Slide 1: Nasdaq 2Q25 Quarterly Update
jl Nasdaq 2Q25 Quarterly Update
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and
Slide 3: Explanatory Notes
Explanatory Notes Allnet revenue figures represent revenue less transaction-based expenses for periods shown. ¢ Solutions revenue represents revenue from our Capital Access Platforms and Financial Technology segments. ¢ Organic and adjusted period over period change are calculated by (i) removing th
Slide 4: Pillars of Strategy
Pillars of Strategy Liquidity Enhance liquidity by modernizing markets with innovative technology Transparency Provide access and transparency to capital markets to enable economic growth and empower informed investment and capital markets decision-making Integrity Ensure and enhance the integrity o
Slide 5: CEO quote on second quarter performance
“Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resili
Slide 6: Nasdaq is delivering on its growth strategy
Nasdaq is delivering on its gro ear-over-year Year-over-year AGES adjusted’ change organic’ change Net revenue $1,306M +12% +12% Solutions revenue $991M +10% +10% +10% Non-GAAP Operating income $721M +16% +16% +16% Non-GAAP Operating margin 55% +2 ppt +2 ppt +2 ppt Non-GAAP Diluted EPS $0.85 +24% +2
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operatio +$176B 81% ; YoY 2Q25 increase in 1H25 eligible U.S. Index ETP AUM to operating company $745B IPO win rate! $88 Index ETP AUM Net Inflows (US$ billions) $28 $27 20 o U ie = 4Q24 1925 O LTM 1Excludes IPOs that, based on our analysis, did not meet quantitative Nasda
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational FinTech cross sells +7 New FinTech clients + 57 1 @) fs 1 1 fs 1 i) oh aa +1U/% 0 210% New Financial Come ES +46 organic revenue YoY organic ARR cross-sells as a % of . . growth growth FinTech pipeline New AxiomSL clients +1 Naw Suielemce elteitts +6 + Signed 7 cro
Slide 9: Market Services - Operational Highlights
‘al Market Services - Operational Hi 29% 1 #1 market share in single venue of liquidity multi-listed U.S. for traded-listed U.S. options cash equities 72% #1 market share in European cash equities markets! + Record net revenue with record cash equities and derivatives net revenue in the U.S. « Durin
Slide 10: CFO quote on financial results
“Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation. We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross lever
Slide 11: 2Q25 Consolidated Financial Performance
2Q25 Consolidated Financial Performance SL fekelilicte rnin Non-GAAP Financial Results (US$ millions, except per share) % A % A 2Q25 2Q24 A adjusted'| organic’ _ Net revenue $1,306 $1,159 Data & Listings revenue growth Solutions revenue $991 $901 Index revenue growth Solutions as a % of net revenue
Slide 12: Net Revenue Bridge 2Q24 to 2Q25
Net Revenue Bridge 2Q24 to 2Q $1.2B 2Q24 +1 2% YoY organic growth +3.5% Macro/Beta $1.3B — +6% (1.5)% +3.5% +0.5% +1% ( J +8.5% Alpha growth Existing clients Churn New clients, cross- Market Share, FX & other 2Q25 increases sell & other capture & volatility innovation performance
Slide 13: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) +9% YoY organic growth +12% Yoy organic growth 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3024 4Q24 1825 __2Q25 SaaS as a % of ARR 36.5% 370% 374% 375% 37.5% +1p
Slide 14: Net inflows to Index ETP AUM in the last twelve months
in net inflows to Index ETP AUM in the last twelve months
Slide 15: Financial Technology - Financial Performance
Financial Technology - Financial Performance (US$ in millions) adhistod? % 1 1 y 1 8 yf, Financial Crime Mgmt Technology + 1 @) {e) + fo) + (e) Regulatory Technology organic YoY organic YoY ARR | annualized SaaS Capital Markets Technology revenue growth growth revenue growth Total revenue Operating
Slide 16: Market Services - Financial Performance
Market Services - Financial Performance Record U.S. cash equities (US$ millions) : adj matched average daily share y) 6 B Te ity derivatives volume . .S. equity derivatives 4 U. h equities European cash equities U.S. tape plans Other revenue ‘al net revenue Record U.S. cash equity ting income indust
Slide 17: 2Q25 non-GAAP operating expense
2Q25 non-GAAP operating expense
Slide 18: Gross Leverage Ratio Bridge
Committed to deleveraging with 3.2x of 2Q25 Gross Leverage Ratio Bridge 3.4x 0.1x 3.2x {0.1)x (0.1)x 1Q25 leverage ratio Repayment of Senior Change in Euro rate and EBITDA A 2Q25 leverage ratio Unsecured Notes amortization of debt issuance costs (US$ millions) Beg-of-period End-of-period Gross debt
Slide 19: Appendix
Appendix
Slide 20: Supplemental Nordic Power Futures Business Information
Supplemental Nordic Power Futures Business Information e In January 2025, Nasdaq entered into an agreement to transfer existing open positions in its Nordic power futures business to a European exchange. e In June 2025, the transaction was completed and Nasdaq received consideration and recognized i
Slide 21: Supplemental Adenza Financial Information
Supplemental Adenza Financial Information Medium-Term Outlook’ Data and Listing Services Low single digits Workflow and Insights High single/low double digits Index Mid-to-high single digits Capital Access Platforms 5-8% Fin Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double
Slide 22: Total Variance Impacts: 2Q25
Total Variance Impacts: 2Q25 Non-GAAP Total Variance Acq. & div. impact FX Impact Adjusted/Organic Impact! (US$ millions, except per share data 2Q25 2Q24 $M x $M x x % Data and Listing Services Index Workflow and Insights Capital Access Platforms revenue Financial Crime Management Technology Regulat
Slide 23: ARR Summary
ARR Summary ARR Trends (US$ in millions) Data and Listing Services Workflow and Insights Index Capital Access Platforms Financial Crime Technology Manageme! Regulatory Technology Capital Markets Technology Financial Technology Total 2Q25 1Q25 4024 3Q24 2024 23
Slide 24: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin (US$ in millions) Capital Access Platforms Net revenue $515 = $511 Expenses 209 219 $1,566 724 $1,285 636 Operating income 306 292 Operating margin 60% 57% Financial Technology" Net revenue 432 438 Expenses 234 223 842 54% 772 513 649 51% 637 414 Operating income
Slide 25: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.4B Net Debt = (US$ millions) 6/30/2025 | 3/31/2025 | Maturity Date flags Commercial paper $— $— NA “ee Revolver (SOFR + 107.5 bps)! $(3) $(3) Dec 2027 ages 3.85% notes $500 $499 Jun 2026 a 1.75% Euro notes $704 $646 Mar 2029 a 0.875% Euro notes $704 $64
Slide 26: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow Free Cash Flow Calculations 2 RNIDIS (US$ in millions) LTM? 2025 YTD BH >ash flow from operations $2,358 $1,409 $1,706 last twelve months free Capital expenditure 224) (108) cash flow excluding Section 31 fees Cash flow from operations less capital expenditur
Slide 27: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year period period (US$ in Millions) $ $ $ % Solutions Total variance Organic impact $ Other impact! ‘Other 2 Soluti Nordic power futures business. in 2021 and the Broker Services wind down that occurred n 2022. 27
Slide 28: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 2Q25 U.S. Equity Derivatives Trading U.S. Cash Equity Trading European Cash Equity Trading U.S. Tape Plans Other" Market Services net revenue 1 Other includes Nordic fixed income trading & clearing, Nordic derivatives, and Canadian cash equities tr
Slide 29: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact? an Current Prior year (US$ in millions) period period $ $ power futur NFl that
Slide 30: For Additional Investor Relations Information
For Additional Investor Relations Information Investor Relations Website: http://irnasdag.com Investor Relations Contact: Ato Garrett Senior Vice President, Investor Relations .garrett@nasdaq.com