Slide 1: BGC Group, Inc. Earnings Presentation Q2 2025
BGC GROUP, INC. NASDAQ: BGC E A R N I N G S P R E S E N TAT I O N Q 2 2 0 2 5
Slide 2: Disclaimer
2 DISCLAIMER DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT BGC Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statem
Slide 3: Q2 2025 Performance
Q2 2025 PERFORMANCE Highlights of Consolidated Results BUSINESS HIGHLIGHTS Q2 2025 Q2 2024 Change (USD millions) Revenues $784.0 $550.8 42.3% $784mm GAAP income from operations before income taxes 75.3 55.2 36.5% Record Revenues1 +42.3% yr/yr GAAP net income for fully diluted shares 55 .1 36.1 52.9%
Slide 4: BGC Group Overview
4 BGC GROUP OVERVIEW BGC is a leading marketplace for OTC products that don’t trade on an exchange and provides critical liquidity for listed products that trade on exchange, as well as operating a fully regulated U.S. interest rate futures exchange. BUSINESS MODEL BGC REVENUE REVENUE DRIVERS DRIVER
Slide 5: Revenue by Asset Class
REVENUE BY ASSET CLASS REVENUE GROWTH ACROSS ALL ASSET CLASSES (USD millions) 8% Revenue By Asset Class (USD millions) Q2 2025 Q2 2024 Change DATA, NETWORK & POST-TRADE AND ECS $261.6 $117.7 122.2% OTHER1 9% Rates 200.6 166.0 20.8% EQUITIES 33% ECS (“ENERGY, Foreign Exchange 108.5 88.9 21.9% COMMODI
Slide 6: Diverse Global Product Offering
6 DIVERSE GLOBAL PRODUCT OFFERING ECS Rates Foreign Exchange Products Revenue Products Revenue Products Revenue Q2 2025 Q2 2025 Q2 2025 ▪ Government Bonds ▪ Spot FX ▪ Environmental & Energy 33% Transition Products ▪ OTC & Listed Interest ▪ FX Forwards Rate Derivatives ▪ Oil & Refined Products $262mm
Slide 7: Revenue by Geography
REVENUE BY GEOGRAPHY REVENUE GROWTH ACROSS ALL GEOGRAPHIES (USD millions) Revenue By Geography Q2 2025 Q2 2024 Change (USD millions) EMEA $419.5 $279.1 50.3% Americas 278.7 198.6 40.3% Asia Pacific 85.8 73.1 17.4% 36% $784 AMERICAS 53% Total Revenue $784.0 $550.8 42.3% EMEA Revenue By Currency % of
Slide 8: Front Office Productivity
FRONT OFFICE PRODUCTIVITY FRONT OFFICE HEADCOUNT AND PRODUCTIVITY Period–end Front Office Headcount >$1.1 million LTM Front Office Productivity (in USD 000s)1 $1,116 $977 Record LTM Front Office $908 Productivity $834 $750 $766 Over 300 OTC front office employees added in Q2 2025 2,388 2,480 2,196 2
Slide 9: Consistent Earnings Growth
9 CONSISTENT EARNINGS GROWTH PRE-TAX ADJUSTED EARNINGS POST-TAX ADJUSTED EARNINGS & ADJUSTED EPS Pre-tax Adjusted Earnings (USD millions) Post-tax Adjusted Earnings (USD millions) $0.31 Adjusted EPS $174 $0.23 $154 $0.20 $126 $0.17 $115 $106 $0.15 $97 $100 $90 $87 $85 Q2 2021 Q2 2022 Q2 2023 Q2 2024
Slide 10: ECS Overview
ECS (“ENERGY, COMMODITIES, & SHIPPING”) OVERVIEW BUSINESS HIGHLIGHTS REVENUE BREAKDOWN REVENUE GROWTH (USD millions) Commodities, Metals & Other Environmental $262mm & Energy Transition Shipping $659 Record Revenue & Freight (Q2 2025 Revenue) Q2 2025 $483 +122% Oil & Refined Products $386 Revenue Gr
Slide 11: Overview Fenics
OVERVIEW FENICS REVENUE BY ASSET CLASS REVENUE GROWTH (USD millions) (USD millions) $163mm Fenics Revenue Q2 2025 Revenue 17% $620 FOREIGN 42% EXCHANGE +19% RATES $522 Growth yr/yr $163 $401 $163mm $278 $137mm $29mm Q2 2025 $223 $22mm 18% CREDIT 22% FY 2017 FY 2019 FY 2021 FY 2023 LTM $115mm $134mm
Slide 12: FMX volume and open interest growth
12 $68bn +45% $16bn +92% +167% +51% Record Volume ADV Growth Record Volume ADV Growth OI Growth ADV Growth (Q2 2025 ADV) (Q2 2025 yr/yr) (Q2 2025 ADV) (Q2 2025 yr/yr) (Q2 2025 q/q) (Q2 2025 q/q) 35.7k $68bn $16bn 21.6k $47bn $8bn 27.6k $34bn 8.1k $6bn 3.6k 11.0k 6.4k 6.3k 2.1k 3.2k Q2 2023 Q2 2024 Q
Slide 13: Business Highlights FMX UST Volume & Market Share
BUSINESS HIGHLIGHTS FMX UST VOLUME & MARKET SHARE UST TRADING VOLUME $68bn 35.1% Q2 2025 Record Volume (ADV yr/yr change) 32.6% (Q2 2025 ADV) 29.8% 29.4% 30.3% 45% 27.9% $68bn 25.3% 25.7% $60bn 23.4% +45% $53bn $52bn $47bn $45bn $41bn FMX UST ADV Growth $34bn $38bn 20% 19%2 (Q2 2025 yr/yr) 35.1% Q2
Slide 14: Data, Network & Post-Trade
DATA, NETWORK & POST-TRADE BUSINESS HIGHLIGHTS REVENUE GROWTH KEY BUSINESSES $35.5mm Quarterly $35mm Provider and generator of data across global Record Q2 Revenue financial and commodity markets, supported by (Q2 2025 Revenue) $27mm BGC’s deep wholesale liquidity pools $22mm $19mm +15% Q2 2019 Q2 2
Slide 15: Outlook
15 OUTLOOK Q3 2025 OUTLOOK Guidance Actual Yr/Yr % Change Metric (USD million) Q3 2025 Q3 2024 Low Mid High Revenues $715 - $765 $561.1 +27% +32% +36% (Revenues excl. OTC Acquisition) $605 - $645 $561.1 +8% +11% +15% Pre-tax Adjusted Earnings $150 - $165 $126.7 +18% +24% +30% BGC expects to update i
Slide 16: GAAP Financial Results
GAAP FINANCIAL RESULTS
Slide 17: Balance Sheet
17 BALANCE SHEET BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) June 30, December 31, June 30, December 31, 2025 2024 2025 2024 Assets Liabilities and Equity Cash and cash equivalents $ 826,470 $ 711,584 Accrued
Slide 18: Income Statement
18 INCOME STATEMENT BGC GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) (UNDER GAAP) Three Months Ended Six Months Ended Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 2025 2024 2025 2024 Reven
Slide 19: Appendix
APPENDIX
Slide 20: Fenics Ecosystem
20 FENICS ECOSYSTEM DATA, NETWORK & RATES CREDIT FOREIGN EXCHANGE EQUITIES POST-TRADE KEY PRODUCTS: KEY PRODUCTS: KEY PRODUCTS: • FX Spot FENICS MARKET DATA • Investment Grade Bonds (IG) • FX Options (Fenics Markets associated Market Data) • Interest Rate Derivatives MARKETS • EGBs • High Yield Bond
Slide 21: Fenics Platforms At-A-Glance
FENICS PLATFORMS AT-A-GLANCE TRADING PLATFORMS DATA, NETWORK AND POST-TRADE Fenics MIDFX Asset Class: Rates Asset Class: Foreign Exchange Asset Class: Data, Network and Post-trade – Market Data Products: U.S. Government Securities (Benchmarks, T-Bills & Off-the-runs) Products: Spot FX and NDFs Distr
Slide 22: Fully Diluted Weighted-Average Share Count Summary
22 BGC’S FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT SUMMARY Fully Diluted Q2 2025 Fully Diluted Weighted-Average Share Count Summary Weighted- Ownership (%) For Adjusted Earnings Average Shares PUBLIC OWNERSHIP (millions) (% OF FULLY-DILUTED SHARE COUNT FOR ADJUSTED EARNINGS) PUBLIC 373.7 75% Class
Slide 23: Strongly Capitalized & Investment Grade Credit Profile
23 STRONGLY CAPITALIZED & INVESTMENT GRADE CREDIT PROFILE BGC Group, Inc. (in $’000s) As of 6/30/2025 INVESTMENT GRADE CREDIT RATING Cash and cash equivalents $826,470 ▪ Investment Grade Credit Rated: Financial instruments owned, at fair value 139,470 • Fitch: BBB- (Outlook: Stable) Total Liquidity
Slide 24: BGC Revenue Correlation & Industry Volumes
24 BGC REVENUE CORRELATION & INDUSTRY VOLUMES BGC’S ASSET CLASS REVENUES ARE GENERALLY CORRELATED TO RELEVANT INDUSTRY SECONDARY MARKET TRADING VOLUMES Q2 2025 VS Q2 2024 Brokerage revenues are driven by secondary market trading volumes in the ASSET CLASS REVENUE TO INDUSTRY VOLUME CORRELATION1 INDU
Slide 25: Shareholder Value Creation
25 SHAREHOLDER VALUE CREATION BGC HAS A STRONG HISTORY OF CREATING VALUE FOR SHAREHOLDERS THROUGH ORGANIC GROWTH, ACQUISITIONS & INVESTMENTS IN TECHNOLOGY 2025 – Completed OTC Acquisition 1999 – eSpeed, leading electronic becoming the UST platform, IPOs world’s largest ECS 2023 – Completed 2004 – Ca
Slide 26: Non-GAAP Definitions and Reconciliation Tables
NON-GAAP DEFINITIONS AND RECONCILIATION TABLES
Slide 27: Reconciliation of GAAP to Adjusted Earnings
27 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS RECONCILIATION OF GAAP INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES TO ADJUSTED EARNINGS & GAAP FULLY DILUTED EPS TO POST-TAX ADJUSTED EPS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Three Months Ended June 30, June 30, 202
Slide 28: Reconciliation of GAAP to Adjusted Earnings Footnotes
28 RECONCILIATION OF GAAP TO ADJUSTED EARNINGS FOOTNOTES FOOTNOTES (1) The components of equity-based compensation and allocations of net income to limited partnership units and FPUs are as follows (in thousands): Three Months Ended June 30, 2025 2024 Issuance of common stock and grants of exchangea
Slide 29: Other Select Financial Data
29 OTHER SELECT FINANCIAL DATA RECONCILIATION OF GAAP NET INCOME (LOSS) AVAILABLE TO COMMON FULLY DILUTED WEIGHTED-AVERAGE SHARE COUNT STOCKHOLDERS TO ADJUSTED EBITDA (IN THOUSANDS) (UNAUDITED) (IN THOUSANDS) (UNAUDITED) Three Months Ended Three Months Ended June 30, June 30, 2025 2024 2025 2024 GAA
Slide 30: Differences Between Non-GAAP and GAAP Consolidated Results
30 DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS NON-GAAP FINANCIAL MEASURES The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outsta
Slide 31: Differences Between Non-GAAP and GAAP Consolidated Results 1
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 31 (CONTINUED) The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted
Slide 32: Differences Between Non-GAAP and GAAP Consolidated Results 2
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 32 (CONTINUED) METHODOLOGY FOR CALCULATING ADJUSTED EARNINGS TAXES Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted
Slide 33: Differences Between Non-GAAP and GAAP Consolidated Results 3
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 33 (CONTINUED) MANAGEMENT RATIONALE FOR USING ADJUSTED EARNINGS BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are
Slide 34: Differences Between Non-GAAP and GAAP Consolidated Results 4
DIFFERENCES BETWEEN NON-GAAP AND GAAP CONSOLIDATED RESULTS 34 (CONTINUED) TIMING OF OUTLOOK FOR CERTAIN GAAP AND NON-GAAP ITEMS BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing
Slide 35: Media and Investor Contact
35 35 Media Contact: Erica Chase +1 212-610-2419 Investor Contact: ir.bgcg.com Jason Chryssicas twitter.com/bgcgroupinc +1 212-610-2426 linkedin.com/company/bgc_group