Slide 1: Nasdaq 3Q25 Quarterly Update
Ne Nasdaq - Interna Nasdaq 3Q25 Quarterly Update Ser 21, 2025
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 . « All net revenue figures represent revenue less transaction-based expenses for periods shown. ¢ Solutions revenue represents revenue from our Capital Access Platforms and Financial Technology segments. « Adjusted and organic change for 3Q25 as compared to 3Q24 are equivalent as
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 Solutions revenue and ARR milestones
“Nasdaq achieved significant milestones in the third quarter, with Solutions quarterly revenue surpassing $1 billion and annual recurring revenues reaching $3 billion for the first time. This achievement reflects our successful transformation into a leading technology platform. Across our diversifie
Slide 6: Nasdaq is delivering on its growth strategy
Nasdaq is delivering on its gro Year-over-year Year-over-year seks adjusted’ change organic’ change Net revenue $1,315M +11% +11% Solutions revenue $1,003M +15% +10% +10% Non-GAAP Operating income $732M +15% +16% +16% Non-GAAP Operating margin 56% +2 ppt +2 ppt +2 ppt Non-GAAP Diluted EPS $0.88 +19%
Slide 7: Capital Access Platforms - Operational
Capital Access Platforms - Operation « Index had record quarter-end ETP AUM and record trailing + $ D 2 9 B $ 6 B twelve month net inflows of $829B and $91B, respectively. « Launched 30 new Index products in 3Q25, of which 18 were i i Proceeds raised from yO ee ee operating company international and
Slide 8: Financial Technology - Operational
Financial Technology - Operatior FinTech cross sells + 4 13% 12% 15% + () () > () New FinTech clients ab 6 5 Organic revenue YoY organic ARR Cross-sells as a % of growth growth FinTech pipeline New Financial Crime Mgmt Tech clients +55 . 4 * Signed 4 cross-sells for a total of 30 since the Adenza de
Slide 9: Market Services - Operational
Market Services - Operational 28% 1 #1 market share in single venue of liquidity multi-listed U.S. for traded-listed U.S. options cash equities 73% #1 market share in European cash equities markets! . ed record U.S. derivatives revenue and excellent performance in U.S. cash equities, reflecting broa
Slide 10: CFO quote on third quarter performance
“Nasdaq delivered an excellent third quarter performance with revenue growth across all three divisions driving robust earnings growth and generating more than $2 billion in operating cash flow over the previous four quarters. We achieved our gross leverage milestone ahead of schedule, are executing
Slide 11: 3Q25 Consolidated Financial Performance
3Q25 Consolidated Financial Performance Organic growth: Data & Listings revenue growth Index revenue growth Workflow & Insights revenue growth Financial Crime Mgmt Tech revenue growth Regulatory Technology revenue growth Capital Markets Technology revenue growth Non-GAAP Financial Results (US$ milli
Slide 12: Net Revenue Bridge 3Q24 to 3Q25
Net Revenue Bridge 3Q24 to 3Q28 +11 % Yoy organic gro > $1.3B —_ as $1.2B L | +3% +6% -2% +5% -1% +1% l J +8% Alpha growth 3Q24 Non-GAAP Macro/Beta Existing clients Churn New clients, cross- Market Share, FX & other 3Q25 Revenue increases sell & other capture & volatility innovation performance Note
Slide 13: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth Annualized Recurring Revenue (US$ millions) Annualized SaaS Revenue (US$ millions) anic growth 12% Noy organic growth 49% YoY 019 +12 -_ 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4024 1925 225 3Q25 SaaS as a % of ARR 36.9% 374% 375% 375eq 37.6
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) adjusted2 (0) (e) (e) Financial Crime Mgmt Technology + 1 c % Sr 1 DD % + 1 7 % Regulatory Technology organic YoY organic YoY ARR | annualized SaaS Capital Markets Technology revenue growth growth revenue growth Total revenue Operating i
Slide 16: Market Services - Financial Performance
Market Services - Financial Performance (US$ millions) adj U.S. equity derivatives ee. $ 1 ? 4 M U h equities European cash equities revenue U.S. tape plans Other revenue? ‘al net revenue Record U.S. ting income options matched 1 5 9 B Operating margin average daily 0 contract volume 3Q25 Financial
Slide 17: 3Q25 non-GAAP operating expense
3Q25 non-GAAP operating expense
Slide 18: Gross Leverage Ratio Bridge
Committed to deleveraging with 3.1x gros of 3Q25 Gross Leverage Ratio Bridge 3.2x -0.02x -0.00x -0.11x 3.1x 2Q25 leverage ratio Repayment of Senior Unsecured Notes (US$ millions) Beg-of-period Gross debt $9,178 $(69) LTM EBITDA $2,842 110% free cash flow conversion ratio (LTM) $516M free cash flow i
Slide 19: Appendix
Appendix Nasdaq - Internal Use: Distribution limite|
Slide 20: Supplemental Adenza Financial Information
Supplemental Adenza Financial Information Medium-Term Outlook’ Data and Listing Services Low single digits Workflow and Insights High single/low double digits Index Mid-to-high single digits Capital Access Platforms 5-8% Fin Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double
Slide 21: Total Variance Impact
Total Variance Impact (US$ millions, except per share d Data and Listing Services Index Workflow and Insights 3Q25 Non-GAAP Total Variance 3Q25 3Q24 $M 204 $ 190 $ 206 182 136 129 Acq. & div. impact $M FX Impact Adjusted/Organic Impact! $M Capital Access Platforms revenue 546 501 Financial Crime Man
Slide 22: ARR Summary
ARR Summary ARR Trends (US$ 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 3Q25 2Q25 1Q25 4024 3Q24 22
Slide 23: Non-GAAP Operating Income and Margin
Non-GAAP Operating Income and Margin (US$ in millions) Capital Access Platforms Net revenue $1,566 $1,285 Expenses 724 636 Operating income 842 649 Operating margin 54% 51% Financial Technology Net revenue’ 772 637 Expenses 513 414 Operating income 259 223 Operating margin 34% 35% Market Services Ne
Slide 24: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.6B Net Debt Tait (US$ millions) 9/30/2025 | 6/30/2025 | Maturity Date ‘abe Commercial paper $= $- NA Aan Revolver (SOFR + 107.5 bps)! $(2) $(3) Dec 2027 ages 3.85% notes $431 $500 Jun 2026 oe 1.75% Euro notes $701 $704 Mar 2029 a 0.875% Euro notes $701
Slide 25: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow at nn LTM2 2025 YTD Avesta >ash flow from operations $2,335 $1,630 last twelve months free Capital expenditure (237) (177) cash flow excluding Cash flow from operations less capital $2,098 $1,453 Section 31 fees expenditures " " Section 31 fees, net! (3) 204
Slide 26: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year period period (US$ in Millions) $ $ $ % $ % $ % Solutions Total variance Organic impact Other impact! 1Other impact includes acquisitions, divestitures, and changes in FX rates. 3Q25 also includes an adjustment for the impact of AxiomSL on
Slide 27: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) 3Q25 U.S. Equity Derivatives Trading, net U.S. Cash Equity Trading, net 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 e
Slide 28: 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 29: For Additional Investor Relations Information
For Additional Investor Relations Information Investor Relations Website: http://ir.nasdag.com Investor Relations Contact: Ato Garrett Senior Vice President, Investor Relations ato.garrett@nasdaq.com Nasdaq - Interna ibution limite| “aa