Cboe Global Markets, Inc. · CBOE:CBOE
Cboe Global Markets — Barclays Global Financial Services Conference 2026
25 slides from Cboe Global Markets's conference presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026 © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL
Slide 2: Disclosures
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as “may,” “might,”
Slide 3: History
History © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL
Slide 4: Derivatives, Data Vantage, Cash and Spot
We build financial markets, products, and insights that give the world more optionality, more ways to hedge their risks, and more control over their financial futures. 1973 1983 1993 2017 2025 2026 Acquired U.S. Founded as the Created and Achieved record Launched Cboe Created the Cboe Equities, Euro
Slide 5: Strategic Update
Strategic Update © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL
Slide 6: Over the Last 12 Months We Have Progressed Key Initiatives
Over the Last 12 Months We Have Progressed Key Initiatives Realignment, Leadership and Growth Realignment Nearly Complete Strengthened Leadership Team Added New Capabilities 1 2 3 Welcomed Rob Hocking (EVP, Head of Exited Japanese equities, U.S. / Derivatives), Scott Johnston (EVP, COO), Launched Cb
Slide 7: Continue to Drive Growth at the Intersection of Secular Trends and Strategic Emphasis
and…Continue to Drive Growth at the Intersection of Secular Trends and Strategic Emphasis Focused on the most powerful secular trends in our industry; augmenting growth through access, education and innovation U.S. Market & S&P 500 Dominance Growing Role of Retail Investors Secular Growth in Options
Slide 8: While Advancing Our Strategy Through Continuous Execution
While Advancing Our Strategy Through Continuous Execution1 Live today Upcoming milestone Estimated timing 2Q26 3Q26 4Q26 1Q27 2Q27 Feature 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 Binary Options Jun '26 Enhanced Clearing Capabilities Sept/Oct '26 Company-KPI Event Contracts Sept/Oct '26 23x5 U.S
Slide 9: Building on 2025 Momentum
Building on 2025 Momentum © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL
Slide 10: 2Q26 Performance Underscores a Resilient Business Model
2Q26 Performance Underscores a Resilient Business Model Metric 2025 2Q26 $587.3 $731.6 $513.8 $467.1 Net Revenue $2.4 billion $731.6mn +17% Y/Y +25% Y/Y 2Q23 2Q24 2Q25 2Q26 $528.4 $386.7 $326.3 $285.3 Adjusted $1.6 billion $528.4mn 72.2% Operating +25% Y/Y +37% Y/Y 63.5% 65.8% EBITDA¹ (margin 67.7%)
Slide 11: Diversified Growth With Every Segment Contributing
Diversified Growth With Every Segment Contributing 2025 Revenue 2Q 2026 Revenue Business Segment Key Products Performance Performance ◆ Proprietary SPX, VIX, Mini-SPX $1.5bn net revenue $474mn net revenue Options Options +22% y/y +30% y/y ◆ Multi-listed Options $407mn net revenue $115mn net revenue
Slide 12: Options Volumes Continue to Reach Record Levels
Options Volumes Continue to Reach Record Levels 2025 Was a Year of Record Options Volumes1… …And Record Activity Continues into 20262 6.1 6.2 Total Index Options 4.0 4.2 4.0 4.8 4.7 4.9 5.5 ◆ 4.6bn total options contracts traded across Cboe's ◆ Record quarterly ADV of four exchanges, with a record A
Slide 13: Sustaining Expense and Capital Management Discipline
Sustaining Expense and Capital Management Discipline © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL
Slide 14: Growth Funded by Expense Discipline
Growth Funded by Expense Discipline Adjusted Operating 2025 Expense 2Q26 Expense Expenses¹ Performance Performance ◆ Total expense remains well Compensation and benefits $494.1mn $132.4mn +7% y/y +4% y/y controlled, benefitting from realignment Depreciation and amortization $52.5mn $13.5mn +19% y/y
Slide 15: Efficient Allocation of Capital to Create Long-Term Shareholder Value
Efficient Allocation of Capital to Create Long-Term Shareholder Value Sep. 30, Dec. 31, Mar. 31, Jun. 30, Debt Outstanding ($ in millions) Preserving balance sheet flexibility remains a 2025 2025 2026 2026 priority 3.650% Senior Notes (10Y; Due 2027) $650 $650 $650 $650 1.625% Senior Notes (10Y; Due
Slide 16: Guidance Reflects Positive Trends
Guidance Reflects Positive Trends5 2026 Full-Year Guidance¹ 2026 Guidance as of 2026 Guidance as of 2026 Guidance as of 2025 Actual ($ in millions) February 6, 2026 May 1, 2026 July 31, 2026 Data Vantage organic net revenue growth² rate 10%³ Mid to High Single-Digit Low Double-Digit Low Teens Low Do
Slide 17: Non-GAAP Information
Non-GAAP Information © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL 17
Slide 18: Non-GAAP Information
Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GA
Slide 19: Non-GAAP Information
Non-GAAP Information Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency1 Three Months Ended, Three Months Ended, Net Revenue (in millions) June 30, 2026 June 30, 2025 Europe and Asia Pacific net revenue $84.8 $70.4 Constant currency adjustment (1.8) - Europe and Asia Pacific net
Slide 20: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q26 2Q26 Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP (1) This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which Net income allocated to common stock
Slide 21: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 (1) This amount includes acquisition-related costs primarily from the company’s Cboe Digital, Cboe Canada, and Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP Cboe
Slide 22: Non-GAAP Information
Non-GAAP Information (in millions, except per share amounts) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 (1) This amount includes ongoing acquisition related costs primarily Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP from the Company’s Cboe Digital and Cboe Canad
Slide 23: Non-GAAP Information
Non-GAAP Information EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are u
Slide 24: Non-GAAP Information
Non-GAAP Information Debt to Adjusted EBITDA1 – Trailing Twelve Months (in millions) 3Q25 4Q25 1Q26 2Q26 TTM Net income allocated to common stockholders $299.3 $312.2 $384.1 $351.8 $1,347.4 Interest expense, net (1.0) (2.1) (4.4) (5.0) (12.5) Income tax provision 129.3 138.2 129.8 141.6 538.9 Deprec
Slide 25: Thank You
Thank You © 2026 Cboe Exchange, Inc. All rights reserved. CONFIDENTIAL
Cboe Global Markets — Barclays Global Financial Services Conference 2026 on 6ix