applicable laws, regulations, internal policies or or standards, or prescribed best practices. The risk of financial failure, loss of earnings due lack of liquidity, funding or capital, CCP related financial risks and/ or the risk of improper reporting and disclosure of financial information. * For material risks categorised according to the above typology please refer to section 2.1.1 - Risk Factors of this Document. 2024 UNIVERSAL REGISTRATION DOCUMENT 71 Risks, Risk Management & Control Structure ESG Risk Definitions ESG Landscape Risk An environmental, social, or governance event or condition that, if it occurs, could cause a real or potential material negative impact (financial, operational or strategic (including reputation)) on Euronext Group’s ability to achieve its objectives, or on its stakeholders, address uncertainty and act with integrity. This includes the risk of a financial and strategic impact due to the inadequacy of the Group's product and services offering, and evolution of ESG regulations impacting the Group and/or its supply chain or service providers and its assessment in its short, medium and long-term impacts. Environmental Risk Current or prospective quantitative and qualitative impacts of environmental factors on Euronext Group assets, people, counterparties, or clients, in the form of physical and transition risks. Physical risks both acute (short-term resilience) associated with one off climate events on Euronext premises, and chronic (long-term evolution) impacts on physical assets, underlying markets and products impacted by climate change and the transition to a net-zero economy, including changes in climate- related regulation and policy, technology, and client perspective/appetite. Climate related risk assessments consider, insofar possible impact on Euronext operations, and along the upstream an downstream value chain. Social Risk Risk of inadequate human capital management and/or development or action negatively impacting group stakeholders and/or communities. This risk typically takes the form of organisational policies and practices regarding human rights, health and safety, supply chain management, diversity and inclusion, and social impacts resulting from company operations. Governance Risk Inadequate, poorly designed, or absent system of rules, frameworks (policies, processes, standards and procedures) and oversight (internal and external) that guide the Company. ■ Includes frameworks such as accountability, security and transparency to ensure that the Company acts with integrity; ■ Related to regulation and laws generally recognised on the ESG spectrum:e.g. KYC, AML, anti-fraud, anti-bribery, cybersecurity, data protection, business continuity, regulations or standards etc., generally those regulations that apply to ethical standards. The approach to ESG risk is considered from two perspectives: inside-out risk, or the impact of the Group and its related activities on ESG, and outside-in risk, how ESG issues may impact the Group or its activities. Risks with an ESG dimension are either Operational or Strategic in nature. Risk Assessment is made in the potential event of a developing risk or following an incident. It aims to assess the risk qualitatively and quantitatively where possible, using supporting information such as performance indicators. This assessment, defining the residual risk level, takes into account mitigation measures currently in place such as controls, procedures, policies, business continuity measures and/or insurance policies. The risk assessment phase is carried out by the risk management team in conjunction with the first line of defence based on data and information produced and collected by the first line or support functions. Mitigation measures for each risk are identified, evaluated, and the residual risk is assessed and reported. Group Risk Management has worked with the first line to identify risks with an ESG dimension and reassessed these risks with the first line to ensure that the impact of ESG is appropriated determined. The Group currently has not identified any material ESG risk exposures. Risks with an identified ESG dimension are risks that have been identified and categorised by the Group’s ERM taxonomy. The Group Risk Management team has worked to support the ESG team in completing the double-materiality assessment and determining the Group’s materiality areas according to the CSRD ESRS and assess the impact, risk and opportunities related to these, for more information on the Group CSRD process please refer to Chapter 3 – Empower Sustainable Finance of this document. With respect to physical climate change risk, however, Group Risk Management and Business Continuity teams considered climate change in physical risk assessment screening applicable climate hazards in line with the EU taxonomy and various climate change scenarios aligned with the IPCC. The Group has not identified physical risks with material impacts in key geographical locations related to climate change. As such these risks are excluded from Sections 2.1 and 2.2 as they are not determined to be material to the Group’s business or operations at this time. However the Group will continue to monitor its exposure to climate change and escalate should the exposure to these risks become material to the Group. Risk Response determines and implements the most appropriate treatment of identified risks. It encompasses the following: treat, tolerate, transfer and terminate, typically risks out of appetite are treated. Organisational units and employees perform risk management and implement mitigating actions, including among others, controls as required by the risk appetite and escalation process. Residual risks may remain material after management process is applied (please refer to section 2.1.1 - Risk Factors ). 72 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure Risk Reporting – the Supervisory and Managing Boards and Risk Committee of the Managing Board, comprised of senior managers, are informed in a timely and consistent manner about material risks, whether existing or potential, and their related management measures to take appropriate action. Reports are issued to the above mentioned boards and committee on a regular basis, at least quarterly. Ad hoc reports may be issued when a new risk or the development of an existing risk warrants escalation. Risks reported are those risks that are material to the Group and out of appetite. Risks within risk appetite may be escalated if it is determined that the risk may evolve unfavourably in the near future. Risks within risk appetite may be escalated if it is determined that the risk may evolve unfavourably in the near future. In addition, reporting may also include subjects of particular concern to the Group even if the risk is judged to be within appetite. ESG Risks are reported in a dedicated reporting at least annually. Risks are reported over a short-term time horizon, however may report emerging risks which have longer time horizons before potential materialisation. Euronext considers four time horizons: short term (1 year), medium term (1-3 years) to long term (3 – 10 years). For scenario analyses with respect to climate change the Group may also employ a very-long term (beyond 10 years) time horizon in order to analyse potential impacts of climate change in alignment with best practices which often prescribe a time horizon beyond 10 years. 2.2.2.2 Internal Control Euronext has established a framework of internal control across its business areas and functions. This framework is based on IOSCO principles, established procedures and training of the key personnel responsible for implementation and oversight. Controls are performed at a first level in the businesses and monitored and tested by the second level by specialised teams, notably in Internal Control and Compliance departments. In accordance with professional standards governing this activity, internal audit independently assess the effectiveness of internal control and risk management procedures. The Internal Control framework is underpinned by the Group Internal Control Policy and complemented by an Internal Control Handbook. Internal Control is supported by the Internal Control Steering Committee and validated by the Risk Committee of the Managing Board. Internal control works closely with the Risk Management team to ensure that risks that must be treated are covered by mitigation measures, action plans, and /or controls. 2.2.2.3 Business Continuity Management Business continuity is an essential component of effective risk management. It involves understanding an organisation's potential risks which, if realised, could have a high impact on the continuity of the organisation's business operations. Effective Business Continuity Management (BCM), including crisis management, is vital in protecting and underpinning the reputation, efficiency, and resilience of the Company, as well as the Group stakeholder interests. Business continuity and crisis management at Euronext is supported by the Business Continuity Management Steering Committee and validated by the Risk Committee of the Managing Board. The BCM Steering Committee's role is to review and validate the data consistency of the Business Continuity and Crisis Management and to provide guidance for the construction of the BCM roadmap. The Risk Committee of the Managing Board validates Business Continuity and Crisis Management policies and can arbitrate on key decisions when necessary. The Group has implemented a comprehensive framework for business continuity, including plans, testing and crisis preparedness, to enforce the company’s organisational resilience with the capacity for effective response, whether to maintain or restart its critical activities, safeguard the interests of its key stakeholders, its reputation, its brand and its value-creating activities. The Group’s business continuity objectives are as follows: ■ safeguard the well-being and safety of employees, ■ minimise organisational and operational risks to the Group, and ensure that the Group can operate effectively with prepared workaround and crisis management processes, ■ provide a coherent framework for business continuity management that ensures recovery arrangements are taken into account as part of corporate and support function practices, ■ implement recovery measures for Group activities such that are available, and appropriate to reduce insofar possible disruptions of any size. The Business Continuity framework and its implementation at Euronext are based on internationally recognised business continuity principles, notably those developed by the International Organisation for Standardisation (ISO) and the Business Continuity Institute (BCI). 2.2.2.4 Corporate Compliance Compliance with applicable rules, regulations and ethical principles is key to Euronext's success and it is the obligation of every employee to support this effort. Euronext is strongly committed to conducting its business with integrity, excellence and responsibility and to adhering to high standards of ethical conduct. Euronext’s culture promotes accountability, responsibility, an open dialogue, and is bolstered by the Corporate Compliance department. The role of Corporate Compliance is to establish and maintain a best in class compliance culture within the Company and to ensure that Euronext’s business approach is in line with the highest ethical standards. The Corporate Compliance department supports Euronext and its employees in complying with applicable laws and regulations and promotes ethical standards in accordance with Corporate Governance standards. Corporate Compliance raises awareness by articulating the responsibilities of the Company and its employees through policies and training, the monitoring of those policies, and serving as a point of contact contact for compliance matters for employees. Euronext Code of Business Conduct and Ethics Euronext’s Code of Business Conduct and Ethics sets and reaffirms Euronext’s high standards of ethical conduct and reinforces its business ethics, policies, and procedures. All board members (Managing Board, Supervisory Board and any other entity boards) and all employees including contractors, 2024 UNIVERSAL REGISTRATION DOCUMENT 73 Risks, Risk Management & Control Structure temporary employees, and interns are required to be compliant with the Code. The Code of Business Conduct and Ethics, is complemented by nine corporate compliance policies, and governs, without exception, all business activities of the Company. The Code of Business Conduct and Ethics all compliance policies are permanently, publicly available the Company intranet, and the majority of compliances as well as the Code are publicly available on the Euronext website. The Corporate Compliance policies that supplement the Code of Business Conduct and Ethics cover the prevention of money laundering, sanction violations, bribery and fraud, managing conflict of interest, confidential and inside information and personal trading (please refer to Section 3 of this Universal Registration Document and the Group website for additional details on the Corporate Compliance policies). The Code of Business Conduct and Ethics is notably supported by a confidential reporting (whistleblowing) system that enables employees to report, in an anonymous manner should they choose, alleged breaches of laws, regulations, or Company policies. The Euronext Whistleblower policy and procedure ensure that reporting employees, in good faith, are free to do so without fear of retaliation in accordance with the laws in the countries where Euronext operates. The Company protects anyone who reports an alleged breach of laws, regulations or Company policies in good faith, and ensures that they shall, in no way, be put at a disadvantage by the Company as a result of the report. The effectiveness of the Code of Business Conduct and Ethics and supporting policies are ensured by their availability, and by Group-wide training and awareness programmes, including communication targeting all Company employees. In addition, the Corporate Compliance department provides specific, targeted training for employees in sensitive roles that require additional awareness and training reinforcing the Group ethics and compliance culture. Anti-Fraud Framework Euronext maintains a high level of awareness of the risk of fraud, both internal and external. With respect to internal fraud, processes to mitigate this risk are embedded in first and second line procedures, for example, controls to detect unauthorised access of internal systems by staff and finance processes and procedures to avoid fraudulent payments. Awareness is maintained via internal training on compliance and fraud-related subjects. The Group seeks to prevent any and all occurrences of fraud, and should they occur, limit impacts of fraud, broadly by awareness and training campaigns for all employees. Particularly in the case of fraud related to cyber security the Group maintains a dedicated strategy and implements bests practices. For more information on cyber security risk and Group mitigation measures refer to Sections 2.1.1 Risk Factors and Section 2.1.2 Mitigation Measures of this Document. Governance is provided by an Anti-Fraud Framework and Anti- Fraud Policy, which are periodically reviewed. Reporting mechanisms are available to staff to ensure that alerts are referred to the relevant department for follow up. Further, Group policies, guidelines and procedures ensure that the risk of money laundering, sanctions violations, bribery, fraud, insider trading and conflicts of interest concerns are managed and that business is always conducted in a fair manner. Staff training and awareness sessions are conducted regularly in all Company locations to promote compliance and ethical standards. Finally, given the dual positions of Euronext as a market operator and a listed issuer on the Euronext markets, the Compliance department has imposed strict personal dealing rules and a conflicts of interest procedure to ensure that neither the staff nor the Company itself may take undue advantages of from this situation. Compliance processes are established as follows: Dialogue with business Risk mitigation through policies and procedures Risk mitigation through staff training and awareness Monitoring of policies and procedures More information on Euronext’s commitment to Ethics are provided in Section 3.4 of this Document 2.2.2.5 Data Protection In addition to the Corporate Compliance department the Group has an independent Data Protection department with a Group DPO appointed to ensure that data privacy and compliance with General Data Protection Regulation (GDPR) is maintained across all Group entities. Euronext is committed to protect personal data and respect of the right to privacy. To support Group compliance to GDPR. Euronext has adopted a set of internal policies and procedures and has published or disseminated a number of information notices to data subjects, including but not limited the Data Privacy Policy, Data Classification Standard, Corporate Standard and Procedures for Data Protection Impact Assessment, Data Rights and Management of Personal Data Breach among others. Developing and maintaining staff awareness of data protection is key for Euronext in order to maintain compliance with data protection laws. As such, new arrivals must complete GDPR training upon arrival, and all employees undergo mandatory GDPR training via multiple channels. Additionally, those with roles that handle personal data, may undergo in-depth training. Processes that handle personal data are reviewed by the Group DPO at the starting phase of each new project and then reviewed regularly once implemented to ensure continuous compliance with the Group’s data privacy obligations. Since 74 2024 UNIVERSAL REGISTRATION DOCUMENT 2 Risks, Risk Management & Control Structure 2020, Euronext has run a monitoring programme to control GDPR compliance as well as the respect of measures implemented internally. Following these checks, remedial measures are proposed and their implementation is monitored. Since 2022 a similar monitoring programme has been introduced for companies outside the Group that process personal data on behalf of Euronext. At the end of this monitoring, a report is sent to the Risk and Compliance Department and to the departments using the services of the third-party companies concerned in the event of identified risks. 2.2.2.6 Second Line Programme Development Euronext continues to drive improvements to its risk management process and the quality of risk information generation, while at the same time maintaining a simple and practical approach. The roadmap for 2024 for the Second Line included the below key elements ■ Risk Management involvement in key initiatives related to Borsa Italiana Group integration including the final step of the Borsa Italiana Migration to the Optiq® trading platform, and the final two steps of the European expansion of Euronext Clearing. ■ In addition, Risk Management has led of the Digital Operational Resilience Act (DORA) implementation programme, co-sponsored by Group COO and Group Head of Compliance and Risk. The DORA programme mobilised experts across transversal departments including, Business Continuity Management, IT and Information Security, Procurement and Finance, Internal Control, Compliance and Legal and Regulation teams. DORA has required adjustments to the Group Risk Management Framework and governance, in addition to other group policies and standards. The DORA programme has further reinforced existing robust frameworks in place better aligning them with international standards. Throughout 2025 the Group Risk Management will rollout DORA in "business as usual" mode. In addition to leading the DORA programme, Group Risk Management has supported the ESG team and other key stakeholders in preparation of Corporate Sustainability Reporting Directive (CSRD) over the course of 2025. ■ Over 2024, the foundations of the internal control system were significantly bolstered in particular by enhanced documentation including reinforced internal control processes and regular internal control reporting, a broader scope onboarded in line with the recent Group integration, an internal control tool implemented and an annual Internal Control testing campaign enriched. This review and refit is ongoing seeking continuous enhancement and maturity. ■ Over 2024, Business Continuity Management (BCM) has focused on improving operational resilience and supporting the Group in preparing for the implementation of DORA. Notably, BCM has, in collaboration with IT, built an enriched and strengthened associated resilience testing strategy. Euronext will continue to roll out its testing strategy including ICT tools and systems tests as required by DORA. ■ Finally Compliance has supported the implementation of DORA, and enhanced several policies to better reflect the Group ESG ambitions and objectives, while fulfilling CSRD disclosure requirements. The Compliance department also focused on awareness, in particular related to the whistleblowing system and policy. In 2025 the Risk Management roadmap will continue with the topics cited above and will be complemented by the support to the Group's new strategic plan, Innovate for Growth and to regulatory requirements alignment, transitioning from from development and preparation of regulatory programmes into implementation and business as usual phases. Internal Control will continue to focus on deploying the internal control tool, working with different business and operations teams to review and enhance their processes and control registers and perform its annual testing plan as well as supporting the implementation of DORA and CSRD in their control development and testing. In 2025 Business Continuity will focus on implementing its IT testing strategy developed in line with DORA requirements. Business Continuity has matured over 2024 via the enhanced testing of our readiness. Business Continuity will continue to reinforce the business and bolster resilience as required to support overall compliance to DORA. Over 2025, Compliance will continue to support business on initiatives, support the implementation of new regulations, and promote ethical standards and raise awareness through policies and training. As a whole the Second Line of Defence seeks to adapt as the Group evolves, to support business, maintain compliance, and protect and strengthen the Group while pursing its strategic objectives. 2.2.3 Third Line of Defence Euronext’s governance includes an Internal Audit department (IA) that acts as the third line of defence in Group’s Internal Control Framework. In accordance with the Institute of Internal Auditors (IIA), Internal Audit provides an independent and objective assurance on the organisation’s governance, risk management and control processes, guided by a purpose of adding value to improve the operations of the Euronext Group. The objectivity and organisational independence of the Internal Audit function is achieved through the Head of Internal Audit not performing operational management functions and reporting directly to the Chair of the Audit Committee and a dotted reporting line to the CEO. In addition, the IA assists the Group in accomplishing its objectives by bringing a systematic and disciplined approach for evaluating and improving the effectiveness of the organisation's governance, risk management, and control processes. It has a risk-based approach with a specific attention to regulatory and legal requirements including local specifics. Internal Audit scope is to cover the entire Euronext group, which includes all recent acquisitions. Its activities are governed by adherence to the Institute of Internal Auditors' mandatory guidance including the Definition of Internal Auditing, global standards and guiding Principles, as well as to the Code of Ethics. The IA team is diverse and inclusive in line with Euronext’s principles. It is composed of 14 permanent auditors in 2024 of various backgrounds, origins, nationalities, ethnicities, ages, and genders. The team encompasses both business and IT specialists allowing to cover all Internal Audit assignments. The team is located in Paris, Milan, Porto and Oslo, and performs audit assignments covering the entire Euronext Group. When/If necessary, the Internal Audit department can be supported by external service providers. 2024 UNIVERSAL REGISTRATION DOCUMENT 75 In 2024, Internal Audit performed 38 assignments on various domains, including information technology, information security, ESG, business entities and support functions. In 2024, the Audit Universe was also revised to reflect the evolution of Euronext's organisation. It is mirroring the federal model and matrix organisation and it is reflecting the integration status of the different activities, supporting IA's planning efforts in the context of the group structure. The 2024 Risk Assessment exercise was performed based on this new Audit Universe, providing a common global Audit Plan for 2025 with audit missions covering transversal topics for the entire group, audit missions covering a group of entities, and entity-specific audit missions either due to a local laws/ regulations or to a specific identified local risk that requires internal audit attention. Furthermore, Internal Audit has developed an Internal Audit Strategy in line with Euronext’s Group growth that considers global trends, industry benchmarks and emerging risks such as ESG that could impact the organisation. The objective of the IA strategy is to take into consideration key topics for the 2025 Audit plan in order to align with the goals and expectations of the organisation’s Senior Management. Finally, in line with the transformation and digitalisation of the Group, Internal Audit continues its efforts to improve the use of data analytics in the execution of its activities. Internal Audit has also launched an in-depth review of its audit procedures to ensure that they are in continuous improvement and updated in line with regulatory changes and to ensure greater consistency across the Group. 76 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance "Melting Reflections", by Carlo Leo. Captured at 2,500 meters in Switzerland. 4th place at the Euronext ESG Employee Photo Contest 2024. 2024 UNIVERSAL REGISTRATION DOCUMENT 77 Empower Sustainable Finance 3 3.1 General information 3.4 Governance 3.1.1 Basis for preparation 3.4.1 The role of the administrative, supervisory and managing board 3.1.2 Strategy 3.4.2 Impact, risk and opportunity management 3.1.3 Impacts, risk and opportunity management 3.4.3 Metrics 3.1.4 Sustainability governance 3.1.5 Targets 3.5 Sustainability Notes 3.5.1 List of material disclosure requirements 3.2 Environment 3.5.2 Disclosure requirements that derive from other EU legislations 3.2.1 EU Taxonomy Disclosure 3.5.3 Taxonomy tables 3.2.2 Climate change 3.5.4 Nuclear and fossil gas related activities 3.2.3 Sustainable products and services, including training 3.6 Appendix 3.6.1 Report of the Euronext Foundation 3.3 Social 3.6.2 Additional sustainability related non-CSRD data 3.3.1 Strategy 3.6.3 ESG rating agencies 3.3.2 Impact, risk and opportunity management 3.6.4 ESG policies and other sustainability statements 3.3.3 Metrics 78 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3 Sustainability Statements - Empower Sustainable Finance 3.1 General information 3.1.1 Basis for preparation 3.1.1.1 General basis for preparation of sustainability statements (BP-1) Framework Euronext is dedicated to continuously enhancing its sustainability reporting to ensure transparency and accountability in its ESG commitments and endeavours, in alignment with its overarching strategy and purpose. Since the introduction of the Non-Financial Reporting Directive (NFRD), Euronext has maintained full compliance. For 2024, Euronext's sustainability statement has been prepared following the Corporate Sustainability Reporting Directive (CSRD), in accordance with the European Sustainability Reporting Standards (ESRS), and in compliance with the reporting requirements outlined in Article 8 of Regulation EU 2020/852 ("Taxonomy Regulation"). Although the CSRD is set to be transposed into Dutch law in 2025, Euronext has proactively chosen to align voluntarily with its requirements in this year’s Annual Report. Consolidation The 2024 sustainability statement is presented on a consolidated basis. The scope of consolidation aligns with that of the financial statements, as outlined in note 3 and note 4, of the financial statement, except for entities acquired during 2024, as Euronext does not have consistent and controlled access to the full set of their non-financial data in a controlled way until these newly acquired entities have been fully integrated on Euronext systems and processes. However, to ensure this exception does not impact Euronext non-financial consolidated reporting in any material way and to refine its consolidation and reporting assessment, Euronext has developed an internal testing methodology to assess the proportional weight of newly acquired entities in Euronext's key ESG dimensions. Based on the outcome of this test, Euronext considers that the lack of full alignment between the non-financial and the financial scopes of reporting does not prevent Euronext's consolidated sustainability statement from being a fair representation. On GHG emissions, Euronext includes emissions in accordance with the extend of operational control by GHG protocol over associates, joint ventures and unconsolidated subsidiaries. This sustainability statement covers the full value chain, as outlined in section 3.1.2.1 of the Universal Registration Document. Additionally, Euronext has not exercised the option to omit specific information related to intellectual property, know-how, or innovation results. 3.1.1.2 Disclosure in relation to specific circumstances (BP-2) Sustainability reporting standards In previous years, Euronext has been guided by various standards when creating its sustainability statements. These include the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), the Task force on Climate- related Disclosures (TCFD) and the Integrated Reporting Framework, offering a comprehensive view of how value is created for Euronext's stakeholders. The CSRD and ESRS now serve as a more comprehensive framework compared to previously used standards. The main impact of this new framework can be found in additional disclosures around policies, actions, metrics and targets regarding sustainability matters. In line with ESRS, Euronext has made use of phase-in provisions, as shown in the ESRS Content Index (See section 3.5.1. of the Universal Registration Document). Where new calculation methodologies or definitions for metrics have been applied, this is explained in the relevant section. Additionally, disclosures may include also sustainability- related information derived from other legislation or generally accepted sustainability reporting standards and frameworks. Where this is the case, this is explained in the relevant section. For an overview refer to section 3.5.2. of the Universal Registration Document. Lastly, Euronext decided to include some non-CSRD sections within the ESRS statement. Even if they were not identified as material under CSRD during the DMA process, Euronext remains committed to them and think it is important to include them for completeness and readability. These topics are visually highlighted in a box, and fall outside the scope of the limited assurance, with a clear indication. Time horizons Euronext assesses and reports material impacts, risks and opportunities over the short, medium and long term. The time horizons are aligned with the time horizons used within Euronext's risk management framework to ensure consistency. The short term refers to the reporting period of the annual statements, meaning up to 1 year, while the medium term refers to the time horizon for Euronext's strategic plan, from 1 to 3 years, while long term is above 3 years. With respect to climate change, Euronext may also employ a very-long term time horizon in order to analyse potential impacts of climate change in alignment with best practices, which often prescribe a time horizon beyond 10 years up to 2050. 2024 UNIVERSAL REGISTRATION DOCUMENT 79 Empower Sustainable Finance Source of estimation and uncertainties In preparing qualitative and quantitative disclosures, Euronext makes judgements and uses estimates and assumptions that are critical for the data reported. Euronext discloses the assumptions and approximations used, to provide context and support the understanding of the disclosures. When disclosing forward-looking information - such as targets, ambitions, and objectives - Euronext acknowledges its inherent uncertainties and specifies that such information is subject to change. Inherent to using estimates and assumptions is the recognition that this information is uncertain and that actual data might differ from previous estimates. This approach also applies to metrics such as Euronext's carbon footprint and EU taxonomy KPIs. When calculating Scope 3 GHG emissions, Euronext estimates values by integrating activity data with emissions factors. Since obtaining precise supplier-specific information for scope 3 categories is challenging, Euronext sometimes uses generalised activity data or emissions factors and extrapolates them to fill any gaps. A reassessment of these estimates is made regularly based on experience, insights from Euronext's external calculation tool, evolving ESG reporting standards, and emissions factors updates. For more information regarding metrics and estimated amounts, please refer to sections 3.2.1. and 3.2.2.4. of the Universal Registration Document. Please note that none of the metric has been validated by a third party other than the assurance provider. External limited assurance The Sustainability statement is covered by a voluntary limited assurance performed by Euronext's external independent auditor, KPMG. See the auditor’s limited assurance report in section 9.3. of the Universal Registration Document. Incorporation by reference To streamline this report, Euronext has incorporated certain information by referring to other parts of the integrated report. Please see below the list of the ESRS disclosure requirements and specific data points incorporated by reference to other parts of the Managing Board report or financial statements, so that stakeholders can locate the relevant information easily: Standard Disclosure requirement Page number in the sustainability statement Reference to other sections of the Universal Registration Document ESRS 2 42 (b) 82 Section 6.3 Note 26.5 Note 27 Section 7.1.8 21 (c), 22 (a), 23 (a) 90 - 92 Section 4.2 36 (a), (b), (c), (d), (e) 92 Section 2.2 ESRS G1 5 (b) 124 Section 4.2, page 159 3.1.2 Strategy 3.1.2.1 Strategy, business model and value chain (SBM-1) Strategy The world is facing significant challenges in ensuring a sustainable future for its people and its planet. The finance sector is an important contributor to the global sustainability agenda and should promote sustainable finance, by incorporating environmental, social and governance (ESG) factors into investment decision-making, and by supporting the allocation of capital to long-term, sustainable initiatives. Every organisation has a unique role to play in the transition to a sustainable society, and will experience different impacts, risks and opportunities related to this transition. With a special position in the financial ecosystem, Euronext is the leading European capital market infrastructure, that provides trusted and sustainable markets to drive innovation and growth, with the purpose to shape capital markets for future generations. Growth for Impact 2024 The strategic plan “Growth for Impact 2024” was built around different strategic priorities, including the commitment to empower sustainable finance. As part of this, the strategy focused on accelerating climate action, both within Euronext’s own operations, and through its role in advancing sustainable finance across all its markets. This commitment also encompassed an ambitious 1.5° climate goal for Euronext, aimed at making a tangible impact on its partners and clients, along with an enhanced inclusive people strategy. Between 2021 and 2024, Euronext significantly developed its sustainability strategy, including setting science-based greenhouse gas emission reduction targets, which were validated by the SBTi in February 2023. For more information refer to section 3.2.2.5. of the Universal Registration Document. 80 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Innovate for Growth 2027 For the 2024-2027 strategic cycle, “Innovate for Growth 2027", Euronext will focus its ESG ambitions on the following areas: ■ Foster diversity and inclusion as a catalyst for growth, offering its employees a rewarding career journey ■ From 'Fit for 1.5°' to setting Net Zero targets before 2027 ■ Make sustainability the new normal for all operations ■ Grow the ESG product portfolio Foster diversity and inclusion as a catalyst for growth, offering Euronext employees a rewarding career journey Euronext is committed to fostering an inclusive and people- centric culture, as highlighted in section 3.3. of the Universal Registration Document. Euronext's inclusive people strategy prioritises diversity, equity and inclusion, creating an environment where all employees feel valued and empowered to contribute to their fullest potential. Below is an overview of Euronext's employee headcount, reflecting its dedication to building a diverse and dynamic workforce that drives our business. Country Employee headcount Italy 809 France 468 Portugal 286 Norway 225 Netherlands 177 Denmark 132 United Kingdom 103 Ireland 66 India 62 Others (less than 50 employees) 74 From Fit for 1.5° to setting Net Zero targets before 2027 Euronext will go beyond its ‘Fit for 1.5°’ commitment by setting targets before 2027, on achieving carbon neutrality by 2050 at the latest. To this effect, Euronext has joined the Net Zero Financial Service Providers Alliance as part of the global coalition ‘Race to Zero’, a UN-backed initiative of over 10,000 companies worldwide. Make sustainability the new normal for all operations Additionally, Euronext ensures that ESG considerations are embedded in all operations and in every decision to drive global, sustainable solutions and mitigate the most severe impacts of climate change. A detailed action plan that covers all parts of Euronext’s business is in place to ensure that the targets will be achieved. Grow the ESG product portfolio Euronext will continue expanding its ESG product portfolio to better serve its clients. Through thorough market research, the Group aims to develop offerings that generate environmental (green and blue) or social value. Euronext also continuously assesses its significant products, services, and key markets in relation to the sustainability goals outlined in its business model. This evaluation ensures that its offerings align with evolving market demands and its commitment to fostering sustainable economic growth. Notably, no products or services have been banned. In this respect Euronext will follow applicable laws and regulations. Building on this, Euronext regularly reviews its product and service portfolio. The table below outlines Euronext’s significant products and services, the market and customer groups they serve, and their direct links to sustainability goals. Products and services Customer group Link to sustainability ESG bonds Investors, issuers, market participants Euronext offers a diverse range of ESG financial products designed to empower sustainable investments and support our customers in their transition. See more in section 3.2.3 Sustainable Products and Services. ESG indices ESG ETFs & funds Education al services Issuers, investors Euronext provides educational programmes and resources to promote sustainability literacy, empowering stakeholders to make informed ESG-aligned decisions. See more in section 3.2.3 Sustainable Products and Services. Corporate Solutions Issuers and non- listed companies Euronext's Corporate Solutions' "ESG Advisory" service assists companies in understanding investors’ expectations and in building a comprehensive tailor-made ESG strategy by evaluating non-financial issues, providing ESG perception studies, prioritising and collecting data to engage with investors. Through commercial partnerships, the "ESG Advisory" offer comes with (i) a reporting solution to facilitate the collection, reliability, consolidation and analysis of corporate ESG data and (ii) governance analytics and board assessments. Post-trade services Issuers and non- listed companies Shareholder register service Euronext Securities offers Shareholder Register Services that provide insight on companies' shareholders. They have a range of solutions that help companies identify shareholders, enabling them to engage with and support their ESG goals. General Meetings Services Euronext Securities' General Meeting Services support clients' ESG goals by offering Virtual General Meetings (VGM), enabling remote shareholder participation to reduce travel-related emissions and enhance engagement. Complementary digital solutions streamline meeting processes, minimising paper and resource consumption. 2024 UNIVERSAL REGISTRATION DOCUMENT 81 Empower Sustainable Finance Business model The purpose of every responsible company is to create sustainable value for shareholders and stakeholders. The Euronext value creation model has been developed according to the International Integrated Reporting Council (IIRC) Framework. It illustrates how Euronext uses the resources, capabilities and expertise at its disposal to transform different capital inputs into value outputs and impacts that over the short, medium and long term create value for the company, its stakeholders and society. Euronext’s inputs are financial, intellectual, human, social and environmental. With these inputs Euronext brings value to its different stakeholders by connecting local economies to global markets, accelerating innovation and sustainable growth. Euronext gives companies access to capital either through initial public offerings (IPOs), capital increases or through the debt route. It allows investors to obtain returns either by way of capital appreciation (growth) or income (dividends). Euronext facilitates not only domestic investments, but also brings in foreign capital which is used for further development and growth. It also promotes an environment that encourages collaborative work, learning and innovation for all its employees. Euronext took into consideration the cost structure and revenue of its business segments in developing its business model and value chain. Euronext adopts a proactive and iterative approach to integrating stakeholders' feedback into its strategy and business model. See section 3.1.2.2. of the Universal Registration Document. 82 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 2024 UNIVERSAL REGISTRATION DOCUMENT 83 Empower Sustainable Finance 84 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Value Chain Euronext’s value chain consists of a range of actors, activities and assets. The upstream value chain of Euronext involves activities related to the origination and issuance of securities. Key players in the upstream segment include: ■ Issuers: Corporations, governments, and other entities that raise capital through the issuance of securities such as stocks, bonds, and derivatives. ■ Critical Suppliers: Companies that provide essential inputs, services, or technologies to Euronext, such as data providers, software developers, and infrastructure providers. ■ Credit Agencies: Organisations that assess the creditworthiness of borrowers, providing ratings that influence investment decisions. ■ Banks: Financial institutions that offer financing, risk management services, and other banking products to Euronext and its clients. Euronext's own operations, including employees, shareholders, the Managing and Supervisory Boards, and Advisory Committees, occupy a central position in the capital markets value chain by providing a comprehensive range of services across the upstream, trading, and downstream segments. Euronext acts as an intermediary between issuers, investors, and other market participants, facilitating the flow of capital and securities. Euronext's customers are reached through its Optiq® trading platform, an enhanced, multi-market trading platform, providing customers with maximum flexibility, simplified and harmonized messaging as well as high performance and stability. Euronext's downstream value chain - customers - encompasses activities related to the ownership, management, and trading of securities, essential services for an efficient functioning of European capital markets. Key players in the downstream segment include: ■ Trading Members: Brokers and other financial institutions that connect directly with Euronext's trading systems to buy and sell securities on behalf of their clients. ■ Clearing Members: Participants in Euronext's clearing house that guarantee the settlement of trades and assume counterparty risk. ■ Central Securities Depositories (CSDs): Institutions that hold and manage securities on behalf of investors and ensure the settlement of trades. Downstream beyond direct customers refers to a broader group of individuals or entities that interact with Euronext's products, services, or systems, but do not directly purchase or utilise them. For instance, this includes individuals to whom the company offers educational materials and training on financial literacy and ESG topics. In this context, Euronext evaluated whether its role in providing companies with access to capital could be seen as a facilitator for enabling the positive or negative ESG impact of these companies. Following stakeholder engagement, it was determined that this was not the case. As a highly regulated market operator, Euronext’s primary function is to organise transparent and trusted markets, connecting buyers and sellers. Its direct impact on the ESG performance of listed companies is minimal, as it does not control their activities. For example, Euronext cannot implement stricter ESG requirements for new companies which want to be listed on its markets. Instead, Euronext’s influence is mainly economic, providing the infrastructure for capital markets to function. 2024 UNIVERSAL REGISTRATION DOCUMENT 85 Empower Sustainable Finance 86 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.1.2.2 Interests and views of stakeholders (SBM-2) Euronext has thoroughly evaluated and addressed stakeholder interests and concerns to identify and prioritise material sustainability issues. This approach ensures that its sustainability strategy aligns with stakeholder expectations. The company aims to create sustainable long-term value for stakeholders by maximising its positive impact through sustainable products and services while upholding the highest ethical and legal standards and while by minimising, as much as possible, any potential negative impacts on its workforce. This is achieved through the implementation of policies, training and initiatives that promote ethical business conduct. Insights gathered from stakeholders, including their priorities related to sustainability, are communicated to the Managing Board and Supervisory Board. This aligns with Euronext’s proactive and iterative approach to integrating stakeholder feedback into its strategy and business model. This approach has been instrumental in ensuring that the Innovate for Growth 2027 strategic cycle remains aligned with stakeholder interests. As a result, no major amendments were necessary to address stakeholder views and concerns during the planning of this strategic cycle. Additionally, a key pillar of Euronext’s due diligence process involves continuous engagement with affected stakeholders. To support this commitment, the company maintains regular contact with a diverse range of stakeholders to understand their perspectives and address their concerns effectively. Investors, Shareholders, and Bondholders Engagement methods: Roadshows, investor conferences, investor days, Annual General Meetings, 1-1 calls, perception studies, educational sessions. Discussion topics: Financial performance, strategy execution and developments, remuneration, ESG topics and expectations. Influence on Euronext: Outcomes shape company strategy, enhance disclosures, and refine market communication. Analysts, credit agencies and banks Engagement methods: 1-1 calls, group calls, perception studies, educational sessions. Discussion topics: Financial performance, strategy execution and developments, ESG topics. Influence on Euronext: Outcomes guide market communication strategies. Clients (Issuers) Engagement methods: Client surveys, 1-to-1 meetings and calls. Discussion topics: Market access, visibility to investors, updates on listing regulations, feedback on product features, ESG disclosures, and sustainability regulations. Influence on Euronext: Feedback supports service improvements, ESG reporting tools, and lobbying activities. Clients (Trading, Clearing and CSDs members) Engagement methods: Client surveys, 1-to-1 meetings and calls. Discussion topics: Operational challenges, technology infrastructure, regulatory changes, product and service feedback, ESG integration. Influence on Euronext: Client insights drive product development, service enhancements and lobbying for favourable trading conditions. Employees Engagement methods: Employee surveys, 'town hall' meetings with representative groups, internal networks, performance feedback. Discussion topics: Satisfaction, diversity and inclusion, career development, health and well-being, ESG strategy, staff training. Influence on Euronext: Employee feedback contributes to feed management decisions related to working conditions, compensation and career opportunities, and reinforces diversity and human rights commitments. Euronext informs its relevant policies also through these feedbacks. Suppliers Engagement methods: Ad-hoc emails, webinar invitations, dedicated calls. Discussion topics: Climate targets, payment terms, DORA, Code of Conduct, Norwegian Transparency Act. Influence on Euronext: Actions such as the Supplier Engagement Programme webinar are implemented to educate suppliers and align vendor commitments with company goals. Regulators and Competent Authorities Engagement methods: Regulatory consultations, conferences, working groups. Discussion topics: Licence maintenance, compliance clarifications, new regulations, trading rules, product introductions. Influence on Euronext: Integrating outcomes ensures compliance, including through compliance policies, operational efficiency, market integrity, and reputation enhancement. Society Engagement methods: Community programmes, NGOs, social impact initiatives, policymaker engagement, partnerships and memberships. Discussion topics: ■ Community and NGOs: Financial literacy, environmental preservation, biodiversity conservation. ■ Policymakers and partnerships: Sustainable finance regulations, market best practices and broader financial policies. 2024 UNIVERSAL REGISTRATION DOCUMENT 87 Empower Sustainable Finance Influence on Euronext: ■ Community and NGOs: Feedback informs societal and philanthropic initiatives. ■ Policymakers, partnerships and memberships: Regulatory discussions and industry collaborations influence Euronext’s strategic direction, ensuring alignment with evolving standards, market expectations, and broader economic developments. 3.1.3 Impacts, risk and opportunity management 3.1.3.1 Description of the processes to identify and assess material impacts, risks and opportunities (IRO-1) As part of the comprehensive double materiality assessment process, Euronext considered both the impact materiality and financial materiality perspectives: ■ Impact materiality reflects the inside-out perspective: Euronext’s actual or potential, positive, or negative impacts on people and the environment. ■ Financial materiality reflects the outside-in perspective: the potential effects of sustainability-related risks or opportunities on Euronext’s financial position, performance, and cash flows over the short-, medium- and long-term. The process to determine material topics consists of four steps and several sub-steps as shown in the image and explained in more detail below. 1. Create an overview of the business and identify stakeholders Create an overview of the business and activities To understand the business characteristics that are relevant for the materiality assessment, an overview of the business context in which Euronext operates has been created. This overview contains information about the type of businesses and countries Euronext is active in, the value chain of Euronext, the business model (key partners, key activities, customers, etc.), market position and the sustainability strategy. The information was based on past Euronext Universal Registration Documents and other documentation such as Euronext’s ESG strategy paper, statement policies, previous materiality assessments, market, and industry analysis and ESG rating reports. Identify and classify stakeholders Euronext identified stakeholders who were central to the materiality assessment and classified them in two groups: Affected stakeholders: individuals or groups whose interests are affected or could be affected by Euronext’s activities and business relationships across the value chain; and Users of sustainability statements: individuals or groups who can affect Euronext and/or are primary user of its sustainability statements. Subsequently, it was determined which stakeholders to consider in the materiality assessment and to collect input from them regarding Euronext’s impacts, risks and opportunities of material topics based in prioritization. The main stakeholder groups of Euronext are identified in section 3.1.2.2 of the Universal Registration Document. Strategic, constructive, and proactive consultations with all stakeholders are of great importance to Euronext. Euronext does this by maintaining an ongoing dialogue with multi- stakeholder partnerships through advisory committees, client surveys, open dialogues, and engagement with all actors within the ecosystem. Alongside customers, issuers, investors and intermediaries, Euronext also engages with policymakers and regulators with a view to contributing to the development of the regulatory framework which governs Euronext’s activities. In addition to this continuous stakeholder interaction, stakeholders were invited to provide input on sustainability matters relevant to Euronext’s strategy and reporting. Several stakeholder groups were involved, and multiple engagement methods were applied. For instance, clients and ESG representative employees were asked for their input via surveys and were presented with a list of sustainability matters. They were then asked to select and rank these in order of Euronext’s most material impacts on people and the environment. The Supervisory Board and the College of Regulators were asked for their input during two separate dialogue sessions where they were also asked to select and rank sustainability matters in order of Euronext’s most material impacts on people and the environment. They were additionally asked to rank sustainability matters representing material financial risks and opportunities to Euronext. The results of the surveys and dialogue sessions were used as input for determining and validating Euronext’s material topics. 2. Identify impacts, risks and opportunities Draft a list of sustainability matters The starting point of Euronext’s materiality assessment was creating an extensive list of sustainability matters covering environmental, social and governance topics that could potentially be material for Euronext. This list was based on the sustainability matters as defined by the ESRS and complemented with Euronext specific sustainability matters that were drawn from its previous materiality assessment, ESG rating agencies’ reports (such as MSCI, S&P and CDP), industry reports, stakeholder input (refer to Step 1 above), and peer analysis. The ESRS structures sustainability matters in topics, sub- topics, and sub-sub-topics. In order to create an overview that is in line with Euronext’s sustainability approach, related and overlapping sub-topics and sub-sub-topics were combined into sustainability clusters (topics). For instance, all climate change sub-subtopics (climate change adaptation, climate change mitigation, and energy) are combined into the topic ‘climate change’. For each sustainability matter a definition was drafted. ESRS sub-subtopics were taken into account when drafting the topic definitions. Map the value chain The objective of this step is to apprehend comprehensively Euronext's business activities and business relationships across the value chain, laying the groundwork for identifying impacts, risks, and opportunities. Based on their expertise, a team of Euronext representatives carefully determined which sustainability matters may be relevant for each phase of the value chain. This ensures that the materiality assessment 88 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance prioritises the areas where impacts, risks, and opportunities are most likely to emerge based on the nature of Euronext's activities, business relationships, geographies, and other risk factors. Euronext’s value chain consists of a range of actors, activities and assets. The upstream value chain of Euronext involves activities related to the origination and issuance of securities. Key players in this segment include: ■ Issuers: Corporations, governments, and other entities that raise capital through the issuance of securities such as stocks, bonds, and derivatives. ■ Critical Suppliers: Companies that provide essential inputs, services, or technologies to Euronext, such as data providers, software developers, and infrastructure providers. ■ Credit Agencies: Organisations that assess the creditworthiness of borrowers, providing ratings that influence investment decisions. ■ Banks: Financial institutions that offer financing, risk management services, and other banking products to Euronext and its clients. Euronext's own operations (which also covers employees, shareholders, the Managing and Supervisory Boards, Advisory Committees) occupy a central position in the capital markets value chain by providing a comprehensive range of products and services across the upstream, trading, and downstream segments. Euronext acts as an intermediary between issuers, investors, and other market participants, facilitating the flow of capital and securities. Euronext's customers are reached through its enhanced multi-market trading platform, Optiq®, providing customers with maximum flexibility, simplified and harmonised messaging as well as high performance and stability. The downstream value chain of Euronext (customers) encompasses activities related to the ownership, management, and trading of securities. These services are essential for the efficient functioning of the capital markets. Key players in this segment include: ■ Trading Members: Brokers and other financial institutions that connect directly with Euronext's trading systems to buy and sell securities on behalf of their clients. ■ Clearing Members: Participants in Euronext's clearinghouse that guarantee the settlement of trades and assume counterparty risk. ■ Central Securities Depositories (CSDs): Institutions that hold and manage securities on behalf of investors and ensure the settlement of trades. Downstream beyond direct customers refers to a broader group of individuals or entities that interact with a Euronext product, service, or system, but do not directly purchase or utilise it. For instance, this relates to the group of individuals to whom the company offers educational materials and training on financial literacy and ESG topics. For more details on the Euronext value chain, see section 3.1.2.1. of the Universal Registration Document. Define impacts, risks and opportunities Impacts, risks and opportunities were defined for all sustainability matters identified as potentially material for Euronext during the value chain mapping process. Information was drawn from sources mentioned in “Draft a list of sustainability matters” above. However further input was also provided from internal topical experts identified by Euronext (e.g., Head of Diversity and Inclusion, Head of Compliance, etc.). Impacts were defined by describing, for each sub-topic and sub-subtopic, the impact on people and/or the environment in relation to environmental, social and governance matters. This definition includes whether an impact is negative or positive, actual, or potential, occurs over the short, medium or long term and where it is in the value chain. Based on EFRAG's implementation guidance for the materiality assessment (dated 31 May 2024 ), Euronext can be responsible for impacts to people or the environment if (i) the impact is directly caused by its operations, products or services to people or the environment, (ii) the impact to which it has contributed (e.g., when the organisation facilitates another party to cause or contribute to the impact, and (iii) the impact directly linked to its operations, products and services but caused by a business relationship. An example of an impact could be whether Euronext facilitates financing activities for companies listed on its markets, thus enabling the ESG impacts of those companies (e.g., potentially being viewed as a facilitator of fossil fuel companies by providing them access to capital). While these impacts were considered, they were not included in the shortlist of material topics for the following reasons: ■ Limited influence on issuers: Euronext’s impact is minimal due to the highly regulated nature of its market, making it difficult to implement additional ESG requirements as a condition for admission. As a neutral and highly regulated market infrastructure, Euronext cannot unilaterally decide which companies are listed on its markets, once their prospectus has been approved by the competent authority. Additionally, if a company fails to comply with a legal requirement, for example on board diversity, the process of suspension or delisting may be subject to specific legal obligations and approvals from authorities ■ Legal constraints: Implementing sanctions, such as suspending or delisting companies for non-compliance with ESG standards, often depends on legal requirements and the approval of competent authorities. In certain jurisdictions, suspending or delisting a company solely for failing to meet ESG criteria could be difficult, as shareholder rights must also be considered. ■ Role as Infrastructure Provider: Euronext primarily provides the infrastructure to connect buyers and sellers, meaning its direct impact on ESG issues is low. ■ Limited role compared to other financial institutions: Euronext’s ability to influence the value chain for ESG impacts is significantly constrained compared to other financial institutions. Risks and opportunities were also defined for each sub-topic and sub-subtopic (where applicable) and specified whether these occur over the short, medium or long term and where in the supply chain. The starting point was the definition of impacts, as a sustainability impact may be or may become financially material in time. For each risk and opportunity defined, the (potential) financial effects on Euronext’s development, performance, and position were defined. 2024 UNIVERSAL REGISTRATION DOCUMENT 89 Empower Sustainable Finance 3. Assess impacts (impact materiality & financial materiality), risks and opportunities Assess impacts The impacts identified by Euronext have been assessed by internal topical experts based on the following set of predefined assessment criteria, which is in alignment with the methodology defined in the EFRAG guidance. ■ Negative impacts were assessed by determining and calculating a score for their scale (the gravity of the impact), scope (how widespread the impact is) and irremediable character (how hard it is to counteract the resulting harm). Positive impacts were assessed by determining and adding up a score for their scale (how beneficial the impacts is) and scope (how widespread the impact is). For potential impacts, likelihood of occurrence was considered by multiplying the materiality score by its likelihood score. ■ Likelihood was assessed by considering the time horizon and circumstances in which the impact might occur, and whether the impacts has occurred before at Euronext or in the sector. In the case of a potential negative impact on human rights, as laid down in the International Charter of Human Rights and other UN human rights treaties, likelihood was disregarded in the calculation, so the materiality score of these impacts can be high even if their likelihood of occurrence is small. The time horizons applied during the scoring were aligned with the time horizons used within Euronext's risk management framework to ensure that the scoring accurately reflected internal risk management practices. The time horizons reflected in Euronext's risk management framework are as follows: ■ Short term: 0-1 year ■ Medium term: 1-3 years ■ Long term: 3-10 years For scenario analysis with respect to climate change the Group may also employ a very long term (beyond 11 years) time horizon in order to analyse the potential impacts of climate change in alignment with best practices, which often prescribe a time horizon beyond 10 years up to 2050. The assessment of impacts by experts was based on data, if available (e.g., employee training data when assessing the sustainability matter ‘Training and development’). In cases where data was not available, external research, industry proxies and expert judgment were applied. The assessment also considers whether policies are in place to prevent, mitigate or remediate negative impacts (e.g., the corruption and bribery policy in light of the sustainability matter ‘Corruption and bribery’). Assess risks and opportunities The identified risks and opportunities were also assessed by Euronext’s internal topical experts based on the methodology set out in the EFRAG guidance; however, the methodology was adjusted to align to Euronext’s risk management framework risk evaluation method. As a result, the following set of assessment criteria were applied. The magnitude of the financial effect was assessed by considering various factors such as financial risk/opportunity, business model, reputation, service/process failure or success, and compliance (the latter only in case of risk): ■ To evaluate the financial risk/opportunity, a score was assigned based on its (potential) impact on Euronext’s EBITDA. ■ The impact on achieving strategic objectives determined the score for the business model risk e.g. loss of strategic customers. ■ The level of change in trust and confidence of Euronext's stakeholders determined the score for reputation. ■ The development/disruption of services and processes determined the score for service/process failure. ■ Compliance was assessed based on the potential or actual level of litigation and public regulatory fines. Additionally, the time horizon of occurrence, whether short- term, medium-term, or long-term, was also considered. The likelihood of was evaluated using a similar scoring method as the assessment of impacts. The assessment of risk was based on expert judgement and/or data, such as developments in technology costs over the years and breaches of or failures to comply with certain policies (e.g., code of business conduct and ethics, anti-corruption and anti-bribery policies, etc.). The assessment also considered whether policies and/or controls are in place to pursue opportunities or mitigate risks. 4. Determine material topics Determine thresholds and decide on material impacts, risks and opportunities The negative and positive impacts, risks and opportunities were prioritised according to their materiality score. Materiality thresholds were set through discussions with Euronext representatives, validated by topical experts and reviewed and approved by the Managing Board. Sustainability matters above these thresholds were concluded to be material from an impact and/or financial materiality perspective. Sustainability matters that received a lower materiality score but were deemed highly important by Euronext’s stakeholders (e.g. Supervisory Board, Managing Board, employees) during the validation process, additional judgment was exercised. Euronext’s representatives evaluated these sustainability matters on an individual basis to determine their materiality, considering the stakeholders' ranking of the issue. A sustainability matter is assumed to be material for Euronext if it is material from the impact perspective, the financial perspective, or both. The overview includes all material sustainability matters and specifies where in the value chain these matters are material. As compared to Euronext’s previous materiality assessment, some sustainability matters have been renamed or clustered differently to align with the structure of the ESRS. In addition, the materiality assessment process distinguishes more explicitly between impacts, risks, and opportunities and where in the value chain these occur. Stakeholder dialogue remains to identifying and assessing material topics, but in addition internal experts have been involved to determine material sustainability matters. Material topics have been re-reviewed in 2024 with a focus on improving the clarity and alignment of Euronext's material topics with the latest CSRD expectations. Rather than 90 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance undertaking a comprehensive new assessment involving all stakeholders, Euronext has made targeted amendments based on internal discussions, primarily with senior management. In line with the decision not to engage in a full stakeholder review at this time, Euronext has not added new topics to this year’s submission. This includes the decision not to include the previously advised topic of transparent markets, which is considered not to be in scope of CSRD but which may be reconsidered in future reviews. Nevertheless information around “Trusted and transparent markets” is available in section 1.3.1 of the Universal Registration Document. The process and outcomes of this first and of the revised materiality assessment were presented to and approved by the Managing Board respectively in December 2023 and December 2024. Going forward, material topics will be reviewed regularly to ensure that they are up to date with relevant developments within Euronext and across its value chains. 3.1.3.2 Material impacts, risks and opportunities and their interaction with strategy and business model (SBM-3) Following its materiality assessment, Euronext identified seven material topics for 2024 non-financial reporting: ■ Climate Change ■ Sustainable Products and Services, including training ■ Diversity and Inclusion ■ Training and Development ■ Working Conditions ■ Corruption and Bribery ■ Corporate Culture Detailed impacts, risks and opportunities related to these material topics are outlined in their relevant sections. 3.1.3.3 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement (IRO-2) The ESRS Content Index is found in the Sustainability Note, section 3.5.1 of the Universal Registration Document. This includes the list of all data points, the relative cross- references and, where applicable, the adoption of transitional (phase-in) measures in accordance with ESRS. 3.1.3.4 Policies adopted to manage material sustainability matters (MDR-P) An overview of the policies relating to Euronext’s material impacts, risks, or opportunities is provided below. All policies comprise of a comprehensive set of procedures, guidelines and governance that outline how Euronext executes its strategy to build a sustainable future. These policies apply to Euronext and its subsidiaries and across its value chain. Further details on each of the individual policies are outlined in their relevant section. Material topic Related policies Environment Climate Change Environmental policy Sustainable Products and Services, including training Responsible and Sustainable Product Offering policy Environmental policy Social Diversity and Inclusion Diversity and Inclusion policy Whistleblowing policy Training and Development Talent Acquisition and Development policy Performance, Development, and Remuneration policy Working conditions Social Dialogue policy Governance Corruption and Bribery Anti-bribery policy Anti-fraud policy Gifts, business meals and entertainment Whistleblowing policy Corporate Culture Code of Business Conduct and Ethics Euronext has also a global sustainability policy that outlines Euronext’s approach to sustainability and ESG. This is the umbrella policy of all the other ESG policies and statements which can be found on Euronext's website. 3.1.4 Sustainability governance Chapter 4 of the Universal Registration Document outlines the Euronext's governance structure detailing the role, the composition and remuneration of its governing bodies. This section focuses on how Euronext oversees sustainability matters. 3.1.4.1 The role of the administrative, management and supervisory bodies (GOV-1) Composition and diversity of the Managing and Supervisory boards Euronext operates with a two-tier governance structure in accordance with Dutch law, consisting of an executive Managing Board and a non-executive Supervisory Board. The Managing Board, which does not include employee or worker representatives, is tasked with the development and execution of the Company’s strategy, as well as managing the day-to-day operations. As of December 2024, it is composed of nine executive directors, all of whom are independent. Seven of its members are men and two are women, with a gender distribution of 22% females to males. Additionally, thirteen executive senior managers, including four women, are invited permanently to attend the meeting of the Managing Board (extended Managing Board). For more information on the profiles of the Managing Board and senior managers, please see section 4.2.3. of the Universal Registration Document. The Supervisory Board, which also does not have employee or worker representatives, oversees the activities of the Managing Board and is made up of 10 non-executive directors, 70% of whom are independent, including the Chair. Six of its members are men and four are women, with a 40% ratio of women to men. 2024 UNIVERSAL REGISTRATION DOCUMENT 91 Empower Sustainable Finance Four committees report to the Supervisory Board: the Audit Committee, the Risk Committee, the Nomination and Governance Committee and the Remuneration Committee. In 2024, the Supervisory Board and its four related committees held 33 sessions, through in-person meetings or video conferencing. The roles and responsibilities of the Managing and Supervisory Boards The Supervisory Board and the Managing Board are fully committed to embedding ESG principles as a fundamental pillar of Euronext’s strategy. Both boards recognise the importance of sustainable practices in driving long-term value and aligning with global climate goals. Managing Board Each area of sustainability is guided by specialised expertise at Managing Board level, aligning skills with Euronext’s material impacts, risks, and opportunities. The General Counsel, part of the Group’s Extended Managing Board and the Executive Committee and Corporate Secretary to the Supervisory Board, is responsible for coordinating ESG efforts at the Group level with the assistance of the Group Head of ESG & Sustainable Finance. This coordination ensures that all relevant departments integrate ESG objectives into their missions. Additionally, the Chief Financial Officer is responsible for the collection and disclosure of non-financial data. The responsibilities of the Managing Board members correspond with their terms of reference outlined below. Each sustainability topic fully encompasses all the applicable impacts, risks and opportunities. The Managing Board is supported by the so-called ESG Disclosure and Performance Steering Committee, which includes key executives such as the Chief Financial Office and the General Counsel, ensuring strategic oversight and alignment on ESG matters. This Committee has been involved from the DMA process to the publicly reported disclosure in accordance with existing regulations and Euronext's ESG strategy. The same committee monitors the performance of ESG metrics, ensures the delivery of implementation of actions, tracks steady progress in Euronext's ESG ratings and awards and informs and supports the Managing Board as and when appropriate. More details on the roles and responsibilities of the Managing Board in relations to sustainability topic in the table below. Member Sustainability topic Description General Counsel Climate Change Guides the climate strategy CFO In charge of the reporting of non-financial information and that Science Based Targets initiative (SBTi) commitments are met, including accurate calculation. General Counsel Sustainable products and services, including training Ensures that climate consideration are embedded in product and service development, training deployment and oversees expansion opportunities Head of Primary Markets Responsible for ESG Bonds, Euronext ESG Reporting Guide and the "My ESG Profile" platform Chief Talent Officer Diversity and Inclusion Fosters an inclusive and diverse workplace, drives talent development, monitors and enhances working conditions to create a positive, engaged workforce. Training and Development Working Conditions Head of Compliance and Risk Corporate Culture Ensures that the organisation adheres to highest ethical and business standards Corruption and Bribery Supervisory Board The Supervisory Board is responsible for the supervision of the activities of the Managing Board and the supervision of the general course of the business of Euronext. Key decisions require the approval of the Supervisory Board. The Supervisory Board plays a crucial role overseeing the organisation’s sustainability framework. Together, the four Supervisory Board Committees address material topics within their areas of expertise, bringing them to the full Supervisory Board for any specific decision to be made. The Supervisory Board has four different committees (nomination and governance, audit, risk and remuneration). Each of these has a role to play in the sustainable journey of the group. This is explicitly laid down in the charters of the committees and in the sustainability policy. The responsibilities of the Supervisory Board regarding impacts, risks, and opportunities align with the mandates of the Supervisory Board's committees as outlined below. Each sustainability topic fully encompasses all the applicable impacts, risks and opportunities. All impacts, risks and opportunities have been assigned to committees based strictly on expertise. For more information on this see section 4.2. of the Universal Registration Document. In 2024, members of the Supervisory and Managing Board participated in two training sessions on ESG topics, including diversity and inclusion, sustainable long-term value creation and CSRD reporting, to make sure they understand and embrace these new challenges, as well as the consequences of the ongoing climate crisis. More details on the roles and responsibilities of the Supervisory Board in relations to sustainability topic in the table below. 92 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Committee Sustainability topic Description Audit Corruption and Bribery Adopts reports on fraud and non- compliance. All sustainability topics Supervises the reporting of financial and non-financial information, ensuring the latter is accurate, comparable and consistent. Monitors Euronext’s compliance with applicable laws and regulations, including sustainability related. Nomination and Governance Training and Development Oversees talent leadership and culture, including criteria for board selection, succession planning, reviews the balance of knowledge in the company, and ensures Supervisory Board members have the appropriate skills and expertise to oversee sustainable impacts, risks and opportunities. Diversity and Inclusion Sets targets for gender representation on the Board and prepares policies to increase diversity. Corporate Culture Reviews corporate governance practices and ensures compliance with governance codes. Corruption and Bribery Reviews conflicts of interest among board members and senior executives, and approves large related-party transactions. Risk All sustainability topics Ensures that appropriate risk assessment and internal control processes are in place for sustainability matters, identifies those risks, and ensures the necessary mitigation measures. It also monitors policy compliance and reviews major exceptions or breaches. Remuneration All sustainability topics Prepares proposals for the supervisory board concerning the performance criteria for the Managing Board, including sustainability-related Additionally, as part of its general oversight of the Managing Board’s activities, the Supervisory Board monitors the following material topics: ■ Climate Change: The Supervisory Board monitors how the Managing Board upholds the organisation’s commitment to addressing its impact on climate change and oversees the implementation of policies and strategies aimed at reducing environmental impact. ■ Working conditions: The Supervisory Board monitors that the Managing Board upholds good working conditions across the company, including fair wages and freedom of association. ■ Sustainable products and services, including related training initiatives: Through an understanding of industry trends and sustainability challenges, the Supervisory Board members oversee the development of the organisation’s sustainable products and services offering. Euronext incorporates by reference ESRS 2, DR 21 (c), which includes the relevant experience of the Managing and Supervisory Board regarding its sectors, products, and geographic locations, in section 4.2 of the Universal Registration Document. This experience highlights the company’s expertise and operations across various markets, demonstrating its deep understanding of the sectors it serves and its global reach. For further details, stakeholders are encouraged to refer to the relevant sections of Euronext’s website, where comprehensive information on the company’s industry experience and geographic scope is provided. 3.1.4.2 Management’s role in the governance processes, controls and procedures used to monitor, manage and oversee impacts, risks and opportunities (GOV-1) For the full year 2024 the first line of defence teams performed operational verifications to ensure the quality of reporting. These verifications will be challenged, adjusted if necessary, formalised and integrated in the Internal Control programme in full year 2025. This is led by the Group Internal Control team, who reports to the Head of Risk and Compliance, part of the extended Managing Board. Moreover, the Head of Risk and Compliance reports to the Managing and Supervisory Boards, overseen by the Risk Committee at the Supervisory Board level. The risks related to sustainability reporting have been assessed using the Group risk management methodology. The risks that have been identified with respect to CSRD reporting are: data quality (including: accuracy, integrity and completeness) and the timely delivery of the data. For more details on the risk management and control process, and the role of the first line of defence, see section 2.2. of the Universal Registration Document. 3.1.4.3 Information provided and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies (GOV - 2) The Sustainability Policy outlines Euronext's ESG governance, including the role of the ESG Disclosure and Performance Steering Committee. This Committee, which includes key executives such as the Chief Financial Office and the General Counsel, has been set up to follow the CSRD implementation, validate and review the material impacts, risks, opportunities, the due diligence implementation, and the results and effectiveness of policies, actions, metrics, adopted to address material topics. These results and the effectiveness of the implemented policies, actions, and metrics are discussed in the Managing Board and reported annually to the Supervisory Board, including in 2024. In addition to the dedicated governance mentioned above, the Group Risk Management reports, on a quarterly basis, relevant material risks related to sustainability matters to the Managing Board and to the Supervisory Board. Additionally, ESG risks (material or not) are shared with the Managing Board and the Supervisory Board on an annual basis. The Managing Board assesses impacts, risks and opportunities by incorporating ESG factors into their oversight of the organisation's strategy, major transactions and risk management processes. The Head of Risk and Compliance, a member of the extended Managing Board and supported by the Head of ESG Risk, is tasked with ensuring a balanced approach. This involves evaluating potential trade-offs and long-term value creation using robust risk management 2024 UNIVERSAL REGISTRATION DOCUMENT 93 Empower Sustainable Finance frameworks and scenario planning to mitigate risks. The Risk Committee, at the Supervisory Board level, supervises these efforts. Additionally, each business function regularly evaluates strategic opportunities for sustainable growth. These are then presented to the Managing Board by the General Counsel, part of the extended Managing board, with the help of the Group Head of ESG & Sustainable Finance. In December 2023, the process and outcomes of the double materiality assessment were presented to and approved by Euronext’s Managing Board. Stakeholder views and interests were actively incorporated into this process through periodic stakeholder engagement mechanisms, materiality assessments and feedback from advisory panels. These insights were communicated to the Managing Board and the Supervisory Board, ensuring alignment with stakeholder priorities regarding sustainability-related impacts. In 2024, the General Counsel and CFO, both members of the Managing Board, were fully involved in supervising Euronext’s CSRD deployment. This included re-assessing the materiality assessment results and making adjustments based on new insights. By December 2024, the final set of seven material topics for reporting on the year 2024 was presented to both Euronext’s Supervisory Board and Managing Board. 3.1.4.4 Integration of sustainability-related performance in incentive schemes (GOV-3) Euronext’s remuneration strategy is based on aligning remuneration arrangements with its business strategy and objectives. Following alignment with market practices and improved transparency disclosure, the 2021 Remuneration Policy applicable to the Managing Board was approved with 97.55% favourable votes on 11 May 2021. The majority of the remuneration for the members of the Managing Board is linked to demanding performance targets, in line with Euronext's ambitious performance culture, over both the short and long-term horizons to ensure that executive rewards are aligned with performance and long-term value creation for all stakeholders. It consists of the following components : ■ Annual Fixed Salary component (‘AFS’); ■ Short Term Incentive in the form of cash reward (‘STI’); ■ Long Term Incentive in the form of equity (‘LTI’); ■ Pension provisions. The scheme is based on a pay-for-performance philosophy and long-term value creation, with more than two-thirds of the Group Chief Executive Officer’s total package in variable pay. Such balance is considered to support the Company’s strategy and the long-term sustainable interests of the Company and all its stakeholders including its shareholders. Additionally, to align with best practices regarding executive compensation and ensure adequate performance based rewards, all members of the Managing Board have a 10% Short Term Incentive objective linked to ESG performance. Throughout 2023 and 2024, Euronext actively engaged with its shareholders to review the remuneration structure of the managing board to be presented for approval by the shareholders in 2025, for the next 4 years period. For more details on the structure and proposed evolution, see the Remuneration report on section 4.4 of the Universal Registration Document. 3.1.4.5 Statement on due diligence (GOV-4) Euronext has carried out sustainability due diligence across all its value chain and operations, which has helped to identity and assess impacts, risks and opportunities based on the double materiality principle. This process is integrated throughout our operations. Euronext's approach to due diligence is deeply embedded within the governance structures, strategy, and business model that drive its operations. By integrating sustainability principles into the foundation of its strategic planning, Euronext ensures that ESG considerations are central to its long-term goals and value creation. At the governance level, Euronext's leadership oversees the integration of these processes to ensure that risks are managed effectively, and that sustainability is a core part of its operational approach. This ensures that due diligence is not only a regulatory compliance exercise but a proactive element of its corporate growth and resilience. A key pillar of Euronext's due diligence process involves continuous engagement with affected stakeholders outlined in the section 3.1.2.2 of the Universal Registration Document. Euronext prioritises an inclusive approach, involving both internal and external stakeholders. Their feedback helps inform Euronext's assessments and ensures that its actions reflect the needs and expectations of those most impacted by its operations. In Euronext's double materiality assessment process, outlined in section 3.1.3.1 of the Universal Registration Document, its due diligence process informed the identification and assessment of adverse impacts. Once adverse impacts are identified, Euronext's commitment to sustainability compels it to take immediate and effective action with tailored mitigation plans. Euronet has also set clear action and timelines to ensure the initiatives taken lead to measurable improvements in reducing its environmental and social footprint. The actions in place to address adverse impacts will be detailed in the relevant section of the Universal Registration Document. For more information on the due diligence process that we carried out in relation to the identification and assessment of potential sustainability matters in 2024, see section 3.1.2.1. of the Universal Registration Document. 3.1.4.6 Risk management and internal controls over sustainability reporting (GOV-5) No risks were identified during the DMA process. Therefore the risks related to sustainability reporting are those related to data quality on disclosures of material topics (including: accuracy, integrity and completeness) and their timely delivery. These sustainability reporting risks have been assessed using the Group risk management methodology. For the full year 2024 data, the Internal Control team will review the design of operational verifications performed by the first line of defence on the 2024 data and formalise these into controls. This is led by the Group Internal Control team, who reports to the Head of Risk and Compliance, part of the extended Managing Board. Moreover, the Head of Risk and 94 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Compliance reports to the Managing and Supervisory Boards, overseen by the Risk Committee at the Supervisory Board level. Euronext incorporates by reference the disclosures regarding risk management and internal control processes in relation to sustainability reporting. See section 2.2. of the Universal Registration Document. 3.1.5 Targets (MDR-T) To manage the impacts, risks, and opportunities of each identified material topic, Euronext adopts specific policies, actions, and metrics. While targets for these material topics have not yet been set, Euronext aims to establish them by 2027 at the latests. In the context of climate change, Euronext has joined the Net Zero Financial Service Providers Alliance as part of the global ‘Race to Zero’ coalition, reaffirming its commitment to carbon neutrality and aiming to set science-based net-zero targets by 2027. Euronext recognises the importance of adhering to robust and transparent methodologies to ensure the credibility and effectiveness of its efforts and considers the SBTi a leading framework in this area. However, SBTi’s methodology is still evolving, and in May 2024, it announced that a major revision of the Corporate Net-Zero Standard was under consideration, with the outcome still pending. As a result, there is currently insufficient clarity to set precise targets with actionable implementation plans. Euronext’s approach to climate-related target setting will be aligned with the outcome of this revision, ensuring that its targets are established by 2027 at the latest. In the meantime, Euronext continuously monitors the effectiveness of its actions and evaluates progress on each material topic, as detailed in the corresponding sections. It also actively engages with stakeholders to gather feedback, which is used to regularly review and refine its initiatives, ensuring continuous improvement. (1) This figure is is not included in the limited assurance. 2024 UNIVERSAL REGISTRATION DOCUMENT 95 Empower Sustainable Finance 3.2 Environment 2024 GHG EMISSIONS 278 tCO2eq Gross Scope 1 GHG emissions 4,818 tCO 2eq Gross location-based Scope 2 GHG emissions 278 tCO2eq Gross market-based Scope 2 GHG emissions Purchased Goods and Services (Category 1) Upstream Purchased Electricity (Category 3) Commercial Air Travel (Category 6) Employee Commuting/Telework (Category 7) 46,990 tCO2eq Total location-based GHG emissions Other Scopes 1 & 2 5,096 tCO2eq Scope 3 41,893 tCO 2 eq “FIT FOR 1.5”: EURONEXT’S CLIMATE COMMITMENT 2024 Achievements (vs 2023) Scope 1 GHG emissions Gross Scope 2 market-based GHG emissions Scope 3 GHG emissions Suppliers with SBTI targets on scopes 1&2 1 Renewable energy in total consumption 2024 Key actions n Use of energy efficient equipment in buildings and monitoring temperatures n Continuing implementing Euronext’s Sustainable travel programme per department n Use of renewable energy in buildings and data centres n Setting a supplier engagement programme n Training staff on climate-related topics Euronext is member of the Net Zero Financial Service Providers Alliance, which sits under the umbrella of the global coalition ‘Race to Zero’ 86% +10% -2% -25% -22% SUSTAINABLE PRODUCTS AND SERVICES Euronext has set a responsible and Sustainable Product Offering Policy and offers namely climate related financial products SUSTAINABLE PRODUCTS Green bonds and climate indices SUSTAINABLE SERVICES Advisory and training 74 Paris Aligned Benchmarks (PABs) 175 Attendees in ESG workshops organized by ELITE 3 Climate Transition Benchmarks (CTBs) 1,752 bonds issued under a green bond framework (1) Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088, supplemented by Commission Delegated Regulation (EU) 2021/2139 and the Commission Delegated Regulation (EU) 2021/2178. (2) Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to any of the other environmental objectives. (3) Commission Delegated Regulation (EU) 2023/2486 of 27 June 2023 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to the sustainable use and protection of water and marine resources, to the transition to a circular economy, to pollution prevention and control, or to the protection and restoration of biodiversity and ecosystems and for determining whether that economic activity causes no significant harm to any of the other environmental objectives and amending Commission Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities. (4) Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 amending Delegated Regulation (EU) 2021/2139 as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 as regards specific public disclosures for those economic activities. (5) Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation. (6) Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021 supplementing Regulation (EU) 2020/852 of the European Parliament and of the Council by specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation. 96 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.2.1 EU Taxonomy disclosure 3.2.1.1 2024 Taxonomy disclosure Since 2021, the EU Taxonomy on Sustainable Economic Activities has applied to Euronext, requiring mandatory disclosures under Article 8 of the EU Taxonomy Regulation1 . This regulation establishes a standardised classification system to identify environmentally sustainable economic activities. An activity is taxonomy-eligible if listed in the Taxonomy Delegated Acts, regardless of meeting technical screening criteria. It becomes taxonomy-aligned when it: ■ Substantially contributes to one of six environmental objectives under the Technical Screening Criteria (TSC), which are: – Climate change mitigation – Climate change adaptation – Sustainable use of water and marine resources – Transition to a circular economy – Pollution prevention and control – Biodiversity and ecosystem protection ■ Does no significant harm (DNSH) to other objectives. ■ Complies with minimum social safeguards (MSS). The Technical Screening Criteria (TSC) set specific requirements for an activity’s contribution to sustainability goals. These are detailed in the following Delegated Acts : ■ Climate Delegated Act2 – Covers criteria for climate objectives, i.e. climate change mitigation and climate change adaptation. ■ Environmental Delegated Act 3 – Covers non-climate environmental objectives, i.e. sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control and protection and restoration of biodiversity and ecosystems. ■ Complementary Climate Delegated Act4 – Includes nuclear and gas energy under strict conditions (not applicable to Euronext). Under Article 8, Euronext must disclose the extent to which its activities are taxonomy-eligible and aligned, reporting the proportion of: ■ Turnover from products and services associated with sustainable economic activities. ■ Capital expenditure (CapEx) and operating expenditure (OpEx) related to sustainable activities. The taxonomy is primarily designed for industry-related activities, and Euronext does not expect to report significant amounts under this framework. For 2024, It was concluded that all of Euronext revenues are non-eligible and non-aligned. However, the company identified eligible CapEx and OpEx, but no alignment. All reportable figures are validated by comparing the invoice with the activity amounts reported avoiding double counting. For more details on these, as defined by the European Regulation5, please read the standard taxonomy reporting tables on section 3.5.3. of the Universal Registration Document. For information on revenues from nuclear and fossil gas- related activities, as defined by the European Regulation6, refer to section 3.5.4 of the Universal Registration Document. 2024 Disclosure Article 8 indicators Turnover CapEx Opex Eligible 0.00% 13.71% 41.89% Aligned 0.00% 0.00% 0.00% Non Aligned 0.00% 0.00% 0.00% Non Eligible 100.00% 86.29% 58.11% Total 100.00% 100.00% 100.00% 2023 Disclosure Article 8 indicators Turnover CapEx Opex Eligible 0.00% 0.13% 0.00% Aligned 0.00% 0.04% 0.00% Non Aligned 0.00% 0.09% 0.00% Non Eligible 100.00% 99.87% 100.00% Total 100.00% 100.00% 100.00% The variance between the reportable figures for 2023 and 2024 was influenced by enhanced maturity in reporting capabilities, resulting in improved identification of eligible activities for 2024. The most significant impact was observed in the recognition of leased assets as eligible on CapEx and data centres maintenance on OpEx. 3.2.1.1.1 Turnover In accordance with the EU Taxonomy Regulation, turnover is defined as the proportion of aligned economic activities determined by dividing the net turnover derived from products (1) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC Text with EEA relevance 2024 UNIVERSAL REGISTRATION DOCUMENT 97 Empower Sustainable Finance or services, including intangibles, associated with Taxonomy- aligned economic activities (numerator), by the net total turnover (denominator) as defined in Article 2, point (5), of Directive 2013/34/EU 1. The net total turnover International Accounting Standard (IAS) 1, paragraph 82 (a), as adopted by Commission Regulation (EC) No 1126/2008. For further details see section 8.1 ‘Consolidated Statement of Profit or Loss’ of the Universal Registration Document. Similar to previous years, Euronext has reviewed the application of the EU Taxonomy Regulation to its activities, taking into account the list of economic activities outlined in the Climate and Environmental Delegated Acts. Euronext has concluded that it has no eligible or aligned turnover under the Taxonomy Regulation. This includes CCM 8.1 where it was assessed Euronext does not have eligible turnover. For a full list of Euronext's activities, please refer to section 7.1.3 of the Universal Registration Document on Sources of Revenue. 3.2.1.1.2 Operating Expenditure In compliance with the Disclosure Delegated Act, total OpEx is calculated by assessing all direct non-capitalised costs related to research and development, building renovation measures, short-term leases, maintenance and repair, as well as other direct expenditures necessary for the day-to-day servicing of property, plant, and equipment assets. This assessment is then compared with the economic activities defined in the various Annexes to the Climate and Environmental Delegated Acts. Euronext Operational Expenditures are related to assets and processes associated with Taxonomy eligible economic activities. In the previous year, due to the lack of clarity on OpEx denominator calculation, it was decided to use the same OpEx as the one in the financials. For 2024, with more clarity over methodology from taxonomy, it was calculated using only categories that are aligned with those from taxonomy regulation like: ■ Software and hardware maintenance; ■ Facilities services and repair. ■ Buildings renovations. ■ Short-term leases. There are no other operational expenditures related to day to day servicing items related to Property, Plant, and Equipment that are not identified in the categories above. In 2024 Euronext identified activities related to facilities and data centres maintenance that were able to be classified as eligible for OpEx. 3.2.1.1.3 Capital Expenditure Under the EU Taxonomy Regulation, the CapEx denominator is defined as the total capital expenditure reported in the financial statements, encompassing investments in property, plant, and equipment (PPE) in accordance with IAS 16, right-of- use assets under IFRS 16, and intangible assets as defined by IAS 38, excluding goodwill. This figure is presented without depreciation, amortization, remeasurement, or changes to fair value. (See the rows "Additions" and "Acquisition of Subsidiaries" in Chapter 8, Note 16, Table Property, Plant and Equipment; Note 17, Table Leases; and Note 18, Table Goodwill and Other Intangible Assets in the Financial Statements). Euronext calculates the proportion of qualifying CapEx by comparing it with the economic activities defined in the various Annexes to the Climate and Environmental Delegated Acts. Investment expenses include all additions to tangible and intangible assets. Currently, Euronext does not have a CapEx investment plan in place. 3.2.1.2 2024 Taxonomy underlying analysis Euronext has identified and analysed the following economic activities in the Climate and Environmental Delegated Acts that could potentially give rise to aligned investment expenses: ■ Manufacture of electrical and electronic equipment (CE 1.2) ■ Installation, maintenance and repair of technologies for renewable energy technologies (CCM 7.6) ■ Acquisition and ownership of buildings (CCM 7.7) ■ Data processing, hosting, and related services (CCM 8.1) 3.2.1.2.1 Manufacture of electrical and electronic equipment (CE 1.2) Euronext is aware of the November 2024 Draft Commission Notice that clarifies purchase of output for CapEx and OpEx should be considered for all environmental objectives. Euronext acknowledges that some of its IT CapEx could be eligible when applying this interpretation, specifically within activity 1.2, "Manufacture of Electrical and Electronic Equipment", of the EU Taxonomy. Euronext will further assess these CapEx once the Draft Commission Notice is finalized in the future to determine their eligibility and alignment with relevant criteria and sustainability objectives. 3.2.1.2.2 Installation, maintenance and repair of technologies for renewable energy technologies (CCM 7.6) At the Euronext Dublin office, solar panels were installed to increase the use of renewable energy. This investment represented a cost of €37,000, related to Property, Plant, and Equipment. After reviewing this CapEx, the latter was considered eligible with the EU Taxonomy under the Climate Change Mitigation objective. 3.2.1.2.3 Acquisition and ownership of buildings (CCM 7.7) In 2024, Euronext recorded approximately €16.3 million in CapEx leases, related to right of use assets including acquisition of subsidiaries, for multiple office buildings (for more details see Note 17 on Leases in the Financial Statements). Following a detailed assessment, it determined that these leases met the eligibility criteria for the Climate Change 98 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Mitigation objective of the EU Taxonomy, specifically under Activity 7.7 (Acquisition and Ownership of Buildings). This conclusion was based on the commission notice (C/2024/6691), which explicitly states that leases can be considered eligible under the EU Taxonomy. However, due to insufficient information from the vendor, the Group was unable to assess compliance with the alignment criteria. 3.2.1.2.4 Data Processing, hosting, and related services (CCM 8.1) In 2024, Euronext recorded approximately €5.3 million in CapEx, related to Property, Plant, and Equipment, related to its data centres infrastructure (for more details see Note 16 on Property, Plant, and Equipment). Following a detailed assessment, it determined that these CapEx met the eligibility criteria for the Climate Change Mitigation objective of the EU Taxonomy, specifically under Activity 8.1 (Data Processing, Hosting, and Related Services). 3.2.2 Climate Change Material topic Description Climate Change Impact on global warming through energy use and scope 3 GHG-emissions from the upstream and downstream supply chain (mostly purchase of goods and services, and business travel). Actual Negative Impact Impact on global warming through scope 1 - 2 GHG-emissions of own offices and data centres, taking into account use of (renewable) energy and energy efficiency measures. 3.2.2.1 Governance Integration of sustainability-related performance in incentive schemes (ESRS 2 GOV-3) Please refer to section 3.1.4.4. of the Universal Registration Document, which discusses the integration of sustainability- related performance in incentive schemes. Additionally, for more details on remuneration structure, refer to the Remuneration report on section 4.4 of the Universal Registration Document. 3.2.2.2 Strategy Between 2021 and 2024, under its "Growth for Impact 2024" strategic plan, Euronext focused on accelerating climate action—both within Euronext’s own operations and through its role in advancing sustainable finance across all its markets. This commitment also encompassed an ambitious 1.5° climate goal for Euronext, and included developing services and products that help businesses, partners, clients and the European economy in general to ensure the increase in global temperatures from pre-industrial times remains below the 1.5°C target, as set out in the Paris Agreement. For the next strategic cycle “Innovate for Growth 2027" 2024-2027, Euronext has renewed its commitment to support its clients throughout their climate journey, and further develop efficient ESG products and advisory services. Additionally, Euronext committed to set science-based net zero targets by 2027 in its own operations. In this context, Euronext has joined the Net Zero Financial Service Providers Alliance, part of the global coalition ‘Race to Zero’. Euronext’s climate strategy is detailed in the company's Transition Plan, outlining the key measures Euronext is taking to align its activities with a sustainable future. Central to this strategy are Euronext's decarbonisation commitments, which guide its efforts to reduce emissions in line with global climate goals. To operationalise Euronext’s climate strategy, the company has established a robust internal framework which is outlined in the Environmental Policy. Furthermore, Euronext’s detailed action plan highlights the concrete steps Euronext has already implemented, ensuring accountability and progress as the Group transitions towards a more sustainable and resilient operational model. Undertaken actions in 2024 are detailed in section 3.2.2.3.2. of the Universal Registration Document 3.2.2.2.1 Transition plan for climate change mitigation and adaptation (E1-1) Euronext disclosed in 2024 the latest version of its climate transition plan, demonstrating to capital markets and stakeholders that the company is committed to achieving a 1.5° pathway, and that its business model will remain relevant (i.e., profitable) in a net-zero carbon economy. This document has been approved by the Managing Board in September 2023 and can be found on Euronext's website. Any future amendments will be subject to the same approval process. Euronext's Climate Transition Plan outlines the company's transition toward a low-carbon economy, detailing its Fit 1.5 strategy, key actions, milestones, and ambitions. The Transition Plan also sheds light on Euronext's environmental governance framework. Euronext’s business model does not have locked-in emissions. Unlike industries reliant on physical infrastructure or production-based carbon outputs, the company’s operations focus on facilitating financial transactions and services. The infrastructure the Group uses, such as its buildings and data centres, has a relatively lower environmental footprint and offers greater flexibility for decarbonisation. Additionally, Euronext does not operate in a CapEx-intensive industry and, therefore, does not have a CapEx plan linked to its transition plan. However, Euronext may in the future have some Taxonomy-aligned CapEx and/or OpEx reflecting its efforts to greenify its buildings and IT infrastructure. 2024 UNIVERSAL REGISTRATION DOCUMENT 99 Empower Sustainable Finance ESRS E1 requires companies to disclose whether they are excluded from the EU Paris-aligned benchmarks, in accordance with the exclusion criteria stated in Article 12.1 (d) to (g) and 12.2 of the Commission Delegated Regulation (EU) 2020/1818 (Climate Benchmark Standards Regulation). This regulation requires administrators of EU Paris-aligned benchmarks to exclude from those benchmarks the companies that derive revenues over specified thresholds from certain activities (e.g., coal-, oil- or natural gas-related activities, or high-GHG-intensity electricity generation) and the companies found or estimated to significantly harm one or more of the EU Taxonomy environmental objectives. Based on its activities, Euronext does not meet any of the exclusion criteria and therefore is not subject to any exclusion from the EU Paris-aligned Benchmarks. As part of its strategy to reduce its impact on Climate Change, Euronext has considered future technological developments in designing its transition plan. The Group’s approach encompasses a holistic view that integrates emerging trends such as for example, the transition towards green energy, the increasing emphasis on the “greenification” of data centres and the decarbonisation of its value chain. Transition towards green energy Euronext recognises the global shift towards renewable energy sources as a pivotal factor shaping the future landscape of GHG emissions. Euronext acknowledges the imperative to reduce reliance on fossil fuels and embrace sustainable alternatives in its operations. By aligning its strategies with the growing adoption of green energy solutions, Euronext anticipates a significant impact on its GHG emissions profile, with a reduction in its carbon footprint to transition towards a lower-carbon footprint. Greenification of data centres As a leading financial marketplace, Euronext understands the pivotal role of data centres in supporting its infrastructure and facilitating efficient operations. The company acknowledges the burgeoning trend towards the “greenification” of data centres, driven by both environmental concerns and regulatory imperatives. By embracing innovative technologies and sustainable practices in its data centre operations, the Group aims to minimise its environmental footprint while maximising operational efficiency. This entails investment in energy- efficient infrastructure, adoption of renewable energy sources, and implementation of best practices in data centre management. The migration to a sustainable data centre sets the standard for the industry and provides clients with concrete tools to improve their own carbon footprint. Decarbonisation of the value chain The Group simultaneously decided to decarbonise its upstream value chain by implementing a supplier engagement programme, ensuring to work exclusively with suppliers committed to a low-carbon economy and driven by the numerous science-based standards being developed to guide and benchmark efforts toward sustainability and emissions reductions. Currently, the Group has not yet quantified any decarbonisation measures, but plans to address this in the coming years. More information on Euronext's decarbonisation actions can be found below in section 3.2.2.3.2. of the Universal Registration Document. 3.2.2.2.2 Material impacts, risks and opportunities and their interaction with strategy and business model (ESRS 2 SBM-3) Euronext has long recognised climate change as a critical issue for its operations and activities. Moreover, the company has embedded climate change in its strategic plan since 2021, as outlined in section 3.2.2.2. of the Universal Registration Document. Following its 2024 double materiality assessment, climate change was confirmed by stakeholders as a material topic for Euronext. The company concluded that, without adequate mitigation actions, its activities could have detrimental effects on both society and the environment. Euronext acknowledges that human activities are the primary drivers of climate change, and failing to act promptly will result in catastrophic environmental and societal consequences. Euronext’s operations have an actual and negative impact on global warming through its activities. Through its operations, Euronext emits a certain amount of GHG annually, contributing to global warming and negatively affecting stakeholders across its value chain. This is driven by both scope 3 GHG emissions from its upstream and downstream supply chain - primarily through the purchase of goods, services, and business travel - and from its Scope 1 and Scope 2 emissions deriving from its own offices and data centres. Since 2018, Euronext has been calculating and disclosing its annual GHG emissions based with a detailed analysis of its value chain and business model. Euronext has direct control over Scope 1, Scope 2, and travel-related emissions and reports only on relevant and material Scope 3 categories. For instance, Euronext does not report on financed emissions (Category 15 of Scope 3) because its business model does not involve investment activities such as loans, equity investments, or underwriting. For a full list of scope 3 categories, see the scope of the carbon footprint described in section 3.2.2.4.1. of the Universal Registration Document. The company’s emissions occur in the following areas: ■ Direct GHG emissions coming from the company’s own offices and data centres, resulting from energy consumption and operational inefficiencies. Despite efforts to improve energy efficiency and increase the use of renewable energy, these operations still contribute to environmental degradation through carbon emissions (Scope 1 and 2 emissions). ■ Indirect GHG emissions stemming from the company’s upstream and downstream supply chain activities, particularly through the purchase of goods and services and business travel. These areas represent significant contributors to the company’s carbon footprint (Scope 3 emissions). While Euronext's activities, particularly in the realm of data processing and storage, inherently involve energy use with potential environmental impacts, Euronext's data centre consolidation strategy, highlighted by the green core data centre in Bergamo, is a testament to its dedication to minimising this footprint. This state-of-the-art facility leverages renewable energy and advanced cooling technologies to reduce the exacerbation of climate change, which can affect ecosystems, communities, and global health. By proactively addressing these concerns, Euronext aims to curtail contributions to rising temperatures that lead to extreme weather events, biodiversity loss, and environmental 100 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance instability, thereby safeguarding the well-being of people and the planet we serve. To achieve its goals, Euronext has developed a comprehensive roadmap focused on several key actions available in section 3.2.2.3.2. of the Universal Registration Document. Additional actions will be defined in the coming year as Euronext continues to decarbonize its operations, with the goal of achieving net zero emissions by 2050 at the latest. Location in the value chain Main impact Location in the value chain Upstream Own operations Downstream Impact on global warming through energy use and scope 3 GHG-emissions from the upstream and downstream supply chain X X X Impact on global warming through scope 1 - 2 GHG- emissions of own offices and data centres X Euronext has also put in place a dedicated governance to facilitate the implementation and monitor the actions aimed at mitigating its climate impacts on society. For more information, please refer to section 3.1.4. of the Universal Registration Document on Sustainable Governance . The reasonably expected time horizons of the impacts Euronext's expected time horizons of the climate impacts are as follows: ■ Short term (< 1 year): Euronext has an annual decarbonisation action plan to mitigate potential negative impacts; ■ Medium term (1 to 3 years): this timeframe aligns with the development of the strategic plan, supported by a tailored climate strategy; ■ Long term (> 3 years): Euronext could employ long and very long term-time horizon in order to analyse potential impacts of climate change in alignment with best practices, which often prescribe a time horizon beyond 10 years up to 2050. Main impact Expected time horizon Short term Medium term (Very) Long term Impact on global warming through energy use and Scope 3 GHG-emissions from the upstream and downstream supply chain X X X Impact on global warming through Scope 1 - 2 GHG- emissions of own offices and data centres X X X 3.2.2.3 Impact, risk and opportunity management (ESRS 2 IRO-1) Description of the processes to identify and assess material climate-related impacts, risks and opportunities When identifying material impacts, risks, and opportunities related to climate change, Euronext follows a comprehensive process that takes into account various relevant criteria. This includes the geographic scope of Euronext’s activities, which are primarily within Europe. Additionally, Euronext evaluates the nature of its sector of activities - financial services - which differs significantly from other more impacting sectors like manufacturing. Consequently, issues such as supplier management, critical in manufacturing due to its complex supply chains, are less relevant to Euronext, where supply chains do not involve physical goods production. The detailed criteria and processes used to identify these material impacts are disclosed in section 3.1.3.1 of the Universal Registration Document. This comprehensive approach ensures that all relevant factors influencing business conduct matters are thoroughly evaluated to determine materiality for Euronext. 3.2.2.3.1 Policies related to climate change mitigation and adaptation (E1-2) Euronext's Environmental policy outlines the Group’s key commitments and actions to address identified impacts linked to Climate Change Mitigation and Adaptation, including energy efficiency and renewable energy deployment topics. The document can be found on Euronext's website. The Environmental Policy applies comprehensively across all of Euronext's activities and operations in all geographies where it operates, extending to its employees. The Group Head of ESG & Sustainable Finance is responsible for overseeing Euronext’s Environmental Policy, which has been approved by the Managing Board. For more details on the actions covered by Euronext's Environmental Policy, see section 3.2.2.3.2. of the Universal Registration Document. 3.2.2.3.2 Actions and resources in relation to climate change policies (E1-3) To reduce its carbon footprint, Euronext has developed a comprehensive action plan and a dedicated governance has been put in place to mobilise internal actors and to facilitate the implementation of an integrated approach. Euronext's Environmental governance, outlined in the environmental policy, encompasses all pertinent departments, including IT, Facilities, Procurement, ESG, Risk, and Finance, as well as other internal stakeholders. Regular project committee meetings are held, such as for the Suppliers Engagement Programme, which is supported by a dedicated working group that convenes regularly to monitor project progress and determine subsequent actions. Additionally, a regular Steering Committee meeting is conducted, involving key business decision-makers when critical decisions are required. For more information on the governance put in place, see section 3.1.4 of the Universal Registration Document and the Sustainability Policy available on the Euronext's website. 2024 UNIVERSAL REGISTRATION DOCUMENT 101 Empower Sustainable Finance Dedicated resources have been allocated to the implementation of this action plan across the ESG, Finance, IT, Facilities, Procurement, and HR departments. The action plan includes the following actions in 2024: ■ Euronext prioritised sustainability criteria in the selection of its office spaces, successfully relocating the London office to a building with a BREEAM "Very Good" certification and deciding to move its Porto offices in 2025 to a building with the same BREEAM classification. ■ Additionally, as part of the action plan stream "change of energy source”, solar panels were installed on the Dublin building, generating a portion of the energy required to power the premises. ■ Euronext remains focused on implementing IT projects that contribute to achieving decarbonisation goals. The main achievements to highlight are: – The completion of the consolidation of the Borsa Italiana Trading system located in British Telecom Data Centre and the decommissioning of all infrastructure; – The integration of the MTS trading systems in Euronext's infrastructure, which allowed to decommission MTS infrastructure managed by NEXI; – The migration Euronext Securities Porto systems to Kyndryl shared infrastructure allowing for the decommission this Porto Data Centre in 2025. ■ Euronext continued to train its employees on climate topics by organising Climate Fresk and Digital Fresk workshops. In addition, Euronext organised two conferences for its employees on climate change during its Learning Week and Sustainability Week ■ Euronext continued to monitor the sustainable travel programme consisting in fixing carbon budget by department; ■ On the Supplier Engagement Programme, – Euronext engaged with its key suppliers directly and deployed a new supplier onboarding programme, which would enable Euronext to follow their climate's engagement; – Euronext regularly assessed and communicated via email with its suppliers regarding their environmental practices; – Euronext integrated social and environmental clauses into its supplier contract and into the Code of Conduct; – Euronext included as well the Science Based Target compliance as a primary criterion in the RFP documents and in the sourcing process; – A dedicated page on the "Sustainable Supply Chain" has been created on Euronext's website outlining its Supplier Engagement Programme, including vendor expectations and how these expectations are integrated into the purchasing process; – Euronext organised dedicated training sessions for its suppliers, as part of its Supplier Engagement Program: ▪ A webinar designed to help Euronext's vendors understand its sustainability commitment, expectations from the supply chain and integration of these efforts into procurement processes. ▪ Training for buyers on social and environmental issues in the supply chain, focusing on supplier categorization, escalation strategies, and incentives to meet sustainability their targets. More details on the actions undertaken by Euronext is available in Euronext's Transition Plan which is available on the Euronext website. The time horizons to complete each key action Action Expected time horizon Short term Medium term (Very) Long term Use of energy efficient equipment in buildings and monitoring temperatures X X Use of renewable energies in buildings and data centres X X Setting a sustainable travel programme per department X X Setting a supplier engagement programme X X Training staff on climate-related topics X X 3.2.2.4 Metrics and targets 3.2.2.4.1 Carbon Footprint calculation methodology GHG Protocol In 2024, Euronext transitioned from the Bilan Carbone methodology to apply exclusively the GHG Protocol, a globally recognised framework that enhances alignment with international standards. While methodological changes can sometimes introduce inconsistencies, the company has conducted a thorough assessment before implementation, running both methodologies in parallel to ensure comparability. The results confirmed that despite minor technical differences, the overall carbon footprint remained stable, with no material impact on its emissions reporting. This validation reinforced Euronext's confidence in the transition, ensuring that its reported emissions will continue to be comparable with past methodology. Euronext has adopted a new carbon footprint calculation tool, enhancing the robustness of emissions tracking and data processing. The tool utilises the Greenhouse Gas Protocol methodology and incorporates the latest Global Warming Potential (GWP) values from the Sixth Assessment Report (AR6), ensuring that emissions calculations remain accurate and aligned with the latest scientific data. This platform enables more accurate integration of local emission factors, streamlines calculations, and strengthens overall data quality. The tool’s built-in algorithms, aligned with the GHG Protocol’s latest standards, ensure the accuracy of emissions calculations. Input data is sourced from reliable internal systems and external providers, with automated checks in place to flag inconsistencies and ensure data integrity. The tool also incorporates the most up-to-date emission factors, (1) Euronext has chosen to use the 2019 commodity-specific data from EXIOBASE - Monetary 3.8.23 as the basis for our emission factors. This is because EXIOBASE offers more granular commodity- specific factors than industry-specific factors (200 commodities, but only 163 industries), and because EXIOBASE has real data going up to 2019 for GHG emissions, while factors for years beyond 2019 are based wholly on projections. 102 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance including local factors that reflect the diverse energy mixes across Euronext’s operating geographies, and is regularly updated to reflect the latest GWP values from AR6. By improving the granularity of its emissions calculations, Euronext can provide a more precise and location-specific assessment of its environmental impact. Leveraging this advanced platform, Euronext is not only improving the accuracy of its emissions reporting but also reinforcing its commitment to transparency and sustainability excellence. In line with these refinements, Euronext has decided to exclude emissions from colocation services at the Bergamo data centre from its carbon footprint reporting. As these emissions result from electricity consumption by client- operated infrastructure—over which Euronext has no operational control—reporting them under its direct footprint would not accurately reflect the organisational emissions nor the efforts to reduce its carbon footprint. Regarding the Scope 2 market-based approach, it should be noted that, as in 2023, we rely on green certificates and guarantees of origin to classify electricity as renewable, in compliance with ESRS E1, AR 32 (j) and the GHG Protocol. After all methodology changes were implemented, Euronext concluded that the topics reported under Scope 1, 2, and 3 remain consistent with previous years, as they have been analysed and deemed relevant to its activities, representing material GHG impacts. Although the carbon footprint calculation is performed by an external tool following the GHG protocol, it is not validated by a third party other than the insurance provider. Scope The company has adopted the operational control approach as defined by the GHG Protocol to establish its organisational boundary for greenhouse gas (GHG) emissions reporting. Under this approach, the company accounts for 100% of emissions from operations where it has the authority to introduce and implement operational policies, regardless of ownership structure. This methodology ensures a consistent and transparent assessment of direct (Scope 1) and indirect (Scope 2 and relevant Scope 3) emissions. Additionally, for leased assets, the company evaluates whether it has operational control over the asset—meaning it has the ability to manage its environmental policies and performance. If operational control is established, the emissions from such assets are included in the company’s inventory, and reported under scope 1, 2 and 3, otherwise, when operational control is not established, Euronext still accounts for indirect emissions on scope 3, as per GHG protocol methodology. Below are the details of reportable topics for each of the scopes, along with the emission factors and the underlying assumptions. The emission factors are updated by their own providers, ensuring that the estimates are accurate at all time. For Scope 3, all categories are listed, with the reasons for exclusion where applicable. Emission categories details 1 Scope GHG categories Emissions factor set Assumptions and methodology 1 Fugitive Emissions - Refrigeration UK DEFRA Real data Mobile Combustion Stationary Combustion - Facility 2 Purchased Electricity - Facility International Electricity Factors Purchased Electricity - Fleet Remote Fueling Purchased Heat & Steam UK DEFRA 3 1: Purchased Goods and Services Exiobase - Monetary 2019 Spend-base 2: Capital Goods UK DEFRA Real data 3: Fuel- and Energy-Related Activities Not Included in Scope 1 or Scope 2 International Electricity Factors UK DEFRA 4: Upstream Transportation and Distribution Not applicable Emissions generated do not apply 5: Waste Generated in Operations Emissions generated are residual. Data not available for most countries. 6: Business Travel UK DEFRA Real data 7: Employee Commuting International Electricity Factors UK DEFRA Employee survey in some locations. Estimated average distances and commuting type for remaining. 8: Upstream Leased Assets Consumption estimated by external calculation tool based on square meter of facilities. 9: Downstream Transportation and Distribution Not applicable No purchase or ship of products. 10: Processing of Sold Products No sales of physical products. 11: Use of Sold Products 12: End-of-Life Treatment of Sold Products 13: Downstream Leased Assets Not a lessor. 14: Franchises No use of franchises. 15: Investments Core activities do not include acting as an investor or financial institution. It neither holds nor manages investments that generate relevant financed emissions. 2024 Carbon Footprint results As part of Euronext's commitment to reducing its carbon footprint, the company has carefully analysed its Scope 1, 2, and 3 emissions trends over the past years. Overall, total location-based GHG emissions declined by 5% compared to 2023, while total market-based emissions fell by 2%. This reflects the methodological refinements and operational optimisations described above. While progress has been made in key areas, certain challenges remain that require attention. Scope 1 emissions Scope 1 emissions decreased by 22% compared to 2023, falling from 355 tCO₂eq to 278 tCO₂eq in 2024. This reduction was primarily influenced by a revision in the methodology for refrigerant gas leaks, as well as the continued transition of the company fleet, which now offers incentives to encourage that (1) Figures for 2023 are not available as this is the first year reporting on this table. 2024 UNIVERSAL REGISTRATION DOCUMENT 103 Empower Sustainable Finance all newly acquired vehicles to be at least hybrid. These changes have contributed to the reduction in direct emissions. Scope 2 emissions (location-based) Scope 2 emissions, location-based emissions saw a 24% reduction from last year, moving from 6,359 tCO₂eq in 2023 to 4,818 tCO₂eq in 2024. This change is largely attributable to a revision of the operational control methodology, ensuring a more accurate classification of facilities. Certain small offices, where detailed emissions data is not available, have now been reclassified under Scope 3 as upstream leased asset emissions. Additionally, colocation electricity consumption has been entirely excluded from Euronext’s emissions inventory, as the company does not have operational control over these emissions. This adjustment ensures that reported emissions accurately reflect the company’s direct responsibilities. Scope 2 emissions (market-based) Market-based Scope 2 emissions decreased further, dropping by 25% from last year, reflecting an increasing share of electricity procurement with renewable energy certificates. Scope 3 emissions Despite reductions in direct emissions, Scope 3 remains the largest share of the overall carbon footprint, with total emissions decreasing by 2% compared to last year. Within this category, Purchased Goods & Services emissions saw a slight reduction of 2%. Emissions from this category are closely linked to business growth, as higher procurement needs lead to increased emissions. Capital Goods emissions declined significantly, by 83% from last year, largely due to a methodological shift from Bilan Carbone to the GHG Protocol, which aligns reporting with international standards and provides greater accuracy in calculations. Business travel emissions increased by 23% compared to 2023, driven primarily by a rise in air travel. This trend reflects the company’s ongoing growth and geographically diversified operations, which naturally results in an increasing number of employees and greater travel needs. While policies and incentives exist to encourage lower-carbon travel alternatives, emissions have nonetheless increased in line with business expansion. 3.2.2.4.2 Energy consumption and mix (E1-5) 1 Energy consumption and mix 2024 vs 2023 2024 1. Total fossil energy consumption (MWh) N/A 3,048 Share of fossil sources in total energy consumption (%) N/A 14% 2. Consumption from nuclear sources (MWh) N/A 0 Share of consumption from nuclear sources in total energy consumption (%) N/A 0% 3. Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) N/A 0 4. Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) N/A 18,868 5. The consumption of self-generated non-fuel renewable energy (MWh) N/A 0.00 6. Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) N/A 18,868 Share of renewable sources in total energy consumption (%) N/A 86% Total energy consumption (MWh) (calculated as the sum of lines 6, and 11) N/A 21,916 104 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.2.2.4.3 Gross Scopes 1, 2, 3 and Total GHG emissions (E1-6) Retrospective Milestones and target years Base year 2024 2023 2024 % N/N -1 2030 2050 Annual % target / Base year Scope 1 GHG emissions (tCO2e) Gross scope 1 GHG emissions 278 355 278 (22)% N/A N/A N/A Scope 2 GHG emissions (tCO2e) Gross location-based scope 2 GHG emissions 4,818 6,359 4,818 (24)% N/A N/A N/A Gross market-based scope 2 GHG emissions 278 372 278 (25)% N/A N/A N/A Scope 3 GHG emissions (tCO2e) Total gross indirect (Scope 3) GHG emissions 41,893 42,648 41,893 (2)% N/A N/A N/A Purchased Goods and Services (Category 1) 36,854 37,549 36,854 (2)% N/A N/A N/A Capital Goods (Category 2) 157 942 157 (83)% N/A N/A N/A Electricity T&D Losses (Category 3) 322 1,648 322 (6)% N/A N/A N/A Heat & Steam T&D Losses (Category 3) 13 13 N/A N/A N/A Upstream Purchased Electricity (Category 3) 1,111 1,111 N/A N/A N/A Upstream Purchased Fuels - Mobile Combustion (Category 3) 29 29 N/A N/A N/A Upstream Purchased Fuels - Stationary Combustion (Category 3) 28 28 N/A N/A N/A Upstream Purchased Heat & Steam (Category 3) 39 39 N/A N/A N/A Commercial Air Travel (Category 6) 2,404 2,082 2,404 23% N/A N/A N/A Hotel Stay (Category 6) 124 124 N/A Rail Travel (Category 6) 30 30 N/A Employee Commuting/Telework (Category 7) 668 427 668 56% N/A N/A N/A Upstream Leased Assets - Facility (Category 8) (Offices) 115 N/A 115 N/A N/A N/A N/A Total GHG emissions (tCO2e) Total GHG emissions (location based) 46,990 49,362 46,990 (5)% N/A N/A N/A Total GHG emissions (market based) 42,450 43,375 42,450 (2)% N/A N/A N/A GHG intensity This indicator was calculated using the same assumptions as the carbon footprint calculation and the actual revenue data extracted from Note 8, "Revenue" line, of the Financial Statements. It has not been validated by any third party outside of the assurance provider. GHG intensity per net revenue 2023 2024 % N / N-1 Total GHG emissions (location- based) per net revenue (tCO2eq/M€) 33 30 (11)% Total GHG emissions (market-based) per net revenue (tCO2eq/M€) 29 27 (8)% Biogenic Emissions Reporting For Scope 1, no biofuels were used for stationary combustion during the Reporting Year. Under Scope 2, the biogenic component of electricity consumed in the UK, as provided by UK DEFRA, has been accounted for. Other emission factors, such as those from the IEA, do not include biogenic sources, and no data is currently available for purchased heat and steam. In Scope 3, biogenic emissions have not been reported due to data unavailability and process uncertainties. Furthermore, while Euronext may have emissions associated with land use change and land management within its supply chain, these have not been assessed at this stage. Biogenic emission 2024 Scope 1 related biogenic emissions (tCO2 e) 5.60 Emissions from vehicle biofuels (including average biofuel blends for diesel and petrol 5.60 Emissions from stationary combustion biofuels 0.00 Scope 2 related biogenic emissions (tCO2 e) 2,371.03 Emissions from electricity 2,371.03 Emissions from purchased heat and steam N/A Scope 3 related biogenic emissions (tCO2 e) 0.00 Upstream fuel and energy related emissions N/A Other scope 3 related emissions N/A Total biogenic CO2 emissions (tCO2e) 2376.63 2024 UNIVERSAL REGISTRATION DOCUMENT 105 Empower Sustainable Finance 3.2.2.4.4 GHG removals and GHG mitigation projects financed through carbon credits (E1-7) Euronext has not yet invested in carbon removals or mitigation projects Euronext's efforts are for now centred on direct emissions reductions within its operations and value chain as outlined in section 3.2.2.3.2. of the Universal Registration Document. 3.2.2.4.5 Internal carbon pricing (E1-8) Euronext does not implement internal carbon pricing because its operations generate relatively low direct carbon emissions compared to other activities such as manufacturing or industrial sectors. As a financial services company, Euronext's environmental impact is primarily indirect, stemming from its supply chain rather than its own activities. Given this limited direct footprint, Euronext has not prioritised internal carbon pricing as a key mechanism for addressing its environmental impact Non-CSRD: Fit for 1.5° Euronext strategy This section is outside of the scope of the limited assurance. SBTi validated targets Euronext has committed to setting science-based quantitative climate targets by signing the “Business Ambition for 1.5°C”, a campaign led by the Science Based Targets initiative in partnership with the UN Race to Zero commitment. Euronext’s upgraded greenhouse gas emissions reduction targets have been validated by the Science-Based Targets initiative (SBTi) in February 2023: ■ By 2030, Euronext will reduce its absolute Scope 1, and Scope 2 emissions by 73.5% compared to 2020 ■ By 2030, Euronext will reduce its scope 3 travel emissions by at least 46.2% compared to 2019 ■ By 2027, Euronext suppliers, representing 72% of Euronext’s greenhouse gas emissions derived from purchased goods and services, must set targets on their Scope 1 and Scope 2 emissions. The Group may, at some point of time, decide to go further in its effort to reduce its carbon footprint and readjust its targets according to the evolution of the group. Euronext also acknowledges that there are some existing risks not to reach those targets. For more information on the Group's climate risk analysis, see the last Euronext's TCFD report available on the Euronext website. To achieve its decarbonisation targets, Euronext has developed a comprehensive action plan and a dedicated governance. For more information on the governance put in place, see Section 3.1.4. of the Registration Document, the Sustainability Policy and the Euronext's Transition plan which are available on Euronext's website. Progression towards SBTi targets Euronext’s performance against its three SBTi targets has been mixed depending on the scope. Scope 1 and scope 2 For Scopes 1 and Scope 2 (market-based emissions), the company achieved a 84% reduction compared to the base year—substantially exceeding the committed target of 73.5%. This result is attributable to Euronext’s continued procurement of energy from certified green sources and the exclusion of colocation emissions, as previously disclosed. It is linked as well to the decision to relocate the Core Data Centre to a green facility in June 2022. The new data centre is 100% powered by renewable energy sources, much of which is self produced through solar panels and hydroelectric power stations. The migration to a sustainable data centre sets the standard for the industry and provides clients with concrete tools to improve their own carbon footprint. Business travels (Scope 3) Scope 3 emissions from business travel increased by 23% in 2024, reaching 2,559 tons of CO₂e—a reversal of the declining trend observed in previous years. This increase was primarily driven by corporate M&A activities, most notably the acquisition of a New Zealand company, along with a higher volume of travel linked to various projects and Euronext’s organic employee growth. Despite this rise, Euronext’s business travel emissions remain well below the base year level by 23%. With a target to reduce these emissions to 1,797 tons of CO₂e by 2030—and recognizing that business travel remains integral to Euronext’s geographically diversified operations—the company is actively implementing measures to mitigate emissions wherever feasible. Suppliers engagement Regarding Euronext's supplier engagement, the current analysis was conducted on an emissions basis rather than a spend-based approach. Consequently, the proportion of suppliers within the 'purchased goods and services' category meeting SBTi criteria increased by 10 percentage points in 2024. Although this figure remains 30 percentage points below the 2027 target, Euronext is actively advancing its supplier engagement program in line with its stated commitments. 106 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.2.3 Sustainable Products and Services, including training Material topic Description Sustainable products and services, including training Impact on Euronext's customers by promoting and developing sustainable and innovative products/services with environmental (green and blue) and by offering continuous educational materials and training on financial literacy and ESG Actual Positive Impact Impact on small and medium size companies to find access to capital markets (maintain and increase jobs) and by offering continuous educational materials and trainings on regulatory compliance and disclosures including ESG topics. Helping companies to maintain compliance with regulation and codes of corporate governance. Access to capital can help companies grow providing jobs. Impact on society and individual investors (retails) by promoting and developing sustainable and innovative products and services with environmental (green and blue) and by offering continuous educational materials and trainings on financial literacy and ESG topics. Opportunity to establish a good relationship with customers and therefore grow in existing and new markets by facilitating the allocation and channeling of investments towards sustainable products. Opportunity Opportunity to help SME's drive their ESG journey, resulting in an improved reputation of Euronext. Opportunity in helping individual investors (retails) drive their ESG journey, resulting in an improved reputation of Euronext. 3.2.3.1 Strategy Euronext’s strategic plan, “Innovation for Growth 2027,” is transversally focused on accelerating climate action and driving the transition to a European economy aligned with a 1.5° trajectory. This focus on climate action interacts directly with the company’s business model by offering responsible product and service solutions that meet the diverse needs of its clients and act in their best interest, while ensuring compliance with applicable regulations. Euronext's approach is guided by a clear focus on creating positive impacts on society, supporting small and medium-sized enterprises (SMEs), and empowering individual investors, all while seizing opportunities to strengthen relationships with clients and grow in new and existing markets. 3.2.3.1.1 Material impacts, risks and opportunities and their interaction with strategy and business model (ESRS 2 SBM-3) In its recent double materiality assessment, Euronext has identified sustainable products and services, including training, as a material sustainability topic. Euronext engages with these material impacts and opportunities both through its operations and its business relationships. More precisely, Euronext has identified several key positive impacts and opportunities that it addresses through its innovative climate-focused products and services: Impact on customers Euronext supports institutional clients in aligning with climate objectives by offering a range of climate financial products, enabling them to invest in projects that address climate change. Additionally, Euronext provides advisory services and educational content to issuers, helping them enhance their climate strategies, improve performance, and align with global sustainability goals. Euronext also supports transparency by displaying key climate data such as carbon footprint and Taxonomy related metrics via 'My ESG Profile', fostering informed decision-making. Impact on SMEs Euronext supports small and medium-sized enterprises by facilitating access to climate financial products, connecting them with investors interested in funding sustainable projects. Euronext also provides workshops and advisory services on ESG compliance, climate reporting, and strategy development, helping SMEs strengthen their climate performance, align with regulatory requirements, and foster growth and job creation. Impact on society and individual investors Euronext empowers individual investors to make climate- conscious decisions by offering climate-focused financial products that enable investments in projects addressing climate change. By providing transparency through the display of key climate data via 'My ESG Profile', including carbon metrics, the Group ensures retail investors have the necessary information to make informed, impactful investment choices. These efforts also contribute to broader societal progress by channelling capital toward initiatives that drive the transition to a low-carbon economy, fostering sustainable development and climate resilience on a global scale. Opportunity to grow Euronext's markets By developing climate financial products, Euronext meets the rising demand for climate-conscious financial tools. These offerings, along with the advisory services provided to clients for enhancing their climate strategies and ensuring transparency, strengthen client relationships and position Euronext to expand in both existing and emerging markets that prioritise sustainability. Opportunity with SMEs Euronext guides SMEs on their ESG journey through climate- focused financial products and advisory services. Workshops on climate strategy, emissions reporting, and regulatory compliance, combined with the display of key climate data, help SMEs align with sustainability goals and improve transparency. This positions Euronext as a trusted partner for businesses committed to sustainability and offers the Group an opportunity to improve its reputation with SMEs. 2024 UNIVERSAL REGISTRATION DOCUMENT 107 Empower Sustainable Finance Opportunity with individual investors Euronext supports retail investors in adopting ESG principles by offering access to climate-focused financial products that enable direct support for climate-positive initiatives. The display of transparent climate data builds investor confidence, positioning Euronext as a leader in facilitating climate- conscious investing and contributing to the broader transition to a low-carbon economy and offers the Group an opportunity to improve its reputation with individual investors. Euronext has evaluated the resilience of its strategy and business model in managing the impacts of its sustainable products and services, including training. This assessment also considers the company's dependencies on natural, human, and social resources. Consequently, Euronext is well- equipped to take advantage of opportunities and address impacts by expanding its range of climate-related products and services. Euronext's strategy integrates sustainability into its operations and offerings, ensuring adaptability to changing market demands and resource availability. However, the company's ability to continue utilising these resources and maintain essential relationships is influenced by client demands, market conditions, and the broader macroeconomic environment. These dependencies may affect the quality and availability of the resources relied upon, as well as the terms of business relationships, which are critical for seizing opportunities. The reasonably expected time horizons of the impacts and opportunities Impact Expected time horizon Short term Medium term Long term Impact on customers X X Impact on small and medium size companies X X Impact on society and individual investors X X Opportunity Opportunity to grow market X X Opportunity with SMEs X X Opportunity with individual investors X X Location in the value chain Impact Location in the value chain Upstream Own operations Downstream Impact on customers X Impact on small and medium size companies X Impact on society and individual investors X Opportunity Opportunity to grow market X Opportunity with SMEs X Opportunity with individual investors X 3.2.3.2 Impact, risk and opportunity management 3.2.3.2.1 Policies Euronext has in place two policies related to this material topic: ■ Responsible and Sustainable Product Offering Policy ■ Environmental Policy These policies influence and guide Euronext's actions and through the reported metrics the company monitors the effectiveness of its strategy. Euronext's Responsible and Sustainable Products Offering Policy outlines Euronext’s commitment to providing sustainable products and services to its clients as part of its broader strategy, along with the actions in place to address the identified impacts and opportunities in this area. The Environmental Policy sets Euronext’s general commitment to addressing climate change, and includes a specific section focused on Sustainable Products and Services. Both policies apply comprehensively across all of Euronext's activities and operations in all geographies where it operates, extending to its employees. Euronext’s Group Head of ESG & Sustainable Finance is responsible for overseeing both policies, which have been approved by the Managing Board. They can be found on Euronext's website. 3.2.3.2.2 Actions and resources in place As part of its past strategy “Fit for 1.5°”, and under its new strategic plan “Innovation for Growth 2027”, Euronext has considered over the past years the expansion of its climate products and services offering as a priority and will continue to innovate to become a global leader in this field. Euronext’s commitment is to develop services and products that help its business, partners, clients and the European 108 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance economy in general to curb the increase in global temperatures from pre-industrial times. The company’s goal is to help ensure this increase remains below the 1.5°C target, as set out in the Paris Agreement. Euronext climate products and services offering is today structured around three pillars: ■ Facilitate sustainable investing ■ Educate & support issuers on climate topics ■ Enable issuer/investor dialogue. Among the actions implemented by Euronext, one can find: Facilitating sustainable investing Euronext supports investors in identifying sustainable investment opportunities through its climate indices and green bonds. In an era where climate change is increasingly impacting our daily lives and the global economy, understanding and monitoring climate trends has never been more crucial. In the fight against climate change, indices provide numerous benefits for policymakers, businesses, researchers, and the public. As the world shifts towards sustainable practices, climate indices have become essential tools in guiding responsible investments. These indices help track the performance of companies promoting environmental stewardship and encourage businesses to adopt greener practices by linking sustainability with financial performance. Euronext climate indices consist of multiple factors to ensure complete transparency within the methodology and offer solutions that meet rigorous standards. For example, the Group’s SBT indices select companies with validated targets to reduce greenhouse gas (GHG) emissions in line with 1.5°C for Scope 1 and 2 emissions, and in line with 2°C for Scope 3 emissions. On the other hand, Euronext Paris Aligned and Climate Transition indices also are designed to meet the year- on-year 7% decarbonisation target for GHG. In response to the demand for mainstream ESG solutions, Euronext has also introduced several ESG blue-chip indices that take into account Environmental, Social and Governance practices. These indices cater to the growing demand for investment solutions aligned with ESG principles, climate considerations, thematic investments, alternative energy, healthcare, and other emerging trends. Euronext consistently adapts to meet these demands, utilising its diverse array of high-quality, liquid, and research-enhanced solutions. In parallel, green bonds are a key component of Euronext's ESG strategy, designed to enable issuers to fund environmentally sustainable projects while offering investors the opportunity to invest in green assets. By raising capital on Euronext's markets for initiatives that reduce carbon emissions, promote renewable energy, and enhance energy efficiency, green bonds help drive the transition to a low-carbon economy. This aligns with Euronext's commitment to supporting both issuers in achieving their sustainability goals and investors in making climate-conscious investment decisions. Educating and supporting issuers on climate topics Euronext offers various services to help issuers navigate the ESG landscape, including ESG advisory services (via Euronext Corporate Solutions), ESG workshops for ELITE companies and ESG courses through Euronext Academy. These initiatives, all have a focus on climate topics as they help companies to improve their climate reporting and strategy. In addition, by launching 'My ESG Profile', Euronext has become the first stock exchange to make the ESG data of its issuers available in a standardized format on its website. Data is collected and validated by a specialised data partner directly from issuers’ annual reports based on a list of thirty quantitative indicators sourced from key European regulations. In addition to facilitating investor access to critical ESG data, 'My ESG Profile' enables Euronext to monitor key performance indicators (KPIs) and other sustainability- related information provided by issuers. This data supports the publication of climate-related studies, such as the carbon footprint of issuers or analyses of Scope 1, 2, and 3 emissions, fostering a deeper understanding of environmental impacts within the capital markets ecosystem. The aim of 'My ESG Profile' is to support the transition to a sustainable economy by providing listed companies with a digital tool to centralize relevant ESG information, showcasing their sustainability efforts to the market, and facilitating investors’ access to this key data to inform their sustainable investment decisions. Additionally, 'My ESG Profile' enables issuers to compare their climate performance vs peers through a recently launched benchmarking tool. 'My ESG Profile' marks an important milestone in Euronext’s ambition to provide concrete tools and guidance on ESG to all its listed companies, while facilitating investor-issuer dialogue on ESG matters. Enabling issuer-investor dialogue Euronext fosters issuer-investor dialogue on ESG (including climate topics) through the Euronext Sustainability Week and the Euronext Sustainable Network. The Euronext Sustainability Week, its flagship ESG event, annually engages investors and companies on sustainability topics. Additionally, launched in September 2024, the Euronext Sustainable Network connects European stakeholders to promote ESG best practices (including on climate), support issuers and investors, and drive innovation in sustainable finance. The time horizons under to complete each key action Action Expected time horizon Short term Medium term Long term Facilitating sustainable investing X X Educating and supporting issuers on climate topics X X Enabling issuers-investors dialogue X X This is the time horizon Euronext plans to implement the actions: ■ Short-term (< 1 year): Euronext has annual actions in place to drive this impact ■ Medium-term (1 to 3 years): This is the time horizon for the strategic plan to unfold, with specific sustainability goals such as expanding the ESG product portfolio. For more information on the company's climate-related products and services, please see Euronext's Transition Plan. 3.2.3.3 Metrics and targets 3.2.3.3.1 Sustainable Products The current financial effects of material risks and opportunities have been assessed, consistently with the reference regulations, considering exposures in terms of 2024 UNIVERSAL REGISTRATION DOCUMENT 109 Empower Sustainable Finance assets and possible financial losses and current or prospective revenues, according to approaches consistent with the estimates and assessments made by Euronext as part of its ordinary planning and risk analysis activities. With reference to opportunities, the process of identifying and assessing them is also aligned with the indicators defined in Euronext’s budget and strategic plan in relation to the sustainability products and services. In light of results of the materiality assessment conducted by Euronext, there are no significant current financial effects related to these products nor significant risks of material adjustment within the next annual reporting period. A key part of this strategy is to expand the Euronext's ESG business and continue its growth in this area to help drive investments towards decarbonised assets and support clients on their ESG journey. The metrics linked to these products and services illustrate Euronext's performance in delivering the aforementioned actions. Bonds issued under a Green bonds framework ("Green bonds") Every year, Euronext enables companies to raise funding to finance green projects by listing green bonds on its markets. When issuers and/or their advisers ask for an admission to listing of a bond on a Euronext markets, they indicate namely whether the instrument is aligned with a green, social, sustainability or sustainability-linked framework, such as ICMA or the EU green bond standard. This is done under the sole responsibility of the issuer. It is not Euronext’s responsibility to determine the qualification of the bonds. When admitting the green bond on its markets, Euronext extracts the information and verifies the existence of a pre issuance second-party opinion confirming the alignment of the green bond framework with relevant principles and publishes the name of the bond, the pre issuance second- party opinion and any other available information on the Euronext ESG Bond Platform where investors can sort all listed bonds according to different criteria, including the so-called "green bonds". 480 new green bonds were listed on Euronext markets in 2024. At the end of the year, 1,752 outstanding green bonds were displayed on the Euronext ESG Bond Platform, making Euronext the world leading venue for green bonds. Climate indices Since 2021, Euronext has accelerated the launch of ESG indices aimed at helping investors make their portfolios more sustainable by incorporating ESG criteria. Among these indices, Euronext has introduced various climate indices, including EU Paris-Aligned Benchmarks (PABs) and Climate Transition Benchmarks (CTBs), both regulated under Regulation (EU) 2016/1011 (Benchmark Regulation). These benchmarks enable investors to decarbonise their portfolios and align them with global climate targets, such as those set by the Paris Agreement. PABs require stricter decarbonisation criteria, while CTBs allow for a more gradual transition. By the end of 2024, Euronext had launched 74 PABs and 3 CTBs. Action Metrics Value Green products Number of Paris Aligned Benchmarks (PABs) 74 Number of Climate Transition Benchmarks (CTBs) 3 Total number of bonds issued under a green bond framework listed on Euronext markets 1,752 3.2.3.3.2 Sustainable Services As previously mentioned, Euronext offers a range of services to help clients enhance their climate strategy and reporting. These include ESG advisory services designed to assist listed companies and SME clients in understanding investors’ climate expectations and developing a comprehensive, tailor- made climate strategy. Euronext offers various educational programmes and content on climate topics for its clients. Among these, ELITE, a subsidiary of Euronext dedicated to supporting SMEs in accelerating their growth and accessing capital markets, organises annual workshops to educate clients on climate topics. In 2024, 175 people attended one of ELITE’s ESG workshops. Action Metric Value Sustainable services Number of attendees in ESG workshops organised by ELITE 175 3.2.3.3.3 Tracking effectiveness of policies and actions Euronext has not yet established measurable outcome- oriented targets for sustainable products and services. However, the company aims to set these targets by 2025. In the meantime, Euronext continuously monitors the effectiveness of its actions by tracking the number of green products admitted to its markets which serves as a tangible indicator of its progress in promoting environmentally responsible investment options and by counting the number of attendees to some of its training oriented to environmental topics. This is not merely a quantitative measure; by monitoring attendance, Euronext gains insights into the level of engagement and awareness within its community regarding environmental issues. It also helps us assess the reach and impact of its educational efforts, ensuring that stakeholders are well-informed and equipped to make sustainable decisions. This, in turn, fosters a culture of environmental stewardship and supports the broader goal of integrating sustainability into the core of financial markets. 110 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.3 Social EURONEXT FOSTERS A DYNAMIC, INCLUSIVE AND PEOPLE-CENTRIC CULTURE Euronext’s human capital, comprising diverse nationalities, backgrounds and perspectives, contribute to build a better-connected and more sustainable financial ecosystem. Euronext empowers employees through a truly international environment, offering dynamic career with a high level of mobility and training opportunities. Euronext is proud to offer a workplace where innovation, impact and ESG are at the core of its culture. Our workforce 83% of Euronext employees find a sense of meaning and purpose in their job COUNTRIES EMPLOYEES REPRESENTING NATIONALITIES 18 2,400+ 60+ 35% Women in Senior Leadership Team 81% DEI score (Diversity, Equity, Inclusion) 290+ Active members of D&I networks DIVERSITY AND INCLUSION Euronext fosters diversity and inclusion as a catalyst for growth ~15h Average training hours per employee TRAINING AND DEVELOPMENT Euronext is committed to promoting continuous professional growth through: targeted training programmes skills development initiatives regular performance and development reviews Training programmes Transversal skills ESG Innovation IT Financial & Euronext Market Knowledge Leadership, Management & Coaching WORKING CONDITIONS WELLNEXT PROGRAMME Aims to improve health and well- being at work CULTURE OF OPEN DIALOGUE n 87% Participation rate to 2024 employee survey n Regular opportunities to share views with employees and staff representative bodies Euronext is committed to offer attractive working conditions ensuring high level of engagement in a culture of open dialogue 2024 UNIVERSAL REGISTRATION DOCUMENT 111 Empower Sustainable Finance 3.3.1 Strategy Material topic Description Diversity and Inclusion Impact on employees by providing equal treatment and opportunities for all, taking care of gender equality and equal pay for work of equal value, providing employment and inclusion for persons with disabilities, installing measures against violence and harassment in the workplace, and promoting diversity (age, gender, cultural background, etc.) in new hires and promotions. Potential Negative Impact Training and Development Impact on employees’ engagement, motivation and retention and impact on company ability to have skilled and relevant talents to ensure the relevance of employees skills on Euronext's needs and continued employability. We ensure it by offering dedicated training and other skills development-related activities and facilitating continuous professional growth regular performance and development reviews, enabling internal mobilities. Impact on employees’ engagement and impact on candidate attractively by demonstrating training and development and career development opportunities. Impact on ensuring business continuity thanks to succession planning. Working Conditions Impact on employees through ensuring good working conditions including adequate wages, secure employment, freedom of association, the existence of local work councils and the information, consultation and participation rights of workers, being committed to social dialogue (e.g. supporting unions representation rights and facilitating worker representation bodies), and ensuring appropriate working time. 3.3.1.1 Interests and view of stakeholders (ESRS 2 SBM-2) Euronext incorporates by reference the disclosures required under ESRS S1, DR 12, regarding the interests and views of its employees, in section 3.1.2.2 of the Universal Registration Document. 3.3.1.2 Material impacts, risks and opportunities and their interaction with strategy and business model (ESRS 2 SBM-3) As outlined in Euronext's strategy and business model in section 3.1.2.1. of the Universal Registration Document, the Company is committed to fostering an inclusive and people- centric culture. Euronext's inclusive people strategy, disclosed in the “Innovation for Growth 2027” strategic plan, prioritises diversity, equality, and inclusion as catalysts to create an environment where all employees feel valued and empowered to contribute to their fullest potential. Indeed, Euronext’s workforce is one of its key enablers in delivering its operations and launching new projects and initiatives to drive business growth. Euronext's human capital, comprising diverse nationalities and perspectives, enriches its organisational culture. Euronext empowers employees through a multicultural environment, offering multiple professional, educational and mobility opportunities, with innovation, impact and ESG at the core. This results in measurable outcomes, such as wide representation of almost 60+ nationalities, more than a third of the workforce being composed of women, and strong employee engagement. For its stakeholders, these efforts enhance the customer experience through innovative solutions, build investor confidence with a committed and skilled workforce, support employees by fostering professional growth and an inclusive work environment, and strengthen societal impact by promoting diversity and ESG principles across the organization. Euronext conducted its double materiality assessment to determine its material topics, as outlined in section 3.1.3.1. of the Universal Registration Document. Regarding Social matters, the following topics were identified as material: Diversity and Inclusion Euronext is dedicated to fostering a diverse and inclusive workforce, recognising that these values are essential to employee well-being and organisational success. Given the centrality of its workforce to executing strategic initiatives and maintaining operational excellence across all business areas, Euronext acknowledges the potential negative impacts associated with the lack of focus on diversity, inclusion, and employee development. Ensuring a safe, supportive, and engaging work environment is crucial for fostering employee engagement and loyalty, both of which are critical to the organisation's success. Training and Development Euronext has been prioritising training and development for its workforce for a long time. Euronext’s organisation requires a demonstrated ability to maintain a skilled workforce aligned with Euronext's evolving needs. The materiality assessment furthermore revealed that in case of insufficient emphasis on training and development, along with an inadequate succession planning in its own workforce, it could result potentially in decreased employee engagement and diminish the company's attractiveness to potential candidates. This is in line with the long-standing actions employed by Euronext to develop a very active Talent Development approach, active way before the enforcement of regulations such as CSRD. Working Conditions Euronext is also committed to offering proper working conditions applicable to local regulations and upholding social dialogue in its workforce, recognising that these elements are vital for fostering a supportive and engaging work environment. The double materiality assessment indicated that, without maintaining the current proactive measures, Euronext’s commitment to working conditions centred in internal communication, freedom of association, adequate wages, existence of local social dialogue and employee relations in its own operations could potentially negatively impact its workforce and decrease engagement level. Euronext has been developing policies and actions on this topic for several years, as preserving a high level of engagement for its workforce has always been a key topic. 112 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Overall, Euronext has identified three potential negative impacts to its Social domain: ■ Diversity and Inclusion ■ Training and Development ■ Working Conditions Euronext is involved with these material topics through its activities and specifically with its employees. In its double materiality assessment, which has identified the workforce as a key stakeholder, Euronext concluded that the lack of proactive measures, such as the ones already in place as long-term commitments, could lead to potential negative impacts on its workforce, particularly in employee retention, talent attraction and overall productivity. If Euronext was to not maintain an active focus on these three material areas and the related sub-topics identified, Euronext might risk the inability to attract and retain the people with the needed skills to deliver the business and strategic operations. In assessing the resilience of its strategy and business model concerning diversity and inclusion, training and development and working conditions, Euronext finds it robust. This assessment has led to several key initiatives aimed at mitigating potential negative impacts and promoting an inclusive environment, which are discussed below. Any potential negative impact described is considered as systemic in the way that it affects randomly and unexpectedly Euronext’s workforce. As such, Euronext has identified that to achieve its strategy and manages its business operations, it needs to: ■ Continue providing equal and fair opportunities for its workforce, notably on all policies and processes related to ensuring diversity and inclusion to attract and retain the needed talents. Read more in Euronext's Diversity and Inclusion Policy. ■ Ensure a high level of skill development and training for its employees to grow and develop in the company. Read more in Euronext's Talent Acquisition and Development Policy. ■ Prioritise and preserve the needed working conditions to ensure key talents remain at Euronext. Several specific areas were identified in this respect to ensure Euronext can operate in the best conditions and deliver its strategic ambitions: ■ Euronext values social dialogue, internal communication, and employee relations in all its forms. The company respects workers' representation rights and collective bargaining, and refrains from interference with union activities, in line with International Labour Organisation principles. Local employee forums or work councils complement collective agreements. During significant organisational changes, Euronext engages in constructive dialogues with employees and where needed with worker representatives, prioritises measures to anticipate impacts on employment and support affected employees. ■ Key principles related to the respect of human rights respect are at the core of Euronext, who acts as a role model in the financial ecosystem: ensuring adequate wages, preserving freedom of association rights, and respecting working time regulations. Euronext employees potentially impacted by the various material topics considered as part of ESRS S1 and the result of the double materiality analysis are described here after. Euronext practices and policies impact its workforce, as defined below. ■ According to ESRS S1, employee is defined as "individual who is in an employment relationship with the undertaking according to national law and practice". Since there is no common definition of ‘employee’ provided under EU law, the status as an employee is determined at the national level according to national laws and practice. Each national labour law or practice of each country defines what type of contracts constitute an employment relationship (i.e., an employee). The two categories involved as employees are are permanent and fixed term contracts. All “early career” schemes: interns, apprentices and trainees according to local various schemes existing in Euronext’s locations, are not considered as employees according to S1. The current potential negative impact approach identified in Euronext’s double materiality analysis for the ESRS S1 related topics entails that Euronext will strive to maintain for all of the above categories of employees, and in application of the ESRS S1 three main material dimensions (Diversity, Training, Working Conditions) a strict respect of applicable regulations, and apply best market practices as much as possible to maintain its position currently demonstrated in various assessments either internal like employee surveys or external, such as external ratings. The potential negative result of the double materiality analysis entails that Euronext strives to maintain three main material dimensions (Diversity, Training, Working Conditions), in application of the ESRS S1, with a strict respect of applicable regulations, and strive to apply best market practices as much as possible to maintain its position currently demonstrated in various assessments either internal like employee surveys or external like external ratings. While Euronext is very attentive to its entire workforce, due to the nature of its activities and the geographical footprint of its offices which are located in countries with protective local labour laws for employees’ rights, Euronext has not identified any categories of people with specific characteristics that expose them to a greater risk of harm. Location of impacts in the value chain Material topic Location of impacts in the value chain Upstream Own operations Downstream Diversity and Inclusion X Training and Development X Working Conditions X The reasonably expected time horizons of the impacts The expected time horizon for these impacts is short-term and medium-term. The short-term is defined as the period from now to one year, during which the company has annual actions in place to mitigate potential negative impacts. In the medium- term, spanning one to three years, this timeframe aligns with 2024 UNIVERSAL REGISTRATION DOCUMENT 113 Empower Sustainable Finance the development of the strategic plan, supported by a tailored people strategy. Material topic Expected time horizon Short term Medium term Long term Diversity and Inclusion X X Training and development X X Working Conditions X X 3.3.2 Impact, risk and opportunity management 3.3.2.1 Policies related to own workforce (S1-1) Euronext has in place several policies which are related to its own workforce: ■ Diversity and Inclusion policy ■ Whistleblowing policy ■ Talent Acquisition and Development policy ■ Performance, Development, and Remuneration policy ■ Social Dialogue policy ■ Human Rights policy All policies can be found on Euronext's website, in the ESG Policies and Statements section, and on Euronext's internal intranet. Diversity and Inclusion Euronext has implemented robust policies to promote Diversity and Inclusion, including a Diversity and Inclusion policy and a Whistleblowing policy. In the Diversity and Inclusion policy, Euronext is firmly committed to eliminating discrimination, fostering equal opportunities, and advancing diversity through comprehensive measures. The policy covers discrimination based on race, gender, sexual orientation, disability and other protected characteristics. The Whistleblowing policy details commitment and actions for reporting breaches related to harassment. These policies are implemented through procedures or direct actions that ensure discrimination is both prevented and addressed, including for groups at particular risk of vulnerability in Euronext's workforce. Furthermore, Euronext consistently engages with its workforce, leveraging employee surveys to shape its ongoing Diversity and Inclusion strategy and provides transparent reporting on actions taken. All actions are led by the HR team, with the coordination of the Head of Diversity and Inclusion, with all HR Directors, under the leadership of Euronext’s Chief Talent Officer. The Managing Board remains the key body to make decisions on Euronext’s policies. Training and Development The Talent and Acquisition policy relates to Euronext's material impact on Training and Development. Euronext has in place a Talent Acquisition and Development policy to effectively manage any potential negative impacts in this area. The policy outlines Euronext’s commitment to develop the skills and talents of its employees in order to ensure that they meet the Company's needs and maintain their employability. The policy outlines key actions to ensure this and provides transparent reporting on actions taken. All actions are led by the HR team, with the coordination of the Head of Talent Development, with all HR Directors, under the leadership of Euronext’s Chief Talent Officer. The Managing Board is the key body to make decisions on Euronext’s policies. Working Conditions Euronext has established a Social Dialogue policy to effectively manage potential negative impacts in this area, in alignment with the principles of the International Labour Organisation (ILO). This policy reinforces Euronext's commitment to social dialogue and workers' representation rights, including respect for collective bargaining and a non- interference approach to union activities. It outlines specific actions to uphold these commitments and provides transparent reporting on the measures taken. Additionally, topics related to adequate wages are addressed in the Performance, Development, and Remuneration policy, which details key actions in this area. The Human Rights policy, updated in early 2025, also ensures Euronext’s adherence to these core principles. These policies apply comprehensively across all of Euronext's activities and operations in all geographies where it operates. Euronext’s Chief Talent Officer is responsible for overseeing these policies, and they have all been approved by the Managing Board. The Managing Board remains the key body to make decisions on Euronext’s policies. All actions are led by the HR team, with the support of the Head of Compensation and Benefits, with all HR Directors, under the leadership of Euronext’s Chief Talent Officer. Even if Euronext is deeply committed to preserving the health, safety and employee well-being of its workforce as described in the relevant policy, the double materiality analysis has not identified the sub-topic related to Health and Safety as defined in the CSRD regulation and ESRS S1 as material. Being very attached to this topic and core Human Rights principles, Euronext provides a summary of relevant actions for 2024 in a non-CSRD section. Euronext's Human Rights policy explicitly addresses Euronext's general commitment to prohibiting trafficking in human beings, forced or compulsory labour, and child labour. Actions to implement policies are devised at both Group and local level, ensuring cross-fertilisation of the most effective initiatives. The Managing Board, local management teams and human resources teams monitor progress on a monthly basis. 3.3.2.2 Processes for engaging with own workers and workers’ representatives about impacts (S1 - 2) To ensure that Euronext's material topics are shared with its own workforce and that the perspectives of its employees are taken into consideration, the company employs several channels of engagement and communication. Euronext leverages various internal communication channels like internal town hall meetings, newsletters, articles and can take the opportunity to share about the main material topics. 114 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Euronext maintains an open dialogue with its employees sharing information on key initiatives and business updates, through quarterly town halls facilitated by the Group CEO and Managing Board members. In 2024, Euronext organised 3 group Town Halls, including one dedicated to the new Strategic Plan, all gathering on average more than 1,200 employees each time. Local Town halls were also organised throughout the year to ensure regular communication of the business updates and transversal programme with Euronext’s workforce. Each town hall is followed by a survey to ensure continuous improvement. Newsletters and designated Microsoft Teams groups complemented this communication approach. These approaches were duplicated at both function and local levels, ensuring that every employee could stay connected with the Company and with one another. Euronext offered its employees the opportunity to participate in a second group employee survey in 2024, done on an annual basis, completed in some locations by country surveys. This Group employee survey is powered by an expert third-party provider, specialised in running such surveys, giving access to benchmarks by industry. It complements the corresponding client survey done internally, which focuses on the business and client’s perspective by employees.The Group employee survey allows each employee to share their opinion on more than 40 questions. It is composed of open-ended question as well as some open text questions, with this year's focus being on the Strategic Plan. All results are analysed by country and function, and shared with all staff, creating opportunities into participate to focus groups and work on identified topics of improvement. This is a concrete way to get employees’ views on how to improve Euronext key practices and as such, improve its workforce. 87% of the participants answered this second edition, improving the participation rate by 2% vs 2023. This employee survey also provide a means to monitor engagement level, based on 5 specific questions. Euronext's engagement score remains strong. Notably, 86% of employees feel that they can be their authentic selves at Euronext and 83% of Euronext employees find a sense of meaning and purpose in their job. The company culture remains a key strength, with 91% of employees stating that they respect and trust one another in their roles. Town Halls are organised at country level to share results and at function level. Based on the results, action plans are created and monitored either at country or function level. The survey also shows results by gender or age category, ensuring confidentiality is respected. This supports the ability to ensure the results of these specific category of employees is analysed. Lastly, when it comes to engaging with its workforce on potential impacts that may arise from reducing carbon emissions and transitioning to greener and climate-neutral operations, Euronext leverages the same types of channel (internal communication, group Town Hall) to inform its workforce about new key initiatives. It is also a specific focus in its Training and Development action plan, with ESG as the top training category. Over 3,600 training hours were accumulated across the Group on the topic of Environmental impact through ESG, cross-cultural and well-being related Business Knowledge sessions or topical training during 2024 Euronext Learning Week and 2024 Euronext Sustainability Week. Overall, as outlined in section 3.3.2.1. of the Universal Registration Document, all processes to engage with its workforce and to monitor effectiveness of the policies in place to manage the ESRS-S1 material topics are implemented by the HR team composed of HR professionals located in each country, and of a team of HR specialists on some specific matters as Diversity and Inclusion, Compensation and Benefits, Talent Acquisition and Development. They all report to Euronext Chief Talent Officer, member of Euronext extended Managing Board and Executive Committee. 3.3.2.3 Processes to remediate negative impacts and channels for own workers to raise concerns (S1 - 3) Euronext's current double materiality analysis concludes that potential negative impacts can arise for the ESRS S1 related material topics. It entails that Euronext strives to maintain for all its workforce and all detailed categories of staff covered and, in application of ESRS S1's three main material dimensions (Diversity and Inclusion, Training and Development, Working Conditions) a strict respect of applicable regulations. As described in several documents, Euronext has set specific channels for its own workforce to raise any concern related to a risk of non-respect of labour laws, local regulations applying main UN/ILOs Human Rights or any non-respect of Euronext policies. These channels range from informal channels (for example, regular HR/Manager dialogue) to more formal processes, such as various core HR processes (performance management, training, compensation review) to employee survey, focus group, worker representative dialogue, HR local processes and Group “Inclusive workplace conduct and issue reporting procedure” to escalate any situation linked to a potential risk of discrimination and/or harassment on the ground of any diversity criteria. Ultimately, Euronext’s workforce can rely on the Whistleblowing policy and its corresponding procedure in this regard. The effectiveness of the escalation channels is monitored firstly through its use and secondly through the monitoring of possible litigation associated with potential discrimination cases. Channels to mitigate any occurrence of potential negative impacts include: Diversity and Inclusion Euronext has a firm commitment to combatting discrimination and harassment linked to any diversity criteria. In compliance with local regulations, all countries where Euronext operates are equipped with group and local appropriate grievance escalation and investigation processes. This is facilitated by Euronext’s Whistleblowing policy and process in place. Additionally, the annual group employee survey further monitors the progress of diversity and inclusion. Training and Development Euronext has a defined training need collection process, embedded within its performance management framework. Managers and employees are prompted to specify the training they need to undertake during the year. This training need analysis aligns with the broader training group roadmap, 2024 UNIVERSAL REGISTRATION DOCUMENT 115 Empower Sustainable Finance ensuring a systematic approach to anticipating upskilling and business training needs. Working Conditions Euronext is equipped to comply with local regulations on working conditions topics, ensuring best market practices. Euronext also ensures to provide a regular channel of employee communication and representation. Euronext's annual Compensation Review Process contributes to work on gender pay gap improvement. Regular Town Halls, internal meetings, work councils, and agreements signed with unions serve as mechanisms to monitor concrete actions through ongoing dialogue with the workforce. They also support social dialogue, uphold freedom of association, and monitors the absence of related litigation. Overall, Euronext’s workforce are aware of all these processes and channels via internal communication channels, which include: internal email news groups and/or local, HR pages on the intranet to detail group and local processes where needed, regular training for managers on key processes, and internal town hall meetings. 3.3.2.4. Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions (S1 - 4) Euronext engages with these material topics through its activities and has established an ongoing feedback mechanism. All the action and activities described below have been identified as appropriate and impactful in response to the potential negative impact on its own workforce resulted from the double materiality analysis. Euronext has not yet established measurable outcome- oriented targets for the ESRS S1-related material topics. However, the company aims to set these targets in 2025. In direct correlation, no possible significant future operational expenditures and/or capital expenditures associates have been defined yet. Euronext is committed to equal treatment and opportunities for all employees through initiatives such as the People Strategy deployed across all locations, which promotes gender equality, ensures equal pay for equal work, and provides employment opportunities for individuals with disabilities. The company also actively implements measures to prevent workplace risk of discrimination and harassment while promoting diversity in age, gender, cultural background and any other form through its hiring and promotion practices. To reinforce its Diversity and Inclusion commitments, Euronext implements concrete actions with input from both managers and employees. Progress are regularly reviewed, and action plans are updated to reflect new objectives and initiatives. The company upholds a strict anti-discrimination policy that prohibits discriminatory behaviour or language, with serious breaches addressed through whistleblowing channels or HR Business Partners. In 2024, Euronext implemented a large set of actions to continue to deliver upon its action plan described below: Diversity and Inclusion Discrimination prevention Euronext is firmly committed to combatting discrimination and harassment, particularly related to diversity. In compliance with local regulations, all countries where Euronext operates are equipped with group and local appropriate grievance escalation and investigation processes. This is facilitated by Euronext’s Whistleblowing policy and process. Additionally, employees and managers receive appropriate training to ensure they are well-equipped to handle these issues effectively. To strengthen local procedures, in the last quarter of 2024 Euronext initiated the preparation of a group procedure named: “Inclusive workplace conduct and issue reporting procedure”. This procedure will be formally launched at the start of 2025 as part of a new mandatory e-Learning on Diversity and Inclusion at Euronext. Through this e-learning, the procedure will be explained to all staff (employees in permanent and fixed-term), as well as to any new joiner in the future. Employee survey In 2024 Euronext ran a second edition of its Group wide employee survey. This survey focused again significantly on Diversity, Equity and Inclusion topics, with 14 related questions. Euronext is proud to have achieved a DEI score of 81% at Group level (stable vs 2023). As part of the key highlights of this survey: ■ 86% of employees believe Euronext is free of harassment and discrimination related to ethnicity, skin colour. ■ 84% of employees know how and when to escalate harassment and/or discrimination situations at Euronext. ■ 87% of employees believe that their manager genuinely supports equality between genders. ■ 86% of employees believe that they can be themselves at Euronext without worrying about being accepted. Detailed results have been used by country and function, and with the Diversity and Inclusion Network, to foster discussions within teams and identify areas of improvement for 2025. This survey reflects Euronext’s strong commitment to fostering open and active dialogue with its employees. It provides an additional space for employees to share their views, contribute to the company's strategy, and shape its culture. Fostering an inclusive culture In 2024, Euronext continued to deliver training on various topics related to Diversity and Inclusion. This year, a major focus was placed on gender equality, particularly through group webinars, including a training session facilitated by the Sustainable Stock Exchange Network during Sustainability Week, as well as other local conferences. Also in direct link with the Women Network programme initiative, many training sessions focusing on women leadership were proposed. The second focus has been Mental Health prevention. Many webinars, lunch and learns, and training sessions were proposed throughout the year to highlight the particular importance of this topic. 116 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance In 2024, three core topics were celebrated at Group level to foster and illustrate with concrete activities Euronext’s commitment towards diversity: ■ International Women's Day and Gender Month were celebrated through Ring the Bell events across Euronext, alongside inspirational conferences in many offices; ■ Pride Month was celebrated across the Group, either in June or August depending on the locations to highlight Euronext's fight against discrimination related to sexual orientation; ■ Mental Health was also celebrated during the World Mental Health Day in October 2024 with Ring the Bells and local conferences. This initiative was complemented by several training sessions held throughout the year. Diversity and Inclusion (D&I) Networks annual activity report Euronext supports diversity in all its forms, as highlighted from the D&I Network's annual activity report. As of the end of 2024, Euronext’s D&I Network was composed of 17 volunteers, named “D&I Champions”, from each of Euronext's locations. These act both at local and Group level, together with local and/or group HR teams. In October 2024, this group was expanded with the launch of the D&I online community. This platform enables Euronext’s workforce to share best practices, articles, and raise awareness on key D&I and Women’s Network topics, fostering stronger connections across countries to inspire and support one another. It serves as a central hub for all D&I initiatives within the company. By the end of 2024, the community had already grown to over 275 members, reflecting their active commitment to diversity and inclusion. As key events and highlights of 2024 local D&I champion activity, the following list provides examples of the variety of topics and activities embraced: 1. Partnership with various associations to support return-to- work or access to work programmes, including: ■ for employees with physical issues in the Netherlands (Emma at Work) ■ with organisation assisting and educating marginalised women in society to give them the skills necessary to enter the workforce in Ireland (An Cosán) ■ Mentoring of young students from disadvantaged area in France (NQT partnership) or in London (The Youth Group). ■ Renewed partnership with A Seat At The Table in Belgium, this association works to close the gap between young diverse talent and the business community. ■ 5th edition of the “Unlock your future” programme in Italy to support young talents to enter into the financial market. 2. Various gender balance and women support initiatives like the partnership established with PWN Lisbon, part of PWN Global, a global movement of people working towards gender-balanced leadership through professional development. NordPool entity is supporting Power Women Norway Kraftkvinnene, a Norwegian organisation supporting and promoting women in the renewable energy industry to enhance knowledge sharing. 2nd edition of the Women in Trading programme. 3. Multicultural initiatives to celebrate the rich representation of nationalities at Euronext, from Diwali to local Portuguese traditions. 4. Health-related topics were at the heart of many webinars and conferences like the conference “Becoming a Mental- health ally” or “Unlocking your potential by lightening your mental load”. 5. Support for disabilities was also a key focus, exemplified by initiatives in France in December 2024 to celebrate the International Day of Persons with Disabilities. A series of events highlighted ways to create a more inclusive environment and support individuals with disabilities. Focus on gender Since 2 years, Euronext signed the Women’s Empowerment Principles, which result from a collaboration between the UN Global Compact and UN Women. By signing these principles, Euronext committed to the corporate delivery on gender equality dimensions of the 2030 agenda and the United Nations Sustainable Development Goals, while collaborating within multi-stakeholder networks to promote business practices that empower women. In 2024, as outlined above, Euronext hosted “Ring the Bell” ceremonies in each of its countries to celebrate International Women's Day on the 8th of March, marking the 10th consecutive year of this tradition. Euronext is also represented in several leading Women’s networks across Europe: Women in Trading, Women in ETFs, Women in Clearing. Additionally, Euronext Women’s Network programme continued to expand in 2024, with almost 50 women talents of Euronext participating to these initiatives across the various locations. The objective of the internal Women’s Network programme is to enhance equal career opportunities for everybody, with a focus on fostering women's empowerment. This initiative brings together local and group resources: Local programmes for women in each country or region, with tailor- made trainings held by certified training providers to help women develop their skills and grow in their career. These programmes are made of a one-year cohort to ensure more impact for the participants. Euronext welcomed men in at least one of the sessions proposed. Gender Pay action plan Euronext is deeply committed to promoting equal opportunities and professional development for women and all employees. Throughout the employee journey, recruitment, training, promotion, compensation, Euronext actively prevents any instances of gender inequality, and more broadly any form of inequality. Equal pay is monitored thanks to active compensation monitoring throughout the year, making sure each employee with the same level of responsibilities and performance receives the same level of reward. Gender equality is a priority in all compensation decisions at Euronext, with a dedicated focus during each compensation review process. While closely aligning with its ongoing efforts to manage structure costs, the company has consistently allocated a higher salary increase budget to female employees compared to male employees. Euronext has rolled-out a unified Career Framework across all locations and functions in the last few years, empowering (1) ESG includes diversity, inclusion, well-being, environmental and sustainability (2) Transversal skills includes Communication, Languages, Project Management, Sales 2024 UNIVERSAL REGISTRATION DOCUMENT 117 Empower Sustainable Finance employees to design their career paths, and allowing managers to closely manage their team. This tool also supports the management team in its efforts to achieve better gender balance at each level of the organisation. At the hiring stage, Euronext ensures that all employees receive a competitive Annual Fixed Salary, that aligns with market standards. This determination is independent of gender and takes into account several factors, including the individual’s role, level of accountability, experience, and overall responsibilities. As part of Euronext's willingness to support gender equality throughout the employee journey, the Group has implemented specific measures, on top of the usual compensation monitoring during the annual reviews: ■ Since 2022, Euronext has made a clear commitment: parental leave will not impact Short-Term Incentive (STI) payouts. This decision ensures that parental leave does not lead to proration of bonuses. By doing so, Euronext upholds its Gender Equal Pay approach and prevent pay gaps between female and male employees. ■ For women returning from maternity leave, Euronext takes proactive steps. Annual fixed salary reviews are conducted in the year of their return or during the subsequent compensation review process. This practice ensures that women receive fair and equitable compensation as they resume their roles after maternity leave. ■ Euronext places significant emphasis on succession planning , with a dedicated focus on gender equality Training and Development Euronext is committed to implementing targeted training programmes and skill development initiatives, fostering continuous professional growth through regular performance and development reviews. By promoting internal mobility, Euronext ensures that employees' skills remain aligned with the company's evolving needs, supporting their long-term employability. This commitment enhances engagement and strengthens Euronext's ability to attract top talent by providing clear career progression opportunities. Strategic succession planning is integral to the organisation, ensuring business continuity and long-term stability. Euronext's priorities for 2024 have been: ■ To sustain the delivery of the “Growth for Impact 2024” strategic plan, and to prepare for the new “Innovate for Growth 2027” strategic plan, including investment on some specific IT and business expertise; ■ To empower employees to grow, perform and innovate to support the company’s transformation and deliver the strategic objectives. Euronext's training programmes are designed with a complementary approach, aligning group business priorities with local and individual development needs, while enhancing employees' future employability and addressing development areas identified during the annual performance and development campaign. Each local HR team is in charge to implement local activities mainly focusing on individual training needs and local requests, while the Talent Development team implements group-wide trainings that answer strategic training goals for the year such as: Management, Leadership, ESG, Innovation, Soft skills... Training is facilitated and rolled out at both group and local levels year-round. Training sessions are provided by selected internal experts, best-in-class external providers or educational institutions. In 2024, Euronext strengthened its commitment to sustainability, diversity, and social responsibility by continuing to invest in ESG training programmes. These initiatives encompass diversity, inclusion, environment, sustainability, and employee well-being, reflecting the company's dedication to creating an inclusive work environment. This year, Euronext has also prioritised training initiatives focused on innovation, equipping employees with the skills to adopt and effectively leverage artificial intelligence, in alignment with the organisation's strategic vision, “Innovate for Growth 2027.” Euronext consistently invests in enhancing its employees' skills through training programmes on IT, transversal skills and industry expertise, fostering their professional growth and ensuring long-term employability. Additionally, a sustained investment has been made in developing strong management and leadership capabilities. In 2024, Euronext further enhanced its pre-existing programmes like "management essentials" or "leading high performing teams", and developed new ones with curated topics tailored to meet evolving needs, and actively rolled them out to engage both its current and future managers. 2024 training programmes1,2 Employees are assigned mandatory trainings every year through the Euronext Academy, in order to improve Euronext’s risk and compliance approach and provide updated content on Information Security, GDPR, Compliance. Trainings are provided by selected internal experts, best-in- class external providers or educational institutions. Almost all Euronext regular employees (permanent and fixed-term contracts) participated in 2024 at least once in a training session. The average training hours per employee increased significantly reaching almost 15 hours. This reflects Euronext's investment in employee development. In particular, Euronext continued to organise its Learning Weeks, an initiative dedicated to learning and development on 118 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance various topics such as, for 2024, business knowledge sessions, innovation, ESG, and soft skills. These events are open to all employees. In 2024, more than 10 learning events were held, with participations of 900+ individual employees from all Euronext locations. Additional details are also provided in the section 3.3.3.3 of the Universal Registration Document, on training and skills development metrics. Additional metrics are available in the appendix, section 3.6.2.2. of the Universal Registration Document. Working Conditions Euronext’s commitment to working conditions positively impacts employees by ensuring fair wages, secure employment, and the freedom of association. The company supports the establishment of local work councils and upholds workers' rights to information, consultation, and participation. Euronext is dedicated to social dialogue by supporting union representation rights, facilitating worker representation bodies, and ensuring appropriate working hours. These practices contribute to a supportive and equitable work environment. Through these comprehensive initiatives, Euronext demonstrates its unwavering commitment to enhancing workforce well-being, fostering diversity and inclusion, and promoting training and development, all of which are essential for achieving operational excellence and sustaining long-term success. Works councils at local and European level The company supports the establishment of local work councils and upholds workers' rights to information, consultation, and participation. Euronext is dedicated to social dialogue by supporting union representation rights, facilitating worker representation bodies and employee forums, and ensuring appropriate working hours. These practices contribute to a supportive and equitable work environment. In accordance with local laws and regulations, local works councils staff representative forums are in place in Italy, France, the Netherlands, Portugal (Porto), Norway, Denmark, Finland and Sweden. The works councils and staff representative forums represent Euronext employees, are informed and/or consulted on economic, financial, social and organisational matters, and complement collective or national labour negotiations. In 2024, more than 30 Work Councils meetings occurred in France, and more than 60 in Italy. All countries equipped with Work Councils held meetings. The key topics for 2024 were numerous and included: organisational updates, new tools to collect time spent on IT projects, renewal of employee handbooks, the office reshape programme and flex-office way of working implementation, pension programme updates. In 2024, Euronext engaged in a negotiation process for a European Works Council (EWC) agreement for the second year. According to European and local law, a Special Negotiating Group (SNG) was set up in November 2022. In 2024, the Special Negotiating Group met several times, in person and online, in order to review and negotiate an agreement on the terms and conditions for an EWC. A draft agreement was submitted to the SNG by top management, represented by Euronext’s Chief Talent Officer, supported by the HR Director in charge of Employee Relations, and was updated considering the position of the SNG on part of the agreement. The negotiation is still on-going and should be finalised in 2025. Social dialogue with Workers Representative Bodies and respect of Freedom of Association Rights Euronext is committed to maintaining a close and ongoing dialogue with all staff representatives, unions, and work councils on any major reorganisation, in compliance with each local regulation. In 2024, Euronext held regular meetings with unions, staff representatives and work councils in every legal entity, with several consultations and agreements on new organisations, workplace assessment, new tools used for project management. In all countries Euronext is committed to complying with labour law and does not have any ongoing litigation or dispute regarding staff representatives or unions’ rights. Remuneration and adequate wages Euronext aims to ensure competitive and fair compensation, with a significant variable component, fostering new initiatives, growth, and sustainable performance. The Company provides a competitive annual fixed salary in line with market standards, short term incentives to reward performance, and long-term incentives for some retention situations, in the form of a Performance Shares reward, to align the interests of Euronext employees with those of the company and long-term shareholders. All employees are eligible for local benefit programmes. All permanent Euronext employees, including part-time, also have access to a share ownership programme, with an annual grant of 10 performance shares, reinforcing the message that each member of the team is co-owner of the business objectives, working together to grow Euronext in ambition, impact and profitability. The renewal of this programme has been approved by the Supervisory Board every year since 2020. This programme follows the same conditions as the long-term incentive plan with a three-year cliff vesting schedule. The time horizons under to complete each key action Material topic Expected time horizon Short term Medium term Long term Diversity and Inclusion X X Training and Development X X Working Conditions X X (1) The full split by country is available in section 3.6.2.2. which outlines additional non-CSRD data points. 2024 UNIVERSAL REGISTRATION DOCUMENT 119 Empower Sustainable Finance 3.3.3 Metrics All metrics and data presented in this section rely on Euronext's double materiality analysis and defined scope of entities, outlined in section 3.1.1.1. of the Universal Registration Document. 3.3.3.1 Characteristics of the undertaking's employees (S1 - 6) This section displays metrics related to general characteristics of Euronext’s employees. The below tables present a comprehensive overview of employees characteristics data as of the 31st of December 2024 using the headcount methodology and encompassing various dimensions such as work contract, gender, country, excluding recent acquisitions. All data is calculated in headcount, and counted at the end reporting date, so 31st December 2024. They are extracted from the Euronext main HR Information System. The scope refers to the definition of employees as described above, in section 3.3.1.2. of the Universal Registration Document. It should be noted that the total number of employees disclosed is consistent with that indicated in the note 9 of the Financial Statements. In this regard, the number disclosed in the financial statement is presented in terms of average FTE, while the number reported in this paragraph is calculated in headcount at the end of the reporting period. 3.3.3.1.1 Workforce per contract type and gender as of 31st December 2024 S1-6 Workforce per contract type and gender as of 31st of December 2024 Female Male Other Not disclosed Total Number of employees Permanent & Fixed Term (headcount) 871 1,584 0 0 2,455 Number of Permanent employees (headco unt) 833 1,533 0 0 2,366 Number of Fixed term employees  (headcount) 38 51 0 0 89 Number of Non- guaranteed hours employees  (headcount) 0 0 0 0 0 Number of Full Time employees  (headcount) 837 1,570 0 0 2,407 Number of Part - time employees  (headcount) 34 14 0 0 48 Total number of employee: Total number of employees is the headcount of employees with a Permanent or Fixed Term employment contract with Euronext at year end. The number of employees is based on registrations in the Euronext HR system. Fixed term employees answer to the ESRS S1-6, DR 50 (b) definition of temporary workers. 3.3.3.1.2 Employee headcount by gender as of 31st December 2024 Number of regular employees (Permanent and Fixed Term) Male 1,584 Female 871 Other 0 Not reported 0 Total employees 2,455 Number of employee by gender: based on the headcount of employees with an Permanent or Fixed-Term employment contract with Euronext as of 31st December 2024, split by gender as defined in ESRS S1-6 (male, female, other, not reported). The gender categorisation is based on registrations in the Euronext HR system. 3.3.3.1.3 Employee headcount per country and gender as of 31st December 2024 For countries with >50 employees representing >10% of total headcount Number of Regular employees Total Women Men Italy 809 285 524 France 468 171 297 Portugal 286 90 196 Number of employee by country: Number of employees in countries where the headcount of employees with a Permanent or Fixed Term employment contract with Euronext is more than 50 employees and representing at least 10% of total headcount as of 31st December 2024 1. The employees specification by country is based on registrations in Euronext HR system. 120 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.3.3.1.4 Contract type by region as of 31st December 2024 For countries with >50 employees representing >10% of total headcount Italy France Portugal Number of employees Permanent & Fixed Term (headcount) 809 468 286 Number of Permanent employees (headcount) 777 463 279 Number of Fixed term employees (headcount) 32 5 7 Number of Non-guaranteed hours employees (headcount) 0 0 0 Number of Full Time employees  (headcount) 799 462 285 Number of Part -time employees  (headcount) 10 6 1 Number of employee by country and contract type: Number of employees by country and by contract type where the headcount of employees with a Permanent or Fixed Term employment contract with Euronext is more than 50 employees and representing at least 10% of total headcount as of 31st December 2024.The employees specification by country and contract type is based on registrations in Euronext HR system. Fixed term employees answer to the ESRS S1-6, DR 50 (b) definition of temporary workers. 3.3.3.1.5 Staff turnover as of 31st December 2024 Total Leavers 276 Turnover 11.6% Number of employee who left the company: The number of employees who left the company is the number of all employees who left the organisation during the year (e.g. voluntary, due to dismissal, retirement, death in service). The turnover rate is calculated from January to end of December 2024 including all leavers type as per S1-6 definition. The denominator used is the average headcount 2024 (sum of end of month headcount in 2024 divided by 12). 3.3.3.2 Diversity and Inclusion (S1 - 9, 12, 16, 17) For several years, Euronext has established a certain number of diversity and inclusion metrics. Thanks to CSRD regulation, the core Diversity and Inclusion metrics are displayed below. If Euronext has not identified a target for 2024 as part of CSRD, it is a long-standing commitment to follow the gender representation in its staff, especially in management, and revenue-generating positions (detailed tables in Appendix, section 3.6.2.2 of the Universal Registration Document). The below data is calculated based on Euronext's Headcount as the end of December 2024. 3.3.3.2.1 Gender distribution at top management Total Women Men Senior Leadership Team 75 26 (35%) 49 (65%) The Senior Leadership Team (SLT) is an internal Executive group which is composed of senior managers from across the Group who are invited to help Euronext develop and achieve its strategic ambitions. The SLT is calculated annually based on the most recent SLT event. The composition changes according to the strategy of the company. The SLT includes the Managing Board members. It represents Euronext's definition of top management according to the Disclosure Requirement ESRS S1-9, DR 65. 3.3.3.2.2 Age distribution for employees (Permanent & Fixed terms) as of 31st December 2024 Age distribution Under 30 years old 17.19% 30-50 years old 52.87% Over 50 years old 29.94% 3.3.3.2.3 Employment and inclusion of persons with disabilities as of 31st December 2024 Euronext discloses the percentage of employees with disabilities based on the below criteria: ■ Only countries with legal obligations monitor the gathering of such data and it is based on volunteer disclosure only. ■ Countries to request mandatory quotas and where it is reported hereby are: France, Portugal, Italy. Euronext will add as many other countries as it can depending on ability Persons with disabilities 2% 3.3.3.2.4 Remuneration metrics Pay gap Euronext is committed to promoting equal opportunities through equal pay and professional development for women. To ensure no pay differences exist related to gender across all Euronext entities, Euronext determines fair and competitive salary at hire and performs gender calibration each year as part of its compensation review process through a review and assessment of internal and external market positioning of each role. To allow fairness and consistency in the organisation, each role at Euronext is mapped in the Euronext Career Framework that considers the professional areas, the level of responsibility and contribution required for the role. Equal pay at Euronext is monitored making sure each employee having the same role receives the same level of reward, taking into consideration objective criteria, such as: the local market, the experience and performance of the 2024 UNIVERSAL REGISTRATION DOCUMENT 121 Empower Sustainable Finance employee. The situation is reviewed and adjusted each year during the annual compensation review cycle. To comply with CSRD objectives and reporting obligation on gender equality, Euronext has assessed its gender pay gap, defined as the difference of average pay levels between female and male employees, expressed as percentage of the average pay level of male employees, which results to a percentage of 11.0%. This calculation takes into account the remuneration of all Euronext female and male permanent and fixed term employees, who were active and present as at 31st December 2024, excluding recent acquisitions. The remuneration elements at stake are converted when applicable to full time equivalent: (i) the annual fixed salary and any additional fixed allowances, (ii) variable cash payments such as short term incentive, exceptional bonuses, shift allowances, overtime and on-call payments, sales commission, (iii) benefits in kind payment such as car benefits, private health insurance, life insurance, welfare awards and (iv) long term incentives that vested during the reference year. The calculation is based on a 40-hour work week or 2,056 hours per year for all employees. This is an estimate since actual and contractual working hours vary from one country to another. The calculation, considering all above remuneration elements, includes gross hourly pay level for all employees in scope This percentage reflects diverse situations that are not necessarily unexplained pay gaps. Due to the particularity of the Euronext organisation, with employee working in 18 different countries, 15 of which have less than 10% of the overall headcount at the end of 2024, most of Euronext employees receive different employment conditions and salary levels because they work in different labour markets. Identified gaps can also be explained by objectives factors including but not limited to the location, the job family, the role, the seniority, the performance. Euronext objective is to continue to monitor and bridge any salary gap internally through its annual compensation review process and considers each recruitment as an opportunity to attract female candidates. Gender pay gap 11.0% Remuneration ratio The annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees (excluding the highest-paid individual) as required under the ESRS S1-16, DR 97 (b) is calculated according the same dataset as for the gender pay gap under the ESRS S1-16, DR 97 (a) of CSRD, taking into account the remuneration of all Euronext female and male permanent and fixed term employees, who were active and present as of 31st December worked in 2024, excluding recent acquisitions. The annual total remuneration ratio for 2024 is 47.6. Remuneration ratio 47.6 3.3.3.2.5 Measures against violence and harassment in the workplace Euronext did not encounter in 2024 any formal complaint related to violence and/or harassment leading to a potential litigation resulting in no fines or penalties. This data is based on the Whistleblowing use, which is in 2024 the formal way to raise a complaint. Number of incidents and complaints reported 0 3.3.3.3 Training and Development (S1 - 13) 3.3.3.3.1 Training and skills development metrics The below tables are calculated based on employees in headcount (Permanent & Fixed-Term), as of 31 December 2024. Performance Total Women Men Employees with an annual performance and career development discussion/form completed for 2024 90% 88% 90% The figure calculated above according to ESRS S1 methodology includes leavers, inactive employees that are not in the scope of Euronext annual performance review cycle and explain the main part of the gap to 100%. Training Total Women Men Average number of training hours per person (regular employees) 14.7 hours 16,6 hours 13,6 hours 3.3.3.4 Working Conditions (S1 - 8, S1- 10) 3.3.3.4.1 Collective bargaining coverage and social dialogue - Consultation and participation rights of workers These metrics aim to disclose where within Euronext working conditions and terms of employment of its employees are determined or influenced by collective bargaining agreements. This Disclosure requirement only applies to countries representing more than 10% of total headcount and more than 50 people. 122 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Collective bargaining coverage Social dialogue Employees (EEA only) Workplace representation (EEA only) For countries with >50 employees representing > 10% of total headcount For countries with >50 employees representing >10% of total headcount 0-19% Portugal - 15% 20-39% 40-59% 60-79% 80-100% France - 100% Italy - 100% France - 93% Italy - 88% Euronext entities in Portugal are not covered by any collective bargaining agreement as non applicable to any of them. Only one legal entity as of 31st December 2024 in Portugal is concerned by workplace representation as defined in ESRS S1-8. In countries where no collective agreements are covering its workforce, Euronext ensures to regulate its relations with employees in accordance with local labour legislation. Euronext collective bargaining coverage Percentage of employee covered 52% 3.3.3.4.2 Adequate wages Euronext's performance and development policy focuses on fostering a performance culture, developing talent, and recognizing employee contributions. The company is committed to providing competitive and fair compensation, including variable components, to drive growth and sustainable performance. Euronext ensures that salaries are aligned with industry standards and local regulations, aiming to provide decent living wages. Euronext ensures that salaries are aligned with industry standards and local regulations, aiming to provide decent and adequate living wages. Adequate living wages are proposed to Euronext’s employees, in line with market standards and local market practices. 3.3.3.5 Tracking effectiveness of policies and actions (MDR-T) Euronext has not yet established measurable outcome- oriented targets for Diversity and Inclusion, Training and Development and Working Conditions. However, the company aims to set these targets by 2025. In the meantime, Euronext continuously monitors the effectiveness of its actions and evaluates progress on each of these material topics, as detailed in the corresponding sections of each material topic. Euronext actively engages with relevant stakeholders to gather valuable feedback, which is used to regularly review and refine its initiatives, ensuring ongoing improvements. All topics, policies and/or processes are monitored through the metrics described above as well via the actions reported in the section 3.3.2.3 of the Universal Registration Document. 2024 UNIVERSAL REGISTRATION DOCUMENT 123 Empower Sustainable Finance Non-CSRD: Employee well-being, health and safety and embracing new ways of working This section is outside of the scope of the limited assurance. Euronext's commitment to health and safety and respect of human rights. Euronext always looks to improve its health and safety measures, adapting them to a changing world. The Company is committed to providing all employees and others who are on its property, with a safe and healthy work environment. Accordingly, all employees comply with all health and safety laws and regulations as well as Company policies governing health and safety. Euronext provides a working environment that complies with the latest requirements and ensures that all its buildings and workplace infrastructures are maintained in a safe condition. Euronext also appoints and trains selected employees in health and safety responsibilities, such as first responders, facilities teams, and, where applicable, security officers. All employees and managers are responsible for immediately reporting accidents, injuries and unsafe equipment, practices or conditions to a designated person. Monitoring those accidents prevents any re-occurrence. Furthermore, Euronext’s business activity prevents its employees from being exposed to major physical occupational risks. Ways of working Euronext offered again in 2024 the possibility to work from home on a voluntary basis, up to 2 days per week. The possibility of remote working options may vary depending on the location and function within Euronext's federal model and matrix organisation. While recognising the benefits of remote work, Euronext firmly believes in and reaffirms the value of office-based work to foster teamwork, innovation, and creativity, particularly during a period of innovation and organic growth. To promote an inspiring and collaborative workplace, each country CEO has committed to organising regular face-to-face internal events throughout 2024, including lunch and learns, local town halls, and other gatherings. Euronext also acknowledges the importance of flexibility for its staff and offers flexible working hours and/or part-time options wherever possible, in accordance with local regulations and within the context of each role. This allows employees to perform their duties optimally while considering individual circumstances. Employee well-being All Euronext offices comply with local health and safety regulations. Risk assessments are performed on a regular basis. To minimise the occurrence of accidents, Euronext has implemented various preventive measures in some of its countries. Euronext also continued in 2024 to invest in its WellNext programme, covering all Euronext employees, aimed at improving the health and well-being of employees at work. This specific attention paid to employees aims to help them build resilience and preserve their mental health. Euronext’s focus on well-being for all employees is reinforced thanks to dedicated learning and awareness actions. During Euronext’s Learning Week and Sustainability Week, special emphasis was placed on incorporating training initiatives focused on employee well-being. In total, all employees were invited to participate in trainings on resilience, stress management, emotional intelligence, and ergonomic assessments. Additionally, Euronext observed World Mental Health Day internally to reaffirm its commitment to promoting health, safety, and the overall well-being of all employees. This included a series of training sessions, Ring the Bell events, a variety of activities in aid of wellness and mental health, and certifications on being a Mental Health First Aider with MHFA England. In total, 656 unique regular employees (Permanent & Fixed- Term) received a training on well-being in 2024, equalling to 27% of regular employees. A page of the intranet is dedicated to Health and Well-being, where employees can easily access all information. All employees are provided with locally-tailored information and invited to training sessions at least once a year. Below is an illustration of additional group-wide and local initiatives: ■ psychological support and confidential employee assistance helplines; ■ health seminars, subsidised subscriptions to virtual meditation tools and bespoke talks on health prevention; ■ ergonomic assessments, health assessments, anti-flu vaccination campaigns for employees; ■ physical activities such as steps challenges for charity, beach cleaning and tidying of towns in the cities Euronext is located 124 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.4 Governance EURONEXT COMMITMENT TO FAIR BUSINESS CONDUCT Five core values They are integrated into leadership practices, performance management systems, and recognition programmes Managers are encouraged to lead by example, fostering alignment between corporate values and employee actions. UNITY INTEGRITY AGILITY ENERGY ACCOUNTABILITY CODE OF BUSINESS CONDUCT AND ETHICS Euronext upholds high ethical standards through its Code of Business Conduct and Ethics , reinforcing business integrity across employees, partners, and communities. Anti-Corruption & Compliance Framework: ■ Specific policies cover anti-bribery, anti-fraud, gifts, business meals, and entertainment. ■ Anti-bribery policy aligns with the United Nations Convention against Corruption. ■ A Whistleblower Policy ensures internal and external stakeholders can report breaches safely. NEW JOINER ON-BOARDING E-LEARNING BOARD MEMBERS COMPLIANCE PROGRAMME AWARENESS CAMPAIGNS 0 convictions and fines for violations of anti-corruption and anti-bribery laws 35% functions-at-risk covered by training covering anti-bribery topics PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY Prevention: An anti-bribery policy and a policy concerning gifts, business meals and business entertainment have been implemented to effectively manage potential incidents of corruption or bribery. Detection: Through various reporting channels, including via a whistleblowing hotline with possibility of anonymous reporting. Addressing allegations: Corrective actions are implemented based on investigation findings, such as process improvements, policy changes, training, disciplinary actions and ongoing monitoring. TRAINING Training and awareness are key components to maintaining and evolving the Compliance culture. 2024 UNIVERSAL REGISTRATION DOCUMENT 125 Empower Sustainable Finance Material topic Description Corruption and Bribery Impact on society, employees, customers, shareholders, and suppliers in the event of anti-competitive behavior, corruption and bribery linked to (business) operations. Actual Negative Impact Corporate Culture Impact on employees, business partners, customers and Euronext's communities through behaviors that support the highest ethical and legal standards of conduct taking into account (effectiveness of) policies, training and other initiatives that promote ethical business conduct and corporate values. Actual Positive Impact 3.4.1 The role of the administrative, supervisory and management bodies (ESRS 2 GOV-1) Euronext has adopted a Code of Business Conduct and Ethics that reaffirms it’s commitment to high standards of ethical conduct and reinforces its business ethics, policies and procedures. This Code of Business Conduct and Ethics applies to Euronext and all subsidiaries and entities controlled by its board members, and employees. The Supervisory Board has due regard for corporate social responsibility issues relevant to Euronext's business and supervises the management in this respect. More in particular, with regards to corruption, bribery, and corporate culture, the Supervisory Board committees play a key role in ensuring good business conduct. It is also the body that should approve related party transactions. The Audit Committee adopts reports on fraud and non-compliance, while the Nomination and Governance Committee reviews conflicts of interest among board members and senior executives, and oversees corporate governance practices to ensure compliance with governance codes. The task of the Managing Board is to ensure that the Code of Business Conduct and Ethics and the Company's corporate policies govern all business activities without exception. It is responsible for approving any updates to the Code and all corporate policies, which are reviewed on an annual basis. The Compliance department is responsible for the day-to-day implementation, management and maintenance of the Code of Business Conduct and Ethics and corporate compliance policies, as delegated by the Managing Board. The Supervisory Board specifically takes charge of addressing suspicions or allegations of fraud related to accounting and auditing matters, handling whistleblower reports concerning Board Members, managing conflicts of interest, and granting waivers of the Code for board members. It is also responsible for making decisions regarding any conflicts of interest involving board members, and documenting such decisions. Any measures aimed at mitigating conflicts of interest for a board member must be approved by the Supervisory Board. The expertise of the administrative, management, and supervisory bodies on business conduct matters is incorporated by reference in the section 4.2 of the Universal Registration Document. 3.4.2 Impact, risk and opportunity management 3.4.2.1 Description of the processes to identify and assess material impacts, risks and opportunities (ESRS 2 IRO-1) When identifying material impacts, risks, and opportunities related to business conduct matters, Euronext follows a comprehensive process that considers various criteria such as the primarily European geographic scope of its activities. This focus led Euronext to exclude certain issues, such as human rights concerns, which are less pertinent given its operational context. Euronext takes the nature of its sector - financial services - which differs significantly from sectors like manufacturing. Consequently, issues such as supplier management, critical in manufacturing due to the complexity of supply chains, are less relevant to Euronext, where supply chains do not involve the production of physical goods. The detailed criteria and processes used to identify these material impacts are disclosed in section 3.1.3.1 of the Universal Registration Document. This comprehensive approach ensures that all relevant factors influencing business conduct matters are thoroughly evaluated to determine materiality for Euronext. 3.4.2.2 Corporate culture and business conduct (G1-1) Euronext's corporate culture Euronext's actual and positive material impact on corporate culture affects employees, business partners, customers, and communities. This impact is driven by behaviours that uphold the highest ethical and legal standards, supported by effective policies, training, and other initiatives that promote ethical business conduct. Euronext builds a united, multicultural, diverse and inclusive team. Euronext relies on strong values that play a key role in shaping the its mission, behaviour and corporate culture. To maintain a dynamic and engaging workplace with a mission to shape capital markets for future generations, Euronext has adopted five core values that reflect its principles and guide its actions: ■ Unity ■ Integrity ■ Agility ■ Energy ■ Accountability To sustain this culture, Euronext integrates these values into leadership practices, performance management systems, and recognition programmes. Managers are encouraged to lead by example, fostering alignment between corporate values and employee actions. 126 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Corporate culture is further reinforced through continuous communication and training initiatives, ensuring employees at all levels embody these principles. Engagement campaigns regularly highlight the relevance of these values, encouraging employees to actively contribute to a positive and inclusive workplace. Euronext evaluates its culture through employee surveys that assess alignment with organisational values. The feedback informs actionable insights to enhance culture and foster continuous improvement. Business conduct policies Euronext has implemented a Code of Business Conduct and Ethics that reaffirms its commitment to high standards of ethical conduct and reinforces its business ethics, policies and procedures. This Code positively impacts employees, business partners, customers, and the communities in which Euronext operates. To foster its corporate culture, Euronext ensures that its Code of Business Conduct and Ethics, along with other business conduct policies are effectively communicated to all relevant individuals through multiple channels. In addition to the Code of Business Conduct and Ethics, all compliance policies and supplementing documentation are accessible to employees on the Company intranet, and they receive updates to the Code and other policies via email. The onboarding package provided to new hires includes comprehensive information on the Code and other compliance policies, such as the anti-bribery and anti-fraud policies. Euronext has implemented specific anti-bribery and anti- fraud policies, as well as a policy on gifts, business meals and entertainment. These policies effectively manage potential events of fraudulent or anti-competitive behaviour, corruption or bribery linked to business operations and their impact on society, employees, customers, shareholders, and suppliers. Euronext's anti-corruption and anti-bribery policies align with the United Nations Convention against Corruption. To manage this, Euronext relies on a robust compliance programme. Compliance policies are approved by the Managing Board and local boards where applicable, and presented to Works Councils where necessary. Euronext has also implemented a Whistleblower policy that enables internal and external stakeholders to report alleged breaches. The Euronext Code of Business Conduct and Ethics, along with other compliance policies apply comprehensively across all of Euronext's activities and operations in all geographies in which it operates. Euronext’s Head of Compliance is responsible for overseeing these policies, which have been approved by the Managing Board. 3.4.2.3 Prevention and detection of corruption and bribery (G1-3) Euronext understands that inadequate measures to prevent, detect and respond to bribery and corruption could lead to negative impacts for Euronext, its business partners and stakeholders, and society. Corruption and bribery within Euronext can have actual and negative material impacts on various stakeholders, including employees, customers, shareholders, suppliers, and society. As such, Euronext's own activities as well as business relationships are involved with the material impact. For Euronext, involvement in corruption and bribery can result in financial loss, damage to employee morale, damage to Euronext's reputation, diversion of focus and resources away from delivery of core business and services, increased scrutiny, oversight and regulation. Additionally, corrupt individuals may face disciplinary action, lose their job, and incur criminal charges and damage to relationships. This all will negatively impact Euronext's performance and its relationship with business partners and stakeholders. For society, Euronext's involvement in corruption and bribery can result in failures to its operational performance and role as international operating market infrastructure. This can disrupt of the international or local financial sectors and incur loss in community confidence in the financial sector. Also, bribery or corrupt business practices committed by Euronext can negatively impact competitors doing honest business. Measures to prevent, detect and respond to bribery and corruption impacts how Euronext conducts its business, as well as how it selects, approaches and manages business partners. Euronext has assessed the resilience of its anti-bribery and anti-corruption compliance programme, evaluating its measures to prevent, detect, and respond to bribery and corruption. This assessment also considers the company’s reliance on human and social resources. As a result, Euronext is well-equipped to mitigate negative impacts while leveraging positive opportunities for its business partners, stakeholders, and society. Euronext N.V. is firmly committed to conducting business via its affiliates in full compliance with applicable anti-bribery and anti-corruption laws of the countries in which its affiliates operate, and it is the responsibility of each Euronext board member and employee to protect from violations of these laws and regulations. Prevention Euronext has implemented an anti-bribery policy which includes prohibited acts and bribery offences that offers guidance for managing specific risk areas, such as corporate hospitality, payments for travel and lodging, interactions with third parties, and charitable contributions. Euronext prohibits any form of facilitation payments, which are payments made to public officials to expedite routine actions, such as issuing licenses or permits. To mitigate risks associated with corporate hospitality, Euronext has a dedicated gifts, business meals, and business entertainment policy, with the objective to prevent bribery or conflicts of interest that may arise from providing or receiving inappropriate gifts or business invitations. Euronext has a reporting and approval process in place for gifts, business meals and business entertainment. The process takes the value of the event into account and includes specific requirements when dealing with public officials. Euronext also recognises third parties involvement as a risk area. The company may have both legal and reputational exposure as a result of the actions of its third parties and/or business partners. The Company can be exposed to criminal liability for acts of bribery made by third parties acting on the its behalf. As a consequence, the selection process for third parties and business partners with whom the Company will do business or who may represent it should include proper due diligence, such as a thorough review of the person or entity’s background and credentials to ensure that the Company is 2024 UNIVERSAL REGISTRATION DOCUMENT 127 Empower Sustainable Finance dealing with a party whose reputation and expertise are consistent with Euronext standards. The functions that are most at risk in respect to corruption and bribery are sales functions with activities that involve direct interaction or contact with clients or customers in order to build client relationships, sales, customer relationship management and customer retention, and procurement functions that are involved in sourcing, negotiation and contracting vendors, suppliers, consultants or any other third parties. Based on assessment of relevant risks for Euronext, i.e. jurisdiction risk, sector risk, business partnership risk and transaction and business activity risk, the risk of potential exposure to bribery and corruption is considered limited. As outlined below, a key action to prevent corruption and bribery is offering a wide range of training for all employees. Detection In order to detect possible bribery or corruption issues, Euronext has implemented various reporting channels, such as a whistleblowing hotline which offers anonymous reporting for both internal and external stakeholders. Stakeholders who report alleged breaches in good faith are free to do so without fear of retaliation. Euronext’s policies and procedures concerning whistleblowing include enhanced confidentiality requirements and specific provisions to protect whistleblowers. Addressing allegations The Compliance department is responsible for the investigation of alleged bribery cases. A bribery investigation is promptly initiated, typically based on a tip-off, internal audit findings, anomaly detection or external reports. The investigation team creates an impartial outline of the scope and objectives of the investigation, methodologies, timelines, the departments involved and the potential impact. Independence and objectivity in the investigation process is secured by centralising the responsibility for the bribery investigation process with the Chief Compliance Officer and the execution of investigations with the Compliance department. Should Compliance staff be involved in the bribery case, the Legal department must take over the process. Connecting with experts from other departments can only take place after the investigations team has ensured these departments are out of scope for the entire investigation. The investigation team will first prepare a preliminary report summarising initial findings and any immediate actions taken. The investigation team will then compile a comprehensive final report detailing the investigation process, findings, conclusions and recommendations for implementing corrective actions to present to the Chief Compliance Officer for review and further action, including how it will be reported to management and supervisory bodies. Corrective actions will be implemented as needed based on the investigation’s findings, such as process improvements, policy changes, and training and awareness sessions. Disciplinary action and ongoing monitoring mechanisms will be established to ensure compliance with the new measures and to prevent future bribery. Staff members who engage in any form of bribery will be subject to disciplinary action, up to and including termination. More details can be found in the Euronext Anti-bribery, Anti- fraud and Gifts, Business Meals and Business Entertainment policies on Euronext's website. 3.4.2.4 Training and awareness Training and awareness is a key component to the maintenance and evolution of the Compliance culture at Euronext. The training strategy and programme includes general awareness on compliance topics or policies, new regulations and requirements, and focus areas and specific risk areas. Trainings can be done online or in person, and directed at specific groups, e.g. all staff or staff of a specific entity, business unit or department. Compliance trainings are mandatory and tracking completion is a joint effort of Compliance and HR. Escalation processes are established, which ultimately lead to the Managing Board if necessary. Prevention of bribery and corruption, as well as the appropriate use of gifts, business meals and business entertainment is included in the Euronext General Compliance training, which covers the Company's compliance programme and all its compliance policies. The Euronext General Compliance training is part of the onboarding training and awareness programme for all new staff and is assigned to selected Group entities or business units, depending on the annual compliance training programme. Awareness is further enhanced by specific all-staff email communications. All Euronext Compliance policies are global policies, i.e. apply to all Euronext staff including consultants, contractors, interns and temporary staff. All policies and supporting documentation are available to all staff on the Company's intranet. Compliance training programme Each year, the Compliance department, i.e. group compliance and local compliance officers determine required trainings for the coming year for Group or local entities and teams, which are incorporated into an annual training programme. New joiner onboarding training All new joiners in the Euronext group receive their new joiner onboarding training assignments in their first week. This onboarding training consist of the Euronext General Compliance training (complete overview of the Euronext compliance programme and all compliance policies), a training on EU General Data Protection Regulation (GDPR) and an Information Security Awareness training. Online training Online trainings are provided through the e-learning platform ‘Euronext Academy’ managed by Human Resources, where the trainings are assigned to staff and completion of trainings can be tracked. This allows training to a large group of staff at once, with staff being able to do the training at a time and place that suits them. We design and develop tailor-made compliance trainings with flexibility in content, length of courses and combining different topics in one training. Awareness campaigns The Compliance training programme is supported by Compliance staff communications, e.g. reminders in relation to a particular policy. All policies and related documentation are available to all employees on the Company intranet. 128 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Board member training Board training aims to ensure that the board achieves and maintains managerial competences, adequate collective knowledge, skills and experience and an adequate understanding of the Company activities and risks, as required to perform its role and duties. The Board member training plan covers a two-year programme and will be evaluated annually to take new inputs and initiatives into account. The Managing board and executive board members of Group entity boards are also included in compliance trainings assigned to all Euronext staff. Function at risk The functions most susceptible to corruption and bribery risks are those that involve direct client or customer interaction, such as sales functions focused on building relationships, making sales, managing customer relationships, and retaining clients. Additionally, procurement functions related to sourcing, negotiation, and contracting with vendors, suppliers, consultants, or other third parties are also at risk. In 2024, Euronext incorporated bribery and corruption awareness into the General Compliance training, which covers all compliance policies. The General Compliance training is part of the onboarding training and awareness programme for all new Euronext staff and is assigned to selected Group entities or business units, depending on the annual compliance training programme. To assess the coverage of at-risk functions, Euronext calculated the percentage of sales and procurement personnel who successfully completed the General Compliance training in 2024, resulting in 35% coverage, as illustrated in the chart below. Functions-at-risk covered by training programmes 35% 3.4.3 Metrics and Targets 3.4.3.1 Confirmed incidents of corruption or bribery (G1-4) In the reporting period, Euronext had zero convictions and incurred no fines for violations of anti-corruption and anti- bribery laws, and no incidents involving members of its value chain where Euronext or its employees were directly involved. As no breaches were identified during the reporting period, no actions were required to address breaches in procedures and standards related to anti-corruption and anti-bribery. This reflects Euronext's strong commitment to integrity, ethical business practices, and robust compliance frameworks that prevent corruption and bribery across its operations. Confirmed incidents of corruption or bribery Number of convictions 0 Amount of fines in € for violation of anti-corruption and anti-bribery laws 0,0 3.4.3.2 Tracking effectiveness of policies and actions (MDR -T) Euronext has not yet established measurable outcome- oriented targets for Corruption and Bribery and Corporate Culture. However, the Company aims to set these targets by 2025. In the meantime, Euronext continuously monitors the effectiveness of its actions by evaluating the coverage of compliance training and employee surveys, while also designing campaigns to reach as many employees as possible. 2024 UNIVERSAL REGISTRATION DOCUMENT 129 Empower Sustainable Finance 3.5 Sustainability Notes 3.5.1 List of Material Disclosure Requirements (ESRS Context Index) General disclosures ESRS disclosure requirement Section Page General disclosures BP-1 General basis for preparation of sustainability statements 3.1.1.1. 77 BP-2 Disclosures in relation to specific circumstances 3.1.1.2. 77 - 78 GOV-1 The role of the administrative, management and supervisory bodies 3.1.4.1. and 3.1.4.2. 89 - 91 GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies 3.1.4.3. 91 - 92 GOV-3 Integration of sustainability-related performance in incentive schemes 3.1.4.4. 92 GOV-4 Statement on due diligence 3.1.4.5. 92 GOV-5 Risk management and internal controls over sustainability reporting 3.1.4.6. 92 - 93 SBM-1 Strategy, business model and value chain 3.1.2.1. 78 - 84 SBM-2 Interests and views of stakeholders 3.1.2.2. 85 - 86 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 3.1.3.2. 89 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 3.1.3.1. 86 - 89 IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 3.1.3.3. and 3.5.1 89 and 129 - 132 Environment ESRS disclosure requirement Section Page Climate change E1 Taxonomy disclosure 3.2.1. 95 - 97 ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 3.2.2.1. 97 E1-1 Transition plan for climate change mitigation 3.2.2.2.1. 97 - 98 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 3.2.2.2.2. 98 - 99 ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities 3.2.2.3. 99 ESRS 2 MDR-P E1-2 Policies adopted to manage material sustainability matters Policies related to climate change mitigation and adaptation 3.2.2.3.1. 99 ESRS 2 MDR-A E1-3 Actions and resources in relation to material sustainability matters Actions and resources in relation to climate change policies 3.2.2.3.2. 99 - 100 E1-4 Targets related to climate change mitigation and adaptation 3.1.5. 93 E1-5 Energy consumption and mix 3.2.2.4.2. 102 E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 3.2.2.4.3. 103 - 104 E1-7 GHG removals and GHG mitigation projects financed through carbon credits 3.2.2.4.4. 104 E1-8 Internal carbon pricing 3.2.2.4.5. 104 Sustainable Products and Services, including training ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 3.2.3.1.1. 106 - 107 ESRS 2 MDR-P Policies adopted to manage material sustainability matters 3.2.3.2.1. 107 ESRS 2 MDR-A Actions and resources in relation to material sustainability matters 3.2.3.2.2. 107 - 108 ESRS 2 MDR-M Metrics in relation to Sustainable products 3.2.3.3.1. 109 ESRS 2 MDR-M Metrics in relation to Sustainable services 3.2.3.3.2. 109 ESRS 2 MDR-T Tracking effectiveness of policies and actions 3.2.3.3.3. 109 130 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Social ESRS disclosure requirement Section Page Own workforce ESRS 2 SBM-2 Interests and views of stakeholders 3.3.1.1. 111 ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model 3.3.1.2. 111 - 113 ESRS 2 MDR-P S1-1 Policies adopted to manage material sustainability matters Policies related to own workforce 3.3.2.1. 113 S1-2 Processes for engaging with own workers and workers’ representatives about impacts 3.3.2.2. 113 - 114 S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 3.3.2.3. 114 - 115 ESRS 2 MDR-A S1-4 Actions and resources in relation to material sustainability matters Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions 3.3.2.4. 115 - 118 ESRS 2 MDR-T Tracking effectiveness of policies and actions 3.3.3.5. 122 S1-6 Characteristics of the undertaking’s employees 3.3.3.1. 119 - 120 S1-8 Collective bargaining coverage and social dialogue 3.3.3.4. 121 - 122 S1-9 Diversity metrics 3.3.3.2. 120 - 121 S1-10 Adequate wages 3.3.3.4. 121 - 122 S1-12 Persons with disabilities 3.3.3.2.3. 120 - 121 S1-13 Training and skills development metrics 3.3.3.3. 121 S1-16 Remuneration metrics 3.3.3.2. 120 - 121 S1-17 Incidents, complaints and severe human rights impacts 3.3.3.2. 120 - 121 Governance ESRS disclosure requirement Section Page Business conduct ESRS 2 GOV-1 The role of the administrative, supervisory and management bodies 3.4.1. 125 ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities 3.4.2. 125 ESRS 2 MDR-P G1-1 Policies adopted to manage material sustainability matters Corporate culture and business conduct policies 3.4.2.2 . 125 ESRS 2 MDR-A and G1-3 Actions and resources in relation to material sustainability matters Prevention and detection of corruption and bribery 3.4.2.3. 126 - 128 G1-4 Confirmed incidents of corruption or bribery 3.4.3.1. 128 ESRS 2 MDR -T Tracking effectiveness of policies and actions 3.4.3.2. 128 3.5.2 Disclosure requirements that derive from other EU legislations The tables below provides an overview ESRS data points that derive from other EU legislation, based on ESRS 2 Appendix B and where this information can be found if deemed material. General disclosures ESRS data point Information Regulation Page General disclosures GOV-1 21 (d) Board's gender diversity SFDR, Benchmark Regulation 90 - 91 GOV-1 21 (e) Percentage of board members who are independent Benchmark Regulation 90 - 91 GOV-4 30 Statement on due diligence SFDR 93 SBM-1 40 (d) i,ii,iii, iv Activities related to fossil fuel, chemical production, tobacco weapons SFDR; Pillar 3; Benchmark Regulation N/A 2024 UNIVERSAL REGISTRATION DOCUMENT 131 Empower Sustainable Finance Environment ESRS data point Information Regulation Page Climate change E1-1 14 Transition plan for climate change mitigation EU Climate Law 96 - 97 E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks Pillar 3; Benchmark Regulation 97 E1-4 34 GHG emission reduction targets SFDR; Pillar 3; Benchmark Regulation 105 E1-5 37 Energy consumption and mix SFDR 102 E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) SFDR N/A E1-5 40-43 Energy intensity associated with activities in high climate impact sectors SFDR N/A E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions SFDR; Pillar 3; Benchmark Regulation 103 E1-6 53-55 Gross GHG emissions intensity SFDR; Pillar 3; Benchmark Regulation 103 E1-7 56 GHG removals and carbon credits EU Climate Law 104 E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks Benchmark Regulation N/A E1-9 66 (a) (c) Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical risk Pillar 3 N/A E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes Pillar 3 N/A E1-9 69 Degree of exposure of the portfolio to climate- related opportunities Benchmark Regulation N/A Social ESRS data point Information Regulation Page Own workforce S1-SBM3 14 (f) Risk of incidents of forced labour SFDR N/A S1-SBM3 14 (g) Risk of incidents of child labour SFDR N/A S1-1 20 Human rights policy commitments SFDR 112 S1-1 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions Benchmark Regulation 112 S1-1 22 Processes and measures for preventing trafficking in human beings SFDR N/A S1-1 23 Workplace accident prevention policy or management system SFDR N/A S1-3 32 (c) Grievance/complaints handling mechanisms SFDR 113 - 114 S1-14 88 (b) (c) Number of fatalities and number and rate of work- related accidents SFDR; Benchmark Regulation N/A S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness SFDR N/A S1-16 97 (a) Unadjusted gender pay gap SFDR; Benchmark Regulation 120 S1-16 97 (b) Excessive CEO pay ratio SFDR 120 S1-17 103 (a) Incidents of discrimination SFDR 121 S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD SFDR; Benchmark Regulation N/A 132 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Governance ESRS data point Information Regulation Page Business conducts G1-1 10 (b) United Nations Convention against Corruption SFDR 125 G1-1 10 (d) Protection of whistleblowers SFDR N/A G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws SFDR, Benchmark Regulation 127 G1-4 24 (b) Standards of anti-corruption and anti-bribery SFDR 127 2024 UNIVERSAL REGISTRATION DOCUMENT 133 Empower Sustainable Finance 3.5.3 Taxonomy table Proportion of Turnover from products or services associated with Taxonomy-aligned economic activities Economic Activities (1) Year Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm') Code (2) Turnover (3) Proportion of Turnover, 2024 (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, 2023 (18) Category enabling activity (19) Category transitional activity (20) M€ % Y ; N; N/EL Y ; N; N/ EL Y ; N; N/ EL Y ; N; N/EL Y ; N; N/EL Y ; N; N/EL Y ; N Y ; N Y ; N Y ; N Y ; N Y ; N Y ; N % E T A. Taxonomy-Eligible Activities A.1. Environmentally sustainable activities (Taxonomy-aligned) Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0 0 Of which Enabling 0 0 0 E Of which Transitional 0 0 0 T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Turnover of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 0 0 0 A. Turnover of Taxonomy eligible activities (A.1+A.2) 0 0 0 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy non-eligible activities 1625 100 100 TOTAL 1625 100 100 134 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities Economic Activities (1) Year Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm') Code(2) CapEx (3) Proportion of CapEx, 2024 (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) CapEx, 2023 (18) Category enabling activity (19) Category transitional activity (20) M€ % Y ; N; N/EL Y ; N; N/EL Y ; N; N/EL Y ; N; N/EL Y ; N; N/EL Y ; N; N/EL Y ; N Y ; N Y ; N Y ; N Y ; N Y ; N Y ; N % E T A. Taxonomy-Eligible Activities A.1. Environmentally sustainable activities (Taxonomy-aligned) CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0 0 0.04 Of which Enabling 0 0 0.04 E Of which Transitional 0 0 0.00 T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Installation, maintenance and repair of energy efficiency equipments CCM 7.3 0.00 0.00 EL N/EL N/EL N/EL N/EL N/EL 0.09 Installation, maintenance and repair of renewable energy technologies CCM 7.6 0.04 0.02 EL N/EL N/EL N/EL N/EL N/EL 0.00 Acquisition and ownership of buildings CCM 7.7 16.30 10.34 EL N/EL N/EL N/EL N/EL N/EL 0.00 Data processing, hosting and related activities CCM 8.1 5.29 3.35 EL N/EL N/EL N/EL N/EL N/EL 0.00 CapEx of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 21.63 13.71 13.71 0 0 0 0 0 0.09 A. CapEx of Taxonomy eligible activities (A.1+A.2) 21.63 13.71 13.71 0 0 0 0 0 0.13 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy non-eligible activities 136.07 86.29 99.87 TOTAL 157.70 100.00 100.00 2024 UNIVERSAL REGISTRATION DOCUMENT 135 Empower Sustainable Finance Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities Economic Activities (1) Year Substantial Contribution Criteria DNSH criteria ('Does Not Significantly Harm') Code (2) OpEx (3) Proportion of OpEx, 2024 (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaptation (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) OpEx, 2023 (18) Category enabling activity (19) Category transitional activity (20) M€ % Y ; N; N/EL Y ; N; N/EL Y ; N; N/ EL Y ; N; N/ EL Y ; N; N/ EL Y ; N; N/ EL Y ; N Y ; N Y ; N Y ; N Y ; N Y ; N Y ; N % E T A. Taxonomy-Eligible Activities A.1. Environmentally sustainable activities (Taxonomy-aligned) OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) 0.00 0.00 0 Of which Enabling 0.00 0.00 0 E Of which Transitional 0.00 0.00 0 T A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) Renovation of existing buildings CCM 7.2 6.72 10.87 EL N/EL N/ EL N/ EL N/ EL N/ EL Data processing, hosting and related activities CCM 8.1 19.19 31.02 EL N/EL N/ EL N/ EL N/ EL N/ EL 0 OpEx of Taxonomy eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 25.92 41.89 41.89 0 0 0 0 0 0 A. OpEx of Taxonomy eligible activities (A.1+A.2) 25.92 41.89 41.89 0 0 0 0 0 0 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy non-eligible activities 35.95 58.11 100 TOTAL 61.86 100 100 136 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.5.4 Nuclear and fossil gas related activities Row Nuclear energy related activities 1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. No 2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. No 3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. No Fossil gas related energy 4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No 5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. No 6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. No 2024 UNIVERSAL REGISTRATION DOCUMENT 137 Empower Sustainable Finance 3.6 Appendix This section is not part of the limited assurance, unlike the rest of Chapter 3. 3.6.1 Report of the Euronext Foundation The Euronext Foundation was created to support the implementation of the Euronext purpose: "Shaping Capital Markets for Future Generations". Euronext's purpose reflects a strong commitment to deepening its dedication to community activities. The Euronext Foundation harnesses and concentrates the existing efforts already devoted to this cause, across the various geographies of the Group. It acts as the umbrella that covers all Euronext's philanthropic and educational support in these areas via funding, mentorship and dedicated initiatives. The Foundation focuses on the three key areas that are already part of Euronext's ESG strategy, strengthening its commitment to and impact on each: ■ Financial literacy; ■ Diversity and inclusion in finance; ■ Marine resources. Euronext supports community activities that have a direct, positive and measurable impact and that are aligned with its corporate values. Through training, volunteering, charitable activities, and thought leadership, Euronext employees contribute in three main areas that are relevant to the Euronext business: ■ Financial literacy: Euronext seeks to improve the financial knowledge, skills, and attitudes of young Europeans while providing its own employees with unique mentoring opportunities. ■ Blue Economy: Euronext’s goal is to be a leader in advancing the Blue Economy in order to address the threats to the oceans, and contribute to enhanced ocean and coastal resilience. ■ Climate change: Euronext is conscious of the challenges linked to climate change, the need to reduce greenhouse gas emissions, and the necessity of managing natural resources. In 2023, Euronext introduced a new policy that allows employees to benefit from two paid volunteering days per year to engage in charity and community work through the organisations supported by the Euronext Foundation. In 2024, across the group, employees logged over 650 volunteering hours. The Blue Challenge & Coastal Clean-up Euronext has a partnership with Junior Achievement Europe (JA Europe) to deploy the Blue Challenge. The challenge aims to inspire students aged 16 to 18 about sustainable finance whilst helping them develop core professional skills such as teamwork, problem solving, presentation, and entrepreneurial skills. Through its partnership, Euronext intends to boost financial literacy and encourage innovation to limit climate change and to foster the Blue Economy amongst young entrepreneurs in nine countries. Taking the form of a competition that involves a series of local activities and two webinars, on financial literacy and on Blue Economy, the challenge culminates in a European final help on the United Nations World Oceans Day. In 2024, over 80 Euronext employees across nine countries volunteered to become mentors for the third edition, with over 600 students benefiting from their mentoring. Since the launch of the Blue Challenge in 2020, 1,692 students have participated, supported by 264 Euronext volunteers. The Norwegian team Pungdom UB, took home the prize after a fierce competition with eight other teams selected for the European final. The team came up with a visionary project of building habitats in Europe’s coastal waters for sea squirts, which are important for filtering the sea, absorbing nitrogen and exhaling oxygen, and other sea restoration habitats. Pungdom UB’s initiative stood out among an impressive pool of entries from across Europe. Their dedication and innovative spirit exemplify the essence of the Blue Challenge, inspiring us all to strive for a more sustainable and prosperous future. 138 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance As the first exchange signatory of the UNGC Sustainable Ocean Principles, Euronext embraces the sustainable goal of conservation of the oceans, seas and marine resources. Each year, Euronext volunteers engage in a week of the waterfront clean-up initiatives, in celebration of International Coastal Clean-Up Day and European Sustainable Development Week. In 2024, over 200 Euronext employees from across 14 different locations in Europe walked miles alongside the water's edge, filling dozens of bags with trash, preventing it from ending up in the ocean. Euronext also sponsored events and initiatives related to ocean protection such as Operation Water in London, Spazzapnea in Milan, and Keep Norway Clean and Baltic Sea Day in the Nordics. Euronext Trading Game & Financial Literacy Initiatives In 2024, Euronext announced the launch of the Euronext Trading Game, an initiative under the Euronext Foundation aimed at enhancing financial literacy across Europe. Designed to empower higher education students, the game will enable participants to explore and navigate the complexities of capital markets by trading on Euronext’s seven marketplaces using technology from NextWise. The pilot phase is inviting support and participation is set to begin in March 2025, while the official launch will take place in October 2025, targeting universities in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal. Open to higher education students from all disciplines, the programme will provide inclusive learning materials to ensure accessibility for everyone. The Euronext Trading Game aims to build a generation of European market participants who value collaboration, integration, and competition. This initiative will support Euronext’s commitment to financial education, uncover fresh perspectives from tomorrow's market participants, and cultivate a pipeline of informed, skilled, and engaged talent for the future of capital markets. In 2024, Euronext's commitment to financial literacy also resulted in multiple educational and mentorship sessions across its geographies as illustrated by the examples below: Brussels ■ Employees contributed to several financial education events and webinars, including courses at the University and for secondary school students London ■ Euronext London launched a Financial Literacy Series in conjunction with an all-girls school, where employees provided an initial overview of the financial sector and then discussed specific topics related to the school's curriculum. This initiative attracted over 20 students and involved four Euronext mentors. Euronext London also organised Global Money Week to provide an overview of financial literacy and introduce the financial markets. This event attracted over 25 students and involved four Euronext mentors Milan ■ To bring students closer to the financial world and further increase understanding of about the stock exchange, Euronext partnered with several universities across Italy. More than 30 Euronext volunteers met with 200 students. Paris ■ Euronext worked in partnership with L'Ecole de la Bourse, France, a long-standing partner of Euronext, based in the Euronext premises in Paris. L'Ecole de la Bourse specialises in financial education and aims to train retail investors in stock market activities Portugal ■ Euronext worked in partnership with JA Europe to promote financial literacy for all school age students Euronext Photo Contest On World Environmental Day, the Euronext Foundation launched the Euronext Photo Contest, inviting colleagues from around the world to capture the beauty of our planet and reflect on the importance of environmental preservation. The contest received over 200 submissions, from more than 100 colleagues across 14 countries, demonstrating both creativity and a commitment to preserving our planet. More than 550 colleagues cast their votes to determine the top 20 finalists. First prize was won by the photography shown above: “The Autumn of Glaciers: Silent Witness to a Disappearing World". 2024 UNIVERSAL REGISTRATION DOCUMENT 139 Empower Sustainable Finance Diversity & Inclusion Activities In addition to educational and societal initiatives, several Euronext locations provided support to local charities active in the fields supported by the Euronext Foundation, including: Amsterdam ■ Emma at Work: A mentoring programme to help young people with physical limitations develop, with the goal of finding a job Brussels ■ A Seat at the Table: Euronext Brussels took part in a mentoring and leadership programme helping youths, students and young professionals progress in society with mentoring from top businesses, including Euronext ■ Woman in Finance: Euronext Brussels became a member of Woman In Finance, which aims to advocate for equal opportunities for women and men in the financial sector Dublin ■ An Cosan: A programme to support women from marginalised communities, providing services, including early years education and care, counselling and family support, and community education, including financial literacy London ■ The Youth Group: A mentoring programme for young people from poor socio-economic backgrounds, seeking employment within the financial sector Oslo ■ Styrelisten: An initiative working to increase board room diversity by recommending and matching talented female board candidates with board nomination committees Paris ■ Nos Quartiers ont du talent: A programme to help young graduates find work and apprenticeships through professional mentoring. 140 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance 3.6.2 Additional sustainability related non-financial data 3.6.2.1 Environmental data The following tables present a comprehensive overview of Euronext's Environmental data as of end of December 2024, unless specified otherwise. Carbon intensity Total per FTE (tCO2 e) Location-based 20 Market-based 18 Carbon footprint 2022 2023 2024 Scope 1 GHG emissions Gross Scope 1 GHG emissions (tCO2e) 336 355 278 Scope 2 GHG emissions Gross location-based Scope 2 GHG emissions (tCO2e) 6,413 6,359 4,818 Gross market-based Scope 2 GHG emissions (tCO2e) NA 372 278 Scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2e) 37,300 42,648 41,893 Total GHG emissions Total GHG emissions (location based) (tCO2e) 44,048 49,362 46,990 Total GHG emissions (market based) (tCO2e) NA 43,375 42,450 Scope 2 electricity- related emissions: Location-based (tCO2e) % of total scope 2 emissions (location- based tCO2e) Scope 2 electricity- related emissions: Market-based (tCO2e) % of total scope 2 emissions (market- based tCO2e) Data Centres 2,228 46% 0 —% Buildings 2,371 49% 58 21% Total 4,599 95% 58 21% 2024 UNIVERSAL REGISTRATION DOCUMENT 141 Empower Sustainable Finance Carbon footprint per country Country Scope 1 (tCO2e) Scope 2 location-based (tCO 2e) Scope 2 market- based (tCO 2 e) Scope 3 (tCO2e) Total (location- based) (tCO2e) Belgium 33.0 12.4 0.3 116.8 58.404 Denmark 0.0 166.8 37.4 1,181.2 250.362 Finland 0.0 22.9 16.9 63.1 45.6 France 12.0 170.5 0.0 7,284.3 246.6 Germany 0.0 5.8 0.0 54.4 19.3 India 0.0 25.1 25.0 22.0 77.4 Ireland 44.3 45.5 8.4 421.0 120.6 Italy 21.0 2,964.3 0.0 17,158.6 3,937.3 Japan 0.0 40.3 0.0 9.9 52.3 Netherlands 59.0 884.2 66.5 3,847.0 1,326.1 Norway 0.0 106.6 102.1 2,389.6 235.6 Portugal 79.3 73.8 11.8 4534.3 204.3 Singapore 0.0 28.1 0.0 93.8 36.5 United Kingdom 29.6 156.9 0.0 409.7 247.8 United States 0.0 115.1 9.7 300.3 159.5 Others 0.0 0.0 0.0 4007.4 4,007.4 Total (tCO2e) 278.2 4,818.3 278.0 41,893.4 46,990 Electricity use per facility Renewable (Kwh) Non-renewable (Kwh) Total Data Centres 8,981,243 0 18,868,113 Buildings 9,886,870 533,229 533,229 142 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Electricity use per country Renewable (Kwh) Non-renewable (Kwh) Belgium 82,030 Denmark 1,301,979 Finland 85,461 France 2,660,027 Germany 15,757 India 34,125 Ireland 76,740 80,050 Italy 9,476,753 Japan 86,619 Netherlands 2,865,941 10,027 Norway 644,191 328,423 Portugal 404,655 53,179 Singapore 73,795 United Kingdom 797,733 United States 296,431 27,426 Total 18,868,113 533,229 3.6.2.2 Social Data The following tables present a comprehensive overview of Euronext's Social data as of end of December 2024, encompassing various dimensions such as work contract, gender, country, diversity, mobility, training, performance, pay, and turnover. Workforce per contract type and gender (headcount) Female Male Total Number of employees (permanent & fixed term ) 871 1,584 2,455 Permanent employees 833 1,533 2,366 Fixed term employees 38 51 89 Early Career Female Male Total Trainees and apprentices   86 130 216 International graduate programme 30 17 47 (1) European countries: Belgium, Sweden, Germany. Asian country: Singapore. 2024 UNIVERSAL REGISTRATION DOCUMENT 143 Empower Sustainable Finance Workforce per contract type and gender (headcount) Employee headcount per country and gender Regular employees New joiners (Regular employees hired) Total Women Men Total Italy 809 285 524 85 France 468 171 297 73 Portugal 286 90 196 103 Norway 225 87 138 29 Netherlands 177 57 120 36 Denmark 132 51 81 13 United Kingdom 103 38 65 30 Ireland 66 37 29 9 India 62 20 42 26 Finland 53 12 41 7 Others (less than 50 employees) 1 74 23 51 21 Newly hired employees Women Men Total Joiners: regular (permanent and fixed term) employees hired 162 256 418 Joiners: under 30 years old 81 116 197 Joiners: 30-50 years old 73 127 200 Joiners: over 50 years old 8 13 21 Diversity Women Men Total Nationalities represented 50 51 63 Average age 42 years 43 years 43 years Average length of service 10 years 10 years 10 years Share of women Total Share of women in all management positions (as % of total management positions) 34% Share of women in junior management positions (as % of total junior management positions) 36% Share of women in management positions in revenue generating functions (as % of all such managers) 36% (1) ESG includes diversity, inclusion, well-being, environmental and sustainability (2) Transversal skills includes Communication, Languages, Project Management, Sales (3) None reported to the competent authorities. 144 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Training Total Average number of training hours per person, in category "executive" 16 hours Average number of training hours per person, in category "non-executive" 13.7 hours % of employees who participated in at least one training session during the reporting period. 98% "Executive" refers to all employees with a managerial role. "Non-executive" refers to all employees with a non- managerial role. Training programme Number of employees trained ESG 1 2,025 Innovation 1,713 IT 1,150 Transversal skills 2 1,043 Leadership, Management and Coaching 811 Financial & Euronext Market Knowledge 778 Absentee rate Total Absentee rate 2.15% 3.6.2.3 Governance Data Political contributions Total monetary value Political contributions 0 Data breaches Total Personal data breaches 3 16 Cases of anti-competition 0 2024 UNIVERSAL REGISTRATION DOCUMENT 145 Empower Sustainable Finance 3.6.2.4 Data related to Sustainable products and services ESG bonds Listed in 2024 Money raised in 2024 ( billion €) ESG bonds 619 277 Category split Green bonds 480 180 Sustainability bonds 64 54 Sustainability-linked bonds 39 14 Social bonds 36 29 ESG indices in billion € Total ESG indices 509 Thematic ESG indices 363 Category split Broad ESG 146 Climate 172 PAB 74 CTB 3 Biodiversity 43 Environmental 130 Circular Economy 4 Energy Transition 9 Governance 16 Social 28 Water 15 Ocean 5 ESG ETFs Total ESG ETFs 911 Category split Article 8 (SFDR) 799 Article 9 (SFDR) 112 3.6.3 ESG rating agencies Euronext recognises the critical role of ESG rating agencies in providing accurate and transparent information to the market, and considers engagement with these actors as a central element of its ESG strategy. Euronext monitors its ESG ratings very closely and conducts gap analysis regularly on scores to identify areas of development. Euronext’s ESG scores improved across multiples rating agencies in 2024, reflecting the Group's commitment to providing its stakeholders with timely and transparent ESG reporting. An example of this progress is the transition of Euronext's CDP rating from a D to a B highlighting the significance that Euronext places on addressing climate-related issues. 146 2024 UNIVERSAL REGISTRATION DOCUMENT 3 Empower Sustainable Finance Rating agency Scale 2024 2023 2022 MSCI From AAA (top) to CCC AA A A Sustainalytics From 0 (top) to 40+ 13.4 (low risk) Industry ESG top rated 15.4 18.7 S&P Out of 100 (top) 57 56 49 CDP From A (top) to F B B D Moody's ESG Out of 100 (top) 64 57 52 EcoVadis Out of 100 (top) 63 48 ISS From A+ (top) to D- C+ C C- 3.6.4 ESG policies and other sustainability statements Euronext has established ESG policies and statements to ensure alignment with its sustainability commitments, regulatory requirements, and stakeholder expectations. These are subject to an annual review by the Managing Board. Additionally, all Euronext policies undergo a review by the Internal Audit department at least once every three years. The objectivity and organisational independence of the Internal Audit function are ensured through the Head of Internal Audit reporting directly to the Chairman of the Euronext Audit Committee. Below is the complete set of ESG policies and statements currently in place, which can be found in full on Euronext's website: ■ Anti-bribery policy ■ Anti-fraud policy ■ Anti-money laundering and terrorism financing policy ■ Anti-slavery and human rights ■ Code of business conduct and ethics ■ Compliance framework ■ Diversity, inclusion and anti-discrimination ■ Enterprise risk management framework ■ Environmental policy ■ Financial inclusion policy ■ Gifts, business meals and entertainment ■ Global tax policy ■ Health, safety and ways of working policy ■ Performance, development and remuneration policy ■ Personal data protection policy ■ Procurement and supply chain policy ■ Responsible and sustainable product offering policy ■ Responsible marketing and events policy ■ Social dialogue policy ■ Supplier code of conduct ■ Sustainability policy ■ Sustainable lobbying policy ■ Talent acquisition and development policy ■ Transition plan ■ Whistleblower policy ■ Workplace anti-harassment policy Moreover, Euronext has assessed its compliance with the minimum social safeguards mandated by the EU Taxonomy, focusing on human rights, anti-bribery, fair competition, and taxation. This assessment can also be found on Euronext's website. ESG policies and statements can be found on Euronext's website. 2024 UNIVERSAL REGISTRATION DOCUMENT 147 Empower Sustainable Finance This page has been intentionally left blank 148 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance 2024 UNIVERSAL REGISTRATION DOCUMENT 149 Corporate Governance 4 4.1 Dutch Corporate Governance Code, 4.4 Remuneration Report of the "Comply of Explain" Remuneration Committee 4.4.1 2024 Report 4.2 Management Structure 4.4.2 Remuneration Principles 4.2.1 General Information 4.4.3 Remuneration Components 4.2.2 Supervisory Board 4.4.4 Remuneration of the Managing Board 4.2.3 Managing Board for 2024 and Previous Years 4.4.5 Remuneration of Supervisory 4.3 Report of the Supervisory Board Board Members 4.3.1 Meetings 4.3.2 Supervisory Board Attendance Record 4.3.3 Supervisory Board Activities 4.3.4 Board Evaluation 4.3.5 Report Audit Committee 4.3.6 Report Risk Committee 4.3.7 Report Remuneration Committee 4.3.8 Report Nomination and Governance Committee 4.3.9 Financial Statements 150 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance 4 CORPORATE GOVERNANCE A description of the shareholding structure of the Company is provided in section 6 “General description of the Company and its share capital”. Euronext N.V. is a Dutch public company with a two-tier governance Euronext Supervisory Board at a glance 10 Members 70% Independent members 8 Nationalities 40% Women 59.2 Average age 8 Supervisory Board meetings held in 2024 97% Attendance rate Euronext Supervisory Board and Committees Committees of the Supervisory Board Independent Audit Risk Remuneration Nomination & Governance Piero Novelli Chair 59 ☑ ● Chair Dick Sluimers Vice-Chair 71 ☑ Chair ● Nathalie Rachou 67 ☑ ● ● Chair ● Morten Thorsrud 53 ☑ ● Chair Muriel De Lathouwer 52 ☑ ● ● Fedra Ribeiro 52 ☑ Padraic O'Connor 75 ☑ ● ● Alessandra Ferone 54 ● ● Olivier Sichel 57 Koen Van Loo 52 Alessandra Ferone will retire from the Supervisory Board after the Annual General Meeting to be held on 15 May 2025. 2024 UNIVERSAL REGISTRATION DOCUMENT 151 Corporate Governance Euronext Managing Board Name Position Stéphane Boujnah 60 CEO and Chairman of the Managing Board Delphine D'Amarzit 51 CEO Euronext Paris Fabrizio Testa 56 CEO Borsa Italiana and Head of Fixed Income Trading René van Vlerken Appointment subject to shareholders approval in May 2025 54 CEO Euronext Amsterdam Simon Gallagher 51 CEO Euronext London and Head of Global Sales Øivind Amundsen 57 CEO Euronext Oslo Børs Isabel Ucha 59 CEO Euronext Lisbon Daryl Byrne 53 CEO Euronext Dublin Benoît van den Hove 49 CEO Euronext Brussels Manuel Bento 50 COO Permanent attendees to the Managing Board Senior management Role Senior management Role Giorgio Modica 51 Group CFO Angelo Proni 58 CEO of MTS Sylvia Andriessen 59 General Counsel Mathieu Caron 46 Head of Primary Markets Camille Beudin 40 Head of Diversified Services Aurélie Cohen 37 Chief Communications and Investor Relations Officer Amaury Houdart 49 Chief Talent Officer Pierre Davoust 38 Head of Euronext Securities Tatyana Valkova 41 Head of Compliance and Risks Daniela Melato 48 Head of Group Data Services Anthony Attia 50 Global Head of Derivatives and Post-Trade Nicolas Rivard 47 Global Head of Cash Equity and Data Services 152 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance 4.1 Dutch Corporate Governance Code, "Comply or Explain" In 2022, the 2016 Dutch Corporate Governance Code (“Code”) has been reviewed and updated in consultation with affected parties comprising labour unions and large and listed companies. On 20 December 2022, the Corporate Governance Code 2022 was published by the Monitoring Commission Corporate Governance Code. Management reports need to account for compliance with the updated Code. The Code applies to Euronext as it has its registered office in the Netherlands and its shares are listed on the regulated markets of Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris. Dutch and English language versions of the Code are available at: https://www.mccg.nl/publicaties/codes/2022/12/20/ corporate-governance-code-2022 and https://www.mccg.nl/publicaties/codes/2022/12/20/dutch- corporate-governance-code-2022 The Code is based on the notion that a company is a long-term alliance between the various stakeholders of the Company. Stakeholders are groups and individuals who, directly or indirectly, influence – or are influenced by – the attainment of the Company’s objectives: employees, shareholders and other lenders, suppliers, customers and other stakeholders. The Managing Board and the Supervisory Board are responsible for balancing these interests, generally with a view to ensuring the continuity of the Company and its subsidiaries, as the Company seeks to create sustainable long-term value. If stakeholders are to cooperate with the Company, they must be assured their interests are duly taken into consideration. Good entrepreneurship and effective supervision are essential conditions for stakeholder confidence in management and supervision. This includes integrity and transparency of the Managing Board’s actions and accountability for the supervision by the Supervisory Board. The Code is based on a “comply or explain” principle. Accordingly, companies are required to state the extent to which they comply with the principles and best practice provisions of the Code in the director’s report and, where it does not comply with them, why and to what extent it deviates. Euronext acknowledges the importance of good Corporate Governance and endeavors to comply with the provisions of the Code. However, there are a limited number of best practice provisions that it currently does not comply with, as further explained below. The fact that Euronext is not compliant with a number of best practice provisions is partly related to the fact that Euronext is an international company supervised since its creation in 2000 by a College of international Regulators, supervising Euronext on a joint basis, which has required some specific features which may interfere with the specific provisions of the Dutch Code. Euronext is active in a number of European jurisdictions, each with different laws, regulations, best practices, codes of conduct, regulatory guidelines and views. Provision of the Dutch Code regarding corporate law matters, that Euronext did not apply in 2024: ■ Euronext did not apply best practice provision 2.1.7, item iii (“for each shareholder, or group of affiliated shareholders, who directly or indirectly hold more than ten percent of the shares in the Company, there is at most one Supervisory Board member who can be considered to be affiliated with or representing them”). Three members of the Supervisory Board namely Diana Chan, Alessandra Ferone and Olivier Sichel and Koen Van Loo (replacing Diana Chan after 15 May 2024), have been proposed by Euronext’s Reference shareholders, who as a group acting via the Reference shareholders’ Agreement held 23.44% of Euronext’s shares on 31 December 2024. This group of shareholders has committed to a lock-up of their shares in Euronext for a certain period, and acts jointly in relation to certain voting matters and has been granted a declaration of non- objection by the Dutch Ministry of Finance. The background of the presence of three members in Euronext’s Supervisory Board who can be considered to be affiliated with or representing the Reference shareholders is related to the request of the Euronext College of Regulators at the moment of its IPO in 2014 for it to have a number of stable, long-term shareholders who could propose one third of the members of the Supervisory Board. Provisions of the Dutch Code regarding the remuneration policy of the Managing Board that Euronext did not apply in 2024: ■ Euronext did not apply best practice provision 3.1.2 vi (“… Shares should be held for at least five years after they are awarded”). However, starting 2021 and in order to be aligned with Dutch Corporate Governance Code recommendation and to strengthen the alignment of the Chief Executive Officer exposure to the Euronext development with the shareholders’ exposure, the Supervisory Board introduced to the Managing Board Remuneration Policy an additional 2 years lock-up for the Chief Executive Officer resulting in a total five-year period from the date of grant and increased motivation for sustainable performance. ■ Euronext did not apply best practice provision 3.2.3 (“the remuneration in the event of dismissal should not exceed one year’s salary (the “fixed” remuneration component”). In the event of dismissal by the Company of a member of the Managing Board the Company has decided to align progressively all new Managing Board members’ contracts on the same basis as was decided at the time of recruitment of the Chair of the Managing Board in September 2015, and disclosed at the Shareholders’ Meeting of 27 October 2015: the limitation to twelve months of fixed salary as provided in the Dutch Corporate Governance Code has been balanced against governance codes and relevant best practices in the various other jurisdictions in which it is active. E.g. the French AFEP- MEDEF Corporate Governance Code recommendations provide for a maximum termination indemnity of twenty- four months compensation, fixed and variable remuneration. The termination indemnity has been limited to twice the annual fixed salary. Managing Board members’ contracts have been amended to that effect. Provision of the Dutch Code regarding meetings with analysts that Euronext did not apply in 2024: ■ Euronext did not apply best practice provision 4.2.3 (“meetings with analysts, presentations to analysts, presentations to investors and institutional investors and press conferences shall be announced in advance on the Company’s website and by means of press releases, enabling all shareholders to follow these meetings and 2024 UNIVERSAL REGISTRATION DOCUMENT 153 Corporate Governance presentations in real time, for example by means of webcasting or telephone”): Euronext does not always allow shareholders to follow meetings with analysts and institutional investors in real time. Euronext ensures that all shareholders and other parties in the financial markets are provided with equal and simultaneous information about matters that may influence the share price. 4.2 MANAGEMENT STRUCTURE 4.2.1 General Information No information on family relationships between members of the Supervisory Board, members of the Managing Board and senior staff, as well as on convictions in relation to fraudulent offences, bankruptcies, receiverships, liquidations, companies put into administration, official public sanctions or official public incriminations with regard to these persons has been included in this Universal Registration Document, as these matters are not applicable to these persons. Further, up to the date of the publication of this Universal Registration Document, the members of the Supervisory Board, of the Managing Board and senior staff do not have potential conflicts of interest between any duties to the Company and private interests. In addition, there are no potential conflicts of interest between the duties carried out on behalf of the Company by members of the administrative, management or supervisory bodies or any senior manager of the Company who is relevant to establishing that the Company has the appropriate expertise and experience for the management of the Company’s business, and their private interest or other duties. When new cases are discussed at Supervisory Board and Managing Board meetings, a regular conflict check is performed in accordance with the Conflict of Interest policy. Conflicted board directors, if any, will neither be allowed to attend nor to participate in such discussion. The professional address of all members of the Supervisory Board, Managing Board and senior staff of Euronext is Beursplein 5, 1012 JW, Amsterdam, the Netherlands. Statement of the Managing Board Responsibilities for the Financial Statements and Directors’ Report In accordance with Article 5:25c(2)(c) of the Dutch Financial Supervision Act (Wet op het financieel toezicht), the Managing Board of Euronext hereby declares that, to the best of its knowledge, (i) the Financial Statements prepared in accordance with IFRS as adopted by the European Union and with Part 9, Book 2 of the Dutch Civil Code give a true and fair view of the assets, liabilities, financial position and profit or loss of Euronext and the enterprises included in the consolidation as a whole, and (ii) the directors’ report gives a true and fair view of the position on the balance sheet date, the course of events during the financial year of Euronext and the enterprises included in the consolidation as a whole, together with a description of the principal risks that Euronext faces. Responsibility for this Universal Registration Document The Managing Board declares that the information contained in the Universal Registration Document, including the Financial Statements and the directors’ report, is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. The Managing Board is responsible for this Universal Registration Document. In Control Statement Euronext’s first and second lines of defence perform their roles in risk assessments, evaluations of the operating effectiveness of controls, and reporting on risk management and control. The concluding results are regularly discussed at senior and executive management level and in the Risk Committee. Internal Audit, as the third line of defence, evaluates both the design and effectiveness of Euronext’s governance, risk management and control processes. Audit reports are discussed with risk and process owners and the Audit Committee. Based on the risk management processes, the Managing Board makes the following statements regarding internal risk management and control, taking into account Euronext’s strategy and risk profile. In accordance with best practice provisions 1.4.2. and 1.4.3 of the Dutch Corporate Governance Code, Euronext’s Managing Board is of the opinion that, in respect of financial reporting risks, the design and operation of the internal risk management and control system, as described in 2.2.2.1 “Risk management” and 2.2.2.2 “Internal control” (i) provides a reasonable level of assurance that the financial reporting in this Universal Registration Document does not contain any errors of material importance, and (ii) has worked properly during the financial year 2024. As set out in section 2.2 - Risk Management & Control Structure, Euronext has a robust Enterprise Risk Management Framework and Governance, which allow the Managing Board to identify and assess the Company’s principal risks to enable strong decision making with regards to the execution of the stated strategy. On the basis hereof the Managing Board has assessed the risk profile and the design and operating effectiveness of the risk management and control systems; this was discussed with the Audit Committee and the Risk Committee of the Supervisory Board. The Managing Board declares that, based on the current state of affairs including financial position and strategic prospects, the reporting on existing or potential material risk, the implementation of risk management, internal control, and business continuity, as set out under sections 2.1, and 2.2, this Universal Registration Document provides sufficient insights into any failings in the effectiveness of the internal risk management and control systems with regard to the risks as referred to in best practice provision 1.2.1, the aforementioned systems provide reasonable assurance that the financial reporting does not contain any material inaccuracies, based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern basis, and this Universal Registration Document states the material risks, as referred to in best practice provision 1.2.1 , and the uncertainties, to the extent that they are relevant to the 154 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance expectation of the company’s continuity for the period of twelve months after the preparation of this Universal Registration Document. Stéphane Boujnah, CEO and Chairman of the Managing Board Øivind Amundsen, CEO of Euronext Oslo Børs Manuel Bento, COO Daryl Byrne, CEO of Euronext Dublin Delphine d’Amarzit, CEO of Euronext Paris Simon Gallagher, CEO of Euronext London Fabrizio Testa, CEO of Borsa Italiana and Head of Fixed Income Isabel Ucha, CEO of Euronext Lisbon Benoît van den Hove, CEO of Euronext Brussels Availability of Documentation The Articles of Association of Euronext, historical information and relevant documentation for investors and shareholders may be viewed on Euronext’s website in the Investor Relations section at www.euronext.com/en/investor-relations. 4.2.2 Supervisory Board Euronext has a two-tier governance structure with a Supervisory Board and a Managing Board. The governance arrangements of the Supervisory Board described in this section are based on, among other things, Dutch law, Euronext’s Articles of Association and the rules of procedures for the Supervisory Board. These arrangements include additional provisions and modifications agreed with the Euronext College of Regulators designed to ensure the long- term stability and autonomy of Euronext and curb possible disproportionate levels of influence that large shareholders may have on it. Responsibilities The Supervisory Board is responsible for the supervision of the activities of the Managing Board and the supervision of the general course of the business of Euronext. The Supervisory Board may on its own initiative provide the Managing Board with advice and may request any information from the Managing Board that it deems appropriate. In performing their duties, the members of the Supervisory Board must act in the interests of Euronext and those of its business. The Supervisory Board is collectively responsible for carrying out its duties. Appointment and Dismissal Members of the Supervisory Board are appointed by the General Meeting (i) in accordance with a proposal of the Supervisory Board or (ii) from a binding nomination to be drawn up by the Supervisory Board, with due observance of the profile (profielschets) for the size and the composition of the Supervisory Board adopted by the Supervisory Board and reviewed annually. The profile sets out the scope and composition of the Supervisory Board, taking into account the nature of the business, its activities, and the desired expertise, experience, diversity and independence in matters of capital markets in general and in particular in the areas of finance, economics, human resources and organisation, information technology and data processing, legislation and regulation, legal matters and compliance. The Articles of Association of Euronext provide that each member of the Supervisory Board is appointed for a maximum period of four years provided that unless such member of the Supervisory Board has resigned or is removed at an earlier date or unless otherwise specified in the relevant proposal for appointment, his or her term of office shall ultimately lapse immediately after the day of the first General Meeting to be held during the fourth year after the year of his or her appointment. An appointment can be renewed for a term of up to four years at a time. The General Meeting may suspend or dismiss a member of the Supervisory Board at all times. The Supervisory Board can make a proposal for the suspension or dismissal of a member of the Supervisory Board. If the suspension or dismissal occurs in accordance with a proposal thereto by the Supervisory Board, a resolution of the General Meeting for suspension or dismissal of a member of the Supervisory Board requires an absolute majority of the votes cast. However, such resolution of the General Meeting requires a majority of at least two-thirds of the votes cast representing more than one third of the outstanding and issued share capital, if the suspension or dismissal does not occur in accordance with a proposal by the Supervisory Board. Meetings and Decision-Making The Articles of Association provide that the Supervisory Board shall adopt resolutions by an absolute majority of the votes cast. Each member of the Supervisory Board has one vote. In the event of a tie of votes, the Chair of the Supervisory Board has a casting vote. A member of the Supervisory Board may not participate in the deliberation and the decision-making process of the Supervisory Board if it concerns a subject in which this member of the Supervisory Board has a direct or indirect personal interest which conflicts with the interest of Euronext and its business enterprise. In such event, the other members of the Supervisory Board shall be authorised to adopt the resolution. If all members of the Supervisory Board have a conflict of interest as indicated, the resolution shall nevertheless be adopted by the Supervisory Board, notwithstanding the conflicts of interest. In 2024, no transactions have taken place in which members of the Managing Board and Supervisory Board were conflicted. 2024 UNIVERSAL REGISTRATION DOCUMENT 155 Corporate Governance Members of the Supervisory Board The Articles of Association provide that the number of members of the Supervisory Board will be determined by the Supervisory Board and will consist of at least three members. Only natural persons can be members of the Supervisory Board. In the event of a vacancy, the Supervisory Board continues to be validly constituted by the remaining member or members of the Supervisory Board. As per 1 January 2024, the Supervisory Board was composed of Piero Novelli, Dick Sluimers, Diana Chan, Rika Coppens, Alessandra Ferone, Manuel Ferreira da Silva, Padraic O’Connor, Nathalie Rachou, Olivier Sichel and Morten Thorsrud. Diana Chan, Rika Coppens and Manuel Ferreira da Silva retired from the Supervisory Board as per 15 May 2024. Dick Sluimers was re-appointed to the Supervisory Board for a term of two years on the same date. The appointment of Muriel De Lathouwer, Fedra Ribeiro and Koen Van Loo to the Supervisory Board, each for a term of four years, which received the approval of the Annual General Meeting on the same date, took effect on 8 August 2024, after the receipt of regulatory approvals. The Chair of the Supervisory Board, Piero Novelli, is not a former member of the Managing Board of the company and is independent within the meaning of best practice provision 2.1.8 of the Dutch Corporate Governance Code. Euronext has assessed that the re-appointment and appointments to the Supervisory Board in 2024 are in compliance with the requirements as included in art. 5:29a of the Dutch Financial Supervision Act “Wet op het financieel toezicht” regarding the maximum number of Supervisory Board positions. The Supervisory Board consisted of ten members as at 31 December 2024 and was composed as follows: Piero Novelli Piero Novelli is the Chair of the Supervisory Board, chairs the Nomination and Governance Committee and is a member of the Remuneration Committee. He was appointed to the Supervisory Board in 2021. Mr Novelli served as Co-President of the Investment Bank of UBS and was a member of the UBS Group Executive Board from 2018 to 2021, when he left to assume the role of Chair of the Supervisory Board of Euronext. He was appointed Co- Executive Chairman of Global Investment Banking in 2017 and in 2016 became sole Global Head of Mergers and Acquisitions (M&A). Mr Novelli was a member of the UBS Deutschland AG Supervisory Board from 2013 to 2016. Mr Novelli rejoined UBS in 2013 as Chairman of Global M&A and Group Managing Director. From 2011 to 2012, he was Global Co-Head of M&A at Nomura, having worked as Global Head of M&A at UBS between 2004 and 2009. Before that he worked for Merrill Lynch and held the position of Head of European M&A and Head of European Industrials. Over the course of his 27-year career in investment banking, Mr Novelli has advised corporate boards on many large and complex M&A transactions across all sectors and geographic areas. He is a senior lecturer at the MIT Sloan School of Management and at Imperial College London. Mr Novelli holds a master’s degree in management science from the MIT Sloan School of Management and a master’s degree in mechanical engineering from Università degli Studi di Roma La Sapienza. Dick Sluimers Dick Sluimers is the vice-chair of the Supervisory Board, chairs the Audit Committee and is a member of the Risk Committee. He was appointed to the Supervisory Board in 2016. He is also the Chair of the Supervisory Board of Euronext Amsterdam N.V. Mr Sluimers is the former CEO of APG Group. He currently is the Chairman of the Supervisory Board of NIBC B.V. and a member of the Supervisory Board of AkzoNobel N.V., as well as a member of the board of directors of FWD Holdings Group Limited. He is a senior advisor of Bank of America and member of the Advisory Board of Spencer Stuart Executive Search. Mr Sluimers was CFO and later CEO in the management board of pension fund ABP from 2003 to 2008. Between 1991 and 2003 he held various positions at the Dutch Ministry of Finance, most recently as Director General of the Budget. Prior to that he was Deputy Director General at the Ministry of Public Health and held senior positions at the Ministry of Social Affairs and the Ministry of Finance. In addition, he was a member of the Supervisory Boards of Fokker N.V., the National Investment Bank N.V., Inter Access N.V. and ABP Insurance N.V. He was also Trustee of the International Financial Reporting Standards Foundation (IFRS), a member of the Advisory Board of Rabobank, Chairman of the board of Governors of the Postgraduate Programme for Treasury Management at the Vrije Universiteit Amsterdam, a member of the Advisory Board of Netspar and a Board member of Holland Financial Centre. He studied economics at the Erasmus University in Rotterdam and read politics at the University of Amsterdam for several years. Muriel De Lathouwer Muriel De Lathouwer is a member of the Supervisory Board, a member of the Nomination and Governance Committee and a member of the Remuneration Committee. She was appointed to the Supervisory Board in 2024. Ms De Lathouwer is an independent Board member with experience of international companies, both listed and privately owned, including Shurgard, CFE, EVS and IBA listed on Euronext and the family groups Etex and Olympia. She is president of the Board of ImpacTheo (support Start-ups from academic research of ULB), member of the board of the International Solvay Institutes (support curiosity-driven research in Physics & Chemistry) and of the advisory board of Next Day Sustainable Holdings (green energy autonomous housing). She is also a member of the deep tech and the digital investment committees of W.IN.G. since 2019. From 2014 to 2018 she served as Chief Executive Officer of EVS, a global leader of live video production technology. Prior to that, Ms De Lathouwer was Chief Marketing Officer of the mobile telecom operator Base from 2008 to 2009, Associate Principal at McKinsey with a focus on Telecom and High-Tech sectors from 2001 to 2008, and senior consultant in advanced technology at Accenture from 1995 to 1999. Ms De Lathouwer has been member of Women on Board, 2030 CEO alliance for 156 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance sustainability and Vice-President of Coderdojo Belgium (free coding workshops for kids). Ms De Lathouwer holds a Master’s degree in Nuclear Physics Engineering from the University of Brussels and a MBA from INSEAD. Alessandra Ferone Alessandra Ferone is a member of the Supervisory Board, a member of the Audit Committee and a member of the Risk Committee. She was appointed to the Supervisory Board in 2021. Alessandra Ferone was appointed Risk Director and Secretary of the Risk and Sustainability Committee at Cassa Depositi e Prestiti (CDP) Group, which is also in charge of assessing ESG risks. Ms Ferone is a Non-Executive Director at Saipem, where she is also a member of the Remuneration and Nomination Committee. From 2016 to 2019 she served as Chief Financial Officer for the real estate business of the CDP Group. Prior to that, from 2012 to 2016 she headed the Public Interest Financing at CDP business at CDP Group. Previously, she held a number of positions within CDP, Banca OPI (Intesa SanPaolo Group), SanPaoloIMI Private Equity, BancaIMI, Telecom Italia Mobile and Coopers & Lybrand. From 2017 to 2019 she was a Non-Executive Director at SACE, the Italian Export Credit Agency. Ms Ferone holds a degree in Economics and Business (summa cum laude) from the University of Naples and obtained the chartered accountant professional qualification in Italy. Padraic O’Connor Padraic O’Connor is a member of the Supervisory Board, a member of the Nomination and Governance Committee and a member of the Remuneration Committee. He was appointed to the Supervisory Board in 2018. He previously was the Chair of the Irish Stock Exchange. Mr O’Connor began his career in economic roles at the Department of Finance and the Central Bank of Ireland. He was Chief Economist at NCB Group between 1987 and 1991 when he became Managing Director of the Group. He oversaw the sale of the stockbroking and corporate finance group to Nat West Bank, which completed in 1999. He became Chairman of ACC Bank in 1999 and guided its strategic reorientation and sale to Rabobank in 2002. He served on the Board of Rabobank Ireland from 2002 until 2016. Mr. O’Connor was a director of Eircom plc and Beazley plc and chaired the Boards of a number of asset management companies, including LGIM Europe Ltd and Fideuram Asset Management Ireland Ltd. Mr O’Connor is a member of Chapter Zero, The Directors Climate Forum. He holds primary and postgraduate degrees in Economics from University College Dublin. Nathalie Rachou Nathalie Rachou is a member of the Supervisory Board, chairs the Remuneration Committee and is a member of the Nomination and Governance Committee. She was appointed to the Supervisory Board in 2019. Ms Rachou is a Non-Executive Director at Veolia Environnement (since 2012) and UBS Group (since 2020). In 1999, she founded Topiary Finance Ltd, an asset management company based in London, of which she remained the CEO until its merger with Rouvier Associés in 2015. She stayed on at Rouvier Associés-Clartan as a Senior Advisor until 2020. Prior to that, from 1978 to 1999, she held a number of positions within Banque Indosuez and Crédit Agricole Indosuez, mostly in capital markets. She was a Non-Executive Director at Laird plc from 2016 to 2018, at Société Générale from 2008 to 2020 and at Altran from 2012 to 2020. In 2023 she joined Fondation Leopold Bellan, a French NGO managing 75 medical establishments mostly for handicapped and dependant people, as a Non-Executive Director. In 2020, she was a founding member of Chapter Zero France, an NGO part of the Climate Governance Initiative. Ms Rachou has a Masters in Management at Ecole des Hautes Etudes Commerciales (HEC) and completed an executive programme at INSEAD. Fedra Ribeiro Fedra Ribeiro is a member of the Supervisory Board. She was appointed to the Supervisory Board in 2024. Ms Ribeiro is a Board Member and Executive Vice President at Bosch – Cross Domain Computing, since February 2024, and an independent non-executive member of Galp’s Board of Directors, since 2023, where she sits on the Sustainability committee. She was the CEO of Mobilize – Beyond Automotive at Renault Group since December 2022 and was the COO of the same company between November 2021 and January 2023. She was also the CEO at Karhoo between February and December 2022. Before that, held positions at SPX, Raytheon and Volkswagen. Ms Ribeiro holds a Bachelor of Business Administration, International Affairs and a Master of Science – MS, International Finance from Universidade Moderna de Lisboa, and attended the post-graduation in Adult Learning from Universidade Nova de Lisboa. She also participated in the Advanced Leadership Coaching Programme at Sigmund Freud Institute – Frankfurt, Management, Organizational Leadership programme at the Indiana University Bloomington, Organizational Leadership at ESMT Berlin and Digital Ecosystems at INSEAD. Olivier Sichel Olivier Sichel is a member of the Supervisory Board. He was appointed to the Supervisory Board in 2021. Olivier Sichel is a graduate from ESSEC Business School, Paris Institute of Political Science (Sciences Po Paris) and an alumnus of the ENA (National School of Administration). Starting out in 1994 as a Finance Inspector in the Ministry of Economy and Finance, he became director of a France Télécom agency in 1998. In 2000, he was appointed Chairman and CEO of Alapage.com, a pioneering e-commerce company and subsidiary of Wanadoo, whose Chairman and CEO he later became in 2002. He then oversaw the integration of the French Internet access leader into the parent company, France Télécom, where he became Executive Director of the Landline & Internet Europe Division. Having made it the number two ADSL provider worldwide, he left the company in 2006, after launching the triple play services with Livebox and VOIP. As a Partner of the venture capital firm Sofinnova from 2006 to 2012, he supervised investments in innovative tech businesses. He particularly worked on developing diverse platforms and open source stakeholders. He also performed a range of financial transfers or IPO transactions. In 2012 he became Chairman and CEO of the European leader for online 2024 UNIVERSAL REGISTRATION DOCUMENT 157 Corporate Governance shopping guides, LeGuide.com, which he sold to Kelkoo in 2016. Mindful of the oligopolistic development of the Internet, he has since committed to championing an open and humanistic European perception of the web. As such, in 2015, he founded the Digital New Deal Foundation, a think-tank dedicated to the tech sector which proposed a Digital Pact to the presidential election candidates. Since January 2018, he has been Deputy CEO of Caisse des Dépôts et Consignations, overseeing the group’s strategic subsidiaries and holdings (seating on the Board of some of them including La Poste, Transdev, or CDC Habitat). In May 2018, he also became Head of CDC’s Banque des Territoires, providing financing and advisory to local administrations, corporates, and projects throughout France. Under Mr Sichel’s leadership, Banque des Territoires has been playing a pivotal role in the sustainable and inclusive transition of the French economy. For example, since its creation in 2018, Banque des Territoires has financed the installation of over 5,700 MW of renewable energy production capacity, as well as the refurbishment of 100,000 social housing units and 165,000 public buildings. In addition, in 2021, Mr Sichel conducted a mission on the financing of energy efficiency retrofits for private housing at the request of the Minister of Economy and Finance and the Minister of Housing. Morten Thorsrud Morten Thorsrud is a member of the Supervisory Board, chairs the Risk Committee, and is a member of the Audit Committee. He was appointed to the Supervisory Board in 2019. Mr Thorsrud is the President and CEO of If P&C Insurance Company, a position he has held since 2019. He has been with the company in various roles since 2002. In addition, he has been a member of the Sampo Group Executive Committee since 2006, a member of the Board of Finance Norge since 2019, as well as member of the Board of Hastings Group since 2020. Previously, from 1996 to 2002, he was with McKinsey & Company, most recently as an Associate Partner. Mr Thorsrud has a Master of Business and Economics from the Norwegian School of Management. Koen Van Loo Koen Van Loo is a member of the Supervisory Board. He was appointed to the Supervisory Board in 2024. Mr Van Loo has been CEO, Chairman of the Executive Committee and member of the Strategic Committee at SFPIM since November 2006. Prior to that, from August 1996 to July 1999, he held a position within Central Economic Council (Belgium). He also was a Member and later Chief of staff of the cabinet of the Minister of Finance (Belgium) (from 1999 to 2006). As CEO of a Sovereign Wealth Fund Mr Van Loo is attentive to the financial health of companies, but he is also convinced that this goes hand in hand with a strong focus on Environmental, Social and Governance aspect of companies. Mr Van Loo holds a Master degree in Applied Economic Sciences at KU Leuven, University, Belgium and obtained an Additional Tax Law Diploma at KU Leuven, University, Belgium. The table below contains information on the members of the Supervisory Board that has not been included above (also as at 31 December 2024). Name Age Gender Nationality Profession Member since Independent/non- independent End of current term Piero Novelli 59 Male Italian Banker 11/05/2021 Independent 2025 Dick Sluimers 71 Male Dutch Economist 14/07/2016 Independent 2026 Muriel De Lathouwer 52 Female Belgian Board member 08/08/2024 Independent 2028 Alessandra Ferone 54 Female Italian Business Consultant 09/09/2021 Non-Independent 2025 Padraic O’Connor 75 Male Irish Economist 06/06/2018 Independent 2026 Nathalie Rachou 67 Female French Director 05/11/2019 Independent 2027 Fedra Ribeiro 52 Female Portuguese/ Swiss Director 08/08/2024 Independent 2028 Olivier Sichel 57 Male French Director 09/09/2021 Non-independent 2025 Morten Thorsrud 53 Male Norwegian Director/CEO 05/11/2019 Independent 2027 Koen Van Loo 52 Male Belgian CEO 08/08/2024 Non-independent 2028 Two of the the three members whose term of appointment end in 2025 , namely Piero Novelli and Olivier Sichel, have been nominated for re-appointment of a second term of four years taking into account their continued value for the Supervisory Board. Alessandra Ferone will retire from the Supervisory Board after the Annual General Meeting to be held on 15 May 2025. Three members of the Supervisory Board, namely Alessandra Ferone, Olivier Sichel and Koen Van Loo, were proposed by the Company’s Reference shareholders, who as a group hold more than ten percent of the Company’s shares. The Company regards these three members of the Supervisory Board as non-independent within the meaning of the Dutch Corporate Governance Code. The background of the presence of three non-independent members in Euronext’s Supervisory Board is related to the wish of Euronext College of Regulators for Euronext to have a number of stable, long-term shareholders. Legislation has been in place since 2022 expecting Dutch large companies to represent at least one third of men and women on the supervisory board (Wet ingroeiquotum en streefcijfers). This bill also includes an obligation for large companies in general to strive for appropriate and ambitious targets for the top and sub top of the company. Euronext aims at representing at least 40% of each gender at its Supervisory 158 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Board. The law will be evaluated five years after its introduction. Euronext meets the gender diversity targets with respect to the Supervisory Board, as four of the ten members are women. Euronext will continue to promote gender diversity within its Supervisory Board by taking into account all relevant selection criteria including, but not limited to, gender balance, with regard to future appointments. During 2024, no Supervisory Board member acted as a delegated Supervisory Board member, nor was any Supervisory Board member involved in Euronext’s management. There were no transactions in which there were conflicts of interest with the members of the Supervisory Board that were of material significance to Euronext and/or to any of its subsidiaries during the 2024 financial year. Euronext’s Articles of Association provide for an indemnity for each present or former member of the Managing Board and each present or former member of the Supervisory Board against all costs, charges, losses and liabilities incurred by them in the proper execution of their duties or the proper exercise of their powers in any such capacities in the Company including, without limitation, any liability incurred in defending proceedings in which judgment is given in their favour or in which they are acquitted, or which are otherwise disposed of without a finding or admission of material breach of duty on their part, other than cases of willful misconduct or gross negligence (opzet of grove nalatigheid). The Supervisory Board is supported by Euronext N.V.’s Company Secretary, Sylvia Andriessen. Euronext N.V.’s registered address serves as the business address for all members of the Supervisory Board, being Beursplein 5, 1012 JW, Amsterdam, the Netherlands. Committees of the Supervisory Board Audit Committee As per 1 January 2024, the Audit Committee was composed of Dick Sluimers, Diana Chan, Alessandra Ferone, Manuel Ferreira da Silva and Morten Thorsrud. Diana Chan and Manuel Ferreira da Silva retired from the Supervisory Board and thus from the Audit Committee on 15 May 2024. As per the same date, Nathalie Rachou was appointed to the Audit Committee. As per 31 December 2024, the Audit Committee was composed of Dick Sluimers, Alessandra Ferone, Nathalie Rachou and Morten Thorsrud. The Audit Committee has a majority of independent members and has been chaired by Dick Sluimers throughout the year. Dick Sluimers, Alessandra Ferone, Nathalie Rachou and Morten Thorsrud are all identified as members of the Audit Committee having knowledge of accounting and/or audit of financial statements. The Audit Committees assists the Supervisory Board in supervising and monitoring the Managing Board by advising on matters such as the compliance by Euronext with applicable laws and regulations, Euronext’s disclosure of financial and non-financial information, including sustainability related information and its accounting principles, the recommendation for the appointment of Euronext’s external auditor to the General Meeting, the recommendations from Euronext’s internal auditor and external auditor, and the review of the internal risk management and control systems and IT and business continuity safeguards, as well as technologies and security issues. The roles and responsibilities of the Audit Committee as well as the composition and the manner in which it discharges its duties are set out in the charter of the Audit Committee included in the regulations of the Supervisory Board. The Audit Committee will meet as often as the Chair of the Audit Committee or a majority of the members of the Audit Committee deems necessary but in any event at least twice a year. Risk Committee As per 1 January 2024, the Risk Committee was composed of Morten Thorsrud, Diana Chan, Alessandra Ferone, Manuel Ferreira da Silva and Dick Sluimers. Diana Chan and Manuel Ferreira da Silva retired from the Supervisory Board and thus from the Risk Committee on 15 May 2024. As per the same date, Nathalie Rachou was appointed to the Risk Committee. As per 31 December 2024, the Risk Committee was composed of Morten Thorsrud, Alessandra Ferone, Nathalie Rachou and Dick Sluimers. The Risk Committee has been chaired by Morten Thorsrud throughout the year. The Risk Committee assists the Supervisory Board in supervising and monitoring the Managing Board by advising on matters such as the current and future risk exposures of the Group, including ESG related risks, reviewing and approving the Group’s risk management framework, monitoring its effectiveness and adherence to the various risk policies. The roles and responsibilities of the Risk Committee as well as the composition and the manner in which it discharges its duties are set out in the charter of the Risk Committee included in the rules of procedure of the Supervisory Board. The Risk Committee will meet as often as the chair of the Risk Committee or a majority of the members of the Risk Committee deems necessary but in any event at least two times a year. Nomination and Governance Committee As per 1 January 2024, the Nomination and Governance Committee was composed of Piero Novelli, Diana Chan, Rika Coppens, Padraic O’Connor and Nathalie Rachou. Diana Chan and Rika Coppens retired from the Supervisory Board and thus from the Nomination and Governance Committee on 15 May 2024. Muriel De Lathouwer was appointed to the Nomination and Governance Committee as per 8 August 2024. As per 31 December 2024, the Nomination and Governance Committee was composed of Piero Novelli, Muriel De Lathouwer, Padraic O’Connor and Nathalie Rachou. The Nomination and Governance Committee has been chaired by Piero Novelli throughout the year. The responsibilities of the Nomination and Governance Committee relating to selection and appointment include recommending criteria and procedures to the Supervisory Board for the selection of candidates to the Managing Board and the Supervisory Board and its Committees, identifying and recommending to the Supervisory Board candidates eligible to serve on the Managing Board and the Supervisory Board and its Committees, among other considerations taking into account that the candidates have the appropriate skills and expertise to oversee environmental, social and governance risks and opportunities, establishing and overseeing self- assessment by the Managing Board and the Supervisory Board and its Committees, conducting timely succession planning for the CEO and the other positions of the Supervisory Board 2024 UNIVERSAL REGISTRATION DOCUMENT 159 Corporate Governance and the Managing Board, overseeing leadership and culture, reviewing the corporate governance principles and practices, and reviewing and evaluating the size, composition, function and duties of the Managing Board and the Supervisory Board, consistent with their respective needs. The responsibilities of the Nomination and Governance Committee relating to governance include the supervision and evaluation of compliance with the Dutch Corporate Governance Code. The roles and responsibilities of the Nomination and Governance Committee as well as the composition and the manner in which it discharges its duties are set out in the charter of the Nomination and Governance Committee included in the rules of the Supervisory Board. The Nomination and Governance Committee will meet as often as necessary and whenever any of its members requests a meeting. Remuneration Committee As per 1 January 2024, the Remuneration Committee was composed of Nathalie Rachou, Diana Chan, Rika Coppens, Piero Novelli and Padraic O’Connor. Diana Chan and Rika Coppens retired from the Supervisory Board and thus from the Remuneration Committee on 15 May 2024. Muriel De Lathouwer was appointed to the Remuneration Committee as per 8 August 2024. As per 31 December 2024, the Remuneration Committee was composed of Nathalie Rachou, Muriel De Lathouwer, Piero Novelli and Padraic O’Connor. The Remuneration Committee has been chaired by Nathalie Rachou throughout the year. The responsibilities of the Remuneration Committee include analysing the possible outcomes of the variable remuneration components and how they may affect the remuneration of the members of the Managing Board, preparing proposals for the Supervisory Board concerning remuneration policies for the Managing Board to be adopted by the General Meeting, among other considerations taking into account criteria in the environmental, social and governance area, preparing proposals for the Supervisory Board concerning the terms of the service agreements and total compensation of the individual members of the Managing Board, preparing proposals for the Supervisory Board concerning the performance criteria and the application thereof for the Managing Board, preparing proposals for the Supervisory Board concerning the approval of any compensation plans in the form of share or options, reviewing the terms of employment and total compensation of employees directly reporting to the Managing Board and the total compensation of certain other specified employees, defined in consultation with the Managing Board, overseeing the total cost of the approved compensation programmes, preparing and publishing on an annual basis a report of its deliberations and findings and appointing any consultant in respect of executive remuneration. The roles and responsibilities of the Remuneration Committee as well as the composition and the manner in which it discharges its duties are set out in the charter of the Remuneration Committee included in the regulations of the Supervisory Board. The Remuneration Committee will meet as often as necessary and whenever any of its members requests a meeting. Other than as set out in section 2.1 - Risks above and in accordance with provision 2.1.10 of the Dutch Corporate Governance Code, the Supervisory Board complies with the requirements of independence, as set out in the best practice provisions 2.1.7 - 2.1.9 of the Code. 4.2.3 Managing Board The Managing Board is responsible for the day-to-day management of the operations of Euronext and is supervised by the Supervisory Board. As described in the Articles of Associations, the Managing Board is required to inform or seek approval from the Supervisory Board depending on the matter. In performing their duties, the members of the Managing Board must act in the interest of Euronext and that of its business. The Managing Board, as a whole or represented by two of its members, is authorised to represent Euronext. In addition, specific authorisations to other senior members of staff are in place. As per the rules of procedure of the Managing Board, the Managing Board consists of the Chief Executive Officer (“CEO”) of the Euronext group, the Chief Operating Officer ("COO") of the Euronext Group, the Head of Global Sales and the CEOs of the local exchanges. The members of the Managing Board are appointed by the General Meeting only in accordance with a proposal of the Supervisory Board or upon a binding nomination by the Supervisory Board. Prior to making a nomination, the proposed nomination must be submitted to the College of Regulators and the Dutch Ministry of Finance for approval. The Managing Board shall adopt resolutions by an absolute majority of the votes cast knowing that conflicted members cannot participate and that the Chair of the Managing Board has a casting vote. The following matters require the approval of the Supervisory Board: ■ issue and acquisition of shares in the capital of Euronext and debt instruments issued by it or of debt instruments issued by a limited partnership or general partnership of which Euronext is a fully liable partner; ■ application for admission of such shares to trading on a Regulated Market or a Multilateral Trading Facility as described in section 1:1 of the Dutch Financial Supervision Act or a similar system comparable to a Regulated Market or Multilateral Trading Facility from a state which is not a member state or the withdrawal of such admission; ■ a proposal to reduce the issued share capital; ■ entering into or terminating a long-term cooperation with a legal entity or company or as fully liable partner in a limited partnership or general partnership, if such cooperation or termination is of major significance to Euronext; ■ the acquisition or disposal of a participating interest in the capital of a company, if the participating interest represents an amount of at least €50 million or such greater amount as the Supervisory Board may determine from time to time and communicates to the Managing Board in writing; ■ other investments representing an amount of at least of €25 million or such greater amount as the Supervisory Board may determine from time to time and communicates to the Managing Board in writing; ■ a proposal to amend the Articles of Association; ■ a proposal to dissolve Euronext; 160 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance ■ a proposal to conclude a legal merger or a legal demerger or to convert Euronext in another legal form; ■ application for bankruptcy and for suspension of payments; ■ termination of the employment of a considerable number of employees at the same time or within a short period of time; ■ far-reaching changes in the employment conditions of a significant number of employees, or far-reaching changes in management incentive schemes or pension schemes; ■ the annual budget for the next financial year, including the underlying budgets of the Euronext Market Subsidiaries; and ■ proposed investments not covered by the budgets referred to in the preceding paragraph, including proposed investments submitted to the Managing Board by any of the local exchanges, in each case involving an amount greater than such amount as the Supervisory Board may determine from time to time and communicates to the Managing Board in writing. Additionally, pursuant to Dutch law, resolutions of the Managing Board involving a major change in Euronext’s identity or its business require the prior approval of the General Meeting and the Supervisory Board, which in any case include: ■ the transfer of the enterprise or practically the whole enterprise to third parties; ■ the entering into or the termination of a long-term joint cooperation with another legal entity or company or as fully liable partner in a limited partnership or a general partnership if this cooperation or termination of such a cooperation is of major significance to Euronext; ■ the acquisition or disposal of a participating interest in the capital of a company having a value of at least one-third of the amount of the assets according to the balance sheet with explanatory notes thereto, or if Euronext prepares a consolidated balance sheet, according to such consolidated balance sheet with explanatory notes in the last adopted annual accounts. The Rules of Procedure of the Managing Board provide that the Managing Board of a Euronext Market Subsidiary has the right to reject a resolution by the Managing Board if such resolution solely or principally has an impact on the exchange operated by such Euronext Market Subsidiary and such impact is material or of strategic importance for the Exchange operated by such Euronext Market Subsidiary. Each member of the Managing Board of such Euronext Market Subsidiary has the right to request that the item is placed on the agenda of the Supervisory Board of Euronext. The Supervisory Board shall then discuss the matter with the Managing Board of Euronext, and consider the arguments of the Managing Board of the Euronext Market Subsidiary, following which the Supervisory Board will take a final and binding decision on the matter. Appointment and Dismissal Members of the Managing Board are appointed by the General Meeting of shareholders (i) in accordance with a proposal of the Supervisory Board or (ii) from a binding nomination to be drawn up by the Supervisory Board. The General Meeting may suspend or dismiss a member of the Managing Board at all times. Managing Board members may also be suspended by the Supervisory Board. Members of the Managing Board The table below lists the members of the Managing Board at 31 December 2024. Name Age Position Appointed on Stéphane Boujnah 60 Group CEO 4 November 2015 Øivind Amundsen 57 CEO Euronext Oslo Børs 14 May 2020 Manuel Bento 49 COO 17 May 2023 Daryl Byrne 53 CEO Euronext Dublin 24 October 2018 Delphine d'Amarzit 51 CEO Euronext Paris 27 May 2021 Simon Gallagher 51 CEO Euronext London 15 May 2024 Fabrizio Testa 56 CEO Borsa Italiana 18 May 2022 Isabel Ucha 59 CEO Euronext Lisbon 16 May 2019 Benoît van den Hove 49 CEO Euronext Brussels 1 July 2023 On 1 January 2024, the Managing Board was composed of Stéphane Boujnah (Chair), Øivind Amundsen, Daryl Byrne, Delphine d'Amarzit, Simone Huis in ‘t Veld, Fabrizio Testa, Chris Topple, Isabel Ucha and Benoît van den Hove. At the Annual General Meeting held on 15 May 2024, Simon Gallagher was appointed to the Managing Board with immediate effect. Simone Huis in ‘t Veld resigned from the Managing Board with effect from 1 September 2024. The appointment of her successor, René van Vlerken, is on the agenda of the Annual General Meeting to be held on 15 May 2025. All appointments were made for four year terms in compliance with the Dutch Corporate Governance Code. Euronext’s registered address serves as the business address for all members of the Managing Board, being Beursplein 5, 1012 JW, Amsterdam, the Netherlands. 2024 UNIVERSAL REGISTRATION DOCUMENT 161 Corporate Governance 60 Nationality: French First appointment: 2015 Second appointment: 2019 Third appointment : 2023 Location: Paris Stéphane Boujnah CEO and Chairman of the Managing Board Previous experiences: Head of Santander Global Banking and Markets for continental Europe Biography: Stéphane Boujnah has been the CEO of Euronext and Chairman of the Managing Board of Euronext since 2015. Before joining Euronext, Mr Boujnah was Head of Santander Global Banking and Markets for continental Europe. From 2005 to 2010, he was Managing Director at Deutsche Bank responsible for the development of the investment banking operations in France. Previously he founded KM5 Capital, an advisory company specialised in equity raising and M&A advice for venture capital funds and innovative technology companies. From 2000 to 2002, he was Director of the European M&A team of Credit Suisse First Boston Technology Group in Palo Alto and London. From 1997 to 1999, Mr Boujnah was senior adviser to the French Minister for Economy, Finance and Industry. He began his career in 1991 as a business lawyer at Freshfields. Mr Boujnah was a member of the Commission pour la Libération de la Croissance Française established by the then President Nicolas Sarkozy in 2007. He is founder and Vice-President of the board of directors of the think tank En Temps Réel and Vice-President of the board of directors of Accentus and Insula Orchestra, a non-profit cultural initiative. He is also a member of the board of Borsa Italiana. He graduated from the Institut d’Études Politiques de Paris. He holds a Master degree and a DEA in Law from La Sorbonne Paris, a LLM in Law from the University of Kent, and a MBA from Insead. Other current mandates: ■ Member of the Board of Borsa Italiana ■ Vice-President of the Board of directors of the think tank En Temps Réel ■ Vice-President of the Board of directors of Accentus and Insula Orchestra Age: 57 Nationality: Norwegian First appointment: 2020 Second appointment: 2024 Location: Oslo Øivind Amundsen CEO of Euronext Oslo Børs Previous experiences: Executive Vice President Primary Markets and Legal Affairs on Oslo Børs Biography: Mr Amundsen took up his position as President and Chief Executive Officer of Oslo Børs on 1 February 2020. He came to Oslo Børs in 2010 as Executive Vice President Primary Market and Legal Affairs. He has former positions as partner in the lawfirm Selmer working with Public Equity Capital Transactions and Executive Vice President Corporate Affairs in KLP. Prior to this he worked, among others, several years as lawyer in the legal department with Oslo Børs. Mr Amundsen is Cand. jur from the University in Bergen, Authorised Financial Analyst from The Norwegian School of Economics and Business Administration in addition to higher officer from the Norwegian Naval Academy. Other current mandates: ■ Chair of the Board of Fish Pool ■ Member of the Board of Singapore Norway Chamber of Commerce 162 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance 49 Nationality: Portuguese First appointment: 2023 Location: Paris Manuel Bento COO Previous experiences: CEO of Euronext Technologies in Porto and CTO IT Transversal Biography: Manuel Bento is Chief Operating Officer of Euronext. Mr Bento previously held the position of CEO of Euronext Technologies in Porto and CTO IT Transversal. In the last six years, he held various technology and operations positions and led major transformation programmes within Euronext since joining in 2016. He has been responsible for delivering several critical projects such as the setup of the Porto technology centre, the development of Euronext cyber security platform, the Core data centre migration to Bergamo, Italian and Norwegian markets migration onto the Optiq®, MTS data centre migration to Bergamo and Clearing migration. Mr Bento has an Engineering degree, an Executive MBA from I.E. and several executive education diplomas from HBS, Insead, Stanford GSB and MIT. Other current mandates: ■ Member of the Board of Euronext IP & IT Holding B.V. ■ Member of the Board of Euronext Technologies S.A.S. ■ Member of the Board of Euronext Technologies Srl. ■ Member of the Board of Euronext Technologies Unipessoal Lda ■ Member of the Board of Nord Pool Age: 52 Nationality: Irish First appointment: 2018 Second appointment: 2023 Location: Dublin Daryl Byrne CEO of Euronext Dublin Previous experiences: Chief Regulatory Officer of Euronext Dublin Biography: Daryl Byrne became the CEO of Euronext Dublin in 2018. He joined the Irish Stock Exchange in 2000 and has held a number of senior management roles. Since 2011, as Chief Regulatory Officer, he was responsible for Euronext Dublin’s regulatory functions and operations relating to the listing of financial instruments on Euronext Dublin’s markets, as well as regulatory advocacy. Mr Byrne was instrumental in the development of Euronext Dublin’s global markets for securities. Previously he held the position of Head of Strategy Planning and Brand. Mr Byrne is a member of the Advisory Group of Balance for Better Business and the Irish Funds Council. He is a former board member of MTS, and participated on the ESMA Corporate Finance Standing Committee Consultative Working Group, the European Corporate Governance Codes Network, the Irish REITs Forum and the Company Law Review Group. Mr Byrne is a Fellow Chartered Accountant and holds a Bachelor of Business Studies degree from Trinity College Dublin. Other current mandates: ■ Member of the Board of Euronext Dublin ■ Member of the Irish Funds Council 2024 UNIVERSAL REGISTRATION DOCUMENT 163 Corporate Governance Age: 51 Nationality: French First appointment: 2021 Location: Paris Delphine d'Amarzit CEO of Euronext Paris Previous experiences: Deputy CEO of Orange Bank Biography: Delphine d’Amarzit is Euronext Paris CEO since 2021. She joined from Orange Bank where, as Deputy CEO since 2016, she was responsible for the oversight of the Operations, Finance, Risk and Compliance functions. Delphine d’Amarzit holds an extensive knowledge of European and French capital markets, notably having held senior positions within the French Treasury Department for several years with responsibilities for capital markets development, European financial regulation, and corporate financing. From 2007 to 2009, she was also in charge of financial and economic affairs at the office of the French Prime Minister where she participated in the definition of the public response to the financial crisis, rescue package and recovery plans and coordinated the action on all matters related to economic reform and financial services. Delphine d’Amarzit graduated from Institut d’Etudes Politiques de Paris, holds a Master’s degree in Business law from Paris I Pantheon-Sorbonne and is an alumna of the French National School of Administration. Other current mandates: ■ Member of the Board of MTS ■ Member of the Board of Sicovam SA ■ Member and Vice-President of the Board of FESE, the Federation of European Securities Exchanges. Age: 51 Nationality: British/Irish First appointment: 2024 Location: London Simon Gallagher CEO of Euronext London Previous experiences: Head of Cash and Derivatives Biography: Simon Gallagher is the CEO of Euronext London, Head of Global Sales and member of the Managing Board of Euronext N.V. Before his appointment to the Managing Board, he was Euronext’s Head of Cash and Derivatives with overall P&L responsibility for these activities, including the product offer, market model, strategy, pricing and liquidity programmes. Prior to this role, he held several positions within Euronext in Corporate Finance and Strategy, and occupied various roles in the oil and gas sector. He is a CFA charter-holder, holds an MBA and a Masters in Philosophy from the University of Birmingham and has degrees in Economics from the University of Surrey and in Psychology from the Open University. Other current mandates: ■ Member of the Board of Oslo Børs ■ Member of the Board of MTS ■ Member of the Board of EuroMTS Age: 56 Nationality: Italian First appointment: 2022 Location: Milan Fabrizio Testa CEO of Borsa Italiana Previous experiences: CEO of MTS Biography: Mr Testa was appointed Chief Executive Officer and General Manager of Borsa Italiana, part of the Euronext Group, in November 2021 and joined the Managing Board of Euronext N.V. in May 2022. His appointment as CEO of Borsa Italiana coincided with his return to Italy, after spending more than 20 years in London. He is Head of Fixed Income Trading. From 2014 to 2021 he held the position of CEO of MTS, the leading electronic market in Europe for trading fixed income securities. Mr Testa spent the first years of his career in the Milan and London branches of Bank of America, where he was part of the Treasury team responsible for trading government bonds. Before graduating in Economics and Finance at “Bocconi” University in Milan, Mr Testa served as a second lieutenant in the Italian Carabinieri army. Other current mandates: ■ Member of the Board of Euronext Holding Italia ■ Member of the Board of Borsa Italiana ■ Member of the Board of MTS ■ Member of the Board of Global Rate Set Systems Limited 164 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Age: 59 Nationality: Portuguese First appointment: 2019 Second appointment : 2023 Location: Lisbon Isabel Ucha CEO of Euronext Lisbon Previous experiences: Advisor for Economic Affairs to the Portuguese Prime Minister Biography: Isabel Ucha is CEO of Euronext Lisbon and Member of the Board of Interbolsa (Euronext Securities Porto), the Custody and Settlement service provider (CSD) for the Portuguese market. Having joined the Portuguese Stock Exchange in 2008, her previous professional experience includes several senior roles, including serving as Advisor for Economic Affairs to the Prime Minister, Head of Issuing and Markets at the Portuguese Treasury and Debt Management Agency (IGCP), and at the Portuguese securities market regulator (CMVM). Ms Ucha has also been an assistant lecturer at Universidade Católica, teaching different economic and financial programmes (Economics, Corporate Finance, Economics of Finance, Economics of Regulation, European Economics, Portuguese Economy, Corporate Governance). Ms Ucha holds a degree in Economics from Universidade Católica and a Masters in Economics from Universidade Nova, as well as a Masters in Finance from London Business School Other current mandates: ■ Member of the Board of Verdipapirsentralen ■ Member of the Board of Interbolsa ■ Chair of the Board of Elite 49 Nationality: Belgian First appointment: 2023 Location: Brussels Benoît van den Hove CEO of Euronext Brussels Previous experiences: Head of Listing of Euronext Brussels Biography: Benoît van den Hove is the CEO of Euronext Brussels since July 2023. Prior to that he was the Head of Listing of Euronext Brussels, since July 2018. Mr van den Hove has 25 years of experience in various roles in capital markets’ and financial markets, advising Belgian and international clients on the financing topic through capital markets’ transactions. Prior to joining Euronext, he spent 17 years at ING, a global Benelux bank, mainly in the legal support of the capital markets’ and financial markets’ teams. He started his career as a lawyer at Linklaters. Mr Van den Hove holds a Master’s Degree in Law (KULeuven) and an International Executive MBA (Louvain School of Management). Other current mandates: ■ Member of the Board of Stichting Euronext Foundation ■ Member of the Board of the Belgian Corporate Governance Committee ■ Member of the Board of the Association Européenne pour le Droit Bancaire et Financier Senior Management Sylvia Andriessen Sylvia Andriessen is the General Counsel and Corporate Secretary of the Company. She has more than 25 years of experience in various international legal functions both in listed, private equity and privately owned companies. On 1 September 2018 Ms Andriessen joined the Euronext group as Deputy General Counsel, and became General Counsel as per 20 December 2019. Prior to joining Euronext she was the Chief Legal Officer of the commodity trading group Nidera, based in Rotterdam/Geneva, including responsibility for ESG and Insurance, and Deputy GC of COFCO International. Before her role at Nidera/COFCO, Ms Andriessen was General Counsel and part of the Executive Management Committee at the Odigeo Group based in Barcelona, and General Counsel at the Provimi Group based in Rotterdam. Before that during a period of 17 years she held various Legal and General Counsel positions at Unilever in Rotterdam and London, with special focus on Mergers and Acquisitions, Restructuring and Corporate Governance. Ms Andriessen is a member of the board of Stichting Euronext Foundation. Anthony Attia Anthony Attia is Global Head of Derivatives and Post Trade. He was appointed in this position in 2023. Prior to that he was Global Head of Primary Markets and Post Trade from 2021 to 2023. He served as Chair and CEO of Euronext Paris from 2014 to 2020 while also in charge of the equity listing and post trade business for the Group. In addition, he has led the successful development of Euronext’s Optiq® trading platform from 2017 to 2019 and the migration of the clearing business from LCH to Euronext Clearing in 2023 and 2024. Before the IPO of Euronext in 2014, Mr Attia was a Senior Vice- President and Chief of Staff at NYSE Euronext based in New York from 2009 to 2013. Mr Attia was Executive Director, Head of Business Change at NYSE Euronext from 2007 to 2009 and Executive Director, Head of Operations from 2004 to 2007 at Euronext in Paris. At the creation of Euronext in 2000, he was the Programme Director for the integration of the French, Belgian and Dutch exchanges. Mr Attia began his career in the Paris stock Exchange in 1997. 2024 UNIVERSAL REGISTRATION DOCUMENT 165 Corporate Governance Mr Attia is the Vice-Chair of the Board of Euronext Clearing and Chair of the Board of Euronext Dublin. Mr Attia was the Vice President of FESE, the Federation of European Securities Exchanges, from 2018 to 2024. He was the Chair of the Board of Elite from 2021 to 2023. He also served as Board Directors at Euroclear Holding from 2019 to 2021 and at LCH SA from 2014 to 2022. Mr Attia holds an Engineering degree in computer science, applied mathematics and finance. Camille Beudin Camille Beudin is Head of Diversified Services at Euronext. This business line includes Euronext FX, the electronic communication network for foreign exchange, precious metal and NDF trading; Nord Pool, a leading European power infrastructure; the agricultural commodity franchise, the sale of technology solutions and the investor solutions business notably Commcise, the software services for commission management and investment research valuation solutions to the buy-side, sell-side and independent research providers; as well as future diversification projects. He was appointed in this position in 2023. Prior to that, he was Head of Strategic Development and Mergers & Acquisitions at Euronext. Mr Beudin joined Euronext in 2016 to lead the external growth and the strategic development of Euronext. Before joining Euronext, Mr Beudin spent 8 years in the investment banking industry working on corporate finance products such as mergers & acquisitions, equity capital markets advisory and structuring of financing solutions. He was notably Vice President in the Investment Banking Division of Deutsche Bank between 2012 and 2016 and an Associate at Royal Bank of Scotland prior to that. He graduated from EDHEC Business School with a Master in Management. Mr Beudin is the Chair of the Board of Directors of Nord Pool, Euronext FX, and Commcise. He is also a director of Oslo Børs, Euronext Dublin and Euronext Holding Italia. Mathieu Caron Mathieu Caron is the Group Head of Primary Markets in Euronext, appointed to this position in November 2023, where he is responsible for 4 business lines - equity and debt listings across all Euronext’s markets, and also funds, Elite, and Corporate Solutions. This involves managing P&L, driving innovation in high-growth environments and delivering strategic transformational projects. He leads a team of 250+ people and is also a member of the Euronext Executive Committee. Mr Caron is a senior executive with more than 20 years of experience. Since joining Euronext back in 2010, Mr Caron has developed extensive knowledge of capital markets and particularly in the area of primary markets given his current and previous roles including Head of Listing and Corporate Solutions from February 2021 – November 2023, when he was responsible for managing P&L, designing service offerings, product strategy and prioritization of commercial efforts, and also Head of Corporate Services prior to that since 2019 with responsibility for a high-growth suite of leading digital solutions and Investor Relation advisory services for listed companies. With these roles he has developed significant expertise in listing with extensive engagement with listed issuers and prospective issuers, while monitoring key developments impacting primary markets and participating in high-profile capital market events discussing priority themes of listing and CMU. Before joining Euronext in 2010, Mr Caron was working for a number of large fast-paced international companies at Dell Technologies from 2006 to 2009, Accenture from 2004 to 2006 and Vivendi Universal/Canal+ from 2000 to 2004. He holds a Master of IGS in Paris, attended executive leadership programmes at INSEAD, and is a Director of Elite, Euronext Corporate Services, iBabs, Company Webcast and ComplyLog. Aurélie Cohen Aurélie Cohen is Chief Communications and Investor Relations Officer at Euronext. She was appointed to this position in July 2020. She manages investor relations and external and internal communications for the Group, and leads the medium- term strategic plan building process. Ms Cohen joined Euronext in 2017 as Head of Investor Relations. Prior to that, Ms Cohen was Head of Investor Relations from 2013 to 2017 at Groupe ADP, the leading international group operating, designing and building Paris and international airports. She began her career at EY as a senior auditor from 2009 to 2013. Ms Cohen is a graduate of the Ecole Supérieure des Sciences Economiques et Commerciales (ESSEC) in Paris and studied at Bocconi University in Milan. Ms Cohen is Member of the Board of Directors of Borsa Italiana SPA and Member of the Board of Directors of CLIFF, the French investor relations association. Pierre Davoust Pierre Davoust is Head of Euronext Securities, the Group’s Central Securities Depositories business. He was appointed in this position in 2020. Prior to that, he was Head of Business Development from 2019 to 2020. Before joining Euronext, Mr Davoust was Head of Markets at SETL, a UK-based blockchain company focusing on financial services, Chief Executive Officer of Iznes, a fund distribution platform and Non-Executive Director of ID2S, a blockchain- based Central Securities Depository. Prior to that, he held various positions at the French Treasury, and served in particular as deputy head of financial markets. Mr Davoust holds Master’s degrees from Ecole Polytechnique, Ecole des Ponts ParisTech and Paris School of Economics. Mr Davoust is the Chair of the board of directors of Euronext Securities Milan and a member of the board of Euronext Securities Oslo and Euronext Securities Copenhagen. He has served as the chair of the boards of Euronext Securities Copenhagen from 2020 to 2024, Euronext Securities Oslo from 2019 to 2024 and Euronext Securities Porto from 2021 to 2024, and as a board member at Tokeny from 2019 to 2021. Amaury Houdart Amaury Houdart is the Chief Talent Officer of the Company. He leads the Human Resources function and strategic initiatives related to employee engagement, talent development, and organisational changes across Euronext. Mr Houdart joined Euronext in 2016. Prior to joining Euronext, Mr Houdart was Group Director of Human Resources and Employee Shareholding at Groupe Steria SCA, a leading European IT services company. In his earlier roles, he was Business Consulting Manager, Mergers & Acquisitions Director and then Human Resources Director at Unilog LogicaCMG, a leading international IT services 166 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance company. Mr Houdart graduated from Paris Dauphine University in International Affairs. Daniela Melato Daniela Melato is Head of Group Data Services and she was appointed in this position in November 2023. Prior to that, she was responsible for the Data Solutions business in charge of managing non-real time data assets, including End of Day Index data, Reference data, Corporate Actions, Historical Trading data as well as Quant Research and Analytics, with the objective to monetize proprietary data and create growth by diversifying the source of market data revenues on top of the traditional Real Time data business. In her role Ms Melato had also the responsibility to improve cross selling by accelerating creation of new data product offering across the Group leveraging synergies of existing data capabilities in product design, fast prototyping, tools and expertise in pricing and market data policies. Ms Melato has more than 20 years of experience in the market data industry, starting from designing the Real time Borsa Italiana market data business, managing sales and audit team, strategy planning and budget management up to become responsible for the London Stock Exchange Group market data business before joining Euronext. Ms Melato holds a degree in Political Economy at la Bocconi University. Giorgio Modica Giorgio Modica is the Chief Financial Officer of the Company. He joined Euronext in 2016. His responsibilities include also Euronext’s financial and corporate facilities and services. Mr Modica joined from BNP Paribas (Paris and Milan), where he was a senior Corporate Finance banker in Financial Institutions for nine years, holding the responsibility for the Stock Exchange sector globally and for the overall FIG markets in Italy and Spain. In over fifteen years of international investment banking experience, Mr Modica covered both M&A and ECM, as well as the structuring of financing solutions (equity and debt). Since 2011, as advisor to NYSE Euronext and then Euronext, Mr Modica has supported the Euronext group very closely throughout its key milestone transactions, including the attempted combination with Deutsche Börse, the carve-out of Euronext and its subsequent IPO. Mr Modica started his career at the venture capitalist firm MyQube in Geneva, and then moved to investment banking at HSBC in Milan and MCC/ Capitalia in Rome. Mr Modica graduated cum-laude from Bocconi University and holds a Master in Finance from SDA Bocconi. He is the Chair of Oslo Børs, the Vice-Chair of Cassa di Compensazione e Garanzia, and a Director of Borsa Italiana, Euronext Holding Italia, Monte Titoli, MTS, and Euronext FX Inc.. Angelo Proni Angelo Proni is CEO of MTS SpA and EuroMTS Ltd. He was appointed to this position in March 2022. Prior to that, at MTS, he was Head of New and Domestic Markets from 2003 to 2022, CEO of Coredeal MTS Ltd. from 2002 to 2003, Head of Market and Client Relations from 2000 to 2002, and Director of Product and Market Management from 1999 to 2000. Before joining MTS, Mr Proni was Marketing & Sales Executive at Deutsche Bank in Milan from 1996 to 1999, and Senior Analyst at LIFFE in London from 1992 to 1995. He was born in Milan, grew up in London and Brussels, where he obtained his European Baccalaureate, before returning to Milan where he graduated in Economics from Bocconi University. Mr Proni is Board Director of MTS SpA, EuroMTS Ltd. and MTS Associated Markets SA, as well as Executive Chair of MTS France. Nicolas Rivard Nicolas Rivard is the Global Head of Cash Equity and Data Services at Euronext. Created in November 2023, this business line regroups cash equity trading, colocation and connectivity services, Market Data, and Quant products, with the ambition to offer clients with enhanced and innovative trading and data services. Mr Rivard was previously Head of Advanced Data services since 2019, and joined Euronext as Chief Innovation Officer in 2016, after 6 years at the Boston Consulting Group where he worked mainly in the financial service sector. He holds an MBA from INSEAD and an engineering degree from Ecole Centrale de Paris. Tatyana Valkova Tatyana Valkova is Head of risk and compliance (Chief Risk and Compliance officer). She was appointed in this position in October 2023. Prior to that, she was Head of Internal Audit (Chief Internal Audit Executive) from 2021 to 2023. Before joining Euronext, Ms Valkova was Supervisor Internal Audit on capital market from 2011 to 2020 at Société Générale and Supervisor audit on asset management from 2007 to 2011 at PWC. She has a masters degree in economics from Université Paris II Pantheon Assas. Ms Valkova is Director of Nord Pool Holding AS, Nord Pool AS and Nord Pool European Market Coupling Operator AS. René van Vlerken René van Vlerken is CEO of Euronext Amsterdam. He was appointed to this position in September 2024. Previously, he joined Euronext Amsterdam in 2017 as Head of Business Development for Small & Mid-Caps, before becoming Head of Listing for the Netherlands, Germany & Central Eastern Europe in early 2018. He was appointed a Board Member of Euronext Amsterdam in 2017. Since 2017 he has also been a Board Member of Stichting Capital Amsterdam, the independent foundation with the core goal of promoting the importance of the public capital market in the Netherlands. His experience before joining Euronext spanned more than two decades through different commercial roles at ABN AMRO and Rabobank, in Treasury & Risk Advisory, Cash Equities, Equity Capital Markets and Equity Syndicate. As Rabobank’s Head of Syndicate, He was involved in many IPOs and capital raisings, and he was responsible for the development of Rabobank’s corporate access services. René van Vlerken attended the Hotel Management School in Maastricht and has completed several business and management-related business courses. The appointment of Mr Van Vlerken to the Managing Board is on the agenda of the Annual General Meeting to be held on 15 May 2025. Diversity In accordance with Dutch legislation (Wet ingroeiquotum en streefcijfers), Euronext strives for appropriate and ambitious (1) Including René van Vlerken, whose membership in the Managing Board is subject to shareholder approval 2024 UNIVERSAL REGISTRATION DOCUMENT 167 Corporate Governance diversity targets at the top and sub top. Euronext aims at representing at least 30% of women at its Managing Board and Senior Leadership Team and 40% at its Supervisory Board. Euronext qualifies as a large Dutch Company and almost complies with its gender diversity targets with respect to the Managing Board, as two of its ten 1 members were female as at 31 December 2024, and the Supervisory Board as four out of ten members were female as at 31 December 2024. Euronext complies with its gender diversity targets with respect to the Senior Leadership team in 2024 that was composed of 35% of women. The balance of country representation was the following: 44% France, 21% Italy, 7% the Netherlands, 7% United Kingdom, 5% Norway, 5% Ireland, 4% Denmark, 4% Portugal, 1% Belgium and 1% United States of America. The average age of this group is 48 years. Euronext will continue to promote diversity within its Managing Board by taking into account all relevant selection criteria including, but not limited to, gender balance, with regard to future appointments. Euronext management gender diversity as of December 2024 Managing Board Senior Leadership Team Men 8 49 Women 2 26 4.3 REPORT OF THE SUPERVISORY BOARD 4.3.1 Meetings The Supervisory Board met eight times in 2024: there were five in-person meetings, and three meetings by videoconferencing. The Supervisory Board discussed amongst others the following topics: the quarterly, half year and full year results, the dividend proposal, the 2025 budget and forecast, the agendas of the General Meeting, including the nomination for appointments and re-appointments to the Supervisory Board and the Managing Board, the nomination of the external auditor, the strategy, the implementation of the strategy and the principal risks associated with it, the risk profile, cyber security, ESG risks and opportunities, M&A opportunities, the integration of the Borsa Italiana Group and the migration of clients to Euronext Clearing and to Optiq. It monitored the activities of the Managing Board with regard to creating a culture aimed at long-term value creation for the company and its affiliated enterprise, and with regard to procedures for reporting actual or suspected irregularities. It also discussed the items that its committees reported on, and their deliberations and findings. Among those items were, in addition to the items mentioned above, the investor base, the share price development, the internal and external audit planning and reports, litigations, annual performance criteria, compensation programmes, the evaluation and assessment of the Managing Board and the Supervisory Board, the composition of the Managing Board, the composition and rotation schedule of the Supervisory Board and succession planning. The personal information of the individual Supervisory Board members can be found in paragraph 4.2.2. The composition of the Supervisory Board and its committees is in line with the independence standards as set by articles 2.1.7 and 2.1.9 of the Dutch Corporate Governance Code. Alessandra Ferone, Olivier Sichel and Koen Van Loo (and Diana Chan before 15 May 2024) are considered non-independent Supervisory Board members. 4.3.2 Supervisory Board Attendance Record On average, 97.30% of the Supervisory Board members were present at the Supervisory Board meetings. In 2024, eight Supervisory Board meetings were held. 168 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Name Attended Absence ratio Piero Novelli 8 out of 8 meetings 0.00% Dick Sluimers 8 out of 8 meetings 0.00% Diana Chan 3 out of 3 meetings 0.00% Rika Coppens 2 out of 3 meetings 33.33% Muriel De Lathouwer 3 out of 3 meetings 0.00% Alessandra Ferone 8 out of 8 meetings 0.00% Manuel Ferreira da Silva 3 out of 3 meetings 0.00% Padraic O’Connor 8 out of 8 meetings 0.00% Nathalie Rachou 8 out of 8 meetings 0.00% Olivier Sichel 7 out of 8 meetings 12.55% Morten Thorsrud 8 out of 8 meetings 0.00% Koen Van Loo 3 out of 3 meetings 0.00% In 2024, six Audit Committee meetings were held. Name Attended Absence ratio Dick Sluimers 6 out of 6 meetings 0.00% Diana Chan 4 out of 4 meetings 0.00% Alessandra Ferone 6 out of 6 meetings 0.00% Manuel Ferreira da Silva 4 out of 4 meetings 0.00% Nathalie Rachou 2 out of 2 meetings 0.00% Morten Thorsrud 6 out of 6 meetings 0.00% In 2024, four Risk Committee meetings were held. Name Attended Absence ratio Morten Thorsrud 4 out of 4 meetings 0.00% Diana Chan 2 out of 2 meetings 0.00% Alessandra Ferone 4 out of 4 meetings 0.00% Manuel Ferreira da Silva 2 out of 2 meetings 0.00% Nathalie Rachou 2 out of 2 meetings 0.00% Dick Sluimers 4 out of 4 meetings 0.00% In 2024, nine Nomination and Governance Committee meetings were held. Name Attended Absence ratio Piero Novelli 9 out of 9 meetings 0.00% Diana Chan 7 out of 7 meetings 0.00% Rika Coppens 7 out of 7 meetings 0.00% Muriel De Lathouwer 2 out of 2 meetings 0.00% Padraic O’Connor 9 out of 9 meetings 0.00% Nathalie Rachou 9 out of 9 meetings 0.00% 2024 UNIVERSAL REGISTRATION DOCUMENT 169 Corporate Governance In 2024, six Remuneration Committee meetings were held. Name Attended Absence ratio Nathalie Rachou 6 out of 6 meetings 0.00% Diana Chan 3 out of 3 meetings 0.00% Rika Coppens 3 out of 3 meetings 0.00% Muriel De Lathouwer 2 out of 2 meetings 0.00% Piero Novelli 6 out of 6 meetings 0.00% Padraic O'Connor 6 out of 6 meetings 0.00% Most Supervisory Board meetings were also attended by all or by most members of the Managing Board. In addition, several managers were invited to discuss specific items included on the Supervisory Board’s agenda. 4.3.3 Supervisory Board Activities The Supervisory Board was informed and consulted by the Managing Board in almost all of its meetings on the course of business and the main risks and opportunities attached to it, including related to ESG, Euronext’s financial and operational performance and matters related to the Euronext’s governance and strategy and sustainable value creation. During the meetings held in 2024, the Supervisory Board approved among others the quarterly and semi-annual financial statements, the semi-annual report, the universal registration document for 2023, the budget for 2025, and the agenda of the General Meeting, including the nomination for appointments and re-appointments to the Supervisory Board and the Managing Board, the nomination of the external auditor, and a proposal regarding the dividend. All meetings of the Supervisory Board were prepared by the Chair of the Supervisory Board in close co-operation with the Chair of the Managing Board. 4.3.4 Board Evaluation The annual evaluation of the Supervisory Board and its Committees relating to 2024 took place in February 2025. This evaluation was conducted through questionnaires, the results of which were compiled by the Corporate Secretary. The main findings and conclusions were discussed initially by the Nomination and Governance Committee and subsequently by the Supervisory Board as a whole, and centred around further enhancement of awareness of material topics like the impact of Artificial Intelligence and competitive landscape. The Supervisory Board had concluded that it and its Committees had performed well in 2024. The topics included in the questionnaires covered, among other items, the performance of and interaction with the Managing Board, the quality of Supervisory Board meetings, chairing, communication, availability of information, decision making process, risk and crisis management, succession and development planning, shareholder value, the composition and profile of the Supervisory Board, the Committee structure and the competencies and expertise of its members. After discussing the outcomes of the questionnaires, the Supervisory Board concluded that the Supervisory Board, its Chair and its Committees and the Managing Board had properly discharged their responsibilities during 2024. During the Supervisory Board evaluation, the Supervisory Board further concluded that the relation and interaction with the Managing Board, including the flow of information, was good. The annual evaluation of the Extended Managing Board relating to 2024 took place in January 2025. This evaluation was also conducted through questionnaires, the results of which were compiled by the Corporate Secretary. The report on the outcome of the evaluation was discussed by the Supervisory Board and by the Extended Managing Board. The topics included covered, among other items, the assessment of the Extended Managing Board dynamics, culture, effectiveness, the quality of the meetings, communication, team spirit and challenge, availability of information, decision making process, risk and crisis management, succession and development planning, the composition of the Extended Managing Board, and the interaction with the Supervisory Board. After discussing the outcomes of the evaluation, the Extended Managing Board concluded that it had properly discharged its responsibilities during 2024. The Extended Managing Board further concluded that the relation and interaction with the Supervisory Board was good. 4.3.5 Report Audit Committee At the start of 2024, the Audit Committee was composed of Dick Sluimers, Diana Chan, Alessandra Ferone, Manuel Ferreira da Silva and Morten Thorsrud. Diana Chan and Manuel Ferreira da Silva retired from the Supervisory Board and thus from the Audit Committee on 15 May 2024. As per the same date, Nathalie Rachou was appointed to the Audit Committee. The Audit Committee has been chaired by Dick Sluimers throughout the year. The Audit Committee has a majority of independent members. The Audit Committee convened six times in 2024. These meetings were regularly attended by, among others, in addition to the members of the Audit Committee, the Chair of the Supervisory Board, the CEO, the CFO, the Head of Risk and Compliance department, the General Counsel, the Head of Internal Audit and the external auditors. In addition, the Audit Committee held regular individual discussions with the external auditors and the Head of Internal Audit. The Supervisory Board was regularly informed about the results of these discussions. The Chair of the Audit Committee reported to the Supervisory Board about the activities of the Committee and about its meetings and discussions in the Supervisory Board meetings. Among the items that were discussed by the Audit Committee were the annual, semi-annual and quarterly figures, the investor base, the share price development, the internal and external audit planning and reports, litigations, impairment of 170 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance goodwill and other purchased intangible assets, recognition of internally developed software, measurement of financial assets at fair value through other comprehensive income, reliability and continuity of the IT environment, management letter and fraud risk. 4.3.6 Report Risk Committee At the start of 2024, the Risk Committee was composed of Morten Thorsrud, Diana Chan, Alessandra Ferone, Manuel Ferreira da Silva and Dick Sluimers. Diana Chan and Manuel Ferreira da Silva retired from the Supervisory Board and thus from the Risk Committee on 15 May 2024. As per the same date, Nathalie Rachou was appointed to the Risk Committee. The Risk Committee has been chaired by Morten Thorsrud throughout the year. The Risk Committee convened four times in 2024. These meetings were regularly attended by, among others, in addition to the members of the Risk Committee, the Chair of the Supervisory Board, the CEO, the CFO, the COO, the Chief Information Security Officer (CISO), the Head of Risk and Compliance, the General Counsel and the Head of Internal Audit. The Chair of the Risk Committee reported to the Supervisory Board about the activities of the Committee and about its meetings and discussions in the Supervisory Board meetings. Among the items that were discussed by the Risk Committee were risk management, including ESG risks, the migrations and cyber security. 4.3.7 Report Remuneration Committee At the start of 2024, the Remuneration Committee was composed of Nathalie Rachou, Diana Chan, Rika Coppens, Piero Novelli and Padraic O’Connor. Diana Chan and Rika Coppens retired from the Supervisory Board and thus from the Remuneration Committee on 15 May 2024. Muriel De Lathouwer was appointed to the Remuneration Committee as per 8 August 2024. The Remuneration Committee has been chaired by Nathalie Rachou throughout the year. The Remuneration Committee held six meetings in 2024. These meetings were regularly attended by, in addition to the members of the Remuneration Committee, the CEO and the Chief Talent Officer. During these, the Committee: ■ undertook a review of the Remuneration Policy for the Managing Board, in particular the review of the next Long Term Incentive plan; ■ initiated a review of adjustments of the Supervisory Board Remuneration policy; ■ analysed as every year the outcome of the annual performance criteria including the ESG related criteria, their impact on short term incentive, long term incentive and total compensation of the members of the Managing Board, and proposed subsequent decisions to the Supervisory Board; ■ reviewed as every year the total cost of the approved compensation programmes for all employees, and proposed subsequent decisions to the Supervisory Board. 4.3.8 Report Nomination and Governance Committee At the start of 2024, the Nomination and Governance Committee was composed of Piero Novelli, Diana Chan, Rika Coppens, Padraic O’Connor and Nathalie Rachou. Diana Chan and Rika Coppens retired from the Supervisory Board and thus from the Nomination and Governance Committee on 15 May 2024. Muriel De Lathouwer was appointed to the Nomination and Governance Committee as per 8 August 2024. The Nomination and Governance Committee has been chaired by Piero Novelli throughout the year. The Nomination and Governance Committee met nine times in 2024. Topics that were discussed in the Committee’s meetings included the evaluation and assessment of the Managing Board, the evaluation and assessment of the Supervisory Board, the composition of the Managing Board, the composition and rotation schedule of the Supervisory Board, succession planning and recommendations with regard to nominations for appointment and re-appointment to the Managing Board and the Supervisory Board. Diversity and inclusion was an important element in the discussions. 4.3.9 Financial Statements The Managing Board has prepared the 2024 Financial Statements and has discussed these with the Supervisory Board. The Financial Statements will be submitted for adoption at the 2025 Annual General Meeting as part of the Universal Registration Document. 2024 UNIVERSAL REGISTRATION DOCUMENT 171 Corporate Governance 4.4 REMUNERATION REPORT OF THE REMUNERATION COMMITTEE 4.4.1 2024 Report 4.4.1.1 Statement by the Chair of the Remuneration Committee Nathalie Rachou, Chair of the Remuneration Committee On behalf of the Board, I am pleased to present the Remuneration Report for the financial year ending 31 December 2024. The Remuneration Committee and the Supervisory Board are committed to reinforcing our reporting year by year, complying with the latest rules, regulations, and say-on-pay guidance. We also take into account the Shareholder Rights Directive and related Dutch implementation Act, the Dutch Corporate Governance Code and the 2021 Remuneration Policy. This report has been prepared by the Remuneration Committee and was approved by the Supervisory Board. 2024 Remuneration decisions The 2021 Remuneration Policy approved by shareholders at the AGM with 97.55% favourable votes on 11 May 2021 was still applicable in 2024. The Committee analysed, as it does every year, the outcome of the annual performance criteria, their impact on Short Term Incentives, Long Term Incentives and total compensation of the members of the Managing Board, and proposed subsequent decisions to the Supervisory Board. The key 2024 performance indicators and strategic achievements are summarised in this report and form the basis of the 2024 remuneration decisions. The Remuneration Committee held six meetings during 2024, during which the members monitored the implementation of the 2021 Remuneration Policy and proposed adjustments for the new Remuneration Policy. The 2025 Remuneration Policy will be presented for shareholder approval at the AGM on 15 May 2025. 4.4.1.2 Remuneration Committee The Remuneration Committee of Euronext assists the Supervisory Board with respect to the Company’s remuneration strategy and principles for members of the Managing Board of the Company (the “Managing Board”), the administration of its cash and equity based compensation plans. The Committee drafts proposals to the Supervisory Board and oversees the remuneration programmes and remuneration of the Company’s senior managers and other personnel. The Remuneration Committee meets as often as necessary and whenever any of its members requests a meeting. The Remuneration Committee as at 31 December 2024 consisted of the following members: Nathalie Rachou (chair), Muriel De Lathouwer, Padraic O’Connor and Piero Novelli. 4.4.2 Remuneration Principles Euronext operates in European and global financial markets where it competes for a limited pool of talented executives. Highly qualified individuals, capable of achieving ambitious performance targets, are essential for generating superior and sustainable returns for Euronext and its shareholders, whilst creating long term sustainable value for the overall ecosystem. Euronext's people and remuneration strategies aim to attract, develop and retain talent that will maximise long term sustainable shareholder value, support the development of capital markets, foster the growth of the real economy, and accelerate the transition towards a sustainable economy. The majority of remuneration for the members of the Managing Board is linked to demanding performance targets, in line with Euronext's ambitious performance culture, over short and long-term. This ensures that executive rewards are aligned with performance delivered for shareholders and long term value creation for all stakeholders. In determining the level and structure of the remuneration of the members of the Managing Board, the Remuneration Committee takes into account, among other things, the financial and operational results as well as non-financial indicators relevant to Euronext’s long-term objectives. The Remuneration Committee has performed and will perform scenario analyses to assess whether the outcomes of variable remuneration components appropriately reflect performance and with due regard for the risks to which variable remuneration may expose the Company. The minimum and maximum payout scenarios are described in the following paragraphs. 172 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance In determining the Remuneration Policy and the compensation of members of the Managing Board, the Supervisory Board has taken and will take into account (i) the transformation of Euronext, (ii) the local market practices and the competitive environment in which Euronext operates, (iii) the impact of the overall remuneration of the Managing Board on the equity ratios within the Company and (iv) the employment terms of the employees in the Company and its subsidiaries. Euronext believes that it is crucial to provide shareholders with transparent and meaningful information about its remuneration philosophy. The first source of information for shareholders is the remuneration report. The information provided during the Company’s analyst presentations, meetings with shareholders and during the Annual General Meeting of shareholders is the second most important source of information. 4.4.3 Remuneration Components 4.4.3.1 Annual Fixed Salary (AFS) The AFS of the Managing Board is determined by the Supervisory Board upon the recommendation of the Remuneration Committee on the basis of benchmarking comparable companies in relevant markets and takes into account role, scope, accountability, and experience. Typically, AFS will be positioned at the median level of the peer group benchmark in line with the overall job responsibilities of the individual members of the Managing Board. The AFS reflects the responsibility and scope of each role, taking into account seniority, experience and market practice. In 2024, the Remuneration Committee conducted its annual review of the Annual Fixed Salary levels of the members of the Managing Board considering the transformation of Euronext, the local market practices and the competitive environment in which Euronext operates, the impact of the overall remuneration of the Managing Board on the pay differentials within the Company and the employment terms of the employees in the Company and its subsidiaries. 4.4.3.2 Short Term Incentive (STI) The STI for the Managing Board is paid on a yearly basis in cash. The objective of this STI is to ensure that the Managing Board is well incentivised to achieve operational performance targets aligned with the strategic initiatives in the shorter term, whilst contributing to long term value creation. A member of the Managing Board is eligible for an annual variable component up to a certain percentage of the Annual Fixed Salary for on target performance. In order to take into consideration common market practices, the Group Chief Executive Officer’s target is set at 100% of AFS, with a maximum pay-out of 150% in case of overachievement. 4.4.3.2.1 STI component for 2024 The percentage of the Annual Fixed Salary for on target performance was the following for 2024: Position Minimum annual STI as % of AFS On target annual STI as % of AFS Maximum annual STI as % of AFS Group Chief Executive Officer 0% 100% 150% Other members of the Managing Board 0% 50 - 70% 75 - 105% Performance conditions for the Short Term Incentive are set by the Supervisory Board annually for the relevant year. They include criteria concerning Euronext’s financial performance, quantitative criteria representing company performance and/ or individual qualitative performance. A threshold for payment applies at 70% of objectives reached, and no payment will be made below 70%. At 90% of the objectives reached, the STI pay-out is set at 50% of the target STI. At 100% of the objectives reached, STI pay-out will be set at 100%. At 110% of objectives reached, the STI pay-out is set at 150%. Linear extrapolation between performance bands is applied. Performance versus objectives STI pay-out versus target STI 110% and above 150% 100% to 110% Calculation on a linear basis from 100% to 150% 100% 100% 90% to 100% Calculation on a linear basis from 50% to 100% 90% 50% 70% to 90% Calculation on a linear basis from 0 to 50% Below 70% 0% In 2024 the performance criteria, and weights, for the individual Managing Board members’ Short Term Incentives were based on: 2024 UNIVERSAL REGISTRATION DOCUMENT 173 Corporate Governance Weights of performance criteria in 2024 (in % of STI) Financial targets Strategic quantitative targets at Group or Business Line level Strategic qualitative targets at individual level Position Revenue Operational costs Strategic execution ESG Group Chief Executive Officer 25% 25% 20% 10% 20% Other members of the Managing Board 25% 25% 20% 10% 20% In 2024, the performance criteria, and weights, for the Group Chief Executive Officer’s Short Term Incentive are based on the following scorecard, and the overall performance has been assessed at 122%. Description Objective Individual target and KPI Weight Financial targets and objectives for Euronext Revenue Underlying revenue target for Euronext full calendar year 2024 25% Operational Costs Comparable underlying operating costs excluding D&A budget for Euronext full calendar year 2024 25% Strategic quantitative targets and objectives focusing on execution of Euronext strategy Integration and growth strategy Deliver phase 2 of the Euronext Clearing expansion plan 20% Deliver the Optiq® migration plan and complete phase 3 implementation Deliver cost synergies for recently acquired companies as planned for 2024 Deploy M&A strategy and secure smooth execution of any possible deal ESG initiatives Deploy the 2024 Group ESG roadmap on the 5 impact areas, with a specific focus on the “Fit for the 1.5 -degree” ambition 10% Strategic qualitative targets and objectives focusing on execution of Euronext strategy Individual objectives with a discretionary weight based on complexity and impact. Operational excellence 20% Strategic plan Succession plan and talent development Stakeholder engagement Total of target percentages 100% 4.4.3.2.2 2024 Performance overview In 2024, Euronext has delivered very strong performance, thanks to the delivery of the €121 million synergies related to the integration of Borsa Italiana, tight cost control and successful diversification of the top line of the group. Euronext's focus on performance and cost discipline allowed the Company to beat the 2024 budget on both underlying revenues and underlying costs. (i) Underlying Revenue increased +10.3% to €1,626.9 million for 2024, versus €1,474.7 million for 2023. (ii) Underlying EBITDA increased +16.4% to €1,006.5 million, versus €864.7 million for 2023. (iii)Underlying EBITDA margin increased to 61.9% versus 58.6% in 2023. (iv) Underlying net income increased +16.7% to €682.5 million versus €584.7 million for 2023. (v) Adjusted EPS was at €6.59, versus €5.51 for 2023. The Euronext team delivered major operational, financial and strategic milestones in 2024, completing the final phase of the “Growth for Impact 2024” strategic plan, which has clearly transformed Euronext. a. Euronext overachieved its commitment on the 2024 synergies, delivering €121 million run-rate EBITDA synergies by the end of Q3 2024 related to the acquisition of the Borsa Italiana Group. This is more than twice the initially targeted €60 million for the end of 2024. b. Euronext completed all steps of the integration of Borsa Italiana, whose organisation, governance, operations and technology are now fully integrated in the group. c. Euronext successfully delivered on the 2024 milestones of its diversification ambitions. This includes the delivery of all the phases of the European expansion of Euronext clearing, the strengthening of MTS technology and infrastructure to capture new market opportunities, the integration of Euronext Securities and the launch of new services. These achievements paved the way for the delivery of Euronext “Innovate for Growth 2027” strategic plan initiatives, and have also driven revenue growth above budget in Corporate Services, Investor Services, and Power Trading. Euronext has deployed an integrated Euronext Securities organisation across its four CSDs, launching an ambitious convergence and expansion programme. d. Euronext strengthened and diversified its data and CSD businesses, through the acquisitions of (1) GRSS, a leading provider of services to benchmark administrators, (2) 174 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Substantive Research, an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content and (3) the business of the Acupay Group, a global leader in financial reporting, corporate actions, cross-border tax relief, and securities processing. e. Euronext initiated the next strategic cycle with the new strategic plan “Innovate for Growth 2027” prepared internally and presented in November 2024. f. Euronext maintained its capital allocation discipline, completing a €200 million share repurchase programme and initiating a new €300 million program, all while maintaining the planned deleveraging process and preserving Euronext’s M&A capabilities. S&P upgraded Euronext’s outlook to BBB+ positive. By the end of 2024, Euronext’s financial metrics aligned with an A- rating, the same rating it held prior to the Borsa Italiana acquisition, demonstrating the group’s robust deleveraging efforts. g. The Euronext management team has been recognised by the relevant business communities. Euronext has engaged its teams in a new organic growth journey, as evidenced by the number of initiatives deployed. A significant wave of senior leaders and experts have joined Euronext to support the transformation of Corporate Solutions, Euronext Securities, Euronext Clearing and technology operations. Euronext has reinforced diversity at the top of the organisation, notably through several waves of promotions especially among female talents. h. Euronext expanded on its leadership on ESG. Euronext became the world leader for ESG bond listing, with a 40% global market share, and is the first exchange to make available to investors the ESG data of their issuers, through its My ESG Profile tool. Euronext has also significantly improved its ESG ratings. 4.4.3.2.3 2024 STI objectives assessment The Remuneration Committee has assessed the key achievements on objectives: 1. Financial targets and objectives for Euronext. The 2024 targets, approved by the Supervisory Board, include revenue and operational cost for the Group Chief Executive Officer and the other members of the Managing Board. Those criteria are monitored in a granular manner and their measurement is reviewed and controlled by the Remuneration Committee. It is to be noted that Euronext does not disclose the detailed actual financial targets as this is considered commercially/competition sensitive information, though they are in line with the published strategic, financial and sustainability goals of the Group. Following the 2024 results: ■ Underlying Revenue in 2024 was above budget target, mainly resulting from strong performance across most of the businesses. This leads to an assessment and a pay out of this scorecard criterion between target and maximum level. ■ Comparable underlying operational costs excluding D&A in 2024 were below budget target, thanks to efficient costs control. This leads to an assessment and a pay out of this scorecard criterion between target and maximum level. 2. Strategic quantitative targets and objectives focusing on execution of Euronext strategy. The integration and growth strategy objectives were assessed as delivered above expectations, including (i) the second phase of the European expansion of Euronext Clearing, paving the way for further growth as part of the new strategic plan, (ii) the third phase of the migration of Borsa Italiana markets into the Euronext trading platform, hence completing the integration phase in all its dimensions, (iii) €121 million run-rate EBITDA synergies by the end of Q3 2024, more than twice the €60 million amount initially targeted, (iv) The management team also delivered disciplined M&A. This leads to an assessment and a payout of this scorecard criterion between target and maximum level, in line with detailed KPIs described below. ■ Deliver phase 2 of the Euronext Clearing expansion plan a. In 2024, Euronext migrated its commodity derivatives and financial derivatives markets, completing the migration of Euronext’s clearing business from LCH SA to Euronext Clearing. b. Despite short deadlines for market participants to test and some adverse external market conditions, 100% of the clearing members migrated their positions successfully on 15 July for Commodity Derivatives and 9 September for Financial Derivatives without any incident or discrepancy. This key transformation has been praised by stakeholders, who saw it as the boldest project in the financial markets industry and a game changer for Euronext. c. Since the migration, Euronext has expanded both the soft commodity franchise, with the launch of spread contracts on milling wheat, and the equity derivatives business, with the expansion of pan-European equity options in October 2024. These launches have paved the way for the new strategic plan, “Innovate for Growth 2027”. d. Euronext Clearing is a catalyst for key strategic initiatives, such as Fixed Income Derivatives and Repo clearing, and new asset classes such as Power Derivatives. In parallel, Euronext Clearing has continued to clear cash equity markets in a stable and efficient manner, increasing its market share of cash equity market clearing. e. The completion of the clearing migration solidifies Euronext’s role as a central player in the European financial landscape, positioning Euronext Clearing as the third- largest clearing house in Europe, underscoring its rapid growth and influence in the post-trade space. ■ Deliver the Optiq® migration plan and complete phase 3 implementation a. 2024 concludes the three-year plan for Borsa Italiana migration. The projects mobilised significant teams across various Euronext locations with an exceptional level of dedication. Phase 3 was delivered in March 2024 as planned and in April 2024 Euronext was able to terminate all agreements of services linked to the acquisition. Remarkably, amidst this heightened activity due to significant changes to software releases, there were no significant incidents reported, underscoring the smooth and reliable nature of the migration process. b. The migration of this last phase progressed smoothly, benefiting from strong support from industry stakeholders such as clients, regulators, and partners. c. 2024 also concludes the migration of the data centre of MTS into the green data centre in Bergamo. 2024 UNIVERSAL REGISTRATION DOCUMENT 175 Corporate Governance ■ Deliver cost synergies for recently acquired companies as planned for 2024 Euronext delivered €121m of cumulated run-rate synergies, which is double the initial €60m targeted synergies, +21% versus the €100m synergies target as revised in November 2021, and +5% versus the €115m synergies target as revised in February 2023. Euronext over-performed with regards to synergies, and implementation costs remained under control, with a final amount of €120m. ■ Deploy M&A strategy and secure smooth execution of any possible deal a. In 2024, Euronext has continued to pursue both (i) strategic acquisitions and (ii) bolt-on acquisitions. With 2024 valuations in its space barely evolving from 2023’s, Euronext’s acquisition discipline remained at the heart of the Euronext strategy. b. In 2024, Euronext strengthened existing businesses through bolt-on M&A, with: ◦ the acquisition of GRSS, a leading provider of services to benchmark administrators. This acquisition reinforced the Euronext index franchise adding very strong capabilities in contributed data indices and data from a highly respected provider. ◦ the acquisition of Substantive Research, an industry- leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. This acquisition reinforces the Investor Services business and enables significant opportunities for cross-selling. ◦ the acquisition of Acupay group, a global leader in financial reporting, corporate actions, cross-border tax relief, and securities processing. This acquisition reinforced Euronext Securities’ tax reporting capabilities and strengthened ties with Italian issuers. c. Euronext has also continued to streamline its portfolio of assets by divesting Euronext’s stake in ATS, acquired as part of the MTS technology acquisition. Euronext M&A strategy is recognised by the investor and analyst communities. The management track record to execute value creative M&A transactions and integrate companies is seen continuously as a fundamental asset of the Group and a differentiator versus its peers. d. Euronext maintains the optionality for future transformational transactions which could enable Euronext to increase the pace of its organic growth and further diversify its revenue mix while remaining highly diligent on valuation. The ESG initiatives objective was assessed as delivered above expectations, with overachievement on ESG business objectives, achievement of key milestones, inclusion of ESG in all Euronext business as usual activities, such as the roll-out of a sustainable procurement strategy and roadmap, and with strong dedication in preparing for the implementation of CSRD. This leads to an assessment and a pay out of this scorecard criterion between target and maximum level, in line with detailed ESG KPIs and milestones described below. ■ Deploy the 2024 Group ESG roadmap on the 5 impact areas, with a specific focus on the context of the “Fit for the 1.5-degree” ambition. Euronext’s ESG efforts are focused on 5 impact areas: Our Environment, Our People, Our Society, Our Markets and Our Partners. In 2024 Euronext included ESG in all its business as usual activities, with strong dedication in preparing for the implementation of CSRD. In 2024, Euronext intensified its focus on aligning ESG initiatives and disclosures with the requirements of ESG rating agencies, including updating ESG policies and the URD to reflect this. These efforts successfully improved the Euronext ratings across all target agencies. Euronext pursued the preparatory work for the publication in March 2025 of its first CSRD report. a. Our Environment In 2024, Euronext successfully continued its work on its SBTi carbon reduction roadmap. Moreover, in the context of its next strategic cycle, Euronext decided to go beyond the ‘Fit for 1.5°’ commitment by setting targets on achieving carbon neutrality by 2050 at the latest. To this effect, Euronext has joined the Net Zero Financial Service Providers Alliance as part of the global coalition ‘Race to Zero’, a UN-backed initiative of over 10,000 companies worldwide. Euronext has thus reaffirmed its commitment to achieving carbon neutrality and aims to set science-based net zero targets by 2027. b. Our People In 2024, Euronext continued to strengthen its culture of diversity and inclusion through its D&I networks, targeted recruitment streams and dedicated events. At the end of 2024, its online D&I community included 279 members. The team facilitated several internal and external events, including client and partners, to support all forms & diversity within Euronext and outside. Training on ESG topics remained a priority with many topics embraced such as diversity and inclusion, environment, sustainability, and mental health reflecting the Euronext dedication to creating an inclusive work environment. c. Our Society In 2024, the Euronext Foundation, made significant strides in supporting local sustainable communities across Europe. The foundation backed over ten different charities, including another highly successful Blue Challenge programme and innovative plastic fishing initiatives across the group. These efforts underscore Euronext's commitment to financial literacy, diversity and inclusion, and the protection of marine resources, while also fostering a dynamic network of Euronext volunteers across various geographies and business units. d. Our Markets In 2024, Euronext business teams expanded their ESG products and services offering and consolidated Euronext’s position as a key player in Sustainable Finance. Euronext is officially world leader for ESG Bonds listing globally in terms of number of listed bonds and number of issuers. ESG PRODUCTS 2023 2024 Evolution Numbers of ESG Indices (outstanding) 458 501 9% Number of ESG ETFs 684 911 33% Number of listed ESG bonds (incl. redeemed or matured) 2,243 2,862 28% Funds raised by ESG (bn€) [incl. redeemed or matured) 1,330 1,607 21% 176 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Additionally, Euronext reinforced its leadership in sustainable finance with initiatives focused on transparency and education and announced the launch of the Euronext Sustainable Network which aims at promoting innovative and best practices in ESG across Euronext’s 1,900 issuers and 6,000 investors. e. Our partners In 2024, Euronext has been proactive in its engagement with the ESG financial ecosystem with a view to protecting its client interests and capturing market trends and dynamics. On top of its former commitments in global or pan-European sustainability working groups, Euronext also joined the Net Zero Financial Service Providers Alliance (NZFSPA). The second European edition of Euronext Sustainability Week was a success, gathering 3,200+ people and 190 speakers with around 40 events across 10 locations. More details of Euronext ESG strategy and initiatives are described in Chapter 3 of the Universal Registration Document. 3. Strategic qualitative targets and objectives focusing on execution of Euronext strategy Following review of the 2024 KPIs and milestones by the Supervisory Board, overall performance for Strategic qualitative targets and objectives focusing on execution of Euronext strategy was assessed as above expectations with a pay out between target and maximum level. a. Prepare the 2025-2027 strategic plan and mobilize the organisation to deliver it: In 2024, Euronext initiated the next strategic cycle with the new strategic plan ‘Innovate for Growth 2027.’ 'Innovate for Growth 2027' sets out the Group’s ambition to leverage Euronext’s presence on the entire capital markets value chain in Europe to accelerate growth through innovation and efficiency. Euronext’s organic revenue growth is expected to be above 5% on average per year between 2023 and 2027. Adjusted EBITDA growth is expected to be above 5% on average per year between 2023 and 2027. The plan was prepared internally, mobilizing all employees around the new ambitions. The plan was presented in November 2024 on a hybrid investor day in Paris, gathering 150+ investors, journalists and analysts, with plenary session, Q&A and educational business deep-dives and was followed by investor roadshows and employee townhalls. b. Reinforce operational excellence within the company, including achievement of operations KPIs: In 2024 Euronext successfully delivered the migration of the MTS data centre into its Bergamo energy green data centre, contributing to its ESG and operational excellence ambitions. Euronext continued to invest in the operational resilience and stability of its service to customers, showcasing strong discipline on incident management. Euronext invested in incident prevention through additional team training and its enhanced platform monitoring tool. Euronext deployed enhanced service management practices across all activities, including Euronext Securities and Euronext Clearing. Euronext reinforced its cyber resilience through additional investment in cybersecurity, team training and strengthening of Euronext processes. c. Strengthen the succession plan and the management team in line with the new profile of the company and attract talents, including to foster diversity and inclusion: In 2024, Euronext has significantly reinforced its talent pool, attracting new experts and leaders from diverse backgrounds, and promoting internal colleagues, to support the new strategic plan Innovate for Growth 2027 and the various organic growth initiatives. Euronext has continued to reinforce internal communication and cohesion, taking several initiatives to create bonds among the employees of various locations, such as the internal Diversity network or the cross business lines innovation hackathon. On top of the regular local and group townhalls, and the Senior Leadership Team meetings, the new organisation by business lines decided end 2023 to anticipate the next strategic plan has been deployed in 2024. d. Strengthen relations with all stakeholders, including reference shareholders, regulators, and Italian ecosystem, in particular to enhance the deployment of the Capital Markets Union in Europe: Euronext finalised the integration of the Borsa Italiana group with the last Optiq and clearing migrations, with overall support from regulators and clients. This required intensive engagement of all stakeholders, especially due to unforeseen external circumstances in Europe. In addition, based on the trust built in previous years, Euronext has emphasized more prominently with regulators the need for simplification, in order to create a level playing field with its main competitors, and create a true capital market union. This has already led to some reduction of local goldplating and simplified approval processes, reducing the time to market. Euronext's consistent advocacy for the need to address fragmentation and to strengthen Europe vis-a-vis the US and China has finally gained real traction through the Letta and Draghi reports that were published in 2024. (1) As defined in section 5.2 - Other Financial information 2024 UNIVERSAL REGISTRATION DOCUMENT 177 Corporate Governance 4.4.3.2.4 STI overall achievement and % pay-out for the members of the Managing Board The overall performance assessment at 122% with the application of the performance multiplier will result in a STI pay-out of 150% of the AFS for the Group Chief Executive Officer. Other members of the Managing Board have dedicated individual quantitative or strategic targets. Performance is assessed for each of them on an individual basis by the Supervisory Board upon the recommendation of the Chief Executive Officer. Name Position Performance criteria achievement Performance multiplier impact Annual target as % of AFS Maximum pay-out as % of AFS Pay-out as % of AFS Stephane Boujnah Group Chief Executive Officer and Chairman of the Managing Board 122% 150% 100% 150% 150% Manuel Bento COO 115% 150% 70% 105% 105% Fabrizio Testa CEO of Borsa Italiana 110% 150% 70% 105% 105% Delphine d’Amarzit CEO of Euronext Paris 108% 142% 70% 105% 100% Daryl Byrne CEO of Euronext Dublin 101% 105% 70% 105% 74% Simon Gallagher CEO of Euronext London, Head of Global Sales 104% 121% 70% 105% 86% Isabel Ucha CEO of Euronext Lisbon 101% 104% 50% 75% 52% Benoît van den Hove CEO of Euronext Brussels 105% 127% 50% 75% 64% Øivind Amundsen CEO of Oslo Børs 104% 120% 70% 105% 85% 4.4.3.3 Long Term Incentive (LTI) Members of the Managing Board are eligible for Long Term Incentive awards (LTI), which help to align the interests of the members of the Managing Board with those of its long term (or prospective) shareholders and which provide an incentive for longer term commitment and retention of the members of the Managing Board. The main features of the LTI arrangements are the following: ■ equity awards will be made in the form of performance shares (Performance Shares) with a three-year cliff vesting schedule (Performance Share Plan); ■ an additional two-year lock-up for the Group Chief Executive Officer; ■ the provisional and conditional target grant of LTI will be a percentage of Annual Fixed Salary; ■ at vesting date the actual grant was determined under the 2021 Remuneration Policy taking into consideration the performance of Euronext against the criterion of TSR for 50% of the performance shares granted and the absolute EBITDA1 1 performance for 50% of the performance shares granted; ■ participants are not entitled to dividends during the vesting period. As a reminder, the annual Long Term Incentive (LTI) component as a percentage of the Annual Fixed Salary (AFS) for the members of the Managing Board remains as follows: Position Annual LTI as % of AFS Group Chief Executive Officer 150% Other members of the Managing Board 50% - 75% 4.4.3.3.1 CEO share ownership restrictions Since 2021 and in order to be aligned with Dutch Corporate Governance Code recommendations and to strengthen the alignment of the Group Chief Executive Officer’s exposure to Euronext development with the shareholders’ exposure, the Supervisory Board has introduced an additional two-year lock-up for the Group Chief Executive Officer, resulting in a total five-year period from the date of grant and increased motivation for sustainable performance. 4.4.3.3.2 Granted Shares In 2024, LTI Performance Shares were granted. The actual number of shares to be vested in 2027, after the three-year cliff vesting schedule, will depend on the following two performance measures: (1) As defined in section 5.2 - Other Financial information (2) As defined in section 5.2 - Other Financial information 178 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance ■ Total Shareholder Return (TSR) (50% weighting): The TSR performance will be based on an absolute difference between the Total Shareholders Return Index of Euronext and Total Shareholders Return Index of the STOXX Europe 600 Financial Services Index (Index) during the vesting period. The Supervisory Board established the minimum TSR performance level at the average Index. Therefore, at vesting date, if the Euronext TSR performance is at par with Index performance (the threshold), 100% of performance shares assessed against the TSR criterion will vest. Below this threshold no performance shares will vest against the TSR criterion. Over-performance whereby a 20% outperformance of the Index is met, will lead to a maximum of 200% of performance shares vesting (maximum). This level of outperformance reflects the absolute cap of performance shares to vest at vesting date against the TSR criterion. Linear extrapolation between performance bands is applied. Total Shareholder Return (TSR) Measurement of performance against Index % of performance shares assessed against the TSR criterion +20% of target or higher (maximum) 200% At par with index (threshold) 100% Below threshold 0% ■ Absolute Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA5 1) (50% weighting): The EBITDA performance will be based on the ratio between (i) the actual cumulative EBITDA of the Company for the three-year period, as reported in the audited financial statement of the Company, and (ii) a cumulative target EBITDA for the same period, based on a target yearly EBITDA growth rate (“y”) as approved by the Remuneration Committee. The multiplier of the shares granted in year N+1 (e.g. grant year), will be computed at the end of the three-year period (i.e. N+3), based on the ratio (i)/(ii). At a 0.9 ratio, 50% of performance shares assessed against the EBITDA criterion will vest at vesting date (threshold). Below this threshold no performance shares will vest against the EBITDA criterion. Over performance whereby a 1.1 ratio is met will lead to a maximum of 200% of performance shares assessed against the EBITDA criterion vesting (maximum). This level of outperformance reflects the absolute cap of performance shares to vest at vesting date against the EBITDA criterion. An intermediate stage whereby a ratio of 1 is met will lead to 100% of performance shares assessed against the criterion of EBITDA to vest at vesting date. Linear extrapolation between performance bands is applied. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) Measurement of performance against the ratio of actual accumulated EBITDA (i) to the targeted EBITDA (ii) for the same period % of performance shares assessed against the EBITDA criterion Ratio (i)/(ii) is at 1.1 or above (maximum) 200% Ratio (i)/(ii) is equal to 1 (intermediate stage) 100% Ratio (i)/(ii) is equal to 0.9 (threshold) 50% Below threshold 0% 4.4.3.3.3 Vested Shares The performance conditions from the previous Remuneration Policy were the following: EURONEXT PERFORMANCE CONDITIONS (for each part of the performance conditions) Vesting % of the number of shares Total Shareholder Return (TSR) Earnings Before Interest, Tax,Depreciation and Amortisation (EBITDA) 2 +20% or higher Ratio i/ii is at 1.1 or higher Increase of 100% At target to +20% Ratio i/ii is between 1 and 1.1 Increase on linear basis from original grant up to and including 100% increase At target Ratio i/ii is equal to 1 Original granted number At target to -20% Ratio i/ii is between 1 and 0.9 Decrease on linear basis from original grant to lapse of 50% of the shares Lower than -20% Ratio i/ii is below 0.9 Lapse of 100% of the shares After the three-year vesting period, the final performance of Euronext over this period on both criteria TSR and EBITDA determines the total number of shares to be vested. (1) As defined in section 5.2 - Other Financial Information (2) As defined in section 5.2 - Other Financial Information 2024 UNIVERSAL REGISTRATION DOCUMENT 179 Corporate Governance As a reminder, as part of the previous Remuneration Policy, LTI Performance Share Plan (“PSP”) awards vesting depends on the performance of the following two performance measures weighted equally: 1. Total Shareholder Return (“TSR”) (50% weighting): The TSR performance of Euronext is measured over a three-year period on an absolute difference between the Total Shareholders Return Index of Euronext and Total Shareholders Return Index of the STOXX Europe 600 Financial Services index during the vesting period. The Total Shareholder Return is defined as the relative performance between the average of the daily TSR over Q4 of the year preceding the year of the vesting date and the average of the daily TSR over Q4 of the year preceding the grant date. An overall underperformance in reference to the benchmark index will lead to a discount on the conditional LTI at vesting date whereby a 20% negative deviation leads to a 50% reduction of conditionally granted LTI shares at vesting date. Below -20% the reduction will be 100% of the conditionally granted LTI shares, subject to 50% weighing. Over performance will lead to a rise whereby a 20% outperformance of the index will lead to an increase of 100% in conditionally granted LTI shares at vesting date. This level of outperformance reflects the absolute cap of the LTI allotment. 2. Earnings Before Interest, Tax, Depreciation and Amortisation and Exceptional Items (EBITDA) (50% weighting): the EBITDA performance will be based on the ratio between (i) the actual cumulated EBITDA of the Company for the three year period, as reported in the audited financial statement of the Company, and (ii) a target cumulated EBITDA of the same period, based on a target yearly EBITDA growth rate (“y”) as approved by the Remuneration Committee. Shares vested in 2024 After the three-year vesting period, the final performance of Euronext over the 2021-2023 period on both criteria TSR and EBITDA has determined the total number of shares to be vested at 100% of the initial grant. Based on the financial targets set by the Supervisory Board, the performance measurement for the award made in 2021 that vested in 2024 was: 1. performance of Euronext TSR criterion (50%): Euronext TSR index has underperformed the STOXX 600 Financial Services Gross Return Index by -31.0% resulting in a lapse of the number of shares linked to the TSR criterion (i.e. from 50% to 0%) in line with the Remuneration Policy. The average STOXX 600 Financial Services TSR Index increased by 23.3% between Q4 2020 and Q4 2023. The average Euronext TSR index decreased by -7.7% during the same period, leading to an underperformance of -31.0%; 2. EBITDA 1 performance criterion (50%): over the review period, based on actual figures 2021, 2022 and 2023, the ratio of the cumulative actual EBITDA to the cumulative target EBITDA (the multiplier) was equal to 1.44 resulting in 100% increase in the number of shares linked to the EBITDA criterion (i.e. from 50% to 100%) in line with the Remuneration Policy. The actual cumulated EBITDA for the three-year period 2021-2023 was €2,479 million vs a targeted cumulated EBITDA of €1,721 million as approved by the Supervisory Board for the same period, resulting in a ratio of 1.44. Shares to be vested in 2025 After the three-year vesting period, the final performance of Euronext over the 2022-2024 period on both criteria TSR and EBITDA has determined the total number of shares to be vested at 150% of the initial grant. Based on the financial targets set by the Supervisory Board, the performance measurement for the award made in 2022 that will vest in 2025 is: ■ performance of Euronext TSR criterion (50%): Euronext TSR index has slightly underperformed the STOXX 600 Financial Services Gross Return Index by -0.4% initially resulting in a lapse of 100% of the number of shares linked to the TSR criterion. The average STOXX 600 Financial Services TSR index increased by 21.1% between Q4 2021 and Q4 2024. The average Euronext TSR index increased by 20.7% during the same period, leading to an underperformance of -0.4%. Over the period under review, the performance of the STOXX 600 Financial Services TSR Index has been significantly impacted by the performance of UBS following the merger with Credit Suisse. Without this impact the performance of the Euronext TSR index would have been significantly above the STOXX 600 Financial Services TSR Index performance. In addition, the Remuneration committee has considered an additional scenario excluding both UBS and Credit Suisse from the STOXX 600 Financial Services TSR index. In this scenario, the Euronext TSR index would still be above the STOXX 600 Financial Services TSR Index performance. For that reason, the Supervisory Board has decided that this would lead to unfair results. In accordance with the Remuneration Policy, the Supervisory Board adjusted the value to 0% or "at par" performance with the index, resulting in no increase or decrease in number of shares linked to the TSR criterion (i.e. from 50% to 50%). ■ EBITDA 2 performance criterion (50%): over the review period, based on actual figures 2022, 2023 and 2024, the ratio of the cumulated actual EBITDA to the cumulative target EBITDA (the multiplier) was equal to 1.10 resulting in 100% increase in the number of shares linked to the EBITDA criterion (i.e. from 50% to 100%) in line with the Remuneration Policy. The actual cumulated EBITDA for the three-year period 2022-2024 was €2,733 million vs a targeted cumulated EBITDA of €2,492 million as approved by the Supervisory Board for the same period, resulting in a ratio of 1.10. Details of the Long Term Incentive per Managing Board member can be seen in section 4.4.4 - Remuneration of Managing Board Members for 2024 and previous years. 2025 vesting details will be reported in 2025 Universal Registration Document, after confirmed vesting of the shares. 180 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance 4.4.3.4 Group Chief Executive Officer share ownership obligations In order to further emphasize the alignment of interests of the Group Chief Executive Officer with those of shareholders, the Supervisory Board set a requirement in 2020 to retain a certain number of shares irrespective of the date of vesting. Accordingly, the Group Chief Executive Officer will keep a number of Euronext shares representing an amount equivalent to 2 times his Annual Fixed Salary, as long as he remains Group Chief Executive Officer of Euronext. This will be assessed every year, based on the average closing price of the Euronext shares on the last 20 trading days of the year. Euronext shares owned by the Group Chief Executive Officer As of 1 March 2025, the Group Chief Executive Officer owns 92,368 ordinary shares in Euronext N.V.. This total number of shares results from: 1. Vesting of 10,060 shares in 2019, net of withheld shares for tax payment, in relation to the LTI performance shares granted in 2016; 2. Vesting of 11,693 shares in 2020, net of withheld shares for tax payment, in relation to the LTI performance shares granted in 2017; 3. Vesting of 16,170 shares in 2021, net of withheld shares for tax payment, in relation to the LTI performance shares granted in 2018. 4. Vesting of 12,367 shares in 2022, net of withheld shares for tax payment, in relation to the LTI performance shares granted in 2019. 5. Vesting of 22,803 shares in 2023, without any shares withheld for tax payment, in relation to the LTI performance shares granted in 2020. From 2020 onward, taxes on shares vested are paid at selling date and not anymore withheld at vesting. 6. Vesting of 19,275 shares in 2024, without any shares withheld for tax payment, in relation to the LTI performance shares granted in 2021. From 2020 onward, taxes on shares vested are paid at selling date and not anymore withheld at vesting. The Group Chief Executive Officer has not sold any Euronext shares received as part of the Euronext N.V Performance Shares programme since he joined the company on 16 November 2015. He sold in 2024 the 2,565 shares he had bought with personal resources in 2016. Using the average closing price of the Euronext share on the last 20 trading days of 2024 at €107.10, the shares owned by the Group Chief Executive Officer are valued at €9,892,612.80, which is more than two times his annual fixed salary. 4.4.3.5 Pension Schemes and Fringe Benefits Due to the nature and structure of the Company, the members of the Managing Board are eligible for local benefits and pension arrangements. Pension consists of various state pension and additional local supplementary pension schemes in place depending on market practice in the countries where Euronext operates. Local members of the Managing Board have access to local supplementary pension schemes when available, in line with conditions offered to other employees locally. With respect to pension arrangements, the Supervisory Board will regularly benchmark against the pension arrangements of comparable companies, in comparable markets, to ensure conformity with market practice. Although it is common practice in comparable companies, the Group Chief Executive Officer does not benefit from any pension nor retirement arrangement of any sort funded by Euronext and more generally the members of the Managing Board do not benefit from any specific pension benefits compared to all other Euronext employees. Please see in the below table details on individual pension local schemes in place. Type of supplementary pension scheme Stéphane Boujnah None Delphine d'Amarzit None Manuel Bento None Fabrizio Testa All employee Defined Contribution scheme Daryl Byrne All employee Defined Contribution scheme Simon Gallagher All employee Defined Contribution scheme Isabel Ucha All employee Defined Contribution scheme Benoît van den Hove All employee Defined Contribution scheme Øivind Amundsen All employee Defined Contribution scheme/age related contribution René van Vlerken All employee Defined Contribution scheme/age related contribution See details of the pension contribution amount per members of the Managing Board in section 4.4.4.- Remuneration of Managing Board Members for 2024 and previous years for post-employment benefits. 2024 UNIVERSAL REGISTRATION DOCUMENT 181 Corporate Governance 4.4.4 Remuneration of Managing Board Members for 2024 and previous years Five-year Remuneration Overview The remuneration for 2024 and previous years, is presented in the table below. The actual remuneration expensed for the members of the Managing Board, for the year 2024 amounted to €11.9 million. This amount includes a pro rata compensation related to Simon Gallagher who joined the Managing Board in May 2024 and Simone Huis In ’t Veld who left the Group in September 2024. The total remuneration consists of (i) an aggregate Annual Fixed Salary, (ii) the aggregate Short Term Incentive compensation based on the achievements against objective measurable criterion and (iii) the aggregate Long Term Incentive compensation recognised in accordance with IFRS 2 and (iv) an amount to be contributed to post-employment benefits. The table also presents the fixed to variable remuneration ratio. The pay-for-performance philosophy and long-term value creation is, amongst others, realised by the pay mix, with more than two-thirds of the Group Chief Executive Officer total package in variable pay. A significant part of the pay package is conditional upon the achievement of long term performance targets, with long term variable pay representing almost half of the pay package. Such balance is considered to support the Company’s strategy and the long term sustainable interests of the Company and all its stakeholders including its shareholders. 182 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Managing Board remuneration Name Title Currency Year Annual Fixed Salary (1) STI LTI based on face value at target (2) Post- employment benefits % fixed % variable Stéphane Boujnah Chief Executive Officer and Chairman of the Managing Board EUR 2020 825,000 1,237,500 1,237,500 — 25% 75% EUR 2021 825,000 1,237,500 1,650,000 — 22% 78% EUR 2022 825,000 1,237,500 1,237,500 — 25% 75% EUR 2023 1,000,000 1,425,000 1,500,000 — 25% 75% EUR 2024 1,000,000 1,500,000 2,500,000 — 20% 80% Manuel Bento COO EUR 2023 380,000 400,000 285,000 36% 64% EUR 2024 450,000 472,500 717,500 — 27% 73% Fabrizio Testa CEO of Borsa Italiana EUR 2022 360,000 378,000 270,000 12,600 36% 64% EUR 2023 360,000 378,000 270,000 25,802 36% 64% EUR 2024 360,000 378,000 270,000 25,808 36% 64% Simon Gallagher (3) CEO of Euronext London, Head of Global Sales GBP 2024 280,000 240,000 210,000 20,020 38% 62% Daryl Byrne CEO of Euronext Dublin EUR 2020 270,000 190,000 202,500 32,400 41% 59% EUR 2021 270,000 216,000 202,500 32,400 39% 61% EUR 2022 270,000 220,000 202,500 32,400 39% 61% EUR 2023 270,000 200,000 202,500 32,400 40% 60% EUR 2024 270,000 200,000 202,500 32,400 40% 60% Isabel Ucha CEO of Euronext Lisbon EUR 2020 230,000 140,000 115,000 34,500 47% 53% EUR 2021 230,000 150,000 115,000 34,500 46% 54% EUR 2022 230,000 160,000 115,000 34,500 46% 54% EUR 2023 230,000 140,000 115,000 34,500 47% 53% EUR 2024 230,000 120,000 115,000 34,500 49% 51% Øivind Amundsen CEO of Oslo Børs NOK 2020 2,700,000 1,890,000 1,350,000 73,114 45% 55% NOK 2021 2,700,000 2,160,000 1,350,000 115,443 43% 57% NOK 2022 2,700,000 2,295,000 1,350,000 120,953 43% 57% NOK 2023 2,700,000 2,295,000 1,350,000 128,702 43% 57% NOK 2024 2,700,000 2,295,000 1,350,000 146,915 43% 57% Delphine d'Amarzit CEO of Euronext Paris EUR 2021 300,000 240,000 225,000 — 39% 61% EUR 2022 300,000 270,000 225,000 — 38% 62% EUR 2023 300,000 270,000 225,000 — 38% 62% EUR 2024 300,000 300,000 225,000 — 36% 64% Benoît van den Hove CEO of Euronext Brussels EUR 2023 200,000 100,000 40,000 6,396 59% 41% EUR 2024 202,960 130,000 101,480 16,504 47% 53% (1) The fixed benefits as disclosed in Note 58 of the Financial Statements include the Annual Fixed Salary (as presented in the table above) and benefits in kind, like the company car and health care insurance, if applicable. (2) LTI value is presented upon the amount granted according the Remuneration Policy. LTI based on IFRS standard 2 “Shared-based payments” value can be seen in Note 36 of the Financial Statements. (3) appointed Managing Board Member from 15 May 2024. The Company has not granted any loans, advanced payments or guarantees to the members of the Managing Board. There is no termination clause in case of change of control. The potential severance payment in the case of termination of contract is 24 months of fixed salary. The limitation to twelve months of fixed salary as provided in the Dutch Corporate Governance Code has been balanced against the French AFEP-MEDEF Corporate Governance Code recommendations, which provide for a maximum termination indemnity of 24 months’ compensation, fixed and variable remuneration. The termination indemnity has been limited to twice the Annual Fixed Salary, which is in line with the relevant best practices in the various jurisdictions in which Euronext is active. (1) Note 9 to the financial statements (2) Note 9 to the financial statements 2024 UNIVERSAL REGISTRATION DOCUMENT 183 Corporate Governance Five year Company Performance Overview Company performance 2020 2021 2022(1) 2023(1) 2024(1) Financial metrics Share price (31/12) (EUR)(2) 82.3 91.25 69.16 78.65 108.3 Underlying revenue (EUR million) 884.3 1298.7 1467.8 1474.7 1626.9 EBITDA (EUR million) 520.0 752.8 861.6 864.7 1006.5 Non-financial metrics Countries 19 18 18 18 21 Headcount (31/12) 1455 2126 2218 2315 2,518 Average number of FTEs during the financial year 1231 1897 2122 2266 2,383 Average annual remuneration of the employees(3) 163 149 143 145 141 (1) Starting in 2022 Financials, underlying values (2) Adjusted to account for rights issue as necessary (last rights issue took place in May 2021) (3) Determined by dividing the total wage costs in the financial year (as included in the Note 9 of the financial statements) by the average number of FTEs during the financial year. Excluding the Group CEO. Pay Ratio including social charges Euronext takes into account the internal pay ratios when formulating the Remuneration Policy. The Dutch Corporate Governance code requires Dutch listed companies to assess the CEO pay ratio between (i) the total annual remuneration of the CEO including social charges and (ii) the average annual remuneration of the employees of the company and the group companies whose financial data the company consolidates. The definition and new methodology provided by the Dutch Corporate Governance code is the following: a. the total annual remuneration of the CEO includes all remuneration components such as fixed remuneration, variable remuneration in cash (bonus), the share-based part of the remuneration, social security contributions, pension, expense allowance, etc., as included in the consolidated financial statements 1; b. the average annual remuneration of the employees is determined by dividing the total wage costs in the financial year as included in the consolidated financial statements 2 by the average number of FTEs during the financial year; and c. the value of the share-based remuneration is determined at the time of assignment, in line with the applicable rules under the applied reporting requirements. The Group Chief Executive Officer Pay Ratios for the last five years with the new methodology as proposed by the Dutch Corporate Governance code are presented below: 2020 2021 2022 2023 2024 Group Chief Executive Officer Pay Ratio 28.1 34.6 35.8 36.8 41.4 184 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance Long Term Incentive in Performance Shares Overview in number of shares Plan Year of granting Outstanding as at 1 Jan. 2024 Granted in calendar year Forfeited in calendar year Additional performance shares vested in 2024 Vested in calendar year Outstanding as at 31 Dec. 2024 Stephane Boujnah LTI 2020 In 2023, 22,803 shares vested related to the 2020 LTI plan. LTI 2021 19,275 — 19,275 — LTI 2022 15,684 15,684 LTI 2023 22,522 22,522 LTI 2024 28,433 28,433 Manuel Jose Fernandes Bento LTI 2020 In 2023, 1,842 shares vested related to the 2020 LTI plan. LTI 2021 1,401 — 1,401 — LTI 2022 1,520 1,520 LTI 2023 4,279 4,279 LTI 2024 8,215 8,215 Fabrizio Testa LTI 2021 2,926 — 2,926 — LTI 2022 3,422 3,422 LTI 2023 4,054 4,054 LTI 2024 3,006 3,006 Daryl Byrne LTI 2020 In 2023, 3,732 shares vested related to the 2020 LTI plan. LTI 2021 2,365 — 2,365 — LTI 2022 2,566 2,566 LTI 2023 3,040 3,040 LTI 2024 2,255 2,255 Delphine d'Amarzit LTI 2021 2,628 — 2,628 — LTI 2022 2,851 2,851 LTI 2023 3,378 3,378 LTI 2024 2,505 2,505 Simone Huis in 't Veld LTI 2020 In 2023, 3,732 shares vested related to the 2020 LTI plan. LTI 2021 2,365 — 2,365 LTI 2022 2,566 2,566 — LTI 2023 3,040 3,040 — LTI 2024 2,255 2,255 — Simon Gallagher LTI 2020 In 2023, 2,764 shares vested related to the 2020 LTI plan. LTI 2021 1,927 — 1,927 — LTI 2022 2,376 2,376 LTI 2023 2,815 2,815 LTI 2024 2,725 2,725 Isabel Ucha LTI 2020 In 2023, 2,119 shares vested related to the 2020 LTI plan. LTI 2021 1,343 — 1,343 — LTI 2022 1,457 1,457 LTI 2023 1,726 1,726 LTI 2024 1,280 1,280 2024 UNIVERSAL REGISTRATION DOCUMENT 185 Corporate Governance Øvind Amundsen LTI 2020 In 2023, 2,267 shares vested related to the 2020 LTI plan. LTI 2021 1,576 — 1,576 — LTI 2022 1,667 1,667 LTI 2023 1,723 1,723 LTI 2024 1,292 1,292 Benoît van den Hove LTI 2020 In 2023, 738 shares vested related to the 2020 LTI plan. LTI 2021 467 — 467 — LTI 2022 506 506 LTI 2023 600 600 LTI 2024 1,130 1,130 118,065 53,096 7,861 — 36,273 127,027 4.4.5 Remuneration of Supervisory Board Members Supervisory Board Remuneration Policy The Remuneration Policy of the Supervisory Board was approved in the May 2021 Annual General Meeting, with a 95.54% percentage of favourable votes. The principles of the Supervisory Board Remuneration Policy are to compensate Supervisory Board members for the time dedicated to oversee Euronext in line with responsibilities required by the Civil Code, Dutch Corporate Governance Code, the Rules of Procedure of the Supervisory Board and the Articles of Association. The Remuneration Policy structure comprise a fixed fee and a variable amount per meeting. The Supervisory Board Remuneration Policy is aimed at ensuring a balanced, sustainable and competitive remuneration package supporting the long term strategy of Euronext and intends to compensate Supervisory Board members for the time dedicated to oversee Euronext in line with responsibilities required by the Dutch Civil Code, Dutch Corporate Governance Code, the Rules of Procedure of the Supervisory Board and the Articles of Association. Given the nature of the Supervisory Board’s responsibilities, remuneration is not linked to Company performance. Supervisory Board members are not granted equity-based compensation, in line with the Dutch Corporate Governance Code. The fee structure for the members of the Supervisory Board is the following: Role Fixed amount Variable amount (per physical meeting) Chair of the Supervisory Board € 185,000 € 3,500 Vice-Chair of the Supervisory Board € 95,000 € 2,500 Member of the Supervisory Board € 50,000 € 2,500 Chair of the Audit Committee € 30,000 - Member of the Audit Committee € 9,000 - Chair of the Risk Committee € 30,000 - Member of the Risk Committee € 9,000 - Chair of the Remuneration Committee € 20,000 - Member of the Remuneration Committee € 9,000 - Chair of the Governance & Nomination Committee € 20,000 - Member of the Governance & Nomination Committee € 9,000 - 186 2024 UNIVERSAL REGISTRATION DOCUMENT 4 Corporate Governance 2024 Remuneration In line with the Supervisory Board Remuneration Policy, gross amounts paid to members of the Supervisory Board in 2024 are disclosed below: Group Supervisory Board (in '000€) 2020 2021 (a) 2022 2023 2024 Piero Novelli 117 253 249 242 Dick Sluimers 183 198 162 164 154 Alessandra Ferone 53 91 96 88 Diana Chan 64 116 114 37 Fedra Ribeiro 44 Franck Silvent 84 27 Jim Gollan 95 32 Kerstin Günther 30 Koen Van Loo 44 Lieve Mostrey 0 0 Luc Keuleneer 84 27 Manuel Ferreira da Silva 90 82 98 96 32 Morten Thorsrud 84 93 117 114 109 Muriel De Lathouwer 55 Nathalie Rachou 94 91 109 104 110 Olivier Sichel 41 75 78 68 Padraic O’Connor 90 90 98 96 88 Rika Coppens 53 96 91 33 (a) The Remuneration Policy of the Supervisory Board has been implemented only for part of 2021, following the approval of the AGM in May 2021. Members of the Supervisory Board, also received remuneration in relation to their positions in the Supervisory Board of Euronext’s subsidiaries: Dick Sluimers and Rika Coppens for their position at Euronext Amsterdam, and Rika Coppens and Muriel De Lathouwer for their position at Euronext Brussels. These remunerations are disclosed in the figures as illustrated below. Local Boards (in '000€) 2020 2021 2022 2023 2024 Dick Sluimers 15 15 15 15 15 Rika Coppens 18 30 13 Muriel De Lathouwer 9 Euronext does not issue options or share plans or other incentive plans to members of the Supervisory Board. Euronext has not granted any loans to members of the Supervisory Board. There are no service contracts which provide for benefits upon termination of employment with members of the Supervisory Board. Appointment and dismissal As per 1 January 2024, the Supervisory Board was composed of Piero Novelli, Dick Sluimers, Diana Chan, Rika Coppens, Alessandra Ferone, Manuel Ferreira da Silva, Padraic O’Connor, Nathalie Rachou, Olivier Sichel and Morten Thorsrud. Diana Chan, Rika Coppens and Manuel Ferreira da Silva retired from the Supervisory Board on 15 May 2024. Muriel De Lathouwer, Fedra Ribeiro and Koen Van Loo were appointed to the Supervisory Board with effect from 8 August 2024. As per 31 December 2024, the Supervisory Board was therefore composed of Piero Novelli, Dick Sluimers, Muriel De Lathouwer, Alessandra Ferone, Padraic O’Connor, Nathalie Rachou, Fedra Ribeiro, Olivier Sichel, Morten Thorsrud and Koen Van Loo. 2024 UNIVERSAL REGISTRATION DOCUMENT 187 Corporate Governance This page has intentionally been left blank 188 2024 UNIVERSAL REGISTRATION DOCUMENT 5 Selected historical financial information and other financial information 2024 UNIVERSAL REGISTRATION DOCUMENT 189 Selected historical financial information and other financial information 5 5.1 Selected historical consolidated financial information 5.2 Other Financial Information 190 2024 UNIVERSAL REGISTRATION DOCUMENT 5 Selected historical financial information and other financial information 5 SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION AND OTHER FINANCIAL INFORMATION In accordance with Article 19 of Regulation (EU) 2017/1129, the following information is incorporated by reference in the Universal Registration Document: For Financial Year 2023 Required disclosures in the report of the Managing Board appearing in the Statement of the Managing Board, the Consolidated Financial Statements and Company Financial Statements are presented on pages 234-318 and the corresponding auditor's report is presented on page 319 to 326 of the 2023 Universal Registration Document filed with the Autoriteit Financiële Markten on 28 March 2024 and available at: https://www.euronext.com/sites/default/files/financial- event-doc/2024-04/EUR_EURONEXT_URD2023_EN_MEL %20%281%29.pdf For Financial Year 2022 Required disclosures in the report of the Managing Board appearing in the Statement of the Managing Board, the Consolidated Financial Statements and Company Financial Statements are presented on pages 224-308 and the corresponding auditor's report is presented on page 309 to 316 of the 2022 Universal Registration Document filed with the Autoriteit Financiële Markten on 30 March 2023 and available at: https://www.euronext.com/sites/default/files/financial- event-doc/2023-04/2022%20URD%20-%20Euronext %20-%20PDF%20Copy%20%282%29_0.pdf 5.1 Selected Historical Consolidated Financial Information The selected consolidated financial information set out below is derived from the audited Consolidated Financial Statements for the financial years ended 31 December 2024, 2023 and 2022 and should be read in conjunction with, and is qualified by reference to, those Consolidated Financial Statements. 2024 UNIVERSAL REGISTRATION DOCUMENT 191 Selected historical financial information and other financial information Selected Consolidated Income Statement Data In thousands of euros Year ended 31 December 2024 31 December 2023 31 December 2022 Revenue Listing 231,860 220,642 218,380 Trading revenue 559,431 490,008 514,125 of which ■ Cash trading 284,022 265,439 301,714 ■ Derivatives trading 53,083 54,168 58,380 ■ Fixed income trading 145,527 107,425 92,951 ■ FX trading 31,742 25,556 28,406 ■ Power trading 45,057 37,420 32,674 Investor Services 14,126 11,375 9,596 Advanced data services 241,743 224,774 212,053 Post-trade 414,747 370,183 364,519 of which ■ Clearing 144,270 121,283 121,393 ■ Custody & Settlement and other 270,477 248,900 243,126 Euronext Technology Solutions & Other revenue 106,157 109,894 100,101 Net treasury income/(loss) through CCP business 56,824 46,660 (4,913) Other income 2,026 1,393 1,530 Transitional income / (loss) — (222) 3,419 TOTAL REVENUE AND INCOME 1,626,914 1,474,707 1,418,810 Salaries and employee benefits (341,634) (332,416) (307,017) Depreciation and amortisation (188,745) (170,131) (160,191) Other operational expenses (309,688) (355,923) (326,344) OPERATING PROFIT 786,847 616,237 625,258 Finance costs (36,513) (35,714) (37,078) Finance income 46,235 30,526 5,806 Other net financing result 7,802 5,208 (691) Results from equity investments 33,339 23,500 9,842 Gain on sale of subsidiaries 20 (206) 2,274 Gain on sale of associates 1,179 53,028 — Share of net profit from associates and joint ventures accounted for using the equity method, and impairments thereof 150 6,533 8,834 PROFIT BEFORE INCOME TAX 839,059 699,112 614,245 Income tax expense (218,375) (162,697) (163,605) PROFIT FOR THE YEAR 620,684 536,415 450,640 PROFIT ATTRIBUTABLE TO: ■ Owners of the parent 585,571 513,567 437,827 ■ Non-controlling interest 35,113 22,848 12,813 192 2024 UNIVERSAL REGISTRATION DOCUMENT 5 Selected historical financial information and other financial information Selected Consolidated Statement of Financial Position Data In thousands of euros As at 31 December 2024 As at 31 December 2023 As at 31 December 2022 ASSETS Non-current assets Property, plant and equipment 106,233 114,373 109,389 Right-of-use assets 57,471 55,739 42,290 Goodwill and other intangible assets 6,096,232 6,108,152 6,205,826 Deferred tax assets 30,380 31,258 18,917 Investments in associates and joint ventures 756 1,329 72,009 Financial assets at fair value through other comprehensive income 357,011 262,655 278,219 Financial assets at amortised cost 2,685 3,452 2,312 Other non-current assets 789 1,088 1,374 Total non-current assets 6,651,557 6,578,046 6,730,336 Current assets Trade and other receivables 381,090 303,515 318,087 Other current assets 31,829 30,128 27,585 Current income tax assets (a) 11,368 15,494 54,931 Derivative financial instruments — — — CCP clearing business assets (b) 270,288,740 181,028,074 166,842,539 Other current financial assets 63,809 103,053 162,740 Cash and cash equivalents 1,673,455 1,448,788 1,001,082 Total current assets 272,450,291 182,929,052 168,406,964 Total assets 279,101,848 189,507,098 175,137,300 EQUITY AND LIABILITIES Equity Issued capital 166,777 171,370 171,370 Share premium 2,237,019 2,432,426 2,432,426 Reserve own shares (137,412) (242,117) (32,836) Retained earnings 1,839,923 1,543,458 1,265,765 Other reserves 138,868 40,554 77,242 Shareholders' equity 4,245,175 3,945,691 3,913,967 Non-controlling interests 156,805 139,655 126,339 Total equity 4,401,980 4,085,346 4,040,306 Non-current liabilities Borrowings 2,537,031 3,031,629 3,027,161 Lease liabilities 46,225 37,314 21,648 Other non-current financial liabilities 3,500 — — Deferred tax liabilities 496,836 531,895 552,574 Post-employment benefits 21,013 22,677 19,631 Contract liabilities 56,402 60,029 63,785 Provisions 7,164 7,295 7,049 Total non-current liabilities 3,168,171 3,690,839 3,691,848 Current liabilities Borrowings 516,479 17,286 17,370 Lease liabilities 15,792 22,159 28,466 Derivative financial instruments 147 34 19 CCP clearing business liabilities (b) 270,357,949 181,145,101 166,858,684 2024 UNIVERSAL REGISTRATION DOCUMENT 193 Selected historical financial information and other financial information In thousands of euros As at 31 December 2024 As at 31 December 2023 As at 31 December 2022 Current income tax liabilities (a) 91,065 46,051 28,463 Trade and other payables 464,267 415,843 396,287 Contract liabilities 80,109 79,270 75,198 Provisions 5,889 5,169 659 Total current liabilities 271,531,697 181,730,913 167,405,146 Total equity and liabilities 279,101,848 189,507,098 175,137,300 (a) The Group adjusted the figures for 2023 downwards by €43.1 million for both current income tax assets and current income tax liabilities, to adjust for the netting of taxes in the Italian fiscal sub-group. (b) The Group restated the comparative figures of CCP clearing business assets and liabilities downwards by €2,687 million, following the correction of an error as further described in Chapter 8 'Financial Statements', Note 3.Y. Selected Statement of Cash Flows Data In thousands of euros Year ended 31 December 2024 31 December 2023 31 December 2022 Net cash generated by operating activities 708,598 826,073 616,486 Net cash (used in)/provided by investing activities (a) (37,070) 157,905 (122,585) Net cash (used in) financing activities (a) (441,674) (522,213) (282,368) NET INCREASE IN CASH AND CASH EQUIVALENTS 229,854 461,765 211,533 Cash and cash equivalents – Beginning of period 1,448,788 1,001,082 809,409 Non-cash exchange (losses) on cash and cash equivalents (5,187) (14,059) (19,860) CASH AND CASH EQUIVALENTS – END OF PERIOD 1,673,455 1,448,788 1,001,082 (a) The Group adjusted the figures for 2023, by reclassifying €2.5 million from cash flows from investing activities to cash flows from financing activities, as the Group has re-presented 'transactions with non-controlling interests' as part of cash flows from financing activities, whereas in 2023 this item was erroneously presented as part of cash flows from investing activities. 5.2 Other Financial Information Non-IFRS financial measures In presenting and discussing the Group’s financial position, ('underlying') operating results and ('underlying') net results throughout this Universal Registration Document, management uses certain Alternative performance measures not defined by IFRS and that have not been audited or reviewed. These Alternative performance measures (APMs) should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. Alternative performance measures do not have standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Euronext believes that these measures provide valuable supplemental information to the company’s management, investors and other stakeholders to evaluate the company’s performance. The Group presents the line items of its consolidated income statement before any 'non-underlying' items, as this highlights more clearly trends in the Group’s business and results in more reliable and relevant information of the Group’s ongoing sustainable financial performance. The table below summarises the various APMs used throughout this Universal Registration Document, as well as the Group’s rationale and purpose to use a specific APM. 194 2024 UNIVERSAL REGISTRATION DOCUMENT 5 Selected historical financial information and other financial information Alternative Performance Measure Definition Rationale / purpose of use Adjusted net income Profit attributable to the owners of the Parent adjusted for any non-underlying items and tax related to those items. Adjusted net income is used by the Group to provide to investors a better understanding of the true profitability of the Group for the applicable period. Adjusted EPS The adjusted net income of the Group divided by the total weighted average number of shares outstanding for the period Adjusted EPS is used by the Group to provide to investors a better understanding of the true profitability per share of the Group for the applicable period. Free cash flow Net cash generated by operating activities minus capital expenditures Free cash flow represents the cash generating capability of the Group to pay dividends, repay providers of capital, or carry out acquisitions. Capital expenditures Purchase of property, plant and equipment plus purchase of intangible assets, including investments in software developed in-house Capital expenditures indicate the Group's appetite to invest in existing and new fixed assets to maintain or grow the business. 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. These items are disclosed in Chapter 8, Note 3, section U of the URD. Non-underlying items are presented separately in the Consolidated Statement of Profit or Loss, as defined in section 8.1 of the URD in order to improve the understanding of the operating performance of the Group. Adjusted operating profit Total revenues and income minus salaries and employee benefits, minus depreciation and amortisation minus other operating expenses, adjusted for any non-underlying items. Adjusted operating profit is used by the Group to measure its profit generated from its core business functions. Adjusted depreciation and amortisation Depreciation and amortisation, adjusted for any non-underlying items. Adjusted depreciation and amortisation is used by the Group to measure its depreciation and amortisation generated from its core business functions. Adjusted total revenue and income Total revenue and income, adjusted for any non-underlying items. Adjusted total revenue and income is used by the Group to measure its total revenue and income generated from its core business functions. EBITDA Operating profit before depreciation and amortisation. EBITDA is used by the Group to measure its operating performance. Adjusted EBITDA Adjusted operating profit before adjusted depreciation and amortisation. Adjusted EBITDA is used by the Group to measure its operating performance, as management believes that this measurement is most relevant in evaluating the operating results of the Group. This measure is included in the internal management reports that are reviewed by the CODM. EBITDA margin EBITDA (as defined above), divided by total revenue and income. EBITDA margin is used to show the ratio between the EBITDA and the revenue and income. Adjusted EBITDA margin Adjusted EBITDA (as defined above), divided by adjusted total revenue and income. Adjusted EBITDA margin is used to show the ratio between the Adjusted EBITDA and the revenue and income. EBITDA to Net operating cash flow Net cash generated by operating activities, divided by EBITDA (as defined above). This ratio, also called cash conversion ratio, is used to assess the efficiency of the Group to turn the EBITDA into cash. Net debt to EBITDA ratio The aggregated non-current and current borrowings of the Group less cash and cash equivalents of the Group, divided by EBITDA (as defined above) This ratio is used as a proxy to assess the Group's solvency (i.e. its ability to face its financial commitments in the long run). 2024 UNIVERSAL REGISTRATION DOCUMENT 195 Selected historical financial information and other financial information The figures used in the reconciliation tables below have been derived from the Consolidated Financial Statements as provided in section 8 of this Universal Registration Document. Reconciliation of Adjusted Total revenue and income, Adjusted Depreciation and amortisation and Adjusted Operating Profit In thousands of euros Year ended 31 December 2024 31 December 2023 31 December 2022 Total revenue and income 1,626,914 1,474,707 1,418,810 Non-underlying items included in total revenue and income — — (48,951) Adjusted Total revenue and income (a) 1,626,914 1,474,707 1,467,761 Depreciation and amortisation (188,745) (170,131) (160,191) Non-underlying items included in depreciation and amortisation (105,211) (95,916) (91,362) Adjusted Depreciation and amortisation (a) (83,534) (74,215) (68,829) Operating profit 786,847 616,237 625,258 Non-underlying items included in total revenues and income — — (48,951) Non-underlying items included in salaries and employee benefits (11,458) (12,931) (5,958) Non-underlying items included in depreciation and amortisation (105,211) (95,916) (91,362) Non-underlying items included in other operational expenses (19,407) (65,367) (21,259) Non-underlying items included in operating profit (136,076) (174,214) (167,530) Adjusted Operating profit (a) 922,923 790,451 792,788 (a) Adjusted Operating profit, Adjusted Depreciation and amortisation and Adjusted Total revenue and income are non-IFRS measures and should not be considered as an alternative to, or more meaningful than, and should be read in conjunction with Operating profit, Total revenue and income, Salaries and employee benefits, Depreciation and amortisation and Other operational expenses. Reconciliation of EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin, EBITDA to Net operating cash flow and Net debt to EBITDA ratio In thousands of euros (except for percentages and ratios) Year ended 31 December 2024 31 December 2023 31 December 2022 Operating profit 786,847 616,237 625,258 Depreciation and amortisation (188,745) (170,131) (160,191) EBITDA (a) 975,592 786,368 785,449 Total revenue and income 1,626,914 1,474,707 1,418,810 EBITDA margin(a) 60.0% 53.3% 55.4% Adjusted Operating profit 922,923 790,451 792,788 Adjusted Depreciation and amortisation (83,534) (74,215) (68,829) Adjusted EBITDA (a) 1,006,457 864,666 861,617 Adjusted Total revenue and income 1,626,914 1,474,707 1,467,761 Adjusted EBITDA margin(a) 61.9% 58.6% 58.7% Net cash generated by operating activities 708,598 826,073 616,486 EBITDA to Net operating cash flow (a) 72.6% 105.0% 78.5% Non-current Borrowings 2,537,031 3,031,629 3,027,161 Current Borrowings 516,479 17,286 17,370 Less: Cash and cash equivalents (1,673,455) (1,448,788) (1,001,082) Net debt 1,380,055 1,600,127 2,043,449 Net debt to EBITDA ratio (a) 1.41 2.03 2.60 (a) EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin, EBITDA to Net operating cash flow and Net debt to EBITDA ratio are non-IFRS measures and should not be considered as an alternative to, or more meaningful than, and should be read in conjunction with Operating profit, Depreciation and amortisation, Total revenue and income, Net cash generated by operating activities, Non-current Borrowings, Current Borrowings and Cash and cash equivalents. 196 2024 UNIVERSAL REGISTRATION DOCUMENT 5 Selected historical financial information and other financial information Reconciliation of Free Cash Flow and Capital Expenditures In thousands of euros Year ended 31 December 2024 31 December 2023 31 December 2022 Net cash generated by operating activities 708,598 826,073 616,486 Purchase of property, plant and equipment (17,964) (27,703) (31,867) Purchase of intangible assets (excluding intangible assets recognised on acquisition of subsidiaries) (69,277) (75,333) (67,650) Capital Expenditures (a) (87,241) (103,036) (99,517) Free Cash Flow (a) 621,357 723,037 516,969 (a) Free Cash Flow and Capital Expenditures are non-IFRS measures and should not be considered as an alternative to, or more meaningful than, and should be read in conjunction with, Net cash generated by operating activities. Reconciliation of Adjusted Net Income and Adjusted EPS Year Ended In millions of euros, unless stated otherwise 31 December 2024 31 December 2023 31 December 2022 Profit attributable to the owners of the Parent 585.6 513.6 437.8 EPS (Basic Earnings per Share) (€ per share) 5.65 4.84 4.10 Adjustments for non-underlying items included in: Total revenue and income — — (49.0) Depreciation and amortisation (D&A) (105.2) (95.9) (91.4) Operating expenses excluding D&A (30.9) (78.3) (27.2) Finance cost — — — (Loss)/gain on disposal of subsidiaries — (0.2) 2.3 Gain on sale of associates 1.2 53.0 — Impairment of investments in associates and joint ventures — — (1.5) Non-controlling interests 2.5 4.1 4.6 Tax related to non-underlying items 35.5 46.2 44.7 Adjusted Net Income (a) 682.5 584.7 555.3 Adjusted EPS (€ per share) (a) 6.59 5.51 5.21 (a) Adjusted Net Income and Adjusted EPS are non-IFRS measures and should not be considered as an alternative to, or more meaningful than, and should be read in conjunction with respectively, Profit attributable to the owners of the Parent and Basic Earnings per Share. 2024 UNIVERSAL REGISTRATION DOCUMENT 197 Selected historical financial information and other financial information This page has been intentionally left blank 198 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital 2024 UNIVERSAL REGISTRATION DOCUMENT 199 General Description of the Company and its Share Capital 6 6.1 Legal Information on the Company 6.6 Anti-Takeover Provisions 6.1.1 General 6.1.2 Corporate Objects 6.7 Obligations of Shareholders and Members of the Managing Board to 6.2 Share Capital Disclose Holdings 6.2.1 Authorised and Issued Share Capital 6.2.2 Issue of Shares 6.8 Short Positions 6.2.3 Pre-Emption Rights 6.2.4 Acquisition of Shares in Euronext's Capital 6.9 Market Abuse Regime 6.2.5 Reduction of Share Capital 6.10 Transparency Directive 6.3 Shareholder Structure 6.11 Dutch Financial Reporting 6.4 Share Classes and Major Shareholders Supervision Act 6.4.1 Reference Shareholders 6.4.2 Major Shareholdings 6.12 Dividends and Other Distributions 6.5 General Meeting of Shareholders 6.13 2025 Financial Calendar and Voting Rights 6.5 200 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital 6 GENERAL DESCRIPTION OF THE COMPANY AND ITS SHARE CAPITAL 6.1 Legal information on the company 6.1.1 General Euronext is a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands and is domiciled in the Netherlands. The Company was incorporated in the Netherlands on 15 March 2014. Euronext’s statutory seat (statutaire zetel) is in Amsterdam, the Netherlands, and its registered office and principal place of business is at Beursplein 5, 1012 JW Amsterdam, the Netherlands. The Company is registered with the trade register of the Chamber of Commerce for Amsterdam, the Netherlands, under number 60234520, and the telephone number is +31 (0)20-7214444. Euronext’s LEI is 724500QJ4QSZ3H9QU415 and its corporate website is https://www.euronext.com/en. Other than the sections of the 2022 and 2023 Universal Registration Document that are explicitly incorporated by reference in this Universal Registration Document, the contents of Euronext’s website, or of websites accessible from hyperlinks on that website, do not form part of, and are not incorporated by reference into, this Universal Registration Document. 6.1.2 Corporate Objects Euronext’s corporate objects, as set out in Article 3 of the Articles of Association, are to participate and to manage other enterprises and companies of which the objects are to set up, develop, hold and operate, directly or indirectly, one or more regulated and other markets or other facilities with regard to the listing of, the trading in, the post-trade processing of transactions in, and related services and process in, securities and derivatives, as well as to manage and finance subsidiaries, to enter into joint ventures with other enterprises and other companies engaged in one or more of the activities referred to above; to acquire, operate and dispose of industrial and intellectual property rights as well as real property; to provide security for the debts of the Company, its subsidiaries or any other legal person and to undertake all that is connected to the foregoing or in furtherance thereof. 6.2 Share capital 6.2.1 Authorised and Issued Share Capital Under the Articles of Association, Euronext’s authorised share capital amounts to €200,000,001.60 and is divided into 125,000,000 Ordinary Shares, each with a nominal value of €1.60 and one priority share with a nominal value of €1.60. All of Euronext’s shares have been or will be created under Dutch law. Following the cancellation of 2,870,787 shares bought back under Euronext's share repurchase programme performed between 31 July 2023 and 4 January 2024, on 31 December 2024, Euronext’s issued share capital amounted to €166,776,811.20 and was divided into 104,235,507 Ordinary Shares. As of 31 December 2024, Euronext held 1,475,395 shares in its own shares. The Priority Share is currently not outstanding. All shares that are issued at the date of this Universal Registration Document are fully paid up. As of 31 December 2023 and prior to the cancellation of the shares in 2024, Euronext's issued share capital amounted to €171,370,070.40 and was divided into 107,106,294 Ordinary Shares. All shares carry the same voting rights, with the exception of shares that are held by the Company or its subsidiaries, which are not entitled to be voted upon. There are no convertible securities, exchangeable securities or securities with warrants in Euronext. All of the Ordinary Shares represent capital in Euronext. No share or loan capital of any member of the Euronext group is under option or agreed, conditionally or unconditionally, to be put under option. On 11 November 2024, Euronext started a €300 million share repurchase programme ("the Programme"). The Programme was implemented in accordance with the authorisation given to the Managing Board of the Company at the 2024 Annual General Meeting on 15 May 2024 to acquire ordinary shares in the share capital of the Company on behalf of the Company to a limit of 10.0% of the share capital of the Company. As of 31 December 2024, 927,970 shares had been bought back at an average price of €105.4 per share. This represents approximately 32.6% of the Programme. On 11 March 2025, Euronext announced the completion of the €300 million share repurchase programme. Between 11 2024 UNIVERSAL REGISTRATION DOCUMENT 201 General Description of the Company and its Share Capital November 2024 and 10 March 2025, 2,692,979 shares, or approximately 2.58% of Euronext’s share capital, were repurchased at an average price of €111.40 per share. The purpose of the Programme is to reduce the share capital of Euronext and the Programme is executed by a financial intermediary in compliance with applicable rules and regulations, including the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Euronext is subject to the provisions of the Dutch Financial Supervision Act and the Articles of Association with regard to the issue of shares following admission. The shares are in registered form and are only available in the form of an entry in Euronext’s shareholders’ register and not in certificated form. 6.2.2 Issue of Shares Under its Articles of Association Euronext may issue shares, or grant rights to subscribe for shares, only pursuant to a resolution of the General Meeting upon proposal of the Supervisory Board or upon proposal of the Managing Board, which proposal has been approved by the Supervisory Board. Euronext’s Articles of Association provide that the General Meeting may designate the authority to issue shares or grant rights to subscribe for shares, to the Managing Board upon proposal of the Supervisory Board on a proposal of the Managing Board, which proposal has been approved by the Supervisory Board. Pursuant to the Dutch Civil Code and Euronext’s Articles of Association, the period of designation may not exceed five years. Such designation may be renewed by a resolution of the General Meeting for a subsequent period of up to five years each time. Unless the resolution determines otherwise, the designation is irrevocable. At the designation, the number of shares which may be issued by the Managing Board must be determined. On 15 May 2024, the General Meeting designated the Managing Board as per 15 May 2024 for a period of eighteen months or until the date on which the meeting again extends the designation, if earlier, as the competent body to, subject to the approval of the Supervisory Board, issue ordinary shares and to grant rights to subscribe for ordinary shares up to a total of 10% of the currently issued ordinary share capital. As set out in the IPO prospectus of 10 June 2014, Euronext has an agreement with its Reference Shareholders to give reasonable prior notice if it uses this authority for share issuances in case of a merger or acquisition transaction. By supplemental letter agreement dated 29 April 2021 Euronext has, in addition, undertaken towards its Reference Shareholders that it will not use this authority for any share issuances, if and to the extent pursuant to such issuance the joint shareholding of the Reference Shareholders in Euronext N.V. would dilute to below 18.18%. 6.2.3 Pre-Emption Rights Dutch company law and Euronext’s Articles of Association in most cases give shareholders pre-emption rights to subscribe on a pro rata basis for any issue of new shares or upon a grant of rights to subscribe for shares. Exceptions to these pre-emption rights include the issue of shares and the grant of rights to subscribe for shares (i) to Euronext’s employees, (ii) in return for non-cash consideration, or (iii) the issue of shares to persons exercising a previously granted right to subscribe for shares. A shareholder may exercise pre-emption rights during a period of two weeks from the date of the announcement of the issue or grant. The General Meeting or the Managing Board, if so designated by the General Meeting, may restrict the right or exclude shareholder pre-emption rights. A resolution by the General Meeting to designate the authority to exclude or limit pre-emption rights to the Managing Board requires a majority of at least two-thirds of the votes cast if less than 50% of Euronext’s issued share capital is represented and can only be taken upon proposal of the Supervisory Board or upon proposal of the Managing Board, which proposal has been approved by the Supervisory Board. If the General Meeting has not designated this authority to the Managing Board, the General Meeting may itself vote to limit or exclude pre-emption rights and will also require a majority of at least two-thirds of the votes cast, if less than 50% of Euronext’s issued share capital is represented at the General Meeting. On 15 May 2024, the General Meeting designated the Managing Board as per 15 May 2024 for a period of eighteen months or until the date on which the meeting again extends the designation, if earlier, as the competent body to, subject to the approval of the Supervisory Board, restrict or exclude the pre-emptive rights of shareholders pertaining to (the right to subscribe for) ordinary shares upon any issuance of ordinary shares (as referred to in Item 10a of the agenda of the meeting). The Company has an agreement with its Reference shareholders (see section 6.4.1 - Reference Shareholders) to give reasonable prior notice if Euronext uses this authority for share issuances in case of a merger or acquisition transaction. 6.2.4 Acquisition of Shares in Euronext’s Capital Euronext may acquire fully paid shares at any time for no consideration (om niet), or, subject to the following provisions of Dutch law and its Articles of Association, Euronext may acquire fully paid shares for consideration, namely if (i) its shareholders’ equity, less the payment required to make the acquisition, does not fall below the sum of paid-in and called- up share capital and any statutory reserves, (ii) Euronext and its subsidiaries would thereafter not hold shares or hold a pledge over Euronext shares with an aggregate nominal value exceeding 50% of its issued share capital, and (iii) the Managing Board has been authorised by the General Meeting, with the prior approval of the Supervisory Board. Authorisation from the General Meeting to acquire Euronext shares must specify the number and class of shares that may be acquired, the manner in which shares may be acquired and the price range within which shares may be acquired. Such authorisation will be valid for no more than eighteen months. Any shares Euronext holds may not be voted or counted for voting quorum purposes. On 15 May 2024, the General Meeting designated the Managing Board as per 15 May 2024 for a period of eighteen months or until the date on which the meeting again extends the authorisation, if earlier, to, subject to the approval of the Supervisory Board, have the Company acquire ordinary shares in the share capital of the Company through purchase on a stock exchange or otherwise. The authorisation is given for 202 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital the purchase of up to 10% of the issued ordinary shares at the time of the purchase, for a purchase price between (a) the par value of the ordinary shares at the time of the purchase and (b) the average closing price of the ordinary shares on Euronext Paris, Euronext Amsterdam, Euronext Brussels and Euronext Lisbon, during the five trading days preceding the day of purchase within a margin of 10% of that purchase price. Under the Facilities Agreement ( see section 7.1.11 - Facilities Agreement), Euronext’s ability to acquire its shares is restricted, subject to certain exceptions. 6.2.5 Reduction of Share Capital Under Euronext’s Articles of Association, upon a proposal from the Supervisory Board, or upon proposal of the Managing Board, which has been approved by the Supervisory Board, the General Meeting may resolve to reduce Euronext’s issued and outstanding share capital by cancelling its shares, or by amending Euronext’s Articles of Association to reduce the nominal value of its shares. The decision to reduce Euronext’s share capital requires a majority of at least two-thirds of the votes cast if less than 50% of Euronext’s issued share capital is present or represented at the General Meeting. The General Meeting will be requested during the 2025 Annual General Meeting on 15 May 2025 to authorise the cancellation by way of withdrawal of the shares that were purchased under the share repurchase programme mentioned in section 6.2.1 - Authorised and Issued Share Capital . If approved, the resolution to this effect of the Managing Board will be deposited at the trade register and announced in a national newspaper for a period of 2 months following the announcement. 2024 UNIVERSAL REGISTRATION DOCUMENT 203 General Description of the Company and its Share Capital 6.3. Shareholder Structure Shareholding structure as of December 2024 The shareholding structure as of 31 December 2024 was as follows . Shareholder Number of shares % of capital Reference shareholders (a) 24,429,982 23.44% Treasury Shares (b) 1,475,395 1.42% of which shares repurchased under the share repurchase programme 927,970 0.89% Employees 124,489 0.12% Free float 78,205,641 75.03% TOTAL 104,235,507 100.00% (a) Only includes the shares held within the Reference Shareholders Agreement (b) Treasury shares include shares acquired as part of the share repurchase programme, which will be cancelled Source: Euronext shareholders identification data Euronext Reference Shareholders as of 31 December 2024 Name of reference shareholder Number of shares Individual shareholding (% of capital) Caisse des Dépôts et Consignations 8,375,531 8.04% CDP Equity 8,375,531 8.04% Société Fédérale de Participations et d’Investissement/ Federale Participatie- en Investeringsmaatschappij 5,533,326 5.31% Intesa SanPaolo 1,606,594 1.54% ABN AMRO Bank N.V. through its subsidiary ABN AMRO Participaties Fund I B.V. 539,000 0.52% TOTAL SHAREHOLDING (a) 24,429,982 23.44% (a) Only includes the shares held within the Reference Shareholders Agreement. On 8 March 2024, an announcement was published confirming that Société Fédérale de Participations et d’Investissement, Caisse des Dépôts et Consignations and CDP Equity agreed with Euroclear S.A./N.V. to acquire from Euroclear respectively 2,142,126, 535,531 and 535,531 shares in the share capital of Euronext N.V., representing respectively 2.0%, 0.5% and 0.5% of the share capital of the Company. 204 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital Euronext share Euronext shares are listed on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris since June 2014. Euronext share price performance since IPO 17.89 108.3 €11.2bn market capitalisation as of 31/12/24 ENX:FP on Bloomberg ENX.PA on Reuters +37.7% share price evolution in 2024 Company Information ■ Postal Address: Beursplein 5, NL-1012 JW Amsterdam, Netherlands ■ Phone: +31 (0)20 72 14 400 ■ Website: https://www.euronext.com Investors Relations ■ Website: https://www.euronext.com/en/investor-relations ■ Email: ir@euronext.com ■ Postal Address: 14 place des Reflets, 92054 Paris La Défense Cedex, France ■ Phone: +33 1 70 48 24 17 Indices Euronext is part of more than 140 indices, including the CAC Next 20, SBF 120, MSCI Standard Series, Stoxx 600 Financial Services, Euronext Equileap Gender Equality France 40 and CAC SBT 1.5 2025 Financial Calendar Financial release Date First Quarter 2025 Results 14 May 2025 Annual General Meeting 15 May 2025 Second Quarter and First Half 2025 Result 31 July 2025 Third Quarter 2025 Results 6 November 2025 2024 UNIVERSAL REGISTRATION DOCUMENT 205 General Description of the Company and its Share Capital 6.4 Share classes and Major Shareholders 6.4.1 Reference Shareholders Prior to the IPO, on 27 May 2014, a group of eleven institutional investors, collectively the “Reference shareholders” purchased an aggregate of 33.36% of the issued and outstanding Ordinary Shares from the ICE, the selling shareholder at the IPO. The Reference shareholders entered into a reference shareholders agreement (the “Reference shareholders Agreement”) governing the relationship among them. On 13 June 2017, Euronext was informed that the Reference shareholders had decided to extend an amended version of their agreement dated 3 June 2014, which was due to expire on 20 June 2017 and which was extended for a further period of two years commencing on 21 June 2017. Eight of the initial Reference shareholders adhered to the extension, accounting for 23.86% of Euronext’s share capital. This new Reference shareholders group agreed to a new lock-up period of two years commencing on 21 June 2017 and expiring on 20 June 2019. On 17 June 2019, Euronext was informed that the group of Reference Shareholders, has decided to extend an amended version of their Reference Shareholders Agreement. This agreement dated 21 June 2017 was due to expire on 20 June 2019, and has been extended for a further period of two years commencing on 20 June 2019. The new Reference Shareholders group comprises five of the existing members accounting for 23.27% of Euronext share capital. The new Reference Shareholders agreed a new two-years lock-up period commencing on 20 June 2019 and expiring on 19 June 2021. The Reference Shareholders maintain their current level of representation on the Euronext Supervisory Board retaining their right to jointly nominate one third of the Supervisory Board seats. In addition to the renewed Reference Shareholders Agreement, the Letter Agreement dated 13 June 2017 has been amended. The revised Letter Agreement, dated 17 June 2019 aims at pursuing the regular dialogue between Euronext and its Reference Shareholders, addressing the following main topics: ■ the right of the Euronext Reference Shareholders to retain one third of the Supervisory Board seats ■ the use by the Euronext Boards of the delegated authorities for the issuance / repurchase of shares, with the possible exclusion or restriction of pre-emption rights ■ the process of communication between Euronext and its Reference Shareholders, which includes periodical meetings on topics including strategy, governance and financing structure ■ the consultation of the Euronext Reference Shareholders in the selection procedures in case of any vacancies for the CEO, the COO or Supervisory Board positions. As such, on 29 April 2021, as part of the completion of the acquisition of the Borsa Italiana Group, CDP Equity and Intesa SanPaolo acceded to the Reference Shareholders Agreement by entering into the extension and amendment agreement with the Reference Shareholders (the “Extension Agreement”), and accordingly the letter agreement between Euronext and the Reference Shareholders was amended. One party left the group of Reference Shareholders. The Reference Shareholders Agreement provided that it and all restrictions and requirements thereunder would terminate on 29 April 2024 unless extended by written agreement. On 8 March 2024, an announcement was published confirming that Société Fédérale de Participations et d’Investissement, Caisse des Dépôts et Consignations and CDP Equity agreed with Euroclear S.A./N.V. to acquire from Euroclear S.A/N.V respectively 2,142,126, 535,531 and 535,531 shares in the share capital of Euronext N.V., representing respectively 2.0%, 0.5% and 0.5% of the share capital of the Company. On 29 April 2024, the group of Reference Shareholders comprised of Caisse des Dépôts et Consignations, CDP Equity, Société Fédérale de Participations et d’Investissement/ Federale Participatie- en Investeringsmaatschappij, Intesa SanPaolo, and ABN AMRO Bank N.V. through its subsidiary ABN AMRO Participaties Fund I B.V. entered into a new agreement (the “Extension Agreement”), and accordingly the letter agreement between Euronext and the Reference Shareholders was amended. The Reference Shareholders Agreement, as extended and amended by the Extension Agreement, will terminate four years from completion, thus on 29 April 2028. As at 31 December 2024, the Reference Shareholders are: Name of reference shareholder Number of shares Individual shareholding (% of capital) Caisse des Dépôts et Consignations 8,375,531 8.04% CDP Equity 8,375,531 8.04% Société Fédérale de Participations et d’Investissement/ Federale Participatie- en Investeringsmaatschappij 5,533,326 5.31% Intesa SanPaolo 1,606,594 1.54% ABN AMRO Bank N.V. through its subsidiary ABN AMRO Participaties Fund I B.V. 539,000 0.52% TOTAL SHAREHOLDING (a) 24,429,982 23.44% (a) Only includes the shares held within the Reference Shareholders Agreement (1) an Emergency Event is a material action taken in respect of a member of the group of the departing Reference Shareholder as contemplated by the Bank Recovery and Resolution Directive or other similar action in respect of a member of the group of the departing Reference Shareholder. (2) an Emergency Event is a material action taken in respect of a member of the group of the departing Reference Shareholder as contemplated by the Bank Recovery and Resolution Directive or other similar action in respect of a member of the group of the departing Reference Shareholder. 206 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital Share Transfer Restriction Under the Reference Shareholders Agreement, as amended on 29 April 2024, each of the Reference Shareholders has agreed not to sell or otherwise transfer or dispose of any of the Ordinary Shares such Reference Shareholder holds pursuant to the Share Purchase Agreement for a period of four years commencing on 29 April 2024 (the “Restricted Period”). This transfer restriction does not apply to transfers to: (1) affiliates of a Reference Shareholder, provided that the transferee agrees to be bound by this transfer restriction and the other terms and conditions of the Reference Shareholders Agreement and shall accede to the Reference Shareholders Agreement; (2) another Reference Shareholder, provided that the Ordinary Shares transferred will continue to be subject to the transfer restriction and the other terms and conditions of the Reference Shareholders Agreement as if originally held by the acquiring Reference Shareholder; and (3) a third party with the unanimous consent in writing of the Reference Shareholders (subject to the consent of the relevant regulator(s)), such consent not to be unreasonably withheld and provided the third party shall accede to the Reference Shareholders Agreement, and further provided that no mandatory bid obligation is triggered by such transfer). In the event of transfers to an affiliate of a Reference Shareholder, such affiliate must re-transfer the relevant Ordinary Shares to the initial Reference Shareholder prior to ceasing to be an affiliate of such Reference Shareholder. In the event of proposed transfers to another Reference Shareholder, the other Reference Shareholders will have a right of first refusal pro rata to their respective holdings. In addition, repo and securities lending transactions may be excluded from this restriction on the basis of guidelines to be agreed. In addition, notwithstanding this share transfer restriction: ■ ABN AMRO Bank N.V. and Intesa SanPaolo may each elect to leave the Reference Shareholders Agreement and other ancillary agreements during a 30-day period commencing on the date that is twenty-four months and thirty-six months after the commencement of the Restricted Period by giving at least 60 days’ written notice to the other parties to the Reference Shareholders Agreement, provided that the remaining Reference Shareholders shall have a right to acquire all restricted Ordinary Shares held by the departing Reference Shareholder, pro rata to their respective holdings. Each of the remaining Reference Shareholders may also elect to appoint a third-party purchaser to acquire such restricted Ordinary Shares in accordance with these provisions. Any restricted Ordinary Shares not taken up by the remaining Reference Shareholders shall cease to be subject to these transfer restrictions. Such a departing Reference Shareholder may also elect to diminish the extent of its restricted Ordinary Shares after the aforementioned periods of twenty-four and thirty-six months. In that case, the same procedure will apply for the part of the interest the departing Reference Shareholder wants to exit; and ■ where a Departing Event occurs in respect of ABN AMRO and/or ISP ("Departing Event Shareholder"), the Departing Event Shareholder may request to leave the Reference Shareholders Agreement and other ancillary agreements by submitting a written request to the other Parties. A Departing Event means in respect of each ABN AMRO and ISP, as Reference Shareholders being a credit institution pursuant to Regulation (EU) no. 575/2013 (i) an event arising from a change of law or regulation in the banking sector, or (ii) a material adverse event specifically affecting ABN AMRO or ISP, which, for each of the events referred to in (i) or (ii), materially affects the investment in their Shares, to such an extent that it cannot be reasonably expected that they remain a Reference Shareholder. Following receipt of the Departing Event Notice, the remaining Reference Shareholders shall have a right to acquire all Restricted Shares held by the Departing Event Shareholder on the Departing Date, pro rata to their respective holdings. Each of the remaining Reference Shareholders may also elect to appoint a third-party purchaser to acquire such restricted Ordinary Shares in accordance with these provisions. Such a departing Reference Shareholder may also elect to diminish the extent of its restricted Ordinary Shares in case of a Departing Event. In that case, the same procedure will apply for the part of the interest the departing Reference Shareholder wants to exit; and ■ where an Emergency Event 1 occurs in respect of any of the Reference Shareholders or any of its affiliates, the departing Reference Shareholder may elect to leave the Reference Shareholders Agreement and other ancillary agreements by giving written notice to the other parties to the Reference Shareholders Agreement, provided that the remaining Reference Shareholders shall have a right to acquire all restricted Ordinary Shares held by the departing Reference Shareholder, pro rata to their respective holdings. Each of the remaining Reference Shareholders may also elect to appoint a third party purchaser to acquire such restricted Ordinary Shares in accordance with these provisions. Any restricted Ordinary Shares not taken up by the remaining Reference Shareholders shall cease to be subject to these transfer restrictions. A departing Reference Shareholder may also elect to diminish the extent of its restricted Ordinary Shares in case of an Emergency Event 2. In that case, the same procedure will apply for the part of the interest the departing Reference Shareholder wants to exit. The Reference Shareholders Agreement, as extended and amended, will terminate on 28 April 2028. 2024 UNIVERSAL REGISTRATION DOCUMENT 207 General Description of the Company and its Share Capital Further Restrictions and provisions Each of the Reference shareholders has agreed not to enter into any transaction or do anything, and not to permit its affiliates to enter into any transaction or do anything, if such transaction or action would result in the Reference shareholders or any of them becoming obligated or being forced to make a mandatory bid (verplicht openbaar bod) for the Ordinary Shares within the meaning of section 5:70 of the Dutch Wet op het financieel toezicht (Financial Supervision Act) implementing Article 5 of Directive 2004/25/EC. If for any reason the Restricted Shares of the Reference Shareholders would drop below 21%, but remain above 20%, the Reference Shareholders shall have the right (but no obligation) during 90 calendar days immediately following the drop below 21% to purchase in the market pro-rata to their respective holdings such number of Shares as is necessary to ensure that the Restricted Shares of the Reference Shareholders to remain above 21%. The Reference Shareholders shall discuss in good faith in a consultative meeting and determine the exact number of Shares that may be purchased in the market by each remaining Reference Shareholder (including in excess of its pro-rata stake if one or more remaining Reference Shareholders do not wish to take up additional Shares). Any Shares so purchased, shall qualify as Restricted Shares Supervisory Board Representation The Reference shareholders, acting jointly, have the right to propose one third of the Supervisory Board members. Members of the Supervisory Board appointed upon nomination by the Reference shareholders are referred to as “Reference shareholder directors”. The Supervisory Board undertakes to nominate the person proposed by the Reference shareholders to the shareholders meeting of Euronext, absent its objection to such nomination on the grounds of the nominee reasonably not meeting the suitability and integrity criteria under applicable Dutch law and subject to any applicable regulatory assessments, approvals and requirements. Reference shareholder directors are appointed by the General Meeting for four year terms. Should the Reference Shareholders Agreement terminate prior to the end of such term, the term shall end on the day following the next General Meeting of Euronext N.V. Committee of Representatives Each Reference shareholder has appointed one representative and one alternate duly authorised to represent and act for and in the name of the relevant Reference shareholder and any and all of its affiliates for all purposes of the Reference shareholders Agreement, who shall be the contact person vis- à-vis the other Reference shareholders and the Company. The representatives of all Reference shareholders constitute the Committee of Representatives which decides on all matters requiring a joint decision of the Reference shareholders. The decisions of the Committee of Representatives shall be binding upon all Reference shareholders. Voting Other than as indicated below, the decisions of the Committee of Representatives are adopted by absolute majority of the votes cast. A qualified majority of two thirds of the votes cast is required as indicated below. Each Reference shareholder has a number of votes equal to the aggregate number of Ordinary Shares held by it and its affiliates, provided that no Reference shareholder shall have over one-third of the votes of the Committee of Representatives regardless of the number of Ordinary Shares it holds. Whenever the Reference Shareholders Agreement requires joint decision making of the Reference shareholders in the General Meeting, each Reference shareholder will exercise and will cause any of its affiliates to exercise, its voting rights in such shareholders’ Meeting in accordance with the decision of the Committee of Representatives on the relevant subject. The Reference shareholders agree to vote in accordance with the decision of the Committee of Representatives on any proposed shareholders’ resolutions. In case two Reference Shareholders jointly have two thirds or more of the votes within the Committee of Representatives, the decisions of the Committee of Representatives regarding the following items require a qualified majority of two thirds of the votes cast, and in addition the approving vote of another Reference Shareholder. If the case where two Reference Shareholders jointly have two thirds or more of the votes within the Committee of Representatives does not apply, these decisions require a qualified majority of two thirds of the votes cast without further approving votes being required: ■ any issuance of Ordinary Shares by the Company or rights to acquire Ordinary Shares (and exclusion or limitation or pre- emption rights, as the case may be); ■ any decrease in the share capital of the Company; ■ any authorisation for the Company to acquire its own shares; ■ any issuance of securities other than Ordinary Shares, to the extent these give exposure to Ordinary Shares, including but not limited to hybrids and covered bonds; ■ any proposal to appoint, suspend or remove any member of the Supervisory Board (including but not limited to any Reference shareholders director); ■ any going private transaction or other change of control of the Company; ■ any major identity transforming transactions requiring shareholders’ approval pursuant to section 2:107a of the Dutch Civil Code; ■ any other major acquisitions or disposals not requiring approval under section 2:107a of the Dutch Civil Code; ■ any amendment of the Articles of Association of the Company; and ■ any proposal for legal merger, demerger, conversion or dissolution of the Company; ■ any resolution having a potential impact on the Company’s strategy and/or on the principles of the federal model and the business of the stock exchanges operated by Euronext. (1) Only including share held within the Reference Shareholder Agreement 208 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital For the following resolutions, the adoption is by absolute majority of the votes cast, unless otherwise unanimously agreed by the Committee of Representatives: ■ any proposal to appoint, suspend or remove any member of the Managing Board; ■ adoption of the annual Financial Statements of the Company; ■ discharge of the members of the Managing Board and the Supervisory Board; and ■ any dividend or other distribution to shareholders. In case the aforementioned required majority cannot be reached, the Reference Shareholders will vote against the relevant proposal in the shareholders meeting of the Company. Termination The Reference Shareholders Agreement and all restrictions and requirements thereunder or pursuant thereto shall terminate upon the earlier of (i) expiry of the Agreement on 29 April 2028 (, unless extended by written agreement signed by all Reference shareholders, subject to any regulatory declarations of no objection or regulatory approvals, (ii) the Company entering into bankruptcy or being granted a (provisional) suspension of payment, and (iii) at any time after the Restricted Period, the aggregate shareholding of the Reference shareholders becoming less than 20% of the issued share capital of the Company unless increased to at least 20% again within 60 calendar days after such event. Letter Agreement In addition to the Reference Shareholders Agreement as amended and extended as set forth above, Euronext N.V. and the Reference Shareholders have entered into an agreement governing their relationship (the “Letter Agreement”). The initial Letter Agreement is dated 4 June 2014 and was supplemented on 25 March 2015 and amended and extended on 13 June 2017, and subsequently amended and extended on 17 June 2019. Simultaneously with the Extension Agreement, the Letter Agreement was amended and extended on 29 April 2021 and was most recently amended and extended on 29 April 2024. The main purpose of the Letter Agreement is to enhance and reinforce the regular dialogue between Euronext and the Reference Shareholders, addressing (i) the right of the Reference Shareholders to retain one third of the Supervisory Board seats, (ii) the use by Euronext of the delegated authorities for the issuance / repurchase of shares, with the possible exclusion or restriction of pre-emption rights, (iii) the process of communication between Euronext and the Reference Shareholders, which includes periodical meetings on topics including strategy, governance and financing structure; and (iv) the involvement of the Reference shareholders in the selection procedure in case of any vacancies for the CEO, the COO or Supervisory Board positions. 6.4.2 Major Shareholdings On top of the Reference Shareholders who jointly own 23.44% 1 and whose individual holdings are disclosed above, according to applicable law any substantial holding, gross long and gross short positions in issuing institutions and shares with special controlling rights have to be notified to the AFM. The duty to notify applies to legal entities as well as natural persons. An issuing institution is: a public limited company (naamloze vennootschap) incorporated under Dutch law whose (depositary receipts for) shares are admitted to trading on a regulated market in the Netherlands or in another Member State of the European Union or an EEA State, or a legal entity incorporated under the law of a state that is not an European Union Member State and whose (depositary receipts for) shares are admitted to trading on a regulated market in the Netherlands. As soon as the substantial holding, gross long or or gross short position equals or exceeds 3% of the issued capital, the holder should report this. Subsequently, it should notify the AFM again when its substantial holding, gross long or gross short position consequently reaches, exceeds or falls below a threshold. This can be caused by the acquisition or disposal of shares by the shareholder or because the issued capital of the issuing institution is increased or decreased. Thresholds are: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%. The AFM notifies the Company of such disclosures and includes them in a register, which is published on the AFM’s website. Furthermore, an obligation to disclose (net) short positions is set out in the EU Regulation on Short Selling. 2024 UNIVERSAL REGISTRATION DOCUMENT 209 General Description of the Company and its Share Capital In 2024 and from 1 January 2025 until the publication of this Universal Registration Document, the following crossings of thresholds were declared: Date Shareholder having crossed the threshold Type No of shares declared % of shares at date of declaration No of voting rights declared % of voting rights at date of declaration 07/03/2025 Euronext N.V. Increase 3,175,054 3.05% — —% 24/02/2025 Amundi Asset Management Decrease 2,713,683 2.60% 2,713,683 2.60% 06/06/2024 Amundi Asset Management Increase 3,552,787 3.32% 3,552,787 3.32% 06/05/2024 Amundi Asset Management Decrease 3,137,744 2.93% 3,137,744 2.93% 03/05/2024 Amundi Asset Management Increase 3,367,993 3.14% 3,367,993 3.14% 15/04/2024 Amundi Asset Management Decrease 3,088,428 2.88% 3,088,428 2.88% 25/11/2024 Capital Research and Management Company Decrease - - 5,130,472 4.92% 05/08/2024 Capital Research and Management Company Increase - - 5,269,022 5.05% 29/04/2024 Euroclear SA/NV Decrease 1,444,755 1.35% 1,444,755 1.35% 07/03/2024 Euroclear SA/NV Decrease 1,444,755 1.35% 25,874,737 24.16% 07/03/2024 Société Fédérale de Participations et d'Investissement (SFPI) Increase 5,533,326 5.17% 25,874,737 24.16% None of Euronext’s shareholders hold 10% or more in the capital of the Company. As of the date of publication of the 2024 Universal Registration Document, the only shareholders owning more than 3% (excluding the Reference Shareholders that jointly own 24.33%) and declaring it to the AFM are listed below: Shareholder having crossed the threshold Nb of shares % of voting rights at date of declaration Massachusetts Financial Services Company 5,385,551 6.55% Capital Research and Management Company 5,130,472 4.92% BlackRock Inc. 3,387,379 3.91% Amundi Asset Management 3,552,787 3.32% 6.5 General Meeting of Shareholders and Voting Rights The Annual General Meeting must be held within six months after the end of each financial year. An Extraordinary General Meeting may be convened, whenever Euronext’s interests so require, by the Managing Board or the Supervisory Board. Shareholders representing alone or in aggregate at least one- tenth of Euronext’s issued and outstanding share capital may, pursuant to the Dutch Civil Code, request that a General Meeting be convened. Within three months of it becoming apparent to the Managing Board that Euronext’s equity has decreased to an amount equal to or lower than one-half of the paid-in and called-up capital, a General Meeting will be held to discuss any requisite measures. Euronext will give notice of each General Meeting by publication on its website and in any other manner that Euronext may be required to follow in order to comply with and the applicable requirements of regulations pursuant to the listing of its shares on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris. The notice convening any General Meeting must include, among other items, an agenda indicating the place and date of the meeting, the items for discussion and voting, the proceedings for registration including the registration date, as well as any proposals for the agenda. Pursuant to Dutch law, shareholders holding at least 3% of Euronext’s issued and outstanding share capital have a right to request the Managing Board and the Supervisory Board to include items on the agenda of the General Meeting. The Managing Board and the Supervisory Board must agree to these requests, provided that (i) the request was made in writing and motivated, and (ii) the request was received by the Chair of the Managing Board or the Chair of the Supervisory Board at least sixty days prior to the date of the General Meeting. The Managing Board must give notice of a General Meeting, by at least such number of days prior to the day of the meeting as required by Dutch law, which is currently forty-two days. Each shareholder (as well as other persons with voting rights or meeting rights) may attend the General Meeting, to address the General Meeting and, in so far as they have such right, to exercise voting rights pro rata to its shareholding, either in person or by proxy. Shareholders may exercise these rights, if they are the holders of shares on the registration date which is currently the 28th day before the day of the meeting, and they or their proxy have notified Euronext of their intention to (1) KPMG Accountants N.V. has been appointed as the auditor of Euronext N.V. as of 1 January 2024. The auditor of KPMG Accountants N.V. who signed the independent auditor's report is member of the Royal Dutch Institute of Chartered Accountants (Nederlandse Beroepsorganisatie van Accountants), which is a member of the International Federation of Accountants (IFAC). The office address of KPMG Accountants N.V. is Laan van Langerhuize 1, 1186 DS Amstelveen, The Netherlands. For the financial year of 2023 and 2022, Ernst & Young Accountants LLP, registered at the Chamber of Commerce of Rotterdam in the Netherlands, was the appointed auditor. 210 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital attend the meeting in writing at the address and by the date specified in the notice of the meeting. The Managing Board may decide that persons entitled to attend General Meetings and vote there may, within a period prior to the General Meeting to be set by the Managing Board, which period cannot start prior to the registration date, cast their vote electronically or by post in a manner to be decided by the Managing Board. Votes cast in accordance with the previous sentence are equal to votes cast at the meeting. Each shareholder may cast one vote for each Ordinary Share held. Members of the Managing Board and the Supervisory Board may attend a General Meeting in which they have an advisory role. The voting rights attached to shares are suspended as long as such shares are held by Euronext. The rights of the holders of Ordinary Shares that were offered and sold in the Offering rank pari passu with each other and with all other holders of the Ordinary Shares, including the Reference shareholders, with respect to voting rights and distributions. Euronext has no intention of changing the rights of shareholders. Resolutions of the General Meeting are taken by an absolute majority, except where Dutch law or Euronext’s Articles of Association provide for a qualified majority or unanimity. One General Meeting was held in 2024. The Annual General Meeting was held on 15 May 2024. In this meeting decisions were taken to adopt the 2023 Financial Statements, to declare a dividend of €2.48 per ordinary share, to discharge the members of the Managing Board and Supervisory Board in respect of their duties performed during the year 2023, to re-appoint Dick Sluimers and appoint Muriel De Lathouwer, Fedra Ribeiro and Koen Van Loo to the Supervisory Board, to re-appoint Øivind Amundsen and Simone Huis in ‘t Veld and appoint Simon Gallagher to the Managing Board, to appoint KPMG Accountants N.V 1 as the Company’s external auditors, to approve the proposal regarding cancellation of the Company’s own shares purchased by the Company under the share repurchase programme and to designate the Managing Board as the competent body to 1) issue ordinary shares, 2) to restrict or exclude the pre-emptive rights of shareholders and 3) to acquire ordinary shares in the share capital of the Company on behalf of the Company. 6.6 Anti-Takeovers Provisions Euronext currently does not have any anti-takeover provisions. 6.7 Obligations of Shareholders and Members of the Managing Board to Disclose Holdings Shareholders may be subject to notification obligations under the Dutch Financial Supervision Act. Pursuant to chapter 5.3 of the Dutch Financial Supervision Act, any person who, directly or indirectly, acquires or disposes of an actual or potential capital interest and/or voting rights in the Company must immediately give written notice to the AFM of such acquisition or disposal by means of a standard form if, as a result of such acquisition or disposal, the percentage of capital interest and/ or voting rights held by such person reaches, exceeds or falls below the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%. In addition, any person whose capital interest or voting rights reaches, exceeds or falls below a threshold due to a change in Euronext’s outstanding share capital, or in votes that can be cast on the shares as notified to the AFM by the Company, should notify the AFM no later than the fourth trading day after the AFM has published Euronext’s notification of the change in its outstanding share capital. Each person holding an interest in Euronext’s share capital or voting rights of 3% or more at the time of admission of Euronext’s shares to trading must immediately notify the AFM. Furthermore, every holder of 3% or more of the Company’s share capital or voting rights whose interest at 31 December at midnight differs from a previous notification to the AFM must notify the AFM within four weeks. For the purpose of calculating the percentage of capital interest or voting rights, the following interests must be taken into account: (i) shares and/or voting rights directly held (or acquired or disposed of) by any person, (ii) shares and/or voting rights held (or acquired or disposed of) by such person’s subsidiaries or by a third party for such person’s account or by a third party with whom such person has concluded an oral or written voting agreement, (iii) voting rights acquired pursuant to an agreement providing for a temporary transfer of voting rights in consideration for a payment, and (iv) shares and/or voting rights which such person, or any controlled entity or third party referred to above, may acquire pursuant to any option or other right to acquire shares and/or the attached voting rights. Special rules apply to the attribution of shares and/or voting rights that are part of the property of a partnership or other form of joint ownership. A holder of a pledge or right of 2024 UNIVERSAL REGISTRATION DOCUMENT 211 General Description of the Company and its Share Capital usufruct in respect of shares can also be subject to notification obligations, if such person has, or can acquire, the right to vote on the shares. The acquisition of (conditional) voting rights by a pledgee or beneficial owner may also trigger notification obligations as if the pledgee or beneficial owner were the legal holder of the shares and/or voting rights. Under the Dutch Financial Supervision Act, Euronext was required to file a report with the AFM promptly after the date of listing its shares setting out its issued and outstanding share capital and voting rights. Thereafter, Euronext is required to notify the AFM promptly of any change of 1% or more in its issued and outstanding share capital or voting rights since the previous notification. The AFM must be notified of other changes in Euronext’s issued and outstanding share capital or voting rights within eight days after the end of the quarter in which the change occurred. The AFM will publish all Euronext’s notifications of its issued and outstanding share capital and voting rights in a public register. If a person’s capital interest and/or voting rights reach, exceed or fall below the above- mentioned thresholds as a result of a change in Euronext’s issued and outstanding share capital or voting rights, such person is required to make a notification not later than on the fourth trading day after the AFM has published Euronext’s notification as described above. Furthermore, each member of the Managing Board, the Supervisory Board and certain other persons who, inter alia, have (co-)managerial responsibilities in respect of the Company, as well as certain persons closely associated with any such members or other persons, must immediately give written notice to the AFM by means of a standard form of all shares and voting rights in Euronext held by him or her at the time of admission of Euronext’s shares to listing and thereafter of any change in his or her holding of shares and voting rights in Euronext. 6.8 Short Positions Each person holding a net short position amounting to 0.2% or more of the issued share capital of a Dutch listed company must report it to the AFM. Each subsequent increase of this position by 0.1% above 0.2% will also have to be reported. Each net short position equal to 0.5% of the issued share capital of a Dutch-listed company and any subsequent increase of that position by 0.1% will be made public via the AFM short selling register. To calculate whether a natural person or legal person has a net short position, their short positions and long positions must be set off. A short transaction in a share can only be contracted if a reasonable case can be made that the shares sold can actually be delivered, which requires confirmation of a third party that the shares have been located. There is also an obligation to notify the AFM of gross short positions. The notification thresholds are the same as apply in respect of the notification of actual or potential capital interests in the capital and/or voting rights, as described above. The AFM keeps a public register of all notification made pursuant to these disclosure obligations and publishes any notification received. In 2024, no short position was declared to the AFM. 6.9 Market Abuse Regime The Market Abuse Regulation (Regulation (EU) nr. 596/2014 (the “MAR”) and related Commission Implementing Regulations and Delegated Regulations, provide for specific rules that intend to prevent market abuse, such as the prohibitions on insider trading, divulging inside information and tipping, and market manipulation (the “European Union Market Abuse Rules”). Euronext is subject to the European Union Market Abuse Rules and non-compliance with these rules may lead to criminal fines, administrative fines, imprisonment or other sanctions. The European Union Market Abuse Rules on market manipulation may restrict Euronext’s ability to buy back its shares. In certain circumstances, investors in Euronext can also be subject to the European Union Market Abuse Rules. Pursuant to Article 19 of the MAR (Managers’ transactions), members of the Managing Board, Supervisory Board and any senior executive who has regular access to inside information relating directly or indirectly to Euronext and has the power to take managerial decisions affecting the future developments and business prospects of Euronext, (persons discharging managerial responsibilities (PDMR’S); in case of Euronext Supervisory Board, Managing Board and permanent invitees to Managing Board meetings), must notify the AFM of every transaction conducted on their own account relating to the shares or debt instruments of Euronext or to derivatives or other financial instruments linked thereto. In addition, certain persons closely associated with members of Euronext’s Managing Board or any of the other persons as described above and designated by the MAR PDMR’S must also notify the AFM of every transaction conducted on their own account relating to the shares or debt instruments of Euronext or to derivatives or other financial instruments linked thereto. The MAR determines the following categories of persons: (i) the spouse or any partner considered by national law as equivalent to the spouse, (ii) dependent children, (iii) other relatives who have shared the same household for at least one year at the relevant transaction date and (iv) a legal person, trust or partnership, the managerial responsibilities of which are discharged by a person discharging managerial responsibilities or by a person referred to in point (i), (ii) or (iii), which is directly or indirectly controlled by such a person, which is set up for the benefit of such a person, or the economic interests of which are substantially equivalent to 212 2024 UNIVERSAL REGISTRATION DOCUMENT 6 General Description of the Company and its Share Capital those of such a person. These notifications must be made no later than on the third business day following the transaction date and by means of a standard form. The notification may be postponed until the moment that the value of the transactions performed for the PDMR that person’s own account, or transactions carried out by the persons closely associated with that person, reaches or exceeds an amount of €5,000 in the calendar year in question. The AFM keeps a public register of all notifications under art. 19 of the MAR. Third parties can request to be notified automatically by e-mail of changes to the public register. Pursuant to the MAR, Euronext will maintain a list of its insiders and PDMRs. In addition, to further ensure compliance with MAR, Euronext has adopted an internal policy relating to the possession of and transactions by its PDMR’S and employees in Euronext shares or in financial instruments of which the value is (co)determined by the value of the shares. The Euronext N.V. Insider Trading Policy has been published on its website on https://www.euronext.com/en/investor- relations/corporate-governance. 6.10 Transparency Directive After the admission to listing of its shares on Euronext Amsterdam, Euronext Brussels and Euronext Paris on 20 June 2014, and on Euronext Lisbon on 17 September 2014, Euronext became a listed public limited liability company (naamloze Vennootschap) incorporated and existing under the laws of the Netherlands. The Netherlands is Euronext’s home member state for the purposes of the Transparency Directive (Directive 2004/109/EC as recently amended by Directive 2023/2864) as a consequence of which it is subject to the Dutch Financial Supervision Act in respect of certain on-going transparency and disclosure obligations upon admission to listing and trading of its shares on Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris. 6.11 Dutch Financial Reporting Supervision Act The Dutch Financial Reporting Supervision Act (Wet toezicht financiële verslaggeving) (the “FRSA”) applies to financial years starting from 1 January 2006. On the basis of the FRSA, the AFM supervises the application of financial reporting standards by, among others, companies whose corporate seat is in the Netherlands and whose securities are listed on a Dutch Regulated Market or foreign stock exchange. Pursuant to the FRSA, the AFM has an independent right to (i) request an explanation from Euronext regarding its application of the applicable financial reporting standards and (ii) recommend to Euronext the making available of further explanations. If Euronext does not comply with such a request or recommendation, the AFM may request that the Enterprise Chamber order Euronext to (i) make available further explanations as recommended by the AFM, (ii) provide an explanation of the way it has applied the applicable financial reporting standards to its financial reports or (iii) prepare Euronext’s financial reports in accordance with the Enterprise Chamber’s instructions. This Universal Registration Document also concerns the annual financial reporting within the meaning of 5:25c(2) of the Dutch Financial Supervision Act. The sections 1, 2, 3, 5, 6 and 7, as well as sections 4.1 and 4.2 concern the directors’ report within the meaning of 2:391 of the Dutch Civil Code, the statement of the Managing Board has been included in section 4.2.1 and the Financial Statements in section 8. 6.12 Dividends and Other Distributions Euronext may make distributions to its shareholders only insofar as its shareholders’ equity exceeds the sum of the paid-in and called-up share capital plus the reserves as required to be maintained by Dutch law or by its Articles of Association. Under Euronext’s Articles of Association, the Managing Board decides which part of any profit will be reserved. At the time of its IPO in 2014, Euronext’s dividend policy was established to achieve a dividend pay-out ratio of approximately 50% of net income, upon the approval of the Annual General Meeting, and as long as the Company is in position to pay this dividend while meeting all its various duties and obligations. In October 2019, Euronext released its new strategic plan 'Let's Grow Together 2022' and established a dividend policy over the duration of the plan consisting of distributing 50 % of the reported net income, upon the approval of the Annual General Meeting, and as long as the Company is in position to pay this dividend while meeting all its various duties and obligation. In November 2021, Euronext released its new strategic plan 'Growth for Impact 2024' and reiterated that the Group dividend policy would remain unchanged over the duration of the plan until 2024, consisting of distributing 50% of the reported net income, upon the approval of the Annual General Meeting, and as long as the Company is in position to pay this dividend while meeting all its various duties and obligation. 2024 UNIVERSAL REGISTRATION DOCUMENT 213 General Description of the Company and its Share Capital Following the early repayment of its previous term loan facility on 23 March 2017 (see section 7.1.11 - Facilities Agreement), and under the conditions of the new bank loan facility in which the Group entered on 18 July 2017, Euronext is no longer restricted to distributions, share repurchases or share redemptions. Repurchase of shares for the needs of the Employee Offering and employee shareholding and management incentive programmes that Euronext may implement from time to time, which may be offered for free or at a discount and repurchase of shares in accordance with liquidity or market making programmes are not restricted within the Facilities Agreement. Euronext may make a distribution of dividends to its shareholders only after the adoption of Euronext’s statutory annual accounts demonstrating that such distribution is legally permitted. The profit, as this appears from the adopted annual accounts, shall be at the free disposal of the General Meeting, provided that the General Meeting may only resolve on any reservation of the profits or the distribution of any profits pursuant to and in accordance with a proposal thereto of the Supervisory Board or a proposal of the Managing Board, which has been approved by the Supervisory Board. Resolutions of the General Meeting with regard to a distribution at the expense of the reserves shall require the approval of the Managing Board and the Supervisory Board. The Managing Board is permitted to resolve to make interim distributions to Euronext shareholders, subject to approval of the Supervisory Board. The General Meeting may also resolve to make interim distributions to Euronext shareholders, pursuant to and in accordance with a proposal thereto by the Managing Board, which has been approved by the Supervisory Board. The Managing Board may decide that, subject to approval of the Supervisory Board, a distribution on shares shall not be made in cash or not entirely made in cash but other than in cash, including but not limited in the form of shares in the Company or decide that shareholders shall be given the option to receive a distribution either in cash or other than in cash. The Managing Board shall, subject to approval of the Supervisory Board, determine the conditions under which such option can be given to Euronext’s shareholders. Shareholders are entitled to share the profit pro rata to their shareholding. Claims to dividends and other distributions not made within five years from the date that such dividends or distributions became payable will lapse, and any such amounts will be considered to have been forfeited to Euronext (verjaring). For the previous years, the following amounts of dividend per share were paid: Financial year Dividend per share For the year 2014 €0.84 For the year 2015 €1.24 For the year 2016 €1.42 For the year 2017 €1.73 For the year 2018 €1.54 For the year 2019 €1.59 For the year 2020 €1.47 For the year 2021 €1.93 For the year 2022 €2.22 For the year 2023 €2.48 6.13 2025 Financial Calendar Financial release Date First Quarter 2025 Results 14 May 2025 Annual General Meeting 15 May 2025 Second Quarter and First Half 2025 Results 31 July 2025 Third Quarter 2025 Results 6 November 2025 214 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review 2024 UNIVERSAL REGISTRATION DOCUMENT 215 Operating and Financial Review 7 7.1 Overview 7.2 Material Contracts and Related 7.1.1 Definitions Party Transactions 7.1.2 Establishment of Euronext as an Independent, 7.2.1 Material Contracts Publicly Traded Company 7.2.2 Related Party Transactions 7.1.3 Sources of Revenues 7.1.4 Components of Expenses 7.3 Legal Proceedings 7.1.5 Key Factors Affecting Businesses and 7.3.1 Euronext Amsterdam Pension Fund Results of Operations 7.3.2 Nord Pool AS incident, 23 November 2023 7.1.6 Goodwill 7.1.7 Financial and Trading Position 7.4 Insurance 7.1.8 Results of Operations 7.1.9 Balance Sheet 7.5 Liquidity and Capital Resources 7.1.10 Cash Flow 7.5.1 Liquidity 7.1.11 Facilities Agreements and Bonds 7.5.2 Consolidated Regulatory Capital 7.1.12 Contractual Obligations Requirements 7.1.13 Off-Balance Sheet Arrangements 7.1.14 Quantitative and Qualitative Disclosures 7.6 Tangible Fixed Assets about Market Risk 7.6.1 Principal Properties 7.1.15 Significant Accounting Policies 7.1.16 Critical Accounting Estimates and Judgments 216 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review 7 OPERATING AND FINANCIAL REVIEW The following review relates to Euronext historical financial condition and results of operations for the years ended 31 December 2024, 2023 and 2022. This “Operating and Financial Review” is based on the audited Financial Statements for the years ended 31 December 2024, 2023 and 2022, which are included or incorporated by reference in this Registration Document and should be read in conjunction with “General description of the Company” and “Financial Statements”. Prospective investors should read the entire Universal Registration Document and not just rely on the information set out below. All financial information included in this “Operating and Financial Review” has been extracted from the audited Consolidated Financial Statements. The following discussion of Euronext results of operations and financial condition contains forward-looking statements. Euronext actual results could differ materially from those that are discussed in these forward-looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this Registration Document, particularly under “Risk Factors”. 7.1 Overview Euronext is a pan-European exchange group, offering a diverse range of products and services and combining transparent and efficient equity, fixed income securities and derivatives markets in Amsterdam, Bergen, Brussels, Dublin, Lisbon, Milan, Oslo and Paris. Euronext businesses comprise: listing, cash trading, derivatives trading, fixed income trading, spot FX trading, power trading, investor services, advanced data services, post-trade and technologies & other. Euronext management reviews the performance of the business, and makes decisions on allocation of resources, only on a company-wide basis. Therefore, Euronext has one reportable segment. Euronext has been operating as an independent, publicly traded company since 20 June 2014. Prior to June 2014, Euronext’s businesses were part of ICE as a result of ICE’s acquisition of NYSE Euronext on 13 November 2013. 7.1.1 Definitions The following defined terms are used in this Operating and Financial Review: “Legacy Euronext” means the historical operations of the former Euronext N.V. (existing prior to 15 March 2014) and its subsidiaries, including LIFFE. Segments are reported in a manner consistent with how the business is operated and reviewed by the chief operating decision maker (CODM), 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, comprising the Managing Board and Executive Committee. 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 Consolidated Statement of Profit or Loss. In presenting and discussing the Group’s financial position, operating results and net results, management uses certain Alternative performance measures not defined by IFRS. These Alternative performance measures (APMs) should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. Alternative performance measures do not have standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Euronext believes that these measures provide valuable supplemental information to the company’s management, investors and other stakeholders to evaluate the company’s performance. Reference is made to Section 5.2 - Other Financial Information for more details on the APMs used by the Group. 7.1.2 Establishment of Euronext as an Independent, Publicly Traded Company The legal entities of the Group have been owned by Euronext N.V. since the date that the internal reorganisation was finalised in March 2014. The Consolidated Financial Statements as of and for financial years ended 31 December 2024, 2023 and 2022 have been prepared as described further in Note 3 to the Consolidated Financial Statements (see “Financial Statements”). All transactions and balances between subsidiaries have been eliminated on consolidation. 7.1.3 Sources of Revenues In accordance with Article 19 of Regulation (EU) 2017/1129, the following information is incorporated by reference in the Universal Registration Document: For Financial Year 2023 The description of the sources of revenues of the Company for the financial year 2023, presented on pages 199 to 201 of the 2023 Universal Registration Document filed with the Autoriteit Financiële Markten on 28 March 2024 and available at: https://www.euronext.com/sites/default/files/financial- event-doc/2024-04/EUR_EURONEXT_URD2023_EN_MEL %20%281%29.pdf For Financial Year 2022 The description of the sources of revenues of the Company for the financial year 2022, presented on pages 178 to 181 of the 2024 UNIVERSAL REGISTRATION DOCUMENT 217 Operating and Financial Review 2022 Universal Registration Document filed with the Autoriteit Financiële Markten on 30 March 2023 and available at: https://www.euronext.com/sites/default/files/financial- event-doc/2023-08/EUR_2022_URD_MEL %20FINALE_AUG.pdf Listing and Corporate Solutions Admission fees comprise fees paid by companies to list and admit to trading equity and debt securities on Euronext markets. Corporate activity and other fees primarily consist of fees charged for centralising securities in connection with new listings and tender offers, they also include delisting fees. In addition, companies whose securities are listed or admitted to trading on Euronext markets pay annual fees. Other than for Euronext Dublin, Euronext Milan and Oslo Børs which have separate fee schedules, Euronext has adopted a common set of admission and annual fees for the Euronext and Euronext Growth™ markets. Companies having equity securities listed or admitted to trading on Euronext or Euronext Growth™ markets are subject to the following types of fees: ■ initial admission fee charged based on the market capitalisation at first admission and calculated on a cumulative scale with decreasing rates and capped; ■ subsequent admission fees charged based on the amount of capital raised and calculated on a cumulative scale with decreasing rates and capped; this also applies for other corporate events related fees; ■ annual fees based on a variable decreasing percentage of the number of outstanding securities and a fixed fee based on the issuer’s market capitalisation a beyond a defined threshold. The annual fee is capped. Companies having equity securities listed or admitted to trading on Oslo Børs, Euronext Expand or Euronext Growth are subject to the following types of fees: ■ Initial admission fee based on a fixed fee and market capitalisation at first admission capped at minimum and maximum fee depending on type of listing process; ■ subsequent admission fees charged based on the amount of capital raised and calculated on a cumulative scale and capped; other corporate events related fees are generally fixed fees; ■ annual fees based on market capitalisation and capped at minimum and maximum fee Oslo Børs is the Norwegian takeover authority and charges a fixed fee and market capitalisation up to a maximum amount for the inspection of offer documents. Further fees related to inspection of offer documents may also apply. Euronext Dublin has debt fee schedules for its regulated market and its Global Exchange Market based on the method of issuance (under a programme or as a standalone issuance). For other Euronext markets, admission fees for debt securities, issued both on a stand-alone basis or under a note programme, are based on the maturity and principal amount admitted to trading, and, in respect of long-term debt (maturity over one year), number of years to maturity. Euronext offers lower admission fees for issuers that access the debt capital markets frequently and for issuers qualifying as SMEs. Oslo Børs has debt fee schedules for both its regulated market and its Nordic ABM. Annual fee for listing and registration for debt securities are based on the registered capital admitted to trading. Prices are the same for stand-alone basis or under a note programme. The prices are the same for both markets with a minimum and maximum fee. Oslo Børs has a registration fee based on the type and the security of the bond. For municipal bonds listed on Oslo Børs and for bonds listed on Nordic ABM there will also be an inspection fee. The inspection fee is based on the type of the bond. For new issuers there will also be charged an additional inspection fee for the description of the issuer or the issuer’s business activities. Euronext offers centralisation services for orders in connection with a public offer, a public tender offer or a sales facility, in respect of securities admitted or to be admitted to any Euronext markets whether regulated or not. A common set of admission and annual fees apply to ETPs. Issuers of ETPs listed and/or admitted to trading on Euronext markets are subject to the following types of fees: ■ for warrants & certificates traded via the Hybrid (aka Request For Execution) market model, issuers are invoiced listing fees based on the average size of their products range (grouped in packages). There are several fee reductions available for which issuers can qualify in order to reduce their listing fees. A one-time admission fee is charged to issuers of structured notes or warrants and certificates not traded via the Hybrid market model, as well as a market access fee per instrument; ■ Listings of ETFs, exchange traded vehicles and exchange traded notes are charged both an initial one-off admission fee, as well as an annual fee based on the Assets under Management (‘AuM’). Annual fees are charged on a semi- annual basis for listings in Borsa Italiana and on an annual basis for all other Euronext markets. The annual fee schedules also exhibit various other features, such as a sliding cost table based on number of products listed, caps and floors as well as discounts. Additional fees are charged for mergers of existing instruments. ■ For Oslo Børs, warrants, Structured products are charged admission fees and a periodic (monthly or quarterly) fee per ISIN. Periodic fees are subject to rebates based on the total number of products listed by the same issuer during that calendar year. The aggregate monthly and quarterly fees for Warrants, Structured Products has a combined annual cap. Corporate Solutions: Euronext Corporate Solutions offers innovative solutions and tailor-made advisory services articulated around the five following pillars : Governance (iBabs), Compliance (ComplyLog), Communication (Company Webcast), and Investor Relations (Advisory and IR Solutions), and Corporate training (Academy). A major part of these Corporate Solutions products are software as a services (SaaS) solutions generating recurring revenues through annual subscriptions. In addition, Euronext Corporate Solutions also generate revenues on renewable advisory mandates or on one-off missions and events. ELITE ELITE is the Euronext SMEs ecosystem to support private companies by connecting them to skills, network and capital 218 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review to drive their sustainable growth in the long-term, allowing them to access private and public capital markets. The ELITE business model is based on 2 line of businesses. ■ Membership, is based on annual fees received by ■ private companies that are allowed to access an international network and proprietary learning and mentoring methodology. Companies commit to stay at least 2 years (Initial Period), but all of them can remain as member of the ecosystem also after this period always paying an annual fee (Post Initial Period). ■ partners to obtain services of learning, business development, visibility and co-marketing. ■ Capital Services: the revenues of ELITE in this stream are generated in the form of fees paid by clients for the introduction – normally originated by financial institutions on the buy side. A second income stream comes from introducing companies to financial advisors part of the network on possible funding options, in this case ELITE collects an introduction fee as a fixed percentage of the advisor’s mandate, if such advisor closes a mandate with the introduced company. Cash, Derivatives, Fixed Income and FX Trading Revenues from Euronext cash trading and derivatives trading businesses consist mainly of transaction-based fees for executing trades on Euronext cash markets and derivatives markets. These transaction fees are charged per executed order and based on value traded in cash equities and are charged per lot in derivatives. Trading volume in equity products is primarily driven by price volatility in equity markets and indices. The level of trading activity for all products is also influenced by market conditions and other factors. Derivatives trading revenues received from transactions conducted on Euronext markets are variable, based on the volume and value of traded contracts, and recognised when executed. The principal types of derivative contracts traded are equity and index products and agricultural commodities products. Revenues from MTS’ Cash and Repo Fixed Income trading businesses consist of membership and transaction-based fees. Transaction fees for MTS Cash are charged per €m of notional executed, whereas MTS Repo transaction fees are charged based on the term adjusted notional amount. Spot FX trading revenues primarily consist of transaction- based fees for executing trades. These transaction fees are charged per executed order and based on value traded. Port fees and market data fees are additional FX trading revenues. Power Trading Revenues from power trading consist of a fixed annual membership fee for customers to be able to participate in the Nord Pool day- ahead and intraday markets, plus variable trading and settlement fees. Variable trading and settlement fees are charged based on volume traded on Nord Pool markets. Trading volumes in the power markets are mainly driven by growing electricity consumption, introduction of more renewable energy and increased volumes in the short- term continuous Intraday market. Variable fees also include “gross trading” consisting of integrated producers submitting both production and consumption, which carries a reduced fee. Investor Services Investor services primarily encompass the activity of Commcise, offering cloud-based investment research evaluation, commission management and accounting solutions and whose revenue model is primarily based on recurring software licence fees. Commcise also works alongside Euronext Market Services, a US broker dealer, to deliver a client service companion to its software. Under this model, the broker dealer earns commissions on equity trades related to bundled trading. Advanced Data Services The Group charges data vendors and end users, taking data via a direct feed, on a per-user basis for the access to its real- time data and Enterprise licences are charged for non-display use, including advanced analytic products, and access to historic and reference data products. The Group also collects periodic licence fees from vendors for the right to distribute the Group data to third parties. These fees are recognised on a monthly basis as services are rendered. The Group charges an index licence fee to trading desks, investment banks and asset managers for the creations of Structured Products (SP), Exchange Traded Products (ETPs) and exchange traded funds (ETFs) on Euronext owned (trademark) indices. The Group also collects fees for third party index calculations, iNAV calculation and partnerships stakes. The fees are recognised to the applicable period of the products. Additional revenue comes from the provision by Nord Pool of data services. Post Trade Custody and Settlement Euronext runs Euronext Securities, a leading CSD business in Europe comprising four CSDs in Copenhagen, Milan, Oslo and Porto. The largest revenue driver for Euronext Securities are assets under custody (AUC). AUC are made by financial securities issued in Euronext Securities (Issuer CSD) and financial securities issued outside but kept in custody in Euronext Securities (Investor CSD). AUC is calculated based on market value for equities, funds and structured products, and nominal value for fixed income. Euronext Securities revenues from AUC are equal to the value of AUC multiplied by a unit price expressed in basis points (bps). For a given client, unit price decreases with AUC. The second largest revenue driver for Euronext Securities are settlement volumes. Euronext Securities revenues from settlement volumes are equal to the number of settlement instructions multiplied by a unit price expressed in euros or in the relevant currency (Danish krone, etc.). Like for AUC, customers benefit from decreasing unit prices. The rest of revenues is driven by a multiplicity of other factors, including number of securities (ISINs), corporate actions (dividends), number of retail accounts (in Oslo and Copenhagen), subscription fees, etc. Clearing (including net treasury income through CCP business) Euronext Clearing Since the acquisition of Borsa Italiana, Euronext is the owner of the Italian CCP, CC&G, renamed Euronext Clearing in November 2021. A CCP receives fees from the clearing of the transactions executed on Trading Venues and from treasury 2024 UNIVERSAL REGISTRATION DOCUMENT 219 Operating and Financial Review incomes generated by the placement of collateral posted by Clearing members. The main revenue drivers on fees are therefore: (i) the number of transactions and lots cleared by the CCP for cash bonds, cash equity (incl. ETF clearing) and derivatives; (ii) the notional of repo cleared; (iii) the number of clearing members connected to the CCP; and (iv) the amount (value) of securities posted as collateral. The main revenue drivers on net treasury incomes are: (i) the volatility on the market which has impact on the amount of margins posted at the CCP; and (ii) the spread applied on the cash collateral (i.e. the difference between the yield paid by the CCP to clearing members; and (ii) the yield generated by the CCP with central bank deposits). LCH SA Until 9 September 2024, Euronext also received a share of clearing income based on treasury services resulting from placement of collateral (spread between remuneration served to clearing members on their collateral posted to the CCP and the remuneration resulting from the placement of this collateral, mostly kept at Central Bank) and the number of cleared derivatives trades cleared through LCH SA, in exchange for which Euronext pays LCH SA a fixed fee plus a variable fee based on derivatives trading volume. Euronext Technology Solutions & Other Euronext Technology Solutions Euronext Technology Solutions comprises of Euronext’s commercial Technology Solutions and services business, and former Borsa Italiana businesses, including Gatelab, and Integrated Technology Services “X2M’. Revenues include: Licence fees, professional services fees, software deployment fees, for managed IT services (Software as a Service), for connectivity and infrastructure hosting services including colocation services provided to financial institutions from the Euronext Core Data Centre facility in Bergamo, Italy. Regulatory services provided to investment firms under Euronext’s licence as an Authorized Publication Authority (APA) and Authorized Reporting Mechanism (ARM) within the EU and UK. Fees are charged monthly to investment firm’s according to the number of reports submitted to the service. Euronext Technology Solutions have decided to exit the regulatory reporting business by December 31st, 2023. Fees for software customisation and deployment services are recognised either on a time and materials basis or under the percentage completion method, depending upon the nature of the contract with the client. The percentage of completion is calculated based on the number of person-days incurred to date as a percentage of the total estimated number of person- days to complete the work. Licence fees, maintenance fees, setup fees and annual support fees are recognised pro-rata over the life of the service contract. Connectivity and infrastructure hosting fees are recognised pro-rata over the life of the client commitment. Other Other revenue primarily accounts for Nord Pool solutions and services not directly linked to power trading activities. Nord Pool revenues also stem from transaction shipping services, as Nord Pool provides technical solutions for power interconnectors, enabling their participation in European power market coupling arrangements. As part of the integrated European market coupling projects SDAC (Single Day-Ahead Coupling) and SIDC (Single Intraday Coupling), Nord Pool participates in a regulatory framework and a cost recovery regime. These projects yield cost recovery from Transmission System Operators and National Regulators to varying degrees, which is recognised as operating income. Additional revenue comes from the provision by Nord Pool of compliance services, consultancy and training. Transitional income Transitional income primarily consisted of 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. A Transitional Service Agreement (“TSA”) was 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 level. The agreement was established on arm's length basis. Services rendered to LSEG primarily include technology and various ancillary services. All such services are transitional and, accordingly, the related income from LSEG phased out during 2023. 7.1.4 Components of Expenses Euronext’s operating expenses include salaries and employee benefits, depreciation and amortisation, and other operational expenses, which include systems and communications, professional services, accommodation and other expenses. Salaries and Employee Benefits Salaries and employee benefits expenses include employee salaries, incentive compensation (including stock-based compensation) and related benefits expenses, including pension and medical charges. Depreciation and Amortisation Depreciation and amortisation expenses consist of costs from depreciating fixed assets (including computer hardware and capitalised software) and amortising intangible assets over their estimated useful lives. Systems and Communications Systems and communications expenses include costs for development, operation and maintenance of trading, regulatory and administrative systems; investments in system capacity, reliability and security; and cost of network connectivity between customers and data centres, as well as connectivity to various other market centres. Systems and communications expenses also include fees paid to third- party providers of networks and information technology resources, including fees for consulting, research and development services, software rental costs and licences, hardware rental and related fees paid to third-party maintenance providers. Professional Services Professional services expenses include consulting charges related to various technological and operational initiatives as well as legal and audit fees. 220 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review Accommodation Accommodation expenses include costs of leasing the properties used by the Group, as well as utilities, maintenance and security costs to maintain the properties used by the Group. Other Expenses Other expenses include marketing, taxes, insurance, travel, professional membership fees and other expenses. A Transitional Service Agreement ("TSA") was established for services rendered to or received from LSEG to facilitate the transition of ownership following the acquisition of Borsa Italiana Group. Each individual service is priced separately, generally on a fixed fee basis, based on actual usage or mutually agreed service level. The agreement was established on arm's length basis. Expenses for services received from LSEG under this agreement are recognised in other operational expenses (see section 8 - Note 11). These services were phased out after the migration of Borsa Italiana Group to Euronext trading platform Optiq® was completed in 2024. 7.1.5 Key Factors Affecting Businesses and Results of Operations The economic and business environment in which Euronext operates directly affects Euronext’s results of operations. The results have been and will continue to be affected by many factors, including the factors set out below. Euronext continues to focus its strategy to broaden and diversify its revenue streams, as well as on its company-wide expense reduction initiatives in order to mitigate these uncertainties. Trading Activity A large proportion of Euronext’s business is transaction- based. For the year ended 31 December 2024, Euronext derived 34% of its revenue from its cash trading, derivatives, fixed income, spot FX and power trading businesses. Accordingly, fluctuations in the trading volumes directly affect Euronext revenues. During any period, the level of trading activity in Euronext markets is significantly influenced by factors such as general market conditions, market volatility, competition, regulatory changes, capital maintenance requirements, market share and the pace of industry consolidation. A reduction in trading activity could make Euronext markets less attractive to market participants as a source of liquidity, which in turn could further discourage existing and potential market participants and thus accelerate a decline in the level of trading activity in these markets. Because Euronext’s cost structure is largely fixed, if the trading volumes and the resulting transaction fee revenues decline, Euronext may not be able to adjust its cost structure to counteract the associated decline in revenues, which would adversely affect its net income. Euronext’s largely fixed cost structure also provides operational leverage, such that an increase in its trading volumes and the resulting transaction fee revenues would have a positive effect on its margins. Targeted Operating Optimisation From its origination, Euronext has identified various ways to streamline its processes and enhance its operational efficiency. As part of its "Let’s grow together 2022" strategic plan, Euronext aimed at pursuing operating efficiency while maintaining a best-in-class cost discipline and investing in operational excellence. Infrastructure optimisation: Euronext made continuous efforts to improve its asset utilisation during this strategic plan. Together with a rationalisation of the number of sites and the set-up of Euronext’s IT team in Porto, it continued its effort to reinforce the culture of efficiency. Under the previous "Growth for Impact 2024" strategic plan introduced in November 2021, Euronext aimed at maintaining its capital expenses at a level representing 3% to 5% of total revenue and achieved €121 million pre-tax run-rate synergies as part of the Borsa Italiana Group acquisition by Q3 2024, thanks to the European expansion of Euronext clearing and the migration of its Core Data Centre. Implementation costs of €110.8 million were spent for the achievement of this synergies target. Non-recurring costs incurred to realise the efficiencies described above (i.e. integration cost, double run cost and restructuring cost) amounted to €30.9 million in 2024 (2023: €78.3 million). These expenses are disclosed in Note 12 of the Consolidated Financial Statements. Since the first quarter in 2022, Euronext publishes underlying recurring costs, and non-recurring costs. Euronext removed the "Exceptional Items" line from its financial statements. Consequently, costs previously reported as exceptional items have from Q1 2022 been included into their respective lines within Euronext operating expenses as non-recurring items. The €150 million of implementation costs related to the deployment of the ‘Growth for Impact 2024’ strategic plan targets are therefore considered as non-recurring items and are withdrawn from underlying costs. Derivatives Clearing Agreement On 14 October 2013, Euronext entered into the Derivatives Clearing Agreement with LCH SA in respect of the clearing of trades on its continental Europe derivatives markets. Under the terms of the Derivatives Clearing Agreement, effective starting 1 April 2014, Euronext has agreed with LCH SA to share revenues. Euronext receives a share of clearing income based on treasury services and the number of derivatives trades cleared through LCH SA, in exchange for which Euronext pays LCH SA a fixed fee plus a variable fee based on derivatives trading volume. The term of the existing Derivatives Clearing Agreement was through 31 December 2018. On November 2017, Euronext announced the signing of the renewal of its agreement with LCH SA on the continued provision of derivatives and commodities clearing services for a period of 10 years. On 16 January 2023, a termination notice was sent to LCH SA, after Euronext local boards had decided to terminate the Derivatives Clearing Agreement. The Group recognised a payable for the termination fees and migration fees (including indexation) indicated in the agreement of approximately €36.6 million. The amount was recognised as a non-underlying expense and was due in January 2024. The contract ultimately expired on 9 September 2024. For the year ended 31 December 2022, these revenues were €75.8 million and the associated expense was €35.6 million. For the year ended 31 December 2023, these revenues are €71.8 million and the associated expense is €34.5 million. For the year ended 31 December 2024, those clearing revenues were €49.6 million and the associated expense was €24.3 million. 2024 UNIVERSAL REGISTRATION DOCUMENT 221 Operating and Financial Review Facilities Agreements and Bonds Revolving Credit Facility On 29 April 2021, a new revolving credit facility agreement (RCF) of €600.0 million came into effect that was entered into on 6 November 2020 conditional to the closing of the acquisition of the Borsa Italiana Group. The new RCF replaced the Group's previous "Facility" and allows the Group to apply all amounts borrowed by it towards (i) general corporate and/or working capital purposes of the Group, (ii) satisfaction of the consideration payable for an acquisition and/or (iii) the payment of fees, costs and expense incurred in relation to an acquisition. The new revolving credit facility has a maturity of 5 years plus a two-year extension possibility and bears an interest rate of EURIBOR plus a margin dependent on rating. On 12 October 2022, the Group executed its two-year extension option to the RCF of €600.0 million. The RCF has a remaining maturity of 3 years (November 2027) and bears an interest rate of EURIBOR plus a margin dependent on rating. The revolving facility has not been drawn and is not drawn as per 31 December 2024. Acquisitions and disposals of subsidiaries and businesses The following acquisitions of businesses and disposals of subsidiaries were made in 2024: ■ Acquisition of Global Rate Set Systems Ltd. On 31 May 2024, the Group acquired 75% of the share capital of Global Rate Set Systems (GRSS), a provider of services to benchmark administrators. The final consideration paid was €48.2 million. The acquisition includes an option to buy the remaining 25% interest as from 2027. The Group has acquired GRSS to further diversify and strengthen Euronext’s index franchise. ■ Acquisition of Substantive Research Ltd. On 16 September 2024, Euronext acquired 100% of the share capital in Substantive Research Ltd. The purchase consideration was €9.4 million. In combination with Euronext’s subsidiary Commcise, the transaction will further reinforce Euronext’s growing investor services offering. ■ Acquisition of Acupay Group business On 2 October 2024, the Group acquired substantially all of the business of Acupay Group. The purchase consideration was €16.4 million. The acquisition of the Acupay Group business further expands Euronext Securities’ services offering to investors and issuers The following acquisitions of businesses and disposals of subsidiaries were made in 2023: ■ Disposal of stake in LCH SA On 6 July 2023, the Group sold its 11.1% stake in LCH SA. The proceeds of the disposal amounted to €111.0 million, whereas the combined net assets disposed of amounted to €69.4 million. This resulted in a €41.6 million result from the disposal. ■ Disposal of stake in Tokeny On 1 December 2023, the Group disposed its 19% stake in Tokeny. The proceeds from this disposal amounted to €11.4 million. As the value of this stake had previously been written down to zero, this sale generated a €11.4 million capital gain. The following acquisitions of businesses and disposals of subsidiaries were made in 2022: ■ Acquisition of Spafid Issuer Services Business On 1 April 2022, the Group 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. ■ Acquisition of Nexi Technology Businesses On 1 December 2022, the Group acquired 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). With this acquisition, the Group internalises the core trading platform of MTS and its largest IT contract. It enables Euronext to become more agile and efficient by fully owning the technology powering MTS and Euronext Securities Milan. ■ Disposal of subsidiary Finance Web Working S.A.S. In 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 €0.8 million. ■ Disposal of subsidiary MTS Markets International Inc. In 2022, MTS S.p.A. sold its interest in subsidiary MTS Markets International Inc. (which was classified as a disposal group held for sale) to Tradition America Holdings Inc., a subsidiary of Compagnie Financière Tradition SA, an interdealer broker in over-the-counter financial and commodity related products. The proceeds from the sale amounted to €7.8 million. The net assets disposed of amounted to €4.7 million, which resulted in a gain on disposal of €3.1 million. Investments in Associates and Joint Ventures ■ LiquidShare S.A. On 10 July 2017 the Group, together with six other leading financial institutions, incorporated LiquidShare S.A., a fintech joint venture with the objective to improve SME’s access to capital markets and improving the transparency and security of post-trading operations using blockchain technology. The Group shares joint control with the other founders and has an interest of 16.23% in LiquidShare. The value of this investment was €1.7 million as per 31 December 2021. Following indications of a deteriorated future cash flow situation and Board decision to propose to the Shareholders meeting to liquidate the entity, the investment in joint venture LiquidShare was impaired by €1.5 million to zero value by mid 2022. As per 31 December 2023, the entity was in the process of being liquidated and was ultimately liquidated in January 2024. ■ LCH SA In the second half of 2017, the Group announced its intentions to swap its 2.31% stake in LCH Group for a 11.1% stake in LCH SA, subject to regulatory approvals and other customary conditions. The transaction was finalised on 29 December 2017 222 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review and strengthened the long-standing relationship between Euronext and LCH SA. Euronext remained on the Board of LCH SA following completion of the share swap. Euronext also nominated one representative to LCH SA Audit Committee and continued to be represented at LCH SA Risk Committee. A new Consultative Committee dedicated to Euronext derivatives business was created. The parties have agreed that Euronext has certain minority protection rights connected with its shareholding in LCH SA. As the Group concluded it had significant influence, the 11.1% stake in LCH SA amounting to €58.0 million was recognised in investments in associates and joint ventures as per 31 December 2017. As per 31 December 2022 the investment amounted to €70.6 million. Following the notification of the early termination of the Derivatives Clearing Agreement, LCH Group has exercised its option to buy back Euronext's 11.1% stake in LCH SA in July 2023. As a result, the investment in LCH SA was derecognised and Euronext incurred a capital gain of €41.6 million. ■ Investment in Tokeny Solutions On 28 June 2019, the Group acquired a 23.5% stake in Tokeny Solutions, a tokenisation platform that provides users end-to- end solutions to issue, manage and transfer tokenised securities on public blockchain. The consideration of the investment amounted to €5.0 million. The Group recognised the acquired interest as an investment in associate. As per 30 June 2021, following indications of a deteriorated future cash flow situation, the investment in associate Tokeny Solutions was impaired by €4.3 million to zero value (31 December 2022: no changes to this value). On 1 December 2023, Euronext disposed its stake in Tokeny Solutions. As a result, the investment in Tokeny Solutions was derecognised and Euronext incurred a capital gain of €11.4 million. ■ Investment in Advanced Technology Solutions SpA (ATS) On 1 December 2022, the Group acquired a 30.0% stake in Advanced Technology Solutions SpA. (ATS), which line of business includes designing, developing, and producing prepackaged computer software, at consideration of €0.7 million. The value of this investment was €0.7 million as per 31 December 2023 (2022: €0.7 million). On 23 May 2024, the Group sold its 30% interest in associate Advanced Technology Solutions S.p.A. The purchase consideration comprises €0.9 million of cash, a €0.9 million receivable and a contingent receivable that is conditional to future performance levels of ATS. As the carrying amount of the investment amounted to €0.6 million, the Group recognised a €1.2 million gain on sale of associate. Equity Investments ■ Euroclear SA/NV (Euroclear) Investment On 30 April 2014, ICE contributed to the Group a 2.75% ownership interest into Euroclear, an unlisted company involved in the settlement of securities transaction and related banking services. Due to share buy-backs by Euroclear in 2015 and 2017 the direct investment in Euroclear increased from 2.75% to 3.34% as per 31 December 2017. In 2018, the Group increased its interest in Euroclear from 3.34% to 3.53%, which was due to the acquisition of the Irish Stock Exchange Plc., that held an 0.19% ownership interest in Euroclear. To simplify the Euronext Group structure, the Group transferred its direct ownership of the shares in Euroclear S.A./N.A. (3.53%), respectively held by Euronext NV (3.34%) and Euronext Dublin (0.19%), to Euronext Brussels on 21 June 2024. The Group also holds an 1.53% indirect investment in Euroclear, through its 9.60% ownership interest in Sicovam Holding SA. The Group established a standardised multi-criteria approach valuation for financial institutions based on the Gordon Growth Model valuation technique as its primary valuation method and the regression valuation technique (P/BV and ROE) and trading multiples as control methods. In addition, the Group considers the most recent transactions observed, for the determination of fair value in addition to its primary valuation technique. The Group applies a weighted approach. In 2023, the high interest rates environment led to a sharp increase of net interest earnings at Euroclear, which is predominantly driven by interests linked to frozen assets as a result of Russian sanctions and countermeasures. The European Commission contemplated various options to use the profits generated by sanctioned amounts held by financial institutions, including Euroclear, for the financing of Ukraine’s reconstruction. Since considerable uncertainties persisted, Euroclear considered it necessary to separate the estimated sanction- related earnings from the ‘underlying’ financial results when assessing the company’s performance and resources. For this reason, the Group used the ‘underlying’ financial results published by Euroclear (i.e. excluding Russian- sanctions related assets/earnings), as an input for its primary valuation technique. In 2024, this valuation method resulted in an increase in fair value of the Group's direct- and indirect investments of €61.6 million (2023: €11.7 million and 2022: €42.0 million). This revaluation was recorded in Other Comprehensive Income. As per 31 December 2024, following the above, the fair value of the investment in Euroclear was measured at €232.1 million (31 December 2023: €187.6 million and 31 December 2022: €175.9 million) and the fair value of the investment in Sicovam Holding SA was measured at €90.5 million (31 December 2023: €73.5 million and 31 December 2022: €73.5 million). Other factors ■ Partial disposal of debt investment portfolio at Euronext Clearing 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 and decided to retain its short-term investment portfolio maturing through April 2023 and hold these to maturity. The Group recycled the related revaluation loss of €48.9 million from Other Comprehensive Income to non-underlying net treasury income. Reference is made to section 7.1.14 - Liquidity risk of CCP clearing business and Credit risk of CCP clearing business for more details on the balances of the portfolio. 2024 UNIVERSAL REGISTRATION DOCUMENT 223 Operating and Financial Review ■ 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. As a result, the right of use asset related to the Basildon data centre was partially depreciated in acceleration. ■ 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 31 December 2024, the accumulated fair value adjustments amounted to a negative €0.9 million (2023: €3.3 million). ■ Share Repurchase Programme of €200 million On 27 July 2023, the Group announced a share repurchase programme (the ‘Programme’) for an amount of €200 million. The Programme was implemented as follows: ■ Purpose: the purpose of the Programme is to reduce the share capital of the Group. All shares repurchased as part of the Programme will be cancelled; ■ Maximum amount allocated: €200 million; ■ Duration: the targeted period for the Programme is from 31 July 2023 for a maximum duration of a year, to be implemented on Euronext Paris; ■ Framework: Euronext aims to repurchase approximately 3.0% of its ordinary shares, as authorised by the General Meeting on 17 May 2023 to a limit of 10.0%. Euronext entered into a non-discretionary arrangement with a financial intermediary to conduct the repurchase. The Programme was executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the annual general meeting of shareholders on 17 May 2023. On 3 January 2024, the Group completed the Programme. Following the completion of this repurchase programme, the 2,870,787 shares that were repurchased under the programme were officially cancelled in the third quarter of 2024. ■ Share Repurchase Programme of €300 million On 7 November 2024, the Group announced a share repurchase programme (the ‘Programme’) for a maximum amount of €300 million. The Programme will be implemented as follows: • Purpose: the purpose of the Programme is to reduce the share capital of Euronext. All shares repurchased as part of the Programme will be cancelled; • Maximum amount allocated: €300 million; • Duration: the targeted period for the share repurchase programme is from 11 November 2024 for a maximum duration of 12 months, to be implemented on Euronext Paris; • Framework: Euronext aims to repurchase approximately 3.0% of its ordinary shares, as authorised by the General Meeting on 15 May 2024 to a limit of 10.0%. Euronext has entered into a non-discretionary arrangement with a financial intermediary to conduct the repurchase. The Programme will be executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the annual general meeting of shareholders on 15 May 2024. On 11 March 2025, Euronext announced the completion of the €300 million share repurchase programme. Between 11 November 2024 and 10 March 2025, 2,692,979 shares, or approximately 2.58% of Euronext’s share capital, were repurchased at an average price of €111.40 per share. 7.1.6 Goodwill Goodwill recorded includes the entire goodwill that arose from the acquisition of the Amsterdam and Brussels stock exchanges in 2000 and the Lisbon stock exchange in 2002. It also includes an allocation of the goodwill that arose from the acquisition of Atos Euronext Market Solutions (AEMS), Euronext’s preferred IT service provider, in 2008. In 2017, additional goodwill was recorded in relation to the acquisitions of Company Webcast, iBabs and FastMatch. In 2018, additional goodwill was recorded in relation to the acquisitions of InsiderLog, the Irish Stock Exchange and Commcise. In 2019, additional goodwill was recorded in relation to the acquisitions of Oslo Børs VPS and Finance Web Working SAS (disposed in 2022). In 2020, additional goodwill was recorded in relation to the acquisitions of Nord Pool, Ticker Software, 3Sens and VP Securities. In 2021, additional goodwill was recorded in relation to the acquisition of the Borsa Italiana Group and its subsidiaries. In 2022, additional goodwill was recorded in relation to the acquisitions of Spafid Issuer Services Business and Nexi Technology Businesses. In 2024, additional goodwill was recorded in relation to the acquisitions of Global Rate Set Sytems, Substantive Research and Acupay Group business. Goodwill is adjusted in case of disposal of business combinations. 7.1.7 Financial and trading position Other than as described below, there has been no significant change in the financial performance of the group since the end of the last financial period for which financial information has been published (31 December 2024) to the date of the registration document: ■ Trading volumes from 1 January 2025 to 28 February 2025 In January and February 2025, the average daily transaction value on the Euronext cash order book stood at €12,764 million, up +27.6% compared to the same period in 2024. In January and February 2025, Euronext recorded 7 new equity listings raising €0.2 billion. In addition, €1.4 billion was raised 224 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review in secondary equity issuances and €223.2 billion was raised in debt issuances. The overall average daily volumes on Euronext derivatives stood at 648,860 contracts, +6.0% compared to the same period in 2024, and the open interest was 25,530,442, +10.7% compared to the end of February 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $28,542 million in January and February 2025, +17.5% compared to the same period last year. MTS Cash average daily volumes were up +59.9% to €55,204 million in January and February 2025, MTS Repo term adjusted average daily volume stood at €461,073 million, down -0.8% compared to the same period last year. Euronext Clearing cleared 47,75,754 shares in January and February 2025, up +22.7% compared to January and February 2024. €5.3 billion of wholesale bonds were cleared in January and February 2025 (double counted), +3.7% compared to the same period in 2024. 2,735,262 retail bond retail contracts were cleared in January and February 2025 (double counted), +6.3% compared to January and February 2024. The number of derivatives contracts cleared was up +655.2% compared to January and February 2024, at 27,252,135 contracts (single counted). Euronext Securities reported 26,419,649 settlement instructions in January and February 2025, up +13.9% compared to the same period last year. The total Assets Under Custody amount to €7.2 trillion end of February 2025, +7.8% compared to February 2024. 2024 UNIVERSAL REGISTRATION DOCUMENT 225 Operating and Financial Review 7.1.8 Results of Operations YEAR ENDED 31 DECEMBER 2024 COMPARED TO THE YEARS ENDED 31 DECEMBER 2023 AND 31 DECEMBER 2022 The table below sets forth Euronext’s results of operations for the years ended 31 December 2024, 2023 and 2022. Total revenue and income Year ended In thousands of euros 31 December 2024 31 December 2023 31 December 2022 Revenue 1,568,064 1,426,876 1,418,774 Net treasury income through CCP Business 56,824 46,660 (4,913) Other income 2,026 1,393 1,530 Transitional income/ (loss) — (222) 3,419 Total revenue and income 1,626,914 1,474,707 1,418,810 Salaries and employee benefits (341,634) (332,416) (307,017) Depreciation and amortisation (188,745) (170,131) (160,191) Other operational expenses (309,688) (355,923) (326,344) Operating profit 786,847 616,237 625,258 Finance costs (36,513) (35,714) (37,078) Finance income 46,235 30,526 5,806 Other net financing result 7,802 5,208 (691) Results from equity investments 33,339 23,500 9,842 Gain on disposal of subsidiaries 20 (206) 2,274 Gain on sale of associates 1,179 53,028 — Share of net profit/(loss) of associates and joint ventures accounted for using the equity method, and impairments thereof 150 6,533 8,834 Profit before income tax 839,059 699,112 614,245 Income tax expense (218,375) (162,697) (163,605) PROFIT FOR THE YEAR 620,684 536,415 450,640 Profit attributable to: ■ Owners of the parent 585,571 513,567 437,827 ■ Non-controlling interests 35,113 22,848 12,813 Euronext’s total revenue and income for the year ended 31 December 2024 was €1,626.9 million, an increase of €152.2 million compared to €1,474.7 million for the year ended 31 December 2023, which was an increase of €55.9 million compared to €1,418.8 million for the year ended 31 December 2022. (1) Admission fees are recognized over a period of 3-5 years 226 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review The table below sets forth Euronext’s revenue and income for the years ended 31 December 2024, 2023 and 2022. In thousands of euros 2024 2023 2022 Listing 231,860 220,642 218,380 Trading revenue 559,431 490,008 514,125 of which ■ Cash trading 284,022 265,439 301,714 ■ Derivatives trading 53,083 54,168 58,380 ■ Fixed income trading 145,527 107,425 92,951 ■ FX trading 31,742 25,556 28,406 ■ Power trading 45,057 37,420 32,674 Investor Services 14,126 11,375 9,596 Advanced data services 241,743 224,774 212,053 Post-trade 414,747 370,183 364,519 of which ■ Clearing 144,270 121,283 121,393 ■ Custody & Settlement and other 270,477 248,900 243,126 Euronext Technology Solutions & other revenue 106,157 109,894 100,101 NTI through CCP business 56,824 46,660 (4,913) Other income 2,026 1,393 1,530 Transitional income/loss — (222) 3,419 TOTAL REVENUE AND INCOME 1,626,914 1,474,707 1,418,810 The like-for-like measure in the operating results review below is used by the Group to improve comparability with the impact generated in the comparative period. It comprises the consolidated impact of the specific revenue or expense category for the year minus the impact of the specific revenue or expense category from newly acquired subsidiaries during the year. Listing For the year ended 31 December 2024: Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation. Equity listing activity was strong in a challenging context with 53 new listings, ranking Euronext as the first listing venue in Europe in 2024. Equity listing revenue was solid at €106.6 million, primarily supported by revenue from increased annual fees revenue and several large cap transactions executed. Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering. Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity. Euronext maintained its world leading position in debt listing with over 600 new ESG bonds listed over the year. On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2024. For the year ended 31 December 2023: Listing revenue was €220.6 million in 2023, an increase of +1.0% compared to 2022, primarily reflecting the strong performance of Corporate Services, more than offsetting the negative impact of the NOK depreciation. Equity listing activity was strong in a challenging context with 64 new listings, ranking Euronext as the first listing venue in Europe in 2023. Equity listing revenue was solid at €105.1 million, primarily supported by revenue from higher annual fees revenue and several large follow-on transactions. Euronext Corporate Services revenue grew +14.9% compared to 2022 to €45.4 million, resulting from the strong performance of its SaaS products more than offsetting lower webcast activities. Debt listing activity was solid with revenue at €36.0 million, reflecting a better second half of 2023 with a more stable debt market and higher interest rate. Euronext maintained its world leading position in debt listing with 494 new ESG bonds listed over the year, an increase of over 20% from 2022. On a like- for-like basis at constant currencies, listing revenue increased by +3.2% compared to 2022. For the year ended 31 December 2022: Listing revenue was €218.4 million in 2022, an increase of +15.1% compared to 2021, reflecting higher annual fees, the strong performance of Euronext Corporate Services and the positive impact of primary and secondary listing revenue recognition over time 1. On a like-for-like basis at constant currencies, listing revenue increased by +6.6% compared to 2021. (1) In terms of money raised (2) According to the Federation of European Securities Exchanges (FESE) (3) Source of EBBO presence data: BMLL 2024 UNIVERSAL REGISTRATION DOCUMENT 227 Operating and Financial Review Euronext’s primary equity listing business sustained its leading position in Europe with 83 new listings in 2022, outperforming all European listing venues. This compares to 212 in 2021, which was a record year for new listings. Five of the top ten largest IPOs in Europe 1 in 2022 took place on Euronext, and international listings represented 21% of listing activity, demonstrating Euronext’s attractiveness for companies in its core markets in Europe and beyond. Euronext remained a leading exchange in Europe for ETF listings, with 478 new listings. Euronext sustained its position as the leading listing venue for bonds worldwide in 2022 2, growing the number of bonds listed to more than 53,000 across all Euronext markets, despite persisting negative debt market conditions globally due to rising interest rates and concerns over economic growth. Euronext Corporate Services reported a strong year in terms of revenue at €39.5 million in 2022, up +6.5% compared to 2021, resulting from a solid performance across the offering, despite a slowdown in webcast activities in a post-pandemic context. Trading Cash Trading For the year ended 31 December 2024: Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes. Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024. On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%. For the year ended 31 December 2023: Cash trading revenue decreased by -12.0% to €265.4 million in 2023, reflecting the strong comparison base for cash trading in the first semester, partly offset by the positive impact of the migration of cash markets to Optiq® and efficient market share and revenue capture. Over the year, Euronext’s market share on cash equity trading averaged 65.1%, well above the indicated floor of at least 63%. Euronext average cash trading yield was 0.52 bps for the whole year, in line with the guidance despite the dilutive impact of Borsa Italiana’s fee scheme prior to the Optiq® migration on 27 March 2023. Post migration of the Italian markets to Optiq®, the yield over the last 9 months of 2023 averaged 0.53bps, above the indicated floor. On a like-for-like basis at constant currencies, cash trading revenue was down -12.0% in 2023 compared to 2022. For the year ended 31 December 2022: Cash trading revenue increased by +2.7% to € 301.7 million in 2022, reflecting the consolidation of the Borsa Italiana Group and strong volumes during the first semester of 2022, partially offset by lower volumes in the second half of 2022. Over 2022, Euronext recorded cash trading average daily volumes of €11.7 billion, stable compared to a record year 2021 at €11.8 billion. Euronext continued to be the provider of the best market quality, with a sustained above-average EBBO presence across the equity markets it operates 3. Over the year, Euronext’s market share on cash trading averaged 66.6%, with a clear uptick in market share since October 2022, thanks to intense commercial activity and enhanced fee schemes. Over 2022, Euronext cash trading yield was 0.50bps, reflecting the dilutive impact of the Borsa Italiana fee grid before the migration to the Optiq® trading platform and higher transaction orders sizes on a reported basis. The largest single liquidity pool in Europe operated by Euronext will significantly change dimension with the migration of Italian cash markets to Euronext’s state-of-the-art proprietary trading platform Optiq® in Q1 2023. This migration will benefit local and global trading members. Euronext expects to maintain for cash trading an average market share greater or equal to 63%, and revenue capture around 0.52bps following the migration of Borsa Italiana cash markets to Optiq®, considering current market conditions and orders size. On a like-for-like basis at constant currencies, cash trading revenue was down -4.4% in 2022 compared to 2021. Derivatives Trading For the year ended 31 December 2024: Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023. For the year ended 31 December 2023: Derivatives trading revenue decreased by -7.2% to €54.2 million in 2023, as a result of the low volatility environment for equity derivatives, partly offset by the strong performance of the commodities franchise. Euronext revenue capture on derivatives trading increased to €0.34 per lot in 2023, resulting from improved revenue capture across the offering and a positive mix impact. On a like-for-like basis at constant currencies, derivatives trading revenue was down -7.0% in 2023 compared to 2022. For the year ended 31 December 2022: Derivatives trading revenue increased by +11.3% to €58.4 million in 2022, as a result of strong traction on the index derivatives franchise and improved product mix enhancing revenue capture. During 2022, average daily volume on financial derivatives was 616,092 lots, down -5.3% from 2021, reflecting a strong comparison basis in a volatile 2021, including lower activity from equity finance clients. Average daily volumes on commodity derivatives were at 79,318 lots in 2022, down -3.5% compared to 2021, reflecting a decrease in commodity futures trading compared to all-time 228 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review high levels in 2021, partly offset by record activity on commodity options. Euronext revenue capture on derivatives trading was €0.33 per lot in 2022, resulting from improved revenue capture across the offering. On a like-for-like basis at constant currencies, derivatives trading revenue was up +2.6% in 2022 compared to 2021. Fixed income trading For the year ended 31 December 2024: Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023. For the year ended 31 December 2023: Fixed income trading reported record revenue at €107.4 million in 2023, up +15.6% compared to 2022, reflecting a strong performance across the offering in a supportive economic environment. MTS reported an overall robust performance in markets dominated by increasing interest rates. On a like-for-like basis at constant currencies, fixed income trading revenue was up +15.8% in 2023 compared to 2022. For the year ended 31 December 2022: Fixed income trading reported revenue was at €93.0 million in 2022, compared to €65.8 million in 2021, reflecting the consolidation of MTS, whose volumes reflected the change in macro-economic conditions in Europe with rising inflation, interest rates and uncertainties which favoured money markets. MTS reported an overall robust performance in markets dominated by increasing interest rates. In 2022, MTS Cash reported €59.5 million of revenue and MTS Repo reported €21.6 million of revenue. 2022 recorded strong growth in Repo trading, with term- adjusted average daily volumes up +25.1% compared to 2021 to €353.7 billion. This compensated for lower MTS Cash average daily volumes, down -21.2% to €18.9 billion, compared to €24.0 billion in 2021. On a like-for-like basis at constant currencies, fixed income trading revenue was down -8.9% in 2022 compared to 2021. FX Trading For the year ended 31 December 2024: FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023. For the year ended 31 December 2023: FX trading revenues were at €25.6 million in 2023, down -10.0% compared to a record performance in 2022. This decrease reflects the lower volatility in the first three quarters of the year and negative FX impact. On a like-for-like basis at constant currencies, FX trading revenue was down -7.8% in 2023 compared to 2022. For the year ended 31 December 2022: FX trading reported all-time record revenues at €28.4 million in 2022, up +21.0% from 2021. Euronext FX trading benefited from the positive momentum with heightened volatility, geographic expansion and product diversification. Over 2022, average daily volumes of USD 22.5 billion were recorded, up +17.1% compared to 2021. On a like-for-like basis at constant currencies, FX trading revenue was up +7.9% in 2022 compared to 2021. Power Trading For the year ended 31 December 2024: Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023. For the year ended 31 December 2023: Power trading reported record revenue at €37.4 million in 2023, representing a strong growth of +14.5% compared to 2022, driven by a strong increase in intraday volumes and continued geographic expansion. This performance more than offsets the negative impact of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +29.3% compared to 2022. For the year ended 31 December 2022: Power trading reported €32.7 million in revenue in 2022, representing a strong growth of +9.4% compared to 2021, driven by record volumes, totalling over 1,000TWh, and continued successful geographic expansion in Central and Western Europe, UK and Ireland. Over 2022, average daily day- ahead power traded was 2.75TWh, up +11.4% compared to 2021, and average daily intraday power traded was 0.10TWh, up +49.8% compared to 2021. On a like-for-like basis at constant currencies, power trading revenue was up +8.9% compared to 2021. Investor Services For the year ended 31 December 2024: Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023. For the year ended 31 December 2023: Investor Services reported record revenue at €11.4 million revenue in 2023, representing a +18.5% increase compared to 2022, resulting from successful organic growth of the product portfolio. 2024 UNIVERSAL REGISTRATION DOCUMENT 229 Operating and Financial Review On a like-for-like basis at constant currencies, Investor Services revenue was up +21.1% compared to 2022. For the year ended 31 December 2022: Investor Services reported €9.6 million revenue in 2022, representing a +7.9% increase compared to 2021, resulting from successful growth of the client base and successful key product launches. On a like-for-like basis at constant currencies, Investor Services revenue was up +10.8% compared to 2021. Advanced Data Services For the year ended 31 December 2024: Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023. For the year ended 31 December 2023: Advanced Data Services revenue grew to €224.8 million in 2023, up +6.0% from 2022, driven by the strong performance across the data products offering and solid demand for analytic products. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +6.2% compared to 2022. For the year ended 31 December 2022: Advanced Data Services recorded revenue grew to €212.1 million in 2022, up +15.5% from 2021, driven by the consolidation of Borsa Italiana’s data businesses, as well as a strong performance of the core data and advanced data solutions businesses. The Euronext’s indices franchise posted a resilient performance in 2022, despite lower structured products activity following two years of intense volatility. Euronext continued to expand its ESG Indices franchise in 2022 including with the successful launch of ESG versions of its national flagship indices, the AEX® ESG in the Netherlands and the OBX® ESG in Norway, reinforcing the existing offering that already included the CAC 40® ESG in France and the MIB® ESG in Italy. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.4% compared to 2021. Post Trade Clearing For the year ended 31 December 2024: Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €62.8 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023. For the year ended 31 December 2023: Clearing revenue was stable at €121.3 million in 2023, reflecting the positive impact of the Euronext Clearing European expansion for equities in November 2023 and dynamic bond clearing. This performance offsets softer equity and derivatives clearing volumes and lower treasury income received from LCH SA. In 2023, Euronext Clearing revenue included €5.6 million from derivatives clearing, €16.6 million from equities clearing, and €13.6 million from bonds clearing. On a like-for-like basis at constant currencies, clearing revenue was stable compared to 2022. For the year ended 31 December 2022: Clearing revenue grew by +19.7% to €121.4 million in 2022, reflecting the consolidation of Euronext Clearing and a volatile volume environment throughout the year. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA) accounted for €39.4 million of the total clearing revenue in Q4 2022. Euronext Clearing activities reflected the general market dynamic over 2022, with a gradual decline in equity and derivatives clearing volumes offset by a steady increase in bond clearing volumes. In 2022, Euronext Clearing revenue included €6.5 million from derivatives clearing, €16.7 million from equities clearing, and €9.8 million from bonds clearing. On a like-for-like basis at constant currencies, clearing revenue was up +3.8% compared to 2021. Net treasury income For the year ended 31 December 2024: Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio. For the year ended 31 December 2023: Net treasury income was €46.7 million in 2023. As a reminder, 2022 net treasury income was impacted by the partial disposal of the Euronext Clearing investment portfolio, which resulted in a one-off, non-underlying pre-tax loss of €49.0 million in Q3 2022. This led to a reported net treasury income of -€4.9 million in 2022. Excluding the non-underlying one-off loss in 2022, net treasury income was up +6.0% in 2023 compared to 2022, reflecting the implementation of the new investment strategy for Euronext Clearing. For the year ended 31 December 2022: Net treasury income through the CCP business of Euronext Clearing amounted to a loss of €-4.9 million in 2022. Net treasury income through CCP clearing business is earned from instruments held at amortised cost or fair value as follows: ■ A total €55.3 million gain was earned from financial assets and financial liabilities held at amortised cost (€28.6 million from interest income on liabilities held at amortised cost and €26.7 million on interest expenses on assets held at amortized cost). ■ A net €11.3 million loss was incurred from assets held at fair value (€32.3 million income and €43.6 million expense. ■ In addition, a revaluation loss of €48.9 million was incurred, following a one–off partial disposal of the debt investment 230 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review portfolio held at Euronext Clearing. The Group recycled the related loss from Other Comprehensive Income to net treasury income. Settlement & Custody For the year ended 31 December 2024: Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay on 3 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023. For the year ended 31 December 2023: Revenue from Custody, Settlement and other Post-Trade activities was at €248.9 million in 2023, up +2.4% compared to 2022, driven by growing assets under custody, improved revenue capture and continued expansion of the services business. This performance offset the negative impact of the NOK depreciation. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +5.5% compared to 2022. For the year ended 31 December 2022: Revenue from Custody, Settlement and other Post-Trade activities was at €243.1 million in 2022, up +10.9% compared to 2021, driven by the consolidation of Euronext Securities Milan, a positively geared geographical mix and stable assets under custody, which offset lower settlement activity. 120,550,357 settlement instructions were processed in 2022 and assets under custody reached €6.3 trillion at the end of December 2022. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was down -4.8% compared to 2021. Technology Solutions and Other revenue For the year ended 31 December 2024: Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023. For the year ended 31 December 2023: Euronext Technologies and Other revenue increased to €109.9 million in 2023, up +9.8% from 2022, reflecting continued benefits from the internalisation of the colocation activity following the Core Data Centre migration to Bergamo. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +8.8% compared to 2022. For the year ended 31 December 2022: Euronext Technologies and Other revenue increased to €100.1 million in 2022, up +17.1% from 2021, resulting from the consolidation of Borsa Italiana Group technology activities, including Gatelab and X2M and additional revenue generated through colocation activity following the Euronext’s Core Data Centre migration. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.3%. compared to 2021. 2024 UNIVERSAL REGISTRATION DOCUMENT 231 Operating and Financial Review Operating Expenses in thousand of euros 2024 2023 2022 Salaries and employee benefits (341,634) (332,416) (307,017) Depreciation and amortisation (188,745) (170,131) (160,191) Other operational expenses (309,688) (355,923) (326,344) TOTAL OPERATING EXPENSES (840,067) (858,470) (793,552) For the year ended 31 December 2024: Euronext operating expenses in 2024 were €840.1 million, compared to €858.5 million in 2023, a decrease of €18.4 million or -2.1%. The overall cost decrease in 2024 was primarily due to: ■ lower clearing expenses due to the termination of the Derivatives Clearing Agreement with LCH S.A.; ■ lower other operational expenses, mostly due to lower non- underlying expenses related to the Borsa Italiana Group integration and the one-off fee paid to LCH S.A. in 2023 for the termination of the Derivatives Clearing agreement. For the year ended 31 December 2023: Euronext operating expenses in 2023 were €858.5 million, compared to €793.6 million in 2022, an increase of €64.9 million or +8.2%. The overall cost increase in 2023 was primarily due to: ■ increase in depreciation and amortisation resulting from the go-live of software assets; ■ costs related to the integration of the Borsa Italiana Group and the realisation of strategic projects. For the year ended 31 December 2022: Euronext operating expenses in 2022 were €793.6 million, compared to €719.4 million in 2021, an increase of €74.2 million or +10.3%. The overall cost increase in 2022 was primarily due to: ■ the consolidation of the costs from the Borsa Italiana Group (consolidated for eight months in 2021); ■ increase in depreciation and amortisation resulting from the Borsa Italiana Group, including its related PPA; ■ integration costs related to the new acquisitions. Salaries and Employee Benefits For the year ended 31 December 2024: Salaries and Employee Benefits increased by €9.3 million, or +2.8%, to €341.7 million, compared to €332.4 million in 2023. This increase is attributable to a higher headcount over 2024 related to recruitments for the delivery of Euronext's 2027 strategic plan. For the year ended 31 December 2023: Salaries and Employee Benefits increased by €25.4 million, or +8.3%, to €332.4 million, compared to €307.0 million in 2022. This increase is attributable to an increase of the headcount and non-underlying expenses related to the integration of the Borsa Italiana Group. For the year ended 31 December 2022: Salaries and Employee Benefits increased by €19.9 million, or 6.9%, to €307.0 million in 2022, compared to €287.1 million in 2021. The increase is mainly attributable to the increase in headcount following the incorporation of the Borsa Italiana Group that was only consolidated for eight months in 2021. 232 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review Depreciation and Amortisation For the year ended 31 December 2024: Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation. For the year ended 31 December 2023: Depreciation and amortisation accounted for €170.1 million in 2023, up +6.2%, mainly due to the go-live of several internally developed software assets. PPA related to acquired businesses accounted for €82.2 million and is included in depreciation and amortisation. For the year ended 31 December 2022: Depreciation and amortisation accounted for €160.2 million in 2022, up +19.0%, mostly due to the consolidation of the Borsa Italiana Group. PPA related to acquired businesses accounted for €83.3 million and is included in depreciation and amortisation. Other Operational Expenses In thousands of euros 2024 2023 2022 Systems and communications (102,315) (102,622) (121,924) Professional services (70,587) (76,469) (71,234) Clearing expenses (24,305) (34,502) (35,604) Accommodation (16,931) (18,712) (13,520) Other expenses (95,550) (123,618) (84,062) TOTAL (309,688) (355,923) (326,344) For the year ended 31 December 2024: Systems and Communications decreased by €0.3 million, or -0.3%, to €102.3 million in 2023, reflecting the decrease of TSA agreement cost. Professional services decreased by €5.9 million, or -7.7%, to €70.6 million in 2024, mainly related to a normalisation after one-off expenses for services used for the implementation of the integration of Borsa Italiana Group in 2023. Clearing expenses decreased by €10.2 million, or -29.6%, to €24.3 million in 2024. This is mostly linked to Clearing migration programme that was completed on the 15th of July for Commodities and the 9th of September for Financial Derivatives. Following the migration, Euronext no longer pays clearing fees to LCH SA. Accommodation decreased by €1.8 million, or -9.6%, to €16.9 million in 2024. This is mostly linked to lower costs in Italy, especially from data centres and energy expenses across the different locations. Other Expenses decreased by €28.1 million, or -22.7%, in 2024 to €95.5 million. This is mostly due to lower non-underlying expenses related to the integration of the Borsa Italiana Group. For the year ended 31 December 2023: Systems and Communications decreased by €19.3 million, or -15.8%, to €102.6 million in 2023, reflecting the decrease of expenses for services received from LSEG under the TSA agreement. Professional services increased by €5.2 million, or +7.4%, to €76.5 million in 2023, mainly related to an increase in one-off expenses for services used for the implementation of the integration of Borsa Italiana Group. Clearing expenses (solely related to clearing activities with LCH SA) decreased by €1.1 million, or -3.1%, to €34.5 million in 2023. This is mostly linked to the softer volume environment for the clearing activity in 2023. Accommodation increased by €5.2 million, or +38.4%, to €18.7 million in 2023. This is mostly linked to higher costs in Italy, especially from data centres and energy expenses across the different locations. Other Expenses increased by €39.6 million, or +47.1%, in 2023 to €123.6 million. This mostly reflects the termination fee paid to LCH SA for the termination of the Clearing Agreement. For the year ended 31 December 2022: Systems and Communications increased by €35.6 million, or +41.3%, to €121.9 million in 2022, compared to €86.3million in 2021. The increase can primarily be attributed to recent acquisitions. Professional Services decreased by €17.9 million, or -20.1%, to €71.2 million in 2022, compared to €89.1 million in 2021. This change is mainly attributable to the decrease of outsourced services. Clearing expenses (solely related to clearing activities with LCH SA) increased by €2.0 million, or 5.8%, to €35.6 million, compared to €33.6 million in 2020. This is mainly linked to higher clearing revenues. Accommodation increased by €4.2 million, or +44.7%, to €13.5 million, compared to €9.3 million in 2021. This increase can be attributed to the impact of recently acquired subsidiaries as well as the new core data centre. Other Expenses increased by €4.7 million, or +6.0%, to €84.1 million in 2021, compared to €79.3 million in 2021. This can primarily be attributed to higher marketing and events expenses in post-pandemic context. Net Financing Income / (Expense) In thousands of euros 2024 2023 2022 Interest expense (effective interest method) (34,287) (34,598) (36,587) Interest in respect of lease liabilities (2,226) (1,116) (733) Other finance costs — — 242 Total finance costs (36,513) (35,714) (37,078) Interest income (effective interest method) 46,235 30,526 5,806 Total finance income 46,235 30,526 5,806 Interest income from interest rate swaps — — 1,479 Gain / (loss) on disposal of treasury investments 5,861 4,721 (2,307) Net foreign exchange gain/(loss) 1,941 487 137 Other net financing result 7,802 5,208 (691) Total 17,524 20 (31,963) 2024 UNIVERSAL REGISTRATION DOCUMENT 233 Operating and Financial Review For the year ended 31 December 2024: Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024. For the year ended 31 December 2023: Net financing income for 2023 was €20k, compared to a net financing expense of €32.0 million in 2022. This decrease in net financing expense reflects the recent evolution of ascending interest rates, which resulted in an increase of interest income on the Group's outstanding cash balances. For the year ended 31 December 2022: Net financing expense for 2022 was €32.0 million compared to a net financing expense of €34.4 million in 2021. This decrease results from elimination of costs in relation to the financing of the acquisition of the Borsa Italiana Group partially offsetting the higher costs of issued debt. Result from equity investments and gain on disposal of subsidiaries For the year ended 31 December 2024: In 2024, results from equity investments amounted to €34.7 million, mainly reflecting the following items: ■ €23.4 million of dividends received from the Group's investments in Euroclear S.A. ■ €10.1 million of dividends received from the Group's investments in Sicovam Holding S.A For the year ended 31 December 2023: In 2023, results from equity investments amounted to €83.1 million, mainly reflecting the following items: ■ €41.6 million gain for the disposal of Euronext's 11.1% stake in LCH SA. ■ €23.5 million of dividends received from the Group's investments in Euroclear S.A. and Sicovam Holding S.A and the contribution of Euronext's stake in LCH SA until its sale. ■ €11.4 million gain for the sale of Euronext's 18.93% investment in Tokeny S.a.r.l. For the year ended 31 December 2022: In 2022, results from equity investments amounted to €18.7 million, mainly reflecting the following items: ■ €9.8 million of dividends received from Euroclear; ■ the contribution from LCH SA, in which Euronext owns a 11.1% stake. In addition, the Group disposed its interests in subsidiaries Finance Web Working SAS and MTS Markets International Inc. in 2022. This resulted in a combined result from disposal of €2.3 million. Profit before Income Tax For the year ended 31 December 2024: Euronext profit before income tax for the year ended 31 December 2024 was €839.1 million, up +20.0% compared to €699.1 million for the year ended 31 December 2023. This increase mostly reflects the higher operating profit and higher net financing income, offsetting the lower results from equity investments. For the year ended 31 December 2023: Euronext profit before income tax for the year ended 31 December 2023 was €699.1 million, up +13.8% compared to €614.2 million for the year ended 31 December 2022. This increase mainly reflects the higher results from equity investments and lower net financing expense described above. For the year ended 31 December 2022: Euronext profit before income tax for the year ended 31 December 2022 was €614.2 million, compared to €580.7 million for the year ended 31 December 2021, an increase of €33.5 million or +5.8%. This increase was mainly caused by the €46.0 million increase in operating profit already described above, partially offset by lower results from equity investment. Income Tax Expense For the year ended 31 December 2024: Euronext's income tax expense for the year ended 31 December 2024 was €218.4 million, up +34.2% compared to €162.7 million in 2023. Euronext's effective tax rate was 26.0% for the year ended 31 December 2024, compared to 23.3% for the year ended 31 December 2023. This increase of the effective tax rate mostly reflects the positive impact by non- taxable income in 2023. For the year ended 31 December 2023: Euronext's income tax expense for the year ended 31 December 2023 was €162.7 million, down -0.6% compared to €163.6 million in 2022. Euronext's effective tax rate was 23.3% for the year ended 31 December 2023, compared to 26.6% for the year ended 31 December 2022. This decrease of the effective tax rate mostly reflects the tax-exempt proceeds from the sales of Euronext's stakes in LCH SA and Tokeny. For the year ended 31 December 2022: Euronext's income tax expense for the year ended 31 December 2022 was €163.6 million, compared to €158.6 million for the year ended 31 December 2021, an increase of €5.0 million or +3.1%. Euronext's effective tax rate was 26.6% for the year ended 31 December 2022, compared to 27.3% for the year ended 31 December 2021. The decrease of the effective tax rate in 2022 is primarily due to less non deductible acquisition expenses and less unrecognized tax losses recognized in 2022 compared to 2021. Profit for the Year For the year ended 31 December 2024: Euronext reported profit for the year ended 31 December 2024 of €620.7 million, compared to €536.4 million for the year ended 31 December 2023, an increase of €84.3 million or 15.7%. Of this profit, €585.6 million was attributable to the shareholders of the parent. For the year ended 31 December 2023: Euronext reported profit for the year ended 31 December 2023 of €536.4 million, compared to €450.6 million for the year ended 31 December 2022, an increase of €85.7 million or 19.0%. Of this profit, €513.6 million was attributable to the shareholders of the parent. 234 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review For the year ended 31 December 2022: Euronext reported profit for the year ended 31 December 2022 of €450.6 million, compared to €422.1 million for the year ended 31 December 2021, an increase of €28.6 million or +6.8%. Of this profit, €437.8 million was attributable to the shareholders of the parent. 7.1.9 Statement of Financial Position For the figures used in the balance sheet review below, reference is made to the table containing the Consolidated Statement of Financial Position in Chapter 5 ‘Selected historical consolidated financial information and other financial information’. For the year ended 31 December 2024 compared to the year ended 31 December 2023: Total assets increased by €89,594.8 million, to €279,101,8 million for year ended 31 December 2024, compared to €189,507.1 million for the year ended 31 December 2023. This increase was mainly attributable to: ■ €94.3 million of increase in the line Financial assets at fair value through OCI, which was almost fully related to the revaluation of the Group's equity investments in Euroclear and Sicovam. ■ €79.3 million of increase in the line Trade and other receivables, which is attributable to one additional trading day of outstanding invoices at Nord Pool Group, jointly with accrued refundable VAT at Nord Pool Group. ■ €89,260.7 million of increase in the line CCP clearing business assets, which reflect the financial instrument positions linked to the Central Counterparty (CCP) activity of Euronext Clearing. The increase mainly relates to transactions in derivative trading instruments, resulting from the completion of the expansion of Euronext Clearing in 2024. ■ €39.3 million of decrease in the line other current financial assets, which impact is mainly driven by redemptions of investments in debt instruments at Borsa Italiana Group. ■ €224.7 million of increase in the line cash and cash equivalents, which movement is further explained in section 7.1.10. Total equity increased by €316.6 million, to €4,402.0 million for year ended 31 December 2024, compared to €4,085.4 million for the year ended 31 December 2023. This increase was mainly attributable to: ■ €296.5 million of increase in the line Retained earnings, which was primarily caused by €585.6 million of profit for the year attributable to the shareholders of the Company, partly offset by the dividends paid to the shareholders of the company for €257.3 million. ■ €98.3 million of increase in other reserves, which was primarily caused by the revaluation of financial assets held at fair value through OCI. ■ €106.7 million of decrease in reserve own shares, following the share repurchase programmes that were executed in 2024. ■ €17.1 million of increase in non-controlling interests (NCI), which is driven by the profit for the year attributable to NCI, partly offset by dividends paid to NCI. Total liabilities increased by €89,278.1 million, to €274,699.9 million for year ended 31 December 2024, compared to €185,421.8 million for the year ended 31 December 2023. This increase was mainly attributable to: ■ €89,212.8 million of increase in the line CCP clearing business liabilities, which reflect the financial instrument positions linked to the Central Counterparty (CCP) activity of Euronext Clearing. The increase mainly relates to transactions in derivative trading instruments, resulting from the completion of the expansion of Euronext Clearing in 2024. ■ €45.1 million of increase in the line current income tax liabilities tax, which was driven by increased profit before tax in 2024, when compared to prior period. ■ €48.5 million of increase in the line Trade and other payables, which was mainly related to increased power purchase payables at Nord Pool, as result of four days of outstanding payables at the reporting date, partially offset by decreased accrued expenses in Euronext Paris and Euronext Amsterdam resulting from the payment of the termination fee linked to the LCH Derivatives Clearing Agreement. For the year ended 31 December 2023 compared to the year ended 31 December 2022: Total assets increased by €14,412.9 million, to €189,550.2 million for year ended 31 December 2023, compared to €175,137.3 million for the year ended 31 December 2022. This increase was mainly attributable to: ■ €97.7 million of decrease in the line Goodwill and other intangible assets, which was primarily impacted by the amortization of intangible assets that were recognised as part of past acquisitions (PPA). ■ €70.7 million of decrease in the line Investments in associates and joint ventures, which was mainly related to the sale and subsequent de-recognition of the investments in LCH SA and Tokeny in 2023. ■ €14,185.5 million of increase in the line CCP clearing business assets, which reflect the financial instrument positions linked to the Central Counterparty (CCP) activity of Euronext Clearing. The increase mainly relates to assets under repurchase transactions. ■ €59.7 million of decrease in the line other current financial assets, which impact is mainly driven by redemptions of short-term deposits and investments in debt instruments and in various Euronext entities. ■ €447.7 million of increase in the line cash and cash equivalents, which movement is further explained in section 7.1.10. Total equity increased by €45.0 million, to €4,085.3 million for year ended 31 December 2023, compared to €4,040.3 million for the year ended 31 December 2022. This increase was mainly attributable to: ■ €277.7 million of increase in the line Retained earnings, which was primarily caused by €513.6 million of profit for the year attributable to the shareholders of the Company, partly offset by the dividends paid to the shareholders of the company for €237.2 million. 2024 UNIVERSAL REGISTRATION DOCUMENT 235 Operating and Financial Review ■ €36.7 million of decrease in other reserves, which was caused by a decrease in foreign currency translation reserve, that was partially offset by an increase in revaluation of financial assets held at fair value through OCI. ■ €209.3 million of decrease in reserve own shares, following the share repurchase programmes that were executed in 2023. ■ €13.3 million of increase in non-controlling interests (NCI), which is driven by the profit for the year attributable to NCI, partly offset by dividends paid to NCI. Total liabilities increased by €14,367.8 million, to €185,464.8 million for year ended 31 December 2023, compared to €171,097.0 million for the year ended 31 December 2022. This increase was mainly attributable to: ■ €14,286.4 million of increase in the line CCP clearing business liabilities, which reflect the financial instrument positions linked to the Central Counterparty (CCP) activity of Euronext Clearing. The increase mainly relates to liabilities under repurchase transactions. ■ €60.7 million of increase in the line current income tax liabilities tax, which was driven by the increased profit before tax for the year 2023. ■ €19.6 million of increase in the line Trade and other payables, which was mainly related to an increase in accrued expenses driven by the termination and migration fees related to the termination of the Derivatives Clearing Agreement with LCH SA in 2023. 7.1.10 Statement of Cash flows The table below summarises Euronext consolidated cash flow for the years ended 31 December 2024, 2023 and 2022: In thousands of euros Year ended 31 December 2024 31 December 2023 31 December 2022 Net cash generated by operating activities 708,598 826,073 616,486 Net cash provided by/(used in) investing activities (a) (37,070) 157,905 (122,585) Net cash (used in)/provided by generated by financing activities (a) (441,674) (522,213) (282,368) NET INCREASE IN CASH AND CASH EQUIVALENTS 229,854 461,765 211,533 Cash and cash equivalents – Beginning of period 1,448,788 1,001,082 809,409 Non-cash exchange gains/(losses) on cash and cash equivalents (5,187) (14,059) (19,860) CASH AND CASH EQUIVALENTS – END OF PERIOD 1,673,455 1,448,788 1,001,082 (a) The Group adjusted the figures for 2023, by reclassifying €2.5 million from cash flows from investing activities to cash flows from financing activities, as the Group has re-presented 'transactions with non-controlling interests' as part of cash flows from financing activities, whereas in 2023 this item was erroneously presented as part of cash flows from investing activities. Net Cash Generated by Operating Activities Net cash generated by operating activities decreased by €-117.5 million, to €+708.6 million for the year ended 31 December 2024, compared to €+826.1 million for the year ended 31 December 2023. This was mainly attributable to: ■ The effect of an increase in profit before tax of €+139.9 million, a decrease of €-80.6 million from higher income taxes paid and a decrease of €-245.0 million from changes in working capital, mostly driven by the outstanding positions in power sales and power purchases of Nord Pool at end of 2024, CCP activities at Euronext Clearing and by the net movement in other accounts receivables/payables primarily related to the payment of termination fee linked to the LCH Derivatives Clearing Agreement, which were accrued in prior year. ■ These impacts were partly offset by an adjusting effect of €+51.8 million related to gains on sale of associates LCH SA in 2023. Net cash generated by operating activities increased by € +209.6 million, to €+826.1 million for the year ended 31 December 2023, compared to €+616.5 million for the year ended 31 December 2022. This was mainly attributable to: ■ The effect of an increase in profit before tax of €+84.9 million, an increase of €+90.6 million from less income taxes paid and an increase of €+88.1 million from changes in working capital, mostly driven by the outstanding positions in power sales and power purchases of Nord Pool at end of 2023 and CCP activities at Euronext Clearing. ■ These impacts were partly offset by an adjusting effect of €-53.0 million related to gains on sale of associates LCH SA and Tokeny. Net Cash provided by/(used in) Investing Activities Net cash provided by investing activities decreased by €-195.0 million, to €-37.1 million for the year ended 31 December 2024, compared to €+157.9 million for the year ended 31 December 2023. This was mainly attributable to: ■ €-65.2 million of decreasing impact, from the acquisition of GRSS, Substantive Research and Acupay, in 2024. ■ €-121.5 million of decreasing impact primarily related to the proceeds from the sale of associate LCH SA in prior year. ■ €-45.0 million of net impact from purchases and redemptions of short-term deposits and debt investments. ■ €+20.4 million of increasing impact from interest received, given the increased interest rates in 2024. (1) EBITDA as defined in the Facilities Agreement 236 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review Net cash provided by investing activities increased by € +280.5 million, to €+157.9 million for the year ended 31 December 2023, compared to €-122.6 million for the year ended 31 December 2022. This was mainly attributable to: ■ €+66.0 million of increasing impact from less acquisitions, as the comparative period included the acquisitions of the technology businesses from Nexi's capital markets activities and the acquisition of Spafid's business. ■ €+122.4 million of increasing impact related to the proceeds from the sale of the investments in LCH SA and Tokeny. ■ €+70.9 million of net impact from purchases and redemptions of short-term deposits and debt investments. ■ €+19.4 million of increasing impact from interest received, given the increased interest rates in 2023. Net Cash (used in)/provided by Financing Activities Net cash used in financing activities increased by €+80.5 million, to €-441.7 million for the year ended 31 December 2024, compared to €-522.2 million for the year ended 31 December 2023. This was mainly attributable to: ■ €+112.4 million of increasing impact from transactions in own shares, almost fully attributable to the share buy back programmes executed in 2023 and finalized in 2024. A new share buy back programme started at the end of 2024. ■ €-20.1 million of decreasing impact of increased dividends paid to the shareholders of the Company, following higher net profit in 2023 versus 2022. ■ €-20.5 million of decreasing impact of increased dividends paid to non-controlling interest mainly attributable to significantly higher performance by MTS S.p.A. and Nord Pool in 2023. Net cash used in financing activities decreased by €-239.8 million, to €-522.2 million for the year ended 31 December 2023, compared to €-282.4 million for the year ended 31 December 2022. This was mainly attributable to: ■ €-219.1 million of decreasing impact from transactions in own shares, almost fully attributable to the share buy back programmes executed in 2023. ■ €-31.2 million of decreasing impact of increased dividends paid to the shareholders of the Company, following higher net profit in 2022 versus 2021. 7.1.11 Facilities Agreements and Bonds Loan facilities On 12 April 2017, the Group entered into a new revolving loan facility agreement (“the Facility”) amounting to €250 million, with BNP Paribas and ABN AMRO BANK N.V. as Lead Arrangers. This new Facility has replaced the revolving credit facility of €390 million. On 18 July 2017, the Group entered into a syndicated bank loan facility (“the Bank Loan”) with BNP Paribas and ABN AMRO BANK N.V. as Lead Arrangers, providing for €175 million. The Bank Loan has been drawn in the amount of €165 million on 9 August 2017 in order to (i) fund the acquisition of 89.8% of the shares and voting rights in FastMatch Inc and (ii) refinance the acquisition of 60% of the shares and voting rights in iBabs B.V. previously financed through the Facility. The Bank Loan and Facility are together referred to as Instruments. As per 31 December 2017 a non-current borrowing of €165.0 million was recognised related to the Bank Loan. On 8 April 2019, the Group signed a supplemental agreement with nine banks to amend the €250 million Facility originally dated 12 April 2017. This new agreement enabled the Group to increase the Facility to €400.0 million and set a new maturity of 5 years plus a two-year extension possibility. The revolving credit facility agreement allowed the Group to apply all amounts borrowed by it towards (i) general corporate and/or working capital purposes of the Group, (ii) satisfaction of the consideration payable for an acquisition and/or (iii) the payment of fees, costs and expense incurred in relation to an acquisition. The revolving credit facility bore an interest rate of EURIBOR plus a margin initially set at 0.25%, which increased to 0.30% on 31 May 2019, based on the “A-“ rating. It should be noted that as at 31 December 2020, no advances had been drawn under the revolving credit facility. During the year, the Group had temporarily drawn €45.0 million which it used for repayment of the bond loan, which was included in the acquisition of Oslo Børs VPS. The Group repaid this €45.0 million at the end of 2019. Euronext was required to maintain compliance with a maximum leverage ratio if the credit rating would drop below BBB+. The maximum leverage ratio measures Euronext total gross debt to EBITDA 1 (as such terms are defined in the Facilities Agreement). Euronext was required to maintain a leverage ratio of no more than 3.5x. On 26 April 2021, the Group requested the irrevocable cancellation of the total commitments under the €400.0 million Facility which gave rise to the termination of the revolving credit facility agreement. On 6 November 2020, the Group entered into a new revolving credit facility agreement with a group of 12 banks for the amount of €600.0 million conditional to the closing of the acquisition of the Borsa Italiana Group, that allows the Group to apply all amounts borrowed by it towards (i) general corporate and/or working capital purposes of the Group, (ii) satisfaction of the consideration payable for an acquisition and/or (iii) the payment of fees, costs and expense incurred in relation to an acquisition. This new revolving credit facility has a maturity of 5 years plus a two-year extension possibility and bears an interest rate of EURIBOR plus a margin dependent on rating. Following the closing of the Borsa Italiana acquisition this revolving credit facility replaced the former facility signed on 8 April 2019. In October 2021 the first one year extension was requested and received from all banks party to the revolving credit facility agreement. In October 2022 the Group requested the second one year extension, which was accepted by all banks party to the revolving credit facility agreement. As a result, the revolving credit facility has a remaining maturity of 3 years (November 2027). The revolving facility has not been and is not drawn as per 31 December 2024. In case of a downgrading event of Euronext, below BBB- or equivalent by rating agencies, Euronext shall ensure that the 2024 UNIVERSAL REGISTRATION DOCUMENT 237 Operating and Financial Review leverage ratio as defined in the revolving credit facility agreement would not be greater than 4x. Term, Repayment and Cancellation The Facility had an initial maturity of 5 years plus a two-year extension possibility. Euronext has the possibility to voluntarily cancel the Facility in whole or part or prepay amounts drawn. Interest Rates and Fees The Facility has borne an interest rate of EURIBOR plus a margin initially set at 0.55%, based on the initial rating of BBB by S&P. It should be noted that as at 31 December 2024, there was no outstanding advance drawn under the Facility. EURIBOR is floored at 0%. An extension fee of (i) 0.05% of the full amount is payable if Euronext requests that the initial maturity date be extended to the first relevant anniversary date or, (ii) 0.10% of the full amount of the relevant Instrument is payable if Euronext requests that the initial maturity date be extended to the second relevant anniversary date. A utilisation fee accrues on a daily basis at the following applicable rate per annum to be applied on the amount drawn: ■ if less than 33.33% of the total commitment under the Facility has been drawn at the relevant date, 0.10%; ■ if 33.33% or more (but less than 66.67%) of the total commitment under the Facility has been drawn at the relevant date, 0.20%; or ■ if 66.67% or more of the total commitment under the Facility has been drawn at the relevant date, 0.40%. Euronext must also pay customary commitment fees at a rate per annum equal to 35% of the then applicable margin for the relevant Instrument on each lender’s available commitment under the relevant Instrument during its availability period. Certain Covenants and Undertakings The Facility contains a number of additional undertakings and covenants that, among other things, restrict, subject to certain exceptions, Euronext ability to: ■ grant security interests over their assets; ■ sell, transfer or dispose of certain assets; ■ make certain loans or grant certain credit; ■ enter into any amalgamation, demerger, merger or corporate reconstruction, unless the Company remains the surviving entity; ■ make any substantial change to the general nature of Euronext business. Euronext is permitted, among other things, to dispose of assets in the ordinary course of trading on arm’s length terms for full market value without restriction, and otherwise where the aggregate fair value of the assets disposed of does not exceed 5% of Euronext consolidated total assets in any financial year. In case of a downgrading event of Euronext, below BBB- or equivalent by rating agencies, Euronext shall ensure that the leverage ratio (Net debt/EBITDA) as defined in the Revolving Facility Agreement would not be greater than 4x. Whereby EBITDA means the consolidated operating profit of the Group, before taking into account: 1. Interest Expense 2. Tax 3. any share of the profit f any associated company or undertaking, except for dividends received in cash by any member of the Group; and 4. extraordinary and exceptional items; and after adding back all amounts provided for depreciation and amortisation to the extent deducted for the purposes of determining consolidated profit of the Group before taxation, as determined from the financial statements of the Group. Whereby Total Net Debt means the total gross debt less Cash and Cash Equivalent with respect to the Group on a consolidated basis. Events of Default The Facility contains customary events of default, in each case with customary and appropriate grace periods and thresholds, including, but not limited to: ■ non-payment of principal or interest; ■ violation of financial covenants or other obligations; ■ representations or statements being materially incorrect or misleading; ■ cross-default and cross-acceleration relating to indebtedness of at least €50.0 million; ■ certain liquidation, insolvency, winding-up or bankruptcy events; ■ creditors’ process and attachment having an aggregate value of more than €25.0 million; ■ invalidity and unlawfulness; ■ cessation of business; ■ loss of any licence required to carry on the Company’s or any material subsidiary’s business; and ■ repudiation by the Company of a finance document. Bonds On 18 April 2018, the Group issued a €500 million Bond (“Senior Unsecured Note #1”) to refinance its 2017 and 2018 acquisitions and diversify its financing mix. The Bond has a seven year maturity, with an annual coupon of 1%. On 18 April 2018 the Bond, rated “A” by Standard & Poor’s rating agency, was listed on Euronext Dublin. The Bond issue included €2.9 million of Bond discount and €0.5 million of issue costs, which are subsequently accounted for under the Effective Interest Rate method. Following receipt of the proceeds of the issued Bond, the Group repaid the €165.0 million Bank Loan. On 4 June 2019, the Group issued a €500 million Bond (‘Senior Unsecured Note #2’) to (i) pre-finance the outstanding shares of Oslo Børs VPS Holding ASA not already owned by the Group and (ii) for general corporate purposes in line with the Group’s strategy. The Bond has a ten year maturity, with an annual coupon of 1.125%. On 12 June 2019 the Bond, rated “A-” by S&P Global Ratings Limited, was listed on Euronext Dublin. The Bond issue included €6.1 million of Bond discount and issue costs, which are subsequently accounted for under the Effective Interest Rate method. 238 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review On 22 June 2020, the Group successfully priced a tap offering of €250 million on its outstanding Senior Unsecured Note #2, rated A- by Standard & Poor’s rating agency, which is listed on Euronext Dublin. Settlement of this tap offering was made on 29 June 2020. This tap offering will mature in June 2029. This increases the total principal amount bearing interest at an annual rate of 1.125% to €750 million. The proceeds of the issue were used to (i) finance the acquisition of the outstanding shares of VP Securities AS and (ii) for general corporate purposes in line with the Group’s strategy. The Bond issue included €5.7 million of Bond premium and issue costs, which are subsequently accounted for under the Effective Interest Rate method. On 17 May 2021, the Group issued €1.800 million 3 equal tranches bond ("Senior Unsecured Note #3, #4 and #5") to partially refinance the Bridge Loan Facility entered into to initially finance the Borsa Italiana Group acquisition. The Bond #3 has a 5 year maturity and a fixed annual rate coupon of 0.125%. The Bond #4 has a 10 year maturity and a fixed annual rate coupon of 0.75%.The Bond #5 has a 20 year maturity and a fixed annual rate coupon of 1.50%. The Bonds are rated BBB by Standard & Poor’s rating agency, and are listed on Euronext Dublin. The bond issue included €18.6 million of bond premium and issue costs, which are subsequently accounted for under the Effective Interest Rate method. CCP credit lines As at 31 December 2024, the Group’s CCP had €450 million (2023: €440 million and 2022: €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 31 December 2024. 7.1.12 Contractual Obligations The table below summarises Euronext debt, future minimum payment lease obligations under non-cancellable leases and capital expenditure commitments as at 31 December 2024: In thousands of euros Payments due by year Total 2025 2026-2029 Thereafter Notes of the consolidated financial statements Debt (principal and accrued interest obligations) 3,066,479 516,479 1,350,000 1,200,000 Note 37.1 - Liquidity risk Debt (future interest obligations) 216,709 11,209 88,500 117,000 Note 37.1 - Liquidity risk Lease liabilities – minimum payments 70,846 16,357 37,643 16,846 Note 37.1 - Liquidity risk Capital expenditure commitments 4,392 2,254 2,138 — Note 39.1 – Capital Commitments TOTAL 3,358,426 546,299 1,478,281 1,333,846 Capital Expenditures Euronext’s capital expenditures were €87.2 million, €103.0 million and €99.5 million for the years ended 31 December 2024, 2023 and 2022, respectively. Capital expenditures decreased in 2024 when compared to 2023 and 2022. This is driven by the capitalisation of software development costs in previous years, that were primarily linked to: (i) the migration of Borsa Italiana Group to Euronext's trading platform Optiq®, (ii) the expansion of clearing activities to all Euronext markets by Euronext Clearing, (iii) the pan-Europeanisation of Euronext CSDs, and (iv) several digital ambition projects within the Group. Euronext’s capital expenditure requirements depend on many factors, including the rate of its trading volume growth, strategic plans and acquisitions, required technology initiatives, regulatory requirements, the timing and introduction of new products and enhancements to existing products, the geographic mix of Euronext’s business, and the continuing market acceptance of its electronic platform. For the years ending 31 December 2024, 2023 and 2022, Euronext has made operational capital expenditures as well as incurred capitalised software development costs. These expenditures were aimed at enhancing Euronext technology and supporting the continued expansion of Euronext’s businesses. In 2024, Euronext spent €17.9 million on hardware and investments in properties (2023: €27.7 million and 2022: €31.9 million) and €69.3 million on development efforts and acquisition of third party licenses (2023: €75.3 million and 2022: €67.7 million). 7.1.13 Off-Balance Sheet Arrangements Euronext is not a party to any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on Euronext’s financial condition, results of operations, liquidity, capital expenditure or capital resources, other than the €600 million revolving credit facility under the Facilities Agreement and the commitments described in Note 39 of the Consolidated Financial Statements. 7.1.14 Quantitative and Qualitative Disclosures about Market Risk As a result of its operating and financing activities, the Group is exposed to market risks such as interest rate risk, currency risk and credit risk. The Group has implemented policies and procedures designed to measure, manage, monitor and report risk exposures, which are regularly reviewed by the appropriate management and supervisory bodies. The Group’s central treasury team is charged with identifying risk exposures and monitoring and managing such risks on a daily basis. To the extent necessary and permitted by local regulation, the Group’s subsidiaries centralise their cash investments, report their risks and hedge their exposures in coordination with the Group’s central treasury team. The Group performs sensitivity analyses to determine the effects that may result from market risk exposures. The Group uses derivative instruments solely to hedge financial risks related to its financial position or risks that are otherwise incurred in the normal course of its commercial activities. The Group does not use derivative instruments for speculative purposes. 2024 UNIVERSAL REGISTRATION DOCUMENT 239 Operating and Financial Review Interest Rate Risk Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed rates with an interest term of less than one year, except for the fixed rated Bonds #2 to #5 with an aggregated notional amount of €2,550 million, which have maturities between 17 months and 20 years. The Group is exposed to cash-flow risk arising from net floating-rate positions. The Group was a net borrower in Euros exposed to fixed interest rates and a net lender in Euros exposed to floating rates at 31 December 2024 and 2023. Therefore, the sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €3.9 million based on the positions at 31 December 2024 (2023: €2.2 million). The Group was a net lender in Pound Sterling at 31 December 2024 and 2023. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/ decrease of the rate would have resulted in an increase/ decrease of net interest income of €0.4 million based on the positions at 31 December 2024 (2023: €0.2 million). The Group was a net lender in US Dollar at 31 December 2024 and 2023. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €0.3 million based on the positions at 31 December 2024 (2023: €0.1 million). The Group was a net lender in Norwegian Kroner at 31 December 2024 and 2023. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €0.8 million based on the positions at 31 December 2024 (2023: €0.5 million). The fluctuation of the DKK against the EUR is set within the bandwidth +/-2.25% as an exchange rate mechanism established by the Denmark's National Bank. Therefore, currency risk sensitivity inherent to the Group exposure to that currency is deemed to be irrelevant. Interest rate risk - CCP clearing business As at 31 December 2024 the Group’s CCP has deposited the default funds and margin mainly at the Central Bank of Italy reducing the interest rate exposure linked to investment activities. Furthermore, the Group’s CCP faces minimal interest rate exposure by applying the same reference rate deriving from the yields achieved through the secured investment activities, to calculate member liabilities. 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 the requirements contained in the CCP investment policy. The Group's CCP has an investment policy, mitigating market risks. The Group's CCP investments have an average duration of less than 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 in 7.1.14 - Liquidity Risk CCP clearing business. As per 31 December 2024, an increase/decrease of the rate by 100 basis points would have an increasing/decreasing impact on the investment portfolio market value of €0.4 million or 0.24% (2023: €0.5 million or 0.20%). Liquidity Risk The Group would be exposed to a liquidity risk in the case where its short-term liabilities become, at any date, higher than its cash, cash equivalents, short-term financial investments and available bank facilities and in the case where the Group is not able to refinance this liquidity deficit, for example, through new banking lines. Cash, cash equivalents and short-term financial investments are managed as a global treasury portfolio invested in non- speculative financial instruments, readily convertible to cash, such as bank balances, money market funds, overnight deposits, term deposits and other money market instruments, thus ensuring a very high liquidity of the financial assets. The Group’s policy is to ensure that cash, cash equivalents and available bank facilities allow the Group to repay its financial liabilities at all maturities, even disregarding incoming cash flows generated by operational activities, excluding the related party loans granted by the Group’s subsidiaries to its Parent. 240 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review The net position of current financial assets, financial liabilities and available credit facilities, excluding working capital items, as of 31 December 2024 and 2023 is described in the table below: In thousands of euros 2024 2023 Cash, cash equivalents and short term investments 1,737,264 1,551,841 Available revolving credit facility (RCF) 600,000 600,000 Financial debt (long-term and short-term borrowings) (3,053,510) (3,048,915) NET POSITION (716,246) (897,074) The Group has a €600 million revolving credit facility (2023: €600 million) that can be used for general corporate or M&A purposes. As of 31 December 2024, the Group did not have any amounts drawn under the facility. Liquidity risk - CCP clearing business 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. 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 (see section 7.1.11 - Facilities Agreements and Bonds). In line with the investment policy and the regulatory requirements, the Group’s CCP has deposited the default funds and margin mainly at the Central Bank of Italy as per 31 December 2024. As per 31 December 2024 the default funds and margin were partially invested in Government bonds with an average maturity of less than 12 months. 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 2024 Investment portfolio 66,068 — — 66,068 2023 Investment portfolio 116,286 — — 116,286 The table below summarises the maturity profile of the Group’s financial liabilities as of 31 December 2024 and 2023, based on contractual undiscounted payments, including principal - and interest amounts, expected throughout the life of the obligations: In thousands of euros Maturity < 1 year Maturity between 1 and 5 years Maturity > 5 years Total 2024 Trade and other payables 464,267 — — 464,267 Borrowings 527,688 1,438,500 1,317,000 3,283,188 Lease liabilities 16,357 37,643 16,846 70,846 CCP clearing member liabilities 270,357,949 — — 270,357,949 2023 Trade and other payables 415,843 — — 415,843 Borrowings 27,688 1,194,250 2,088,938 3,310,876 Lease liabilities 22,865 30,666 13,069 66,600 CCP clearing member liabilities 181,145,101 — — 181,145,101 2024 UNIVERSAL REGISTRATION DOCUMENT 241 Operating and Financial Review Currency Risk The Group’s net assets are exposed to the foreign currency risk arising from the translation of assets and liabilities of subsidiaries with functional currencies other than the Euro. The following table summarises the assets and liabilities recorded in GBP functional currency and the related impact of a 10% in/ decrease in the currency exchange rate on balance sheet and profit or loss as of 31 December 2024 and 2023: In thousands 2024 2023 Assets £115,164 £89,586 Liabilities £(12,143) £(11,759) Net currency position £103,021 £77,827 Absolute impact on equity of 10% in /decrease in the currency exchange rate €12,450 €8,977 Absolute impact on profit or loss of 10% in /decrease in the currency exchange rate Not Material Not Material The following table summarises the assets and liabilities recorded in USD functional currency and the related impact of a 10% in/ decrease in the currency exchange rate on balance sheet and profit or loss as of 31 December 2024 and 2023: In thousands 2024 2023 Assets $226,038 $198,636 Liabilities $(33,997) $(8,502) Net currency position $192,041 $190,134 Absolute impact on equity of 10% in /decrease in the currency exchange rate €18,548 €17,224 Absolute impact on profit or loss of 10% in /decrease in the currency exchange rate €1,315 €520 The following table summarises the assets and liabilities recorded in NOK functional currency and the related impact of a 10% in/ decrease in the currency exchange rate on balance sheet and profit or loss as of 31 December 2024 and 2023: In thousands 2024 2023 Assets kr11,987,524 kr11,094,389 Liabilities kr(3,545,961) kr(2,527,631) Net currency position kr8,441,563 kr8,566,758 Absolute impact on equity of 10% in /decrease in the currency exchange rate €71,628 €76,326 Absolute impact on profit or loss of 10% in /decrease in the currency exchange rate €1,751 €1,469 Most operating revenue and expenses in the various subsidiaries of the Group are denominated in the functional currency of each relevant subsidiary. The Group’s consolidated income statement is exposed to foreign currency risk arising from receivables and payables denominated in currencies different from the functional currency of the related entity. Credit Risk The Group is exposed to credit risk in the event of a counterparty’s default. The Group is exposed to credit risk from its operating activities (primarily trade receivables), from its financing activities and from the investment of its cash and cash equivalents and short-term financial investments. The Group limits its exposure to credit risk by rigorously selecting the counterparties with which it executes agreements. Most customers of the Group are leading financial institutions that are highly rated. Investments of cash and cash equivalents in bank current accounts and money market instruments, such as short-term fixed and floating rate interest deposits, are governed by rules aimed at reducing credit risk: maturity of deposits strictly depends on credit ratings, counterparties’ credit ratings are permanently monitored and individual counterparty limits are reviewed on a regular basis. In addition to the intrinsic creditworthiness of counterparties, the Group’s policies also prescribe the diversification of counterparties (banks, financial institutions, funds) so as to avoid a concentration of risk. Derivatives are negotiated with leading high-grade banks. The Group’s trade and contract receivables, and other debt financial assets at amortised cost and FVOCI are exposed to credit risk. The maximum exposure to credit risk at the reporting date is the carrying value of each class of these financial assets. The Group evaluates the concentration of credit risk with respect to trade and contract receivables as low, as most of its customers are leading financial institutions that are highly rated. The other debt financial assets comprises i) debt investments at amortised cost, which include short-term deposits with a maturity over three months and ii) debt investments at FVOCI, which include investments in listed bonds and government bonds. All of the entity’s other debt financial assets at amortised cost and FVOCI are considered to have low credit risk, as the issuers of the instruments have a low risk of default evidenced by their strong capacity to meet their contractual cash flow obligations in the near term. Credit risk - CCP clearing business 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. 242 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review 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 31 December 2024 31 December 2023 Total collateral pledged Margin received in cash 17,594,249 15,381,233 Margin received by title transfer 2,079,405 987,595 Default fund total 6,204,892 5,154,917 Total on balance sheet collateral (a) 25,878,546 21,523,745 Total member collateral pledged 25,878,546 21,523,745 (a) The total on balance sheet member collateral pledged is included in the line 'other payables to clearing members' in the table at Note 35.1 of the Consolidated Financial Statements as included in section 8. 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 supra-national 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. 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 31 December 2024 31 December 2023 Investment portfolio 66,068 116,286 CCP other financial assets (a) 66,068 116,286 Clearing member cash equivalents - short term deposits 10,011 10,084 Clearing member cash - central bank deposits 19,085,474 15,983,047 Clearing member cash - other banks (138) 2,001 Total clearing member cash (b) 19,095,347 15,995,132 (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 35.1 of the Consolidated Financial Statements as included in section 8. (b) The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 35.1 of the Consolidated Financial Statements as included in section 8. 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: (1) As defined in section 5.2 - Other Financial information 2024 UNIVERSAL REGISTRATION DOCUMENT 243 Operating and Financial Review In thousands of euros 31 December 2024 31 December 2023 Sovereign investments Italy 31,365 14,899 Spain 10,011 25,889 EU Central (a) 17,914 — Portugal — — France — 29,915 Germany — 26,810 Ireland — — Netherlands — — Belgium 16,789 28,857 Total for all countries (b) 76,079 126,370 (a) 'EU Central' consists of supra-national debt. (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 35.1 of the Consolidated Financial Statements as included in section 8. 7.1.15 Significant Accounting Policies Euronext Consolidated Financial Statements included in this Universal Registration Document have been prepared and presented in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and adopted by the European Union. See also Note 3 of the Consolidated Financial Statements, on ‘Material accounting policies and significant judgements’. 7.1.16 Critical Accounting Estimates and Judgments In the application of the Group’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. All assumptions, expectations and forecasts used as a basis for certain estimates within Euronext Financial Statements represent good faith assessments of its future performance for which Euronext management believes there is a reasonable basis. These estimates and assumptions represent Euronext’s view at the times they are made, and only then. They involve risks, uncertainties and other factors that could cause Euronext actual future results, performance and achievements to differ materially from those estimated or forecasted. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The estimates and assumptions that may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below. Euronext has discussed the development and selection of these critical accounting policies and estimates with its independent auditors. Significant judgments made in the preparation of the Consolidated Financial Statements include the following: Impairment of Goodwill Goodwill represents the excess of the consideration transferred in a business combination over the Group’s share in the fair value of the net identifiable assets and liabilities of the acquired business at the date of acquisition. Goodwill is not amortised but is tested at least annually for impairment, or whenever an event or change in circumstances indicate a potential impairment. For the purpose of impairment testing, goodwill arising in a business combination is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the combination. Each CGU or CGU Group to which goodwill is allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes. The carrying value of a CGU Group is compared to its recoverable amount, which is the higher of its value in use and its fair value less costs of disposal. Impairment losses on goodwill are not subsequently reversed. Value in use is derived from the discounted future free cash flows 1 of the CGU Group. Fair value less costs of disposal is based on discounted cash flows and market multiples applied to forecasted earnings. Cash flow projections are based on budget and business plan approved by management and covering a 2-year period in total. Cash flows beyond the business plan period are extrapolated using a perpetual growth rate. Key assumptions used in goodwill impairment test are described in Note 18 of the Consolidated Financial Statements. Income Taxes Due to the inherent complexities arising from the nature of the Group’s business, from conducting business and being taxed in a substantial number of jurisdictions, significant judgments and estimates are required to be made for income taxes. The Group computes income tax expense for each of the jurisdictions in which it operates. However, actual amounts of income tax due only become final upon filing and acceptance of the tax return by relevant authorities, which 244 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review may not occur for several years subsequent to issuance of the Consolidated Financial Statements. The estimation of income taxes also includes evaluating the recoverability of deferred income tax assets based on an assessment of the ability to use the underlying future tax deductions against future taxable income before they expire. This assessment is based upon existing tax laws and estimates of future taxable income. To the extent estimates differ from the final tax return, earnings may be affected in a subsequent period. The Group operates in various countries with local tax regulations. New tax legislation being issued in certain territories as well as transactions that the Group enters into regularly result in potential tax exposures. The calculation of Euronext’s tax liabilities involves uncertainties in the application of complex tax laws. Euronext’s estimate for the potential outcome of any uncertain tax position is highly judgmental. However, Euronext believes that it has adequately provided for uncertain tax positions. Settlement of these uncertainties in a manner inconsistent with Euronext’s expectations could have a material impact on its results of operations, financial condition and cash flows. The Group recognises a liability for uncertain tax positions when it is not probable that a taxation authority will accept an uncertain tax treatment. Fair Value of Equity Investments The Group holds investments in unlisted equity securities which are carried at fair value in the balance sheet. The valuation methodology and critical assumptions are described in Note 20 of the Consolidated Financial Statements. Classification of investments in associates The Group classified the interest in LCH SA as an investment in associate suggesting significant influence even though it owned less than 20% of the voting rights (see Note 7 of the Consolidated Financial Statements). The Group concluded it has significant influence over this investment, which is derived from the governance structure that was put in place and the Group’s position as the largest customer and sole minority shareholder of LCH SA. Contingent consideration and buy options resulting from business combinations The Group may structure its business combinations in a way that leads to recognition of contingent consideration to selling shareholders and/or buy options for equity held by non-controlling interests. Contingent consideration and buy options are recognised at fair value on acquisition date. When the contingent consideration or buy option meets the definition of a financial liability or financial instrument, it is subsequently re-measured to fair value at each reporting date. The determination of fair value is based on the expected level of EBITDA -as defined in the Share Purchase Agreements of the acquired companies involved- over the last 12 months that precede the contractual date (in case of contingent consideration) or exercise date of the underlying call- and put options (in case of buy option). The Group monitors the expected EBITDA -as defined in the Share Purchase Agreements of the acquired companies involved- based on updated forecast information from the acquired companies involved. Purchase price allocation The cost of other intangible assets that are acquired in the course of business combinations, corresponds to their acquisition date fair values. Depending on the nature of the intangible asset, fair value is determined by application of: ■ market approach (by reference to comparable transactions); ■ income approach (Relief-from-Royalty- or Multi-period Excess Earnings Method; ■ cost approach. Assets with a finite useful life are amortised using the straight-line method over their expected useful life. Assets with an indefinite useful life are tested for impairment at least once a year. Revenue from contracts with customers The Group applied the following judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers: (■) Identifying performance obligations and determining the timing of revenue recognition of Listing admission fees The Group provides services related to the initial (and subsequent) listing of securities on its markets and hereto directly related corporate action services, and ongoing services related to the continuous listing. The Group determined that the admission services around initial (and subsequent) admission and its directly related corporate action services do not transfer a good or service to the customer, but are considered activities that the Group needs to undertake to enable the customer to be listed. The Group concluded that these activities should be combined with the ongoing listing services and should be used as inputs to produce the combined output, which is the service of being listed. As the service of being listed is satisfied over a period of time, as the customer simultaneously receives and consumes the benefits from the service, the related revenues are therefore recognised over a period of time. The Group determined that the period of time that best reflects the satisfaction of listing admission services is the period over which the customer actually benefits from the admission. An average lifetime of companies being listed on Euronext markets would serve as best proxy for the period that a listing customer benefits from an admission. Specific local market characteristics can result and would justify differences in amortisation terms. Based on historic evidence, the Group has defined the following average lifetimes for the relevant groupings of listed securities: ■ Equity admissions: 5-12 years ■ Bond- and fund admissions: 3 years ■ Equity subsequent admissions (follow-on’s): 3 years Revenue from the listing admission services is therefore recognised over those periods of time. (■) Cost to obtain or fulfil a contract related to listing admission services The Group has considered the type of cost that is directly associated to a listing contract and that can be separately identifiable. Such cost would typically concern staff cost 2024 UNIVERSAL REGISTRATION DOCUMENT 245 Operating and Financial Review incurred by the Listings team involved in admission- and subsequent listing of an issuer. There is no correlation between number of listings and staff cost associated to the Listings team. The majority of the cost to obtain and fulfil the contract is incurred in the period before the actual admission. The remaining cost associated to an admission and subsequent listing that is recorded post-admission, and its impact on the Group’s income statement, would be marginal, therefore the Group has decided not to capitalise cost incurred to obtain- or fulfil listing contracts. (■) Principal versus agent considerations Until Q3 2024, the Group had a clearing agreement with LCH SA in respect of the clearing of trades on Euronext continental Europe derivatives markets (the “Derivatives Clearing Agreement”). Under the terms of this Derivatives Clearing Agreement Euronext agreed with LCH SA to share revenues and receives clearing fee revenues based on the number of trades on these markets cleared through LCH SA. In exchange for that, Euronext had agreed to pay LCH SA a fixed fee plus a variable fee based on revenues. The definition of the accounting treatment of this agreement required significant management judgment for the valuation and weighting of the indicators leading the principal versus agent accounting analysis. Based on all facts and circumstances around this arrangement, management had concluded that Euronext was ‘principal’ in providing Derivatives clearing services to its trading members. Therefore Euronext recognised (i) the clearing fees received as post trade revenues, and (ii) the fixed and variable fees paid to LCH SA as other operational expenses. Provision for expected credit losses of trade and contract receivables The Group uses a provision matrix to calculate ECLs for trade and contract receivables. To measure expected credit losses, trade and contract receivables have been grouped based on shared credit risk characteristics and the days past due. The historical loss rates are based on the payment profiles of the sales over a period of 24 months before reporting date and the corresponding historical credit losses experience within this period. The historical loss rates are adjusted to reflect current and forward-looking factors specific to the debtors and economic environment. The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward- looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECLs on the Group’s trade and contract receivables is disclosed in note 37.5 of the Consolidated Financial Statements included in this Registration Document. Determining the lease term of contract with extension and termination options In determining the lease term, management assesses the period for which the contract is enforceable. It considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). If the Group concludes that the contract is enforceable beyond the notice period of a cancellable lease (or the initial period of a renewable lease), it then need to assess whether the Group is reasonably certain not to exercise the option to terminate the lease. However in general, the Group’s lease portfolio contains very limited leases that include renewal -or termination options. Estimating the incremental borrowing rate (IBR) The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay’, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using the observable inputs (such as market interest rates) when available and makes certain entity-specific estimates if needed. Internally developed software cost The Group develops various software applications for internal use. Development costs for self-developed intangible assets are capitalized if the applicable criteria of IAS 38 are fulfilled. Development costs that do not satisfy the requirements for capitalization are expensed as incurred. Capitalised own software development costs are amortized over the useful economic life of the asset and charged on a straight line basis to the income statement. The useful lives are management’s best estimate of the period over which value from the asset is realized. In determining the useful lives, management considers a number of factors including: expected usage by the entity of the asset, product upgrade cycles for software and technology assets and the level of maintenance required to maintain the asset’s operating capability. 246 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review 7.2 Material Contracts and Related Party Transactions 7.2.1 Material contracts The major contracts for Euronext, entered into the ordinary course of business, but essential for its activity as holding a regulated markets operators and CSDs and investment firms, are: ■ the Derivatives Clearing Agreements with LCH SA for the clearing of trades executed on Euronext derivatives markets, terminated in September 2024; ■ The post-trade services agreements with CBOE Clear Europe for the clearing of trades executed on Euronext cash markets under the open access model; ■ the clearing agreement signed with SIX X-Clear for the clearing of trades executed on Oslo Børs cash market; ■ the clearing agreements signed with CBOE Clear Europe for the clearing of trades executed on Oslo Børs cash market; ■ the clearing agreements signed with LCH Ltd for the clearing of trades executed on Oslo Børs cash market; ■ the clearing agreements signed with NASDAQ Clearing for the clearing of trades executed on Fish Pool, terminated in TBC; ■ the clearing agreements signed between MTS and LCH SA; ■ the agreement related to the interoperability link between Euronext Clearing (CC&G) and LCH SA: Service agreement for Allied Clearing House of the LCH Clearnet SA System; ■ the Data Centre Services agreement signed with ICE, terminated in April 2024; ■ the Master Services agreement signed with Aruba S.p.A., a company operating in data centre services; ■ the Cloud Enterprise agreement signed with Amazon Web Services; ■ the Disaster Recovery Enterprise agreement signed with Equinix; ■ the SOC PDIS Enterprise agreement signed with Cap Gemini; ■ the CSD mainframe Enterprise agreements signed with Kyndryl; ■ the IT Outsourced agreement signed with Nexi for the custody services provided to Euronext Securities Milan; ■ the Trading Surveillance and Pre-Settlment Agreement between MTS S.p.A. and Nexi Payments S.p.A.; ■ the agreement governing Mainframe outsourcing services and CO-location services for Distributed systems for Euronext Securities Oslo with Tietoevry Norway AS; ■ the IT services agreement with Vermeg Solution SA for a Corporate Action solution for the CSDs; ■ the Separation Framework Agreement with SSC Global Business Services (LSEG) for the provision of Millennium trading platform and related ancillary services to Borsa Italiana; ■ the licence agreement with Bourse de Montreal for the licence of the Sola platform that support Borsa Italiana derivatives market. The Clearing Agreements are referred to in section 1.3.7 - Clearing and section 7.1.5 - Key Factors Affecting Businesses and Results of Operations. 7.2.2 Related party transactions Euronext has related party relationships with its associates and joint ventures, as disclosed in Note 36 of the Consolidated Financial Statements. The other related parties disclosure relates entirely to the key management of Euronext. For the transactions with its key management personnel, refer to section 4.4 - Remuneration Report of this Universal Registration Document. From the IPO on 20 June 2014, the transactions with ICE do not qualify as “related party transactions” under IAS 24. Nevertheless the agreements between Euronext and ICE were in force after the IPO. Some of them are long term agreements. Some of these services have been progressively terminated and replaced over the period 2014-2016. Over the year 2023 and up to April 2024, services received from or rendered to ICE include the use of Data centre service, Colocation, Connectivity, UTP and other intellectual property rights as well as ancillary services. As at 31 December 2024, none of the following agreements remain active ■ data Centre Services Agreement; ■ colocation Agreement; ■ connectivity Agreement; ■ UTP and Trading Technology Licence Deed; ■ intellectual Property Agreement; ■ Euronext Equity Index Trademark Licence Agreement. Data Centre Services Agreement ICE provides data centre services to Euronext from the Basildon site. Specifically, ICE houses the data centre equipment in the Data Centre and provides sub-services, such as power, access, physical security, environment, fire protection, connectivity, monitoring, support, remote hands, installation, receiving and warehouse space. The agreement will subsist for an initial term of five years, starting 1 April 2014, with automatic renewal for a further five- year period, unless notice of termination is provided by either party at least twelve months before expiry of the initial term but no earlier than 24 months before the end of the initial term. ICE will guarantee to continue providing the services for a further two-year period from the date on which notice of non-renewal is received. Accordingly, the minimum period for this service is five years. In the course of 2015, the agreement 2024 UNIVERSAL REGISTRATION DOCUMENT 247 Operating and Financial Review has been renegotiated, leading to, under certain conditions, a lower price structure, to come into effect on 1 January 2016. In December 2018, the contract has been renewed for a 5 years period, until April 2024, and adjusted on some specific clauses (e.g. exit clause, Data Protection). This contract is now longer active as at 31 December 2024 (terminated in April 2024). Colocation Agreement ICE provides co-location services directly to Euronext members on terms that are no worse than the terms on which ICE currently provides equivalent co-location services to its members. As the service is provided to members, there is no services agreement between ICE and Euronext but rather a commitment and payment of commission to Euronext by ICE for the right to provide the services. This agreement will remain in force for a period of five years, starting 1 April 2014, unless terminated earlier with mutual agreement. ICE will commit not to increase the pricing, nor reduce the service or performance levels of colocation for the initial two-year period to ensure that Euronext customers receive colocation services at an equal (or better) standard to that currently provided by Euronext without any adverse price impact. Euronext is free to build its own colocation facility after the end of this two-year period if it wishes to do so, and in that case ICE will have the right to terminate the agreement on six months’ notice. ICE pays to Euronext commission in respect of the fees received under the colocation contracts as follows: 35% of the colocation hosting fee; 35% of any Liquidity Centre Network (LCN) fees; and 100% of any subscription fees (for specific Euronext exchanges). In December 2018, the contract has been renewed for a 5 years period, until April 2024, and adjusted on some specific clauses (e.g. exit clause, Data Protection). This contract is no longer active as at 31 December 2024 (terminated in April 2024). Connectivity Agreement Euronext’s customers are connected to the SFTI® network either via an SFTI® managed connection, a direct connection, or a third-party connection. ICE provides application services, including logical connections to the relevant Euronext products between the subscriber and host infrastructure. ICE agrees to provide the SFTI® services to Euronext customers on terms (including pricing, service, and performance) that, in the aggregate, are no worse than the standard terms on which ICE provides equivalent connectivity services to its customers. This agreement will remain in force for five years, starting on 1 April 2014, unless terminated earlier with mutual agreement. This agreement contains substantially the same terms as the colocation agreement, including a general commitment not to raise fees or reduce services for two years. Euronext receives a commission based on 50% of the revenue earned from the access/subscription fees to Euronext markets via SFTI®. In December 2018, the contract has been renewed for a 5 years period, until April 2024, and adjusted on some specific clauses (e.g. exit clause, Data Protection). This contract is no longer active as at 31 December 2024 (terminated in April 2024). Crossfinder licence agreement FastMatch’s operating system for its matching engine is based on the Crossfinder(R) software licensed by FastMatch from Credit Suisse pursuant to a perpetual licence. The licence granted by Credit Suisse is limited in scope to use by FastMatch in its operations as an electronic exchange for the trading of foreign exchange. Pursuant to that licence, FastMatch has exclusive and unrestricted ownership of all modifications made to the Crossfinder code by FastMatch, as well as to any software developed by FastMatch independently. 7.3 Legal Proceedings The Group is involved in a number of legal proceedings that have arisen in the ordinary course of our business. Other than as discussed below in sections there are no governmental, legal or arbitration proceeding that might have or have had in the recent past significant effects on the Group's financial position or profitability. Management does not expect the legal proceedings mentioned in this section to have a significant effect on the Group’s financial position or profitability. The outcome of legal proceedings, however, can be extremely difficult to predict and the final outcome may be materially different from management’s expectations. 248 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review 7.3.1 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"), the Higher Court released its final verdict on 9 Jul 2024. In its final verdict, the Higher Court has ruled in favor of Euronext on all grounds. The Group considers this case closed. 7.3.2. Nord Pool AS incident, 23 November 2023 On 23 November 2023, an incorrect sales order was submitted by a market participant to Nord Pool AS, resulting in a negative energy price for the day-ahead market in the Finnish bidding zone, creating a significant loss for the market participant. Market participants are contractually responsible for the submission of their orders. On 3 June 2024, a claim letter was received from the market participant for financial restitution and damages in connection to the trading in the day-ahead market in the Finnish bidding zone on 23 November 2023. The Group identified the claim as a contingent liability, but deems an obligation resulting in the outflow of resources following this incident not likely. No provision has been recognised in connection with this case. 7.4 Insurance Euronext maintains a comprehensive insurance programme with the assistance of an insurance broker allowing Euronext to make an assessment of its risks, take out the proper insurance policies and deal with insurance management as smoothly as possible. The main characteristics of the insurance programme are the following: ■ the main insurance policies are consolidated at the Euronext group level in order to ensure consistency of coverage across the Euronext group and to benefit from lower premiums; ■ the scope of risks covered is determined by reference to Euronext’s activities (listing, trading, market data, post- trade and technologies & other); and ■ all insurance carriers are analysed from a credit rating perspective. The main risks covered by Euronext’s insurance programme are the following: ■ directors’ & officers’ liability: this policy covers losses related to an alleged wrongful Act committed by members of Euronext Managing Board, Euronext Supervisory Board and other senior management. Under this policy, any of Euronext past, present or future directors or officers will be insured against liability for negligence, default or breach of duty or other liability, other than cases of wilful misconduct or gross negligence (opzet of grove nalatigheid); ■ professional indemnity & crime: this policy provides first party coverage and indemnification against third-party claims arising out of negligence, errors or omissions in connection with professional services or failure to meet contractual obligations in the conduct of exchange activities and exchange related activities. This policy also covers first party losses resulting directly from dishonest or fraudulent acts committed by Euronext employees or third parties working with Euronext employees; ■ cyber: this policy provides coverage for an Euronext’s business interruption following malicious action on an IT system. Coverage is provided for claims arising from the interruption of systems or other failures of IT Security caused by damage to computer programmes or data that results from a computer attack or unauthorised access or use of system. This policy also covers claims for the failure to protect personality identifiable information or unauthorised disclosure of confidential corporate information in any form; ■ property damage & business interruption: this policy provides first party coverage for losses to Euronext’s property or business interruption. The coverage includes tenant’s liability and liability to third parties; ■ terrorism; and ■ commercial general liability: this policy provides coverage for negligent acts and/or omissions resulting in bodily injury, property damage, consequential losses and pure financial losses to third parties, their reputation, or their property as a result of using Euronext products and services. In addition to the insurance programme, risk management and business continuity plan policy and procedures are implemented in a complementary manner. Euronext believes that its existing insurance coverage, including the amounts of coverage and the conditions, provides reasonable protection, taking into account the costs for the insurance coverage and the potential risks to business operations. As from closing date of the Borsa Italiana Group transaction, Borsa Italiana Group has been fully integrated into the global Euronext Insurance programme. 2024 UNIVERSAL REGISTRATION DOCUMENT 249 Operating and Financial Review 7.5 Liquidity and Capital Resources 7.5.1 Liquidity Euronext’s financial policy seeks to finance the growth of the business, remunerate shareholders and ensure financial flexibility, while maintaining strong creditworthiness and liquidity. Euronext primary sources of liquidity are cash flows from operating activities, current assets and existing bank facilities. Euronext‘s principal liquidity requirements are for working capital, capital expenditures and general corporate use. Euronext business is becoming more diversified and thus less dependent upon the levels of activity in its exchanges, and in particular upon the volume of financial instruments traded, the number of shares outstanding of listed issuers, the number of new listings, the number of traders in the market and similar factors. As a result of this diversification away from the activities to which Euronext has no direct control, the volatility of revenue has reduced. While Euronext activities are not subject to significant seasonal trends, cash flows vary from month to month due to Euronext billing and collection efforts (most notably the annual billings for listed companies during the first quarter). Euronext business has historically generated significant cash flow from operating activities to meet its cash requirements as well as to distribute dividends to its shareholders. Euronext expects future cash flow from operating activities to be sufficient to fund its capital expenditures, distribute dividends as well as repay its debts as they become due. In addition, Euronext has access to a €600 million revolving credit facility (see section 7.1.11 - Facilities Agreements and Bonds). More information on Euronext’s cash flows is provided in section 7.1.10 - Cash Flow. Because of its strict financial policy of maintaining strong creditworthiness and liquidity, and its significant operating cash flow generation capacities, Euronext N.V. considers its financial position as at 31 December 2024 as solid, both from a solvency and a liquidity perspective. The financial resources ultimo 2024 can be summarised as follows: In thousands of euros Financial resources Cash & cash equivalents 1,673,455 Revolving credit facility 600,000 TOTAL FINANCIAL RESOURCES 2,273,455 7.5.2 Consolidated Regulatory Capital Requirements Euronext N.V. is subject to regulatory capital requirements. These requirements were first set out in the exchange licence that was issued by the Dutch Minister of Finance in June 2014. Following discussion with the Dutch Minister of Finance in 2015 and 2016 a new exchange licence was granted on 23rd of May 2016, including new capital requirements for both Euronext consolidated and Euronext Amsterdam N.V. As from 23 May 2016 the following capital requirements apply to Euronext. Euronext N.V. is subject to minimum regulatory capital requirements defined by the Minister of Finance and the AFM, under which Euronext is required: ■ to ensure that its shareholders equity, liquidity and solvency satisfy what is required with a view to the interests which the Dutch Act on Financial Supervision (Wet op het financieel toezicht –Wft) aims to protect; ■ Euronext shall have a minimum shareholders equity on a consolidated basis of at least €250 million; ■ Euronext shall take care of a stable financing. To that end, the total of long term assets of Euronext will to the satisfaction of the AFM be financed with shareholders equity and long term liabilities; ■ Euronext shall have a positive regulatory capital on a consolidated basis. The regulatory capital is calculated according to the following formula: the paid up share capital plus the freely available reserves, less the items listed in section 36 of Regulation (EU) no. 575/2013. The standards drawn up by the European Banking Authority as referred to in section 36, second paragraph, of the Capital Requirements Regulation are taken into account in relation hereto; ■ in deviation of the calculation set out in bullet point 4 of the regulatory capital, the value of the intangible fixed assets in connection with the acquiring of a controlling influence through an acquisition will be deducted in ten equal amounts from the regulatory capital, starting in the year that the acquisition has taken place (the year of acquisition pro rata for the number of months). If the value of the intangible assets is higher than factor ten times the most recent profits of the acquired business, the grow-in term can after approval from the AFM be based on a higher, reasonable factor (= grow-in term), taking into account a prudent and consistent dividend policy proposed by Euronext. If the grow-in term and the related dividend policy provide for a negative regulatory capital for a limited number of years of the grow-in term, than this fact will not prevent the execution of the consistent and prudent dividend policy of Euronext in those years; ■ if Euronext foresees or reasonably can foresee that its shareholders equity or regulatory capital does not satisfy or will not satisfy the prescribed prudential requirements, it will notify the AFM thereof immediately. If at any moment Euronext does not comply with the prescribed requirements with respect to the minimum shareholders equity, the regulatory capital or the grow-in of the regulatory capital is behind the grow-in term as determined on beforehand, Euronext will provide the AFM with a prognosis of how it expects to again comply with the prescribed prudential requirements. Dividend distributions will be possible in such a situation, unless the AFM is of the 250 2024 UNIVERSAL REGISTRATION DOCUMENT 7 Operating and Financial Review opinion that the future development of the shareholders equity or the regulatory capital of Euronext do not allow for this. If necessary, the AFM can prescribe within which term and in which manner Euronext will need to comply with the prudential requirements. In addition, Euronext is required to obtain the prior approval of the AFM in the following circumstances: ■ the granting of personal and in rem security for debts of other enterprises or the assumption of debts and security by Euronext, to the extent this is or can be of influence on the functioning of the regulated markets held by Euronext or possibly can result in Euronext or one or more of its regulated subsidiaries no longer satisfying the prescribed prudential requirements; ■ to the extent there is a reorganisation, operational or legal separations of the licence holders or merger which can be of material influence of the functioning of the regulated markets in the Netherlands operated by the license holders; ■ proposed resolutions of Euronext which can be of significant influence on the financial soundness of Euronext. Euronext is also required to ensure that, in the event of a possible insolvency of Euronext N.V., the local exchanges can continue to function operationally. The AFM may impose further requirements with respect to the shareholders equity position, liquidity and solvency of Euronext, to the extent necessary for the compliance with the requirements of the regulated markets. In addition, each of the Group’s subsidiaries that is an operator of a regulated market and subsidiaries that are investment firms are subject to regulatory capital requirements relating to their general financial soundness, which include certain minimum capital requirements. As of 31 December 2024, Euronext shareholders equity and regulatory equity was the following: In thousands of euros 31 Dec 2024 31 Dec 2023 Shareholders equity 4,245,175 3,945,691 Less Intangible assets and deferred tax 1,918,785 1,563,768 Investments in financial sector 352,620 261,060 Non-significant threshold (232,640) (238,192) REGULATORY EQUITY 2,206,410 2,359,055 7.6 Tangible Fixed Assets The main tangible fixed assets of the Group consist of the following categories: ■ land & buildings; ■ hardware & IT equipment; ■ other Property & Equipment. 2024 UNIVERSAL REGISTRATION DOCUMENT 251 Operating and Financial Review 7.6.1 Principal properties Euronext’s headquarters are located in Amsterdam, the Netherlands at Beursplein 5, and in Paris, France, at La Défense (92054), 14 Place des Reflets. Euronext’s registered office is located at Beursplein 5, 1012 JW Amsterdam, the Netherlands. Real estate Euronext – per 31 December 2024 Location / Building Address ZIP City Country Lease commence Lease expiry Surfaces (sqm) Owned / Leased Amsterdam, BEURSPLEIN 5 5 Beursplein 1012 JW Amsterdam Netherlands N/A N/A 14,450 Owned London 25 North Colonnade E14 5HS London UK 2023 2030 1,083 Leased Brussels / LE MARQUIS 1 rue de Marquis 1000 Brussels Belgium 2014 2030 860 Leased Lisbon / VICTORIA- Seuros vida 196-7 Avenida da Liberdade 1250-147 Lisbon Portugal 2018 2026 554 Leased Porto / Euronext Securities / Euronext Technologies 3433 Avenida da Boavista 410-138 Porto Portugal 2016 2025 3,448 Leased Porto / Pharmacia building1 216,218,220 Rua Aníbal Cunha 4050-487 Porto Portugal 2025 2035 5,338 Leased Paris / PRAETORIUM 14 place des Reflets 92054 Paris Cedex France 2015 2033 10,339 Leased SCI Frepillon 7 Rue Louis Bleriot 93350 Frepillon France 2022 2031 282 Leased CCI Nantes 1 Rue Françoise Sagan 44800 Saint-Herblain France 2024 2027 19 Leased SCI Lyon 52 Rue de la Republique 69002 Lyon France 2022 2031 58 Leased Spain / REGUS / Cuzco IV 141 Paseo de Castellana – 5 floor 28046 Madrid Spain 2017 2025 12 Leased New York 180 Maiden Lane NY10038 New York USA 2016 2025 854 Leased Bengalore/ Obeya Sarjapur MainRD Road Rd Road 56010 Bengalore India 2022 2026 7,250 Leased Dublin Exchange building Anglesea Street/Foster Place 2 Dublin Ireland N/A N/A 2,855 Owned Stock Exchange Anglesea Street Dublin Ireland N/A N/A 1,330 Owned Oslo Børs Tollbugata 2 Oslo Norway N/A N/A 3,004 Owned Fishpool Bergen Fantoftvegen 38 Bergen Norway 2019 2025 82 Leased Euronext Securities Copenhagen Nicolai Eightveds Gade 8 Copenhagen Denmark 2022 2028 3,097 Leased Palazzo Mezzanotte2 6 Piazza Affari Milan Italy 2025 2031 12,305 Leased Gatelab Viale dei Pentrei Isernia Italy 2024 2030 440 Leased Euronext Clearing/ MTS 146 Via Tomacelli Rome Italy 2023 2029 2,083 Leased iBabs Maelsonstraat 28 Hoorn Netherlands 2023 2031 339 Leased Company Webcast Rivium Boulevard 176 Rotterdam Netherlands 2014 2028 1,136 Leased Nordpool Oslo Lilleakerveien 2 AS Oslo Norway 2024 2029 2,024 Leased Nordpool Stockholm Västra Järvägsgatan 111 Stockholm Sweden 2019 2025 45 Leased Nordpool Helsinki Keilasatama 2150 Helsinki Finland 2022 2027 693 Leased Singapore 7 Straits View Singapore Singapore 2025 2026 27 Leased Delhi / We Work Udyhog Vihar Pahse 4R Gurugram India 2022 2025 18 Leased Netherlands/ Company Webcast Strawinskylaan 47 1077XW Amsterdam Netherlands 2018 2025 97 Leased London/ Company Webcast 16-18 Finsbury Circus EC2M7FEB London United Kingdom 2021 2031 156 Leased Brusels/ Company Webcast 1, rue du marquis 1000 Brussels Belgium 2017 2025 96 Leased Paris/ Company Webcast 8, place de l'Opéra 75009 Paris CEDEX France 2020 2029 112 Leased Italy/ Company Webcast 20, Via Agnello 20121 Milan Italy 2022 2026 165 Leased Germany/ Company Webcast Bockenheimer Landstrasse 23 60323 Frankfurt am Main Germany 2022 2029 219 Leased 1 A new lease agreement with Pharmacia building in Porto will enter into force on 1 August 2025, however the building was already made available for fit-out purposes in 2024. 2 A new lease agreement with Palazzo Mezzanotte entered into force on 1 January 2025, expiring in 2031. 252 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements This page has been intentionally left blank 2024 UNIVERSAL REGISTRATION DOCUMENT 253 Financial Statements 8 8.1 Consolidated Statement of 8.4 Consolidated Statement of Profit or Loss Cash Flows 8.2 Consolidated Statement of 8.5 Consolidated of Statement of Comprehensive Income Changes in Equity 8.3 Consolidated Statement of Financial Notes to the Consolidated Financial Position Statements 254 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 8 FINANCIAL STATEMENTS 8.1 Consolidated Statement of Profit or Loss Year ended Year ended 31 December 2024 31 December 2023 In thousands of euros (except per share data) Note Underlying items Non- Underlying items (a) Total Underlying items Non- Underlying items (a) Total Revenue 8 1,568,064 — 1,568,064 1,426,876 — 1,426,876 Net treasury income through CCP business 8 56,824 — 56,824 46,660 — 46,660 Other income 8 2,026 — 2,026 1,171 — 1,171 Total revenue and income 1,626,914 — 1,626,914 1,474,707 — 1,474,707 Salaries and employee benefits 9 (330,176) (11,458) (341,634) (319,485) (12,931) (332,416) Depreciation and amortisation 10 (83,534) (105,211) (188,745) (74,215) (95,916) (170,131) Other operational expenses 11 (290,281) (19,407) (309,688) (290,556) (65,367) (355,923) Operating profit 922,923 (136,076) 786,847 790,451 (174,214) 616,237 Finance costs 13 (36,511) (2) (36,513) (35,683) (31) (35,714) Finance income 13 46,235 — 46,235 30,526 — 30,526 Other net financing results 13 7,802 — 7,802 5,208 — 5,208 Results from equity investments 14 33,339 — 33,339 23,500 — 23,500 (Loss)/gain on disposal of subsidiaries 14 — 20 20 — (206) (206) Gain on sale of associates 14 — 1,179 1,179 — 53,028 53,028 Share of net profit/(loss) of associates and joint ventures accounted for using the equity method, and impairments thereof 7 150 — 150 6,533 — 6,533 Profit before income tax 973,938 (134,879) 839,059 820,535 (121,423) 699,112 Income tax expense 15 (253,829) 35,454 (218,375) (208,925) 46,228 (162,697) Profit for the period 720,109 (99,425) 620,684 611,610 (75,195) 536,415 Profit attributable to: – Owners of the parent 682,494 (96,923) 585,571 584,674 (71,107) 513,567 – Non-controlling interests 37,615 (2,502) 35,113 26,936 (4,088) 22,848 Basic earnings per share 27 6.59 (0.94) 5.65 5.51 (0.67) 4.84 Diluted earnings per share 27 6.56 (0.93) 5.63 5.50 (0.67) 4.83 (a) Details of non-underlying items are disclosed in Note 12. The above Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying notes. 2024 UNIVERSAL REGISTRATION DOCUMENT 255 Financial Statements 8.2 Consolidated Statement of Comprehensive Income Year ended In thousands of euros Note 31 December 2024 31 December 2023 Profit for the period 620,684 536,415 Other comprehensive income Items that may be reclassified to profit or loss: – Exchange differences on translation of foreign operations (27,882) (57,822) – Income tax impact on exchange differences on translation of foreign operations 19 1,989 6,253 – Change in value of debt investments at fair value through other comprehensive income 695 7,099 – Income tax impact on change in value of debt investments at fair value through other comprehensive income 19 (182) (2,046) Items that will not be reclassified to profit or loss: – Change in value of equity investments at fair value through other comprehensive income 91,520 11,865 – Income tax impact on change in value of equity investments at fair value through other comprehensive income 19 (2,074) (3,061) – Remeasurements of post-employment benefit obligations 30 637 (1,366) – Income tax impact on remeasurements of post-employment benefit obligations 19 (124) 190 Other comprehensive income for the period, net of tax 64,579 (38,888) Total comprehensive income for the period 685,263 497,527 Comprehensive income attributable to: – Owners of the parent 651,784 475,703 – Non-controlling interests 33,479 21,824 The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes. 256 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 8.3 Consolidated Statement of Financial Position In thousands of euros Note As at 31 December 2024 As at 31 December 2023 (Restated (b)) Assets Non-current assets Property, plant and equipment 16 106,233 114,373 Right-of-use assets 17 57,471 55,739 Goodwill and other intangible assets 18 6,096,232 6,108,152 Deferred tax assets 19 30,380 31,258 Investments in associates and joint ventures 7 756 1,329 Financial assets at fair value through other comprehensive income 20,35 357,011 262,655 Financial assets at amortised cost 35 2,685 3,452 Other non-current assets 789 1,088 Total non-current assets 6,651,557 6,578,046 Current assets Trade and other receivables 21 381,090 303,515 Other current assets 22 31,829 30,128 Current income tax assets (a) 11,368 15,494 CCP clearing business assets (b) 35 270,288,740 181,028,074 Other current financial assets 24 63,809 103,053 Cash and cash equivalents 25 1,673,455 1,448,788 Total current assets 272,450,291 182,929,052 Total assets 279,101,848 189,507,098 Equity and liabilities Equity Issued capital 26 166,777 171,370 Share premium 2,237,019 2,432,426 Reserve own shares (137,412) (242,117) Retained earnings 1,839,923 1,543,458 Other reserves 138,868 40,554 Shareholders' equity 4,245,175 3,945,691 Non-controlling interests 156,805 139,655 Total equity 4,401,980 4,085,346 Non-current liabilities Borrowings 29 2,537,031 3,031,629 Lease liabilities 17 46,225 37,314 Other non-current financial liabilities 35 3,500 — Deferred tax liabilities 19 496,836 531,895 Post-employment benefits 30 21,013 22,677 Contract liabilities 33 56,402 60,029 Provisions 31 7,164 7,295 Total non-current liabilities 3,168,171 3,690,839 2024 UNIVERSAL REGISTRATION DOCUMENT 257 Financial Statements Current liabilities Borrowings 29 516,479 17,286 Lease liabilities 17 15,792 22,159 Derivative financial instruments 23 147 34 CCP clearing business liabilities (b) 35 270,357,949 181,145,101 Current income tax liabilities (a) 91,065 46,051 Trade and other payables 32 464,267 415,843 Contract liabilities 33 80,109 79,270 Provisions 31 5,889 5,169 Total current liabilities 271,531,697 181,730,913 Total equity and liabilities 279,101,848 189,507,098 (a) The Group adjusted the comparative period figures downwards by €43.1 million for both current income tax assets and current income tax liabilities, to adjust for the netting of taxes in the Italian fiscal sub-group. (b) The Group restated the comparative figures of CCP clearing business assets and liabilities downwards €2,687 million, following the correction of an error as further described in Note 3.Y. The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. 258 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 8.4 Consolidated Statement of Cash Flows Year ended In thousands of euros Note 31 December 2024 31 December 2023 Profit before income tax 839,059 699,112 Adjustments for: • Depreciation and amortisation 10 188,745 170,131 • Share based payments 9 15,554 14,378 • Results from equity investments 14 (33,335) (23,496) • Gain on sale of associates 14 (1,179) (53,028) • Share of profit from associates and joint ventures, and impairments thereof 7 (150) (6,533) • Changes in working capital and provisions (89,544) 155,495 Cash flow from operating activities 919,150 956,059 Income tax paid (210,552) (129,986) Net cash generated by operating activities 708,598 826,073 Cash flow from investing activities Acquisition of business combinations, net of cash acquired (a) 5 (65,174) — Acquisition of equity investments (2,847) (1,326) Proceeds from disposal of equity investments — 240 Purchase of other current financial assets (27,679) (72,280) Redemption of other current financial assets 65,882 155,494 Proceeds from disposal of subsidiaries (b) — (208) Proceeds from sale of associates 900 122,444 Purchase of property, plant and equipment 16 (17,964) (27,703) Purchase of intangible assets 18 (69,277) (75,333) Interest received 45,697 25,261 Dividends received from equity investments 14 33,335 23,496 Dividends received from associates 7 57 7,820 Net cash (used in) investing activities (37,070) 157,905 Cash flow from financing activities Interest paid (29,433) (28,711) Dividends paid to the company's shareholders 26 (257,268) (237,191) Dividends paid to non-controlling interests (25,835) (5,347) Payment of lease liabilities 17 (20,770) (28,423) Transactions in own shares 26 (106,659) (219,061) Transactions with non-controlling interests (a) (71) (2,513) Withholding tax paid at vesting of shares (1,638) (967) Net cash generated by financing activities (441,674) (522,213) Net (decrease)/increase in cash and cash equivalents 229,854 461,765 Cash and cash equivalents - Beginning of the period 1,448,788 1,001,082 Non-cash exchange (losses)/gains on cash and cash equivalents (5,187) (14,059) Cash and cash equivalents - End of the period 1,673,455 1,448,788 (a) For the comparative period, the Group has re-presented 'transactions with non-controlling interests' as part of cash flows from financing activities, whereas in previous periods this item was erroneously presented within 'acquisition of business combinations' as part of cash flows from investing activities. (b) The prior period included a settlement payment of €0.2 million related to the finalisation of the sale of MTS Markets International Inc. at end of 2022. The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. 2024 UNIVERSAL REGISTRATION DOCUMENT 259 Financial Statements 8.5 Consolidated Statement of Changes in Equity Other reserves In thousands of euros Note Issued capital Share premium Reserve own shares Retained Earnings Foreign currency translation reserve Fair value reserve of financial assets at FVOCI Total other reserves Total Shareholders' equity Non-controlling interests Total equity Balance as at 1 January 2023 171,370 2,432,426 (32,836) 1,265,765 (36,800) 114,042 77,242 3,913,967 126,339 4,040,306 Profit for the period — — — 513,567 — — — 513,567 22,848 536,415 Other comprehensive income for the period — — — (1,176) (50,545) 13,857 (36,688) (37,864) (1,024) (38,888) Total comprehensive income for the period — — — 512,391 (50,545) 13,857 (36,688) 475,703 21,824 497,527 Share based payments — — — 14,134 — — — 14,134 — 14,134 Dividends paid — — — (237,191) — — — (237,191) (6,881) (244,072) Transactions in own shares 26 — — (219,061) — — — — (219,061) — (219,061) Acquisition of non-controlling interest — — — (885) — — — (885) (1,627) (2,512) Other movements — — 9,780 (10,756) — — — (976) — (976) Balance as as 31 December 2023 171,370 2,432,426 (242,117) 1,543,458 (87,345) 127,899 40,554 3,945,691 139,655 4,085,346 Profit for the period — — — 585,571 — — — 585,571 35,113 620,684 Other comprehensive income for the period — — — 513 (24,259) 89,959 65,700 66,213 (1,634) 64,579 Total comprehensive income for the period — — — 586,084 (24,259) 89,959 65,700 651,784 33,479 685,263 Transfer of revaluation result to retained earnings — — — (32,614) — 32,614 32,614 — — — Cancellation of shares (4,593) (195,407) 200,000 — — — — — — — Share based payments — — — 15,556 — — — 15,556 — 15,556 Recognition of combined derivative instrument — — — (2,250) — — — (2,250) — (2,250) Dividends paid — — — (257,268) — — — (257,268) (24,272) (281,540) Transactions in own shares 26 — — (106,659) — — — — (106,659) — (106,659) Acquisition of non-controlling interest — — — (42) — — — (42) (29) (71) Non-controlling interests on acquisition/ (disposal) of subsidiary — — — — — — — — 7,972 7,972 Other movements — — 11,364 (13,001) — — — (1,637) — (1,637) Balance as at 31 December 2024 166,777 2,237,019 (137,412) 1,839,923 (111,604) 250,472 138,868 4,245,175 156,805 4,401,980 The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. 260 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Notes to the Consolidated Financial Statements Note 1. General information Euronext N.V. (“the Group” or “the Company”) is a public limited liabilit y company incorporated and domiciled at Beursplein 5, 1012 JW, Amsterdam in the Netherlands under Chamber of Commerce number 60234520 and is listed on 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 i) Nord Pool A.S.A., a leading power market in Europe offering intraday and day-ahead trading in the physical energy markets, ii) MTS S.p.A., a leading trading platform for European government bonds and (iii) Global Rate Set Systems Ltd., a provider of services to benchmark administrators. 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 Consolidated Financial Statements were authorised for issuance by Euronext N.V.’s Supervisory Board on 28 March 2025 and will be submitted for adoption by the Annual General Meeting (AGM) of Shareholders on 15 May 2025. The AGM has the power to amend the Consolidated Financial Statements after issue. Note 2. Significant events and transactions The financial position and performance of the Group was particularly affected by the following events and transactions that have occurred during the year: Acquisition of Global Rate Set Systems Ltd (GRSS) On 31 May 2024, the Group acquired 75% of the share capital of Global Rate Set Systems (GRSS), a provider of services to benchmark administrators. The final consideration paid was €48.2 million. The acquisition includes an option to buy the remaining 25% interest as from 2027. For more details on the acquisition, reference is made to Note 5. Acquisition of Substantive Research Ltd. On 16 September 2024, Euronext acquired 100% of the share capital in Substantive Research Ltd. The purchase consideration was €9.4 million. For more details on the acquisition, reference is made to Note 5. Acquisition of Acupay business On 2 October 2024, the Group acquired substantially all of the business of Acupay Group. The purchase consideration was €16.4 million. For more details on the acquisition, reference is made to Note 5. Sale of investment in associate Advanced Technology Solutions S.p.A. (ATS) On 23 May 2024, the Group sold its 30% interest in associate Advanced Technology Solutions S.p.A. The purchase consideration comprises €0.9 million of cash, a €0.9 million receivable and a contingent receivable that is conditional to future performance levels of ATS. As the carrying amount of the investment amounted to €0.6 million, the Group recognised a €1.2 million gain on sale of associate (see Note 14). 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. This valuation method resulted in an increase in fair value of Euronext S.A./N.V.’s direct- and indirect investments of €91.5 million as per 31 December 2024. This revaluation was recorded in Other Comprehensive Income. To simplify the Euronext Group structure, the Group transferred its direct ownership of the shares in Euroclear S.A./N.A. (3.53%), respectively held by Euronext NV (3.34%) and Euronext Dublin (0.19%), to Euronext Brussels on 21 June 2024. As the transaction resulted in a gain for tax purposes, the related deferred tax liability was re-qualified as current tax liability. Accordingly, the tax impacts on historical cumulative changes in value of the investment in Euroclear S.A./N.V., recognised in Other Comprehensive Income, were transferred from the fair value revaluation reserve to retained earnings within equity at an aggregated amount of €32.6 million. Long-Term Incentive Plan 2024 On 17 May 2024, a Long-Term Incentive plan (“LTI 2024”) 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 €89.80 and 204,063 Restricted Stock 2024 UNIVERSAL REGISTRATION DOCUMENT 261 Financial Statements Units (“RSU’s”) were granted. The total share based payment expense at the vesting date in 2027 is estimated to be €16.8 million. As from the grant date, compensation expense recorded for this LTI 2024 plan amounted to €3.5 million in the income statement for the year ended 31 December 2024. Share Repurchase Programme of €200 million On 3 January 2024, the Group announced that it had completed the share repurchase programme announced on 27 July 2023. Between 31 July 2023 and 3 January 2024, 2,870,787 shares, or approximately 2.7% of Euronext’s share capital, were repurchased at an average price of €69.67 per share. This repurchase programme was executed by a financial intermediary in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the General Meeting of Shareholders 280991 of Euronext on 17 May 2023. Following the completion of this repurchase programme, the 2,870,787 shares that were repurchased under the programme were officially cancelled in the third quarter of 2024. Share Repurchase Programme of €300 million On 7 November 2024, the Group announced a share repurchase programme (the ‘Programme’) for a maximum amount of €300 million. The Programme was implemented as follows: • Purpose: the purpose of the Programme is to reduce the share capital of Euronext. All shares repurchased as part of the Programme will be cancelled; • Maximum amount allocated: €300 million; • Duration: the targeted period for the share repurchase programme is from 11 November 2024 for a maximum duration of 12 months; • Framework: Euronext aimed to repurchase approximately 3.0% of its ordinary shares, as authorised by the General Meeting on 15 May 2024 to a limit of 10.0%. Euronext entered into a non-discretionary arrangement with a financial intermediary to conduct the repurchase. The Programme was executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the annual general meeting of shareholders on 15 May 2024. On 11 March 2025, the Group announced that it had completed the share repurchase programme. Between 11 November 2024 and 10 March 2025, 2,692,979 shares, or approximately 2.58% of Euronext’s share capital, were repurchased at an average price of €111.40 per share. Following the completion of this repurchase programme, and subject to the shareholders' approval at the Annual General Meeting on 15 May 2025, the 2,692,979 shares that were repurchased under the programme will be cancelled in the third quarter of 2025. Changes in the Group’s key management personnel during 2024 On 15 May 2024, at the Annual General Meeting, Simon Gallagher was appointed as Member of the Managing Board of Euronext N.V. with immediate effect. On 1 September 2024, Simone Huis in 't Veld resigned as CEO of Euronext Amsterdam and as Member of the Managing Board of Euronext N.V., she was succeeded by René van Vlerken, pending shareholders' approval. On 15 May 2024, at the Annual General Meeting, Manuel Ferreira da Silva, Diana Chan and Rika Coppens retired as Members of the Supervisory Board of Euronext N.V., with immediate effect. At that same meeting, Fedra Ribeiro, Muriel De Lathouwer and Koen Van Loo were appointed as Members of the Supervisory Board of Euronext N.V., with effect from the date on which regulatory approval will be granted. In 2024, the Group reiterated the definition of its key management personnel, following the establishment an Executive Committee which occurred by end of 2023. The Group's key management is now defined as the Managing Board, the Executive Committee (together the 'Extended Managing Board') and the Supervisory Board. For more details on the Group’s key management personnel, see Note 36. Note 3. Material accounting policies and significant judgments The accounting policies applied in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless stated otherwise. The financial statements for the year ended 31 December 2024 are for the Group consisting of Euronext N.V. and its subsidiaries. A). Basis of preparation The Consolidated Financial Statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the European Union. They also comply with the financial reporting requirements included in Title 9 Book 2 of the Dutch Civil Code, as far as applicable. The Consolidated Financial Statements have been prepared on a historical cost basis, unless stated otherwise. They have also been prepared on the basis that the Group will continue to operate as a going concern. Based on management assessment there are no significant doubts about the ability of Euronext to continue as a going concern. B). Principles of consolidation and equity accounting These Consolidated Financial Statements include the financial results of all subsidiaries in which entities in the Group have a controlling financial interest and it also incorporates the share of results from associates and joint ventures. The list of individual legal entities which together form the Group, is provided in Note 4. All transactions and balances between subsidiaries have been eliminated on consolidation. All transactions and balances with associates and joint ventures are reflected as related party transactions and balances (see Note 36). 262 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements (i) Subsidiaries Subsidiaries are all entities controlled by the Group. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary and any related non-controlling interest and other components of equity. Any resulting gain or loss is recognised in the statement of profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Intergroup transactions, balances and unrealised gains and losses on transactions between companies within the Group are eliminated upon consolidation unless they provide evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statement or profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. (ii) Associates and joint arrangements Associates are entities over which the Group has the ability to exercise significant influence, but does not control. Generally, significant influence is presumed to exist when the Group holds 20% to 50% of the voting rights in an entity. Joint arrangements are joint operations or joint-ventures over which the Group, together with another party or several other parties, has joint control. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment. When the group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent of the group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the group. The carrying amount of equity- accounted investments is tested for impairment. C). Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. The identifiable assets acquired and liabilities are measured initially at their fair values at the acquisition date. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently re-measured to fair value with changes in fair value recognised in profit or loss. The consideration transferred is measured at the fair value of any assets transferred, liabilities incurred and equity interests issued. The excess of the consideration transferred over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. To the extent applicable, any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree are added to consideration transferred for purposes of calculating goodwill. Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allocated to a cash-generating unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained. D). Segment reporting Segments are reported in a manner consistent with how the business is operated and reviewed by the chief operating decision maker (CODM), 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', comprising the Managing Board and Executive Committee. 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 Consolidated Statement of Profit or Loss. 2024 UNIVERSAL REGISTRATION DOCUMENT 263 Financial Statements Alternative Performance Measures (APMs) In presenting and discussing the Group’s financial position, operating results and net results, management uses certain Alternative performance measures (APMs) not defined by IFRS. The APMs disclosed in the financial statements comprise underlying and non-underlying items, as well as EBITDA. These Alternative performance measures (APMs) should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. APMs do not have standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. The Group believes that these measures provide valuable supplemental information to the Group's management, investors and other stakeholders to evaluate the Group's performance. The Group measures performance based on EBITDA1, as management believes that this measurement is most relevant in evaluating the operating results of the Group. This measure is included in the internal management reports that are reviewed by the CODM. Reference is made to one of the below definitions, whenever the term ‘EBITDA’ is used throughout these Consolidated Financial Statements: ■ EBITDA1: 'Underlying' operating profit before 'underlying' depreciation and amortisation (D&A), taking into account the lines described in the Consolidated Statement of Profit or Loss; ■ EBITDA2: Profit before (i) interest expense, (ii) tax, (iii) any share of the profit of any associated company or undertaking, except for dividends received in cash by any member of the Group, (iv) non-underlying items included in operating profit excluding D&A; and (v) depreciation and amortisation; ■ EBITDA3: EBITDA as defined in the Share Purchase Agreements of the acquired companies involved. E). Foreign currency transactions and translation (i) Functional and presentation currency These Consolidated Financial Statements are presented in Euro (EUR), which is the Group’s presentation currency. The functional currency of each Group entity is the currency of the primary economic environment in which the entity operates. (ii) Transactions and balances Foreign currency transactions are converted into the functional currency using the rate ruling at the date of the transactions. Foreign exchange gains or losses resulting from the settlement of such transactions and from the translation at year-end rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement. Exceptions to this are where the monetary items form part of the net investment in a foreign operation or are designated as hedges of a net investment, in which case the exchange differences are recognised in Other Comprehensive Income. (iii) Group companies The results and financial position of Group entities that have a functional currency different from the presentation currency are converted into the presentation currency as follows: ■ assets and liabilities (including goodwill) are converted at the closing balance sheet rate. ■ income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and ■ all resulting exchange differences are recognised as currency translation adjustments within Other Comprehensive Income. F). Property, plant and equipment Property, plant and equipment is carried at historical cost, less accumulated depreciation and any accumulated impairment loss. The cost of purchased property, plant and equipment is the value of the consideration given to acquire the assets and the value of other directly attributable costs. All repairs and maintenance costs are charged to expense as incurred. Property, plant and equipment is depreciated on a straight- line basis over the estimated useful lives of the assets, except land and construction in process assets, which are not depreciated. The estimated useful lives, which are reviewed annually and adjusted if appropriate, used by the Group in all reporting periods presented are as follows: ■ Buildings (including leasehold improvements) 5 to 40 years ■ IT equipment2 to 3 years ■ Other equipment 5 to 12 years ■ Fixtures and fittings4 to 10 years G). Leases (i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost less any accumulated depreciation and if necessary any accumulated impairment. The cost of a right-of-use asset comprise the present value of the outstanding lease payments, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and an estimate of costs to be incurred in dismantling or removing the underlying asset. If the lease transfers ownership of the underlying asset to the lessee at the end of the lease term or if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, the right-of-use asset is depreciated to the end of the useful life of the underlying asset. Otherwise the right-of-use asset is depreciated to the end of the lease term. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable payments that depend on an index or rate and amounts 264 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments for penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In this context, the Group also applies the practical expedient that the payments for non-lease components are generally recognised as lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease of low-value assets recognition exemption to leases of office IT equipment and other staff equipment that are of low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. H). Goodwill and other intangible assets (i) Goodwill Goodwill represents the excess of the consideration transferred in a business combination over the Group’s share in the fair value of the net identifiable assets and liabilities of the acquired business at the date of acquisition. Goodwill is not amortised but is tested at least annually for impairment, or whenever an event or change in circumstances indicate a potential impairment. For the purpose of impairment testing, goodwill arising in a business combination is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the combination. Each CGU or CGU Group to which goodwill is allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes. The carrying value of a CGU Group is compared to its recoverable amount, which is the higher of its value in use and its fair value less costs of disposal. Impairment losses on goodwill are not subsequently reversed. Value in use is derived from the discounted future free cash flows of the CGU Group. Fair value less costs of disposal is based on discounted cash flows and market multiples applied to forecasted earnings. Cash flow projections are based on budget and business plan approved by management and covering a 2-year period in total. Cash flows beyond the business plan period are extrapolated using a perpetual growth rate. Key assumptions used in goodwill impairment test are described in Note 18. (ii) Internally generated intangible assets An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights. Software development costs are capitalised only from the date when all of the following conditions are met: ■ The technical feasibility of the development project is demonstrated ■ It is probable that the project will be completed and will generate future economic benefits; and ■ The project development costs can be reliably measured. Capitalised software development costs are amortised on a straight-line basis over their useful lives, generally from 3 to 7 years. Other development expenditures that do not meet these criteria, as well as software maintenance and minor enhancements, are expensed as incurred. (iii) Other intangible assets Other intangible assets, which are acquired by the Group, are stated at cost less accumulated amortisation and accumulated impairment losses (if applicable). The estimated useful lives are as follows: ■ Purchased software and licenses:2-8 years ■ Customer relationships:11-40 years ■ Brand names: generally for brand names an indefinite useful life is assumed. For brand names with finite useful lives the expected useful life is up to 3 years. I). Impairment of non-financial assets other than goodwill Assets that are subject to amortisation and depreciation are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. Assets that have an indefinite useful life are not subject to amortisation nor depreciation and are tested at least annually for impairment. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. For purposes of assessing impairment, assets are grouped into Cash Generating Units (CGUs). A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent from other groups of assets. Non- financial assets, other than goodwill, that were previously impaired are reviewed for possible reversal of the impairment at each reporting date. J). Derivative financial instruments and hedging activities (i) Initial recognition and measurement The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risk and interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. 2024 UNIVERSAL REGISTRATION DOCUMENT 265 Financial Statements For the purpose of hedge accounting, hedges are classified as fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: ■ There is ‘an economic relationship’ between the hedged item and the hedging instrument. ■ The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship. ■ The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The hedges relevant to the Group, that meet all the qualifying criteria for hedge accounting are accounted for, as described below: Fair value hedges The change in the fair value of a hedging instrument is recognised in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognised in the statement of profit or loss. For fair value hedges relating to items carried at amortised cost, any adjustment to carrying value is amortised through profit or loss over the remaining term of the hedge using the Effective Interest Rate (EIR) method. The EIR amortisation may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognised, the unamortised fair value is recognised immediately in profit or loss. K). Financial instrument (i) Classification and initial recognition The Group classifies its financial instruments in the following measurement categories: ■ Amortised cost ■ Fair value through Other Comprehensive Income (FVOCI) ■ Fair value through profit or loss (FVPL) The classification depends on the Group’s business model for managing the financial instruments and the contractual terms of the cash flows. For instruments measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through Other Comprehensive Income (FVOCI). Financial assets and financial liabilities are initially recognised on their settlement date. Except for trade receivables, at initial recognition the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Trade receivables are initially measured at their transaction price if they do not contain a significant financing component in accordance with IFRS 15. (ii) Subsequent measurement Financial assets at amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is measured using the effective interest rate method and is shown in finance income. Any gain or loss arising on de-recognition is recognised directly in profit or loss and presented in other net financing results, together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss, if material. The Group’s financial assets at amortised cost include the Group’s trade and other receivables, loans and deposits included under (non-current) Financial assets at amortised cost, short-term deposits with a maturity of more than three months included under other current financial assets and cash and cash equivalents. Financial assets at amortised cost - CCP clearing business For financial assets from CCP clearing business all measurement effects are shown in net treasury income through CCP business. This category includes clearing member trading balances relating to certain collateralised transactions, other receivables from clearing members of the CCP business and clearing member cash and cash equivalents, representing amounts received from the clearing members to cover initial and variation margins and default fund contributions that are not invested in bonds. Financial assets at fair value through Other Comprehensive Income (FVOCI) Debt instruments that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through Other Comprehensive Income, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in Other Comprehensive Income is reclassified from equity to profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other net financing results and 266 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements impairment expenses are presented as separate line item in the statement of profit or loss, if material. The Group’s debt instruments at FVOCI include the Group's investments in short-term listed bonds and government bonds (long-term and short-term) linked to Euronext Clearing's own funds. Where the Group’s management has elected to present fair value gains and losses on equity investments in Other Comprehensive Income, there is no subsequent reclassification of fair value gains and losses to profit or loss following the de-recognition of the investment. Dividends from such investments will be recognised in profit or loss as results from equity investments when the Group’s right to receive payments is established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in Other Comprehensive Income. The Group elected to classify irrevocably its unlisted equity securities that are held as long-term strategic investments that are not expected to be sold in the foreseeable future in this category. Financial assets at fair value through Other Comprehensive Income (FVOCI) - CCP clearing business This category includes the investments made in (predominantly) government bonds, that are funded by the margins and default funds deposited by members of the CCP clearing business. These investments are recognised in 'CCP clearing business assets'. Interest income and reclassified fair value gains/(losses) from these financial assets are shown in net treasury income through CCP business. Financial assets at fair value through Profit or Loss (FVPL) Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. Changes in the fair value of financial assets at FVPL are recognised in other net financing results in the statement of profit or loss as applicable. Financial assets at fair value through Profit or Loss (FVPL) - CCP clearing business This category includes clearing member trading balances comprising derivatives, equity and debt instruments that are marked to market on a daily basis. In particular these include open transactions not settled at the reporting date on the derivatives market in which Euronext Clearing operates as a central counterparty. The fair valuation of such positions is determined on the market price of each individual financial instrument at closing of the reporting period. As the amounts of clearing member trading assets and liabilities at FVPL are equally entered in both assets and liabilities, the fair valuation of both items does not lead to any net profit or loss in the income statement of the Group. Financial liabilities at fair value through Profit or Loss (FVPL) Liabilities that are held for trading are measured at FVPL. Changes in the fair value of financial liabilities at FVPL are recognised in other net financing results in the statement of profit or loss as applicable. Financial liabilities at fair value through Profit or Loss (FVPL) - CCP clearing business This category includes clearing member trading balances comprising derivatives, equity and debt instruments that are marked to market on a daily basis. In particular these include open transactions not settled at the reporting date on the derivatives market in which Euronext Clearing operates as a central counterparty. The fair valuation of such positions is determined on the market price of each individual financial instrument at closing of the reporting period. As the amounts of clearing member trading assets and liabilities at FVPL are equally entered in both assets and liabilities, the fair valuation of both items does not lead to any net profit or loss in the income statement of the Group. Financial liabilities at amortised cost Financial liabilities that are not held for trading are generally accounted for at amortised cost. These instruments are measured using the effective interest rate method and interest expense is shown in finance costs. The Group’s financial liabilities at amortised cost include the Group’s trade and other payables, borrowings and lease liabilities. Financial liabilities at amortised cost - CCP clearing business For financial liabilities from CCP clearing business all measurement effects are shown in net treasury income through CCP business. This category includes as well CCP repurchase agreements and other payables to clearing members related to initial and variation margins and default fund contributions. (iii) Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade and contract receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward- looking factors specific to the debtors and the economic environment. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Further disclosures relating to impairment of financial assets are also provided in Note 37.5. Generally, the Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 2024 UNIVERSAL REGISTRATION DOCUMENT 267 Financial Statements (iv) Offsetting of financial assets and liabilities 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. L). Trade receivables Trade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method, less loss allowance. At Nord Pool all trades are settled on the day of trading or on the following business day, with invoices and credit notes being dispatched in the afternoon. Financial settlement is due one working day after trading for net buyers and two working days after trading for net sellers. Variations in settlement cycle following variations in working days combined with variations in physical power prices traded on Nord Pool markets can give rise to significant fluctuations in trade receivables from period to period. M). Cash and cash equivalents Cash and cash equivalents comprise cash at banks, highly liquid investments with original maturities of three months or less and investments in money market funds that are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value. N). Borrowings Borrowings are initially recorded at the fair value of proceeds received, net of transaction costs. Subsequently, these liabilities are carried at amortised cost, and interest is charged to profit or loss over the period of the borrowings using the effective interest method. Accordingly, any difference between the proceeds received, net of transaction costs, and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. O). Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. Restructuring provisions primarily comprise employee termination payments. Provisions are not recognised for future operating losses, unless there is an onerous contract. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax risk-free discount rate. The increase in the provision due to passage of time is recognised as interest expense. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it or any compensation or penalties arising from failure to fulfil it. P). Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. At Nord Pool all trades are settled on the day of trading or on the following business day, with invoices and credit notes being dispatched in the afternoon. Financial settlement is due one working day after trading for net buyers and two working days after trading for net sellers. Variations in settlement cycle following variations in working days combined with variations in physical power prices traded on Nord Pool markets can give rise to significant fluctuations in trade payables from period to period. Q). Post-employment benefits The Group operates defined benefit pension schemes and defined contribution pension schemes. When the Group pays fixed contributions to a pension fund or pension insurance plan and the Group has no legal or constructive obligation to make further contributions, if the fund’s assets are insufficient to pay all pension benefits, the plan is considered to be a defined contribution plan. In that case, contributions are recognised as employee expense when they become due. For the defined benefit schemes, the net asset or liability recognised on the balance sheet comprises the difference between the present value of the defined benefit pension obligation and the fair value of plan assets. A net asset is recognised only to the extent the Group has the right to effectively benefit from the plan surplus. The service cost, representing benefits accruing to employees in the period, and the net interest income or expense arising from the net defined benefit asset or liability are recorded within operating expenses in the Statement of Profit or Loss. Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions or differences between actual and expected returns on assets are recognised in equity as a component of Other Comprehensive Income. The impact of a plan amendment, curtailment or settlement is recognised immediately when it arises in profit or loss. R). Share-based compensation Certain employees of the Group participate in Euronext’s share-based compensation plans. Awards granted by Euronext under the plans are restricted stock units (RSUs). Under these plans, Euronext receives services from its employees as consideration for equity instruments of the group. As the awards are settled in shares of Euronext N.V., they are classified as equity settled awards. 268 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements The share-based compensation reflected in the Statement of Profit or Loss relates to the RSUs granted by Euronext to the Group’s employees. The equity instruments granted do not vest until the employee completes a specified period of service, typically three years. The grant-date fair value of the equity settled RSUs is recognised as compensation expense over the required vesting period, with a corresponding credit to equity. Euronext has performance share plans, under which shares are conditionally granted to certain employees. The fair value of awards at grant date is calculated using market-based pricing, i.e. the fair value of Euronext shares. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition or a non-vesting condition in which case no adjustment applies. S). Treasury shares The Group reacquires its own equity instruments. Those instruments (‘treasury shares’) are deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of an entity’s own equity instruments. Such treasury shares may be acquired and held by the entity or by other members of the consolidated group. Consideration paid or received is recognised directly in equity. T). Revenue (from contracts with customers) and income The Group is in the business of providing a diverse range of products and services combining transparent and efficient equity, fixed income securities and derivatives markets. The Group’s main businesses comprise listing, cash trading, derivatives trading, fixed income trading, spot FX trading, power trading, market data and indices, post-trade and market solutions & other. Revenue from contracts with customers is recognised when control of the good and services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that, except for the revenue sharing agreement that it had in place until April 2024 with Intercontinental Exchange (ICE), it is principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer. The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in section ‘Critical accounting estimates and assumptions’. (i) Listing and Corporate services Listing fees primarily consist of original listing fees paid by issuers to list securities on the various cash markets (admission fees), subsequent admission fees for other corporate actions (such as admission of additional securities) and annual listing fees paid by companies whose financial instruments are listed on the cash markets. The admission services around initial (and subsequent) admission and its directly related corporate action services are considered activities that the Group needs to undertake to enable the customer to be listed. These activities are combined with the ongoing listing services and are used as inputs to produce the combined output, which is the service of being listed. Consequently, revenue generated from this combined performance obligation is recognised based on time elapsed over the listing period, as this best reflects the continuous transfer of the listing services. Corporate services revenues are earned from webcast solutions, board portal solutions, insider list management solutions and investor relationship management solutions. For corporate services that are provided to customers under an access license, revenue is recognised evenly over the contractual period of the license, as this best reflects the continuous benefit from the license by the customer throughout this period. For corporate services that are provided to customers on an event basis or under a ‘right-to- use’ license, revenue will be recognised at the point in time of the event or acceptance of the license. (ii) Trading The Group earns cash trading fees for customer orders of equity securities and other cash instruments on the Group’s cash markets, earns derivative trading fees for the execution of trades of derivative contracts on the Group’s derivative markets and earns fixed income trading fees for the execution of trades of debt securities on the Group’s fixed income markets. Spot FX trading fees are earned for execution of trades of foreign exchange contracts on the FastMatch markets. Power trading fees are earned for execution of trades on Nord Pool’s day ahead and intraday physical energy markets. Customers obtain control over the service provided at execution of the trade. Revenue is recognised at that point in time. Membership and subscription fees for the Borsa Italiana Group markets are generally paid in advance on the first day of the membership or subscription period. The Group recognises revenue on a straight-line basis over the period to which the fee relates, as this best reflects the extent of the Group’s progress towards completion of the performance obligation under the contract. (iii) Advanced data services The Group charges clients on a per-user basis for the access to its real-time and proprietary market data information services. The Group also collects periodic license fees from clients for the right to distribute the Group data to third parties. Customers obtain control over the market data service provided during the period over which it has access to the data. Consequently revenue is recognised based on time elapsed over the market data access period, as the Group meets its obligation to deliver data consistently throughout this period. The Group generates indices revenues from Index licensing fees, which gives customers the right to apply Euronext Index Trademark names in their products and ETFs. The nature of an index-license is considered a distinct ‘right-to-access’ license as the customer can reasonably expect the Group to undertake ongoing activities to support and maintain the value of its trademark names. Revenue generated from these licenses are therefore recognised evenly over the contractual period of the license, as this best reflects the continuous benefit from the license by the customer throughout this period. 2024 UNIVERSAL REGISTRATION DOCUMENT 269 Financial Statements (iv) Post trade Post-trade revenue primarily include clearing, settlement and custody fees. Clearing fees are recognised when the clearing of the trading transaction is completed. Customers obtain control over the service provided at completion of clearing the securities, which is the only performance obligation. Revenue is recognised at that point in time. The Group earns clearing fees through the activities from its own clearing house Euronext Clearing and, until 9 September 2024, through an agreement with LCH S.A. in which the latter is providing clearing service as a service provider, executing the service under control of the Group. The nature of the promise is the execution of a cleared trade on the Group’s trading platforms. The Group controls the services that are derived from that promise, before it is transferred to the customer. This makes the Group the principal in the transaction of providing clearing services to its customers and consequently the Group recognises its clearing revenue on a gross basis. Settlement fees are recognised when the settlement of the trading transaction is completed. Customers obtain control over the service provided at completion of the settlement of the securities, which is the only performance obligation. Revenue is recognised at that point in time. Custody fees are recognised as the service of holding the customer’s securities in custody is performed. Revenue is recognised based on time elapsed over that period of time, as this best reflects the continuous transfer of services. (v) Euronext Technologies & Other revenue Euronext Technologies and other revenue include software license and maintenance services, IT (hosting) services provided to third-party market operators, connection services and data centre colocation services provided to market participants, and other revenue. Software licenses that are distinct can be considered a ‘right- to-use’ license, given the significant stand-alone functionality of the underlying intellectual property. Consequently revenue will be recognised at the point in time of acceptance of the software and the source code by the customer. For software licenses that are combined with a significant modification service, revenues are recognised over time, using the input method of labour hours spend during the significant modification period, as the Group has no alternative use for these combined performance obligations and would have an enforceable right to payment for performance completed to date. Revenue from software maintenance services are recognised evenly over the maintenance agreement period, as this best reflects the continuous transfer of maintenance services throughout the contract period. The Group delivers hosting services to customers that are using the software installed in the Euronext data centre to use the Group’s trading platforms. Installation services provided before the start of a hosting service do not include significant client customisation of the software installed in the Euronext data centre. The installation service itself does not transfer a good or service to the customer, but are required to successfully transfer the only performance obligation for which the customer has contracted, which is the hosting service. Revenue generated from this performance obligation is recognised evenly over the full service period of the hosting contract, as this best reflects the continuous transfer of hosting services to the customer. Part of the connection services and data centre colocation services were provided under a revenue sharing agreement with Intercontinental Exchange (ICE) until April 2024. Euronext was providing ICE the right to provide services directly to Euronext customers, to which Euronext provided a continuous customer access to the relevant Euronext Group markets and as such, Euronext was arranging for the specified services to be provided by another party as an agent. Euronext customers connected to its markets via the ICE SFTI® network or rented colocation space in the ICE data centres that housed Euronext’s trading platforms. ICE received fees from Euronext customers over the period of access to the SFTI® network and over the colocation rental period. The Group recognised its revenue share over that same period of time, using the practical expedient provided in IFRS 15.B16 that allows an entity to recognise revenue in the amount to which it has the right to invoice. The entitled amount that Euronext invoiced to ICE corresponded directly with the value that Euronext’s performance obligation had to ICE, which equalled the agreed commission. As from the data centre migration in June 2022, revenues for connection services and data centre colocation services are also generated from Euronext's core data centre facility in Bergamo. Fees received for these services are recognised evenly over the customer's access period and colocation rental period, as this best reflects the continuous transfer of these services. The Group also generates revenue from other connection services that trading members are using primarily for the purpose of placing their cash and derivatives trading orders. Members enter into contracts that generate access availability for placing trading orders (the active logon session). Customers obtain control over the service provided during the period of access to their active logon session. Revenue is recognised evenly over that period of time, as this best reflects the continuous transfer of technology services. (vi) Net treasury income through CCP business Income recognised in the CCP clearing businesses includes net treasury income earned on margin and default funds, held as part of the risk management process. Net treasury income is the result of interest earned on cash assets lodged with the clearing house, less interest paid to the members on their margin and default fund contributions. Net treasury income is shown separately from the Group’s revenues on the face of the income statement to distinguish this income stream from revenues arising from other activities and provide a greater understanding of the operating activities of the Group. Where negative interest rates apply, the Group recognises interest paid on cash assets as a treasury expense and interest received on clearing members’ margin as treasury income. (vi) Other income Other income generally consists of income that is earned from non-operating activities, whereby the comparative period included 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. (vii) Contract balances Receivables A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due from the customer). The Group refers to billed receivables as 270 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements trade receivables, whereas unbilled receivables are referred to as contract receivables by the Group. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract. (viii) Significant financing component Generally, the Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. The primary exception considers contracts containing listing services. As the payment for listing admission services appears upfront at the start of the contract, the period between revenue recognition from listing admission services and payment by the customer can exceed one year. However the Group determined that the payment terms were structured not with the primary purpose of obtaining financing from the customer, but to minimise the risk of non-payment as there is not a stated duration of the period of the listing. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. (viv) Cost to obtain or fulfil a contract The Group does not incur material costs to obtain contracts such as sales commissions. Costs to fulfil a contract are costs that relate directly to a contract or a specifically anticipated contract, generate or enhance resources of the Group that will be used to satisfy future performance obligations, and are recoverable. Costs to fulfil a contract are capitalised and amortised on a straight line basis over the term of the specific contract it relates to, consistent with the pattern of recognition of the associated revenue. U). Non-underlying items The Group chooses to present non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the performance of the Group. Non-underlying items are items of income and expense that are infrequent by their nature or incidence and/ or material by their size. Non-underlying items is not defined by IFRS and do not have a standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other companies. Non-underlying items include: • Operating income and operating expense items which are material by their size and/or are infrequent by their nature. These are integration costs (cost incurred for activities to integrate newly acquired businesses with those of the Group) 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 non-operating expense items which are material by their size and/or are infrequent by their nature. These are one-off finance costs (borrowing costs incurred to finance acquisitions that change the perimeter of the Group), gains or losses on sale of subsidiaries and impairments of equity investments. • Amortisation and impairment of intangible assets which are recognised as a result of acquisitions. These intangible assets 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 keep the figures comparable with the original business before and after the acquisition in order to provide more meaningful information regarding the understanding of the Group’s performance before and after the acquisition. • Tax related to non-underlying items. V). Taxation The income tax expense for the fiscal year is comprised of current and deferred income tax. Income tax expense is recognised in the Income Statements, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the income tax impact is also recognised in other comprehensive income or directly in equity. (i) Current income tax The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. The Group recognises liabilities for uncertain tax treatment when it is not probable that the tax authorities will accept the tax treatment. The liabilities are measured through one of the following methods depending on which method is expected to best predict the resolution of the tax uncertainty: a) The most likely amount – the single most likely amount in a range of possible outcomes. The most likely amount may better predict the resolution of the uncertainty if the possible outcomes are binary or are concentrated on one value. b) The expected value – the sum of the probability-weighted amounts in a range of possible outcomes. The expected value may better predict the resolution of the uncertainty if there is a range of possible outcomes that are neither binary nor concentrated on one value. Estimated liabilities for uncertain tax treatments, along with estimates of interest and penalties, are presented within income taxes payable on the Balance Sheet and are included in current income tax expense in the Statement of Profit or Loss. (ii) Deferred income tax Deferred income tax is recognised on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in these Consolidated Financial Statements. However, deferred income tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss and at the time of the transaction, does not give rise to equal amounts of taxable and deductible temporary 2024 UNIVERSAL REGISTRATION DOCUMENT 271 Financial Statements differences. If a transaction that is not a business combination gives rise to equal amounts of taxable and deductible differences, deferred taxation on the taxable temporary difference and the deductible temporary differences will be accounted for, which at initial recognition are equal and offset to zero (i.e. leases). Deferred income tax is determined using tax rates that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences or tax losses can be utilised. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority on the same taxable entity. W). Non-current assets held for sale The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. X). Significant accounting judgements, estimates and assumptions The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: (i) Revenue from contracts with customers The Group applied the following judgments that significantly affect the determination of the amount and timing of revenue from contracts with customers: Identifying performance obligations and determining the timing of revenue recognition of Listing admission fees The Group provides services related to the initial (and subsequent) listing of securities on its markets and hereto directly related corporate action services, and ongoing services related to the continuous listing. The Group determined that the admission services around initial (and subsequent) admission and its directly related corporate action services do not transfer a good or service to the customer, but are considered activities that the Group needs to undertake to enable the customer to be listed. The Group concluded that these activities should be combined with the ongoing listing services and should be used as inputs to produce the combined output, which is the service of being listed. As the service of being listed is satisfied over a period of time, as the customer simultaneously receives and consumes the benefits from the service, the related revenues are therefore recognised over a period of time. The Group determined that the period of time that best reflects the satisfaction of listing admission services is the period over which the customer actually benefits from the admission. An average lifetime of companies being listed on Euronext markets would serve as best proxy for the period that a listing customer benefits from an admission. Specific local market characteristics can result and would justify differences in amortisation terms. Based on historic evidence, the Group has defined the following average lifetimes for the relevant groupings of listed securities: Equity admissions: 5-12 years Bond- and fund admissions: 3 years Equity subsequent admissions (follow-on’s):3 years Revenue from the listing admission services is therefore recognised over those periods of time. Cost to obtain or fulfil a contract related to listing admission services The Group has considered the type of cost that is directly associated to a listing contract and that can be separately identifiable. Such cost would typically concern staff cost incurred by the Listings team involved in admission- and subsequent listing of an issuer. There is no correlation between number of listings and staff cost associated to the Listings team. The majority of the cost to obtain and fulfil the contract is incurred in the period before the actual admission. The remaining cost associated to an admission and subsequent listing that is recorded post-admission, and its impact on the Group’s income statement, would be marginal, therefore the Group has decided not to capitalise cost incurred to obtain- or fulfil listing contracts. Principal versus agent considerations Until Q3 2024, the Group had a clearing agreement with LCH SA in respect of the clearing of trades on Euronext 272 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements continental Europe derivatives markets (the “Derivatives Clearing Agreement”). Under the terms of this Derivatives Clearing Agreement Euronext agreed with LCH SA to share revenues and receives clearing fee revenues based on the number of trades on these markets cleared through LCH SA. In exchange for that, Euronext had agreed to pay LCH SA a fixed fee plus a variable fee based on revenues. The definition of the accounting treatment of this agreement required significant management judgment for the valuation and weighting of the indicators leading the principal versus agent accounting analysis. Based on all facts and circumstances around this arrangement, management had concluded that Euronext was ‘principal’ in providing Derivatives clearing services to its trading members. Therefore Euronext recognised (i) the clearing fees received as post trade revenues, and (ii) the fixed and variable fees paid to LCH SA as other operational expenses. (ii) Determining the lease term of contracts with extension and termination options In determining the lease term, management assesses the period for which the contract is enforceable. It considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). If the Group concludes that the contract is enforceable beyond the notice period of a cancellable lease (or the initial period of a renewable lease), it then need to assess whether the Group is reasonably certain not to exercise the option to terminate the lease. However in general, the Group’s lease portfolio contains very limited leases that include renewal -or termination options. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. (i) Impairment of goodwill The Group performs goodwill impairment reviews in accordance with the accounting policy described in Note 18. The recoverable amount of a CGU Group is determined based on a discounted cash flow approach, which requires the use of estimates. The critical assumptions used and the related sensitivity analysis are described in Note 18. (ii) Purchase price allocation The cost of other intangible assets that are acquired in the course of business combinations, corresponds to their acquisition date fair values. Depending on the nature of the intangible asset, fair value is determined by application of: ■ Market approach (by reference to comparable transactions) ■ Income approach (Relief-from-Royalty- or Multi-period Excess Earnings Method) ■ Cost approach Assets with a finite useful life are amortised using the straight-line method over their expected useful life. Assets with an indefinite useful life are tested for impairment at least once a year. (iii) Contingent consideration and buy options resulting from business combinations The Group may structure its business combinations in a way that leads to recognition of contingent consideration to selling shareholders and/or buy options for equity held by non-controlling interests. Contingent consideration and buy options are recognised at fair value on acquisition date. When the contingent consideration or buy option meets the definition of a financial liability or financial instrument, it is subsequently re-measured to fair value at each reporting date. The determination of fair value is based on the expected level of EBITDA3 over the last 12 months that precede the contractual date (in case of contingent consideration) or exercise date of the underlying call- and put options (in case of buy option). The Group monitors the expected EBITDA3 based on updated forecast information from the acquired companies involved. (iv) Internally developed software costs The Group develops various software applications for internal use. Development costs for self-developed intangible assets are capitalized if the applicable criteria of IAS 38 are fulfilled. Development costs that do not satisfy the requirements for capitalization are expensed as incurred. Capitalised own software development costs are amortized over the useful economic life of the asset and charged on a straight line basis to the income statement. The useful lives are management’s best estimate of the period over which value from the asset is realized. In determining the useful lives, management considers a number of factors including: expected usage by the entity of the asset, product upgrade cycles for software and technology assets and the level of maintenance required to maintain the asset’s operating capability. (v) Fair value of equity investments The Group holds investments in unlisted equity securities which are carried at fair value in the balance sheet. The valuation methodology and critical assumptions are described in Note 20 and 35. (vi) Provision for expected credit losses (ECL) of trade and contract receivables The Group uses a provision matrix to calculate ECLs for trade and contract receivables. To measure ECL's, trade and contract receivables have been grouped based on shared credit risk characteristics and the days past due. The historical loss rates are based on the payment profiles of the sales over a period of 24 months before reporting date and the corresponding historical credit loss experience within this period. The historical loss rates are adjusted to reflect 2024 UNIVERSAL REGISTRATION DOCUMENT 273 Financial Statements current and forward-looking factors specific to the debtors and economic environment. The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward- looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECL's is a significant estimate. The amount of ECL's is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s actual default in the future. The information about the ECL's on the Group’s trade and contract receivables is disclosed in Note 37.5.1. (vii) Estimating the incremental borrowing rate (IBR) The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group ‘would have to pay’, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Group estimates the IBR using the observable inputs (such as market interest rates) when available and makes certain entity-specific estimates if needed. (viii) Income taxes Due to the inherent complexities arising from the nature of the Group’s business, and from conducting business and being taxed in a substantial number of jurisdictions, critical assumptions and estimates are required to be made for income taxes. The Group computes income tax expense for each of the jurisdictions in which it operates. However, actual amounts of income tax due only become final upon filing and acceptance of the tax return by relevant authorities, which may not occur for several years subsequent to issuance of these Consolidated Financial Statements. The estimation of income taxes also includes evaluating the recoverability of deferred income tax assets based on an assessment of the ability to use the underlying future tax deductions against future taxable income before they expire. This assessment is based upon existing tax laws and estimates of future taxable income. To the extent estimates differ from the final tax return, earnings may be affected in a subsequent period. The Group operates in various countries with local tax regulations. New tax legislation being issued in certain territories as well as transactions that the Group enters into regularly result in potential tax exposures. The calculation of our tax liabilities involves uncertainties in the application of complex tax laws. Our estimate for the potential outcome of any uncertain tax treatment is highly judgmental. However, the Group believes that it has adequately provided for uncertain tax treatments. Settlement of these uncertainties in a manner inconsistent with our expectations could have a material impact on our results of operations, financial condition and cash flows. The Group recognises a liability for uncertain tax treatments when it is not probable that a taxation authority will accept an uncertain tax treatment. Y). Correction of misstatement CCP clearing business assets and liabilities In Q4 2023, the Group completed the expansion of its clearing offering for Euronext cash markets, followed by the completion of the expansion of Euronext Clearing activities to all Euronext financial derivatives markets in Q3 2024. This completion marked the achievement of Euronext's ‘Growth for Impact 2024’ strategic plan and the integration of the Borsa Italiana Group, three years after it was acquired by Euronext. In the first quarter of 2025, in preparation of its financial statements for the year ended 31 December 2024, management discovered that the clearing business assets and liabilities for cash equity instruments were not recognised in accordance with the Group’s accounting policies. Management recalculated the positions of clearing business assets and liabilities for cash equity instruments based on their settlement date and reperformed its subsequent offsetting. As a result, management concluded that the clearing business assets and liabilities for cash equity instruments were overstated as per 31 December 2023. The error has been corrected by restating the affected line items in the consolidated statement of financial position for the prior period, as follows: Impact on consolidated statement of financial position (Increase /(decrease)): 31 December 2023 31 December 2023 (In thousands of euros) Originally reported increase/ (decrease) Restated Current assets CCP Clearing business assets 183,715,218 (2,687,144) 181,028,074 Current liabilities CCP Clearing business liabilities 183,832,245 (2,687,144) 181,145,101 The relevant subtotals in the Consolidated Statement of Financial Position were adjusted accordingly. In addition, Notes 35.1, 35.2.1, 35.4 and 37.1 were adjusted accordingly. The statement of financial position as per 31 December 2023 and the relevant note disclosures are labelled as restated. The other primary statements of the Group (consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity) were not affected by this error. Z). Changes in accounting policies and disclosures The International Accounting Standards Board (IASB) continues to issue new standards and interpretations, and amendments to existing standards. The Group applies these new standards when effective and endorsed by the European Union. The Group has not opted for early adoption for any of these standards. 274 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements (i) New and amended standards and interpretations The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2024. Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group’s financial statements. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants The amendments of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: • What is meant by a right to defer settlement • That a right to defer must exist at the end of the reporting period • That classification is unaffected by the likelihood that an entity will exercise its deferral right • That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity's right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments had no material impact on the Group’s financial statements. Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group’s financial statements. (ii) Future implications of new and amended standards and interpretations not yet adopted The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. Amendments to IAS 21 - Lack of exchangeability In August 2023, the IASB issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted, but will need to be disclosed. When applying the amendments, an entity cannot restate comparative information. The amendments are not expected to have a material impact on the Group’s financial statements. IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management- defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. IFRS 19 - Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. As the Group’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19. There are no other IFRS’s or IFRIC interpretations not yet effective, that would be expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions. 2024 UNIVERSAL REGISTRATION DOCUMENT 275 Financial Statements Note 4. Group information The following table provides an overview of the Group’s subsidiaries, associates, joint-ventures and non-current investments: Ownership Subsidiaries Domicile As at 31 December 2024 As at 31 December 2023 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 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% Euronext Corporate Services UK Ltd. United Kingdom 100.00% 100.00% Euronext Corporate Services Sweden 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 Holdings 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 (e) Norway 100.00% 97.00% Euronext Nordics Holding AS Norway 100.00% 100.00% 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 European Market Coupling Operator AS Norway 66.00% 66.00% Euronext Corporate Services Finland Oy Finland 100.00% 100.00% Euronext Corporate Services France S.A.S. France 100.00% 100.00% VP Securities AS (c) Denmark 100.00% 100.00% Euronext Italy Merger 2 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 Ltd. United Kingdom 100.00% 100.00% Bit Market Services S.p.A. (f) Italy 0.00% 99.99% Borsa Italiana S.p.A. Italy 99.99% 99.99% Cassa di Compensazione e Garanzia S.p.A. (g) Italy 99.99% 99.99% 276 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Monte Titoli S.p.A. (c) Italy 98.92% 98.92% MTS S.p.A. Italy 63.14% 63.14% Marche de Titres France SAS France 63.14% 63.14% Euro MTS Ltd. United Kingdom 63.14% 63.14% Elite S.p.A. Italy 74.99% 74.99% Elite SIM S.p.A. (h) Italy 0.00% 74.99% Euronext Corporate Services GmbH Germany 100.00% 100.00% Euronext Corporate Services S.r.l. Italy 100.00% 100.00% Euronext New Zealand Holdings Ltd. (i) New Zealand 100.00% 0.00% Global Rate Set Systems Ltd. (i) New Zealand 75.00% 0.00% Czech Financial Benchmark Facility S.r.o. (i) Czech Republic 75.00% 0.00% Danish Financial Benchmark Facility A.p.S. (i) Denmark 75.00% 0.00% Chilean Benchmark Facility S.p.A. (i) Chile 75.00% 0.00% Substantive Research Limited (j) United Kingdom 100.00% 0.00% Accuratus Tax and CA Services LLC (k) United States 100.00% 0.00% Euronext Securities Shared Services Unipessoal Lda (l) Portugal 100.00% 0.00% Stichting Euronext Foundation (m) The Netherlands 0.00% 0.00% Associates Domicile ATS Advanced Technology Solutions S.p.A. (n) Italy 0.00% 30.00% MTS Associated Markets SA Belgium 23.00% 23.00% Joint Ventures Domicile LiquidShare S.A. (o) France 0.00% 16.23% FinansNett Norge Norway 50.00% 50.00% Non-current investments Domicile Sicovam Holding S.A. France 9.60% 9.60% Euroclear S.A./N.V. Belgium 3.53% 3.53% EuroCTP B.V. The Netherlands 18.95% 18.95% Nordic Credit Rating AS Norway 5.00% 5.00% Association of National Numbering Agencies Belgium 2.20% 2.20% Investor Compensation Company Designated Activity Company 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) In 2024, the Group acquired the remaining 3% interest of Fish Pool ASA, increasing the Groups interest in Fish Pool ASA to 100%. (f) In 2024, Bit Market Services S.p.A. was liquidated. (g) Cassa di Compensazione e Garanzia S.p.A.operates under the business name "Euronext Clearing". (h) In 2024, Elite SIM S.p.A. merged into Elite S.p.A. (i) On 31 May 2024, the Group acquired a 75% interest in Global Rate Set Systems Ltd. and its subsidiaries (see Note 5). Euronext New Zealand Holdings Ltd. was incorporated in relation to this acquisition. (j) On 16 September 2024, the Group acquired a 100% interest in Substantive Research Ltd. (see Note 5). (k) On 2 October 2024, the Group acquired substantially all of the business of Acupay Group (see Note 5). (l) On 19 December 2024, the Group incorporated Euronext Securities Shared Services Unipessoal Lda. (m) Stichting Euronext Foundation is not owned by the Group but included in the scope of consolidation. (n) On 23 May 2024, the Group sold its 30% interest in associate ATS Advanced Technology Solutions S.p.A. (see Note 7). (o) In January 2024, LiquidShare SA was liquidated and the investment was derecognised (see Note 7). 2024 UNIVERSAL REGISTRATION DOCUMENT 277 Financial Statements Note 5. Business combinations and acquisition of non-controlling interests The business combinations that occurred during the year are set out below. 5.1 Acquisition of Global Rate Set Systems Ltd. On 31 May 2024, the Group acquired 75% of the share capital of Global Rate Set Systems (GRSS), a provider of services to benchmark administrators. The final purchase consideration for the 75% stake was €48.2 million. The acquisition includes an option to buy the remaining 25% interest as from 2027. The Group has acquired GRSS to further diversify and strengthen Euronext’s index franchise, positioning the Group as a leading player for calculating and administrating Interbank Offered Rate (IBOR) indices. The acquisition contributes to the growth of Euronext’s fixed and subscription-based revenue. Details of the purchase consideration, the net assets acquired and goodwill are reflected in the tables below. Purchase consideration: (In thousands of euros) Fair Value Cash paid 48,192 Net assets 48,192 The preliminary purchase price allocation yielded the following results: (In thousands of euros) Fair Value Assets Property, plant and equipment 13 Intangible assets: customer relations 33,122 Intangible assets: software 3,902 Intangible assets: other 372 Non-current other assets 204 Current income tax assets 10 Trade and other receivables 497 Cash and cash equivalents 7,467 Liabilities Deferred tax liabilities (10,476) Trade and other payables (1,116) Current contract liabilities (2,513) Net identifiable assets acquired 31,482 Less: non-controlling interest (7,972) Add: Goodwill 24,682 Total purchase consideration 48,192 The goodwill is primarily attributable to the expected synergies and other benefits from combining the assets and activities of GRSS, with those of the Group. The goodwill is not deductible for income tax purposes. See Note 18 for the changes in goodwill as a result from the acquisition. Acquired receivables The fair value of trade and other receivables was €0.5 million, and included €0.1 million of trade receivables, which is not materially different to the gross contractual amount. None of the trade receivables have been impaired and it is expected that the full contractual amounts can be collected. Non-controlling interest The Group has chosen to recognise the non-controlling interest at the proportionate share of the net assets acquired. As such, non- controlling interest on acquisition amounted to €7.9 million (25% of €31.5 million). 278 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Revenue and profit contribution From the date of the acquisition, GRSS has contributed €5.1 million of revenue and €0.6 million of net profit to the Group. If the acquisition would have occurred on 1 January 2024, consolidated revenue and income and consolidated net profit for the year ended 31 December 2024 would approximate €1,634.6 million and €586.5 million respectively. Analyses of cash flow on acquisition (In thousands of euros) Fair Value Acquisition related costs (971) Included in cash flow from operating activities (971) Cash consideration (48,192) Less: balances acquired 7,467 Included in cash flow from investing activities (40,725) Net cash flow on acquisition (41,696) Acquisition related costs Acquisition related costs of €1.0 million were expensed and recognised in 'non-underlying' other operational expenses. Related transaction of 25% minority stake In the period from 30 June 2027 to 30 July 2028, the Group has the right (but not the obligation) to acquire all of the remaining shares of the other minority shareholders. In addition, during that same period, if the minority shares are sold to a third party, the Group has the obligation to compensate for any variance between the exercise price of the option (normalized EBITDA x multiple) and a lower actual third party price offered. Both rights are classified together as one combined derivative instrument. At initial recognition, the fair value of this combined derivative instrument is estimated at a negative €2.3 million, for which the Group recorded a liability as a reduction of shareholders’ equity. The liability is presented in other long-term financial liabilities in the statement of financial position and subsequent measurement will be through profit or loss (see Note 35). 5.2. Acquisition of Substantive Research Ltd. On 16 September 2024, Euronext acquired 100% of the share capital in Substantive Research Ltd., providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. In combination with Euronext’s subsidiary Commcise, the transaction will further reinforce Euronext’s growing investor services offering with high- quality, recurring revenues, and strengthen the Group’s proximity with the buy-side community. The purchase consideration of €9.4 million includes €1.2 million of contingent consideration, which is payable in 2028. The related goodwill amounted to €10.4 million. The goodwill is not deductible for income tax purposes. As the acquisition was considered not material from a Euronext Group perspective, no further purchase price allocation was executed. 5.3. Acquisition of Acupay Group business On 2 October 2024, the Group acquired substantially all of the business of Acupay Group, a provider of services in financial reporting, corporate actions, cross-border tax relief and securities processing.The acquisition of the Acupay Group business further expands Euronext Securities’ services offering to investors and issuers, leveraging Acupay’s strong presence in Italy and opportunities to scale Acupay’s services through Euronext Securities’ network across Europe. The purchase consideration amounted to €16.4 million and the acquired net assets amounted to €12.2 million. The valuation outcomes of the net identifiable assets acquired included customer relationships for €8.6 million and software for €1.5 million. The related goodwill amounted to €4.2 million. The goodwill is not deductible for income tax purposes. 2024 UNIVERSAL REGISTRATION DOCUMENT 279 Financial Statements Note 6. Non-controlling interests (NCI) Financial information of subsidiaries that have material non-controlling interest is provided below. Proportion of equity interest held by non-controlling interests: Name of entity Place of business / country of Incorporation % of ownership interest held by NCI 2024 2023 % % Nord Pool Group (a) Norway 34.00 34.00 MTS Group (b) Italy 36.86 36.86 GRSS Group (c) New Zealand 25.00 0.00 (a) Nord Pool Group consists of the subsidiaries Nord Pool Holding AS, Nord Pool AS, Nord Finland Oy, Nord Pool AB and Nord Pool European Market Coupling Operator AS, all at a non-controlling interest of 34.0%. (b) MTS Group consists of the subsidiaries MTS S.p.A., Marche de Titres France SAS and Euro MTS Ltd., all at a non-controlling interest of 36.86%. (c) GRSS Group consists of the subsidiaries Global Rate Set Systems Ltd., Czech Financial Benchmark Facility S.r.o., Danish Financial Benchmark Facility A.p.S. and Chilean Benchmark Facility S.p.A., all at a non-controlling interest of 25.0%. The summarised financial information of these subsidiaries is provided below. This information is based on amounts before inter- company eliminations. Summarised balance sheet Nord Pool Group MTS Group (a) GRSS Group (In thousands of euros) 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023 Current assets 257,397 172,104 133,361 100,186 8,997 — Current liabilities 218,763 136,028 22,619 26,069 2,715 — Current net assets 38,634 36,076 110,742 74,117 6,282 — Non-current assets 19,417 20,698 305,735 318,005 34,101 Non-current liabilities 5,158 3,508 72,344 73,585 9,568 Non-current net assets 14,259 17,190 233,391 244,420 24,533 — Net assets 52,893 53,266 344,133 318,537 30,815 — Accumulated NCI 17,984 18,110 126,867 117,429 7,704 — (a) As from 2024, the Group is presenting the figures of the full MTS Group. To align with this presentation, the comparative figures were adjusted. Summarised statement of comprehensive income Nord Pool Group MTS Group (a) GRSS Group (In thousands of euros) 2024 2023 2024 2023 2024 2023 Revenue 57,818 47,890 144,366 107,878 5,133 — Profit for the year 19,659 15,164 75,177 50,481 832 — OCI (18) 21 64 (271) (2,999) — Total comprehensive income 19,641 15,185 75,241 50,210 (2,167) — Profit / (loss) allocated to NCI 6,684 5,156 27,718 18,610 208 — Dividends paid to NCI 5,933 2,821 18,024 18,024 — — (a) As from 2024, the Group is presenting the figures of the full MTS Group. To align with this presentation, the comparative figures were adjusted. Summarised cash flow information Nord Pool Group MTS Group (a) GRSS Group (In thousands of euros) 2024 2023 2024 2023 2024 2023 Cash flow from operating activities 35,560 31,186 77,295 70,074 945 — Cash flow from investing activities (1,670) (1,017) 3,528 (34,281) 7,462 — Cash flow from financing activities (18,622) (8,934) (54,639) (14,568) — — Non-cash exchange gains/ (losses) (4,015) (8,281) — — (957) — Net increase / (decrease) in cash and cash equivalents 11,253 12,954 26,184 21,225 7,450 — (a) As from 2024, the Group is presenting the figures of the full MTS Group. To align with this presentation, the comparative figures were adjusted. 280 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 7. Investments in associates and joint ventures 7.1. Interests in associates and joint ventures As per 31 December 2024, the Group only has interests in individually immaterial associates and joint ventures, that are all accounted for using the equity method. The statement of profit or loss for the year ended 31 December 2023 included a €6.6 million profit from the share in result of material associate LCH S.A. The investment was sold and derecognised in July 2023. Individually immaterial associates The Group has an 23.0% interest in MTS Associated Markets S.A., offering an electronic trading platform for sovereign securities (e.g. government bonds). In addition, the Group had an 30% interest in ATS Advanced Technology Solutions S.p.A. ("ATS"), which line of business includes designing, developing, and producing prepackaged computer software. In 2024, the Group sold its interest in ATS resulting in a gain on sale of €1.2 million, which is reflected in Note 14. As per 31 December 2024, the aggregate carrying amount of individually immaterial associates amounted to €0.4 million (2023: €1.1 million). The aggregate amount of the Group's share of profit/(loss) amounted to a profit of €0.1 million (2023: nil). Individually immaterial joint ventures The Group has an interest of 50% in joint venture FinansNett Norge AS, a company offering data communications through a metropolitan area network (MAN) in Oslo. This network provides communication services for use by backup and disaster recovery solutions as used by brokers and other participants in the financial sector. In addition, the Group had an interest of 16.23% in LiquidShare SAS, a fintech joint venture with the objective to improve SME’s access to capital markets using blockchain technology. In January 2024, LiquidShare SAS was liquidated. As a result, the Group derecognised the investment that was already impaired to zero value, hence no gain or loss on disposal was recognised. As per 31 December 2024, the aggregate carrying amount of individually immaterial joint ventures amounted to €0.3 million (2023: €0.2 million). The aggregate amount of the Group's share of profit/(loss) amounted to a profit of €0.1 million (2023: loss of €0.1 million). 7.2 Commitments and contingent liabilities in respect of associates and joint ventures The Group has no outstanding contingent liabilities with respect to its associates or joint ventures. Note 8. Revenue and income 8.1 Revenue from contracts with customers 8.1.1 Disaggregation of revenue from contracts with customers Substantially all of the Group’s revenues are considered to be revenues from contracts with customers. At 31 December 2024 and 2023, there were no customers that individually exceeded 10% of the Group’s revenue. 2024 UNIVERSAL REGISTRATION DOCUMENT 281 Financial Statements Set out below is the disaggregation of the Group’s revenue from contracts with customers: Year ended 31 December Timing of revenue recognition Year ended 31 December Timing of revenue recognition In thousands of euros Product or service transferred Product or service transferred Major revenue stream 2024 at a point in time over time 2023 at a point in time over time Listing 231,860 15,219 216,641 220,642 15,763 204,879 of which Primary listing services and other 181,531 2,562 178,969 175,189 4,421 170,768 Corporate services 50,329 12,657 37,672 45,454 11,342 34,112 Trading revenue 559,431 543,723 15,708 490,008 472,910 17,097 of which Cash trading 284,022 284,022 — 265,439 264,039 1,400 Derivatives trading 53,083 51,834 1,249 54,168 52,720 1,448 Fixed income trading 145,527 131,068 14,459 107,425 93,176 14,249 FX trading 31,742 31,742 — 25,556 25,556 — Power trading 45,057 45,057 — 37,420 37,420 — Investor services 14,126 — 14,126 11,375 — 11,375 Advanced data services 241,743 1,780 239,962 224,774 1,306 223,469 Post-trade 414,747 241,340 173,408 370,183 205,697 164,486 of which Clearing 144,270 144,270 — 121,283 121,283 — Custody & Settlement and other 270,477 97,069 173,408 248,900 84,414 164,486 Euronext Technology solutions & other revenue 106,157 169 105,987 109,894 624 109,270 Total revenue from contracts with customers 1,568,064 802,231 765,832 1,426,876 696,300 730,576 The significant movements in revenues from contracts with customers during the year, related to the following: ■ Cash -and derivatives trading revenue increased by €17.5 million, which is due to higher trading volumes when compared to prior period. ■ Fixed income trading revenue increased by €38.1 million, which is almost fully attributable to the MTS S.p.A. bond trading platform and driven by increasing interest rates and supportive market volatility in 2024. ■ Advanced data services revenues increased by €17.0 million, which is driven by a strong performance of the core data business. ■ Clearing revenues increased by €23.0 million, which is driven by a the expansion of Euronext Clearing. ■ Custody and settlement revenues increased by €21.6 million, which is driven by a strong performance of the core CSD business. 282 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Set out below is the geographical information of the Group’s revenue from contracts with customers: In thousands of euros France Italy Nether- lands United Kingdom Belgium Portugal Ireland United States Norway Sweden Denmark Finland Germany New Zealand Total 2024 Revenue from contracts with customers (a) 347,376 592,689 180,593 11,451 30,966 38,139 36,784 37,396 198,796 5,193 82,728 412 409 5,132 1,568,064 2023 (b) Revenue from contracts with customers (a) 354,949 474,811 183,904 9,603 30,548 36,576 37,886 28,614 188,690 4,790 75,966 484 55 — 1,426,876 (a) Revenues from Cash trading, Derivatives trading, Fixed income trading (executed outside MTS S.p.A.), Clearing (executed under the LCH contract), Advanced data services, Colocation services (Bergamo data centre) and Connection services are attributed to the country where the exchange is domiciled. Revenues from other categories are attributed to the billing entity. (b) The comparative figures were adjusted to reflect the correct attribution of Fixed income trading (executed outside MTS S.p.A.) and Connection services to the country where the exchange is domiciled. 8.1.2 Contract balances The Group has recognised the following assets and liabilities related to contracts with customers: In thousands of euros 31 December 2024 31 December 2023 1 January 2023 Trade receivables (Note 21) 295,522 262,975 271,829 Contract receivables (Note 21) 31,475 29,259 32,096 Contract liabilities (Note 33) 136,511 139,299 138,983 Trade receivables are non-interest bearing and are generally due on terms of 30 to 90 days and represent amounts in respect of billed revenue, for which the Group has an unconditional right to consideration (i.e. only the passage of time is required before payment of the consideration is due). Trade receivables increased by €32.5 million, which is attributable to one additional trading day of outstanding invoices at Nord Pool Group, when compared to 31 December 2013. Contract receivables represent amounts in respect of unbilled revenue, for which the Group has an unconditional right to consideration (i.e. only the passage of time is required before payment of the consideration is due). Contract receivables increased by €2.2 million, which is mainly attributable to higher accrued income at Nord Pool Group. In 2024, €7.9 million (2023: €8.6 million) was recognised as provision for expected credit losses on trade and contract receivables. The loss allowance provision decreased primarily as specific debtors that were provided for were written-off. Contract liabilities primarily relate to received consideration (or an amount of consideration is due) from customers for the initial (or subsequent) listing of equity securities, bond lifetime fees, indices licenses, software maintenance & hosting and corporate services. In 2024, contract liabilities decreased by €2.8 million, which is mainly attributable to a drop in IPOs and therefore lacking build-up of the listing admission fees contract liability. Revenue recognised in the reporting period that was included in the contract liability balance at the beginning of the period amounted to €73.5 million (2023: €70.2 million). The amount of revenue recognised in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods was considered not material (2023: not material). 8.1.3 Performance obligations Information about the Group’s performance obligations are described in Note 3 ‘Material accounting policies and judgements’. The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) are as follows: In thousands of euros 31 December 2024 31 December 2023 Within one year 82,322 81,082 More than one year 61,790 66,874 Total 144,112 147,956 The remaining performance obligations expected to be recognised in more than one year primarily relate to the initial (or subsequent) listing of equity securities and bond lifetime fees which are recognised over the related listing period. Other performance obligations included in this category are software maintenance & hosting contracts, market data and Indices license contracts and corporate services license contracts. The increase in remaining performance obligations to be satisfied within one year is primarily linked to the acquisition of GRSS. The decrease in remaining performance obligations to be satisfied in more than one year is related to a declining listing admission fees balance, as a result of less IPOs in 2024. Furthermore, the shrinking term of certain long- term technology solutions contacts over time also contributes to the decrease. 2024 UNIVERSAL REGISTRATION DOCUMENT 283 Financial Statements 8.2 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 year ended 31 December 2024, net treasury income through CCP business amounted to €56.8 million (2023: €46.7 million) and is the result of gross interest income of €834.0 million (2023: €785.4 million), less gross interest expense of €777.2 million (2023: €738.7 million) (see Note 35). In a context of positive interest rates, the Group realized total interest earnings from Central Bank and LCH deposits of €830.9 million and a net treasury income from financial assets of €3.1 million. The Group recognised total interests paid on clearing members’ margin and default fund as treasury expense, which amounted to €777.2 million. 8.3 Other income Other income of €2.0 million (2023: €1.2 million) generally consists of income that is earned from non-operating activities, whereby the comparative period included 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 (“TSAs”) 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 level. 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 phased out during 2023. Expenses for services received from LSEG under this agreement are recognised in other operational expenses (see Note 11). These services phased out after the migration of Borsa Italiana Group to Euronext trading platform Optiq® was completed in 2024. Note 9. Salaries and employee benefits Year ended Year ended 31 December 2024 31 December 2023 In thousands of euros Underlying items Non- Underlying items Total Underlying items Non- Underlying items Total Salaries and other short term benefits (229,582) (10,396) (239,978) (222,538) (11,548) (234,086) Social security contributions (71,160) (963) (72,123) (67,385) (1,192) (68,577) Share-based payment costs (15,554) — (15,554) (14,378) — (14,378) Pension cost - defined benefit plans (8,683) (109) (8,792) (8,385) (190) (8,575) Pension cost - defined contribution plans (5,197) 10 (5,187) (6,799) (1) (6,800) Total salaries and employee benefits (330,176) (11,458) (341,634) (319,485) (12,931) (332,416) Underlying salaries and employee benefits increased, primarily due to the increase in FTE when compared to prior period. Non-underlying salaries and employee benefits related to cost incurred linked to integrate the Borsa Italiana Group activities with those of the Group and to termination expenses with a restructuring character in the various other Euronext entities (see Note 12). The average number of full-time equivalent (FTE) employees in 2024 was 2,383 (2023: 2,266), of which a total of 172 FTEs (2023: 175) were based in the Netherlands. In 2024, ‘Share based payments costs’ primarily contain costs related to the LTI Plans 2021, 2022, 2023 and 2024. Details of these plans are disclosed in Note 28. 284 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 10. Depreciation and amortisation Year ended Year ended 31 December 2024 31 December 2023 In thousands of euros Underlying items Non- Underlying items Total Underlying items Non- Underlying items Total Depreciation of tangible fixed assets (19,989) (5,668) (25,657) (18,925) (3,242) (22,167) Amortisation of intangible fixed assets (43,122) (98,526) (141,648) (33,874) (89,125) (122,999) Depreciation of right-of-use assets (20,423) (1,017) (21,440) (21,416) (3,549) (24,965) Total depreciation and amortisation (83,534) (105,211) (188,745) (74,215) (95,916) (170,131) Underlying depreciation and amortisation increased, primarily due to the (phased) go-live of several internally developed software assets. Non-underlying depreciation and amortisation related to amortisation of acquired intangible assets (PPA), depreciation and amortisation of assets linked to the integration of the Borsa Italiana Group activities with those of the Group and accelerated depreciation of the right-of-use asset of the data centre in Basildon (see Note 12). Note 11. Other operational expenses Year ended Year ended 31 December 2024 31 December 2023 In thousands of euros Underlying items Non- Underlying items Total Underlying items Non- Underlying items Total Systems and communications (99,176) (3,139) (102,315) (94,856) (7,766) (102,622) Professional services (57,742) (12,845) (70,587) (58,260) (18,209) (76,469) Clearing expenses (a) (23,205) (1,100) (24,305) (34,502) — (34,502) Accommodation (16,038) (893) (16,931) (17,913) (799) (18,712) Other expenses (b) (94,120) (1,430) (95,550) (85,025) (38,593) (123,618) Total other operational expenses (290,281) (19,407) (309,688) (290,556) (65,367) (355,923) (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 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. These services were phased out after the migration of Borsa Italiana Group to Euronext trading platform Optiq® was completed in 2024. For the year ended 31 December 2024, approximately €0.6 million of transitional costs were recognised (2023: approximately €2.7 million). In the comparative period, non-underlying other operational expenses comprised (i) the termination fees and migration fees of €36.6 million related to the termination of the Derivatives Clearing Agreement with LCH S.A., (ii) cost incurred to integrate the Borsa Italiana Group activities with those of the Group and (iii) costs related to acquisitions that change the perimeter of the Group (see Note 12). 2024 UNIVERSAL REGISTRATION DOCUMENT 285 Financial Statements Note 12. Non-underlying items Year ended In thousands of euros 31 December 2024 31 December 2023 Non-underlying salaries and employee benefits Integration -and double run costs a) (8,964) (8,836) Restructuring costs (2,494) (4,095) (11,458) (12,931) Non-underlying depreciation and amortisation Integration -and double run costs a) (20,547) (11,152) Amortisation and impairment of acquired intangible assets (PPA) b) (82,332) (83,555) Amortisation and impairment of other assets b) (2,332) (1,209) (105,211) (95,916) Non-underlying other operational expenses Integration -and double run costs a) (17,385) (61,107) Acquisition costs c) (1,868) (4,710) Litigation (provisions)/settlements 67 450 Other (221) — (19,407) (65,367) Non-underlying non-operating items d) Finance costs (2) (31) (Loss) on sale of subsidiaries 20 (206) Gain on sale of associates 1,179 53,028 1,197 52,791 Non-underlying items before tax (134,879) (121,423) Tax on non-underlying items e) 35,454 46,228 Non-controlling interest 2,502 4,088 Non-underlying profit / (loss) for the period attributable to the shareholders of the Company (96,923) (71,107) a)The total integration- and double run costs amounted to €46.9 million (2023: €81.1 million). The comparative period included the termination fees and migration fees of €36.6 million related to the termination of the Derivatives Clearing Agreement with LCH SA, as well as cost 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 €82.3 million (2023: €83.6 million). The comparative period was adjusted by €1.6 million for amortisation of acquired intangible assets, that were onerously recognised in 'Amortisation and impairment of other assets'. Consequently, this line item was also adjusted by €1.6 million. Amortisation and impairment of other assets of €2.3 million related to the integration of activities from other acquired businesses with those of the Group. c)The acquisition costs of €1.9 million (2023: €4.7 million), related to contemplated acquisitions that increase the perimeter of the Group. These included the cost incurred for the acquisition of Global Rate Set Systems in 2024 amounting to €1.0 million (see Note 5). d)The non-underlying non-operating items included a €1.2 million gain on sale of the interest in associate ATS Advanced Technology Solutions S.p.A. in 2024. The comparative period included €53.0 million of gains on sales of the interests in associates LCH SA and Tokeny S.a.r.l., as well as a settlement payment of €0.2 million related to the finalisation of the sale of MTS Markets International Inc. at end of 2022. 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. The nature and composition of the non-underlying items are explained in the material accounting policies section in Note 3. The Group uses its judgment to classify items as non-underlying. The determination of non-underlying items is not measured under EU IFRS and should be considered in addition to, and not as a substitute for IFRS measures. 286 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 13. Net financing income / (expense) Year ended In thousands of euros 31 December 2024 31 December 2023 Interest expense (effective interest method) (34,287) (34,598) Interest in respect of lease liabilities (2,224) (1,085) Other finance costs — — Underlying finance costs (36,511) (35,683) Non-underlying finance costs (2) (31) Total finance costs (36,513) (35,714) Interest income (effective interest method) 46,235 30,526 Total finance income 46,235 30,526 Interest income from interest rate swaps — — Gain / (loss) on disposal of treasury investments 5,861 4,721 Net foreign exchange (loss)/gain 1,941 487 Other net financing result 7,802 5,208 Total 17,524 20 Underlying finance costs for the year, includes the impact of interest expenses on the Senior Unsecured Notes, that are held by the Group. The upward interest rate evolution contributed to an increase in interest income (effective interest method), which is primarily incurred on the Group's outstanding cash balances. Gain/(loss) on disposal of treasury investments includes the impact from changes in fair value of short-term investments in money market funds (see Notes 25 and 35). The interest income and interest expenses from CCP clearing business assets and liabilities are shown in net treasury income through CCP business (see Note 8.2). Note 14. Results from equity investments and gain/(loss) on disposals Result from equity investments Year ended In thousands of euros 31 December 2024 31 December 2023 Dividend income 33,339 23,500 Total 33,339 23,500 In 2024, dividend income relates to dividends received from the Group’s non-current equity investments at FVOCI in Euroclear S.A./ N.V. and Sicovam Holding S.A. 2023, dividend income relates to dividends received from the Group’s non-current equity investments at FVOCI in Euroclear S.A./ N.V. and Sicovam Holding S.A. Gain/(loss) on disposals Year ended In thousands of euros 31 December 2024 31 December 2023 (Loss)/gain on disposal of subsidiaries 20 (206) Gain on disposal of associates 1,179 53,028 Total 1,199 52,822 On 23 May 2024, the Group sold its 30% investment in associate Advanced Technology Solutions S.p.A. The purchase consideration comprised €0.9 million of cash, a €0.9 million receivable and a contingent receivable that is conditional to future performance levels of ATS. As the carrying amount of the investment amounted to €0.6 million, the Group recognised a €1.2 million gain on sale of associate. 2024 UNIVERSAL REGISTRATION DOCUMENT 287 Financial Statements During the comparative period, the Group sold its 11.1% investment in associate LCH SA to LCH Group Ltd for consideration of €111.0 million. The investment was held at a carrying amount of €69.4 million, resulting in a gain on disposal of €41.6 million. In addition, the Group sold its 18.93% investment in associate Tokeny S.a.r.l. for an amount of €11.4 million. As the investment was held at a carrying amount of zero million, the full proceeds of the sale were recognised in gain on disposal of associates. Note 15. Income tax expense Year ended In thousands of euros 31 December 2024 31 December 2023 Current tax expense (228,432) (191,230) Deferred tax 10,057 28,533 Total (218,375) (162,697) The actual tax charge incurred on the Group’s profit before income tax differs from the theoretical amount that would arise using the weighted average tax rates applicable to profit before income tax of the consolidated entities as follows: Reconciliation of Effective Tax Rate (ETR) Year ended Year ended In thousands of euros ETR 2024 31 December 2024 ETR 2023 31 December 2023 Profit before income tax 839,059 699,112 Income tax using the Company's domestic tax rate 25.8% (216,477) 25.8% (180,371) Tax effects of: Tax rates in foreign jurisdictions 0.6% (5,248) (0.3)% 2,388 (De) recognition tax losses (a) —% (98) —% (296) Non-deductible expenses (b) 1.1% (8,957) 0.8% (5,741) Other tax exempt income (c) (1.6)% 13,211 (3.6)% 25,025 Over/(under) provided in prior years (d) (0.3)% 2,701 0.1% (811) Other (e) 0.4% (3,507) 0.4% (2,891) Total 26.0% (218,375) 23.3% (162,697) (a) De-recognition of tax losses relates to tax losses in Singapore as it is not considered probable at this moment that these deferred tax assets can be used to offset future taxable income. (b) In 2024, non-deductible expenses mainly relate to Italian tax on dividends of €2.6 million (2023: €2.1 million), M&A expenses of €0.4 million (2023: €0.1 million) and miscellaneous non-deductible expenses in the various jurisdictions. (c) In 2024 and 2023, other tax exempt income mainly relates to dividends and sales proceeds from investments. In 2023 this included disposal of LCH SA shares and the Italian notional interest deduction which was abolished as from FY2024 (2023: €2.6 million). (d) In 2024 and 2023, ‘over/(under) provided in prior years’ relates to adjustments to tax following the filing of tax returns. (e) In 2024, 'Other' includes tax surcharges of €2.8 million (in 2023: €2.0 million) in Portugal and France. In addition, it includes an R&D credit of €0.5 million (2023: €1.2 million). The effective tax rate increased from 23.3% for the year ended 31 December 2023 to 26.0% for the year ended 31 December 2024. OECD Pillar Two model rules The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the Netherlands, the jurisdiction in which Euronext N.V. is incorporated, with effect from 1 January 2024. Under the legislation, the Group is liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% Pillar Two minimum rate. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The Group has assessed its exposure to the Pillar Two legislation and expects to apply the safe harbour provisions in all countries in which it operates, with the exception of Ireland. Ireland has a statutory tax rate of 12.5% and a qualifying domestic top up tax is expected to be due and has been provided for in the current tax expense. However, the amount is not material. 288 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 16. Property, plant and equipment In thousands of euros Land & Buildings Hardware & IT Other Equipment (a) Total As at 31 December 2022 Cost 60,528 164,215 69,771 294,514 Accumulated depreciation and impairment (12,029) (114,844) (58,252) (185,125) Net book amount 48,499 49,371 11,519 109,389 As at 1 January 2023 net book amount 48,499 49,371 11,519 109,389 Exchange differences (1,442) (104) (51) (1,597) Additions 1,115 21,795 4,793 27,703 Disposals & other — 3 (2) 1 Transfers — 828 216 1,044 Acquisitions of subsidiaries — — — — Depreciation charge (Note 10) (1,409) (17,514) (3,244) (22,167) As at 31 December 2023 net book amount 46,763 54,379 13,231 114,373 As at 31 December 2023 Cost 59,908 177,670 77,036 314,614 Accumulated depreciation and impairment (13,145) (123,291) (63,805) (200,241) Net book amount 46,763 54,379 13,231 114,373 As at 1 January 2024 net book amount 46,763 54,379 13,231 114,373 Exchange differences (1,000) (15) 27 (988) Additions 263 14,140 3,561 17,964 Disposals & other — 15 35 50 Transfers — 662 (172) 490 Depreciation charge (Note 10) (1,382) (21,482) (2,792) (25,656) As at 31 December 2024 net book amount 44,644 47,699 13,890 106,233 As at 31 December 2024 Cost 58,929 186,605 79,502 325,036 Accumulated depreciation and impairment (14,285) (138,906) (65,612) (218,803) Net book amount 44,644 47,699 13,890 106,233 (a) Other Equipment includes building fixtures and fitting, lease improvements and work in progress. In 2024, the additions in Property Plant and Equipment were primarily related to the investments made to the Euronext Paris and Euronext Amsterdam buildings and purchases of Hardware and IT in relation to the Borsa Italiana Group (primarily MTS). The additions in the comparative period related to the investments made to the building in Oslo and purchases of Hardware and IT in relation to the Data Centre in Bergamo. 2024 UNIVERSAL REGISTRATION DOCUMENT 289 Financial Statements Note 17. Leases The Group leases offices in the various locations from which the Group operates its business, IT-hardware equipment such as data servers, racks and mainframes and leases of other equipment for use by its staff in offices. Leases of offices generally have an average lease term of 5 years, while hardware IT equipment generally have an average lease term of 2 years. Rental contracts are typically made for fixed periods, but may occasionally have extension options. Furthermore, the Group has very limited leases that contain variable lease payments and has no leases that are exposed to residual value guarantees. Payments associated with short- term leases (containing a lease term of 12 months or less) and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. 17.1 Amounts recognised in the balance sheet Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: Right-of-use assets In thousands of euros Building Equipment Other Total At 1 January 2023 30,119 12,171 — 42,290 Additions 37,781 769 — 38,550 Depreciation charge (see Note 10) (20,007) (4,958) — (24,965) Transfers — — — — Exchange impacts and other (146) 10 — (136) At 31 December 2023 47,747 7,992 — 55,739 Additions 15,230 6,602 — 21,832 Acquisition of subsidiary 1,059 — 1,059 Depreciation charge (see Note 10) (16,109) (5,331) — (21,440) Transfers — — — — Exchange impacts and other 275 6 — 281 At 31 December 2024 48,202 9,269 — 57,471 In 2024, the additions include the lease of a new office building in Porto. The additions in the comparative period were primarily attributable to new and updated lease agreements for the Praetorium building in Paris and the Palazzo Mezzanotte building in Milan. Set out below are the carrying amounts of lease liabilities and the movements during the period: In thousands of euros 2024 2023 At 1 January 59,473 50,114 Additions 21,955 37,924 Acquisition of subsidiary 1,059 — Accretion of interest 2,224 1,085 Payments (22,994) (29,508) Exchange impacts and other 300 (142) At 31 December 62,017 59,473 Of which are: Non-current lease liabilities 46,225 37,314 Current lease liabilities 15,792 22,159 In 2024, the additions include the lease of a new office building in Porto. The additions in the comparative period were primarily attributable to new and updated lease agreements for the Praetorium building in Paris and the Palazzo Mezzanotte building in Milan. 290 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements The maturity analysis of the undiscounted lease liabilities are as follows: In thousands of euros Less than 1 year between 1 and 3 years between 3 and 5 years More than 5 years Total 2024 Lease liabilities 16,357 22,576 15,066 16,847 70,846 2023 Lease liabilities 22,865 18,671 11,995 13,069 66,600 17.2 Amounts recognised in the statement of profit or loss The statement of profit or loss shows the following amounts related to leases: In thousands of euros 2024 2023 Depreciation charge of right-of-use assets Building (16,109) (20,007) Equipment (5,331) (4,958) Other — — Interest expense (included in finance cost) (2,224) (1,085) Expenses related to short-term leases (included in other operational expenses) (404) (221) Expenses related to leases of low-value asset (included in other operational expenses) (996) (1,046) Total (25,064) (27,317) The total cash outflow for leases in 2024 was €22.2 million (2023: €29.7 million). The Group’s exposure to potential future cash outflows related to variable lease payments, extension or termination options and residual value guarantees was not material. 2024 UNIVERSAL REGISTRATION DOCUMENT 291 Financial Statements Note 18. Goodwill and other intangible assets Fair value adjustment Intangible assets recognised on acquisition of subsidiaries In thousands of euros Goodwill Internally developed software Purchased softw. Constr. in Pr. Patents & TrMr Software Customer Relations Brand Names (b) Total As at 31 December 2022 Cost 4,077,182 268,349 218,380 157,924 2,044,521 31,828 6,798,184 Accumulated amortisation and impairment (54,322) (151,422) (201,885) (51,611) (130,207) (2,911) (592,358) Net book amount 4,022,860 116,927 16,495 106,313 1,914,314 28,917 6,205,826 As at 1 January 2023 net book amount 4,022,860 116,927 16,495 106,313 1,914,314 28,917 6,205,826 Exchange differences (34,696) (458) (65) (1,426) (13,283) (420) (50,348) Additions — 74,909 424 — — — 75,333 Impairment charge / write off — — — — — — — Transfers and other a) — 8,329 (10,234) — — — (1,905) Acquisitions of subsidiaries c) (11,160) — — 10,137 3,268 — 2,245 Sales of subsidiaries — — — — — — — Amortisation charge (Note 10) — (36,976) (2,468) (22,239) (59,569) (1,747) (122,999) As at 31 December 2023 net book amount 3,977,004 162,731 4,152 92,785 1,844,730 26,750 6,108,152 As at 31 December 2023 Cost 4,031,263 477,832 74,783 165,548 2,032,571 31,408 6,813,405 Accumulated amortisation and impairment (54,259) (315,101) (70,631) (72,763) (187,841) (4,658) (705,253) Net book amount 3,977,004 162,731 4,152 92,785 1,844,730 26,750 6,108,152 As at 1 January 2024 net book amount 3,977,004 162,731 4,152 92,785 1,844,730 26,750 6,108,152 Exchange differences (17,643) (295) — (641) (7,563) 251 (25,891) Additions — 67,701 1,576 — — — 69,277 Impairment charge / write off — — — — — — — Transfers and other — (445) (77) — — — (522) Acquisitions of subsidiaries (Note 5) 39,297 372 — 5,439 41,756 — 86,864 Sales of subsidiaries — — — — — — — Amortisation charge (Note 10) — (57,176) (2,140) (20,995) (60,701) (636) (141,648) As at 31 December 2024 net book amount 3,998,658 172,888 3,511 76,588 1,818,222 26,365 6,096,232 As at 31 December 2024 Cost 4,050,823 443,048 62,761 169,417 2,066,157 31,658 6,823,864 Accumulated amortisation and impairment (52,165) (270,160) (59,250) (92,829) (247,935) (5,293) (727,632) Net book amount 3,998,658 172,888 3,511 76,588 1,818,222 26,365 6,096,232 a)In 2023, following review of the intangible assets related to Borsa Italiana Group, the Group had transferred 'Purchased software' to 'Internally developed software' at a net book value of €10.4 million, as these intangible assets were onerously included as 'Purchased software' when their correct classification is 'Internally developed software'. b)As per 31 December 2024, brand names include brands with a finite useful live for an amount of €0.1 million (2023: €0.7 million). Regarding the brand names with an indefinite useful life, management determined that the brand names will continue to contribute indefinitely to the cash flows of the Group. This because the brand names are long established, continue to have a strong market presence with high customer recognition and there are no material legal, contractual or other factors that limit their useful life. c)Includes the impact of the finalisation of the purchase price allocation related to the acquisition of Nexi S.p.A. technology businesses. 292 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements In 2024 and 2023, the additions in internally developed software investments primarily related to the ongoing implementation of Borsa Italiana Group to Euronext's trading platform Optiq®, the expansion of clearing activities to all Euronext markets by Euronext Clearing, the pan- Europeanisation of Euronext CSDs, and several digital ambition projects within the Group. Furthermore, no indicators of impairment of intangible assets with a finite useful life were identified and as such no detailed impairment test was performed. For intangible assets with an indefinite useful life the impairment tests did not lead to an/ any impairment. Goodwill impairment test Goodwill is monitored and tested for impairment at the lowest CGU Group level of the Group to which goodwill acquired in a business combination is allocated (see Note 3). Following the acquisitions of Euronext FX (former FastMatch Inc.) in 2017 and Nord Pool Holding AS in 2020 and the allocation of goodwill from those transactions to respectively the “FX Trading” CGU and the “Nord Pool” CGU, the Group tests goodwill at the level of three CGUs (Groups): “Euronext”, “FX Trading” and “Nord Pool”. The acquisition of Borsa Italiana Group is included in the Euronext CGU. Euronext CGU (Group) The recoverable value of the “Euronext” CGU Group is based on its fair value less cost of disposal, applying a discounted cash flow approach, and corroborated by observation of Company’s market capitalisation. The fair value measurement uses significant unobservable inputs and is therefore categorised as a Level 3 measurement under IFRS 13. Cash flow projections are derived from the 2025 budget and the business plans for 2026 and 2027. Key assumptions used by management include third party revenue growth, which factors future volumes of European equity markets, the Group’s market share, average fee per transaction, and the expected impact of new product initiatives. These assumptions are based on past experience, market research and management expectation of market developments. For the impairment test performed as of 31 December 2024, revenues have been extrapolated using a perpetual growth rate of 1.5% (2023: 1.5%) after 2024. The weighted average cost of capital applied was 8.1% (2023: 7.5%). The annual impairment testing of the “Euronext” CGU Group performed at each year-end did not result in any instance where the carrying value of the operating segment exceeded its recoverable amount. Recoverable amount is sensitive to key assumptions. As of 31 December 2024, a reduction to 0% per year of perpetual growth rate, or an increase by 1% per year in discount rate, which management believes are individually reasonably possible changes to key assumptions, would not result in a goodwill impairment. The sensitivity test on the key assumptions defined in 2024 would not result in a goodwill impairment. Possible correlations between each of these parameters were not considered. The carrying amounts of goodwill and intangible assets with indefinite useful lives allocated to the "Euronext" CGU Group amounted to respectively €3,863.8 million (2023: €3,847.7 million) and €16.5 million (2023: €16.5 million). FX Trading CGU The recoverable value of the “FX Trading” CGU is based on its fair value less cost of disposal, applying a discounted cash flow approach. The fair value measurement uses significant unobservable inputs and is therefore categorised as a Level 3 measurement under IFRS 13. Cash flow projections are derived from the 2025 budget, the business plans for 2026 and 2027 and extrapolations for 2028 to 2032. Key assumptions used by management include third party revenue growth, which factors future volumes on global Foreign Exchange trading markets, the Group’s market share, average fee per transaction, and the expected impact of new product initiatives. These assumptions are based on past experience, market research and management expectation of market developments. For the impairment test performed as of 31 December 2024, revenues have been extrapolated using a perpetual growth rate of 2.0% (2023: 2.0%) after 2031. The discount rate applied was 8.1% (2023: 7.5%). The annual impairment testing of the “FX Trading” CGU performed at each year-end did not result in any instance where the carrying value of the operating segment exceeded its recoverable amount. Recoverable amount is sensitive to key assumptions. As of 31 December 2024, a reduction to 0% per year of perpetual growth rate, or an increase by 1% per year in discount rate, which management believes are individually reasonably possible changes to key assumptions, would not result in a goodwill impairment. The sensitivity test on the key assumptions defined in 2024 would not result in a goodwill impairment. Possible correlations between each of these parameters were not considered. The carrying amounts of goodwill and intangible assets with indefinite useful lives allocated to the "FX Trading" CGU amounted to respectively €110.9 million (2023: €104.0 million) and €6.6 million (2023: €6.2 million). Nord Pool CGU The recoverable value of the “Nord Pool” CGU is based on its fair value less cost of disposal, applying a discounted cash flow approach. The fair value measurement uses significant unobservable inputs and is therefore categorised as a Level 3 measurement under IFRS 13. Cash flow projections are derived from the 2025 budget, the business plan for 2026 and extrapolations for 2027 to 2030. Key assumptions used by management include third party revenue growth, which factors future volumes on day ahead and intraday physical energy markets, the Group’s market share, average fee per transaction, and the expected impact of new product initiatives. These assumptions are based on past experience, market research and management expectation of market developments. For the impairment test performed as of 31 December 2024, revenues have been extrapolated using a perpetual growth rate of 1.4% (2023: 1.4%) after 2031. The discount rate applied was 8.1% (2023: 7.5%). The annual impairment testing of the “Nord Pool” CGU performed at year-end did not result in any instance where the carrying value of the operating segment exceeded its recoverable amount. Recoverable amount is sensitive to key assumptions. As of 31 December 2024, a reduction to 0% per year of perpetual growth rate, or an increase by 1% per year in discount rate, which management believes are individually 2024 UNIVERSAL REGISTRATION DOCUMENT 293 Financial Statements reasonably possible changes to key assumptions, would not result in a goodwill impairment. The sensitivity test on the key assumptions defined in 2024 would not result in a goodwill impairment. Possible correlations between each of these parameters were not considered. The carrying amounts of goodwill and intangible assets with indefinite useful lives allocated to the "Nord Pool" CGU amounted to respectively €23.9 million (2023: €25.3 million) and €3.2 million (2023: €3.3 million). Note 19. Deferred income tax The analysis of deferred tax assets and deferred tax liabilities is as follows: In thousands of euros 2024 2023 Deferred income tax assets (a) 30,380 31,258 Deferred income tax liabilities (a) (496,836) (531,895) Total net deferred tax assets (liabilities) (466,456) (500,637) (a) As shown in the balance sheet, after offsetting deferred tax assets and liabilities related to the same taxable entity. In thousands of euros 2024 2023 Deferred tax assets / (liabilities): Property, plant and equipment 462 (477) Intangible assets (a) (515,588) (523,616) Investments (b) (3,322) (33,896) Provisions and employee benefits (c) 18,955 26,500 Other (d) 30,474 30,158 Loss carried forward (e) 2,563 694 Deferred tax assets (net) (466,456) (500,637) (a) The balance mainly relates to the recognition of a deferred tax liability resulting from the intangible assets recognised upon the acquisition of Borsa Italiana Group in 2021. (b) The investments mainly relate to the valuation of assets measured at fair value through other comprehensive income (FVOCI). In 2024 the investments in Euroclear were consolidated in Euronext Brussels triggering current tax offset, by the related deferred tax liabilities in Euronext N.V. and Euronext Dublin. In addition, the Group has adjusted the comparative period figures as explained at (c) below. (c) The Group has adjusted the comparative period figures by reclassifying €2.3 million from 'Provisions and employee benefits' to 'Investments', as this amount related to deferred tax on assets measured at fair value through OCI. (d) The line ‘Other’ primarily relates to the tax impact from contract liabilities of €20.3 million (2023: €15.6 million), currency movements on intercompany loans (NOK, GBP and USD) of €10.0 million (2023: €8.2 million) and intra group accrued unpaid interest of €3.5 million (2023: €5.5 million). (e) Losses carry forward relate mainly to tax losses carry forward recognised by investments in Italy and France. From 2025, the Portuguese corporate tax rate will be reduced to 21.5% (2024: 22.5%). The deferred tax assets and liabilities have been recognised at prevailing rates in the various countries. In thousands of euros 2024 2023 Balance at beginning of the year (500,637) (533,657) Recognised in income statement 10,057 28,533 Reclassifications and other movements (a) 22,210 (36) Exchange differences and other 2,305 3,187 Charge related to other comprehensive income (391) 1,336 Balance at end of the year (466,456) (500,637) (a) In 2024, the line ‘Reclassifications and other movements’ includes the deferred tax release relating to the consolidation of the Euroclear investments in Euronext Brussels. As per 31 December 2024, tax losses totalling €29.4 million (2023: €29.4 million) were not recognised in the UK and Singapore since it is not considered probable, at this moment, that these deferred tax assets can be used to offset future taxable income. The majority of the net deferred tax asset is expected to be recovered or settled after more than twelve months. 294 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 20. Financial assets at fair value through other comprehensive income In thousands of euros As at 31 December 2024 As at 31 December 2023 Equity investments Euroclear S.A./N.V. 253,681 187,577 Sicovam Holding S.A. 98,900 73,483 Other 4,430 1,595 Total 357,011 262,655 The Group’s financial assets at fair value through other comprehensive income include long-term investments in unlisted equity securities, which the Group has irrevocably elected at initial recognition to recognise in this category. The classification of the measurement within the fair value hierarchy is presented in Note 35. Euroclear S.A./N.V. and Sicovam Holding S.A. As of 31 December 2024, the Group holds a 3.53% ownership interest in Euroclear S.A./N.V. (31 December 2023: 3.53%), an unlisted company involved in the settlement of securities transaction and related banking services. The Group also holds a 9.60% ownership interest in Sicovam Holding S.A. (31 December 2023: 9.60%), resulting in an indirect 1.53% interest in Euroclear S.A./N.V. (31 December 2023: 1.53%). The common stock of Sicovam Holding S.A. and Euroclear S.A./N.V. are not listed. 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 applies 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. In 2024, this valuation method resulted in an increase in fair value of Euronext N.V./S.A.’s direct- and indirect investments of €91.5 million (2023: €11.7 million). This revaluation was recorded in Other Comprehensive Income. Other Other investments primarily relate to an investment in EuroCTP B.V. (incorporated on 23 August 2023), which is a joint initiative of currently 14 European exchanges, respectively exchange groups. EuroCTP B.V. aims to participate in the future selection process for the provision of a consolidated tape (CT) for equities in the European Union. In 2024, additional committed funding rounds were performed across all shareholders on a pro-rata basis. The Group contributed €2.8 million, with no effect on its ownership interest. Note 21. Trade and other receivables In thousands of euros 2024 2023 Trade receivables 295,522 262,975 Contract receivables 31,475 29,259 Allowance for expected credit losses (7,891) (8,585) Trade and contract receivables net 319,106 283,649 Tax receivables (excluding income tax) 55,235 13,131 Other receivables 6,749 6,735 Total 381,090 303,515 Trade receivables are non-interest bearing and generally on terms of 30 to 90 days. Contract receivables represent amounts in respect of unbilled revenue, for which the Group has an unconditional right to consideration (i.e. only the passage of time is required before payment of the consideration is due). The significant changes in trade and contract receivables are disclosed in Note 8.1.2. 2024 UNIVERSAL REGISTRATION DOCUMENT 295 Financial Statements Set out below is the movement in the allowance for expected credit losses of trade and contract receivables: In thousands of euros 2024 2023 As at 1 January 8,585 7,348 Provision for expected credit losses 1,355 1,814 Receivables written off during the year (2,049) (577) At 31 December 7,891 8,585 Management considers the fair value of the trade and other receivables to approximate their carrying value. The significant changes in loss allowance provision are disclosed in Note 8.1.2. The information about the credit exposures of trade and other receivables are disclosed in Note 37.5.1. Note 22. Other current assets Other current assets In thousands of euros 2024 2023 Prepayments 31,829 30,128 Other — — Total 31,829 30,128 The level of prepayments remained relatively stable in 2024. Note 23. Derivatives financial instruments The Group may use derivative instruments to manage financial risks relating to its financial positions or risks relating to its ongoing business operations. The Group’s risk management strategy and how it is applied to manage risk is further explained in Note 37. As per 31 December 2024, the derivative financial liability balance includes an impact of €147k (2023: €34k) in Nord Pool related to the effects of foreign exchange spot transactions made to facilitate electricity settlement. In 2024 and 2023, the Group had no derivative financial instruments designated as hedging instruments. Fair value hedge The Group had three interest rate swap agreements in place with a total notional amount of €500.0 million, that were used as a hedging instrument to reduce the variability of the fair value of the 1% fixed rate Senior Unsecured Note #1. These swap agreements were terminated on 3 May 2022. On termination, the Group cash settled the swap agreements at a carrying amount of €8.9 million and the hedge relationship was discontinued. The accumulated fair value adjustments of €7.7 million are amortised over the remaining term of the Senior Unsecured Note #1. During 2024, approximately €2.6 million (2023: €2.6 million) was amortised, reducing the amount of accumulated fair value adjustments to €0.9 million as at 31 December 2024 (2023: €3.3 million) (see Note 29). Note 24. Other current financial assets In thousands of euros 2024 2023 Deposits > 3 months 21,884 32,907 Government bonds — 29,399 Listed bonds 41,925 40,747 Total 63,809 103,053 The other current financial assets of the Group consist of short-term deposits with a maturity of more than three months, short- term investments in government bonds including those linked to Euronext Clearing's own funds and investments in listed bonds held by Euronext Securities Copenhagen. 296 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 25. Cash and cash equivalents Cash and cash equivalents consist of the following: In thousands of euros 2024 2023 Cash and bank balances 973,552 710,327 Short term investments - deposits / bonds 536,177 565,499 Short term investments - money market funds 163,726 172,962 Total 1,673,455 1,448,788 Short-term investments are presented as cash and cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours’ notice with no loss of interest. The short-term investments in money market funds are measured at fair value with gains and losses arising from changes in fair value included in profit or loss (see Notes 13 and 35). Cash and cash equivalents included an amount of €53.0 million (2023: €42.0 million) for the purpose of the next day settlement of power purchases at Nord Pool. Note 26. 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 per 31 December 2023, the Company’s issued share capital amounted to €171,370,070 and was divided into 107,106,294 Ordinary Shares, with the Priority Share not outstanding. Following the completion of the 2023 share repurchase programme, the Group cancelled 2,870,787 of Ordinary Shares in 2024. As a result, as of 31 December 2024, the Company’s issued share capital amounts to €166,776,811 and is divided into 104,235,507 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. Number of shares outstanding: (in numbers of shares) 2024 2023 Issued shares 104,235,507 107,106,294 Treasury shares as at 1 January (3,440,126) (378,531) Liquidity contract — — Share buy back (1,031,163) (3,176,382) From share-based payments vesting 125,107 114,787 Cancellation of shares 2,870,787 — Treasury shares as at 31 December (1,475,395) (3,440,126) Outstanding as at 31 December 102,760,112 103,666,168 26.1 Reserve own shares Treasury shares are accounted for at trade date and all held by Euronext N.V. The movement on the line ‘acquisitions of own shares’ in the Consolidated Statement of Changes in Equity consists of the impact from transactions by the liquidity provider of €109k gain (2023: €55k gain), minus the impact from transactions under the share repurchase programmes, which was €106.8 million in 2024, (2023: €219.1 million). Details of these movements are disclosed below at (i) and (ii). (i) Liquidity provider Part of the movement in the reserve during the reporting period relates to the transactions in Euronext N.V. shares conducted by the liquidity provider on behalf of the Group under the liquidity contract established (€109k gain in 2024). The liquidity Agreement (the "Agreement") has been established in accordance with applicable rules, in particular the Regulation (EC) 2273/2003 of the European Commission of 22 December 2003 implementing the directive 2003/6/EC of the European Parliament and Council as regards 2024 UNIVERSAL REGISTRATION DOCUMENT 297 Financial Statements exemptions for buyback programmes and stabilisation of financial instruments, the provisions of article 2:95 of the Book II of Dutch civil code, the provisions of the general regulation of the French Autorité des Marchés Financiers (the "AMF"), the decision of the AMF dated 21 March 2011 updating the Accepted Market Practice n° 2011-07 on liquidity agreements, the Code of Conduct issued by the French Association française des marchés financiers (AMAFI) on 8 March 2011 and approved by the AMF by its aforementioned decision dated 21 March 2011 (the "AMAFI Code") and as the case maybe the relevant Dutch rules applicable to liquidity agreements in particular the regulation on Accepted Market Practices WFT (Regeling gebruikelijke marktpraktijken WFT) dated 4 May 2011 and Section 2.6 of the Book II – General Rules for the Euronext Amsterdam Stock Market (the "Dutch Rules"). As at 31 December 2024, Euronext N.V. holds nil shares under the programme (2023: nil shares). The movement schedule for the reported years are as follows: In 2023: Transaction date Buy Euronext N.V. shares Sell Euronext N.V. shares Average share price Total value transaction including commissions (in euro) As at 31 December 2022 — Purchases January 66,500 €73.61 4,895,070 Sales January 66,300 €73.70 (4,886,622) Purchases February 61,534 €75.66 4,655,680 Sales February 58,934 €75.94 (4,475,742) Purchases March 101,923 €70.39 7,174,022 Sales March 104,723 €70.53 (7,385,685) Purchases April 53,366 €71.42 3,811,563 Sales April 53,361 €71.44 (3,811,950) Purchases May 79,555 €68.17 5,422,932 Sales May 70,810 €68.91 (4,879,728) Purchases June 75,846 €63.90 4,846,407 Sales June 70,596 €63.79 (4,503,436) Purchases July 68,682 €63.64 4,371,225 Sales July 82,682 €63.76 (5,271,810) Purchases August 66,277 €67.29 4,459,572 Sales August 63,677 €67.38 (4,290,633) Purchases September 68,583 €65.19 4,471,029 Sales September 71,083 €65.28 (4,640,341) Purchases October 62,203 €66.31 4,124,409 Sales October 58,303 €66.21 (3,860,215) Purchases November 131,049 €72.95 9,559,399 Sales November 135,049 €72.83 (9,835,000) Purchases December 209,256 €77.89 16,298,419 Sales December 209,256 €77.91 (16,303,186) Total buy/sell 1,044,774 1,044,774 (54,621) Total as at 31 December 2023 — 298 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements In 2024: Transaction date Buy Euronext N.V. shares Sell Euronext N.V. shares Average share price Total value transaction including commissions (in euro) As at 31 December 2023 — Purchases January 207,181 €79.19 16,407,509 Sales January 203,081 €79.15 (16,073,283) Purchases February 224,558 €81.80 18,368,043 Sales February 228,658 €81.84 (18,713,394) Purchases March 212,913 €85.91 18,291,490 Sales March 210,397 €85.90 (18,073,554) Purchases April 194,624 €86.01 16,739,989 Sales April 194,340 €86.16 (16,744,807) Purchases May 175,367 €87.42 15,330,071 Sales May 178,167 €87.44 (15,578,636) Purchases June 154,601 €90.80 14,037,885 Sales June 144,601 €90.89 (13,142,758) Purchases July 168,424 €91.35 15,385,244 Sales July 178,324 €91.31 (16,283,303) Purchases August 101,957 €93.42 9,524,508 Sales August 100,057 €93.46 (9,350,877) Purchases September 166,911 €99.08 16,536,817 Sales September 165,911 €99.10 (16,442,018) Purchases October 145,741 €100.73 14,680,144 Sales October 144,301 €100.71 (14,533,101) Purchases November 187,093 €102.57 19,190,838 Sales November 191,533 €102.65 (19,660,198) Purchases December 160,410 €107.11 17,182,171 Sales December 160,410 €107.15 (17,187,391) Total buy/sell 2,099,780 2,099,780 (108,612) Total as at 31 December 2024 — (ii) Share Repurchase Programmes The Group has entered into a discretionary management agreement with a bank to repurchase Euronext shares within the limits of relevant laws and regulations (in particular EC regulation 2273/2003) and the Group’s articles of association to cover the Group’s outstanding obligations resulting from employee shares plans for 2021, 2022, 2023 and 2024. The share repurchase programme aims to hedge price risk arising for granted employee share plans. On 27 July 2023, the Group announced a share repurchase programme for an amount of €200 million. This programme was executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the annual general meeting of shareholders on 17 May 2023. The programme was finalised in January 2024. On 7 November 2024, the Group announced a share repurchase programme (the ‘Programme’) for a maximum amount of €300 million. The Programme will be executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, and based on the authority granted by the annual general meeting of shareholders on 15 May 2024. Reference is made to Note 2 for more details on the Programme. In 2023, the Group repurchased 3,176,382 shares under the 2023 share repurchase programmes for a total consideration of €219.1 million. In 2024, the Group repurchased 1,031,163 shares under the 2023 and 2024 share repurchase programmes for a total consideration of €106.8 million. The movement schedule for the reported years are as follows: 2024 UNIVERSAL REGISTRATION DOCUMENT 299 Financial Statements In 2023: Transaction date Buy Euronext N.V. shares Average share price Total value transaction including commissions (in euro) Purchases June 218,500 €64.41 14,073,095 Purchases July 111,500 €62.53 6,971,908 Purchases August 427,018 €67.27 28,726,646 Purchases September 479,649 €65.42 31,377,708 Purchases October 725,987 €66.40 48,205,756 Purchases November 712,401 €71.43 50,890,209 Purchases December 501,327 €77.53 38,869,996 Total buy/sell 3,176,382 219,115,318 Total as at 31 December 2023 3,176,382 219,115,318 In 2024: Transaction date Buy Euronext N.V. shares Average share price Total value transaction including commissions (in euro) Purchases January 24,405 €79.07 1,929,608 Purchases June 100,000 €93.13 9,313,049 Purchases November 346,246 €102.73 35,569,962 Purchases December 560,512 €106.96 59,954,646 Total buy/sell 1,031,163 106,767,265 Total as at 31 December 2024 1,031,163 106,767,265 (iii) Share-based payments vesting In 2024, the Group delivered 125,107 shares with a cost of €11.4 million to employees for whom share plans had vested (2023: 114,787 shares with a cost of €9.8 million). This movement is disclosed on the line ‘Other’ in the Consolidated Statement of Changes in Equity. 26.2 Foreign currency translation reserve The foreign currency translation reserve comprises all foreign currency differences arising from the translation of the assets and liabilities of foreign operations of the Group (excluding amounts attributable to non-controlling interests). The cumulative amount is reclassified to profit or loss when the net investment is disposed of. 26.3 Fair Value reserve of financial assets at FVOCI The Group has elected to recognise changes in the fair value of certain investments in equity securities in Other Comprehensive Income. These changes are accumulated within the fair value reserve of financial assets at FVOCI within equity. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised. The Group also has certain debt instruments measured at FVOCI. For these investments, changes in fair value are accumulated within the FVOCI reserve within equity. The accumulated changes in fair value are transferred to profit or loss when the investment is derecognised or impaired. 26.4 Legal reserve Retained earnings are not freely available for distribution for an amount of €181.8 million (2023: €72.9 million) relating to legal reserves (see Note 54). 26.5 Dividend On 15 May 2024, the Annual General Meeting of shareholders voted for the adoption of the proposed €2.48 dividend per ordinary share, representing a 50% pay-out ratio of net profit attributable to the shareholders of the Company for the year ended 31 December 2023. On 25 May 2024, the dividend of €257.3 million was paid to the shareholders of Euronext N.V. There are no income tax consequences attached to the payment of dividends in either 2024 or 2023 by the Group to its shareholders. Note 27. Earnings per Share (EPS) Earnings per share is presented on four bases: (i) basic earnings per share, (ii) diluted earnings per share, (iii) 'underlying' basic earnings per share and (iv) 'underlying' diluted earnings per share. Basic earnings per share is calculated by dividing the profit for the period attributable to the shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. 300 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements The calculation of 'underlying' basic earnings per share excludes non-underlying items from the profit for the period, as disclosed in Note 12, attributable to the shareholders of the Company. Diluted earnings per share is calculated by dividing the profit for the period attributable to the shareholders of the Company by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. The calculation of 'underlying' basic earnings per share excludes non-underlying items from the profit for the period attributable to the shareholders of the Company. The following table reflects the income and share data used in the basic and diluted EPS calculations and 'underlying' basic and diluted EPS calculations: In thousands of euros 2024 2023 Profit attributable to the shareholders of the Company 585,571 513,567 Adjustments: Non-underlying items for the period attributable to the shareholders of the Company (see Note 12) (96,923) (71,107) Underlying Profit attributable to the shareholders of the Company 682,494 584,674 In number of shares Weighted average number of ordinary shares for basic EPS (a) 103,578,980 106,051,799 Effects of dilution from: Share plans 404,890 324,539 Weighted average number of ordinary shares adjusted for the effect of dilution (a) 103,983,870 106,376,338 (a) The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year. 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. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements. Note 28. Share-based payments Euronext Long-Term Incentive Plan 2021 (“LTI Plan 2021”) The Restricted Stock Units (RSUs) granted under LTI Plan 2021 fully cliff-vested in 2024. Euronext Long-Term Incentive Plans (LTI Plan) 2022, 2023 and 2024 Directors and certain employees of the Group benefited from Restricted Stock Units (RSUs) granted by Euronext N.V. under the LTI Plans on their applicable grant dates. RSUs granted under LTI Plans cliff-vest after 3 years, subject to continued employment and a ‘positive EBITDA1' performance condition. These equity awards are measured by reference to the grant- date market price of Euronext’s common share (grant-date fair value). In addition to these RSUs granted to all participants in the LTI Plans, Performance RSUs have been awarded to members of the Managing Board and Senior Leadership team. The vesting of these Performance RSUs is subject to two performance conditions: ■ 50% of the performance RSUs vests subject to a Total Shareholder Return (TSR) condition; ■ 50% of the performance RSUs vests subject to an EBITDA1-based performance condition. The grant-date fair value of performance shares with a TSR performance condition was adjusted for the possible outcomes of this condition. This has been assessed by applying a Monte Carlo simulation to model possible share prices of Euronext and its peer companies. At the end of each reporting period, the number of vesting performance shares is reconsidered based on the Group’s EBITDA1 performance relative to budgeted EBITDA1 and the total cost for the performance RSUs could be adjusted accordingly. Grant-date fair value of RSUs granted under the LTI Plans 2022, 2023 and 2024 reflect the present value of expected dividends over the vesting period. 2024 UNIVERSAL REGISTRATION DOCUMENT 301 Financial Statements Movements in the number of shares granted as awards is as follows: In 2023: Plan Year of grant 1 January 2023 Granted Adjusted (a) Vested Forfeited 31 December 2023 Fair value at grant date per share (in €) LTI, with performance 2020 66,643 — 32,059 (98,702) — — €110.64 LTI, no performance 2020 41,790 — — (39,945) (1,845) — €81.30 LTI, with performance (b) 2021 73,355 — — — (1,051) 72,304 €74.84 LTI, no performance (b) 2021 57,472 — — (10) (4,911) 52,551 €79.98 LTI, with performance (c) 2021 21,501 — — — (1,192) 20,309 €71.72 LTI, no performance (c) 2021 5,770 — — (10) (550) 5,210 €86.64 LTI, with performance 2022 106,076 — — — (2,786) 103,290 €78.59 LTI, no performance 2022 84,894 — — (20) (6,399) 78,475 €72.72 LTI, with performance 2023 — 138,360 — — (1,051) 137,309 €57.21 LTI, no performance 2023 — 119,076 — — (2,565) 116,511 €59.99 Total 457,501 257,436 32,059 (138,687) (22,350) 585,959 (a) Adjustments related to outperformance. (b) LTI Plan 2021-A, with grant date 17 May 2021. (c) LTI Plan 2021-B, with grant date 18 November 2021. In 2024: Plan Year of grant 1 January 2024 Granted Adjusted (a) Vested Forfeited 31 December 2024 Fair value at grant date per share (in €) LTI, with performance (b) 2021 72,304 — — (71,837) (467) — €74.84 LTI, no performance (b) 2021 52,551 — — (49,488) (3,063) — €79.98 LTI, with performance (c) 2021 20,309 — — (19,659) (650) — €71.72 LTI, no performance (c) 2021 5,210 — — (4,910) (300) — €86.64 LTI, with performance 2022 103,290 — — — (13,123) 90,167 €78.59 LTI, no performance 2022 78,475 — — — (8,331) 70,144 €72.72 LTI, with performance 2023 137,309 — — — (14,461) 122,848 €57.21 LTI, no performance 2023 116,511 — — — (13,055) 103,456 €59.99 LTI, with performance (d) 2024 — 39,880 — — — 39,880 €84.90 LTI, with performance 2024 — 104,857 — — (4,369) 100,488 €89.81 LTI, no performance 2024 — 99,206 — — (4,361) 94,845 €82.20 Total 585,959 243,943 — (145,894) (62,180) 621,828 (a) Adjustments related to outperformance. (b) LTI Plan 2021-A, with grant date 17 May 2021. (c) LTI Plan 2021-B, with grant date 18 November 2021. (d) Additional LTI Plan 2024, granted in February 2024. Euronext has taken into consideration the fact that the employees will not receive dividends during the vesting period of 3 years. The fair value has been adjusted taking into account the financial loss for the participants to not receive the payment of the dividends during the vesting period. Share-based payment expenses recognised in the income statement for shares granted for all plans to directors and selected employees in 2024 amounted to €15.6 million (2023: €14.4 million), see Note 9. 302 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 29. Borrowings In thousands of euros 2024 2023 Non-current Borrowings Senior Unsecured note #1 (a); (annual coupon of 1.0%; matures April 2025) — 496,640 Senior Unsecured note #2; (annual coupon of 1.125%; matures June 2029) 750,000 750,000 Senior Unsecured note #3; (annual coupon of 0.125%; matures May 2026) 600,000 600,000 Senior Unsecured note #4; (annual coupon of 0.75%; matures May 2031) 600,000 600,000 Senior Unsecured note #5; (annual coupon of 1.50%; matures May 2041) 600,000 600,000 Discount, premium and issue costs (18,524) (21,929) Amortisation discount, premium and issue costs 5,555 6,918 Other — — Total 2,537,031 3,031,629 Current Borrowings Senior Unsecured note #1 (a); (annual coupon of 1.0%; matures April 2025) 499,142 — Accrued interest and other 17,337 17,286 Total 516,479 17,286 (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 (see Note 23). Senior Unsecured Note #1 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 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 are 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 €0.8 million as per 31 December 2024 (2023: €3.3 million). As the Senior Unsecured Note #1 will mature in April 2025, it was transferred to current borrowings in 2024. Revolving Credit Facility Agreement On 12 October 2022, the Group executed its two-year extension option to the revolving credit facility agreement (RCF) of €600.0 million. The RCF allows the Group to apply all amounts borrowed by it towards (i) general corporate and/or working capital purposes of the Group, (ii) satisfaction of the consideration payable for an acquisition and/ or (iii) the payment of fees, costs and expense incurred in relation to an acquisition. The revolving credit facility has a remaining maturity of 3 years (November 2027) and bears an interest rate of EURIBOR plus a margin dependent on rating. As per 31 December 2024, the facility remained undrawn. In case of a downgrading event of Euronext, below BBB- or equivalent by rating agencies, Euronext shall ensure that the leverage ratio (Euronext total net debt to EBITDA2) as defined in the Revolving Credit Facility Agreement would not be greater than 4x. As per 31 December 2024, the leverage ratio was 1.4x. 2024 UNIVERSAL REGISTRATION DOCUMENT 303 Financial Statements Note 30. Post-employment benefits The Group operates defined benefit pension plans for its employees, with the most significant plans being in France, Portugal, Norway and Italy. The Group’s plans are funded by contributions from the employees and the relevant Group entities, taking into account applicable government regulations and the recommendations of independent, qualified actuaries. The majority of plans have plan assets held in trusts, foundations or similar entities, governed by local regulations and practice in each country. The assets for these plans are generally held in separate trustee administered funds. The benefits provided to employees under these plans are based primarily on years of service and compensation levels. The French plans relate almost completely to retirement indemnities. French law stipulates that employees are paid retirement indemnities in form of lump sums on the basis of the length of service at the retirement date and the amount is prescribed by collective bargaining agreements. The Portuguese plan is for both Euronext Lisbon and Interbolsa and is managed by CGD Pensoes – Sociedade Gestora de Fundos de Pensoes SA. The plan was defined benefit based on final pay. The funds covered payment of pensions to employees with a minimum of 5 year service. Annual contributions were based on actuarial calculations. In 2017, the Portuguese defined benefit plan was frozen and replaced by a new defined contribution plan, with an retroactive impact as from 1 January 2017. The old arrangement remains a defined benefit plan, and is disclosed as such in this Note. The Norwegian plans relate to Oslo Børs VPS and Nord Pool. The plan in Oslo Børs VPS comprises both defined benefit schemes and defined contribution schemes. The general pension plan for employees in Norway is a defined contribution scheme. The defined benefit schemes are mainly related to lifetime pensions for former CEOs of Oslo Børs and VPS, as well as a voluntary early retirement scheme for Oslo Børs which was closed in 2003. Nord Pool has a defined benefit pension plan involving two former employees for which contributions are made in accordance with actuarial calculations. The Norwegian pension plans are in compliance with the Mandatory Occupational Pensions Act. The Italian plan relates to the Borsa Italiana Group. Following the entry into force of the 2007 Finance Act and related decrees, the severance indemnity (TFR), maturing 1st January 2007 can no longer be retained by the companies that employ more than 50 employees but must be paid to a pension fund or, alternatively, into an open treasury fund opened at the 'National Institute for Social Security' (INPS), according to the option exercised by the employees themselves. This implies that accruals calculated after 1st January 2007 are part of a defined contribution plan because the company’s obligation is satisfied by the payment of contributions to pension funds or INPS. The liability regarding the severance indemnity prior to the date mentioned above shall instead continue to represent a defined benefit plan to be valued applying the actuarial method based on the provisions set forth in IAS 19 and is disclosed as such in this Note. The movement in the defined obligation over the years presented is as follows: 304 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements In thousands of euros Present value of obligation Fair value of plan assets Total As at 1 January 2023 41,304 (21,673) 19,631 (Income) / expense: Current service cost 2,491 — 2,491 Interest expense / (income) 1,515 (857) 658 4,006 (857) 3,149 Remeasurements: – Return on plan assets, excluding amounts included in interest expense / (income) — (1,131) (1,131) – (Gain) / loss from change in financial assumptions 1,804 — 1,804 – Experience (gains) / losses 661 — 661 – Effect of changes in foreign exchange rates and other (12) 44 32 2,453 (1,087) 1,366 Payments and other significant events: – Employer contributions (1,666) — (1,666) – Benefit payments (301) 228 (73) – Acquired in business combination 700 222 922 – Reclassifications and other (652) — (652) As at 31 December 2023 45,844 (23,167) 22,677 (Income) / expense: Current service cost 993 — 993 Interest expense / (income) 1,596 (823) 773 2,589 (823) 1,766 Remeasurements: – Return on plan assets, excluding amounts included in interest expense / (income) — (250) (250) – (Gain) / loss from change in financial assumptions (626) — (626) – Experience (gains) / losses 439 — 439 – Effect of changes in foreign exchange rates and other (219) 19 (200) (406) (231) (637) Payments and other significant events: – Employer contributions (2,506) — (2,506) – Benefit payments (288) 111 (177) – Acquired in business combination — — — – Reclassifications and other (110) — (110) As at 31 December 2024 45,123 (24,110) 21,013 2024 UNIVERSAL REGISTRATION DOCUMENT 305 Financial Statements The defined benefit obligation and plan assets are composed by country as follows: 2024 In thousands of euros Belgium Portugal France Norway Italy Total Present value of obligation — 19,260 9,342 9,139 7,382 45,123 Fair value of plan assets — (19,508) (4,230) (372) — (24,110) Total — (248) 5,112 8,767 7,382 21,013 2023 In thousands of euros Belgium Portugal France Norway Italy Total Present value of obligation 25 18,825 9,481 11,427 6,086 45,844 Fair value of plan assets — (18,689) (4,087) (391) — (23,167) Total 25 136 5,394 11,036 6,086 22,677 The significant actuarial assumptions were as follows: 2024 Belgium Portugal France Norway Italy Discount rate 0.0% 3.6% 3.5% 4.3% 3.4% Salary growth rate 0.0% 2.0% 2.5% 0.8% 3.0% Pension growth rate 0.0% 2.0% 0.0% 2.9% 0.0% 2023 Belgium Portugal France Norway Italy Discount rate 3.4% 3.6% 3.5% 3.7% 3.4% Salary growth rate 0.0% 2.0% 2.5% 0.8% 3.0% Pension growth rate 0.0% 2.0% 0.0% 3.2% 0.0% The Group derives the discount rate used to determine the defined benefit obligation from yields on high quality corporate bonds of the duration corresponding to the liabilities. As of 31 December 2024, the sensitivity of the defined benefit obligation to changes in the weighted principal assumptions were: Impact on defined benefit obligation Change in assumption Increase in assumption Decrease in assumption Discount rate 0.25% -2.8% 3.0% Salary growth rate 0.50% 1.3% -1.2% Pension growth rate 0.50% 3.0% -2.8% 306 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements The pension plan assets allocation differs per plan. On a weighted average basis, the allocation was as follows: 2024 2023 Fair value of Fair value of Fair value of Fair value of plan assets plan assets plan assets plan assets Plan assets in thousands of euros in percent in thousands of euros in percent Equity securities 5,251 21.8% 5,399 23.3% Debt securities 17,027 70.6% 16,899 72.9% Property 431 1.8% 423 1.8% Investment funds 373 1.5% 392 1.7% Alternative assets 966 4.0% — —% Cash 62 0.3% 54 0.2% Total 24,110 100% 23,167 100% The maturity of expected benefit payments over the next ten years is as follows: As at 31 December 2024 Less than a year Between 1-2 year Between 2-5 year Between 5-10 year Total Pension benefits 3,117 2,062 7,116 14,941 27,236 The weighted average duration of the defined benefit obligation for retirement plans is 13 years at 31 December 2024. For 2025, the expected obligations contributions are approximately €2.7 million. Note 31. Provisions In thousands of euros Restructuring Leases Jubilee Legal claims Plan Agents Others Total Changes in provisions As at 1 January 2024 4,955 2,407 1,448 1,542 815 1,297 12,464 Additional provisions charged to income statement 4,129 724 247 461 — 149 5,710 Used during the year (2,679) — (425) (180) (630) (600) (4,514) Unused amounts reversed (581) — — — — (39) (620) Acquisition of subsidiary — — — — — — — Reclassifications and other — — — — — — — Exchange differences 22 31 — — — (40) 13 As at 31 December 2024 5,846 3,162 1,270 1,823 185 767 13,053 Composition of provisions Current 5,697 — — 38 — 154 5,889 Non Current 149 3,162 1,270 1,785 185 613 7,164 Total 5,846 3,162 1,270 1,823 185 767 13,053 Restructuring The restructuring provision relates to employee termination benefits that have an uncertain character. The increase during the year is mostly related to employee termination benefits for leavers in various Euronext entities, with the main impact at Borsa Italiana Group. Leases The leases provision relates to estimated future dismantling or removing costs, primarily for the lease of its ‘Praetorium’ office in Paris. Jubilee The Jubilee provision decreased, mainly due to the usages during the year. 2024 UNIVERSAL REGISTRATION DOCUMENT 307 Financial Statements Legal claims The legal claims provision relates to individual litigation settlement cases. Plan Agents The provision for Plan Agents relates to a retirement allowance for retired stockbrokers in Belgium, which is determined using actuarial assumptions. No cash outflows are expected for 2025. Others The 'Others' provision primarily relates to a compensation scheme in Oslo, that gives employees compensation for a change in their historical DB pension arrangements. Note 32. Trade and other payables In thousands of euros 2024 2023 Trade payables 224,543 149,416 Social security and other taxes (excluding income tax) 53,026 52,630 Employees' entitlements (a) 90,253 92,642 Accrued expenses 95,226 118,377 Other payables 1,219 2,778 Total 464,267 415,843 (a) Amounts include salaries payable, bonus accruals, severance (signed contracts) and vacation accruals. The carrying values of current trade and other payables are reasonable approximations of their fair values. These balances do not bear interest. Trade payables included an impact of €200.4 million (2023: €118.3 million) related to Nord Pool power purchases. Note 33. Contract liabilities In thousands of euros 2024 2023 Listing admission fees 101,349 105,002 Bond lifetime fees 9,196 9,268 Other (a) 25,966 25,029 Total 136,511 139,299 Current 80,109 79,270 Non Current 56,402 60,029 Total 136,511 139,299 (a) Includes contract liabilities related to Indices licenses, software maintenance & hosting and corporate services. The contract liabilities primarily relate to received consideration (or an amount of consideration is due) from customers for the initial (or subsequent) listing of equity securities, bond lifetime fees, indices licenses, software maintenance & hosting and corporate services. Contract liabilities are recognised as revenue when the Group performs under the contract. The significant changes in contract liabilities are disclosed in Note 8.1.2. 308 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 34. Geographical information The geographical information of the Group’s revenue from contracts with customers is disclosed in Note 8.1.1. Other geographical information is disclosed below. In thousands of euros France Italy Nether- lands United Kingdom Belgium Portugal Ireland United States Norway Sweden Denmark Finland Germany New Zealand Total 2024 Property, plant and equipment 9,771 30,955 14,059 1,219 188 8,390 16,625 1,310 21,788 1 1,655 — 248 25 106,233 Intangible assets other than Goodwill (a) 565 1,698,145 64,270 3,157 — 2,761 14,063 40,899 179,602 252 59,776 7 — 34,077 2,097,574 Right-of-use assets 20,359 9,945 530 4,268 844 12,129 — 3,071 3,516 — 2,251 — 558 — 57,471 2023 Property, plant and equipment 8,224 36,528 12,971 1,055 226 11,758 17,236 678 23,887 8 1,501 — 301 — 114,373 Intangible assets other than Goodwill (a) 646 1,741,845 73,980 3,210 2 2,812 15,758 30,530 198,726 112 63,482 45 — — 2,131,148 Right-of-use assets 21,782 18,476 692 5,038 969 2,583 — 1,226 1,400 — 3,165 — 408 — 55,739 (a) Goodwill is monitored at the Group level and therefore not allocated by country. 2024 UNIVERSAL REGISTRATION DOCUMENT 309 Financial Statements Note 35. Financial instruments 35.1 Financial instruments by category The financial instruments held by the Group are set out below. As at 31 December 2024 In thousands of euros Amortised cost FVOCI equity instruments FVOCI debt instruments FVPL Total Financial assets CCP trading assets at fair value — — — 106,259,188 106,259,188 Assets under repurchase transactions 136,993,506 — — — 136,993,506 Other financial assets traded but not yet settled — — — 20,906 20,906 Debt instruments at fair value through OCI — — 66,068 — 66,068 Other instruments held at fair value — — — 4,130 4,130 Other receivables from clearing members 7,849,595 — — — 7,849,595 Cash and cash equivalents of clearing members 19,095,347 — — — 19,095,347 Total financial assets of the CCP clearing business 163,938,448 — 66,068 106,284,224 270,288,740 Financial assets at fair value through OCI — 357,011 — — 357,011 Financial assets at amortised cost 2,685 — — — 2,685 Trade and other receivables 381,090 — — — 381,090 Derivative financial instruments — — — — — Other current financial assets 21,884 — 41,925 — 63,809 Cash and cash equivalents 1,509,729 — — 163,726 1,673,455 Total 165,853,836 357,011 107,993 106,447,950 272,766,790 Financial liabilities CCP trading liabilities at fair value — — — 106,259,188 106,259,188 Liabilities under repurchase transactions 136,993,506 — — — 136,993,506 Other financial liabilities traded but not yet settled — — — 20,906 20,906 Other payables to clearing members 27,084,349 — — — 27,084,349 Total financial liabilities of the CCP clearing business 164,077,855 — — 106,280,094 270,357,949 Borrowings (non-current) 2,537,031 — — — 2,537,031 Other non-current financial liabilities — — — 3,500 3,500 Borrowings (current) 516,479 — — — 516,479 Derivative financial instruments — — — 147 147 Other current financial liabilities — — — — — Trade and other payables 464,267 — — — 464,267 Total 167,595,632 — — 106,283,741 273,879,373 The nature and composition of the CCP clearing business assets and liabilities are explained in the accounting policies section in Note 3. 310 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements As at 31 December 2023 In thousands of euros Amortised cost FVOCI equity instruments FVOCI debt instruments FVPL Total Financial assets CCP trading assets at fair value — — — 14,019,233 14,019,233 Assets under repurchase transactions 144,640,320 — — — 144,640,320 Other financial assets traded but not yet settled (a) — — — 15,880 15,880 Debt instruments at fair value through OCI — — 116,286 — 116,286 Other instruments held at fair value — — — 119,746 119,746 Other receivables from clearing members 6,121,477 — — — 6,121,477 Cash and cash equivalents of clearing members 15,995,132 — — — 15,995,132 Total financial assets of the CCP clearing business 166,756,929 — 116,286 14,154,859 181,028,074 Financial assets at fair value through OCI — 262,655 — — 262,655 Financial assets at amortised cost 3,452 — — — 3,452 Trade and other receivables 303,515 — — — 303,515 Derivative financial instruments — — — — — Other current financial assets 32,907 — 70,146 — 103,053 Cash and cash equivalents 1,275,826 — — 172,962 1,448,788 Total 168,372,629 262,655 186,432 14,327,821 183,149,537 Financial liabilities CCP trading liabilities at fair value — — — 14,019,233 14,019,233 Liabilities under repurchase transactions 144,640,320 — — — 144,640,320 Other financial liabilities traded but not yet settled (a) — — — 15,880 15,880 Other payables to clearing members 22,469,668 — — — 22,469,668 Total financial liabilities of the CCP clearing business 167,109,988 — — 14,035,113 181,145,101 Borrowings (non-current) 3,031,629 — — — 3,031,629 Borrowings (current) 17,286 — — — 17,286 Derivative financial instruments — — — 34 34 Trade and other payables 415,843 — — — 415,843 Total 170,574,746 — — 14,035,147 184,609,893 (a) Following the correction of an error as described in Note 3-Y, the group restated the comparative figures downwards by €2,687 million. The Group’s exposure to various risks associated with the financial instruments is discussed in Note 37. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. 35.2 Fair value measurement 35.2.1 Fair value hierarchy The table below analyses financial instrument 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 2024 UNIVERSAL REGISTRATION DOCUMENT 311 Financial Statements In thousands of euros Level 1 Level 2 Level 3 Total As at 31 December 2024 Assets Financial assets at FVOCI Unlisted equity securities — — 357,011 357,011 Quoted debt instruments 41,925 — — 41,925 Quoted debt instruments of CCP clearing business 66,068 — — 66,068 Financial assets at FVPL Derivative instruments of CCP clearing business 106,259,188 — — 106,259,188 Other instruments of CCP clearing business 25,036 — — 25,036 Money market funds 163,726 — — 163,726 Total assets 106,555,943 — 357,011 106,912,954 Liabilities Financial liabilities at FVPL Derivative instruments of CCP clearing business 106,259,188 — — 106,259,188 Other instruments of CCP clearing business 20,906 — — 20,906 Contingent consideration payable — — 1,250 1,250 Combined derivative instruments — — 2,250 2,250 Other derivative instruments (a) — 147 — 147 Total liabilities 106,280,094 147 3,500 106,283,741 (a) Including foreign exchange spot transactions of €147k in Nord Pool. As at 31 December 2023 Assets Financial assets at FVOCI Unlisted equity securities — — 262,655 262,655 Quoted debt instruments 70,146 — — 70,146 Quoted debt instruments of CCP clearing business 116,286 — — 116,286 Financial assets at FVPL Derivative instruments of CCP clearing business 14,019,233 — — 14,019,233 Other instruments of CCP clearing business (a) 135,626 — — 135,626 Money market funds 172,962 — — 172,962 Total assets 14,514,253 — 262,655 14,776,908 Liabilities Financial liabilities at FVPL Derivative instruments of CCP clearing business 14,019,233 — — 14,019,233 Other instruments of CCP clearing business (a) 15,880 — — 15,880 Other derivative instruments (b) — 34 — 34 Total liabilities 14,035,113 34 — 14,035,147 (a) Following the correction of an error as described in Note 3-Y, the group restated the comparative figures downwards by €2,687 million. (b) Including foreign exchange spot transactions of €34k in Nord Pool. The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting period. There were no transfers between the levels of fair value hierarchy in 2024 and 2023. The Group did not measure any financial assets or financial liabilities at fair value on a non-recurring basis as at 31 December 2024. 35.2.2. 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 312 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements balances for equity and debt instruments that are marked to market on a daily basis. Investments in funds are solely composed of money market funds which are redeemed within a three-month cycle after acquisition and have contractual cash flows that do not represent solely payments of principal and interest. Fair values of the instruments mentioned above are determined by reference to published price quotations in an active market. 35.2.3. Fair value measurements using observable market data, directly or indirectly (level 2) Foreign exchange spot transactions comprises agreements between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. Fair value is based on the foreign exchange rates at the balance sheet date. 35.2.4. Fair value measurements using unobservable inputs (level 3) The following table presents the changes in level 3 instruments for the period ended 31 December 2024, which are recognised in the line item 'Financial assets at fair value through other comprehensive income' in the statement of financial position. Revaluations are reflected in the line 'Change in value of equity investments at fair value through other comprehensive income' in the statement of comprehensive income: Unlisted equity securities Contingent consideration payable Combined derivative instrument Total In thousands of euros As at 31 December 2022 249,718 — — 249,718 Revaluations recognised in OCI 11,865 — — 11,865 Revaluations recognised in P&L — — — — Additions / (disposals) 1,214 — — 1,214 Payments — — — — Acquisitions / (incurrences) — — — — Exchange differences and other (142) — — (142) As at 31 December 2023 262,655 — — 262,655 Revaluations recognised in OCI 91,520 — — 91,520 Revaluations recognised in P&L — — — — Additions / (disposals) 2,847 1,225 2,250 6,322 Payments — — — — Acquisitions / (incurrences) — — — — Exchange differences and other (11) 25 — 14 As at 31 December 2024 357,011 1,250 2,250 360,511 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 categorised 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. As from 2023, the high interest rates environment led to a sharp increase of net interest earnings at Euroclear, which was predominantly driven by interests linked to frozen assets as a result of Russian sanctions and countermeasures. The European Commission contemplated various options to use the profits generated by sanctioned amounts held by financial institutions, including Euroclear, for the financing of Ukraine’s reconstruction. Since considerable uncertainties persisted, Euroclear considered it necessary to separate the estimated sanction- 2024 UNIVERSAL REGISTRATION DOCUMENT 313 Financial Statements related earnings from the ‘underlying’ financial results when assessing the company’s performance and resources. For this reason, the Group uses the ‘underlying’ financial results published by Euroclear (i.e. excluding Russian- sanctions related assets/earnings), as an input for its primary valuation technique. In addition, for measuring the fair value of Sicovam Holding S.A, the Group applied a holding discount as an unobservable input for which a sensitivity impact of +10%/(-10%) would amount to a decrease or (increase) of €11.0 million in the fair value (2023: €8.2 million). More information on the investments is further disclosed in Note 20. 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. 2024: In thousands of euros Fair value at 31 December 2024 Unobservable inputs ) Range of inputs (probability-weighted average) Relationship of unobservable inputs to fair value Increase decrease Euroclear S.A./N.V. 253,681 Return on equity 11.7% - 12.7% (12.2%) 4,382 (5,195) Expected dividend growth rate 1.0% - 2.0% (1.5%) Sicovam Holding S.A. 98,900 Return on equity 11.7% - 12.7% (12.2%) 1,776 (1,949) Expected dividend growth rate 1.0% - 2.0% (1.5%) ) There were no significant inter-relationships between unobservable inputs that materially affect fair value 2023: In thousands of euros Fair value at 31 December 2023 Unobservable inputs ) Range of inputs (probability-weighted average) Relationship of unobservable inputs to fair value Increase decrease Euroclear S.A./N.V. 187,577 Return on equity 9.7% - 10.7% (10.2%) 5,668 (5,004) Expected dividend growth rate 1.0% - 2.0% (1.5%) Sicovam Holding S.A. 73,483 Return on equity 9.7% - 10.7% (10.2%) 2,043 (2,107) Expected dividend growth rate 1.0% - 2.0% (1.5%) ) There were no significant inter-relationships between unobservable inputs that materially affect fair value Contingent consideration payable The contingent consideration payable of €1.2 million related to the acquisition of Substantive Research (see Note 5) and is estimated based on a multiple of total revenue. Management considers the impact of changes of these unobservable inputs not material for the total level 3 portfolio. Combined derivative instrument The combined derivative instrument related to the acquisition of GRSS (see Note 5) and combines the Group's right to acquire all of the remaining shares of the other minority shareholders and the obligation to compensate for any variance between a third party exercise price of the option (normalized EBITDA x multiple) and a lower actual third party price offered. The fair value of this combined derivative instrument is estimated at a negative €2.3 million, based on a multiple of earnings and forecasted EBITDA. 314 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 35.2.5. Fair values of other financial instruments The Group also has a number of financial instruments which are not measured at fair value in the statement of financial position. For these instruments the fair values approximate their carrying amounts, except for non-current borrowings which fair value amounts to €2,747 million as per 31 December 2024 ( 2023: €2,683 million). As per 31 December 2024, trade and other receivables included €109.9 million (2023: €76.9 million) of Nord Pool power sales positions and trade and other payables included €200.4 million (2023: €118.3 million) of Nord Pool power purchases positions. 35.3. Net Treasury Income through CCP business by classification For the year ended 31 December 2024, net treasury income through CCP clearing business is earned from instruments held at amortised cost or fair value as follows: ■ A total €54.1 million gain was earned from financial assets and financial liabilities held at amortised cost (€830.8 million from interest income on liabilities held at amortised cost and €776.7 million from interest expenses on assets held at amortized cost). In 2023, a total €44.9 million gain was earned from financial assets and financial liabilities held at amortised cost (€778.4 million from interest income on liabilities held at amortised cost and €733.5 million from interest expenses on assets held at amortized cost). ■ A net €2.7 million gain (2023: €1.7 million gain) was incurred from assets held at fair value (€2.8 million income and €0.1 million expense (2023: €6.6 million income and €4.9 million expense)). 35.4. 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 table shows the offsetting breakdown by products: As at 31 December 2024 Gross amounts Amount offset Net amount as reported In thousands of euros Derivative financial asset 224,690,912 (118,431,724) 106,259,188 Reverse repurchase agreements 151,377,811 (14,384,305) 136,993,506 Other 55,779 (34,873) 20,906 Total assets 376,124,502 (132,850,902) 243,273,600 Derivative financial liabilities (224,690,912) 118,431,724 (106,259,188) Reverse repurchase agreements (151,377,811) 14,384,305 (136,993,506) Other (55,779) 34,873 (20,906) Total liabilities (376,124,502) 132,850,902 (243,273,600) As at 31 December 2023 Gross amounts Amount offset Net amount as reported In thousands of euros Derivative financial asset 27,838,819 (13,819,586) 14,019,233 Reverse repurchase agreements 159,532,977 (14,892,657) 144,640,320 Other (a) 42,313 (26,433) 15,880 Total assets 187,414,109 (28,738,676) 158,675,433 Derivative financial liabilities (27,838,819) 13,819,586 (14,019,233) Reverse repurchase agreements (159,532,977) 14,892,657 (144,640,320) Other (a) (42,313) 26,433 (15,880) Total liabilities (187,414,109) 28,738,676 (158,675,433) (a) Following the correction of an error as described in Note 3-Y, the group restated the comparative figures as follows: gross amounts downwards by €5,782 million, amounts offset upwards by €3,095 million and net amount as reported downwards by €2,687 million. 2024 UNIVERSAL REGISTRATION DOCUMENT 315 Financial Statements Note 36. Related parties 36.1. Transactions with related parties The Group has related party relationships with its associates and joint ventures (as described in Note 7). Transactions with associates and joint ventures are generally conducted with terms equivalent to arm’s length transactions. Transactions between subsidiaries are not included in the description as these are eliminated in the Consolidated Financial Statements. The interests in Group Companies are set out in Note 4. During the comparative period, substantially all transactions with related parties and outstanding year-end balances reflect the positions with associate LCH SA and are reported in the tables below: In thousands of euros 2024 2023 Sales to related parties 1,056 36,889 Purchases from related parties 1,440 19,456 In thousands of euros As at 31 December 2024 As at 31 December 2023 Receivables from related parties 363 260 Payables to related parties 58 918 On 6 July 2023, the Group sold its 11.1% interest in associate LCH SA to LCH Group Ltd. Therefore, as from the sale of the investment, the transactions with LCH SA do not qualify as “related party transactions” under IAS 24. Consequently the related party note reflects the transactions with LCH SA up to 6 July 2023. 36.2. Key management remuneration The other related parties disclosure relates entirely to the key management of the Group, which was defined as the Group's Managing Board and Supervisory Board until 31 December 2023. In 2024, the Group reiterated the definition of its key management personnel, following the establishment of an Executive Committee which occurred by end of last year. The Group's key management is now defined as the Managing Board, the Executive Committee (together the 'Extended Managing Board') and the Supervisory Board. As a result, the compensation for the Executive Committee is included in the key management personnel remuneration for the year ended 31 December 2024. The compensation expense recognised for key management is as follows: In thousands of euros 2024 2023 Short term benefits (15,912) (8,724) Share-based payment costs (a) (7,127) (4,121) Post-employment benefits (b) (282) (179) Termination benefits — (862) Total benefits (23,321) (13,886) Of which: Managing Board remuneration (11,839) (12,642) Supervisory Board remuneration (1,142) (1,244) (a) Share based payments costs are recognised in accordance with IFRS 2. (b) Post-employment benefits represent the contributions made related to defined contribution plans for the Group's key management. Note 37. Financial risk management As a result of its operating and financing activities, the Group is exposed to market risks such as interest rate risk, currency risk and credit risk. The Group has implemented policies and procedures designed to measure, manage, monitor and report risk exposures, which are regularly reviewed by the appropriate management and supervisory bodies. The Group’s central treasury team is charged with identifying risk exposures and monitoring and managing such risks on a daily basis. To the extent necessary and permitted by local regulation, the Group’s subsidiaries centralise their cash investments, report their risks and hedge their exposures in coordination with the Group’s central treasury team. The Group performs sensitivity analyses to determine the effects that may result from market risk exposures. The Group uses derivative instruments solely to hedge financial risks related 316 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements to its financial position or risks that are otherwise incurred in the normal course of its commercial activities. The Group does not use derivative instruments for speculative purposes. 37.1 Liquidity risk The Group would be exposed to a liquidity risk in the case where its short-term liabilities become, at any date, higher than its cash, cash equivalents, short-term financial investments and available bank facilities and in the case where the Group is not able to refinance this liquidity deficit, for example, through new banking lines. Cash, cash equivalents and short-term financial investments are managed as a global treasury portfolio invested in non- speculative financial instruments, readily convertible to cash, such as bank balances, money market funds, overnight deposits, term deposits, government bonds and other money market instruments, thus ensuring a very high liquidity of the financial assets. The Group’s policy is to ensure that cash, cash equivalents and available bank facilities allow the Group to repay its financial liabilities at all maturities, even disregarding incoming cash flows generated by operational activities, excluding the related party loans granted by the Group’s subsidiaries to its Parent. The net position of current financial assets, financial liabilities and available credit facilities, excluding working capital items, as of 31 December, 2024 and 2023 is described in the table below: In thousands of euros 2024 2023 Cash cash equivalents and short term investments 1,737,264 1,551,841 Available revolving credit facility (RCF) 600,000 600,000 Financial debt (long term and short term borrowings) (3,053,510) (3,048,915) Net position (716,246) (897,074) The Group has a €600 million revolving credit facility (2022: €600 million) that can be used for general corporate or M&A purposes (see Note 29). As of 31 December 2024, the Group did not have any amounts drawn under the facility. The Group reviews its liquidity and debt positions on an ongoing basis, and subject to market conditions and strategic considerations, may from time to time re-examine the debt structure of its debt and modify the maturity profile and the sources of financing. The Group is able to support short term liquidity and operating needs through existing cash balance and its strong ability to generate adequate cash flow. The Group has generally access to debts markets, including bank facilities, and may be able to obtain additional debt or other sources of financing to finance its strategic development, provided that its financial risk profile allows it to do so. The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments, including principal - and interest amounts, expected throughout the life of the obligations: In thousands of euros Maturity < 1 year Maturity between 1 and 5 years Maturity > 5 years Total 31 December 2024 Trade and other payables 464,267 — — 464,267 Other non-current financial liabilities — 3,500 — 3,500 Borrowings 527,688 1,438,500 1,317,000 3,283,188 Lease liabilities 16,357 37,643 16,846 70,846 31 December 2023 Trade and other payables 415,843 — — 415,843 Borrowings 27,688 1,194,250 2,088,938 3,310,876 Lease liabilities 22,865 30,666 13,069 66,600 Liquidity risk - CCP clearing business 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 31 December 2024, the Group’s CCP had €450 million (2023: €440 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 31 December 2024. 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 2024 UNIVERSAL REGISTRATION DOCUMENT 317 Financial Statements 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 deposited the default funds and margin mainly at the Central Bank of Italy as per 31 December 2024. The default funds and margin were partially invested in government bonds with an average maturity of below 12 months, as per 31 December 2024. 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 31 December 2024 Investment portfolio 66,068 — — 66,068 31 December 2023 Investment portfolio 116,286 — — 116,286 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. In thousands of euros Maturity < 1 year Maturity between 1 and 5 years Maturity > 5 years Total 31 December 2024 CCP clearing member liabilities 270,357,949 — — 270,357,949 31 December 2023 CCP clearing member liabilities (a) 181,145,101 — — 181,145,101 (a) Following the correction of an error as described in Note 3-Y, the group restated the comparative figures downwards by €2,687 million. 37.2 Interest rate risk Substantially all interest-bearing financial assets and liabilities of the Group are either based on floating rates or based on fixed rates with an interest term of less than one year, except for the fixed rated Bonds #2 to #5, which have maturities between 17 months and 20 years (see Note 29). As at 31 December 2024 and 2023 the interest rate exposure of the Company was as follows: Currency Position in EUR Positions in GBP Positions in USD Positions in NOK Positions in DKK Type of rate and maturity In thousands of euros Floating rate with maturity < 1 year Floating rate with maturity > 1 year Floating rate with maturity < 1 year Floating rate with maturity > 1 year Floating rate with maturity < 1 year Floating rate with maturity > 1 year Floating rate with maturity < 1 year Floating rate with maturity > 1 year Floating rate with maturity < 1 year Floating rate with maturity > 1 year 2024 Interest bearing financial assets (a) 783,711 320 86,331 — 62,972 32 154,912 — 44,750 — Interest bearing financial liabilities — — — — — — — — — — Net position before hedging 783,711 320 86,331 — 62,972 32 154,912 — 44,750 — Net position after hedging 783,711 320 86,331 — 62,972 32 154,912 — 44,750 — 2023 Interest bearing financial assets (a) 437,656 170 36,549 — 22,191 — 134,316 — 34,937 — Interest bearing financial liabilities — — — — — — — — — — Net position before hedging 437,656 170 36,549 — 22,191 — 134,316 — 34,937 — Net position after hedging 437,656 170 36,549 — 22,191 — 134,316 — 34,937 — 318 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Currency Position in EUR Positions in GBP Positions in USD Positions in NOK Positions in DKK Type of rate and maturity In thousands of euros Fixed rate with maturity < 1 year Fixed rate with maturity > 1 year Fixed rate with maturity < 1 year Fixed rate with maturity > 1 year Fixed rate with maturity < 1 year Fixed rate with maturity > 1 year Fixed rate with maturity < 1 year Fixed rate with maturity > 1 year Fixed rate with maturity < 1 year Fixed rate with maturity > 1 year 2024 Interest bearing financial assets (a) 506,055 — 6,704 — 35,264 — 21,287 — 38,587 — Interest bearing financial liabilities 515,680 2,537,909 — — — — 2 — — — Net position before hedging (9,626) (2,537,909) 6,704 — 35,264 — 21,284 — 38,587 — Net position after hedging (9,626) (2,537,909) 6,704 — 35,264 — 21,284 — 38,587 — 2023 Interest bearing financial assets (a) 734,777 — 13,649 — 33,661 — 44,186 — 31,239 — Interest bearing financial liabilities 17,355 3,031,629 — — — — — — — — Net position before hedging 717,422 (3,031,629) 13,649 — 33,661 — 44,186 — 31,239 — Net position after hedging 717,422 (3,031,629) 13,649 — 33,661 — 44,186 — 31,239 — (a) Includes cash and cash equivalents and non-current financial assets at amortised cost. The Group is exposed to cash-flow risk arising from net floating-rate positions. The Group was a net borrower in Euros exposed to fixed interest rates and a net lender in Euros exposed to floating rates at 31 December 2024 and 2023. Therefore, the sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €3.9 million based on the positions at 31 December 2024 (2023: €2.2 million). The Group was a net lender in Pound Sterling at 31 December 2024 and 2023. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/ decrease of the rate would have resulted in an increase/ decrease of net interest income of €0.4 million based on the positions at 31 December 2024 (2023: €0.2 million). The Group was a net lender in US Dollar at 31 December 2024 and 2023. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €0.3 million based on the positions at 31 December 2024 (2023: €0.1 million). The Group was a net lender in Norwegian Kroner at 31 December 2024 and 2023. The sensitivity of net interest income to a parallel shift in the interest curves is that a 0.5% increase/decrease of the rate would have resulted in an increase/decrease of net interest income of €0.8 million based on the positions at 31 December 2024 (2023: €0.5 million). The fluctuation of the DKK against the EUR is set within the bandwidth +/-2.25% as an exchange rate mechanism established by the Denmark's National Bank. Therefore, currency risk sensitivity inherent to the Group exposure to that currency is deemed to be irrelevant. Interest rate risk - CCP clearing business As at 31 December 2024 the Group’s CCP has deposited the default funds and margin mainly at the Central Bank of Italy reducing the interest rate exposure linked to investment activities. Furthermore, the Group’s CCP faces minimal interest rate exposure by applying the same reference rate deriving from the yields achieved through the secured investment activities, to calculate member liabilities. 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 the requirements contained in the CCP investment policy. The Group's CCP has an investment policy, mitigating market risks. The Group's CCP investments have an average duration of less than 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 in Note 37.1. As per 31 December 2024, an increase/decrease of the rate by 100 basis points would have an increasing/ decreasing impact on the investment portfolio market value of €0.4 million or 0.24% (2023: €0.5 million or 0.20%). 37.3 Currency risk Foreign currency translation risk: The Group’s net assets are exposed to the foreign currency risk arising from the translation of assets and liabilities of subsidiaries with functional currencies other than the euro. The following table summarises the assets and liabilities recorded in respectively GBP, USD and NOK functional currency and the related impact of a 10% in/decrease in the currency exchange rate on balance sheet and profit or loss: 2024 UNIVERSAL REGISTRATION DOCUMENT 319 Financial Statements In thousands 2024 2023 Assets £115,164 £89,586 Liabilities £(12,143) £(11,759) Net currency position £103,021 £77,827 Absolute impact on equity of 10% in/decrease in the currency exchange rate €12,450 €8,977 Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate Not Material Not Material In thousands 2024 2023 Assets $226,038 $198,636 Liabilities $(33,997) $(8,502) Net currency position $192,041 $190,134 Absolute impact on equity of 10% in/decrease in the currency exchange rate €18,548 €17,224 Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate €1,315 €520 In thousands 2024 2023 Assets kr11,987,524 kr11,094,389 Liabilities kr(3,545,961) kr(2,527,631) Net currency position kr8,441,563 kr8,566,758 Absolute impact on equity of 10% in/decrease in the currency exchange rate €71,628 €76,326 Absolute impact on profit for the period of 10% in/decrease in the currency exchange rate €1,751 €1,469 Most operating revenue and expenses in the various subsidiaries of the Group are denominated in the functional currency of each relevant subsidiary. The Group’s consolidated income statement is exposed to foreign currency risk arising from receivables and payables denominated in currencies different from the functional currency of the related entity. The Group's general policy is not to hedge foreign exchange risk related to its net investments in foreign currency. However, the Group may use derivatives instruments designated as hedge of net investment or foreign denominated debt to manage its net Investment exposures. The decision to hedge the exposure is considered on a case by case basis since the Group is generally exposed to major, well established and liquid currencies. The Group would, by the same token, hedge transaction risk arising from cash flows paid or received in a currency different from the functional currency of the group contracting entity on a case by case basis. 37.4. Equity Market risk The Group’s investment in publicly traded equity securities was non existent in 2024 and 2023. The Group's investments in non-publicly traded equity securities are disclosed in Note 20. 37.5. Credit risk The Group is exposed to credit risk in the event of a counterparty’s default. The Group is exposed to credit risk from its operating activities (primarily trade receivables), from its financing activities and from the investment of its cash and cash equivalents and short-term financial investments. The Group limits its exposure to credit risk by rigorously selecting the counterparties with which it executes agreements. Most customers of the Group are leading financial institutions that are highly rated. Investments of cash and cash equivalents in bank current accounts and money market instruments, such as short-term fixed and floating rate interest deposits, are governed by rules aimed at reducing credit risk: maturity of deposits strictly depends on credit ratings, counterparties' credit ratings are permanently monitored and individual counterparty limits are reviewed on a regular basis. In addition to the intrinsic creditworthiness of counterparties, the Group's policies also prescribe the diversification of counterparties (banks, financial institutions, funds) so as to avoid a concentration of risk. Derivatives are negotiated with leading high-grade bank. Credit risk - CCP clearing business 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 320 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 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: 31 December 2024 31 December 2023 In thousands of euros Total collateral pledged Margin received in cash 17,594,249 15,381,233 Margin received by title transfer 2,079,405 987,595 Default fund total 6,204,892 5,154,917 Total on balance sheet collateral (a) 25,878,546 21,523,745 Total member collateral pledged 25,878,546 21,523,745 (a)The total on balance sheet member collateral pledged is included in the line 'other payables to clearing members' in the table at Note 35.1. 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 supra-national 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. As per December 2024 the margin and default funds were mainly deposited 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. 31 December 2024 31 December 2023 In thousands of euros Investment portfolio 66,068 116,286 CCP other financial assets (a) 66,068 116,286 Clearing member cash equivalents - short term deposits 10,011 10,084 Clearing member cash - central bank deposits 19,085,474 15,983,047 Clearing member cash - other banks (138) 2,001 Total clearing member cash (b) 19,095,347 15,995,132 (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 35.1. (b) The total clearing member cash is included in the line 'Cash and cash equivalents of clearing members'' in the table at Note 35.1. 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: 2024 UNIVERSAL REGISTRATION DOCUMENT 321 Financial Statements 31 December 2024 31 December 2023 In thousands of euros Sovereign investments Italy 31,365 14,899 Spain 10,011 25,889 EU Central (a) 17,914 — Portugal — — France — 29,915 Germany — 26,810 Ireland — — Netherlands — — Belgium 16,789 28,857 Total for all countries (b) 76,080 126,370 (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 35.1. 37.5.1 Impairment of financial assets The Group’s trade and contract receivables and other debt financial assets at amortised cost or FVOCI (including CCP clearing business) are subject to the expected credit loss model. While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was considered immaterial. Trade and contract receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade and contract receivables. To measure expected credit losses, trade and contract receivables have been grouped based on shared credit risk characteristics and the days past due. The historical loss rates are based on the payment profiles of the sales over a period of 24 months before reporting date and the corresponding historical credit losses experience within this period. The historical loss rates are adjusted to reflect current and forward-looking factors specific to the debtors and economic environment. Generally trade receivables are written-off when there is no reasonable expectation of recovery. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 21. The Group evaluates the concentration of credit risk with respect to trade and contract receivables as low, as most of its customers are leading financial institutions that are highly rated. Set out below is the information about the credit risk exposure on the Group’s trade and contract receivables using a provision matrix as at 31 December 2024 and 2023: 31 December 2024: Trade receivables 30-60 61-90 > 91 In thousands of euros Contract Receivables Current days past due days past due days past due Total Expected credit loss rate 0.12% 0.12% 0.45% 0.99% 3.10% Collectively assessed receivables 31,475 228,716 35,289 12,589 11,996 320,065 Expected credit loss collective basis 37 267 159 124 372 959 Expected credit loss rate — — — — 100.0% Individually assessed receivables — — — — 6,932 6,932 Expected credit loss individual basis — — — — 6,932 6,932 Total expected credit loss 37 267 159 124 7,304 7,891 322 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 31 December 2023: Trade receivables In thousands of euros Contract Receivables Current 30-60 days past due 61-90 days past due > 91 days past due Total Expected credit loss rate 0.06% 0.06% 0.23% 0.50% 1.32% Collectively assessed receivables 29,100 185,707 36,154 12,249 20,825 284,035 Expected credit loss collective basis 17 107 84 62 275 545 Expected credit loss rate — — — — 100.0% Individually assessed receivables — — — — 8,040 8,040 Expected credit loss individual basis — — — — 8,040 8,040 Total expected credit loss 17 107 84 62 8,315 8,585 In 2024, the loss allowance provision for individually assessed receivables decreased, as specific debtors that were provided for were written-off. This decrease was partly offset by an increase of the loss allowance provision for collectively assessed receivables, which was due to an increase in historical loss rates, jointly with a higher overall customer base in general. Other debt financial assets at amortised cost or FVOCI (including CCP clearing business) The other debt financial assets comprise i) debt investments at amortised cost, which include short-term deposits with a maturity over three months, ii) debt investments at FVOCI, which include investments in listed bonds and government bonds and iii) CCP clearing business financial assets at amortised cost or FVOCI. The other debt financial assets at amortised cost or FVOCI (including CCP clearing business) are considered to have low credit risk, as the issuers of the instruments have a low risk of default evidenced by their strong capacity to meet their contractual cash flow obligations in the near term. The Group closely monitors its CCP investment portfolio and invests only in government debt and other collateralised instruments where the risk of loss is minimal. There was no increase in credit risk in the year and none of the assets are past due. The loss allowance recognised during the period was therefore limited to 12 months expected credit losses. The Group did not recognise any material provision for expected credit losses on its other debt financial assets at amortised cost or FVOCI (including CCP clearing business) as per 31 December 2024 (2023: not material). The amount of credit-impaired financial assets is considered not significant. The CCP clearing business risks are covered by combination of financial safeguards and risk management instruments that collectively mitigate the risks associated with their clearing activities. 37.6 Capital management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, to comply with regulatory requirements and to maintain an optimal capital structure to reduce the cost of capital and provide return to shareholders. Certain entities of the Group are regulated as Exchanges, as Central Securities Depository (CSD) or as Clearing House and are subject to certain statutory regulatory requirements based on their local statutory financial statements and risks. In general, the financial ratios of the Group’s subsidiaries significantly exceed the regulatory requirements and they maintain a safety cushion in order to avoid any concern from the regulators. Euronext N.V. must comply with prudential requirements, as a result of an agreement reached with the Dutch Finance Ministry in May 2016, which are set forth in three pillars: ■ A minimum Total Equity level equal of at least € 250 million; and ■ The Group shall take care of stable financing. Long-term assets of the Group will be financed with shareholders equity and long term liabilities, to the satisfaction of the AFM; and ■ The Group shall have a positive regulatory capital on a consolidated basis. The regulatory capital is calculated according to the following formula: the paid up share capital plus the freely available reserves less the items listed in section 36 of Regulation (EU) no. 575/201. In deviation to mentioned formula, the value of the intangible fixed assets in connection with Mergers and Acquisitions will be deducted in 10 (default) or more (20 for Oslo Børs ASA) equal instalments (grow in period) from the regulatory capital. Considering a consistent dividend policy, the grow in period can be extended if the P/E ratio would exceed 10 times. If the grow in period and the related dividend policy provide for a negative a regulatory capital for a limited number of years of the gown-in period, then this fact will not prevent the execution of the consistent and prudent dividend policy of the Group in those years. As per 31 December 2024, Euronext N.V. complied with these requirements. Euronext Amsterdam N.V. is subject to a minimum statutory capital requirement of €730 thousand, shall have a regulatory capital in the amount of 50% of the direct fixed cost of Euronext Amsterdam N.V. during the preceding financial year and in addition the cash and cash equivalents shall be higher than the required minimum regulatory capital to operate as an exchange in the Netherlands. As per 31 December 2024, Euronext Amsterdam N.V. was in compliance with these requirements. Euronext Brussels SA/NV shall maintain adequate financial resources at its disposal to ensure orderly functioning of the market. The law mentions that FSMA may, by a regulation, set financial ratios for market operators and determine which financial information they are required to provide. At this 2024 UNIVERSAL REGISTRATION DOCUMENT 323 Financial Statements date, no quantitative requirements has ever been set either by a regulation or by the Financial Authority FSMA. Euronext Dublin shall at all time hold a minimum level of capital based on the Basic Capital Requirement and the Systematic Capital Add-on and maintain liquid financial assets at least equal to the sum of these two amounts of required capital. As per 31 December 2024, Euronext Dublin complied with these requirements. Euronext Lisbon S.A. shall maintain minimum statutory share capital of €3.0 million and shall maintain minimum statutory equity of €6.0 million. In addition, Euronext Lisbon's liabilities must not exceed its own funds (basically the amount of equity). As per 31 December 2024, Euronext Lisbon complied with these requirements. Euronext Paris S.A. shall maintain statutory regulatory equity at no less than 50% of its yearly expenses and a solvency ratio on operational risks at no less than 8%. As per 31 December 2024, Euronext Paris S.A. complied with these requirements. Interbolsa S.A. shall maintain minimum statutory share capital of €2.75 million and shall maintain minimum statutory equity of €5.5 million. In addition, as a CSD, Interbolsa S.A. shall hold an amount of capital, including retained earnings and reserves, higher or equal to the sum of CSD’S capital requirements. As per 31 December 2024, Interbolsa S.A. complied with these requirements. VPS ASA shall comply with the capital requirement regulation for CSDs. As such, it shall hold an amount of capital, including retained earnings and reserves, higher or equal to the sum of CSD's capital requirements. As per 31 December 2024, VPS ASA complied with this requirement. Oslo Børs ASA must maintain an adequate level of primary capital. In this context, primary capital comprises equity after deducting items including intangible assets such as system development costs and deferred tax assets. Although the Norwegian legislation does not stipulate any specific quantitative level of capital requirements, Oslo Børs ASA maintains at all times sufficient liquid assets and capital resources. As per 31 December 2024, Oslo Børs ASA complied with these requirements. Euronext Markets Singapore Pte Ltd. shall maintain a minimum regulatory capital requirement (a) 18% of its annual operating revenue, (b) 50% of its annual operating costs, and (c) $500,000 restricted cash deposit. As per 31 December 20234 Euronext Markets Singapore Pte Ltd. complied with these requirements. VP Securities AS shall comply with the capital requirement regulation for CSDs. As such, it shall hold an amount of capital, including retained earnings and reserves, higher or equal to the sum of CSD's capital requirements. As per 31 December 2024, VP Securities AS complied with this requirement. Borsa Italiana S.p.A must comply with Article 3 of the Italian CONSOB Markets Regulation. As such, it shall maintain 1) a net equity (share capital, reserves and undistributed profits) at least equal to operating costs necessary to cover six months based on the latest audited Financial statements and 2) an amount of liquid assets sufficient to cover estimated potential losses in stressed but plausible market conditions calculated using a risk-based approach which considers operational risks as well as other risks to which the regulated operator might be exposed to. As per 31 December 2024 Borsa Italiana S.p.A. complied with these requirements. Monte Titoli S.p.A. shall comply with article 47 of the CSDR regulation. As such, it shall hold capital (inclusive of undistributed profits and “Total Capital Requirement” reserves) which, at any time, is sufficient to guarantee that the CSD is adequately protected against operational, legal, custody, investment and commercial risks, so that it may continue to provide services; ensure a liquidation or an orderly restructuring of the activities of the CSD in an adequate period of at least 6 months, in the context of a series of stress scenarios. The capital thus identified must be invested in secured assets in order to comply with the provisions of Article 46 paragraph 4 of the CSDR Regulation. As per 31 December 2024, Monte Titoli S.p.A. complied with this requirement. Cassa di Compensazione e Garanzia S.p.A. must comply with Article 2 of EMIR based on which it must have capital (including undistributed profits and reserves) which at all times is sufficient to cover the total exposure to the following risks: ■ risks relating to the liquidation or restructuring of assets, ■ credit, counterparty's and market risks, ■ operational and legal risks, and ■ business risks. The capital thus identified must be invested in secured assets for the purpose of complying with Article 47 of EMIR. As per 31 December 2024, Cassa di Compensazione e Garanzia S.p.A. complied with these requirements. MTS S.p.A. must comply with Article 3 of the Italian CONSOB Markets Regulation. As such, it shall maintain 1) a net equity (share capital, reserves and undistributed profits) at least equal to operating costs necessary to cover six months based on the latest audited Financial statements and 2) an amount of liquid assets sufficient to cover estimated potential losses in stressed but plausible market conditions calculated using a risk-based approach which considers operational risks as well as other risks to which the regulated operator might be exposed to. As per 31 December 2024, MTS S.p.A. complied with these requirements. 37.7 Changes in liabilities arising from financing activities The changes in liabilities arising from the Group’s financing activities in 2024 and 2023 were as follows: 324 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements In thousands of euros Borrowings due within 1 year Borrowings due after 1 year Leases due within 1 year Leases due after 1 year Total liabilities from financing activity As at 1 January 2023 17,370 3,027,161 28,466 21,648 3,094,645 Cash flows (28,711) — (28,423) — (57,134) Acquisitions — — — — — Additions — — — 37,924 37,924 Fair Value adjustments — 2,592 — — 2,592 Accrued interest 28,627 — 1,085 — 29,712 Amortisation and transfer of issue costs — 1,876 — — 1,876 Foreign exchange impacts — — (64) (77) (141) Other — — 21,095 (22,181) (1,086) As at 31 December 2023 17,286 3,031,629 22,159 37,314 3,108,388 Cash flows (29,433) — (20,770) — (50,203) Acquisitions 7 — — — 7 Additions — — — 21,955 21,955 Fair Value adjustments — 2,641 — — 2,641 Accrued interest 29,477 — 2,224 — 31,701 Amortisation and transfer of issue costs — 1,903 — — 1,903 Foreign exchange impacts — — 78 247 325 Other 499,142 (499,142) 12,101 (13,291) (1,190) As at 31 December 2024 516,479 2,537,031 15,792 46,225 3,115,527 The line ‘Other’ includes the effect of reclassification of non-current portion of lease liabilities to current due to the passage of time. It also includes the effect of reclassification of non-current borrowings to current, when maturity becomes due within one year. Note 38. Contingencies The Group is involved in a number of legal proceedings or activities in the ordinary course of business where risks have arisen which are not reflected in whole or in part in the consolidated financial statements. Other than as discussed below, management does not expect these pending or threatening legal proceedings to have a significant effect on the Group’s financial position or profitability. The outcome of legal proceedings, however, can be extremely difficult to predict and the final outcome may be materially different from managements’ expectation. 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"), the Higher Court released its final verdict on 9 Jul 2024. In its final verdict, the Higher Court has ruled in favor of Euronext on all grounds. The Group considers this case closed. Nord Pool AS incident, 23 November 2023 On 23 November 2023, an incorrect sales order was submitted by a market participant to Nord Pool AS, resulting in a negative energy price for the day-ahead market in the Finnish bidding zone, creating a significant loss for the market participant. Market participants are contractually responsible for the submission of their orders. On 3 June 2024, a claim letter was received from the market participant for financial restitution and damages in connection to the trading in the day-ahead market in the Finnish bidding zone on 23 November 2023. The Group identified the claim as a contingent liability, but deems an obligation resulting in the outflow of resources following this incident not likely. No provision has been recognised in connection with this case. 2024 UNIVERSAL REGISTRATION DOCUMENT 325 Financial Statements Note 39. Commitments 39.1 Capital commitments As of 31 December, capital expenditures contracted but not yet incurred were as follows: In thousands of euros 2024 2023 No later than one year 2,254 3,814 Later than 1 year and no later than 5 years 2,138 2,450 Later than 5 years — — Total 4,392 6,264 39.2 Guarantees given As per 31 December 2024, Euronext N.V. participates in a number of guarantees within the Group (see Note 59). 39.3 Securities held as custodian In Portugal, Norway, Denmark and Italy, the Group acts as a National Central Securities Depository, operated by respectively Euronext Securities Porto (Interbolsa), Euronext Securities Oslo (Verdipapirsentralen ASA), Euronext Securities Copenhagen (VP Securities AS) and Euronext Securities Milan (Monte Titoli S.p.A.). Euronext Securities Porto As at 31 December 2024, the value of securities kept in custody by Euronext Securities Porto amounted to €399 billion (2023: €388 billion) based on the market value of shares and the nominal value of bonds. The procedures of this National Central Securities Depository are focused on the provision of notary services, central maintenance services and settlement securities services, according to the CSDR (Central Securities Depository Regulation). The settlement services, provided through T2S platform, have its risks mitigated mainly by early warning systems. The reconciliation procedures in place mitigate the major risks related to the registration of securities. Euronext Securities Oslo As at 31 December 2024, the value of securities kept in custody by Euronext Securities Oslo amounted to €734 billion (2023: €746 billion) based on the market value of shares and the nominal value of bonds. Under the terms of Section 9-1 the Norwegian Central Securities Depository Act of 15 March 2019, Euronext Securities Oslo is liable for losses that other parties may incur as a result of errors that occur in connection with registration activities. This does not apply if Euronext Securities Oslo is able to demonstrate that the error was outside Euronext Securities Oslo’s control. The statutory liability according to Section 9-1, first Paragraph, only applies to direct losses and is limited to NOK 500 million for the same error. For losses that can be attributed to an account operator, Euronext Securities Oslo is jointly and severally liable with the account operator for NOK 50 million per error. Above this amount, the central securities depository is not liable for losses that can be attributed to an account operator. Euronext Securities Oslo has taken out errors and omissions insurance for the parent company and its subsidiaries, with an annual limit of NOK 770 million and a deductible of NOK 10 million per claim. Euronext Securities Copenhagen As at 31 December 2024, the value of securities kept in custody by Euronext Securities Copenhagen amounted to €1,770 billion (2023:€1,586 billion) based on the market value of shares and the nominal value of bonds. The procedures of this National Central Securities Depository are focused on the provision of notary services, central maintenance services and settlement securities services, according to the CSDR (Central Securities Depository Regulation). The settlement services, provided through T2S platform, have its risks mitigated mainly by early warning systems. The reconciliation procedures in place mitigate the major risks related to the registration of securities. Euronext Securities Milan As at 31 December 2024, the value of securities kept in custody by Euronext Securities Milan amounted to €4,157 billion (2023:€3,863 billion) based on the market value of shares and the nominal value of bonds. The procedures of this National Central Securities Depository are focused on the provision of notary services, central maintenance services and settlement securities services, according to the CSDR (Central Securities Depository Regulation). The settlement services, provided through T2S platform, have its risks mitigated mainly by early warning systems. The reconciliation procedures in place mitigate the major risks related to the registration of securities. 326 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 40. Audit fees 2024 2023 In thousands of euros KPMG Accountants N.V. Other KPMG member firms and affiliates Total KPMG Total EY Accountants Audit services - group and statutory 1,040 2,105 3,145 3,323 Other assurance services 280 91 371 132 Tax services — — — — Other non-audit services — — — — Total 1,320 2,196 3,516 3,455 The audit services relate to the financial year to which the financial statements relate, regardless of whether the activities were performed by the external auditor and the audit firm during the financial year. In addition to the performance of the statutory audit of the Group financial statements and other (statutory) financial statements of Euronext N.V. and its subsidiaries, KPMG provides a number of other assurance services. These other assurance services consist of the review of the half year interim financial statements and limited assurance engagement with respect to the sustainability statement as included in the Universal Registration Document. The total fees for the audit of the financial statements of KPMG Netherlands, charged to Euronext N.V. and its consolidated group entities amounted to €1.0 million in 2024 (EY Netherlands charged €1.7 million in 2023). Note 41. Events after the reporting period The significant events that occurred between 31 December 2024 and the date of this report that could have a material impact on the economic decisions made based on these financial statements are listed below. Other than those events, there has been no significant change in the financial position of the Group. Acquisition of Nasdaq's Nordic power futures business On 28 January 2025, the Group announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals. The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing. The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. Euronext and Nasdaq intend to work closely together to ensure a smooth migration of Nasdaq’s Nordic power futures in the first half of 2026. Until the migration is completed, Nasdaq will continue to operate its Nordic power futures business as usual. On receipt of the required approvals, Nasdaq will inform the market about the timing for the transfer of existing open positions to Euronext and Nasdaq will exit its commodities business post migration. Euronext upgraded from ‘BBB+, Positive Outlook‘ to ‘A-, Stable Outlook‘ by S&P On 3 February 2025, the Group announced the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’. S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group's strong cash flow generation. Acquisition of Admincontrol On 13 March 2025, the Group announced that it has entered into a definitive agreement with Visma to acquire 100% of Admincontrol, a leading provider of governance and secure collaboration Software as a Service (SaaS) solutions in the Nordics and in the UK. This acquisition strengthens the development of Euronext Corporate Solutions in the Nordics and in the UK and increases Euronext’s share of subscription-based revenues. The transaction will be paid in cash and amounts to an enterprise value of NOK4,650 million (€398 million). Completion of the transaction is expected by Q2 2025, subject to receipt of customary regulatory approval. 2024 UNIVERSAL REGISTRATION DOCUMENT 327 Financial Statements Authorisation of Consolidated Financial Statements Amsterdam, 28 March 2025 Supervisory Board Managing Board Piero Novelli (Chair) Stéphane Boujnah (CEO and Chairman) Dick Sluimers Daryl Byrne Muriel De Lathouwer Delphine d’Amarzit Alessandra Ferone Fabrizio Testa Padraic O’Connor Isabel Ucha Nathalie Rachou Øivind Amundsen Fedra Ribeiro Benoît van den Hove Olivier Sichel Manuel Bento Morten Thorsrud Simon Gallagher Koen Van Loo 328 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Euronext N.V. Company Financial Statements for the year ended 31 December 2024 2024 UNIVERSAL REGISTRATION DOCUMENT 329 Financial Statements Company Income Statement Year ended In thousands of euros Note 31 December 2024 31 December 2023 Net turnover 43 — — Other operating expenses 44 (14,796) (13,852) Operating (loss) (14,796) (13,852) Income from equity investments 45 — 12,146 Interest income and similar income 45 42,727 33,191 Interest expenses and similar charges 44 (65,888) (79,724) Gain on sale of associates 46 33 53,028 Result before tax (37,924) 4,789 Tax 47 9,411 12,794 Share in result of participations 48 614,084 495,984 Result after tax 585,571 513,567 The above Company Income Statement should be read in conjunction with the accompanying notes. 330 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Company Balance Sheet (Before appropriation of profit) In thousands of euros Note As at 31 December 2024 As at 31 December 2023 Assets Fixed assets Investments in consolidated subsidiaries 48 6,484,991 6,197,563 Related party loans 48 617,517 460,024 Deferred tax assets 9,748 — Financial assets at fair value through OCI 49 4,177 178,734 Other non-current financial and other assets 50 415 714 Total financial fixed assets 7,116,848 6,837,035 Total fixed assets 7,116,848 6,837,035 Current assets Trade and other receivables 51 223,172 215,279 Income tax receivable 22,946 31,508 Related party loans 52 151,141 155,105 Total receivables 397,259 401,892 Cash and cash equivalents 53 452,775 429,836 Total current assets 850,034 831,728 Total assets 7,966,882 7,668,763 Shareholders' equity and liabilities Shareholders' equity Issued capital 166,777 171,370 Share premium 2,228,021 2,423,428 Reserve for own shares (137,412) (242,117) Retained earnings (a) 1,442,492 1,027,965 Legal reserves and other 68,601 64,638 Undistributed results: Result after tax for the year 585,571 513,567 Less: distribution to legal reserves (a) (108,875) (13,160) Total shareholders' equity 54 4,245,175 3,945,691 Provisions Deferred tax liabilities — 20,894 Other provisions — 150 Total provisions — 21,044 Long-term liabilities Borrowings 54 2,537,031 3,031,629 Total long-term liabilities 2,537,031 3,031,629 Short-term liabilities Borrowings 55 516,477 17,286 Related party borrowings 56 178,943 242,679 Trade and other payables 57 489,256 410,434 Total short-term liabilities 1,184,676 670,399 Total shareholders' equity and liabilities 7,966,882 7,668,763 (a) In 2024, the Company represented the distribution to legal reserves as a component of 'Undistributed results', as the Company discovered that it had onerously included this distribution as a deduction of Retained Earnings in previous periods. As a result, in the comparative period Retained Earnings were adjusted by €13.2 million. The above Company Balance Sheet should be read in conjunction with the accompanying notes. 2024 UNIVERSAL REGISTRATION DOCUMENT 331 Financial Statements Notes to the Company Financial Statements Note 42. Basis of preparation Euronext N.V. is a Dutch public company with limited liability (naamloze vennootschap) which has its registered office in Amsterdam under Chamber of Commerce number 60234520. The company financial statements of Euronext N.V. (hereafter: the Company) have been prepared in accordance with Part 9, Book 2 of the Dutch Civil Code. In accordance with sub 8 of article 362, Book 2 of the Dutch Civil Code, the company’s financial statements are prepared based on the accounting principles of recognition, measurement and determination of profit, as applied in the consolidated financial statements. These principles also include the classification and presentation of financial instruments, being equity instruments or financial liabilities.This means that the principles for the recognition and measurement of assets and liabilities and determination of the result (hereinafter referred to as principles for recognition and measurement) of the separate financial statements of the Company are the same as those applied for the consolidated EU-IFRS financial statements. All amounts in the company financial statements are presented in EUR thousand, unless stated otherwise. In case no other policies are mentioned, refer to the accounting policies as described in the accounting policies in the Consolidated Financial Statements of this Annual report. For an appropriate interpretation, the Company Financial Statements of Euronext N.V. should be read in conjunction with the Consolidated Financial Statements. Valuation of investments in consolidated subsidiaries Investments in consolidated subsidiaries are presented at equity value. Equity value is based on the measurement of assets, provisions and liabilities and determination of profit based on the principles applied in the consolidated financial statements. If the valuation of a consolidated subsidiary based on the equity value is negative, it will be stated at nil. If and insofar the Company can be held fully or partially liable for the debts of the consolidated subsidiary, or has the firm intention of enabling the consolidated subsidiary to settle its debts, a provision is recognised for this. In determining the value of consolidated subsidiaries with a negative equity, any non- current loans, issued to the consolidated subsidiary, that should be seen as part of the net investment are taken into account. Non-current loans are considered to be part of the net investment if these loans are not expected to be settled in the near future nor planned to be settled in the near future. Share of result of participating interests The share in the result of participating interests consists of the share of the Company in the result of these participating interests. Results on transactions involving the transfer of assets and liabilities between the Company and its participating interests and mutually between participating interests themselves, are eliminated to the extent that they can be considered as not realised. Intra group credit losses In terms of intra group advances, there is sufficient liquidity in the Group to flow funds if required. The expected credit losses are therefore considered to be immaterial. Furthermore, the Company makes use of the option to eliminate intra group expected credit losses, if any, against the book value of loans and receivables from the Company to participating interests, instead of elimination against the equity value of the participating interests. Financial instruments and related risks Information on the use of financial instruments and on related risks for the Company is provided in the notes to the Consolidated Financial Statements of the Group. Note 43. Net turnover In thousands of euros 2024 2023 Market Data revenues 215,344 200,590 Recharge of Market Data revenues (215,344) (200,590) Total — — Euronext N.V. receives market data revenues. The subsidiaries charge Euronext N.V. as market data providers. Euronext N.V. acts as an agent for the market data providers and therefore, the revenues are presented on a net basis. Euronext N.V. does not charge its subsidiaries a fee for its role of administering the sale of market data to third parties and as such does not recognise a margin on the sales. 332 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 44. Other operating expenses In thousands of euros 2024 2023 Systems and communications (449) (391) Professional services (5,447) (6,672) Other expenses (8,900) (6,789) Total (14,796) (13,852) In 2024, Professional services included €3.6 million (2023: €3.6 million) of acquisition costs that mainly related to acquisitions that increase the perimeter of the Group. Other expenses included €6.0 million of intercompany service recharges (2023: €3.1 million). Number of employees Euronext N.V. had no employees during 2024 and 2023. The remuneration of the Supervisory Board is included in other expenses. Note 45. Financial income and expenses In thousands of euros 2024 2023 Income from equity investments — 12,146 Interest and similar income 42,727 33,191 Interest and similar expenses (58,991) (56,456) Exchange differences (6,897) (23,268) Total (23,161) (34,387) In 2023, income from equity investments contains the dividend received from Euroclear S.A./ N.V. In 2024, no dividends from Euroclear S.A./ N.V. were received given the transfer of the direct ownership of the shares in Euroclear held by Euronext N.V. (3.34%) to Euronext Brussels on 21 June 2024 (see Note 2 of the Consolidated Financial Statements). The recent evolution of ascending interest rates resulted in an increase of interest and similar income, which is primarily incurred on the Company's outstanding cash balances. The interest rates in the comparative period were at lower levels. Interest and similar income further includes the interest income on related party loans for €28.3 million in 2024 (2023: €21.5 million). Interest and similar expenses increased following the evolution of ascending interest rates and includes the interest expenses on related party borrowings and cash pool positions with subsidiaries for in total €25.4 million in 2024 (2023: €22.9 million). Interest and similar expenses further includes the full year impact of interest expenses on the Senior Unsecured Notes that are held by the Company. In 2024 and 2023, the exchange differences are mainly triggered by revaluations of the related party loans to Euronext Nordics Holding AS, Euronext UK Holdings Ltd., Euronext US Inc. and Euronext New Zealand Holdings Ltd. (in 2024). 2024 UNIVERSAL REGISTRATION DOCUMENT 333 Financial Statements Note 46. Gain on sale of associates During the comparative period, the following investments in associates were sold: On 6 July 2023, the Group sold its 11.1% investment in associate LCH SA to LCH Group Ltd for consideration of €111.0 million. The investment was held at a carrying amount of €69.4 million, resulting in a gain on disposal of €41.6 million. On 30 November 2023, the Group sold its 18.93% investment in associate Tokeny S.a.r.l. for an amount of €11.4 million. As the investment was held at a carrying amount of zero million, the full proceeds of the sale were recognised in gain on disposal of associates. Reference is made to Note 14 of the Consolidated Financial Statements for more information. Note 47. Tax In thousands of euros 2024 2023 Result before tax (37,924) 4,789 Corporate income tax current financial year 9,447 13,339 Corporate income tax previous financial years (36) (545) Total 9,411 12,794 In the comparative period, the effective tax rate mainly deviates from the applicable tax rate as a result exempt capital gains realized on the sale of LCH SA and Tokeny SarL shares. For the year 2024, the statutory corporate income tax rate was 25.8%, which will remain stable for 2025. Reference is made to Notes 15 and 19 of the Consolidated Financial Statements for more information on the tax rate changes. 2024 2023 Effective tax rate 24.8% (267.2%) Applicable tax rate 25.8% 25.8% OECD Pillar Two model rules The Company has assessed its exposure to the Pillar Two legislation and concluded that Pillar Two has no material impact on the Company and is not expected to have a material impact in the foreseeable future. See Note 15 of the Consolidated Financial Statements for more details on this assessment. 334 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 48. Investments in consolidated subsidiaries, associates, joint ventures and non current related party loans Note 49. TEST In thousands of euros Investments in consolidated subsidiaries Investments in associates and joint ventures Related party loans Total Net book amount as at 1 January 2023 6,237,933 70,562 459,408 6,767,903 Investments 10 — 25,000 25,010 Disposals — (69,415) — (69,415) Capital contributions — — — — Exchange differences (50,454) — (24,384) (74,838) Share-based payments, subsidiaries 14,378 — — 14,378 Actuarial gains/ losses IAS 19 (1,176) — — (1,176) Revaluation financial assets at FVOCI 5,654 — — 5,654 Share in result of participations 489,372 6,612 — 495,984 Dividend received (485,631) (7,759) — (493,390) Reclassification — — — — Other (12,523) — — (12,523) Total movements in book value (40,370) (70,562) 616 (110,316) Net book amount as at 31 December 2023 6,197,563 — 460,024 6,657,587 Investments 7,915 — 165,124 173,039 Capital contributions 22,069 — — 22,069 Exchange differences (24,259) — (7,632) (31,891) Share-based payments, subsidiaries 15,554 — — 15,554 Actuarial gains/ losses IAS 19 513 — — 513 Revaluation financial assets at FVOCI 86,514 — — 86,514 Share in result of participations 614,084 — — 614,084 Dividend received (414,903) — — (414,903) Reclassification — — — — Other (20,059) — — (20,059) Total movements in book value 287,428 — 157,493 444,921 Net book amount as at 31 December 2024 6,484,991 — 617,517 7,102,508 Investments in consolidated subsidiaries In 2024, the investment of €7.9 million related to subsidiary Euronext New Zealand Holdings Ltd., that was incorporated in relation to the acquisition of Global Rate Set Systems (GRSS). Furthermore, the Company made a €22.1 million capital contribution to subsidiary Euronext Brussels in relation to the transfer of the direct ownership of the shares in Euroclear S.A./N.V. (see Note 2 of the Consolidated Financial Statements). In 2023, no significant investments or capital contributions occurred. The line 'Other' includes the cost of employee shares vesting in the subsidiaries for a total of €17.8 million in 2024 (2023: €11.5 million). Investments in associates and joint ventures During the comparative period, the Company sold its investments in associates LCH SA and Tokeny Sarl at proceeds of €111.0 million and €11.4 million respectively. The investments were disposed at a carrying amount of €69.4 million, resulting in a gain on sale of associates of €53.0 million (See Note 14 of the Consolidated Financial Statements). Amounts due from subsidiaries In 2024, Euronext N.V. entered into a loan agreement of NZD 68.5 million with Euronext New Zealand Holdings Ltd., to finance the acquisition of the share capital and voting rights 2024 UNIVERSAL REGISTRATION DOCUMENT 335 Financial Statements of Global Rate Set Systems (GRSS). This loan has a maturity of five years and bears a fixed interest rate of 6.4%. Also, in 2024, Euronext N.V. entered into a loan agreement of €100.0 million with Euronext Brussels, in relation to the transfer of the direct ownership of the shares in Euroclear S.A./N.V. This loan has a maturity of five years and bears an interest rate of EURIBOR plus 0.90%. Furthermore, in 2024, Euronext N.V. entered into a loan agreement of £6.8 million with Euronext UK Holdings Ltd., to partially finance the acquisition of the share capital and voting rights of Substantive Research. This loan has a maturity of ten years and bears an interest rate of SONIA plus 0.125%. In addition, in 2024, Euronext N.V. entered into a loan agreement of $21.0 million with Euronext US Inc., to finance the acquisition of the Acupay Group business. This loan has a maturity of five years and bears a fixed interest rate of 4.5%. In 2022, Euronext N.V. entered into a loan agreement with Euronext Holding Italia S.p.A. at a principal amount of €200.0 million, of which €25.0 million was outstanding as per 31 December 2024. This loan has a maturity of three years and bears an interest rate of EURIBOR plus 0.135%. Euronext N.V. has a loan agreement of NOK 3,500 million entered into with Euronext Nordics Holding AS, to partially finance the acquisition of the share capital and voting rights of Oslo Børs VPS Holding ASA in 2019. This loan had a maturity of five years and was extended with five years. The loan bears a fixed interest rate of 3%. Euronext N.V. has a loan agreement of £16.3 million entered into with Euronext UK Holdings Ltd. to enable the acquisition of Commcise Software Ltd. in 2018. This loan has a maturity of ten years and bears an interest rate of SONIA plus 0.125%. Euronext N.V. has granted three loan agreements to Euronext US Inc. for a total amount of $115.3 million, of which $110.0 million was granted in order to finance the acquisition of FastMatch Inc. in 2017. These loans have a maturity of ten years and bear a weighted average interest rate of 3.36%. The interest amounts of the above mentioned loans are recognised monthly and are included in Note 52. The long- term loans in foreign currencies are not expected, nor planned, to be settled in the near future. Therefore, these loans are regarded as part of the net investment in the foreign operation. As at 31 December 2024, the total outstanding amount of non- current related party loans is €617.5 million (2023: €460.0 million). Note 49. Financial assets at fair value through Other Comprehensive Income To achieve optimal transparency, the name convention of financial assets at fair value through Other Comprehensive Income (FVOCI) was aligned between the Consolidated Financial Statements and the Company Financial Statements. To simplify the Euronext Group structure, the Group transferred its direct ownership of the shares in Euroclear held by Euronext N.V. (3.34%) and Euronext Dublin (0.19%), to Euronext Brussels on 21 June 2024. As a result, the financial assets at fair value through Other Comprehensive Income of €4.2 million (2023: €178.7 million) only represent the direct investment in EuroCTP B.V. For additional information on this investment, reference is made to Note 20 of the Consolidated Financial Statements. For additional information on the transfer of the Euroclear shares to Euronext Brussels, reference is made to Note 2 of the Consolidated Financial Statements. Note 50. Other non-current financial and other assets As per 31 December 2024 the €0.4 million (2023: €0.7 million) of Other non-current financial and other assets includes the issue costs linked to the revolving credit facility. Note 51. Trade and other receivables In thousands of euros As at 31 December 2024 As at 31 December 2023 Trade receivables 26,086 24,794 Contract receivables 18,017 17,164 Allowance for expected credit losses (46) (33) Trade and contract receivables net 44,057 41,925 Related party receivables 174,811 166,725 Tax receivables (excluding income tax) 1,804 1,987 Prepayments and accrued income 755 474 Other receivables 1,745 4,168 Total 223,172 215,279 Trade receivables are non-interest bearing and generally on terms of 30 to 90 days. Contract receivables represent amounts in respect of unbilled revenue, for which the Group has an unconditional right to the consideration (i.e. only the passage of time is required before payment of the consideration is due). As at 31 December 2024, the related party receivables contain a €148.0 million (2023: €148.0 million) dividend receivable due from Euronext IP & IT Holding B.V. The fair value of the receivables approximates the book value, due to their short-term character. 336 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Set out below is the movement in the allowance for expected credit losses of trade and contract receivables: In thousands of euros 2024 2023 As at 1 January 33 17 Provision for expected credit losses 13 16 Receivables written off during the year — — At 31 December 46 33 The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for its trade and contract receivables. Reference is made to Notes 3 and 37.5 of the Consolidated Financial Statements on the inputs used in establishing the provision matrix used to calculate the loss allowance provision. Trade receivables outstanding for longer than a year amounted to €48k (2023: nil). Set out below is the information on the credit risk exposure on the Company’s trade and contract receivables using a provision matrix: 31 December 2024 Trade receivables In thousands of euros Contract Receivables Current 30-60 days past due 61-90 days past due > 91 days past due Total Expected credit loss rate —% —% —% —% 0.01% Collectively assessed receivables 18,017 16,768 3,646 2,445 3,182 44,058 Expected credit loss collective basis — — — — 1 1 Expected credit loss rate —% —% —% —% 100.00% Individually assessed receivables — — — — 45 45 Expected credit loss individual basis — — — — 45 45 Total expected credit loss — — — — 46 46 31 December 2023: Trade receivables In thousands of euros Contract Receivables Current 30-60 days past due 61-90 days past due > 91 days past due Total Expected credit loss rate —% —% 0.01% 0.01% 0.02% Collectively assessed receivables 17,164 16,686 3,156 1,642 3,282 41,930 Expected credit loss collective basis — — — — 1 1 Expected credit loss rate —% —% —% —% 100.00% Individually assessed receivables — — — — 32 Expected credit loss individual basis — — — — 32 32 Total expected credit loss — — — — 33 33 2024 UNIVERSAL REGISTRATION DOCUMENT 337 Financial Statements Note 52. Current related party loans In thousands of euros As at 1 January 2024 Loans advanced / (settled) Interest accrued / (paid) As at 31 December 2024 Current Euronext Corporate Services B.V. 134,486 — — 134,486 Interest receivable on non current intercompany loans 18,830 — (3,904) 14,926 Interest receivable on current intercompany loans 1,789 — (60) 1,729 Total 155,105 — (3,964) 151,141 In thousands of euros As at 1 January 2023 Loans advanced / (settled) Interest accrued / (paid) As at 31 December 2023 Current Euronext Corporate Services B.V. 134,486 — — 134,486 Interest receivable on non current intercompany loans 20,601 — (1,771) 18,830 Interest receivable on current intercompany loans 667 — 1,122 1,789 Total 155,754 — (649) 155,105 The fair value of the related party loans receivable approximate their carrying values. The €134.5 million loan receivable from Euronext Corporate Services B.V. has no maturity and is repayable at lender’s or borrower’s request upon 48 hours’ notice. The interest amounts are paid annually and based on €STER or EURIBOR 3 months reference rates plus 0.125%. Note 53. Cash and cash equivalents Cash and cash equivalents included €248.8 million of deposits with a maturity less than three months on inception date (2023: €356.2 million). 338 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 54. Shareholders’ equity The movements in shareholder’s equity were as follows: Legal reserves and other In thousands of euros Issued capital Share premium Reserve for own shares Retained earnings (a) Undistri buted results (a) Non- distributable retained earnings and other reserves regarding subsidiaries Revaluation reserve Reserve for translation differences Total As at 1 January 2023 171,370 2,423,428 (32,836) 839,764 418,421 59,755 72,450 (38,385) 3,913,967 Share based payments — — — 14,134 — — — — 14,134 Appropriation of the results of preceding year (dividends) — — — 181,230 (418,421) — — — (237,191) Net result for the period — — — — 513,567 — — — 513,567 Distribution to legal reserves — — — — (13,160) 13,160 — — — Exchange rate differences — — — — — — — (50,545) (50,545) Revaluation subsidiaries — — — 4,478 — — — — 4,478 Other revaluations — — — — — — 8,203 — 8,203 Acquisition of NCI subsidiaries — — — (885) — — — — (885) Purchase of shares — — (219,061) — — — — — (219,061) Other movements — — 9,780 (10,756) — — — — (976) As at 31 December 2023 171,370 2,423,428 (242,117) 1,027,965 500,407 72,915 80,653 (88,930) 3,945,691 Cancellation of shares (4,593) (195,407) 200,000 — — — — — — Share based payments — — — 15,556 — — — — 15,556 Appropriation of the results of preceding year (dividends) — — — 243,139 (500,407) — — — (257,268) Net result for the period — — — — 585,571 — — — 585,571 Distribution to legal reserves — — — — (108,875) 108,875 — — — Combined derivative instrument subsidiaries — — — (2,250) — — — — (2,250) Exchange rate differences — — — — — — — (24,259) (24,259) Revaluation subsidiaries — — — 87,027 — — — — 87,027 Other revaluations — — — — — — 3,445 — 3,445 Transfer of revaluation result to retained earnings — — — 84,098 — — (84,098) — — Acquisition of NCI subsidiaries — — — (42) — — — — (42) Purchase of shares — — (106,659) — — — — — (106,659) Other movements — — 11,364 (13,001) — — — — (1,637) As at 31 December 2024 166,777 2,228,021 (137,412) 1,442,492 476,696 181,790 — (113,189) 4,245,175 (a) In 2024, the Company represented the distribution to legal reserves as a component of 'Undistributed results', as the Company discovered that it had onerously included this distribution as a deduction of Retained Earnings in previous periods. As a result, the historical balance of Retained 2024 UNIVERSAL REGISTRATION DOCUMENT 339 Financial Statements Earnings as per 1 January 2023 was adjusted upwards by €19.4 million, whereas Undistributed results were adjusted downwards by €19.4 million. The movement on the line 'distribution to legal reserves' in 2023 was represented accordingly. The line 'other revaluations' comprises the impact of revaluations of equity investments that are held directly by the Company (see Note 49) and as such are recognised in the Company's revaluation reserve. The line 'revaluation subsidiaries' comprises the impact of revaluations of equity -and debt instruments that are held by subsidiaries, and are recognised in the Company's retained earnings. Any impact from reserves at subsidiaries that are not freely available will be distributed to the Company's reserve for "non-distributable retained earnings and other reserves regarding subsidiaries". For further information to the shareholder’s equity, see Note 26 of the Consolidated Financial Statements. The movements in the shareholder’s equity are before the proposed profit appropriation. Proposed profit appropriation The managing board proposes to appropriate the profit of €585.6 million as follows: In thousands of euros 2024 2023 Addition/(deduction) to/(from) legal reserves 108,875 13,160 Addition to retained earnings 183,910 243,623 Proposed dividends 292,786 256,784 Total 585,571 513,567 In respect of the year ended 31 December 2024, a dividend representing a 50% pay out ratio on net profit, amounting to a total of €292.8 million is to be proposed to the annual general meeting on 15 May 2025. This represents a dividend of €2.85 per share based on the number of shares outstanding at 31 December 2024. In respect of the year ended 31 December 2023, a dividend representing a 50% pay out ratio on net profit, amounting to a total of €256.8 million was proposed to and voted by the annual general meeting on 15 May 2024. This represented a dividend of €2.48 per share based on the number of shares outstanding at 31 December 2023. In 2024, a total amount of €108.9 million was added to the legal reserves, which related to non-distributable reserves for the revaluation of the investments in Euroclear and Sicovam at Euronext Brussels and Euronext Paris. In 2023, a total amount of €13.2 million was added to the legal reserves, which related to capitalised development costs in Dutch subsidiaries. Non-distributable retained earnings and other reserves regarding subsidiaries As at 31 December 2024, retained earnings and other reserves from subsidiaries are not freely available for distribution for an amount of €181.8 million relating to legal reserves (2023: €72.9 million). The amount includes a legal reserve for capitalised development costs in Dutch subsidiaries of €43.1 million (2023: €51.9 million). Revaluation reserve The revaluation reserve is maintained for the revaluation of the financial assets at FVOCI, net of tax. This reserve is a non- distributable legal reserve. In 2024, following the transfer of the direct ownership of the shares in Euroclear S.A./N.V. to Euronext Brussels, the revaluation result was transferred to retained earnings. Reserve for translation differences The reserve for translation differences concerns all exchange rate differences arising from the translation of the net investment in foreign entities. This reserve is a non- distributable legal reserve. Note 55. Borrowings For additional information on the borrowing positions, a reference is made to Note 29 of the Consolidated Financial Statements. 340 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 56. Related Party Borrowings In thousands of euros As at 1 January 2024 Loan settlements made Loans advanced Interest accrued/ (paid) As at 31 December 2024 Current Euronext Paris S.A. 67,000 — — — 67,000 Euronext IP & IT Holding B.V. 84,686 — — — 84,686 Euronext Amsterdam N.V. 25,000 — — — 25,000 Euronext Brussels S.A./N.V. 60,000 (60,000) — — — Euronext Corporate Services B.V. 3,500 (3,500) — — — Interest payable on intercompany loan 2,493 — — (236) 2,257 Total 242,679 (63,500) — (236) 178,943 In thousands of euros As at 1 January 2023 Loan settlements made Loans advanced Interest accrued/ (paid) As at 31 December 2023 Current Euronext Paris S.A. 67,000 — — — 67,000 Euronext IP & IT Holding B.V. 84,686 — — — 84,686 Euronext Amsterdam N.V. 25,000 — — — 25,000 Euronext Brussels S.A./N.V. 60,000 — — — 60,000 Euronext Corporate Services B.V. 3,500 — — — 3,500 Interest payable on intercompany loan 821 — — 1,672 2,493 Total 241,007 — — 1,672 242,679 The fair value of the related party loans payable approximate their carrying values. The €67.0 million loan payable to Euronext Paris S.A. has no maturity and is repayable at lender’s or borrower’s request upon 48 hours’ notice. The applicable interest was €STER OIS plus 0.125%, payable annually. The sensitivity of the related party loan payables to changes in the interest rate is that a 0.5% increase/decrease of the interest rate will result in an increase/decrease of the interest income by €0.3 million (2023: €0.3 million). The €84.7 million loan payable to Euronext IP & IT Holding B.V. has no maturity and is repayable at lender’s or borrower’s request upon 48 hours’ notice. The interest is Euribor 3 months plus 0.125% payable annually on two loans. The sensitivity of the related party loan payables to changes in the Euribor interest rate is that a 0.5% increase/decrease of the interest rate will result in an increase/decrease of the interest income by €0.4 million (2023: €0.4 million). The €25.0 million loan payable to Euronext Amsterdam N.V. has no maturity and is repayable at lender’s or borrower’s request upon 48 hours’ notice. The interest was €STER OIS plus 0.125%, payable annually on one loan. The sensitivity of the related party loan payables to changes in the interest rate is that a 0.5% increase/decrease of the interest rate will result in an increase/decrease of the interest income by €0.1 million (2023: €0.1 million). In 2024, the Company repaid its €60.0 million loan payable to Euronext Brussels S.A./N.V. The loan had no maturity and was repayable at lender’s or borrower’s request upon 48 hours’ notice. The interest was Euribor 3 months plus 0.125% payable annually on one loan. In 2024, the Company repaid its €3.5 million loan payable to Euronext Corporate Services B.V. The loan had no maturity and was repayable at lender’s or borrower’s request upon 48 hours’ notice. The interest was €STER OIS plus 0.125%, payable annually on one loan. 2024 UNIVERSAL REGISTRATION DOCUMENT 341 Financial Statements Note 57. Trade and other payables In thousands of euros As at 31 December 2024 As at 31 December 2023 Trade payables 166 69 Amounts due to subsidiaries 486,519 408,927 Other 2,571 1,438 Total 489,256 410,434 As at 31 December 2024, the amounts due to subsidiaries contains a €469.1 million cash pool position with the subsidiaries (2023: €387.9 million). The carrying values of current trade and other payables are reasonable approximations of their fair values. These balances do not bear interest. Note 58. Managing Board and Supervisory Board remuneration 58.1 Managing Board remuneration 2024 In thousands of euros Fixed Benefits Variable Benefits Share-based payment costs Post- employment benefits Termination payments Total Benefits Stéphane Boujnah 1,058 1,500 2,191 — 4,749 Manuel Bento 479 473 371 — 1,323 Delphine d’Amarzit 356 300 265 — 921 Daryl Byrne 301 200 305 32 838 Isabel Ucha 256 120 145 34 555 Fabrizio Testa 418 378 371 26 1,193 Øivind Amundsen 251 197 159 13 620 Benoît van den Hove 230 130 38 16 414 Simon Gallagher (a) 214 283 269 24 790 Simone Huis in 't Veld (b) 229 — 186 21 436 Total 3,792 3,581 4,300 166 — 11,839 342 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 2023 In thousands of euros Fixed Benefits Variable Benefits Share-based payment costs Post- employment benefits Termination payments Total Benefits Stéphane Boujnah 1,024 1,425 1,896 — — 4,345 Chris Topple (c) 352 304 324 25 862 1,867 Daryl Byrne 293 200 297 32 — 822 Delphine d’Amarzit 352 270 219 — — 841 Manuel Bento (d) 257 400 105 — — 762 Isabel Ucha 252 140 150 35 — 577 Simone Huis in 't Veld 310 220 268 23 — 821 Fabrizio Testa 412 378 264 26 — 1,080 Øivind Amundsen 260 201 169 11 — 641 Benoît van den Hove (e) 95 100 22 6 — 223 Vincent van Dessel (e) 235 — 407 21 — 663 Total 3,842 3,638 4,121 179 862 12,642 (a) On 15 May 2024, at the Annual General Meeting, Simon Gallagher was appointed as Member of the Managing Board of Euronext N.V. with immediate effect, following the resignation of Chris Topple. (b) On 1 September 2024, Simone Huis in 't Veld resigned as CEO of Euronext Amsterdam N.V. and as Member of the Managing Board of Euronext N.V. She was succeeded by René van Vlerken as CEO of Euronext Amsterdam N.V. and as Member of the Managing Board of Euronext N.V., pending approval of the Annual General Meeting on 15 May 2025. (c) Chris Topple decided to resign from his position as Member of the Managing Board of Euronext N.V. as per 8 November 2023. (d) At the Annual General Meeting held on 17 May 2023, Manuel Bento was appointed as a member of the Managing Board of Euronext N.V. (e) At the Annual General Meeting held on 17 May 2023, Benoît van den Hove was appointed as a member of the Managing Board with effect from 1 July 2023, following the retirement of Vincent van Dessel. The Company has not granted any loans, advanced payments and guarantees to the members of the Managing Board and Supervisory Board. The fixed compensation components consist of base salary and other benefits in kind like company car and health care insurance, if applicable. These components are linked to the overall job responsibilities of the individual Managing Board member and reflect internal consistency. The variable salary consists of an annual performance compensation component as a percentage of base salary. The percentages are target percentages of the annual base salary, which are only payable if all objectives are met. Performance criteria are set and reviewed on an annual basis by the Remuneration Committee and the Supervisory Board. For 2024, all bonus targets have been met by the Managing Board. 2024 UNIVERSAL REGISTRATION DOCUMENT 343 Financial Statements 58.2 Euronext Share plans 2024: in number of RSU Plan Year of Granting Outstanding as at 1 January 2024 Granted Performance Adjustment Forfeited Vested Outstanding as at 31 December 2024 Stéphane Boujnah LTI 2021 19,275 — — — (19,275) — LTI 2022 15,684 — — — — 15,684 LTI 2023 22,522 — — — — 22,522 LTI 2024 — 28,433 — — — 28,433 Manuel Bento LTI 2021 (a) 1,401 — — — (1,401) — LTI 2022 (a) 1,520 — — — — 1,520 LTI 2023 4,279 — — — — 4,279 LTI 2024 — 8,215 — — — 8,215 Fabrizio Testa LTI 2021 (a) 2,926 — — — (2,926) — LTI 2022 3,422 — — — — 3,422 LTI 2023 4,054 — — — — 4,054 LTI 2024 — 3,006 — — — 3,006 Simon Gallagher LTI 2021 (a) 1,927 — — — (1,927) — LTI 2022 (a) 2,376 — — — — 2,376 LTI 2023 (a) 2,815 — — — — 2,815 LTI 2024 — 2,725 — — — 2,725 Daryl Byrne LTI 2021 2,365 — — — (2,365) — LTI 2022 2,566 — — — — 2,566 LTI 2023 3,040 — — — — 3,040 LTI 2024 — 2,255 — — — 2,255 Delphine d'Amarzit LTI 2021 2,628 — — — (2,628) — LTI 2022 2,851 — — — — 2,851 LTI 2023 3,378 — — — — 3,378 LTI 2024 — 2,505 — — — 2,505 Isabel Ucha LTI 2021 1,343 — — — (1,343) — LTI 2022 1,457 — — — — 1,457 LTI 2023 1,726 — — — — 1,726 LTI 2024 — 1,280 — — — 1,280 Øivind Amundsen LTI 2021 1,576 — — — (1,576) — LTI 2022 1,667 — — — — 1,667 LTI 2023 1,723 — — — — 1,723 LTI 2024 — 1,292 — — — 1,292 Benoît van den Hove LTI 2021 (a) 467 — — — (467) — LTI 2022 (a) 506 — — — — 506 LTI 2023 600 — — — — 600 LTI 2024 — 1,130 — — — 1,130 Simone Huis in 't Veld LTI 2021 2,365 — — — (2,365) — LTI 2022 2,566 — — (2,566) — — LTI 2023 3,040 — — (3,040) — — LTI 2024 — 2,255 — (2,255) — — (a) Shares not granted in capacity as member of the Managing Board. 344 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements 2023: in number of RSU Plan Year of Granting Outstanding as at 1 January 2023 Granted Performance Adjustment Forfeited Vested Outstanding as at 31 December 2023 Stéphane Boujnah LTI 2020 15,397 — 7,406 — (22,803) — LTI 2021 19,275 — — — — 19,275 LTI 2022 15,684 — — — — 15,684 LTI 2023 — 22,522 — — — 22,522 Manuel Bento LTI 2020 (a) 1,244 — 598 — (1,842) — LTI 2021 (a) 1,401 — — — — 1,401 LTI 2022 (a) 1,520 — — — — 1,520 LTI 2023 — 4,279 — — — 4,279 Fabrizio Testa LTI 2021 (a) 2,926 — — — — 2,926 LTI 2022 3,422 — — — — 3,422 LTI 2023 — 4,054 — — — 4,054 Chris Topple LTI 2020 3,768 — 1,812 — (5,580) — LTI 2021 3,663 — — — — 3,663 LTI 2022 4,034 — — (4,034) — — LTI 2023 — 4,669 — (4,669) — — Daryl Byrne LTI 2020 2,520 — 1,212 — (3,732) — LTI 2021 2,365 — — — — 2,365 LTI 2022 2,566 — — — — 2,566 LTI 2023 — 3,040 — — — 3,040 Delphine d'Amarzit LTI 2021 2,628 — — — — 2,628 LTI 2022 2,851 — — — — 2,851 LTI 2023 — 3,378 — — — 3,378 Isabel Ucha LTI 2020 1,431 — 688 — (2,119) — LTI 2021 1,343 — — — — 1,343 LTI 2022 1,457 — — — — 1,457 LTI 2023 — 1,726 — — — 1,726 Øivind Amundsen LTI 2020 1,531 — 736 — (2,267) — LTI 2021 1,576 — — — — 1,576 LTI 2022 1,667 — — — — 1,667 LTI 2023 — 1,723 — — — 1,723 Simone Huis in 't Veld LTI 2020 2,520 — 1,212 — (3,732) — LTI 2021 2,365 — — — — 2,365 LTI 2022 2,566 — — — — 2,566 LTI 2023 — 3,040 — — — 3,040 Benoît van den Hove LTI 2020 (a) 498 — 240 — (738) — LTI 2021 (a) 467 — — — — 467 LTI 2022 (a) 506 — — — — 506 LTI 2023 — 600 — — — 600 Vincent van Dessel LTI 2020 1,785 — 859 (2,644) — LTI 2021 1,692 — — — — 1,692 LTI 2022 1,909 — — — — 1,909 LTI 2023 — 2,513 — — — 2,513 (a) Shares not granted in capacity as member of the Managing Board. For additional information on the value of awards granted to the Managing Board reference is made to Note 28 of the Consolidated Financial Statements. 2024 UNIVERSAL REGISTRATION DOCUMENT 345 Financial Statements 58.3 Supervisory Board Remuneration In thousands of euros 2024 2023 Piero Novelli (Chair) 242 249 Dick Sluimers (Vice-Chair) 169 179 Muriel De Lathouwer 64 — Alessandra Ferone 88 96 Nathalie Rachou 110 104 Fedra Ribeiro 44 — Padraic O’Connor 88 96 Olivier Sichel 68 78 Morten Thorsrud 109 114 Koen Van Loo 44 — Diana Chan 37 114 Rika Coppens 47 121 Manuel Ferreira da Silva 32 96 Total 1,142 1,244 On 15 May 2024, at the Annual General Meeting, Manuel Ferreira da Silva, Diana Chan and Rika Coppens retired as Members of the Supervisory Board of Euronext N.V., with immediate effect. At that same meeting, Fedra Ribeiro, Muriel De Lathouwer and Koen Van Loo were appointed as Members of the Supervisory Board of Euronext N.V., with effect from the date on which regulatory approval will be granted. During 2023, no changes occurred to the composition of the Supervisory Board. 346 2024 UNIVERSAL REGISTRATION DOCUMENT 8 Financial Statements Note 59. Commitments and contingencies not included in the balance sheet Tax group The Company is the head of a fiscal unity with Euronext Amsterdam NV, Euronext IP & IT Holding BV, Euronext Corporate Services BV, Company Webcast BV and Ibabs BV. Under the standard conditions, the members of the tax group are jointly and severally liable for any taxes payable by the fiscal unity. Each company within the fiscal unity recognises its own tax position on its company balance sheet. The financial statements of Euronext NV, Euronext Amsterdam NV, Euronext IP & IT Holding BV, Ibabs BV and Euronext Corporate Services BV. recognise a tax liability based on their taxable profit. Guarantees The Company participates in a number of guarantees. Within the Group, the Company acted in the guarantor for certain liabilities of its subsidiary up to an amount of €7.4 million in 2023 versus none in 2024. In addition, the Company has provided a 403 statement for the benefit of Euronext Amsterdam N.V. and Ibabs B.V. It should be noted that the Group consistently waives guarantee fees for intergroup guarantees, meaning these transactions are not at arm’s length. Note 60. Events after the reporting period The events occurred between 31 December 2024 and the date of this report that could have a material impact on the economic decisions made based on these financial statements, are described in Note 41 of the Consolidated Financial Statements. Authorisation of Company Financial Statements Amsterdam, 28 March 2025 Supervisory Board Managing Board Piero Novelli (Chair) Stéphane Boujnah (CEO and Chairman) Dick Sluimers Daryl Byrne Muriel De Lathouwer Delphine d’Amarzit Alessandra Ferone Fabrizio Testa Padraic O’Connor Isabel Ucha Nathalie Rachou Øivind Amundsen Fedra Ribeiro Benoît van den Hove Olivier Sichel Manuel Bento Morten Thorsrud Simon Gallagher Koen Van Loo 2024 UNIVERSAL REGISTRATION DOCUMENT 347 Other Information 9 OTHER INFORMATION 9.1 Profit Appropriation Section Provisions in the Articles of Association relating to profit appropriation Article 28.2 of the Articles of Association states that from the proposed dividend, as they appear from the adopted annual accounts, first, in the event that the priority share has been issued and is held by a party other than the Company, a dividend of ten per cent (10%) of the par value of the priority share will be paid to the holder of the priority share. The proposed dividend which remain after application of the first sentence of this Article 28.2 shall be at the free disposal of the General Meeting, provided that there shall be no further distribution on the priority share, and provided that the General Meeting may only resolve on any reservation or distribution of profits pursuant to and in accordance with a proposal thereto of the Supervisory Board or a proposal of the Managing Board, which proposal has been approved by the Supervisory Board. 2024 UNIVERSAL REGISTRATION DOCUMENT 349 350 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 351 352 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 353 354 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 355 356 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 357 358 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 359 360 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 361 362 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 363 364 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 365 366 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 367 368 2024 UNIVERSAL REGISTRATION DOCUMENT 2024 UNIVERSAL REGISTRATION DOCUMENT 369 GLOSSARY & CONCORDANCE TABLES ACPR The French Prudential Supervision and Resolution Authority (Autorité de Contrôle Prudentiel et de Résolution) AFM Stichting Autoriteit Financiële Markten, the Netherlands Authority for the Financial Markets Alternext Former name for Euronext's multilateral trading facilities (MTFs) in Paris, Brussels, Lisbon, Oslo and Milan, now called Euronext Growth AMF French Authority for the Financial Markets (Autorité des Marchés Financiers ) Articles of Association The Articles of Association (statuten ) of the Company Brexit British exit, referring to the UK’s decision in a referendum on 23 June 2016 to leave the European Union CAGR Compounded annual growth rate Cash Clearing Agreement The Cash Clearing Agreement entered into between Euronext and certain of its affiliates and LCH SA S.A. and LCH SA Group Limited on 22 January 2013 CC&G Multi-asset clearing house owned by Euronext since 29 April 2021 CCPs Central counterparties CDP Carbon Disclosure Project: CDP is a not-for-profit organisation that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. Central Order Book Providing access to the deepest liquidity pool in Europe connecting Euronext's regulated markets in Amsterdam, Brussels, Dublin, Lisbon, Oslo and Paris. CEO Chief Executive Officer CFO Chief Financial Officer Clearing Services Clearing Services is the procedure by which an organisation (CCP) acts as an intermediary and assumes the role of a buyer and seller in a transaction through the process of novation in order to reconcile orders between transacting parties. CMVM Comissão do Mercado de Valores Mobiliários, the Portuguese Securities Markets Commission Code of business conduct and ethics Code that reaffirms the Euronext N.V.’s commitment to high standards of ethical conduct and reinforces its business ethics, policies and procedures CONSOB Commissione Nazionale per le Società e la Borsa, the regulatory authority for the Italian securities market Company Euronext N.V. and its consolidated subsidiaries, unless otherwise indicated Compliance department The Compliance department of Euronext N.V. COO Chief Operating Officer CSD central securities depositories CSD Regulation EU Regulation on securities settlement and central securities depositories ( published on the Official Journal of the European Union on 23 July 2014) D2C Dealer-to-Client D2D Dealer-to-Dealer D&A Depreciation and Amortisation Derivatives Clearing Agreement The Derivatives Clearing Agreement entered into between Euronext and certain of its affiliates and LCH SA S.A. and LCH SA Group Limited on 14 October 2013. The revenue sharing agreement became effective as of 1 April 2014 Code The Dutch Corporate Governance Code Dutch Financial Supervision Act The Dutch Financial Supervision Act (Wet op het Financieel Toezicht) and the rules promulgated thereunder EBITDA Operating Profit Before Exceptional Items and Depreciation and Amortisation ECB European Central Bank ECN EEA European Economic Area EGB European Government Bonds ELITE Business support and capital raising platform for ambitious and fast growing companies created by Borsa Italiana EMIR The EU Regulation on OTC derivative transactions, central counterparties and trade repositories (Regulation 648/2012) ESG Environmental, Social and Governance ESMA European Securities and Markets Authority ETF or ETFs Exchange traded funds ETPs Exchange traded products EU European Union €, Euro The lawful currency of the Member states of the European Union that have adopted it Euroclear Euroclear Bank S.A./N.V. Euronext Euronext N.V. and its consolidated subsidiaries, unless otherwise indicated Euronext Amsterdam Euronext Amsterdam N.V. and/or the Regulated Market of the Company in Amsterdam Euronext Brussels Euronext Brussels S.A./N.V. and/or the Regulated Market of the Company in Brussels Euronext Clearing Euronext's multi-asset clearing house, formerly known as CC&G 370 2024 UNIVERSAL REGISTRATION DOCUMENT Euronext College of Regulators The parties to a Memorandum of Understanding between the competent authorities regarding the co-ordinated regulation and supervision of Euronext being the AMF, the AFM, the CBI, the FSA, the FSMA, CMVM, and CONSOB Euronext Dublin Irish Stock Exchange Plc and/or the Regulated Market of the Company in Dublin Euronext Lisbon Euronext Lisba-Sociedade Gestora de Mercados Regulamentados and/or the Regulated Market of the Company in Lisbon Market Operator The operator of a regulated market Euronext Market Subsidiary or Subsidiaries (A) each and any of (1) Euronext Paris S.A., (2) Euronext Amsterdam N.V., (3) Euronext Brussels S.A./N.V., (4) Euronext Lisbon S.A., (5) Euronext London Ltd and (6) any other Subsidiary of the Company operating a Regulated Market, and (B) any other Subsidiary that is subject to regulatory supervision controlled, directly or indirectly, by any of the entities listed in sub-paragraph (A), including without limitation Interbolsa S.A. Euronext Paris Euronext Paris S.A. and/or the Regulated Market of the Company in Paris Euronext Rulebooks The Euronext Rulebook containing the rules applicable to the Euronext Market Operators (Rulebook I) and the various non‑harmonised Euronext Rulebooks containing local exchange-specific rules (Rulebook II) Euronext Securities The CSD network connecting European economies to global capital markets Exchange Licence (A) each declaration of no-objection or approval granted by or on behalf of the College of European Regulators to the Company in relation to the operation or holding of one or more Regulated Markets and/or the operation of one or more Multilateral Trading Facilities by the Company or any of the Euronext Market Subsidiaries, (B) each licence granted by or on behalf of the Minister of Finance of the Netherlands to the Company in relation to the operation or holding of one or more Regulated Markets, as well as (C) each declaration of no-objection granted by or on behalf of the Minister of Finance of the Netherlands to any person holding a qualifying participation in the Company and/or any of its Euronext Market Subsidiaries in the Netherlands within the meaning of section 1 of the Act, in each case such licence, approval or declaration of no-objection (i) as granted pursuant to the Act or other applicable law implementing Directive 2004/39/EC or the relevant memorandum of understanding constituting the College of European Regulators and (ii) as in force and as amended at the relevant time Facilities Agreement The Facilities Agreement relates to a term loan facilities and a revolving loan facilities entered into between Euronext N.V. and Bank syndicates FCA The UK Financial Conduct Authority FICC Fixed Income, Currencies and Commodities Finanstilsynet Financial Supervisory Authority of Norway Fintech Abbreviation for Financial Technology FRSA The Dutch Financial Reporting Supervision Act (Wet toezicht financiële verslaggeving) FSMA Belgian Authority for the Financial Markets (Financial Services and Markets Authority) FTEs Full-time employee equivalents GEM Global Equity Market GEM Global Exchange Market General Meeting The general meeting of shareholders (algemene vergadering van aandeelhouders) of Euronext N.V. GHG Greenhouse gas GOA The further amended and restated governance and option agreement, to which ICE, the stichting and the Company are parties Group The Company and its consolidated subsidiaries ICE Intercontinental Exchange, Inc. (formerly named Intercontinental Exchange Group, Inc.), together with its consolidated subsidiaries IFRS International Financial Reporting Standards as adopted by the European Union IOI Indication of interest IPO Initial public offering IT Information technology Interbolsa The CSD in Portugal for the Portuguese market LCH SA Banque Centrale de Compensation, trading as LCH SA LCH SA Agreement The Cash Clearing Agreement and the Derivatives Clearing Agreement LIFFE LIFFE Administration and Management Lit Trading Venue Trading venue displaying bid and offer prices at any time LTI Long Term Incentive LSEG London Stock Exchange Group plc, MAD The EU Market Abuse Directive (2003/6/EC), now superseded by MAR Managing Board The Managing Board (bestuur) of Euronext N.V. MAR EU Regulation on insider dealing and market manipulation (published on the Official Journal of the European Union on 16 April 2014) which replaces MAD since its entry into force on 3 July 2016 MATIF International Futures Market of France MiFID II The revised EU Directive on MiFID (published on the Officiel Journal of the European Union on 12 June 2014) MiFID II / MiFIR legislation MiFID II and MiFIR MiFIR EU Regulation on Markets in Financial Instruments (published on the Official Journal of the European Union on 12 June 2014) Monte Titoli Italian central securities depository owned by Euronext since 29 April 2021 MTFs Multilateral trading facilities designated under MiFID and MiFID II MTS Bondvision MTS BondVision is a regulated and secure multi-dealer-to-client trading platform for government bonds and credit MTS One of Europe’s leading electronic fixed income trading markets NGEU Next Generation EU, recovery plan for: https://ec.europa.eu/info/strategy/recovery-plan-europe-en 2024 UNIVERSAL REGISTRATION DOCUMENT 371 NOTC Norwegian OTC-list, a market place for unlisted shares NOK Norwegian Kroner NTI Net Treasury Income NYSE Euronext The Parent through 13 November 2013 Offering The offering of Ordinary Shares as that took place on 20 June 2014 Optiq® Euronext new enhanced multi-market proprietary trading platform Ordinary Shares Issued and outstanding ordinary shares in the share capital of the Company OTC Over-the-counter Parent NYSE Euronext, through 13 November 2013, and ICE, from 13 November 2013 until 20 June 2014 Priority Share Priority share in the share capital of the Company Qualifying Participation Direct or indirect interest of 10% or more of the share capital or voting rights Reference Shareholders A group of institutional investors comprised ofNovo Banco., an affiliate of Banco Espírito Santo, S.A., BNP Paribas S.A., BNP Paribas Fortis S.A./N.V., ABN AMRO Bank N.V. through its subsidiary ABN AMRO Participaties Fund I B.V., ASR Levensverzekering N.V. (a company of the ASR Nederland group), Caisse des Dépôts et Consignations, Bpifrance Participations, Euroclear S.A./N.V., Société Fédérale de Participations et d’Investissement/Federale Participatie- en Investeringsmaatschappij, Société Générale and BancoBPI Pension Fund represented by BPI Vida e Pensões – Companhia de Seguros, S.A. Reference Shareholders Agreement The agreement entered into by the Reference Shareholders dated 3 June 2014 Regulated Market A multi-lateral system or trading venue designated to be a “regulated market” under MiFID and MiFID II RFQ Request for quotation RIE Recognised investment exchange ROCE Return on capital employed SaaS Software as a service Science-Based Targets The Science-Based Targets initiative : https://sciencebasedtargets.org/business-ambition-for-1-5c Selling Shareholder ICE Europe Parent Ltd Separation Establishment of Euronext as an independent, publicly traded company by means of an initial public offering SFTI® Secure Financial Transactions Infrastructure Shareholder Any shareholder of the Company at any time Share Purchase Agreement The sale and purchase agreement of Ordinary Shares in Euronext N.V. entered into between ICE, the Selling Shareholder and the Reference Shareholders dated 27 May 2014 SIs Systematic Internalisers Single Order Book Single Order Book for Euronext Paris, Euronext Amsterdam, and Euronext Brussels which unites trading, clearing and settlement across the exchanges in France, Belgium, and the Netherlands, which results in one single trading line for all listed securities, including those listed currently on more than one Euronext markets for which the Single Order Book executes trades on the designated market of reference. SMEs Small and medium-sized enterprises Subsidiary Has the meaning as referred to in section 2: 24a of the Dutch Civil Code Supervisory Board The Supervisory Board of Euronext N.V. Tech or tech abbreviation for technology TMT Technology, media and telecom Transparency Directive The EU Transparency Directive 2004/109/EC, as amended by Directive 2013/50/EU with respect to transparency and disclosure obligations T2S TARGET2-Securities, the European technical platform set up and operated by the Eurosystem that allow core, neutral and borderless settlement of securities transactions on a DvP (delivery-versus-payment) basis in Central Bank Money UN United Nations UTP or Euronext UTP Universal Trading Platform or Euronext Universal Trading Platform WACC Weighted average cost of capital 372 2024 UNIVERSAL REGISTRATION DOCUMENT Reference table in accordance with Annex 1 Regulation (EU) 2017/1129 1 PERSONS RESPONSIBLE, THIRD PARTY INFORMATION, EXPERTS’ REPORTS AND COMPETENT AUTHORITY 1, 153-154 2 STATUTORY AUDITORS 210 3 RISK FACTORS 54-66 4 INFORMATION ABOUT THE ISSUER 200 5 BUSINESS OVERVIEW 5.1 Principal activities 22-44, 216-219 5.2 Principal markets 225-234 5.3 The important events in the development of the issuer’s business. 10, 220-223 5.4 Strategy and objectives 11-12, 14-21 5.5 Patents or licences, industrial, commercial or financial contracts or new manufacturing processes n/a 5.6 Basis for statements on competitive position 12-13, 22-23, 26-29 5.7 Investments 220-223 6 ORGANISATIONAL STRUCTURE 6.1 Organisational structure 8-9 6.2 Significant subsidiaries 275-276 7 OPERATING AND FINANCIAL REVIEW 7.1 Financial condition 7.1.1 Financial review and analysis 225-234 7.1.2 Future development and R&D 14-21 7.2 Operating results 220-223, 225-234 8 CAPITAL RESOURCES 8.1 Capital resources 235-238, 249-250 8.2 Cash flows 235-238 8.3 Borrowing requirements and funding structure 235-238 8.4 Restrictions on the use of capital resources 249-250 8.5 Anticipated sources of funds needed to fulfil commitments 236-238 9 REGULATORY ENVIRONMENT 45-51 10 TREND INFORMATION 10.1 Recent trends and significant change in the performance 223-224 10.2 Information trends or events that could have material impact 223-224 11 PROFIT FORECASTS OR ESTIMATES n/a 12 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES AND SENIOR MANAGEMENT 153-167, 171-186, 205-209 13 REMUNERATION AND BENEFITS 181-186 14 BOARD PRACTICES 14.1 Board members current term of office 154-167 14.2 Management and supervisory bodies’ service contracts providing for benefits upon termination of employment 180 14.3 Audit committee and remuneration committee 158, 169-170 14.4 Compliance with the corporate governance regime applicable 152-153 14.5 Potential material impacts on the corporate governance, including future changes in the board and committee composition 153-167 15 EMPLOYEES 15.1 Number of employees and breakdown 119-120 15.2 Shareholdings and stock options 341-244 15.3 Arrangements involving the employees in the capital 118, 171-185 16 MAJOR SHAREHOLDERS 200-209 17 RELATED PARTY TRANSACTIONS 246-247 18 FINANCIAL INFORMATION CONCERNING ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES 18.1 Historical financial information 18.1.1 Audited historical financial information covering the latest three financial years 190-193 2024 UNIVERSAL REGISTRATION DOCUMENT 373 18.1.2 Change of accounting reference date n/a 18.1.3 Accounting standards 243 18.1.4 Change of accounting framework n/a 18.1.5 National accounting standards n/a 18.1.6 Consolidated financial statements 254-346 18.1.7 Age of financial information 328 18.2 Interim and other financial information n/a 18.3 Auditing of historical annual financial information 348-363 18.4 Pro forma financial information n/a 18.5 Dividend policy 212-213 18.6 Legal and arbitration proceedings 247-248 18.7 Significant change in the issuer’s financial position 223-224, 326 19 ADDITIONAL INFORMATION 19.1 Share capital 200-202, 205-209 19.2 Memorandum and Articles of Association 200-201, 210 20 MATERIAL CONTRACTS 246-247 21 DOCUMENTS AVAILABLE 153-154 Reference table in accordance with Annex 2 Regulation (EU) 2017/1129 1 Disclosure requirements for the registration document for equity securities laid down in Annex 1 355-356 1.2 Statement that the URD may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by amendments, if applicable, and a securities note and summary approved in accordance with Regulation (EU) 2017/1129 1