Tradeweb Markets Inc. · NASDAQ:TW

Tradeweb Markets — Q4 2025 Earnings Presentation

38 slides from Tradeweb Markets's earnings presentation, Feb 5, 2026

  1. Slide 1: Tradeweb Investor Presentation February 2026

    TRADEWEB INVESTOR PRESENTATION FEBRUARY 2026 © 2026 Tradeweb Markets LLC. All rights reserved. 1

  2. Slide 2: Disclaimers

    Disclaimers The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, tog

  3. Slide 3: Glossary

    Glossary PROTOCOLS SECTORS Term Acronym Definition Term Acronym Definition The blast all-to-all protocol allows clients to send RFQ trade inquiries to all market participants in a Dealer to Also known as Institutional, consists of Blast all-to-all A2A D2C given market and receive responses for execu

  4. Slide 4: Business Overview

    BUSINESS OVERVIEW © 2026 Tradeweb Markets LLC. All rights reserved. 4

  5. Slide 5: Tradeweb at a Glance – 25+ Years of Innovation

    Tradeweb at a Glance – 25+ Years of Innovation Conceived in 1996, starting with $8mm of capital, Tradeweb is a leader in building and operating electronic marketplaces for its network of clients located in 85+ countries globally $2.1B $2.6T FY2025 FY2025 REVENUE AVERAGE DAILY VOLUME PEOPLE + NETWORK

  6. Slide 6: What We Do

    What We Do Tradeweb is a leader in building and operating electronic marketplaces for a global network of fixed income and ETF clients across the financial ecosystem FOUR CLIENT CHANNELS INSTITUTIONAL WHOLESALE RETAIL CORPORATES • Corporate treasurers • Dealers trading with • Dealers trading with •

  7. Slide 7: Strong Growth Led By Rates and International in 2025

    Strong Growth Led By Rates and International in 2025 STRONG REVENUE GROWTH ACROSS ASSET CLASSES1 INTERNATIONAL REVENUES CONTINUE TO SCALE1 ($ in millions) ($ in millions) $2,052 $858 $900 $2,000 $1,726 $800 $700 $665 $1,500 $1,338 $1,189 $600 $1,076 $488 $1,000 $893 $500 $428 $776 $403 $684 $518 $56

  8. Slide 8: Diverse Product Offering (FY2025)

    Diverse Product Offering (FY2025) RATES CREDIT EQUITIES MONEY MARKETS +18% +20% +12% +44% 377 VOLUME ($T) Y/Y 10 VOLUME ($T) Y/Y 7 VOLUME ($T) Y/Y 294 VOLUME ($T) Y/Y +21% +22% +51% 1,094 REVENUE ($M) Y/Y 488 REVENUE ($M) +6% Y/Y 127 REVENUE ($M) Y/Y 174 REVENUE ($M) Y/Y GLOBAL GOVERNMENT BONDS GLOB

  9. Slide 9: Investment Highlights

    INVESTMENT HIGHLIGHTS © 2026 Tradeweb Markets LLC. All rights reserved. 9

  10. Slide 10: Key Investment Highlights

    Key Investment Highlights 1. ESTABLISHED ELECTRONIC FIXED INCOME NETWORK WITH SCALE ADVANTAGES A leading electronic fixed income network with clients in 85+ countries trading $2.6 trillion daily on average 2 2. TRACK RECORD OF GROWTH AND SERIAL INNOVATION History of selectively expanding into and sc

  11. Slide 11: A Deeply Integrated & Powerful Network

    1. POWERFUL NETWORK EFFECTS A Deeply Integrated & Powerful Network A powerful client network that trades $2.6 trillion daily on average across our global electronic marketplaces, which are deeply integrated and supported by our proprietary technology TECHNOLOGY—HEAVILY INTEGRATED IN CUSTOMER WORKFLO

  12. Slide 12: Calculated Network Expansion to Connect the Dots

    1. POWERFUL NETWORK EFFECTS Calculated Network Expansion to Connect the Dots TRADEWEB NETWORK: CONNECTING KEY DIFFERENTIATORS TO GENERATE A STEADY… …STREAM OF INNOVATIONS Multi-Client Net Spotting 2021 Hedging of U.S. HG Credit 1998: Rates with USTs MULTI- MULTI- 1998: Institutional 2003: Money ASSE

  13. Slide 13: Track Record of Growth, Product Diversification and Serial Innovation

    2. TRACK RECORD OF GROWTH Track Record of Growth, Product Diversification and Serial Innovation Our deep relationships with our clients allows us to identify growth opportunities early and grow them into meaningful contributors of revenue over time LAUNCH YEAR1 STAGE PRODUCT TIME TO $25MM+ IN REVENU

  14. Slide 14: Diversity Driven Revenue Growth

    3. POWERFUL GROWTH THEMES Diversity Driven Revenue Growth TOP 10 REVENUE GENERATING PRODUCTS ESTIMATED 2019¹ 2025 MARKET E%2 1. Swaps Swaps ~30% 50%+ of total Mortgages U.S. Credit ~45% trading 2. revenue 3. U.S. Government Bonds U.S. Government Bonds ~50% 4. U.S. Credit Mortgages ~75%4 European Gov

  15. Slide 15: Expansive and Growing Addressable Markets

    3. POWERFUL GROWTH THEMES Expansive and Growing Addressable Markets TRADEWEB’S GROWTH ADVANTAGE EXPANSIVE ADDRESSABLE MARKETS (ADV)1,6 Total Market CAGRs2: TW CAGRs2: GROWTH IN EXISTING MARKETS Rates +10% Rates +24% Credit +8% Credit +24% Equities +12% Equities +20% ELECTRONIFICATION OF MARKETS Mone

  16. Slide 16: Secular Tailwinds Expected to Position Tradeweb for Long-Term Growth

    3. POWERFUL GROWTH THEMES Secular Tailwinds Expected to Position Tradeweb for Long-Term Growth MARKET VOLUME GROWTH1 ELECTRONIFICATION EXPANDING FOCUS GOVERNMENT ON COST DEBT POOL REDUCTION GROWING CORPORATE INCREASING GROWTH IN DEBT REGULATION OUTSTANDING ELECTRONIC TRADING VOLUMES & RISING VALUE O

  17. Slide 17: AiEX Adoption – The Rise in Automated Trading

    3. POWERFUL GROWTH THEMES AiEX Adoption – The Rise in Automated Trading AiEX TRADE ACTIVITY CLIENT GROWTH Average Daily AiEX Trades % of Institutional Trades Represents 44% Top 200 clients Other Clients Total AiEX 35,000 343 39% Clients 30,000 40% 30% 32,902 25,000 199 23% 30% 20,000 128 15,000 19,7

  18. Slide 18: Leading Global Electronic Rates Business

    4. TANGIBLE GROWTH OPPORTUNITIES Leading Global Electronic Rates Business U.S. TREASURIES GLOBAL SWAPS STRONG TRADEWEB UST SHARE1 GLOBAL IRS MARKET AND TW RISK MARKET SHARE2 ($ in trillions, ADV) Global IRS Market (Clarus) Estimated Market 23.4% Electronification: ~30%3 22.5% 18.3% 19.2% 19.2% $4.3

  19. Slide 19: Building a Next Generation U.S. Corporate Credit Market Place

    4. TANGIBLE GROWTH OPPORTUNITIES Building a Next Generation U.S. Corporate Credit Market Place EXPANDING INSTITUTIONAL & WHOLESALE1,2 (Share of TRACE GROWING FOUNDATIONAL U.S. RFQ PROTOCOL $ in billions, ADV) ($ in millions, ADV) Inst. Client 672 725 763 839 905 1,001 1,177 $3,000 $2,803 Count 26.0%

  20. Slide 20: Electronifying Block ETFs & Investing in the Future

    4. TANGIBLE GROWTH OPPORTUNITIES Electronifying Block ETFs & Investing in the Future GLOBAL ETFs EARLY STAGE OPPORTUNITIES MAKING BLOCK TRADING MORE EFFICIENT RATES • Specified Pools: Access to trade and view inventory of the PRODUCT LAUNCHES industry's leading liquidity providers BETTER • Emerging

  21. Slide 21: One-Stop Shop for Emerging Markets

    4. TANGIBLE GROWTH OPPORTUNITIES One-Stop Shop for Emerging Markets Leveraging our leading rates and credit brand to expand into emerging markets Global Swaps Global Credit EM Interest EM Cash & China Rate CDS Bonds Swaps Industry ADV¹ $224B $23B $214B TW Share2 ~15% <1% ~1% EM TOTAL ADDRESSABLE MAR

  22. Slide 22: Strongly Positioned Municipal Bond Platform

    4. TANGIBLE GROWTH OPPORTUNITIES Strongly Positioned Municipal Bond Platform TRADEWEB’S LEADING PLATFORM IS FOCUSED ON MUNICIPAL BOND MARKET Percentages based on 2024 par amount traded1 LARGEST SEGMENTS OF THE MARKET WITH Total Market ADV: OPPORTUNITIES FOR FUTURE GROWTH Other5 ~$13B2 5% Taxable 7%

  23. Slide 23: M&A and Partnerships—Selectively Accelerating Growth

    4. TANGIBLE GROWTH OPPORTUNITIES M&A and Partnerships—Selectively Accelerating Growth HISTORY OF STRATEGIC ACQUISITIONS… …AND PARTNERSHIPS DATE TARGET DESCRIPTION STRATEGIC RATIONALE Entered wholesale channel, launched 2008 Hilliard Farber Wholesale MBS voice broker electronic TBA platform Rafferty

  24. Slide 24: ICD: Expands Tradeweb Footprint into Corporates

    ICD: Expands Tradeweb Footprint into Corporates ICD COMPETITIVE ADVANTAGES PREDICATED ON… CLIENT INDEPENDENCE STRENGTH OF TECHNOLOGY INNOVATION SERVICE NETWORK DRIVING STRONG FY 2025 CLIENT KPIs… 600+ CLIENTS ~98% ~30% ~21% of S&P 100 CLIENT RETENTION INTERNATIONAL REVENUE2 CORPORATES ARE AN INCREAS

  25. Slide 25: Platforms and Solutions Powered by Data and Analytics

    5. GROWING POOL OF DATA AND ANALYTICS Platforms and Solutions Powered by Data and Analytics Data and analytics play a critical role by improving the trading experience of our clients and driving more liquidity to our platforms DATA SUPPORTS THE PLATFORM AND TWO REVENUE CHANNELS ER ER IN P E ID ETS L

  26. Slide 26: Financial Overview

    FINANCIAL OVERVIEW © 2026 Tradeweb Markets LLC. All rights reserved. 26

  27. Slide 27: Straightforward & Diversified Business Model

    6. STRONG REVENUE AND EARNINGS GROWTH Straightforward & Diversified Business Model TRADEWEB HAS A DIVERSIFIED REVENUE BASE WITH A MIX OF VARIABLE AND FIXED REVENUE Percentage of FY2025 Revenue = Variable (74%) + Fixed (26%) (74%) (7%) Variable Trading Revenue1 (<1%) (18%) Market Data (1%) + Other Va

  28. Slide 28: Strong & Broad-based Revenue and Margin Expansion

    6. STRONG REVENUE AND EARNINGS GROWTH Strong & Broad-based Revenue and Margin Expansion FY2025 REVENUE GROWTH BY ASSET CLASS AND MARGIN EXPANSION ($M) 2025 y/y growth % 20.8% 6.3% 21.9% 50.9% 13.3% 47.7% 18.9% GROSS REVENUE GROWTH ($M) ADJUSTED EBITDA GROWTH ($M)1 CAGR: 16.5% CAGR: 20.9% 3 3 2,3 3 3

  29. Slide 29: Capital Management

    6. SIMPLE PHILOSOPHY Capital Management ▪ $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of December 31, 2025 ▪ As of December 31, 2025, we held 1.6 billion Canton Coins, valued at $242.7 million ▪ FY25 FCF: $1.1 billion1 (+31.6% yr/yr) ▪ FY25 cash paid for

  30. Slide 30: A Growth Company: FY2025 vs. FY2024

    A Growth Company: FY2025 vs. FY2024 Continuing to Strike the Right Balance Between Investing to Drive Revenue Growth & Margin Expansion BENCHMARKING PERFORMANCE FY2025 FY2024 GROWTH VOLUMES $2,625B ADV* $2,245B ADV +16.9% REVENUES $2,052M $1,726M +18.9% / +17.5% (CC)1 ADJ. EBITDA MARGIN2 54.0% 53.3%

  31. Slide 31: Contacts

    Contacts Tradeweb Markets Inc. 245 Park Avenue New York, NY 10167 www.tradeweb.com Ashley Serrao, CMA, CFA Sameer Murukutla, CFA Head of Treasury, FP&A & Investor Relations Managing Director, Investor Relations Tel: 646-430-6027 Tel: 646-767-4864 Email: ashley.serrao@tradeweb.com Email: sameer.muruk

  32. Slide 32: Appendix

    APPENDIX © 2026 Tradeweb Markets LLC. All rights reserved. 32

  33. Slide 33: Total Addressable Market Details

    Total Addressable Market Details1 ($ in trillion, ADV) Rates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 '16-2025 CAGR US Treasuries $0.57 $0.56 $0.61 $0.65 $0.66 $0.66 $0.69 $0.76 $0.92 $1.07 7% Mortgages $0.21 $0.21 $0.22 $0.25 $0.29 $0.28 $0.24 $0.25 $0.31 $0.35 6% Rate Derivatives $1.46 $1

  34. Slide 34: Reconciliation of Non-GAAP Items

    Reconciliation of Non-GAAP Items ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor Adjusted EBT FY25 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 FY16 Net income $ 921,

  35. Slide 35: Reconciliation of Non-GAAP Items (continued)

    Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share amounts) Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor Reconciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted Net Income and Ad

  36. Slide 36: Reconciliation of Non-GAAP Items (continued)

    Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share amounts) Successor Successor Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS FY25 FY24 Diluted weighted average shares of Clas

  37. Slide 37: Up-C Structure and TRA

    Up-C Structure and TRA Summary Points • In an up Up-C structure, operations continue to be conducted through a Non- limited liability company treated as a partnership for tax purposes Public Owners (“Opco”). Opco is partially owned by the publicly-traded corporation controlling (Class A and (“Pubco”

  38. Slide 38: Multi-Class Share Structure

    Multi-Class Share Structure ◦ 1 share – 1 vote ◦ 1 share – 1 vote ◦ Economic interest in ◦ Non-economic interest in Tradeweb Markets Inc. Tradeweb Markets Inc. Class A ◦ Owned by public stockholders and Class C ◦ Can be exchanged for Class A Common Stock Common Stock management Common Stock ◦ Owned

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