OTC Markets Group Inc. · OTC:OTCM
OTC Markets — Q4 2025 Earnings Presentation
18 slides from OTC Markets's earnings presentation, Mar 5, 2026
Slide 1: 4Q & FY 2025 Earnings Presentation
4Q & FY 2025 Earnings Presentation March 5, 2026
Slide 2: Earnings Call Agenda
Cromwell Coulson Earnings Call President, Chief Executive Officer Agenda I. Strategic Overview Antonia Georgieva Chief Financial Officer II. Financial Review: Q4 and FY 2025 Results III. Q&A Dan Zinn General Counsel & Chief of Staff 2
Slide 3: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This conference call and presentation materials may contain forward-looking statements about the Company's future plans, expectations, and objectives concerning, but not limited to, the Company's expected financial results for 2026. Words suc
Slide 4: Financial Trends and Highlights
Financial Trends and Highlights Revenue Trends OTC Link + 17% Gross Revenue $125.3M, ▲ 13% Market Data + 15% Licensing Net Income $31.1M, ▲ 14% Corporate + 8% Operating Margin Services ▲160 basis points 4
Slide 5: Our Strategic Priorities for 2026
Our Strategic Priorities for 2026 Increase the Increase the Mitigate Increase Users Drive Financial Number of Number of Operational Risk and Usage to and Operational Securities and Connected and Strengthen Grow Revenue Results to Build Activity on our Companies and Regulatory across Product Share Va
Slide 6: Financial Review
Financial Review Q4 and FY 2025 Results 6
Slide 7: Q4 2025 Revenue
Q4 2025 Revenue Q4 2025 Q4 2024 Corporate Services Pro User Revenue 32.7 M Gross revenues + 17% + 32% 15% 13.1 M Corporate services 17% Market data licensing 12.7 M BD License Revenue 17% + 8% OTCQX OTC Link 6.8 M 7% + 11% OTCQB + 55% OTCID & Other + 21 % ECN & NQB & MOON Blue Sky Data 21% + 12% + 1
Slide 8: FY 2025 Revenue
FY 2025 Revenue FY 2025 FY 2024 ECN & NQB & MOON Market Data Licensing 125.3 M Gross revenues + 34% + 15% 13% 48.7 M Corporate services 8% 50.4 M + 27% Pro User Rev Market data licensing 15% ~62,000 + 1% Non-Pro User Rev Avg Daily ECN & NQB 26.3 M + 25% BD Enterprise Lic OTC Link 17% Trades, +65% +
Slide 9: Q4 2025 Expenses
Q4 2025 Expenses Q4 2025 Q4 2024 17.8 M OpEx (ex DEPR) as Operating Margin % of Gross Revenue Total operating expenses 6% 52% 36.3% General, administrative and other 0.4 M Depreciation and amortization 0.6 M Occupancy costs 0.6 M Marketing and advertising 0.5 M Professional and consulting fees 1.9 M
Slide 10: FY 2025 Expenses
FY 2025 Expenses FY 2025 FY 2024 73.9 M OpEx (ex DEPR) as Operating Margin Total operating expenses 7% % of Gross Revenue 57% 31.5% General, administrative and other 1.6 M Depreciation and amortization 2.6 M Occupancy costs 2.6 M Marketing and advertising 1.6 M Professional and consulting fees 7.7 M
Slide 11: FY 2025 Highlights
FY 2025 Highlights Gross Revenues Revenues less Operating Income Net Income transaction-based 125.3M expenses 38.2M 31.1M + 13% 112.1M + 19% + 14% Operating Expenses Operating Margin Fully Diluted 73.9M, +7% + 11% + 160 basis points GAAP EPS $2.58 Effective Tax Rate Adjusted EBITDA Cash Flow from Ca
Slide 12: Cash Flows & Capital Allocation Strategy
Cash Flows & Capital Allocation Strategy Free Cash Flow* Shareholder Returns 32.6 29.1 29.9 29.5 48.4 45.1 27.0 32.2 31.5 31.6 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Cash Flow from Operations Capital Expenditure Free Cash Flow Dividends Share Buybacks Total C
Slide 13: Questions & Answers
OTC Markets _ Questions & Answers Vy, b) i a \ \| 10 8! E
Slide 14: Appendix
CT Markets Diicndix 14
Slide 15: Balance Sheet Summary
Balance Sheet Summary Decem ber 31, (in thousands) 2025 2024 % change Assets Cash and cash equivalents $ 49,231 $ 34,522 43% Short-term investments 5,047 4,513 12% Accounts receivable, net of allow ance for credit losses of $267 and $326 9,053 8,097 12% Other Current Assets 2,610 2,481 5% Total Curr
Slide 16: Income Statement Summary
Income Statement Summary Three Months Ended Decem ber 31, Year Ended Decem ber 31, 2025 2024 % change 2025 2024 % change OTC Link $ 6,830 $ 6,364 7% $ 26,260 $ 22,409 17% Market data licensing 12,745 10,893 17% 50,364 43,626 15% Corporate services 13,147 11,194 17% 48,664 45,029 8% Gross revenues 32
Slide 17: Reconciliation of GAAP to Non-GAAP Results
Reconciliation of GAAP to Non-GAAP Results Three Months Ended Decem ber 31, Year Ended Decem ber 31, 2025 2024 % change 2025 2024 % change Net Incom e $ 9,237 $ 7,215 28% $ 31,136 $ 27,360 14% Excluding: Interest expense (income) (318) (312) 2% (951) (940) 1% Provision for income taxes 2,603 1,835 4
Slide 18: Cash Flow Summary
Cash Flow Summary Year Ended Decem ber 31, (in thousands) 2025 2024 2023 2022 2021 Cash Flow from Operations 48,639 32,873 33,036 33,680 46,456 Capital Expenditure (220) (1,301) (1,567) (1,443) (1,395) Free Cash Flow $ 48,419 $ 31,572 $ 31,469 $ 32,237 $ 45,061 Dividends Paid (29,692) (26,585) (26,4