Slide 1: 4Q24 Earnings Supplement
4Q24 Earnings Supplement February 6, 2025 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward- loo
Slide 3: ICE Fourth Quarter 2024 Earnings Call Participants
ICE Fourth Quarter 2024 Earnings Call Participants Jeff Sprecher Ben Jackson Warren Gardiner Lynn Martin Chris Edmonds Katia Gonzalez Chair & CEO President Chief Financial Officer President, NYSE President, Fixed Income Manager, Investor Chair, ICE Mortgage Chair, Fixed Income & Data Services Relati
Slide 4: Record 2024 Performance
Record 2024 Performance +6 % Record net revenues, pro forma, CC in millions except per share amounts Income statement highlights 2024 2023 % Chg, CC % Chg, CC Pro forma Revenues, net Recurring Revenues $9,279 4,829 $7,988 4,138 16% 17% 6% 1% +10 % Record adj. op income, pro forma, CC Transaction Rev
Slide 5: 4Q24 ICE Performance
4Q24 ICE Performance in millions except per share amounts Income statement highlights 4Q24 4Q23 % Chg, CC +5 % Net revenues, CC Revenues, net $2,323 $2,201 5% Recurring Revenues 1,215 1,199 1% Transaction Revenues, net 1,108 1,002 10% Adj. Op Expenses Adj. Op Income $973 $1,350 $952 $1,249 2% 8% +8
Slide 6: 4Q24 Exchanges Performance
4Q24 Exchanges Performance in millions Revenues, net 4Q24 4Q23 % Chg Const +11 % Global oil revenues Curr Energy $477 $414 16% 16% Ags 54 63 (13)% (13)% +22 % Financials 151 116 30% 27% Cash Equities & Equity Options, net 114 99 15% 15% OTC & Other 87 89 (3)% (3)% Global natural gas + environmental
Slide 7: 4Q24 Fixed Income & Data Services Performance
4Q24 Fixed Income & Data Services Performance +5 % Record recurring revenue, CC in millions Revenues 4Q24 4Q23 % Chg Const Curr Fixed Income Execution CDS Clearing Fixed Income Data & Analytics $33 75 301 $35 81 286 (7)% (8)% 5% (7)% (8)% 5% ~20 % Index revenue growth Other Data & Network Services 1
Slide 8: 4Q24 Mortgage Technology Performance
4Q24 Mortgage Technology Performance % in millions +4 Origination tech revenues Revenues 4Q24 4Q23 % Chg Origination Tech $177 $170 4% Closing Solutions 52 43 22% Servicing Software Data & Analytics Total Revenues 213 66 $508 219 70 $502 (3)% (5)% 1% +22 % Closing solutions revenues Recurring Revenu
Slide 9: 2025 Guidance
2025 Guidance Expenses ▪ FY25 adj. expenses (1) $3.915 - $3.965 billion ▪ 1Q25 adj. expenses (1) $965 - $975 million Other Financial Guidance ▪ 1Q25 adj. non-op expense (2) $175 - $180 million ▪ 1Q25 share count 575 to 581 million ▪ FY25 effective tax rate(3) 24% - 26% ▪ FY25 capex/software $730 - $
Slide 10: Leading Energy Network Positioned for Long-Term Growth
Leading Energy Network Positioned for Long-Term Growth Brent Crude Oil NBP Gas RBOB NA Basis Heating Oil Gasoil UK Environmental Energy Revenues Market TTF Gas GC Fuel Japan $s in millions Naphtha US Environmental EU Environmental Platts Dubai JKM $1,876 Murban WTI Midland WTI West India 14% CAGR Si
Slide 11: Investments in Data & Technology Driving Growth
Investments in Data & Technology Driving Growth Fixed Income & Data Services Annual Subscription Value (ASV) +5.4% y/y, $1,900 Compounding growth in CC subscription-based $1,800 revenues $1,700 $s in millions $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 11
Slide 12: Integrating Capabilities Into a Single, Seamless Ecosystem
Integrating Capabilities Into a Single, Seamless Ecosystem Servicing Lead generation Manage all aspects of servicing for Generate business and strengthen loans; engage customers and relationships retain business ol ogy and D c hn a ta Te Customer acquisition Capital markets/ Identify, attract and co
Slide 13: Consistent Track Record of Growth
Consistent Track Record of Growth 2024 Highlights $6.07 Record net revenues +16% y/y, CC $5.62 Record pro forma net revenues +6% y/y, CC $5.30 $5.06 Record adj. op income +15% y/y, CC Record pro forma adj. op income +10% y/y, CC $4.41 Record adj. EPS +8% y/y $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68
Slide 14: Appendix
Appendix 14
Slide 15: Adjusted Operating Expenses
Adjusted Operating Expenses Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP Adjusted GAAP Adjusted GAAP Adjusted GAAP Adjusted Compensation and benefits $ 487 $ 487 $ 492 $ 492 $ 1,
Slide 16: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 4Q24 3Q24 2Q24 1Q24 4Q23 Other income / (expense), net $5 $(21) $(8) $112 $(190) (Less)/Add: (Gain) on sale and fair value adjustments of equity investments and dividends received, net — (2) — 3 (4) (Less)/Add: Net (profits)/losses fro
Slide 17: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Income before income taxes $905 $516 $3,628 $2,894 Income tax expense 196 126 826 456 Effective
Slide 18: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Twelve Months Ended Twelve Months Ended in millions December 31, 2024 December 31, 2023 Net cash provided by operating activities $4,609 $3,542 Less: Capital expenditures (406) (190) Less: Capitalized software development costs (346) (299) Free cash flow 3,857
Slide 19: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions December 31, 2024 Adjusted operating income (1) $5,469 Add: Adjusted depreciation and amortization (1) 526 Add: Adjusted non-operating expense less interest expense 126 Less: Net income attributable to non-controlling interests (48) Adju
Slide 20: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 12/31/2024 12/31/2023 CHANGE Assets ▪ $844M unrestricted cash Unrestricted Cash $844 $899 $(55) Other Current Assets 88,251 84,074 4,177 ▪ Total debt of $20.4B; Adj. Debt-to- Current Assets 89,095 84,973 4,122 EBITDA(1) of 3.3x PPE (net) 2,153 1,92
Slide 21: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 4Q24 3Q24 2Q24 1Q24 4Q23 ASV(1) $1,838 $1,831 $1,795 $1,786 $1,752 Adjusted for: FX — (17) (4) (5) (9) ASV, CC $1,838 $1,814 $1,791 $1,781 $1,743 21 (1) ASV is defined as the annual value of subscriptions under contrac
Slide 22: Average Daily Volume & Rate Per Contract (RPC) Trends
Average Daily Volume & Rate Per Contract (RPC) Trends lots in thousands Energy ADV & RPC ADV Ags ADV & RPC RPC ADV RPC 4,400 1.80 600 2.50 3,800 1.60 500 3,200 1.40 400 2.25 2,600 1.20 300 2,000 1.00 200 2.00 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 ADV RPC ADV RPC ADV Interest Ra
Slide 23: Average Daily Volume & Open Interest (OI) Trends
Average Daily Volume & Open Interest (OI) Trends lots in thousands ADV Energy ADV & OI OI ADV Ags ADV & OI OI 4,400 60,000 600 5,000 4,000 3,800 500 40,000 3,000 3,200 400 2,000 20,000 2,600 300 1,000 2,000 0 200 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 ADV OI ADV OI Interest Ra
Slide 24: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS in millions except per share amounts GAAP 4Q24 GAAP 4Q23 % Chg GAAP 2024 GAAP 2023 % Chg Net Revenues $2,323 $2,201 6% $9,279 $7,988 16% Operating Expenses $1,246 $1,276 (2)% $4,970 $4,294 16% Operating Income $1,077 $925 16% $4,309 $3,694 17% Operating Margi
Slide 25: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Twelve Months Ended Twelve Months Ended Twelve Months Ended Twelve Months Ended December 31, December 31, Decem
Slide 26: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Services Mortgage Technology in millions Exchanges Segment Segment Segment Consolidated Three Months Ended Three Months Ended Three Months Ended Three Months Ended December 31, December 31, December
Slide 27: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended in millions except per share amounts December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net income attributable to ICE $ 698 $ 373 $ 2,754 $ 2,368 Add: Amortization of acquisi