Slide 1: Investor Overview 2026
Investor Overview 2026 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-look
Slide 3: Participants in the Solicitation
Participants in the Solicitation MarketAxess, ICE and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from MarketAxess stockholders in connection with the Transaction under the rules of the SEC. Information about the intere
Slide 4: ICE Overview
ICE Overview 4
Slide 5: Overview
Overview ICE is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. By combining our world class technology with our data services and operating expertise, we add transparency and enable customer effic
Slide 6: ICE to Acquire MarketAxess
ICE to Acquire MarketAxess Transaction Overview • Unites one of the leading institutional credit networks with ICE's retail and wealth distribution, benchmark data, indices an d clearing into one connected global fixed income network Strategic • A single connected network creates a larger scaled pla
Slide 7: Over Two Decades of Innovation and Growth
Over Two Decades of Innovation and Growth 2000 2001 2003 2005 2007 2008 2013 2015 ICE is formed to ICE adds to its energy ICE Data Services is ICE expands into ICE acquires the New Leveraging NYBOT clearing expertise & Leveraging trading & ICE enters the fixed develop a transparent futures network t
Slide 8: A Leading Global Provider of Technology and Data
A Leading Global Provider of Technology and Data We design, build and operate digital networks across asset classes Exchanges Fixed Income & Data Mortgage Technology Exchanges across the major asset Electronification of the fixed income Digitization of the U.S. residential classes, including energy.
Slide 9: AI Across ICE
AI Across ICE ■ AI adoption and data center ■ ICE’s proprietary datasets are ■ Enhancing productivity across expansion are expected to drive increasingly vital as AI adoption lending and servicing operations significant energy demand over the grows in trading strategies, offering through automated w
Slide 10: A Proven Model for Long-Term Growth
A Proven Model for Long-Term Growth $10.6 billion Balanced Recurring & Total Revenues1 Diverse Transaction- Based Revenue Growth 61% Adj. Operating Margin1 Invest in Business & Strong Operating Margins Rising Capital Return ~50% Recurring Revenues1 ~$4.8 billion Strong Cash Flow & ROIC Adj. Free Cas
Slide 11: Consistent Track Record of Growth
Consistent Track Record of Growth 20 consecutive years of Adj. EPS growth $6.95 $6.07 $5.62 $5.30 $5.06 $4.41 $4.25 $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.38 $1.50 $1.07 $0.83 $0.85 $0.68 $0.48 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 12: Business Overview
Business Overview 12
Slide 13: Balanced Recurring and Diverse Mix of Transaction Revenues
Balanced Recurring and Diverse Mix of Transaction Revenues ~50% Recurring Revenues1 Balanced Revenue Mix1 Diversified Recurring Revenue1 Diversified Transaction Revenue1 Fixed Income Mortgage Execution & Technology CDS Clearing 20% 9% Mortgage Technology Exchange Data & 11% Conn Svcs Mortgage 21% Te
Slide 14: Exchanges
Exchanges 14
Slide 15: Exchanges
Exchanges A global network of exchanges and clearing services across the major asset classes The Exchanges segment includes: ▪ Global futures network, including Energy Exchanges ▪ New York Stock Exchange (NYSE) trading and listings revenue 56% ▪ Various data and connectivity services directly relate
Slide 16: Energy: A Leading Global Network Built for Growth
Energy: A Leading Global Network Built for Growth Helping Customers Navigate Complex Global Energy Markets Diverse Global Energy Revenue Mix of ~$2.4 billion TTM Brent Crude Oil NBP Gas Environmentals NA Basis RBOB & Other Gasoil UK Environmental Market Heating Oil TTF Gas Japan 11% GC Fuel Naphtha
Slide 17: Diverse Energy Suite Driving Consistent Growth
Diverse Energy Suite Driving Consistent Growth Energy Average Daily Volume (ADV) Energy Revenues $ in millions 7.0 $2,362 6.0 13% 17% CAGR CAGR 5.0 Lots in millions • Oil: 14% CAGR 4.0 • Natural Gas: 24% CAGR $1,075 • TTF + JKM Gas: 34% CAGR 3.0 • Environmentals: 10% CAGR 2.0 1.0 0.0 2Q21 TTM 2Q26 T
Slide 18: Diversified Growth Across Other Futures
Diversified Growth Across Other Futures Other Futures ADV 1 Other Futures Revenue1 $ in millions 6.0 $1,007 5.0 14% 12% CAGR CAGR Lots in millions 4.0 3.0 $562 2.0 1.0 0.0 2Q21 TTM 2Q26 TTM 2Q21 TTM 2Q26 TTM Ags Rates Other Financials 18 (1) Other Futures ADV & revenue exclude Single Stock Equities.
Slide 19: NYSE: A Premier Listing and Trading Venue
NYSE: A Premier Listing and Trading Venue The world’s largest and most trusted equities exchange, leading ETF exchange and best-in-class technology Listing Leadership & Innovation Trading Leadership ▪ The NYSE has been the venue of choice for innovators, ▪ Leading cash equities market share visionar
Slide 20: Fixed Income & Data Services
Fixed Income & Data Services 20
Slide 21: Fixed Income & Data Services
Fixed Income & Data Services Combining data, analytics and technology-driven execution to drive workflow efficiencies Fixed Income & Data Services segment includes: ▪ Fixed income data & analytics including pricing and reference data and our index business Fixed Income ▪ Multi-asset class data and n
Slide 22: Fixed Income: Electronic Workflow Solutions
Fixed Income: Electronic Workflow Solutions Pre-trade insight Pricing, Reference Data & Indices Analytics • Leading provider of real-time evaluated pricing for 3M+ • Best Execution • Credit Risk securities Pre-trade Data • Total Cost Analysis • Portfolio Analytics & Analytics • Reference data coveri
Slide 23: Data Fueling Compounding Growth
Data Fueling Compounding Growth Fixed Income & Data Services Annual Subscription Value (ASV) $2,100 +8% y/y, CC ~81% of Segment $2,000 Compounding growth in Revenues are subscription-based revenues Recurring $1,900 $ in millions $1,800 $1,700 $1,600 ~8% ASV Growth, $1,500 CC $1,400 2Q21 2Q22 2Q23 2Q
Slide 24: Mortgage Technology
Mortgage Technology 24
Slide 25: Mortgage Technology
Mortgage Technology Facilitating an analog-to-digital conversion across the mortgage workflow Mortgage Our Mortgage Technology segment includes: Technology 20% ▪ Our leading origination technology, Encompass, and the ICE Mortgage Technology Network ▪ Closing solutions including eClose, eNotes, eReco
Slide 26: Mortgage: End-to-End Leader in Digital Workflow Solutions
Mortgage: End-to-End Leader in Digital Workflow Solutions Servicing Lead generation Manage all aspects of servicing Generate business and for loans; engage customers strengthen relationships and retain business Capital markets/ Customer acquisition secondary marketing Identify, attract and Make info
Slide 27: Financial Overview
Financial Overview 27
Slide 28: Consistent Growth and Value Creation
Consistent Growth and Value Creation $s in millions Total Revenue $9,931 Recurring Revenues 12% 51% CAGR $6,036 38% $3,338 2015 2020 2025 2015 2025 $s in millions (1) Adj. FCF (1) Adj. EPS $4,187 $6.95 15% 11% CAGR CAGR $4.41 $2,402 $2.42 $1,055 2015 2020 2025 2015 2020 2025 28 (1) Adjusted figures
Slide 29: Balance Sheet and Debt Profile
Balance Sheet and Debt Profile As of 6/30/2026: $1.067B unrestricted cash $438M YTD 2026 capex / software Total debt of $19.8B; debt-to-adjusted EBITDA(1) of 2.8x 3.75% Debt Profile (in millions) 600 3.95% 1,500 4.00% 1,000 650 3.63% 4.20% 1,500 1,500 1,500 1,500 1,218 1,250 1,250 1.85% 4.60% 1,250
Slide 30: Strong Capital Return
Strong Capital Return Ellie Mae Capital Return Philosophy acquired in $2,399 2020 $2,081 Dividend Growth $1,916 ▪ Grow the dividend as the company grows; $1,793 $1,753 double-digit increase on avg. since 2013 IDC $1,294 acquired $1,485 ▪ 3Q26 dividend +8% y/y in 2015 $1,425 Black $1,460 Knight $1,24
Slide 31: A Disciplined Approach to Strategic M&A
A Disciplined Approach to Strategic M&A Disciplined Analytical Process Proactive Approach to Identifying Potential Targets ▪ Rigorous Financial Criteria & Strict Valuation Principles ▪ Target returns greater than 10% ▪ ROIC above the cost of capital, with consistent growth Leverage deep relationship
Slide 32: About ICE
About ICE Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow t
Slide 33: For Additional Information
For Additional Information Investor Relations website: www.ir.theice.com Investor Relations contact: Steve Eagerton VP, Investor Relations and Revenue Operations steve.eagerton@ice.com investors@ice.com 33
Slide 34: Appendix
Appendix 34
Slide 35: ICE Key Product Overview
ICE Key Product Overview 35
Slide 36: Overview of ICE Exchanges Key Products
Overview of ICE Exchanges Key Products Description Revenue Model ▪ Global Oil complex including global crude benchmark Brent ▪ Brent prices over 2/3rds of the world’s internationally traded oil ▪ Suite of 800+ global product and locational spreads enable commercial customers more precise hedging too
Slide 37: Overview of ICE Exchanges Key Products
Overview of ICE Exchanges Key Products Description Revenue Model ▪ Cash equity and equity options trading at the NYSE Cash Equities & Equity ▪ NYSE is a leading provider of market quality to large corporates, exchange-traded product issuers and investors ▪ Unique hybrid designated market maker (DMM)
Slide 38: Overview of ICE Fixed Income & Data Services Key Products
Overview of ICE Fixed Income & Data Services Key Products Description Revenue Model ▪ Leading provider of end-of-day and real-time price evaluations on over 3 million fixed income securities spanning approximately 150 Fixed Income Data & countries and 80 currencies including sovereign, corporate and
Slide 39: Overview of ICE Mortgage Technology Key Products
Overview of ICE Mortgage Technology Key Products Description Revenue Model ▪ Encompass, loan origination system, is an all-in-one SaaS-based mortgage origination platform providing mission-critical workflow Origination Technology management and vendor connectivity ▪ Our origination technology acts a
Slide 40: Additional Financial Data & Non-GAAP Reconciliations
Additional Financial Data & Non-GAAP Reconciliations 40
Slide 41: 5-Year Financial Performance
5-Year Financial Performance in millions except per share amounts 5-Year Income Statement Highlights 2025 2024 2023 2022 2021 2020 CAGR Net Revenues $9,931 $9,279 $7,988 $7,292 $7,146 $6,036 10% Adj. Op Expenses $3,939 $3,810 $3,260 $2,953 $2,977 $2,495 10% Adj. Op Income $5,992 $5,469 $4,728 $4,339
Slide 42: Adjusted Net Income & EPS
Adjusted Net Income & EPS Six Months Ended June 30, Six Months Ended June 30, in millions except per share amounts 2026 2025 Net income attributable to ICE $ 2,371 $ 1,648 Add: Amortization of acquisition-related intangibles 474 506 Add: Transaction and integration costs 50 41 (Less)/Add: Regulatory
Slide 43: Adjusted Net Income & EPS
Adjusted Net Income & EPS Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months in millions except per share amounts Ended 12/31/25 Ended 12/31/24 Ended 12/31/23 Ended 12/31/22 Ended 12/31/21 Ended 12/31/20 Net income attributable to ICE $3,315 $2,754 $2,368 $1,446 $4,0
Slide 44: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions June 30, 2026 Adjusted net income attributable to ICE (1) $4,367 Add: Interest expense 804 Add: Adjusted income tax expense (1) 1,351 Add: Adjusted depreciation and amortization (1) 588 Adjusted EBITDA $7,110 Debt, as reported $19,846 De
Slide 45: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Fixed Income and Data Mortgage Technology in millions Exchanges Segment Services Segment Segment Consolidated Six Months Ended Six Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 20
Slide 46: Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation
Adjusted Operating Income, Operating Margin & Operating Expense Reconciliation Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months in millions Ended 12/31/25 Ended 12/31/24 Ended 12/31/23 Ended 12/31/22 Ended 12/31/21 Ended 12/31/20 Total revenues, less transaction-ba
Slide 47: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Six Months Ended Six Months Ended in millions June 30, 2026 June 30, 2025 Net cash provided by operating activities $3,324 $2,472 Less: Capital expenditures (208) (145) Less: Capitalized software development costs (230) (211) Free cash flow 2,886 2,116 Less: Se
Slide 48: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months Twelve Months in millions Ended 12/31/2025 Ended 12/31/2024 Ended 12/31/2023 Ended 12/31/2022 Ended 12/31/2021 Ended 12/31/2020 Net cash provided by operating activities $4,662 $4,609 $3,542