EuroMTS Limited (the "Company" or "EuroMTS"), a wholly-owned subsidiary of MTS S.p.A. which is controlled by Euronext N.V. ("Euronext" or "Group"), the Ultimate Parent, operates a dealer-to-client trading system for government bonds and other fixed-income securities and commercialises data from markets operated by MTS S.p.A., EuroMTS Limited, Marche de Titres France SAS. (MTS France), MTS Associated Markets S.A. and BondSpot S.A. The Company is based in the United Kingdom and is authorised and regulated by the Financial Conduct Authority ("FCA").

Total revenues for the year ended 31 December 2025 were €18.6 million (year ended 31 December 2024: €16.6 million), with an operating profit for the period of €7.9 million (year ended 31 December 2024: €8.1 million).

Profit after tax for the year ended 31 December 2025 was €5.9 million (year ended 31 December 2024: €6.1 million).

Cash volumes on BondVision UK MTF totalled €716 billion for the period January to December 2025 compared to €313 billion in January to December 2024, an increase of 129%, which was predominantly driven by higher volumes traded by Hedge Funds. Whilst Repo volumes on BondVision UK MTF totalled €184bn for the period January to December 2025, compared to €407bn in January to December 2024, a decrease of 55%. On a term adjusted basis, Repo volumes on BondVision UK MTF were down 44%, from €3,826bn in 2024 to €2,136bn in 2025.

During 2025, the MTS Data business saw continued growth and development reflecting the focus on the fixed income markets by a variety of market participants. The continuing volatility and uncertainty in the markets has highlighted the value of MTS's data, with many institutions viewing MTS as a valuable source in the European government bond market, which has driven new business sales in MTS Live, MTS Alpha, BondVision Composite, and Blotter data packages.

As of 31 December 2025, there were 1,347 MTS Real-Time Data users, up 3.5% from 1,302 as of 31 December 2024), as well as 28 participants subscribing to MTS Live, which was up from 25 as at 31 December 2024.

The key drivers of total revenue for EuroMTS can be split into two distinct areas: Volumes traded drives revenue for commission and brokerage, whereas the number of terminals and number of MTS Live subscribers are key drivers of revenue for data sales. These key performance indicators are included above.

The net asset position of the Company at 31 December 2025 was €16 million (31 December 2024: €16.2 million).

EuroMTS considers risk management to be fundamental for the effective execution of its Strategic Plan and business continuity. The company adopts a proactive approach to Risk Management in which the prompt identification and analysis of the level of risks and adequate reporting of the Company's risk profile to stakeholders are essential.

Euronext Group (Euronext, the Group, the ultimate parent of the Company) operates group wide risk management procedures which bring greater judgement to decision making as this allows management to make better, more informed and more consistent decisions based on a clear understanding of the risks involved.

EuroMTS adopts annually the Euronext Group's Enterprise Risk Management (ERM), which is designed to ensure the prompt identification of risks, assessment of criticality and its evolution monitoring.

The Company is subject to a variety of foreseeable and unforeseeable risks and uncertainties which may have an impact on the Company's ability to execute its strategy and deliver its expected performance.

The identification, assessment and management of these risks are central to the Company's operating framework. The Company's risk control structure is based on the 'three lines of defence' model:

The First line (Management) is responsible and accountable for identifying, assessing, managing and monitoring risk.

The Second line (Risk Management and Compliance) is responsible for defining the risk management process and policy framework and providing independent challenge to the first line on Risk Management activities assessing risks and reporting to the Board on risk exposure. In addition to the Risk Management and Compliance functions, the Group Internal Control function is also part of the second line of defence.

The Third line (Internal Audit) provides independent assurance to the Board and other key stakeholders over the effectiveness of the systems of controls and the Risk Management Framework.

The main risks to which the Company was exposed during 2025, and which are expected to remain relevant in the coming year include the management of the technological platform, increasing competitive pressure, ongoing changes in the regulatory environment, and uncertainties related to the macroeconomic context.  Cyber risks remain elevated due to the expansion of Euronext's activities and its increased visibility, which makes it a more prominent target. Key threats include AI-driven attacks, phishing and DDoS campaigns.

The Company's principal operational risks arise from ensuring it maintains secure and stable technology performing to high levels of availability. The Company is reliant upon secure premises to protect its employees and physical assets. The Company is continually working hard to both mitigate these risks and support its customers. Moreover, the company will continue to monitor and respond to developments and threats in resiliency and cybersecurity.

EuroMTS has effective Business Continuity Management (BCM) arrangements and appropriate safeguards to ensure the uninterrupted operation of its IT systems and infrastructure.

Whilst EuroMTS' revenues and profitability, as a provider of services to the financial services sector, are highly dependent on the levels of activity within that industry, the Company does not carry the significant balance sheet risks or liabilities typically associated with that sector. The financial services industry is dynamic and unpredictable and is directly affected by many macroeconomic variables beyond its control, including economic, political, and geopolitical market conditions, changes in price levels and volatility in the financial markets, changes in government monetary or tax policy and other legislative and regulatory changes.

FINANCIAL RISKS

The Company's activities expose it to limited financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk, liquidity risk, and regulatory capital risk. The Company is part of Euronext N.V. (the "Group"), and financial risk management is carried out by the Group through its finance, compliance, and central treasury functions. The Group's risk management approach seeks to minimize the potential adverse effects of these risks on the financial performance of the Company.

Credit risk is the risk that the Company's counterparties will be unable to meet their obligations to the Company either in part or in full and arises from credit exposures to customers as well as on cash and cash equivalent balances and deposits with banks and financial institutions.

Credit risk is controlled through policies and procedures developed either at the Group level and, where appropriate, with regulators, or by the Company itself.

The Company assesses the credit quality of its customers, based upon the customer's financial position and considering experience and other factors. Trade receivables, net of impairment, are concentrated in the financial community and are managed as one class of receivables. There is a limited concentration of credit risk concerning trade receivables as the Company has a low historic incidence of customer defaults. Given this, the recurring nature of the billing management assesses the credit risk facing the Company will be low.

Credit risk on cash and deposits at banks and other financial institutions is managed at the Group level by limiting the exposure to up to £50 million placed for 12 months with counterparties rated long-term AAA (or equivalent) through to a maximum of £10 million overnight with counterparties rated short term A-2 (or equivalent). For cash held specifically for regulatory purposes, deposits are limited to a maximum tenor of three months unless a formal break clause is agreed with the counterparty.

The Company operates in the UK and reports its results in Euros and is exposed to foreign exchange risk arising from currency exposures principally between Euros and Sterling.

Foreign exchange risk is identified by the Group's central treasury function and, if deemed material, is hedged in accordance with a Group's approved policy framework.

The Company is exposed to interest rate risk through its revolving loan facility which attracts interest at variable rates. In considering the size and nature of the arrangements, the Company does not believe that this is a material risk for the Company.

The Company is exposed to liquidity risk to the extent that it is unable to meet its daily payment obligations. The Company maintains sufficient cash and cash equivalents, to meet all its financial obligations as they fall due.

When the Company's business generates significant free cash flow, this free cash flow is available to the Company to invest in capital expenditure, acquisitions, dividend payments, other returns of capital or to reduce debt.

EuroMTS is currently considered to be a SNI-MIFIDPRU (Small and Non-Interconnected) investment firm for the purpose of calculating its own funds and liquid asset requirements.

The Company, as a SNI-MIFIDPRU investment firm authorised to operate multilateral trading facilities, is required to maintain certain minimum levels of capital (own funds) and liquidity (liquid assets) for regulatory and operational purposes. As of 31 December 2025, the Company held own funds and liquid assets that exceeded its agreed minimum regulatory requirements.

The year 2025 was marked by continued macroeconomic and geopolitical instability. Global tensions, ongoing regional conflicts, and shifts in U.S. economic policy contributed to heightened uncertainty across international financial markets. Several geopolitical developments also had a direct impact on EuroMTS and its client base, reinforcing an environment of elevated market volatility.

In the United Kingdom, inflation remained above the Bank of England's target for most of the year, although signs of gradual moderation emerged toward the end of 2025. Domestic demand showed resilience in certain sectors but remained constrained overall due to cautious household consumption, subdued business investment, and the impact of higher

interest rates. On a global scale, economic growth is expected to slow, with both the United States and China projected to experience weaker expansion.

This backdrop of uncertainty resulted in increased market volatility throughout 2025, supporting sustained levels of trading activity on EuroMTS platforms. A similar pattern is anticipated in 2026, although at more stable levels, with macroeconomic uncertainty likely to continue underpinning robust trading conditions. Policy rates are expected to remain broadly supportive, and net debt issuance is projected to stay positive. EuroMTS continues to closely monitor developments in financing strategies across the European Union to assess potential implications for market structure and liquidity.

The securities industry is closely regulated and as such, in addition to having to comply with Company law, local government and UK legislative requirements, EuroMTS is subject to authorisation and continuous oversight by the FCA. Comprehensive market rules are in place to ensure ongoing compliance with all legal and supervisory requirements.

EU-UK regulation divergence remained a key driver for 2025, impacting costs and effort to adapt. UK MiFID II bond transparency regimes went live in 2025, while EU MiFID review is not expected to have significant impacts on EuroMTS trading business.

On Consolidated Tape, progress has been made in 2025. Ediphy fairCT was selected for EU Bond CTP, while Etrading Software for UK Bond CTP. The EU Bond CTP authorisation process has not yet been completed and the timeline remains undefined. FCA is currently targeting June 2026 for UK Bond CTP go-live, but delays are expected. In 2026, also the new Reasonable Commercial Basis provision will go live. EuroMTS continuously monitors developments and engages in dialogue with regulatory and government authorities at both the national and EU level.

EuroMTS produces an Internal Capital Adequacy and Risk Assessment ("ICARA") on an annual basis and describes the processes by which EuroMTS assesses its compliance with OFAR (Overall Financial Adequacy Rule), ensuring it holds sufficient own funds and liquid assets to ensure that it remains financially viable throughout the economic cycle with the ability to address any material potential harm that may result from its ongoing activities, as well as ensuring the firm can be wound down in an orderly manner. The ICARA covers (i) business model and strategy of EuroMTS, (ii) the identification, monitoring, and mitigation of potential material harms, (iii) assessment of the adequacy of financial resources (including stress testing), and (iv) recovery and wind-down planning.

The ICARA document is prepared following the IFPR (Investment Firm Prudential Regime) and FCA guidelines and is updated and promoted within the Company.

The EuroMTS Marketing & Sales Department operates within a competitive environment and faces the risk of not responding quickly and adequately to changes introduced by the competition. This competition remains a key risk and may intensify in the future, especially as technological advances create pressure to reduce the costs of trading and as a result of new MTS Group initiatives.

The Company is well placed to respond to these developments and continues to focus on developing and delivering competitive products, technology, pricing structures and services to reduce the overall cost of trading which is key to maintaining strong customer relationships and deep pools of liquidity.

RISKS RELATING TO THE BUSINESS

An inability to anticipate and respond, in a timely and cost-effective manner, to the need for new and enhanced technology may result in EuroMTS being unable to compete effectively. The markets in which we compete are characterised by rapidly changing technology, evolving industry standards, frequent enhancements to existing products and services, the introduction of new services and products, and changing customer demands. During 2025, the Company continued to focus on its operational resilience and its ability to cope with potential service interruptions.

Following the implementation of DORA, EuroMTS strengthened its digital operational resilience by introducing a new ICT risk taxonomy, enhancing governance and risk assessment, and deploying a digital resilience management system. The Company reinforced incident management, increased oversight of third-party ICT providers, and embedded a culture of resilience through continuous training and transparent reporting, ensuring robust compliance and preparedness for operational disruptions.

DORA has required adjustments to the Group Risk Management Framework and governance, in addition to other group policies and standards, which were rolled out in the course of 2025. A Digital Operational Resilience Strategy (DORS) at Euronext Group level has been documented and approved in early 2025. The DORS primary purpose is to establish a unified framework for managing ICT risks, ensuring continuity of critical operations, and strengthening the organisation's ability to withstand, respond to, recover and learn from business disruptions, according to a proportionate risk-based approach.

Cyber risk commonly refers to any risk of financial loss, disruption, or damage to the reputation of an organisation resulting from the failure of its information technology systems. Cyber security and vulnerability management activities are in place and included in the Service Level Agreement with main technology providers. Key Performance Indicators include targets on potential exploits and vulnerabilities to be closed in a reference period.

In preparing financial statements, directors have assessed that emerging climate-related risks are not material. Climate-related matters could not affect the amounts and disclosures in the financial statements.

EuroMTS's business depends on technology, which is secure, stable, and performs to high levels of availability and throughput. If EuroMTS's systems cannot expand to cope with increased demand or otherwise fail to perform, the business could experience unanticipated disruptions in service, slower response times, and delays in the introduction of new products and services.

From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006(“s172”) have been considered to an appropriate extent by the company. Such consideration is included in the statements set out below, noting the Director's duty under s172 to act in good faith to promote the success of the Company for the benefit of its shareholders but having regard amongst other matters to the following:

the likely consequences of any decision in the long term;

the interests of the Company's employees;

the need to foster the Company's business relationships with customers and others;

the impact of the Company's operations on the community and the environment;

the desirability of the Company maintaining a reputation for high standards of business conduct; and

For the Company, compliance is one of the cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles.

The Directors of the Company, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the period ended 31 December 2025.

The following paragraphs summarise how the directors have fulfilled their duties:

As a Director, my intention is to behave responsibly and ensure that management operate the business in a responsible manner;

As a Director, I am committed to openly engage with my shareholders. It is important to me that shareholders understand my strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered;

As my services provided grow, our risk environment also becomes more complex. It is therefore, important that I effectively identify, evaluate, manage and mitigate the risks the Company faces. For details of my principal risks and uncertainties, please see previous paragraphs of my Company strategic report;

Our employees are vital to the services provided by the Company. I aim to be a responsible employer in my approach to the pay and benefits for my employees. For my business to succeed, I need to manage my employees' performance and develop talent while ensuring the Company operates as efficiently as possible. The health and safety of my employees is very important to me; and

In order to grow our business, I need to develop and maintain strong business relationships. I value all of our suppliers and customers.

Angelo Proni

Director and Chief Executive Officer

REGISTERED OFFICE:

14 April 2026

11th Floor, CARGO Building 25 North Colonnade, London, E14 5HS

The Directors present their report and the audited financial statements for the year ended 31 December 2025.

The review of the Company's business is set out within the Strategic Report on page 2.

The Directors recommend a final dividend of €2.20 per share (total dividend to distribute € 5,935,776.00) for the year ended 31 December 2025 which will be paid during the year ending 31 December 2026 (year ended 31 December 2024: €6,043,699.20 or €2.24 per share paid during year ended 31 December 2025).

The following directors have held office during the period and up to the date of approval of the financial statements, except as noted below:

M Cannata

C Pietroluongo

A Battaglia

A Proni

S Gallagher

None of the Directors had any interest in the shares of the Company. There are no directors' interest requiring disclosure under Companies Act 2006.

It is the Company's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the Company and its suppliers, provided that all trading terms and conditions have been complied with.

The Company has Directors and Officers insurance which provides an indemnity to one or more of its directors against liability in respect of proceedings brought by third parties. Such qualifying third-party indemnity provision remains in force as at the date of approving the Directors' Report.

The Directors are responsible for the maintenance and integrity of the Company's website.  Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors have reviewed the Company‘s forecasts and projections, taking into account reasonably possible changes in trading performance, which show that the Company has sufficient financial resources.

On the basis of this review, and after making do enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and for at least 12 months from the approval of the financial statements. In addition, MTS S.p.A., the immediate parent confirms that it has the necessary resources and intends to continue to provide financial support for the ongoing operations of EuroMTS Limited for a period of at least 12 months following the date of approval of EuroMTS Limited financial statement. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Directors considered the impact of the geopolitical tensions that escalated in the Middle East in February 2026. The Directors evaluated the potential effects of these developments on the Company's forward-looking forecasts, liquidity position, and key assumptions underlying the measurement of insurance liabilities.

Based on the information available at the date of approval of the financial statements, management concluded that these developments do not have a material impact on the Company's operations, financial position, liquidity, or the use of the going concern basis of preparation. The Directors will continue to monitor developments and reassess their impact as appropriate.

The Directors confirm that there were no significant events occurring after the balance sheet date, up to the date of this report that would meet the criteria to be disclosed or adjusted in the financial statements for the year ended 31 December 2025.

Grant Thornton (NI) LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the forthcoming annual general meeting.

Angelo Proni

Director and Chief Executive Officer

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.

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 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 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.

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.

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.

The financial statements on pages 12 to 29 were approved by the Board on 14 April 2026 and signed on its behalf by:

Angelo Proni

Director and Chief Executive Officer

Interest income and expense comprise interest earned on cash deposited with financial counterparties and interest paid on borrowings which reflect the agreed market-based or contractual rate for each transaction undertaken during the period and calculated using the effective interest rate method.

Subsequent measurement:

Cost of sales comprise the following:

Total expenses

The Directors' remuneration disclosed above includes the following amounts for the highest paid Director:

Total

The investments included above represent investments in non-quoted equity securities (Swift Scrl) that present the Company with opportunity for return through capital appreciation. They have no fixed maturity or coupon rate. The fair values of securities are based on last traded price offered by the issuing party for redemption of the securities and is defined as level 2 under IFRS 7 fair value hierarchy. The investments were acquired from MTS Spa on 19 July 2022.

There are no differences between the book and fair value of the above balances. Management does not expect any losses as a result of non-performance by the counterparties holding cash and cash equivalents.

The movements of the plans during the year 2025 are shown below:

MTS S.p.A. owns 2,698,080 ordinary shares of £1 each in the Company which represents the Company's entire issued ordinary share capital. The nature of the relationship and the number of transactions with related parties during the year were as follows:

As at 31 December 2025, the Company's immediate parent is MTS S.p.A. which is a company incorporated and operates in Italy. The ultimate parent undertaking and the parent that headed the smallest and largest group of undertakings for which consolidated financial statements were prepared is Euronext N.V., a company incorporated in the Netherlands. One hundred per cent of the issued share capital of the Company was beneficially owned by its immediate parent undertaking.

A copy of the Euronext N.V. consolidated financial statements can be obtained from Euronext N.V., Beursplein 5, 1012 JW Amsterdam and on Euronext website.

Auditors' remuneration payable to Grant Thornton (NI) LLP and its associates comprise the following: