Slide 1: 1Q25 Earnings Supplement
1Q25 Earnings Supplement May 1, 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 First Quarter 2025 Earnings Call Participants
ICE First Quarter 2025 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 Relatio
Slide 4: Record 1Q25 ICE Performance
Record 1Q25 ICE Performance +8 % in millions except per share amounts Record net revenues, CC Income statement highlights 1Q25 1Q24 % Chg, CC +11 % Revenues, net $2,473 $2,290 8% Recurring Revenues 1,236 1,196 3% Transaction Revenues, net 1,237 1,094 14% Record adj. op income, CC Adj. Op Expenses $9
Slide 5: 1Q25 Exchanges Performance
1Q25 Exchanges Performance +16 % in millions Revenues, net 1Q25 1Q24 % Chg Const Curr Energy $557 $457 22% 23% Record transaction revenues, CC Ags 64 72 (11)% (11)% Financials 156 135 15% 15% Cash Equities & Equity Options, net 119 99 21% 21% +18 % OTC & Other 103 103 (1)% — Data & Connectivity Serv
Slide 6: 1Q25 Fixed Income & Data Services Performance
1Q25 Fixed Income & Data Services Performance in millions +16 % ICE Bonds revenues, CC Revenues 1Q25 1Q24 % Chg Const Curr Fixed Income Execution $31 $26 16% 16% CDS Clearing 94 93 2% 2% Fixed Income Data & Analytics Data & Network Technology Total Revenues 299 172 $596 288 161 $568 4% 7% 5% 4% 7% 5
Slide 7: 1Q25 Mortgage Technology Performance
1Q25 Mortgage Technology Performance in millions 20 New Encompass wins Revenues 1Q25 1Q24 % Chg Origination Tech $175 $174 1% Closing Solutions 47 44 9% Servicing Software Data & Analytics Total Revenues 221 67 $510 214 67 $499 3% (1)% 2% +9 % Closing solutions revenues Recurring Revenues 397 390 2%
Slide 8: Energy: A Leading Global Network Built for Growth
Energy: A Leading Global Network Built for Growth Helping Customers Navigate Complex Global Energy Markets & the Clean Energy Transition Total Energy Revenues $ in millions Brent Crude Oil NBP Gas NA Basis RBOB +23% y/y, UK Environmental Market Heating Oil Gasoil TTF Gas Japan CC GC Fuel Naphtha US
Slide 9: 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 • Best Execution • Credit Risk Pre-trade Data ~3M securities • Total Cost Analysis • Portfolio Analytics & Analytics • Reference data coveri
Slide 10: 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 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 con
Slide 11: Consistent Track Record of Growth
Consistent Track Record of Growth 1Q25 Highlights $6.07 Record net revenues +8% y/y, CC $5.62 Record transaction revenues +14% y/y, CC $5.30 $5.06 Record adj. op income +11% y/y, CC Record adj. EPS +16% y/y $4.41 $3.77 $3.51 $2.93 $2.76 $2.42 $1.93 $1.68 $1.72 $1.50 $1.38 $1.07 $0.83 $0.85 $0.68 $0.
Slide 12: Appendix
Appendix 12
Slide 13: 2025 Guidance
2025 Guidance Revenues Prior Current FY25 Exchanges recurring growth Low-single digits Low-single digits FY25 Fixed Income & Data Services recurring growth Mid-single digits Mid-single digits FY25 Total Mortgage Technology growth Low-to-mid single digits Low-to-mid single digits Expenses FY25 adj. e
Slide 14: Adjusted Operating Expenses
Adjusted Operating Expenses Three Months Ended Three Months Ended in millions March 31, 2025 March 31, 2024 GAAP Adjusted GAAP Adjusted Compensation and benefits $ 481 $ 481 $ 462 $ 462 Professional services 40 40 36 36 Acquisition-related transaction and integration costs 32 1 36 — Technology and c
Slide 15: Adjusted Non-Operating Income/Expense Reconciliation
Adjusted Non-Operating Income/Expense Reconciliation in millions 1Q25 4Q24 3Q24 2Q24 1Q24 Other income/(expense), net $19 $5 $(21) $(8) $112 (Less)/add: (Gain)/loss on sale and fair value adjustments of equity investments — — (2) — 3 (Less)/add: Net (income)/losses from unconsolidated investees (29)
Slide 16: Adjusted Effective Tax Rate Reconciliation
Adjusted Effective Tax Rate Reconciliation Three Months Ended Three Months Ended in millions March 31, 2025 March 31, 2024 Income before income taxes $1,067 $964 Income tax expense 255 181 Effective tax rate 24% 19% Income before income taxes $1,067 $964 Add: Amortization of acquisition-related inta
Slide 17: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three Months Ended Three Months Ended in millions March 31, 2025 March 31, 2024 Net cash provided by operating activities $966 $1,009 Less: Capital expenditures (85) (58) Less: Capitalized software development costs (104) (87) Free cash flow $777 $864 Add: Sect
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Twelve Months Ended in millions March 31, 2025 Adjusted net income (1) $3,640 Add: Interest expense 875 Add: Adjusted income tax expense (1) 1,178 Add: Adjusted depreciation and amortization (1) 535 Adjusted EBITDA (1) $6,228 Debt, as reported $20,281 Less: Funds set a
Slide 19: ICE Summary Balance Sheet
ICE Summary Balance Sheet in millions BALANCE SHEET 03/31/2025 12/31/2024 CHANGE Assets ▪ $783M unrestricted cash Unrestricted Cash $783 $844 $(61) Other Current Assets 91,861 88,251 3,610 ▪ Total debt of $20.3B; Adj. Debt-to- Current Assets 92,644 89,095 3,549 EBITDA(1) of 3.2x PPE (net) 2,218 2,15
Slide 20: Fixed Income & Data Supplemental Data
Fixed Income & Data Supplemental Data Annual Subscription Value (ASV) in millions 1Q25 4Q24 3Q24 2Q24 1Q24 ASV(1) $1,883 $1,838 $1,831 $1,795 $1,786 Adjusted for: FX — 8 (9) 4 2 ASV, CC $1,883 $1,846 $1,822 $1,799 $1,788 20 (1) ASV is defined as the annual value of subscriptions under contract for t
Slide 21: 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 5,500 1.80 500 2.50 1.60 4,500 400 1.40 2.25 3,500 300 1.20 2,500 1.00 200 2.00 2020 2021 2022 2023 2024 1Q25 2020 2021 2022 2023 2024 1Q25 ADV RPC ADV RPC ADV Interest Rates ADV &
Slide 22: 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 5,500 65,000 600 5,000 4,000 52,500 500 4,500 3,000 40,000 400 2,000 3,500 27,500 300 1,000 2,500 15,000 200 0 2020 2021 2022 2023 2024 1Q25 2020 2021 2022 2023 2024 1Q25 ADV OI ADV OI Inter
Slide 23: GAAP Results
GAAP Results INCOME STATEMENT HIGHLIGHTS Three Months Ended Three Months Ended in millions except per share amounts March 31, 2025 March 31, 2024 % Chg Net Revenues $2,473 $2,290 8% Operating Expenses $1,252 $1,227 2% Operating Income $1,221 $1,063 15% Operating Margin 49% 46% 3 pts Net Income attri
Slide 24: 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 March 31, March 31, March 31, March
Slide 25: Adjusted Net Income & EPS
Adjusted Net Income & EPS Three Months Ended Three Months Ended in millions except per share amounts March 31, 2025 March 31, 2024 Net income attributable to ICE $ 797 $ 767 Add: Amortization of acquisition-related intangibles 253 254 Add: Transaction and integration costs 31 36 Add/(less): Litigati