Virtu Financial, Inc. · NYSE:VIRT
Virtu Financial — Debt Investor Presentation (July 2026)
26 slides from Virtu Financial's debt investor presentation, Jul 14, 2026
Slide 1: Virtu Financial Lender Presentation July 2026
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Slide 2: Disclaimer
2 Disclaimer This presentation and the information contained herein (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) (collectively, the "presentation") is intended for the recipient hereof and is for
Slide 3: Speakers
3 Speakers Joe Molluso Co-President and Co-Chief Operating Officer • Joined Virtu in 2013 as Chief Financial Officer • Played a central role in Virtu’s completed merger and integration of KCG Holdings and ITG as well as its initial public offering in 2015 • Previously served as Managing Director at
Slide 4: Agenda
4 Agenda 1 2 3 Transaction Summary Financial Update GAAP Reconciliations and Other Information
Slide 5: Transaction Summary
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Slide 6: Executive Summary
Executive Summary 6 Note: 1 Refer to appendix for a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure; 2 Adjusted EBITDA margin is defined as Adjusted EBITDA divided by Adjusted Net Trading Income • Virtu Financial, Inc. (“Virtu” or the “Company”) i
Slide 7: Transaction Overview
Transaction Overview 7 SOURCES AND USES Note: 1 Refer to appendix for a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure Sources ($mm) Uses ($mm) Fungible add-on to Term Loan B $400 Cash to Balance Sheet $400 Total Sources $400 Total Uses $400 PRO
Slide 8: Summary Terms – Term Loan B Facility
Summary Terms – Term Loan B Facility 8 Borrower VFH Parent LLC (the “Borrower”) Guarantors Virtu Financial LLC and certain of its domestic subsidiaries (same as existing) Facilities overview Facility Amount Maturity First Lien Term Loan B $1,930M ($1,530M Existing) June 21, 2031 Amortization Modifie
Slide 9: Transaction Timeline
Transaction Timeline 9 July 14th ⚫ Launch Term Loan B and host global lender call July 16th ⚫ Commitments due on Term Loan B from Lenders by 5:00pm ET ⚫ Price and Allocate Term Loan B Thereafter ⚫ Closing, funding and effectiveness KEY TRANSACTION DATES: KEY TRANSACTION ITEM: Key Transaction Date Ju
Slide 10: Financial Update
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Slide 11: 2Q 2026 Key Financials Summary
11 Normalized Adj. EPS1 $1.82 2Q 2026 Key Financials Summary Recent Results Adj. NTI1 $718M Adj. NTI/day1 $11.6M Adj. EBITDA1 $437M Adj. EBITDA Margin1,2 61% Debt to LTM Adj. EBITDA1 1.2x Performance Highlights & Preliminary 2Q26 Flash See endnotes at end of this supplement Updated Adj. Net Trading
Slide 12: Key Financial Metrics
12 Key Financial Metrics See endnotes at end of this supplement FY FY FY FY FY FY 2020 2021 2022 2023 2024 2025 1Q 2Q 3Q 4Q 1Q 4Q'25 1Q'25 Total Adjusted Net Trading Income1 $2,271 $1,910 $1,468 $1,211 $1,598 $2,145 $497 $568 $467 $613 $787 Daily Average Adj. NTI 1 $9.0 $7.6 $5.8 $4.8 $6.4 $8.6 $8.3
Slide 13: Return on Invested Capital
13 Return on Invested Capital1,2 See endnotes at end of this supplement Returns continue to increase on a growing capital base Invested Capital1 68% 139% 107% 77% 66% 65% 71% 78% 91% 94% 100% 95% 100% 107% 0% 20% 40% 60% 80% 100% 120% 140% 160% - $0.5B $1.0B $1.5B $2.0B $2.5B $3.0B FY'19 FY'20 FY'21
Slide 14: VES strong performance continues
VES strong performance continues 14See endnotes at end of this supplement VES Adj. NTI1 by quarter since 2022 • 1Q 2026 was the 2nd-highest quarterly ANTI ever recorded by VES, which has now grown in 8 consecutive quarters • This quarter set all-time highs across a number of VES products, including
Slide 15: Market Metrics
Market Metrics 15See endnotes at end of this supplement FY FY FY FY FY 2021 2022 2023 2024 2025 1Q 2Q 3Q 4Q 1Q 4Q'25 1Q'25 Market Metrics (Average Daily) Volume Metrics US Equity Consolidated Volume (M shares) 10,926 11,404 11,875 11,054 12,153 17,581 15,695 18,386 17,581 18,583 19,985 + 8% + 27% US
Slide 16: Operating Expenses and Long-Term Debt
16 Operating Expenses and Long-Term Debt Operating Expense Results Debt Structure at March 31, 2026 See endnotes at end of this supplement Adjusted Operating Expenses FY FY FY 2025 2025 2025 2025 2026 TTM ($M) 2023 2024 2025 1Q 2Q 3Q 4Q 1Q 1Q'26 Adj. Cash Compensation1 $321 $314 $315 $320 $351 $399
Slide 17: GAAP Reconciliations and Other Information
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Slide 18: GAAP Balance Sheet
18 GAAP Balance Sheet See endnotes at end of this supplement Assets ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 3/31/26 Cash and cash equivalents $732 $890 $1,071 $982 $820 $873 $1,062 $973 Cash & securities segregated under regulations & other 41 117 49 57 35 41 65 57
Slide 19: GAAP Income Statement
19 GAAP Income Statement See endnotes at end of this supplement
Slide 20: Adjusted EBITDA & Normalized Adjusted EPS
20 Adjusted Net Trading Income $975 $784 $669 $362 $456 $2,271 $724 Adjusted EBITDA & Normalized Adjusted EPS See endnotes at end of this supplement FY FY FY FY FY FY 2026 2020 2021 2022 2023 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $2,145 $497 $568
Slide 21: Adjusted Net Trading Income Reconciliation
21 Adjusted Net Trading Income Reconciliation See endnotes at end of this supplement FY 2025 2025 2025 2025 2026 2026 2025 1Q 2Q 3Q 4Q 1Q 2Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $2,437 $590 $653 $529 $665 $789 $857 Commissions, net and technology services 601 614 530 456 517 617 15
Slide 22: Adjusted Operating Expense Reconciliation
22 Adjusted Operating Expense Reconciliation See endnotes at end of this supplement Adjusted Operating Expenses Reconciliation FY FY FY FY FY FY 2026 ($M) 2020 2021 2022 2023 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q Employee compensation and payroll taxes $394 $376 $391 $394 $435 $528 $119 $136 $158 $115 $208 $2
Slide 23: Footnotes: Executive Summary and Transaction Overview
23 Slide 6 Executive Summary 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adj. EBIT
Slide 24: Footnotes: Returns on growing capital base
24 Slide 13 Returns continue to increase on a growing capital base 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarte
Slide 25: GAAP Income Statement Notes
25 Slide 19 GAAP Income Statement Note: The Q2 2026 figures reflect preliminary estimated information and have not been compiled or examined by our independent registered public accounting firm nor have our independent registered public accounting firm performed any procedures with respect to this i
Slide 26: Adjusted Operating Expense Reconciliation Notes
26 Slide 22 Adjusted Operating Expense Reconciliation 1. Includes severance, share-based compensation, one-time compensation-related COVID-19 expenses, and one-time compensation expenses related to RFQ Hub transaction. 2. Includes connectivity early termination expenses. 3. Includes write-down of as
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