Euronext_London_Limited

Euronext London Limited

Strategic report

The directors present their Strategic Report for Euronext London Limited (the "company") for the financial year from 1 January 2024 to 31 December 2024.

Principal activity of the Company

The principal activity is the operation of:



A client coverage framework for UK members of Euronext European markets



The London based client coverage for Euronext FX



The London based client coverage for Euronext Group Corporate Services activity



Sale of market data

Review of the business

The results for the year are set out in the Statement of Comprehensive Income. The profit for the year of £1,603k has been transferred to retained earnings (2023: profit of £1,464k). The Company has net assets of £10,521k at 31 December 2024 (2023: £8,685k).

Key performance indicators (KPIs)

2024

2023

Liquidity ratio

2.7

1.7

Equity (£‘000)

10,521

8,685

Headcount at 31 December

Definition of KPIs:



Liquidity ratio is a multiple of liquid current assets held by the Company to cover current liabilities;



Equity: The capital structure of the Company consists primarily of equity attributable to the immediate parent company, comprising issued capital, reserves and retained earnings; and



Headcount is the number of permanent employees employed by the Company at the end of the year, including executive directors.

Euronext London Limited

Strategic report (continued)

Future developments

During 2025 the Company will continue to operate as a UK hub for the Euronext Group (as described above), raising the profile of Euronext's products and services to UK based users of Group services.

Principal risks and uncertainties

The financial risks including currency risks are disclosed in Note 20 to the Financial Statements.

Going concern

After making appropriate enquiries, the Directors have a reasonable expectation, at the time of approving the financial statements, that the Company has adequate resources to continue in operational existence for the foreseeable future due to the ongoing support of the ultimate Parent, Euronext N.V. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Given the Company's outlook, cash and deposit reserves and financing structure, the directors are satisfied the Company is a going concern and can continue to meet its obligations as they fall due for a period of at least 12 months from the issuance of these financial statements.

This report was approved by the Board of Directors on 30 September 2025 and signed on its behalf.

S Gallagher

Director

Euronext London Limited

Directors' report

The directors present their Report and audited Financial Statements for Euronext London Limited (the "Company") for the financial year from 1 January 2024 to 31 December 2024.

Directors

The directors who served during the year, and to the date of signing the financial statements, are as follows:

Executive director

S. Gallagher

Company Secretary

C. Kelly

Principle activity of the Company

The principle activities of the Company are listed in the Strategic report on page 4.

Results and Dividends

The profit for the year of £1,603k has been transferred to retained earnings (2023: profit of £1,464k).

The Directors have decided to propose to the Shareholders' meeting to distribute the total retained earnings of £6,062k which includes the 2024 result of £1,603k. (2023: £nil).

Directors' indemnities

The directors have the benefit of an indemnity from the Company in respect of their liabilities incurred as a result of their office. This indemnity is provided under the Company's Articles.

Future developments

The future developments are described in the Strategic report on page 5.

Financial risk management

The financial risks are disclosed in Note 20 to the Financial Statements, and is included in this report as cross reference.

Directors' responsibilities statement

The Director is responsible for preparing the Annual Report and the financial statements in accordance with applicable United Kingdom laws and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK-adopted International accounting standards and applicable law. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

Euronext London Limited

Directors' report (continued)

In preparing these financial statements, the directors are required to:

•

select suitable accounting policies and then apply them consistently;

•

make judgements and accounting estimates that are reasonable and prudent;

•

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with The Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a strategic report and directors' report that comply with that law and those regulations.

Matters covered in the Strategic Report

Under Schedule 7.1A of “Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008”, the company has elected to disclose the following directors report information in the strategic report:

•

Business Review; and

•

Principal risks and uncertainties

Disclosure of information to auditors

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the auditor, each director has taken all the steps that he/she is obliged to take as a director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of that information.

Subsequent events

The Company continues to monitor and respond as appropriate to the business implications caused by the challenging macro-economic environment. At the date of this report, there has been no financial impact on the Company.

Euronext London Limited

Independent auditors

Grant Thornton (NI) LLP is appointed for the audit of the 2024 financial statements, and will be reappointed in accordance with section 485 of Companies Act 2006.

This report was approved on

30 September 2025

and signed by

S Gallagher

Director

Registered office

11th Floor, 25 North Colonnade,

Canary Wharf, London E14 5HS

United Kingdom

Independent auditor's report to the members of Euronext London Limited

Opinion

We have audited the financial statements of Euronext London Limited (“Company”), which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the Statement of Cash Flows for the year ended 31 December 2024, and the related notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and UK-adopted international accounting standards (UK-adopted IAS).

In our opinion, Euronext London Limited's financial statements:

give a true and fair view in accordance with UK-adopted IAS of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance and cash flows for the year then ended; and

have been properly prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the ‘Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances for the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independent auditor's report to the members of Euronext London Limited

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the [Group and] Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

Other information comprises information included in the annual report, other than the financial statements and our auditor's report thereon, including the Directors' Report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements and the part of the directors' remuneration report to be audited are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of management and those charged with governance for the financial statements

As explained more fully in the Directors' responsibilities statement, management is responsible for the preparation of the financial statements which give a true and fair view in accordance with UK-adopted IAS, and for such internal control as directors determine necessary to enable the preparation of financial statements are free from material misstatement, whether due to fraud or error.

Independent auditor's report to the members of Euronext London Limited

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy Law, Employment Law, Environmental Regulations, Pension Legislation, Health & Safety Regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In response to these principal risks, our audit procedures included but were not limited to:

enquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;

inspection of the Company's regulatory and legal correspondence and review of minutes of directors' meetings during the year to corroborate inquiries made;

gaining an understanding of the entity's current activities, the scope of authorisation and the effectiveness of its control environment to mitigate risks related to fraud;

discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;

identifying and testing journal entries to address the risk of inappropriate journals and management override of controls

designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing

Independent auditor's report to the members of Euronext London Limited

challenging assumptions and judgements made by management in their significant accounting estimates, including discount rates used in the application of IFRS 16, attrition rates and fair value assumptions used in the application of IFRS 2; and

review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nikita Lynn FCA

For and on behalf of

Grant Thornton (NI) LLP

Chartered Accountants & Statutory Auditors

Belfast

30 September 2025

Euronext London Limited

Statement of Comprehensive Income

Note

2024

2023

£'000

Revenue

3,030

2,453

Gross profit

3,030

2,453

(1,090)

(883)

General and administrative expenses

Operating profit

1,940

1,570

Finance income/(expense)

432

324

Profit before income tax

2,372

1,894

Income tax expense

(769)

(430)

Profit for the year and total comprehensive income

1,603

1,464

All results of the Company derive from continuing operations.

Profit and total comprehensive income are attributable to the owners of the Company. There was no other comprehensive income in the years presented.

The notes on pages 17 to 45 are an integral part of these financial statements.

Euronext London Limited

Statement of Financial Position

2024

2023

Note

£'000

Assets

Non-current assets

Property, plant and equipment

388

235

Right of Use Asset

3,043

3,891

Deferred tax assets

Other receivables

662

634

Total non-current assets

4,096

4,778

Current assets

Trade and other receivables

6,167

3,586

Cash and cash equivalents

8,350

14,343

Total current assets

14,517

17,929

Total assets

18,613

22,707

Equity attributable to the owners of the company

Share capital

Capital contribution reserve

7,000

Other reserves

(2,542)

(2,775)

Retained earnings

6,063

4,460

Total equity

10,521

8,685

Non-current liabilities

Lease liability

2,636

3,183

Dilapidation provision

120

477

Total non-current liabilities

2,756

3,660

Current liabilities

Trade and other payables

4,638

9,855

Dilapidation provision

306

Current leased liability

392

507

Total current liabilities

5,336

10,362

Total liabilities

8,092

14,022

Total equity and liabilities

18,613

22,707

These financial statements on pages 17 to 43 were approved by the Board of Directors

30 September 2025

and signed on its behalf by:

Company registration number: 08631662

S Gallagher

Director

Euronext London Limited

Statement of Changes in Equity

Share capital

Capital contribution

Other reserves

Retained earnings

Total Equity

£'000

Note 16

Balance at 1 January 2023

7,000

(2,740)

2,996

7,256

Profit for the year

1,464

Total comprehensive income for the year

7,000

(2,740)

4,460

8,720

Transactions for the owners of the company

Share option scheme settlement

(321)

Share based payments expense

545

Recharges by Group for delivering shares

(259)

Deferred tax on share based payments

Total Transactions for the owners of the company

(35)

Balance at 31 December 2023

7,000

(2,775)

4,460

8,685

Balance at 1 January 2024

7,000

(2,775)

4,460

8,685

Profit for the year

1,603

Total comprehensive income for the year

7,000

(2,775)

6,063

10,288

Transactions for the owners of the company

Share option scheme settlement

(315)

Share based payments expense

412

Recharges by Group for delivering shares

136

Deferred tax on share based payments

Total Transactions for the owners of the company

233

Balance at 31 December 2024

7,000

(2,542)

6,063

10,521

The notes on pages 17 to 45 are an integral part of these financial statements.

Euronext London Limited

Statement of Cash Flows

Note

2024

2023

£'000

Profit after tax

1,603

1,464

Depreciation

119

Amortisation

851

717

Loss on disposal

135

Share based payments

412

545

Interest expense/ (income), net

(374)

224

Tax expense

769

430

Changes in working capital

Trade and other payables

(5,878)

582

Trade and other receivables

12 & 13

(2,609)

(361)

Cash flow generated used in operating activities

(4,998)

3,743

Income tax paid

(513)

(59)

Net cash flow generated (used in) operating activities

(5,511)

3,684

Purchase of property, plant & equipment

(381)

(85)

Interest received

517

304

Net cash flow used in investing activities

136

219

Interest paid

(126)

Payment of lease liabilities

(492)

(604)

Net cash flow used in financing activities

(618)

(604)

Increase/(decrease) in cash and cash equivalents

(5,993)

3,299

Cash and cash equivalents - Beginning of the year

14,343

11,044

Cash and cash equivalents - End of the year

8,350

14,343

The notes on pages 17 to 45 are an integral part of these financial statements.

Euronext London Limited

Notes to the Financial Statements

General information

Euronext London Limited is a Private company incorporated in England and Wales, United Kingdom under the Companies Act 2006. The Company's registered office is at 11th Floor, 25 North Colonnade, Canary Wharf, London, E14, 5HS, United Kingdom. The Company is a wholly owned subsidiary of Euronext N.V., a company incorporated and domiciled at Beursplein 5, 1012 JW Amsterdam in the Netherlands under Chamber of Commerce number 60234520, is the smallest and largest group of undertakings for which financial statements are prepared.

These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates. Foreign currency transactions are included in accordance with the policies set out in note 2 below. All amounts have been rounded to the nearest thousand, unless otherwise stated.

Significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

Basis of preparation

Where appropriate prior year figures have been restated to conform to current year presentation. The financial statements of Euronext London Limited have been prepared In accordance with applicable law and International Accounting Standards (UK- adopted IAS) in conformity with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis and under the historical cost convention.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from these estimates. Use of significant estimates and judgements are disclosed in Note S.

These policies have been applied consistently to all the years presented, unless otherwise stated.

Going concern

Euronext London Limited

Notes to the Financial Statements (continued)

Revenue recognition

Overview:

The Company generates revenue primarily from intercompany recharges relating to payroll and rent recharges to other Euronext entities. The Company also generates Market Data revenue from the provision of market data sales. The performance obligation in respect of this revenue stream is on the provision of the product to the customer.

To determine whether to recognise revenue, the company follows a five-step revenue process:

Identify the contract with the customer

Identify the performance obligations

Determining the transaction price

Allocating the transaction price to the performance obligation

Recognising the revenue when/as performance obligation is satisfied.

In respect of intercompany revenue, the company has entered into intercompany contracts to supply services, namely payroll and rental recharges. The services provided represent a single performance obligation. The promise to supply a service to the related entity. When the service is delivered, risk and reward has transferred. The transaction price is allocated to the service provided based on the relative stand-alone selling price. The transaction price is net of amounts collected on behalf of third parties.

In respect of market data sales, the company enters into contracts to supply products to customers, being market data. The product delivered represents a single performance obligation. When the product is transferred to the customer, risk and reward has transferred. The company does not modify the market data after the market data has been transferred. The transaction price is allocated to the product based on the relative stand-alone selling price. The transaction price is net of amounts collated on behalf of third parties.

Revenue for intercompany services and the sale of market data is recognised at a point in time, being when the services and products have been delivered.

Provisions

In terms of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, provisions are recognised when the Company 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.

Foreign currencies

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (the 'functional currency'). The functional currency is pound Sterling. In preparing the financial statements of the Company, transactions in currencies other than the Company's functional currency i.e. foreign currency, are recorded at the rates of exchange prevailing on the dates of the transactions. At each Statement of Financial Position date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on the Statement of Financial Position date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items denominated in foreign currency at period-end exchange rates are recognised in profit and loss.

Euronext London Limited

Notes to the Financial Statements (continued)

D. Foreign currencies

Non-monetary items are not retranslated at the period-end. They are measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value which are translated using the exchanges rates at the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in General and administrative expenses in the Statement of Comprehensive Income for the year.

Leases

(i)

Right-of-use assets

The Company 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 Company 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 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 Company and payments for penalties for terminating a lease, if the lease term reflects the Company 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 Company 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 Company 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.

Euronext London Limited

Notes to the Financial Statements (continued)

(iii)

Short-term leases and leases of low-value assets

The Company 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.

Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost represents contributions paid by the Company into the fund in the year.

Capital contributions

Capital contributions provided by the Company's parent undertaking are recognised in equity within a capital contribution reserve.

Current and deferred income tax

Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent it relates to items recognised directly in equity or in other comprehensive income.

(iv)

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met.

(v)

Deferred tax

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amounts of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

Financial instruments

Recognition and derecognition

Financial assets and financial liabilities are recognised when the Group becomes a party to a contractual provision of the financial instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risk and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, called or expires.

Euronext London Limited

Notes to the Financial Statements (continued)

Financial instruments (continued)

Classification and initial recognition of financial assets

Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into one of the following categories:

• amortised cost

• fair value through profit or loss (FVTPL), or

• fair value through other comprehensive income (FVOCI).

In the periods presented the Company does not have any financial assets categorised as FVOCI. The classification is determined by both the entity's business model for managing the financial asset, and the contractual cash flow characteristics of the financial asset. All revenue and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables, which is presented within other expenses.

Financial assets at amortised cost

Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVTPL):

• they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows, and

• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Financial assets at fair value through profit or loss (FVTPL)

Financial assets held within a different business model other than ‘hold to collect' or ‘hold to collect and sell' are categorised at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL.

Assets in this category are measured at fair value with gains or losses recognised in profit or loss. The fair values of financial assets in this category are determined by reference to active market transactions or using a valuation technique where no active market exists.

Accounting Policy for Financial liabilities

IFRS 9, Financial Instruments has been applied effective from 1 January 2018. Financial instruments are classified either at fair value through profit or loss or amortised cost. The financial instruments within the scope of IFRS 9 for the Company comprise of cash and cash equivalents, trade and other receivables and trade and other payables.

Euronext London Limited

Notes to the Financial Statements (continued)

(vi)

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 Company 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.

(vii)

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.

(viii)

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 plus directly attributable acquisition costs. After initial recognition, trade and other payables are measured at amortised cost using the effective interest rate method. Due to the short-term nature of trade and other payables, fair value is considered to approximate their carrying value.

(ix)

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net asset basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

(x)

Impairment of financial assets

The Company recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss.

For trade receivables, the Company has elected to take the IFRS 9 simplified approach and therefore measures the loss allowance at an amount equal to lifetime expected credit losses. Financial assets measured at amortised cost are subject to impairment under the Expected Credit Loss model (ECL) where ECL is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows. The Company 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.

Euronext London Limited

Notes to the Financial Statements (continued)

Property, plant and equipment

Property and equipment is stated at cost excluding the costs of day–to–day servicing, less accumulated depreciation and accumulated impairment in value. Changes in the expected useful life are accounted for by changing the amortisation period or methodology, as appropriate, and treated as changes in accounting estimates. Depreciation is calculated using the straight–line method to write down the cost of property and equipment to their residual values over their estimated useful lives. Freehold land is not depreciated.

Leasehold Improvements

6-9 years straight line (life of the lease)

Furniture & Fittings

10 years straight line

Machinery Equipment

3 years straight line

Intangible assets

Intangible assets, which are acquired by the Company, are stated at cost less accumulated amortisation. The estimated useful lives are as follows:

Purchased software and licenses

3 years straight line

Impairment of non-financial assets

Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. 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 of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.

Share Capital

Ordinary shares are classified as equity.

Employee benefits

(xi)

Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Liabilities for salaries, including non-monetary benefits, annual leave and accumulating sick leave expected to be settled within 12 months of the reporting date are recognised in trade and other payables in respect of employees' services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled.

The Company has a bonus plan which is based on the performance of the individual as well as the performance of the business. Liabilities for payments under the bonus plan are typically paid within 3 months after the statement of financial position date and are recognised in Trade and other payables in the Company statement of financial position.

Euronext London Limited

Notes to the Financial Statements (continued)

(xii)

Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which a company pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. Any contributions unpaid at date of the Company statement of financial position are included as a liability.

(xiii)

Long Term Incentive Plan

Certain employees of the Company 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 NV, they are classified as equity settled awards.

Share-based transactions

This share award programme allows the Company's employees to acquire shares of Euronext N.V., the ultimate parent company. The fair value of shares awarded is measured at grant date and the associated expense is spread over the period during which the employees become unconditionally entitled to the shares, with a corresponding increase recognised in other reserves. 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.

The Group's accounting policy is to treat share-based payment transactions with net settlement features for withholding tax obligations as equity settled. The Group has not made any modifications to the terms and conditions of its share-based payment transactions.

The Company has an intercompany recharging arrangement with Euronext N.V. whereby on the transfer of shares by Euronext N.V. to employees of the Company, the Company will reimburse Euronext N.V. for the costs that Euronext NV incurred or shall incur from time to time with respect to equity-based compensation provided to the Company's employees. These costs are debited through equity when they are settled with Euronext N.V.

Exchange Consulting Services

Euronext London Ltd provides exchange consulting services to the Euronext market operators under the Euronext Intragroup Central Services Agreement (“ICSA”). For the provision of these services, Euronext London Ltd receives a compensation based on a cost plus 10% basis, which has been externally benchmarked.

The Exchange Consulting Services are disclosed under General and administrative expenses (note 4) and Related party transactions (note 18).

Euronext London Limited

Notes to the Financial Statements (continued)

Capital Management

The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

Changes in accounting policies and disclosures

(xiv)

Newly adopted standards

New standards impacting the Company that have been adopted in the annual financial statements for the financial year ended 31 December 2024:

The Company has adopted the following IFRS standards in these financial statements:

•

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

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 Company's financial statements.

•

Amendments to IAS 1 Presentation of Financial Statements – Classification of Liabilities as Current or Non-current

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 impact on the Company's financial statements.

•

Lease liability in a Sale and Leaseback (Amendments to IFRS 16)

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 Company's financial statements.

The adoption of these amendments to IFRSs did not result in material changes to the Group or Parent Company financial statements.

Euronext London Limited

Notes to the Financial Statements (continued)

(xv)

IFRS not yet effective and not applied

The following Adopted IFRSs have been issued but have not been applied by the Company in these financial statements. Their application is not expected to have a material effect on the financial statements unless otherwise indicated and no disclosures have been made:

•

Presentation and Disclosure in Financial Statements (IFRS 18)

•

Lack of exchangeability (Amendments to IAS 21)

Significant judgements and estimates ECL, useful lives of depreciable assets

In the application of the company accounting policies, which are described below, the directors are required to make judgments, estimates and assumptions about the carrying amount 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. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing 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.

Significant estimates and assumptions:

(xvi)

Discount rates used in the application of IFRS 16

The application of IFRS 16 requires the company to discount future lease liability payments using a suitable rate determined by the company. The company has utilised an incremental borrowing rate in applying IFRS 16 which is reflective of the company's weighted average cost of capital. This rate is deemed to be the most appropriate rate for the company since the financing of Euronext London Limited is derived directly from the parent company. In determining this rate, the director and management assess the current borrowing rate of the group as a whole.

(xvii)

Assumptions used in the application of IFRS 2

The company has utilised the Monte Carlo model for the purposes of applying IFRS 2. In the calculation of share based payments and related costs, an assessment of the expected employee attrition is based on expected employee attrition and where possible, actual employee turnover since inception of the model. In addition, the company applies certain estimates in respect of calculating the fair value of options granted for input within the Monte Carlo model to determine the respective share based payment charge.

Critical judgments in applying the group's accounting policies:

Apart from those involving estimations that the directors have made in the process of applying the group's accounting policies there were no critical judgements in applying the company accounting policies.

Euronext London Limited

Notes to the Financial Statements (continued)

Revenue

The turnover produced by the Company arises from recharged compensation and facilities costs to entities within the Group and sale of market data.

The Intercompany recharges mainly relate to rent and payroll recharges, and services recharged under the Intragroup Central Services Agreement.

2024

2023

Revenue by type

£'000

Market data revenue

Intercompany recharges

2,884

2,397

Other income

3,030

2,453

All revenue is recognised at a point in time. There are no contract assets or contract liabilities as at 31 December 2024( £nil: 31 December 2023).

Operating segments

The Company operates under one operating segment but revenue is analysed under two revenue streams. All revenue was generated in Europe.

Expense by nature

2024

2023

£'000

Facilities

638

575

Staff costs (Note 7)

8,105

8,073

Depreciation and amortisation (Notes 9 and 10)

944

836

Professional services

356

400

Systems and communications

254

226

Intragroup Central Services Agreement

(10,368)

(9,985)

Other expenses

1,026

737

Loss on Disposal

135

1,090

883

Total general and administrative expenses

During the year, the Company recorded an amount of £28k (2023: £24k) related to the audit of the 2024 financial statements, and an amount of £5.5k (2023: £nil) related to non-audit services.

Euronext London Limited

Notes to the Financial Statements (continued)

Finance (expense) / income

2024

2023

£'000

Interest (expense)/income on Cash and Cash Equivalents

500

249

Interest (expense) in Lease Liabilities

(126)

(25)

Exchange gains/(losses)

100

432

324

Directors' emoluments

2024

2023

£'000

Emoluments

526

619

Share based payment costs

223

307

Pension contributions

Termination Payment

848

777

1,798

Emoluments comprise salary, annual bonus and benefits in kind. The directors are of the opinion that there are no employees who should be considered key management for the purpose of IAS 24 and therefore the key management remuneration is equal to directors' emoluments.

2024

2023

£'000

Highest paid director:

Emoluments

526

565

Share based payment costs

223

279

Pension contributions

Termination Payment

848

777

1,713

Euronext London Limited

Notes to the Financial Statements (continued)

Staff costs

2024

2023

£'000

Wages and salaries, including restructuring costs and other termination benefits

6,322

6,270

Social security costs

927

793

Share based payment expense (Note 17)

412

523

Pension costs

444

487

8,105

8,073

The average number of employees (including executive directors) was as follows:

2024

2023

Number

Administration

Income tax expense

2024

2023

£'000

Analysis of tax charge in year

UK corporation tax charge:

Current tax on profits for the year

652

443

Adjustment in respect of prior year

102

(35)

Total current tax charge

754

408

Deferred tax (Note 11):

Movement in deferred tax

Total deferred tax charge/(credit)

Income tax charge

769

430

Euronext London Limited

Notes to the Financial Statements (continued)

Factors affecting tax charge for year

2024

2023

£'000

Profit before tax

2,372

1,894

Standard rate of corporation tax in the UK

25%

Profit on ordinary activities multiplied by the standard rate of

593

474

corporation tax

Effects of:

Adjustment in respect of prior year

102

(35)

Changes in tax rate

(9)

Permanent and timing differences

Income tax charge

769

430

The corporation tax rate increased to 25% from 1 April 2023 for companies generating taxable profits of more than £250,000. Deferred tax has been calculated at the rate at which the balances are expected to be settled, based on tax rates that have been substantively enacted at the balance sheet date, note 11.

Euronext London Limited

Notes to the Financial Statements (continued)

Property, plant & equipment

Details of the Company's property, plant and equipment and their carrying amounts are as follows:

Leasehold improvements

Fixtures & Fittings

Machinery Equipment

Total

£'000

Balance at 1 Jan 2023

331

222

629

Acquisitions

Disposals

(1)

(134)

(135)

Balance at 31 Dec 2023

330

173

579

Balance at 1 Jan 2024

330

173

579

Acquisitions

304

381

Disposals

(327)

(71)

(398)

Balance at 31 Dec 2024

308

220

562

Depreciation:

Balance at 1 Jan 2023

171

142

338

Charge for period

119

Disposals

(113)

Balance at 31 Dec 2023

225

344

Depreciation:

Balance at 1 Jan 2024

225

344

Charge for period

Disposals

(232)

(31)

(263)

Balance at 31 Dec 2024

123

174

Carrying amounts:

At 31 Dec 2023

105

235

At 31 Dec 2024

263

388

All depreciation and impairment charges are included within general and administrative expenses.

Euronext London Limited

Notes to the Financial Statements (continued)

10.

Leases

The Company leased the office premises for two floors at 110 Cannon Street, London until the 24th of March 2024. On 1st of November 2023, the company entered into a new lease agreement for 11th Floor at 25 North Colonnade, Canary Wharf, London, which will expire on the 22nd of March 2030.

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 to Use Asset

Building

2024

2023

£'000

Balance at 1 Jan

3,891

652

Additions

3,956

Amortisation

(851)

(717)

Balance at 31 Dec

3,043

3,891

Set out below are the carrying amounts of lease liabilities recognised and the movements during the period:

Lease Liabilities

Building

2024

2023

£'000

Balance at 1 Jan

(4,167)

(998)

Additions

(3)

(3,748)

Payments

492

604

Prior year adjustment

296

Dilapidation adjustment

Accretion of interest

(126)

(25)

Balance at 31 Dec

(3,454)

(4,167)

Of which are:

Non-current lease liabilities

(2,756)

(3,660)

Current lease liabilities

(698)

(507)

Balance at 31 Dec

(3,454)

(4,167)

Euronext London Limited

Notes to the Financial Statements (continued)

11.

Leases (continued)

The non-current lease liabilities include Dilapidation provision of £426k (2023: £477k) which represents the estimated costs to restore the leased office space for Cannon Street (£306K) and Canary Wharf lease (£120k) to its original condition at the end of the lease term. The dilapidation provision will be re-assessed throughout the lease term to ensure that it captures available information known to management.

(xviii)

Amounts recognised in the statement of profit or loss

2024

2023

£'000

Amortisation charge of right-of-use assets

851

717

Interest expense (included in finance cost)

126

Total

977

742

12.

Deferred tax asset/ Liability

2024

2023

Deferred Tax Asset

£'000

At the beginning of the financial year

111

133

(Charge)/credit to the Statement of Comprehensive Income

(15)

(22)

At end of the financial year

111

Deferred Tax Liability

At the beginning of the financial year

At end of the financial year

Net deferred tax asset(Liability)

13.

Other receivables (Non-current)

2024

2023

£'000

Rent deposit

662

634

Euronext London Limited

Notes to the Financial Statements (continued)

14.

Trade and other receivables

2024

2023

£'000

Financial assets:

Trade receivables

Amounts owed by group undertakings (Note 18)

4,787

1,778

Other receivables

822

793

Non-financial assets:

Prepayments

551

1,011

6,167

3,586

Trade receivables are not interest bearing, and are generally on 30-day credit terms, and are shown net of impairment provision. The expected default rate is £nil (2023: £nil).

The amount in Amounts owed by group undertakings are non-interest-bearing and are generally on a 90-day credit term. The expected default rate on these amounts is £nil (2023: £nil).

The amount in Amounts owed by group undertakings relates to the compensation and facilities recharge.

The amount in Other receivables includes a VAT amount of £96k due from the tax authorities, and are expected to have no credit risk exposure.

The balance in Other receivables includes a rent deposit of £603k related to the Cannon Street lease, which is receivable from Classic Beauty Holdings Ltd. This amount is not considered to carry any credit risk and was fully settled in 2025.

The directors consider that the carrying amount of trade and other receivables approximates to their fair value. The Company does not hold any collateral as security.

15.

Cash and cash equivalents

2024

2023

£'000

Current account cash balance

8,350

9,330

Short-term deposits

5,013

8,350

14,343

No cash is restricted.

Euronext London Limited

16.

Trade and other payables

2024

2023

£'000

Trade payables

Amounts due to group undertakings (Note 18)

1,151

6,074

Corporation tax

375

605

Other payables

800

1,166

Accruals

2,312

1,985

4,638

9,855

The carrying amount of trade and other payables approximates to their fair value due to their short-term nature.

Other payables mainly include pension liabilities, and national insurance liabilities in relation to salaries, termination payments and shares.

Amounts owed to group undertakings is unsecured, interest free and repayable on demand.

17.

Capital and Reserves

2023

No. of shares

Capital contribution

Other Reserves

Share capital

Total

£'000

At 1 January 2023

7,000

(2,740)

4,360

(35)

Movements in relation to Share based payments

(35)

(2,775)

At 31 December 2023

7,000

4,225

2024

No. of shares

Capital contribution

Other Reserves

Share capital

Total

£'000

At 1 January 2024

7,000

(2,775)

4,225

233

Movements in relation to Share based payments

233

(2,542)

At 31 December 2024

7,000

4,458

On incorporation, the Company issued 1 ordinary £1 share for £1. No capital contribution was made during 2024. (2023: nil).

Euronext London Limited

Notes to the Financial Statements (continued)

18.

Share-based payments

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.

The share-based compensation reflected in the Statement of Comprehensive Income relates to the RSUs granted by Euronext NV to the Company'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.

Since 2015, Euronext has implemented a performance share plan, 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.

Share-based payment expenses recognised in the income statement for shares granted for all plans to directors and selected employees in 2024 amounted to £0.54m (2023: £0.49m), which included (£0.13m) (2023: (£0.04m)) for associated tax for the share based payments due.

Euronext London Limited's employees participated in the following share based compensation plans during the year:



Euronext Long Term Incentive Plan 2021 (“LTI Plan 2021”);and



Euronext Long Term Incentive Plan 2022 (“LTI Plan 2022”);and



Euronext Long Term Incentive Plan 2023 (“LTI Plan 2023”);and



Euronext Long Term Incentive Plan 2024 (“LTI Plan 2024”).

Euronext Long-Term Incentive Plans (“LTI Plan”) 2021, 2022, 2023 and 2024

Certain employees of the Group benefited from Restricted Stock Units (“RSUs”) granted by Euronext NV under LTI Plans on their applicable grant dates. RSUs granted under LTI Plans cliff-vest after 3 years, subject to continued employment and a ‘positive EBITDA' 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 Euronext's 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 EBITDA-based performance condition.

Euronext London Limited

Notes to the Financial Statements (continued)

19.

Share-based payments (continued)

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 EBITDA performance relative to budgeted EBITDA and the total cost for the performance RSUs could be adjusted accordingly.

Grant-date fair value of RSU's granted under the LTI Plan 2022, 2023 and 2024 reflects the present value of expected dividends over the vesting period.

Movements in the number of shares granted as awards are as follows:

2024

2023

No.

At 1 Jan

20,777

27,544

Granted

8,390

12,105

Performance adjustment (share split)

5,444

2,410

Forfeited

(2,214)

(9,534)

Vested

(8,614)

(11,748)

At 31 Dec

23,783

20,777

The share price for the 2024 grant at grant date was €85.25 (2023: €66.60). The share price for the 2024 vested shares at vesting date was €91.80 (2023: €66.60).

Number of outstanding shares as of 31/12/2024:

Type

No performance

With performance

Total

LTIP 2022

2,754

4,023

6,777

LTIP 2023

4,255

4,371

8,626

LTIP 2024

3,993

4,387

8,380

Total

11,002

12,781

23,783

LTIP 2022 (no performance) 2,628 shares: Fair value per share at the measurement date: € 72.72

LTIP 2022 (with performance) 4,149 shares: Fair value per share at the measurement date: €78.59

LTIP 2023 (no performance) 3,560 shares: Fair value per share at the measurement date: € 59.99

LTIP 2023 (with performance) 5,006 shares: Fair value per share at the measurement date: €57.21

LTIP 2024 (no performance) 4,377 shares: Fair value per share at the measurement date: €77.90

LTIP 2024 (with performance) 4,003 shares: Fair value per share at the measurement date: €84.90

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.

Euronext London Limited

Notes to the Financial Statements (continued)

20.

Related party transactions

During the year, the Company entered into the following Statement of Comprehensive Income transactions with related parties:

Exchange Consulting Services

Purchases of services

2024

2023

2024

2023

£'000

Fellow subsidiary undertakings of Euronext NV

(1,578)

(1,926)

(545)

(790)

Recharge to Euronext Amsterdam NV

Recharge to Euronext Brussels NV/SA

(324)

(378)

Recharge to Euronext Lisbon SA

(120)

(133)

Recharge to Euronext Paris SA

(3,875)

(4,308)

Recharge to Euronext Dublin

(394)

(479)

Recharge to Oslo Bors ASA

(804)

(1,038)

Recharge to Borsa Italiana SPA

(2,482)

(2,685)

Recharge to IR.Soft

(26)

(108)

Recharge to Euronext FX Inc

(1,953)

(1,405)

Recharge from IBABS BV

(13)

(11)

Recharge from Euronext NV

(55)

219

Recharge to Company Webcast

(133)

Recharge to Commcise Software Ltd

(269)

(112)

Recharge to Euronext UK Holdings Ltd

(50)

Recharge from MTS Spa

Recharge to Nord Pool Holding

(42)

(47)

Recharge to Gatelab Ltd

(7)

Recharge to EuroMTS Ltd

(524)

(659)

Total

(9,577)

(10,947)

(3,477)

(2,958)

Within the Euronext Group, the various group companies are interdependent on one another, providing intercompany services between the various group companies.

For this reason, the Group entered into a Profit Sharing Agreement (‘PSA'), whereby the objective is a fair allocation of the results of the Group to the Euronext countries, based on local tax law and the OECD Pricing Guidelines for Multinational Enterprises and Tax Administrations. The Group opted to split the profit by legal entity as the transfer pricing methodology between the countries.

Euronext London Ltd provides exchange consulting services to the Euronext market operators under the Euronext Intragroup Central Services Agreement. For the provision of these services, Euronext London Ltd receives a compensation based on a cost plus 10% basis, which has been externally benchmarked.

Euronext London Limited

Notes to the Financial Statements (continued)

21.

Related party transactions (continued)

The Company had the following balances with related parties at 31 December:

Fellow subsidiary undertakings of Euronext NV

Amounts owed by related parties

Amounts owed to related parties

2024

2023

2024

£'000

Euronext NV

222

1165

619

4,428

Euronext Amsterdam NV

596

254

Euronext Brussels NV/SA

128

Euronext Lisbon SA

Euronext Paris SA

1,549

730

Euronext Dublin

160

Euronext FX

642

471

Commcise Software Ltd

121

Company Webcast

Insiderlog AB

IR.Soft

Oslo Bors ASA

291

156

EuroMTS Ltd

133

Borsa Italiana SPA

978

365

iBabs BV

Nord Pool AS

Euronext UK Holdings Ltd

364

Total

4,786

1,778

1,151

6,074

The amounts owed to all related parties except Euronext NV were settled in cash during 2024. No expense has been recognised in the year for bad or doubtful debts in respect of the amounts owed by related parties.

Amounts owed to Euronext NV are related to the accrual of yearly group share-based compensation plan recharges.

Euronext London Limited

Notes to the Financial Statements (continued)

22.

Financial instruments by category

Loans and receivables at amortised cost

2024

2023

Financial Assets

£'000

Trade and other receivables excluding prepayments

5,569

785

Cash and cash equivalents

8,350

14,343

Total

13,919

15,128

Other financial liabilities at amortised cost

2024

2023

Financial Liabilities

£'000

Trade and other payables excluding non-financial liabilities

1,951

7,310

Total

1,951

7,310

23.

Financial risk management

The Company is exposed to the following risks in relation to its financial assets and liabilities:



Credit risk;



Liquidity risk; and



Currency risk.

The fair values of the Company's financial assets and liabilities are in all cases considered to be approximately equal to their carrying amounts.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties, as means of mitigating the risk of financial loss from default. The Company's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. The Company's principal financial assets are Cash & Cash Equivalents and Trade & other receivables as reflected in Notes 14 and Notes 13 respectively. The Company's credit risk is primarily attributable to its trade receivables. The trade receivables amounts presented in the Statement of Financial Position are stated net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of reduction in the recoverability of the cash flows.

Euronext London Limited

Notes to the Financial Statements (continued)

24.

Financial risk management (continued)

The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the Company's maximum exposure to credit risk.

The Company considers that the credit quality of those financial assets which are neither past due nor impaired is sufficiently high to present negligible risk of default. There are no financial assets that would otherwise be past due or impaired whose terms have been renegotiated. There are no financial assets to related parties which are past due or have been impaired. Management evaluate each counterparty's credit worthiness on a case by case basis. All financial assets are considered to be of credit quality and no significant increase in credit risk based on the payment history of the respective counterparty.

Liquidity risk

The Company manages its financial assets and liabilities in such a way as to ensure that current receivables and cash always significantly exceed current liabilities. The remaining contractual maturities of financial liabilities, none of which are derivatives, all fall within 90 days. The Company's solvency and minimum regulatory capital levels were monitored and assessed within the framework and regulations set out by the FCA until 19 April 2021. The Company no longer holds a RIE licence since. On 4 April 2014, a credit facility of £500,000 was granted by the bank in order to make BACS Direct Credits. BACS is a UK Domestic Payment Scheme in GBP only.

Currency risk

The Company is mainly exposed to fluctuations in the value of Euros and US Dollars. During the ordinary course of its business, the Company enters into sales and purchase transactions denominated in foreign currencies, hence an exposure to exchange rate fluctuations arises. Exchange rate exposures are managed within approved policy parameters, as referred to below.

The carrying amount of the Company's foreign currency denominated monetary assets and monetary liabilities at the reporting date is as follows:

EUR

USD

2024

2023

2024

2023

£'000

Assets

Trade receivables

Other receivables

3,612

Liabilities

Trade payables

280

240

216

231

Amounts due to group undertakings

525

6,180

216

231

805

6,420

Euronext London Limited

Notes to the Financial Statements (continued)

25.

Financial risk management (continued)

The currency risk is managed by minimising the time delays between the date the Company becomes party to the contract and the date of the related cash receipt or payment. In addition, it is the Company's policy to convert foreign currency to sterling.

Trade receivables

Trade receivables are due within 30 days.

2024

2023

Trade receivables

€4,367k

€27k

Impact on Statement of Comprehensive Income of 10% EUR appreciation

(£361k)

(£2k)

Trade payables

It is Company's policy to settle trade payables within 30 days in order to minimise any currency risk.

The following table summarises the impact on the amounts due to group undertakings and trade payables of a 10% appreciation of the currency exchange rate for the net currency exposure recorded in EUR:

2024

2023

Amounts due to group undertakings

€525k

€7,082k

Impact on Statement of Comprehensive Income of 10% EUR appreciation

(£53k)

(£618k)

2024

2023

Trade payables

€305k

€257k

Impact on Statement of Comprehensive Income of 10% EUR appreciation

£28K

£24K

The following table summarises the impact on the amounts due to trade payables of a 10% appreciation of the currency exchange rate for the net currency exposure recorded in USD:

2024

2023

Trade payables

$286k

$305k

Impact on Statement of Comprehensive Income of 10% EUR appreciation

(£22K)

(£23K)

Euronext London Limited

26.

Financial risk management (continued)

Capital risk management

The capital structure of the Company consists primarily of equity attributable to the immediate parent company, comprising issued capital, reserves and retained earnings. Financial risk management (continued)

2024

2023

£'000

Ordinary shares

Capital contribution reserve

7,000

Other reserves

(2,542)

(2,775)

Retained earnings

6,063

4,460

Total equity

10,521

8,685

The Company held as at 31 December 2024 cash and liquid financial instruments with minimal market and credit risk at Société Générale and Lloyds Bank for a total amount of £8.3m (2023: 14.3m).

27.

Dividend

The Directors have decided to propose to the Shareholders' meeting to distribute the total retained earnings of £6,062k which includes the 2024 result of £1,603k. (2023: £nil).

28.

Contingencies and Capital commitments

No contingencies and commitments exist as of 31 December 2024 (2023: £nil).

29.

Subsequent events

The Company leased two floors of office space at 110 Cannon Street, London, until 24 March 2024. At year-end, a rental deposit of £603k remained outstanding and was included in the other receivables (Note 13). This deposit was subsequently recovered from the landlord in 2025.

30.

Immediate and ultimate parent company

The immediate and ultimate parent company is Euronext NV, a company registered in Amsterdam, which has a 100% holding in the Company. Euronext NV is the smallest and largest group to consolidate these financial statements. Copies of Euronext NV's consolidated financial statements can be obtained from the Company Secretary at Beursplein 5, 1000GD Amsterdam, Netherlands.