Bullish · NYSE:BLSH
Bullish — Q1 2026 Earnings Presentation
37 slides from Bullish's earnings presentation, May 14, 2026
Slide 1: Bullish 1Q 2026 Shareholder Update
Bullish 1Q 2026 Shareholder Update May 14, 2026 1 1
Slide 2: Disclaimer
Disclaimer Non-IFRS financial measures and key performance indicators This communication includes certain financial measures that are not recognized by the International Financial Reporting Standards (“IFRS”). These non-IFRS financial measures are “adjusted transaction revenue,” “subscription, servi
Slide 3: Speaking Today
Speaking Today Tom Farley David Bonanno Chief Executive Officer Chief Financial Officer 3
Slide 4: Bullish is Acquiring Equiniti
Bullish is Acquiring Equiniti Becoming a market leading transfer agent, with over 15,000 global clients, ~3,000 issuers, and 20 million KYC’d shareholder customers
Slide 5: Tokenization Turns Assets Into Active Infrastructure
Tokenization Turns Assets Into Active Infrastructure Tokenization Active Asset Programmable • Self-sovereign • Always-on Static Record Database entry • Custodian-held • Always-on Instant Dynamic Reconciliation-heavy Infrastructure Settlement Functionality Markets, ownership Real-time settlement Dire
Slide 6: Bullish + Equiniti: Building the Integrated Service Provider to Unlock a $270T Opportunity
Bullish + Equiniti: Building the Integrated Service Provider to Unlock a $270T Opportunity 6
Slide 7: Bullish Now
Bullish Now Bullish Combined 2026E Highlights Equiniti Global, regulated Leading global transfer digital assets spot and derivatives exchange ~$1.3B 15,000+ agent delivering regulatory-required Revenue Corporate Clients ledgering services Leading digital assets media and visibility platform ~$500M $
Slide 8: A Bullish Era
A Bullish Era The Next Evolution of Capital Markets Is Here
Slide 9: Bullish Standalone Financials & KPIs
Bullish Standalone Financials & KPIs 1Q 2026 Update 9
Slide 10: 1Q 2026 Earnings
1Q 2026 Earnings Signed a definitive agreement to acquire Equiniti for $4.2B Creating the first fully integrated blockchain-enabled, blue-chip issuer services Total Trading Options Trading provider - unifying a regulated transfer agent with end-to-end tokenization Spot Trading Volume Volume Volume i
Slide 11: Income Statement and KPIs
Income Statement and KPIs Figures in $ millions, unless otherwise noted 1Q25 2Q25 3Q25 4Q25 1Q26 Financial Metrics ($M) 1 Adjusted Transaction Revenue $42.0 $24.1 $26.7 $37.9 $38.0 Subscription & Services Revenue 19.7 31.9 49.3 54.6 54.8 Revaluation of digital assets held as investments & Other 2 0.
Slide 12: Adjusted Operating Expense Summary
Adjusted Operating Expense Summary Adjusted Operating Expenses Figures in $ millions, unless otherwise noted End of period total Headcount 406 406 409 414 405 $57.7 $49.2 $48.9 9.0 $47.9 $48.1 4.8 3.8 5.7 6.0 8.3 5.5 6.6 6.4 5.8 4.9 4.5 7.4 1.1 0.4 5.7 4.5 6.0 4.5 5.4 29.4 28.8 30.4 31.2 25.7 1Q25 2
Slide 13: Digital Asset Balances
Digital Asset Balances Digital Asset Balances – 1Q26 BTC 2 ETH 2 USDx Other Total2 1 Ending Price as of 03/31/2026 $66,597 $2,046 Units (in 000s) Digital assets held - intangible assets 18.2 4.2 Digital assets held - inventories 1.7 6.6 Loan and other receivable - digital assets 1.6 4.1 Digital asse
Slide 14: Net Liquid Assets & Cash Flow
Net Liquid Assets & Cash Flow Figures in $ millions, unless otherwise noted $396 $3,043 $267 ($283) $143 $863 $2,272 ($488) $1,299 $76 Cash and Digital Digital Digital Investments Loan & Gross On Exchange Borrowings Net Liquid Assets Cash Assets Held Assets Held Assets Held in Financial Other Liquid
Slide 15: Adjusted Fully Diluted Shares Outstanding and Adjusted Diluted EPS
Adjusted Fully Diluted Shares Outstanding and Adjusted Diluted EPS Weighted Average ($ in millions, except per share data) 1Q '26 Reconciliation of Diluted Weighted Average "WA" Shares to Adjusted Diluted WA Shares: Diluted Weighted average shares of common stock outstanding 151.1 Assumed exchange o
Slide 16: Adjusted Fully Diluted Weighted Average Shares Sensitivity Table
Adjusted Fully Diluted Weighted Average Shares Sensitivity Table Adjusted Fully Diluted Weighted Average Shares (in millions) Assumed Average Q1 2026 Share Price $20.00 159.0 $25.00 159.6 $30.00 160.1 $35.00 160.6 $40.00 160.9 $45.00 161.3 $50.00 161.6 $55.00 161.9 $60.00 162.1 $65.00 162.3 $70.00 1
Slide 17: Post-Quarter Bullish Standalone Performance
Post-Quarter Bullish Standalone Performance 17
Slide 18: April 2026 Exchange Update
April 2026 Exchange Update 2 Notes: 1. Figures presented may not sum precisely due to rounding 18 2. The March 2026 ETH volatility figure has been revised from 46% to 60% to reflect updated market data; no Bullish financial metrics were affected
Slide 19: Re-Affirming Previously Issued Full Year 2026 Guidance Ranges
Re-Affirming Previously Issued Full Year 2026 Guidance Ranges Figures in $ millions, unless otherwise noted Q1 2026 Actuals Bullish Re-affirms FY 2026 Guidance High Low Adjusted Revenue ($M) Adjusted Transaction Revenue 38.0 Subscription, Services and Other 54.8 Total Adjusted Revenue 92.8 250.0 220
Slide 20: Bullish & Equiniti Combined Financial Outlook
Bullish & Equiniti Combined Financial Outlook 20
Slide 21: Equiniti Transaction Summary
Equiniti Transaction Summary Financial Terms • Bullish to acquire 100% of Equiniti for $4.2B • Stock consideration valued at $2.35B in newly issued Bullish ordinary shares valued at $38.48 per share based on Bullish’s 30-day VWAP as of market close on May 4, 2026 • Bullish to assume Equiniti's exist
Slide 22: 2026E Combined Financial Outlook
2026E Combined Financial Outlook Pre-Close / Pre-Synergy 2026E Outlook Bullish Standalone Low Base High Adjusted Transaction Revenue 2 $140 $150 $160 Subscription, Services & Other $220 $235 $250 Combined Company 2026E Total Adjusted Revenue $360 $385 $410 Adjusted OPEX ($210) ($220) ($230) (Pre-clo
Slide 23: 2027E-2029E Combined Medium-Term Outlook
2027E-2029E Combined Medium-Term Outlook Revenue Growth Cost Optimization Profitability • 6-8%+ combined annual • $25-50M in annualized net • EBITDA Less Capex expected revenue growth, 2027E-2029E cost takeouts vs. combined to grow ~$100M+ per year • Growth targeted to accelerate 2026E base, targete
Slide 24: Appendix
Appendix 24
Slide 25: Bullish Revenue Model
Bullish Revenue Model INFRASTRUCTURE Adjusted Volumes Spread Fees Exchange transaction revenue MARKET Balances Subscription Performance Liquidity services fee based upside revenue Liquidity Services SUBSCRIPTION SERVICES & OTHER REVENUE Yield Asset-linked Indices related Indices revenue AUM fee % da
Slide 26: Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited)
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) Three months ended March 31, ($ in thousands, except per share data) 2026 2025 Digital assets sales $ 51,812,747 $ 80,236,157 Cost of digital assets derecognized (51,792,742) (80,209,641) Other reve
Slide 27: Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (cont'd)
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss) (Unaudited) (cont’d) Three months ended March 31, ($ in thousands, except per share data) 2026 2025 Attributable to: Owners of the Group (593,903) (436,318) Non-controlling interests (23,647) (5,614) Total comp
Slide 28: Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) ($ in thousands) March 31, 2026 December 31, 2025 ASSETS Non-current assets Goodwill $ 62,682 $ 63,062 Other intangible assets 30,535 31,104 Property and equipment and right-of-use assets 26,465 28,369 Deferred tax assets 2,995 2,865 Other assets 17,
Slide 29: Condensed Consolidated Balance Sheets (Unaudited) (cont'd)
Condensed Consolidated Balance Sheets (Unaudited) (cont’d) ($ in thousands) March 31, 2026 December 31, 2025 LIABILITIES Non-current liabilities Borrowings from related parties $ 482,850 $ 505,600 Convertible redeemable preference shares — — Digital assets loan payable 4,885 5,267 Lease liabilities
Slide 30: Non-IFRS Measures Summarized
Non-IFRS Measures Summarized Three months ended March 31, March 31, ($ in thousands) 2026 2025 Non-IFRS Financial Measures Adjusted transaction revenue $ 38,017 $ 42,027 Adjusted revenue $ 92,826 $ 62,411 Adjusted EBITDA $ 35,149 $ 13,168 Adjusted Net Income $ 20,297 $ 2,138 Adjusted Opex $ 57,680 $
Slide 31: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures Three months ended ($ in thousands) March 31, March 31, Adjusted Transaction Revenue and Adjusted Revenue 2026 2025 Digital assets sales $ 51,812,747 $ 80,236,157 Digital asset sales on venues other than Exchange — (303,863) Digital asset sales - on our Exchange $
Slide 32: Reconciliation of non-IFRS measures (cont'd)
Reconciliation of non-IFRS measures (cont’d) Three months ended March 31, March 31, ($ in thousands) 2026 2025 Adjusted to exclude the following: Digital asset sales on venues other than Exchange — (303,863) Cost of digital assets derecognized on other venues — 303,825 Loss/(Gain) from changes in fa
Slide 33: Gross and Net Liquid Assets
Gross and Net Liquid Assets ($ in thousands) March 31, 2026 December 31, 2025 Digital assets held - inventories $ 142,698 $ 206,178 Digital assets held - intangible assets 1,298,611 1,537,071 Digital assets held - financial assets (on Exchange) 135,230 84,993 Digital assets held - financial assets (
Slide 34: Reconciliation of Adjusted Operating Expense
Reconciliation of Adjusted Operating Expense Three months ended ($ in thousands) March 31, March 31, IFRS Core Operating Expense to Adjusted Operating Expense 2026 2025 IFRS Core Operating Expense $ 93,810 $ 62,249 Adjusted for Employee stock-based compensation expense 5,603 5,133 Other stock-based
Slide 35: Definition of Certain Metrics
Definition of Certain Metrics Adjusted transaction revenue is a non-IFRS financial measure intended to capture the fees and trading spreads earned from customers trading on our Exchange. We define adjusted transactional revenue as (i) the portion of “Digital asset sales”, as reported in accordance w
Slide 36: Definition of Certain Metrics (Cont'd)
Definition of Certain Metrics (Cont’d) Adjusted EBITDA Less Capex is Adjusted EBITDA excluding funds used to acquire, upgrade, or maintain physical assets such as property, plants, buildings, technology, or equipment Adjusted net income/(loss) is calculated as income/(loss) after tax adjusted by the
Slide 37: Bullish
°F °¢ Bullish