Tradeweb Markets Inc. · NASDAQ:TW

Tradeweb Markets — Investor Presentation (July 2026)

38 slides from Tradeweb Markets's investor presentation, July 2026

  1. Slide 1: Tradeweb Investor Presentation

    Tradeweb Investor Presentation JULY 2026 ©2026 Tradeweb Markets LLC. All rights reserved.

  2. Slide 2: Disclaimers

    TRADEWEB INVESTOR PRESENTATION 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

  3. Slide 3: Glossary

    TRADEWEB INVESTOR PRESENTATION 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 Dealer to Also known as Institutional, consists of Blast all-to-all A2A D2C participants in a given market

  4. Slide 4: Business & Investments Overview

    Business & Investments Overview ON TRADEWEB 4 ©2026 Tradeweb Markets LLC. All rights reserved.

  5. Slide 5: Tradeweb Introduction: An Electronic Marketplace

    TRADEWEB INVESTOR PRESENTATION Tradeweb Introduction AN ELECTRONIC MARKETPLACE TRADEWEB BUYERS SELLERS Connecting buyers and sellers ELECTRONIC across a global network. MARKETPLACE POWERED BY People, network and technology working as one. + + PEOPLE NETWORK TECHNOLOGY ACROSS ASSET CLASSES + RATES CR

  6. Slide 6: Tradeweb at a Glance – 25+ Years of Innovation

    TRADEWEB INVESTOR PRESENTATION Tradeweb at a Glance – 25+ Years of Innovation $2.2B $2.9T Founded in 1996 with $8mm in capital A leader in electronic marketplaces June 30, 2026 June 30, 2026 TTM Revenue TTM Average Daily Volume Network of clients in 85+ countries PEOPLE + NETWORK + TECHNOLOGY = GROW

  7. Slide 7: Strong Growth Driven by Product & Geographic Diversification

    TRADEWEB INVESTOR PRESENTATION Strong Growth Driven by Product & Geographic Diversification Strong Revenue Growth Across Asset Classes1,3 International Revenues Continue to Scale1,3 ($ in Millions) ($ in Millions) $2,052 $900 $858 $2,000 $1,726 $800 $665 $700 $1,500 $1,338 $1,189 $600 $1,076 $488 $8

  8. Slide 8: Key Investment Highlights

    TRADEWEB INVESTOR PRESENTATION Key Investment Highlights 1. DEEPLY INTEGRATED GLOBAL NETWORK WITH POWERFUL SCALE ADVANTAGES A global multi-asset marketplace connecting dealers, buy-side firms, central banks, corporate treasurers and electronic liquidity providers across rates, credit, equities and m

  9. Slide 9: A Deeply Integrated & Powerful Network

    TRADEWEB INVESTOR PRESENTATION A Deeply Integrated & Powerful Network A powerful client network that trades $2.9 trillion average daily volumes¹ across our global electronic marketplace — deeply integrated and supported by our proprietary technology and 450+ technologists worldwide. TECHNOLOGY – HEA

  10. Slide 10: Diverse Product Offering (June 30, 2026 TTM)

    TRADEWEB INVESTOR PRESENTATION Diverse Product Offering (June 30, 2026 TTM) RATES CREDIT EQUITIES MONEY MARKETS +28% +20% +18% +14% 437 VOLUME ($T) Y/Y 12 VOLUME ($T) Y/Y 7 VOLUME ($T) Y/Y 310 VOLUME ($T) Y/Y +18% +18% +8% 1,200 REVENUE ($M) Y/Y 506 REVENUE ($M) +5% Y/Y 142 REVENUE ($M) Y/Y 180 REVE

  11. Slide 11: Track Record of Growth & Serial Innovation

    TRADEWEB INVESTOR PRESENTATION Track Record of Growth & Serial Innovation TIME TO $25MM+ REVENUE Rates Credit Derivatives ETFs European Derivatives (IRS/CDS)¹ 1 yr Post-MiFID II U.S. Derivatives (IRS/CDS)¹ 3 yrs Post-Dodd-Frank Portfolio Trading 3 yrs Emerging Market Derivatives (IRS/CDS) 3 yrs U.S.

  12. Slide 12: Powerful Growth Themes: Secular Tailwinds

    POWERFUL GROWTH THEMES Secular Tailwinds Position Tradeweb for LT Diversity Driven Revenue Growth Growth in Electronic Trading Volumes & Rising Value of Trading Data MARKET VOLUME GROWTH ELECTRONIFICATION Expanding Growing Rising Rise of Focus on Increasing Workflow Data-driven government corporate

  13. Slide 13: Expanding Addressable Markets, Deepening Engagement

    POWERFUL GROWTH THEMES Expanding Addressable Markets, Deepening Engagement Expansive Addressable Markets (ADV)1,5 Deepening Multi-Asset Engagement Continual growth in the number of traders across multiple products since 2015 Total Market CAGRs (2017-6M26): TW CAGRs (2017-6M26): Rates +12% Rates +27%

  14. Slide 14: Leading Global Electronic Rates Business

    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) 23.1% $6.0 Estimated Market 14% 22.5% 22.2% $5.4 Electronification: ~30%3 19.2%

  15. Slide 15: Expanding Our U.S. Credit Footprint

    TANGIBLE GROWTH OPPORTUNITIES Expanding Our U.S. Credit Footprint Expanding Institutional & Wholesale1,2 Growing Foundational U.S. RFQ Protocol (Share % of TRACE; $ in Billions, ADV) ($ in Millions, ADV) Institutional Client Count 725 763 839 905 1,001 1,177 1,222 $4,000 25.3% $3,622 U.S. Investment

  16. Slide 16: Robust Growth Trajectory across ETFs and Repo

    TANGIBLE GROWTH OPPORTUNITIES Robust Growth Trajectory across ETFs and Repo GLOBAL ETFs GLOBAL REPO Making Block Trading More Efficient Diversified Across Channels and Geographies PRODUCT LAUNCHES BETTER PRICING GEOGRAPHY CHANNEL PRODUCT AND SIZE 2012 U.S. Institutional Tri-Party European ETFs Inter

  17. Slide 17: Meaningful Room to Expand in International Markets

    TANGIBLE GROWTH OPPORTUNITIES Meaningful Room to Expand in International Markets Growing International Revenues¹… …with Strong Cross-Sell of U.S. Products² ($ in Millions) ($ in millions), U.S. Product Revenue from International Clients 59% of Revenue 3 Growth $858M $140M 42% $665M of Total Revenue

  18. Slide 18: ICD: Expands Tradeweb Footprint into Corporates

    TANGIBLE GROWTH OPPORTUNITIES ICD: Expands Tradeweb Footprint into Corporates ICD opens a natural adjacency into growing corporate cash pools and underserved treasury workflows, with cross-sell potential into Tradeweb's existing client base Competitive advantages predicated on… STRENGTH TECHNOLOGY C

  19. Slide 19: Strongly Positioned Municipal Bond Platform

    TANGIBLE GROWTH OPPORTUNITIES Strongly Positioned Municipal Bond Platform MUNICIPAL BOND 2025 Total Market ADV Market Electronification 2025 D2C / D2D Mix 2025 Tradeweb ADV MARKET ~$15B1 ~12%–15%2 82% / 18% $485M (~3% Share) Tradeweb’s leading platform is focused on largest segments of the market wi

  20. Slide 20: M&A and Strategic Investments: Selectively Accelerating Growth

    TANGIBLE GROWTH OPPORTUNITIES M&A and Strategic Investments: Selectively Accelerating Growth History of Acquisitions… Date Target Description Strategic Rationale 2008 Hilliard Farber Wholesale MBS voice broker Entered wholesale channel, launched electronic TBA platform 2011 Rafferty Capital Markets

  21. Slide 21: AiEX Adoption – The Rise in Automated Trading

    POWERFUL GROWTH THEMES AiEX Adoption – The Rise in Automated Trading AiEX Trade Activity Client Growth Average Daily AiEX Trades % of Institutional Trades Top 200 clients Other Clients 333 45% Represents Total AiEX Clients 45,000 41% 45% 194 40,000 40% 175 153 41,247 35,000 32% 35% 30,000 25% 30% 11

  22. Slide 22: Proprietary Data Powers Our AI Advantage

    PROPRIETARY DATA AS AI INFRASTRUCTURE Proprietary Data Powers Our AI Advantage Tradeweb’s proprietary trading data is a structurally differentiated asset in the AI era. Why our data is defensible? AI amplifies the value of proprietary execution data because real transaction intent and workflow data

  23. Slide 23: Early Stage Investments Across Core and Frontier Markets

    GROWTH ROADMAP Early Stage Investments Across Core and Frontier Markets Tradeweb's opportunity set continues to expand across core asset classes and frontier verticals 1998 Rates 2003 Money Markets 2005 Credit 2010 Equities 2025+ Frontier Deepening Our Presence in Core Markets Extending Our Playbook

  24. Slide 24: Financial Overview

    Financial Overview ON TRADEWEB 24 ©2026 Tradeweb Markets LLC. All rights reserved.

  25. Slide 25: Straightforward & Diversified Business Model

    STRONG REVENUE AND EARNINGS GROWTH Straightforward & Diversified Business Model Tradeweb has a diversified revenue base across asset class, client sector, geography and type, insulating revenue from softness in any single product or region - driving consistent growth across market cycles Variable (7

  26. Slide 26: Strong & Broad-based Revenue and YTD Margin Expansion vs. FY25

    STRONG REVENUE AND EARNINGS GROWTH Strong & Broad-based Revenue and YTD Margin Expansion vs. FY25 6M26 Revenue Growth by Asset Class and YTD Margin Expansion vs. FY25 ($M) 6M26 y/y growth % 19.8% 7.4% 22.1% 6.7% 7.4% 25.7% 15.1% Revenue Growth ($M)2,3 Adjusted EBITDA Growth ($M)1,2 CAGR: 16.5% CAGR:

  27. Slide 27: Robust Balance Sheet & Cash Generation

    TRADEWEB INVESTOR PRESENTATION Robust Balance Sheet & Cash Generation $2.1B 1.6B $500M 0x Cash & Cash Canton Coins Held Undrawn Revolving Leverage Equivalents1 ($230.0M in Value)1,2 Credit Facility1,3 Ratio1 Robust Free Cash Flow Growth & Conversion ($M)4 FY 2017 – 2Q26 TTM FCF CAGR: +23% 1. As of J

  28. Slide 28: Consistent Capital Allocation

    TRADEWEB INVESTOR PRESENTATION Consistent Capital Allocation1 Capital Allocation Priorities 1 Track Record: • ~5% in Capex as % of Revenues since IPO2,3 INVEST IN OUR ~$500M Objective: INVESTING FOR GROWTH BUSINESS Capex Since IPO • Invest in Products, Platform and Regional Capabilities 2,3 • Invest

  29. Slide 29: Board of Directors

    TRADEWEB INVESTOR PRESENTATION Board of Directors Balbir Bakhshi Jacques Aigrain Chief Risk Officer Steven Berns Scott C. Ganeles Chairman of the Board London Stock Exchange Chief Financial Officer Chief Executive Officer Tradeweb Markets Group plc (LSEG) Access Fintech iAltA I C N 2 I A Paula B. Ma

  30. Slide 30: Executive Leadership

    TRADEWEB INVESTOR PRESENTATION Executive Leadership Amy Clack Billy Hult Sara Furber Chris Bruner Chief Administrative Chief Executive Officer Chief Financial Officer Chief Product Officer Officer Enrico Bruni Troy Dixon Managing Director, Managing Director, Co-Head of Global Sandra Buchanan Co-Head

  31. Slide 31: Contact and Global Offices

    Tradeweb Markets Inc. 245 Park Avenue New York, NY 10167 www.tradeweb.com Ashley Serrao, CMA, CFA Sameer Murukutla, CFA RATES 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.murukutl

  32. Slide 32: Appendix

    Appendix ON TRADEWEB 32 ©2026 Tradeweb Markets LLC. All rights reserved.

  33. Slide 33: Total Addressable Market Details

    TRADEWEB INVESTOR PRESENTATION Total Addressable Market Details1 ($ in trillion, ADV) Rates 2017 2018 2019 2020 2021 2022 2023 2024 2025 6M26 '17-6M26 CAGR US Treasuries $0.56 $0.61 $0.65 $0.66 $0.66 $0.69 $0.76 $0.92 $1.05 $1.23 10% Mortgages $0.21 $0.22 $0.25 $0.29 $0.28 $0.24 $0.25 $0.31 $0.35 $0

  34. Slide 34: Reconciliation of Non-GAAP Items

    TRADEWEB INVESTOR PRESENTATION Reconciliation of Non-GAAP Items ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT 2Q26 2Q25 6M26 6M25 Net income $ 206,686 $ 175,522 $ 439,853 $ 343,827 Merger and acquisition transaction and integration costs 1 305 3,772 482 6,268 Interes

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

    TRADEWEB INVESTOR PRESENTATION Reconciliation of Non-GAAP Items (continued) ($ in thousands) Net Income to Adjusted EBITDA, Adjusted EBIT Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor and Adjusted EBT FY25 FY24 FY23 FY22 FY21 FY20

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

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

  37. Slide 37: Reconciliation of Non-GAAP Items (continued)

    TRADEWEB INVESTOR PRESENTATION Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share amounts) Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS 6M26 6M25 Diluted weighted average sha

  38. Slide 38: Ownership, Voting and Economics at a Glance

    CAPITAL STRUCTURE Ownership, Voting and Economics at a Glance Tax-efficient Up-C structure with a TRA that pays only 50% of cash tax savings — vs. typically 85% — preserving more cash flow for public shareholders. PASS-THROUGH STRUCTURE LIQUIDITY & SINGLE-LAYER TAX Operations run through Tradeweb Ma

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