EURONEXT INVESTOR TOOLBOX. 8 November am CET

Transcription

1 EURONEXT INVESTOR TOOLBOX 8 November am CET Updated on 9 January 2017

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3 EURONEXT S DEVELOPMENT SINCE /2014 MERGER OF AMSTERDAM, BRUSSELS & PARIS EXCHANGES ACQUISITION OF LIFFE ACQUISITION OF LISBON EXCHANGE MERGER WITH NYSE GROUP ACQUISITION BY ICE CARVE-OUT CREATION OF NEW EURONEXT 05/2016 LAUNCH OF AGILITY FOR GROWTH «Old Euronext N.V.» NYSE Euronext ICE Group, Inc. IPO 2001 DISPOSAL OF CLEARNET 2003 IPO 06/2014 DISPOSAL OF LIFFE 03/2014 ACQUISITION OF THE IRISH STOCK EXCHANGE 1) developments Equity clearing Corporate services Fixed income technology FX trading Corporate services Multi-asset clearing Tech Hub Initiative December 2016 Acquisition of a 20% stake in EuroCCP February 2017 Acquisition of 51% Comprehensive range of webcast, webinar and conference call services for Investor Relations and corporate events March 2017 Information matching system that directs buyers to sellers and provides data for fixed income markets May 2017 US electronic communication network platform for spot FX Acquisition of a 90% stake in FastMatch July 2017 Acquisition of 60% Dematerialized board portal solution and decision making tool for corporates and public organisations August 2017 Acquisition of an 11.1% stake in LCH SA Renewal of 10-year clearing of financial derivatives contract September 2017 Launch of a European Tech SME initiative beyond core domestic markets, opening offices in four new countries Germany, Italy, Spain and Switzerland and deploying teams on the ground All four countries to benefit from new dedicated solutions for Tech SMEs and the extension of existing successful programs Main target: becoming the reference listing venue for Tech companies in Europe 1) Signed in November Subject to regulatory approvals 3

4 EURONEXT: AN OPERATING MODEL, HIGHLY SCALABLE AMSTERDAM BRUSSELS LISBON LONDON PARIS Hong Kong New-York Porto LISTING CASH & DERIVATIVES TRADING Equity and debt issuers (large caps, SMEs) Brokers, traders and retail & institutional Investors 1) Investors Single Order Book UTP / Optiq 141bn raised on our markets in 2016 POST TRADE MARKET DATA Banks (securities services), issuers Index users, Data providers, banks Issuers Harmonized rule book Home of the: CAC 40 BEL20 AEX PSI20 TECHNOLOGY SPOT FX TRADING 2) Exchanges, banks Brokers, traders & institutional Investors 1) A unique gateway for investors to access our markets State-of-the-art new trading platform Optiq Transparent cross-border trading of securities on one single trading line Ability to easily integrate and support local products and specificities Enabling issuers to remain multi-listed more efficiently 1) Indirect users 2) Spot FX trading on FastMatch trading platform 4

5 THE LEADING PAN-EUROPEAN EXCHANGE IN THE EUROZONE MARKET DATA & INDICES LISTING Largest listing franchise in continental Europe, as of September 2017, with 1,300 issuers worth 3.6trn in market capitalization Over 5,500 corporate, financial and government listed securities Strong presence within the Euro Stoxx 50, listing 25 out of 50 companies Pan European Market Data offering ~140k screens ~430 vendors 1) Complete market data for over 300 real time Indices compiled by Euronext including the key national indices for the Euronext markets: AEX, CAC40, BEL 20 and PSI 20 POST-TRADE Clearing Cash equities clearing: user preferred model with LCH S.A and EuroCCP Derivatives products clearing through LCH S.A Custody & Settlement Interbolsa: the Portuguese Central Securities Depository, connected to Target 2 Securities TRADING Cash Q3 17 Cash Equity Market Share: 65.2% Q3 17 Cash ADV : 6.9bn on four regulated markets Second to none market quality: 90% presence time at EBBO on Blue Chips (as of 30/09/17) Derivatives Q3 17 Derivatives ADV: 501k lots Large range of options on stock and derivatives on indexes such as the CAC40, AEX, BEL20 and PSI20 CAC40 futures contract, Europe s second most heavily traded index future overall Strong offer of commodity derivatives: Milling wheat contract, European benchmark for physical milling wheat Spot FX Q3 spot FX ADV: $18.3bn Leading edge technology TECHNOLOGY Proprietary leading-edge trading technology Optiq Innovative projects: Disruptive trading platform with fintech Algomi Blockchain initiative with LiquidShare Big Data platform 1) As of End

6 A STRONG AND DIVERSIFIED COMPANY: AT A GLANCE Cash trading 496.4m Revenue in ) Derivative trading 40.1 Clearing 48.0 Cash trading Client flow origins 2) (ADV as of 31/12/2016) 14.3% 16.2% Market solutions & Other revenue 33.6 Custody & Settlement 19.6 Market data & Indices Listing % 4.5% 4.4% 3.2% 1.5% 0.4% 0.4% 6.4% Derivatives trading 43.6% France USA Portugal Belgium Other Ireland Germany UK EBITDA MARGIN 57.2% 1) NET PROFIT 197.0m 1) EURONEXT MARKET CAP. 3.4bn 3) HEADCOUNT 658 (as of 30 th Sep. 2017) 8.1% 19.1% 23.1% 30.5% 11.2% 4.9% 2.3% 0.2% 0.1% 0.4% Japan The Netherlands Switzerland Italy 1) 2016 figures. The 2016 revenues do not include spot FX trading as FastMatch was acquired in August ) Both legs of the transaction are counted (double counted) 3) As of 29/11/17 6

7 A STRONG AND DIVERSIFIED COMPANY: REVENUE DRIVERS Revenue drivers % of Group revenue % of non-vol. related LISTING Initial admission fees (IPO) based on Market Cap. (capped) Fees on follow-ons based on capital raised Annual fees based on Market Cap. (capped) 14% 88% CASH TRADING Transaction-based fees charged per executed order and based on value traded 36% 0% DERIVATIVES TRADING Transaction-based fees charged per lot 8% 0% POST TRADE Fees from the settlement of trades/instructions and the custody of securities at Interbolsa (Portuguese CSD) Clearing revenue from treasury services and cleared derivatives trades cleared through LCH.Clearnet S.A 14% 29% MARKET DATA Fees charged to data vendors and end users, based on the number of screens Licenses for non-display use and historic data and for the distribution to third parties. 21% 100% MARKET SOLUTIONS Software license fees IT services provided to third-party market operators Connection services and data center co-location services based on the numbers of cabinets and technical design 7% 100% All proportions are based on 2016 annual audited figures. Volume-related businesses include IPO fees, cash and derivatives trading and clearing revenue. Follow-ons, bonds and other listing revenues are considered as non-volume related due to their lower volatility. 7 These figures exclude spot FX trading revenue from FastMatch, of which Euronext acquired 90% in August 2017

8 EURONEXT STOCK PRICE HAS INCREASED BY 159% SINCE IPO Euronext +159% LSEG +113% DB +75% CAC40 +17% BME -22% Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Note: Share price evolution rebased on Euronext share price as of 20 June 2014 (IPO) Source: Thomson One as of 31/12/2017 8

9 strategic plan

10 EURONEXT S STRATEGIC PLAN: AGILITY FOR GROWTH Euronext s core mission is to power pan-european capital markets to finance the real economy Objectives Enablers Agility Resilience Transform Euronext into a more flexible, client-centric and future-oriented business Client centricity, group-wide transformational program launched early 2017 Cost management discipline, 22m gross efficiencies M&A framework, 100m to 150m for bolt-on acquisitions and development costs Strengthened IT platform, Optiq delivered in 2017 and 2018 Continue to meet obligations to clients today while constantly reaching for change Continued core business growth, +2% CAGR revenues Preserved market share, >60% in cash equity trading, >50% in French equity options Maintain and expand listings, market data & index businesses Add value to issuers and investors through 7 core initiatives Add value to issuers, 2 initiatives Add value to investors, 5 initiatives Grow revenues, incremental revenues contribution of 70m Create optionality in post-trade solutions, investment in EuroCCP Client centricity Open federal model Innovation discipline Talent development Value creation Convert opportunities into value for our shareholders 1) Revenues growth, 5% CAGR EBITDA margin strengthen, 61% to 63% EBITDA margin in 2019 Disciplined capital allocation, 50% pay out, with a floor at 1.42 per share Entrepreneurial culture Notes 1) Excluding clearing activities 10

11 STRENGTHEN RESILIENCE OF THE CORE BUSINESS TO CREATE VALUE Continue to meet obligations to clients today while constantly reaching for change tomorrow Strategy description Value for clients Value for shareholders Listing Expand the largest continental European venue to meet client financing needs and deliver a resilient and diversified source of revenue Largest European venue Recurring revenues Cash trading Continue optimization strategy to drive growth and remain the market of reference with >60% market share Deepest liquidity pool Revenue consolidation Derivative trading Extend derivatives product mix, maintain >50% market share on equity options in France, strengthen commodities and expand into OTC OTC, strong commodity offer Diversification of business Market data and Indices Leverage a customizable index business and data service to offset general trends of a decreasing number of screens Solution for changing needs Revenue growth 11

12 AND APPLY A DISCIPLINED APPROACH TO INCREASE SCALE AND DIVERSIFY REVENUE STREAMS Our ambition is to accelerate our top-line growth through a consistent strategy Adding value to issuers and investors Leveraging our assets: technology infrastructure, network, brand, neutrality, product portfolio and industry positioning Growing organically and accelerating growth through acquisitions Implementing our strategy in a disciplined and agile manner Through seven growth initiatives in selected segments, we aim to deliver an uplift in top line of 70m by 2019 while continuing to strengthen the profitability of our businesses Listing Listing Cash Market Data Derivatives Post-Trade Fixed Income Adding value to issuers The exchange for European Tech SMEs The modular corporate services provider Adding value to investors One-stop-shop pan-european ETF platform European family of indices with an open source model Specialist content provider on agricultural commodities Creating options and diversified post-trade solutions New corporate fixed income trading platform 12

13 KEY TARGETS OF OUR SELECTED GROWTH INITIATIVES 70m top line growth, with a ~50% EBITDA margin Revenues 1 OpEx 1 Investments Adding value to issuers Listing Market Data The exchange for European Tech SMEs The modular corporate services provider on data analytics 5m 29m Cash One-stop-shop pan-european ETF platform in partnership with clients 6m 35m m for bolt-on acquisitions and development costs Adding value to investors Market Data Derivatives Euronext branded European family of indices with an open source model Specialist content provider on agricultural commodities and capture OTC flows 12m 10m Post-Trade Creating options and diversified post-trade solutions 8m + 70m + 35m m Excluding current derivatives clearing agreement

14 Margin Costs Revenue Overview OVERVIEW OF 2019 FINANCIAL TARGETS ) ) 2019 Ambitions 1) Drivers Core business 466.6m 447.6m +2% CAGR E + 39m +4% CAGR E Volume impact Yield pressure Selected growth initiatives 0.8m + 70m Adding value to issuers Adding value to investors Total 466.6m 448.4m +5% CAGR E 575m +9% CAGR E Costs Management 206.9m 184.1m -3% CAGR E - 22m -0% CAGR E Infrastructure optimization Streamlining of the organisation Selected growth initiatives 2.1m + 35m Total 206.9m 186.2m +1% CAGR E 219m +6% CAGR E EBITDA Margin 55.6% 58.5% 61-63% EBITDA Margin 1) Excluding clearing operations 14

15 strategy

16 EURONEXT CAPITAL ALLOCATION POLICY Key principles of capital allocation Preserve Euronext financial and strategic agility and create value for investors Disciplined and focused approach to capital allocation Flexibility to take advantage from selected strategic opportunities Proactive and periodic re-assessment of Euronext financial structure Targets Investment grade profile Investments / M&A thresholds: ROCE > WACC in year 3 Capital return to shareholders: Dividend payout: 50% of reported net earnings or floor as in 2017 Possibility to consider extraordinary capital return to shareholders should material M&A not materialise Disciplined approach to capital management

17 EURONEXT, A GROUP IN TRANSFORMATION Deployment of initiatives Fixed income technology March 2017 Joint-venture creation and minority investment New trading facility to improve liquidity in pan- European corporate bond trading Corporate services February 2017 Acquisition of 51% Comprehensive range of webcast, webinar and conference call services for Investor Relations and corporate events Corporate services July 2017 Acquisition of 60% Dematerialized board portal solution and decision making tool for corporates and public organisations Tech Hub Initiative September 2017 Launch of a European Tech SME initiative beyond core domestic markets, opening offices in four new countries Germany, Italy, Spain and Switzerland and deploying teams on the ground All four countries to benefit from new dedicated solutions for Tech SMEs and the extension of existing successful programs Main target: becoming the reference listing venue for Tech companies in Europe Equity clearing Multi-asset clearing Post-trade development December 2016 Acquisition of a 20% stake in EuroCCP User Choice Clearing Model for Equity Markets FX trading December % minority stake in LCH SA 10-year agreement for the clearing of derivatives products Acquisition of the Irish Stock Exchange Signed November 2017 Acquisition of 100% of the shares of Euronext federal model #1 pool of liquidity for Irish equities #1 debt listing venue globally #1 fund listing venue globally Dublin London* Paris Amsterdam Brussels Frankfurt Munich Zurich Milan Asset class diversification August 2017 Fastest growing electronic communication network in the spot FX market Acquisition of a 90% stake Porto Lisbon Madrid Euronext historical presence Euronext recent Tech hub expansion Regulated markets Technology center Sales office Irish Stock Exchange * Euronext London is recognised as a Recognised Investment Exchange (RIE) by the Financial Conduct Authority (FCA) 17

18 BUILDING UP A COMPLETE CORPORATE SERVICES OFFERING Acquisition of ibabs, tangible progress of the build-up of the offering On-going commercial roll out of the existing services with positive developments and new clients Continuous enhancement of existing services with increasing integration and new features Potential to complement current offer with additional services ADVISORY SOLUTIONS Private companies Listed companies Webcast Relationship management PRE LISTING SERVICES POST LISTING SERVICES Launched in 2016 Launched in 2016 Since February 2017 Since March 2017 Since July 2017 Tailor-made and independent financial advisory for small private companies during their IPO process Advisory, market intelligence and decision making analytics for listed companies willing to be more active on capital markets Comprehensive range of webcast, webinar and conference call services for all types of Investor Relations and corporate events Complete and intuitive Investor Relationship Management and Targeting platform for corporate Investor Relations teams Dematerialized board portal solution and decision making tool for corporates and public organisations Investor access IPO execution Shareholder analysis Investor access Perception studies Market intelligence Webcasts Events Visibility Analytics Roadshow support Engagement Board management Confidentiality Transparency Organic Organic Bolt-on Organic Bolt-on 18

19 FASTMATCH: A FAST GROWING AND DISRUPTIVE PLAYER IN THE SPOT FX 19

20 EURONEXT TO ACQUIRE THE IRISH STOCK EXCHANGE AND EXPAND ITS FEDERAL MODEL 29 NOVEMBER 2017 A step to continue the construction of a major European global exchange player Acquisition of 100% of the shares and voting rights of the Irish Stock Exchange (ISE) by Euronext: ISE is the #1 pool of liquidity for Irish equities (51 listed companies, c. 122bn total equity market capitalisation), the #1 debt listing venue globally (30,000+ securities and listings from 90 countries) and the #1 fund listing venue globally (5,242 Investment Funds Securities and 227 ETFs) 1) Major milestone in the expansion of Euronext s federal model, with Ireland becoming the 6 th core European country, while enhancing Euronext s post-brexit strategic positioning as an open and international venue Strengthening of Euronext s profile with the addition of highly complementary and leading activities in debt, funds and ETFs listings Significant growth and development opportunities for ISE, by joining Euronext s federal model Key transaction highlights Optimised deal structure Transaction of 137m 2) for 100% of the shares and voting rights of the Irish Stock Exchange (ISE) Optimisation of the balance sheet structure while retaining financial flexibility, with a transaction fully financed by debt (pro forma net leverage of c.0.5x LTM as of September 2017) Closing expected in Q1 2018, subject to regulatory approvals Significant value creation for shareholders Integrated governance Additional growth and cross-selling opportunities for the combined group, leveraging on ISE s integration in Euronext pan- European network Estimated pre-tax run-rate operating cost synergies of 6m Expected return on capital employed above cost of capital in year 3, in line with the Group s M&A discipline Recurring earnings accretion in 1st year Deirdre Somers (CEO of ISE) to join Euronext s Managing Board 3) with group-wide responsibility for Debt, Funds and ETF listings Proposal for the Chairman of ISE to join Euronext s Supervisory Board 3) 1) WFE Statistics October 2017, Funds include Investment Funds and ETFs 2) Enterprise value on a debt-free cash free basis and excluding existing regulatory capital requirements (estimated at 21.8m) 3) To be proposed at the next Euronext general shareholders meeting 20

21 THE IRISH STOCK EXCHANGE AT A GLANCE Key features Business Based in Dublin, and established in 1995 when ISE demerged from the London Stock Exchange. ISE was demutualised in April 2014 to form a Public Limited Company and employs 135 people ISE is the #1 pool of liquidity for Irish equities, the #1 debt listing venue globally and the #1 fund listing venue globally 1), and operates 5 listing markets Focused on debt, funds and ETF listing proposition while retaining its position as the dominant market for Irish cash equities: Debt: #1 global debt listing venue 1) Traded markets: #1 pool of liquidity for Irish equities Corporate listing: Attractive listing venue for both large cap and SME issuers Funds: A leading fund listing venue, globally #1 by funds listed 1) ISE s 5 listing markets Main Securities Market (MSM) Issuers listing debt, equity, funds & ETFs on an EU regulated market Global Exchange Market (GEM) Banks, companies & sovereigns listing debt and investment fund managers listing funds or ETFs Atlantic Securities Market (ASM) Multi-national corporations that intend to raise USD & EUR pools of capital, and attain dual listing on ISE and NASDAQ/NYSE Enterprise Securities Market (ESM) High growth companies in early stages of development European Wholesale Securities Market (EWSM) (80% stake 2) ) Wholesale-denominated debt securities market In m Debt Traded Markets Funds Key financials Revenue EBITDA Net income +6.0% Margin 28.9% 32.7% % +19.3% ) WFE Statistics, Funds include Investment Funds and ETFs October ) Remaining 20% owned by Malta Stock Exchange 21

22 STRENGTHENING OF A MAJOR PAN-EUROPEAN PLAYER IN THE STOCK EXCHANGE INDUSTRY Acquisition of a market leading global exchange business Significant opportunity to expand Euronext federal model to an attractive new Eurozone country, especially in Brexit environment Consistent with Euronext s existing strategy and support for the real economy Optimisation of Euronext s balance sheet while retaining financial flexibility with significant future opportunities for growth as part of Euronext Significant expansion of members by connecting ISE to Euronext s single pan-european trading platform Optimally placed to capture opportunities that emerge from Brexit by leveraging the key benefits of the Irish market including compatibility with the UK (in particular in dual-listing), EU membership and international connectivity Euronext s core expertise, customer base, distribution channels and technology will support ISE growth initiatives Creation of an undisputed world leader in debt, funds and ETFs listings which combines the listing expertise of ISE with the traded markets know how of Euronext 22

23 Financials

24 HIGHLIGHTS OF Improvement of volumes in a stabilised macro environment Deployment of Cash average daily volume (ADV) up +19.5% compared to Q3 2016, to 6.9bn Strengthened cash equity market share at 65.2%, increased from 64.2% in Q and compared to 59.9% in Q3 2016, with a robust yield Improved competitive landscape for Dutch derivatives initiatives generated 2.9m revenue and 2.8m costs in Development of Corporate Services franchise, through the acquisition in July 2017 of ibabs, an innovative board portal platform Integration of FastMatch as of 14 August Acquisition of FastMatch completed on 14 August 2017 for $160m (including cash), fully financed by debt Contribution of 2.9m of revenue (for 1.6 months) in Spot FX ADV up +49.5% to $18.3bn in Signing of 10-year agreement for clearing of derivatives Renewed 10-year agreement for the clearing of financial and commodities derivatives with LCH SA Swap 1) of 2.3% of LCH Group for 11.1% of capital and a pre-emption right on LCH SA Optiq and MiFID II Go-live of Market Data Gateway for cash (10 July) and for derivatives (28 August) Continued preparation for MiFID II 1) Without cash settlement and subject to regulatory approvals 24

25 RESULTS DRIVEN BY VOLUME GROWTH AND NEW ACQUISITIONS EBITDA % 53.9% margin Strong growth of revenue driven by improvement in volumes and the impact of initiatives and acquisitions Increase in operational expenses excl. D&A driven by IT projects and new initiatives REVENUE 128.7m +14.1% OPERATIONAL EXPENSES ex. D&A 59.3m +15.2% 11.9m of cumulated gross efficiencies 2) NET PROFIT 38.3m +0.6% HEADCOUNT 658 (615 at 30 th June 2017) Moderate increase in headcount as of 30 Sept compared to 30 June 2017, while incorporating ibabs and FastMatch headcount 11.9m of cumulated cost savings achieved since 1 April 2016, slightly down compared to Q due to costs related to Optiq and MiFID II projects 9.7m of exceptional costs, primarily due to the termination of the clearing agreement with ICE 1 1) Please refer to press release published on 8 August 2017, available on 2) Since 1 April

26 Capital and

27 EURONEXT SHARE AND CAPITAL STRUCTURE Share price % Price at IPO % ENX-FR SBF120-FR 15 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Market Capitalization as of 31/12/17: 3.6bn Bloomberg / Reuters: ENX:FP / ENX.PA Indices presence: SBF120, NEXT 150, CAC MID 60 Shareholding structure (Ref Shareholders Locked up until June 2019) Reference Shareholders Free Float 75.31% Reference Shareholders 23.86% Treasury shares 0.60% Employees 0.23% % ownership Euroclear Plc 8.00% BNP Paribas SA 2.22% SFPI-FPIM 4.50% Bpifrance Participations SA 3.00% Caisse Des Dépôts & Consignations 3.00% Société Générale SA 1.50% ABN AMRO Bank NV 1.64% Total reference shareholders 23.86% 27

28 EXPERIENCED MANAGEMENT TEAM SUPERVISORY BOARD 9 seats o/w 3 appointed by Reference Shareholders MANAGING BOARD Stéphane Boujnah Group Chief Executive Officer Giorgio Modica Chief Financial Officer Anthony Attia CEO Euronext Paris, Head of Global Listing Lee Hodgkinson CEO Euronext London, Head of Markets & Global Sales Amaury Houdart Chief Talent Officer Vincent Van Dessel CEO Euronext Brussels Maurice van Tilburg CEO Euronext Amsterdam, Head of Market Operations Catherine Langlais General Counsel Paulo Rodrigues Da Silva CEO Euronext Lisbon, CEO Interbolsa Head of Market Solutions Alain Courbebaisse Chief Information & Technology Officer 28

29 REGULATION GOVERNANCE: A FEDERAL MODEL One Holding Company (Euronext Group N.V.), with separate legal entities in each of the jurisdictions, having a national licence to operate markets College of Regulators (COR) Local Regulator AFM Local Regulator FSMA Local Regulator CMVM Local Regulator AMF Local Regulator FCA Euronext Group N.V. Euronext Amsterdam Euronext Brussels Euronext Lisbon Euronext Paris Euronext London Objectives of the MoU between the Euronext Regulators (updated MoU, June 2010) Co-ordinated supervision of the Euronext group Co-ordination with regard to approval of rules and regulations (dedicated working groups, Steering and Chairmen committees) Co-operation between Regulators enhances harmonization in the context of the E.U. directives implementation In addition, in the continental jurisdictions, also supervisory role and powers of the Ministries of Finance 29

30 Appendix 30

31 FINANCIAL PERFORMANCE OVER THE PAST 3 YEARS in m /16 Var Listing % Trading revenue % of which Cash trading % of which Derivatives trading % Market data & indices % Post-trade % Market solutions & other revenue % Other income % Total revenue and other income % Revenue (in m, 3 rd party revenue only) EBITDA (in m, based on 3 rd party revenue) 41.7% 54.7% 57.2% Operational expenses (267.1) (234.7) (212.5) -9.4% EBITDA % EBITDA margin 41.7% 54.7% 57.2% +245 bps Depreciation and amortisation (16.6) (17.1) (15.1) -11.6% Operating profit before exceptional items % Exceptional items (44.6) (28.7) (10.0) -65.0% Profit before income tax % Income tax expense (44.1) (65.9) (67.0) 1.5% Profit for the year % Earnings and dividend per share 1) Dividend per share Earnings per share figures are audited 2014 Total revenue and other income do not include ICE transitional revenue for an amount of 34m 31

32 BALANCE SHEET in m Assets Goodwill and other intangible assets Other non-current assets Total non-current assets Total equity (in m) Total debt (in m) Other current assets Cash and cash equivalents Total current assets Total assets Equity and liabilities Total equity Dividend paid (with regards to fiscal year, in m) Borrowings Other non-current liabilities Total non-current liabilities Cash and cash equivalents (in m) 2016 Total current liabilities Total equity and liabilities

33 DISCLAIMER AND CONTACTS This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information and materials contained in this presentation are provided as is and Euronext does not warrant as to the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for any errors or omissions. This presentation contains materials (including videos) produced by third parties and this content has been created solely by such third parties with no creative input from Euronext. It is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Euronext. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced without the prior written permission of Euronext. This presentation may include forward-looking statements, which are based on Euronext s current expectations and projections about future events. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Euronext. Such factors may cause actual, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Euronext expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. Financial objectives are internal objectives of the Company to measure its operational performance and should not be read as indicating that the Company is targeting such metrics for any particular fiscal year. The Company s ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company s control, and upon assumptions with respect to future business decisions that are subject to change. As a result, the Company s actual may vary from these financial objectives, and those variations may be material. Efficiencies are net, before tax and on a run-rate basis, ie taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond the Company s control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual may differ, perhaps materially, from those projected. The Company cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect the Company's actual of operations Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext , Euronext N.V. - All rights reserved. is located at Website: Contact: Aurélie Cohen, Euronext Head of Investor Relations - ir@euronext.com