Slide 1: Nasdaq 4Q24 Quarterly Update
yl Nasdaq Nasdag 4Q24 Quarterly Update January 29, 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 revenues less transaction-based expenses for periods shown. Solutions revenue represents revenue from our Capital Access Platforms and Financial Technology segments. Adjusted period over period changes reflect non-GAAP results (refer to Disclaimers
Slide 4: Pillars of Strategy
Pillars of Strategy Liquidity Enhance liquidity by modernizing markets with innovative technology Transparency © In 2024, Nasdaq listed 180 IPOs, including 130 operating companies, that raised nearly $23 billion in proceeds and marked Provide access and transparency to capital its in markets to enab
Slide 5: Strategic Update
Strategic Update “2024 was a transformative year for Nasdaq. With th integration of AxiomSL and Calypso largely complet we've made substantial progress as a scalable pla company. We are executing well across our strat priorities, including driving cross-sell opportuni innovating across our solutions
Slide 6: Execution in 2024 Positions Nasdaq Well for 2025 Growth
meh Execution in 2024 Positions Nasdaq Well for 2025 Growth Total ($) Year over year _Year over year Year over year | change (%) adjusted’ change (%) | organic? change (%) 2024 non-GAAP Net revenue $4,683M +20% +9% +8% Solutions revenue $3,627M +26% +10% +10% Operating income $2,521M +22% +11% +9% O
Slide 7: Capital Access Platforms - Operational Highlights
Capital Access Platforms - Operational Highlights ie) +$196B 80% 4Q24 increase in 2024 eligible U.S. Index average ETP operating company AUM to $632B IPO win rate! Index ETP AUM Net Inflows (US$ billions) $80 $28 $71 $17 $14 Q24 4Q24 LTM tative Nasdaq listing win rate and « Nasdaq maintained U.S. li
Slide 8: Financial Technology - Operational Highlights
Financial Technology - Operational Highlights 4Q24 2024 « Nasdaq Verafin signed 102 small-and-medium bank (SMB) clients New EinTech clients + 20 +263 and one Tier 1 client via a cross-sell in the fourth quarter. New GE ¢ Nasdaq closed several strategic enterprise deals with international Management
Slide 9: Market Services - Operational Highlights
Market Services - Operational Highlights 4Q24 Highlights 71% #1 #1 market share in European cash equities markets! 30% single venue of liquidity #1 market share in for traded-listed U.S. multi-listed U.S. cash equities options Market Share by Asset Class? (%) «U.S. equity options? + Euro cash equiti
Slide 10: Financial Performance
Financial Performance “After setting ambitious targets, Nasdaq delivered strong revenue growth and profitability across 202 is tracking ahead of schedule against our delever and cost synergy targets. Our achievements this year reflect our team’s focus on our clients and our ability to delive long-te
Slide 11: 2024 Consolidated Financial Performance
2024 Consolidated Financial Performance Capital Access Platforms revenue growth Data & Listings revenue growth Index revenue growth Workflow & Insights revenue growth Financial Technology revenue growth Financial Crime Mgmt Tech revenue growth Regulatory Technology revenue growth Capital Markets Tec
Slide 12: 4Q24 Consolidated Financial Performance
4Q2A4 Consolidated Financial Performance Capital Access Platforms revenue growth Data & Listings revenue growth Index revenue growth Workflow & Insights revenue growth Financial Technology revenue growth Financial Crime Mgmt Tech revenue growth Regulatory Technology revenue growth Capital Markets Te
Slide 13: Net Revenue Bridges
et Revenue Bridges 2023 Pro Forma! to 2024 4Q23 Pro Forma! to 4Q24 . 2 . a 9% YoY adjusted growth 410% YoY adjusted growth —> => $4.7B $1.28 $4.3B Zz _— — 9 s — % 1% — ea (1.5)% +4% (1)% —% $1.18 — — 15)% = (1)% +2% Ne | +4% l J l J +7% Alpha growth +6% Alpha growth 1 3 1 3 2023 pro Macro/ Existing,
Slide 14: Recurring Revenue KPIs Reflect Solid Growth
Recurring Revenue KPIs Reflect Solid Growth ee Annualized Recurring Revenue (US$ millions) +7.5% YoY organic! growth = $2,585 $2,612 $2,668 $2,736 $2,768 4923 1924 2924 3024 424 1M Nasdaq ex. AxiomSL & Calypso Ml AxiomSL & Calypso SaaS as a % of ARR ex. AxiomSL & Calypso SaaS as a % of ARR ‘Organic
Slide 15: Capital Access Platforms - Financial Performance
Capital Access Platforms - Financial Performance Period ending and average ETP AUM (US$ in millions) ae 4 a (US$ billions) — ag] USte: Data and Listing Services f Period ending ETP AUM Average ETP AUM In . $600 See? Workflow and Insights $519 oe Total revenue $473 otal revenue ; Operating incom: Ope
Slide 16: Financial Technology - Non-GAAP Financial Performance
Financial Technology - Non-GAAP Financial Performance ay adjusted! (US$ in millions) % A organic? Financial Crime Mgmt Technology Regulatory Technology adjusted YoY YoY ARR growth Capital Markets Technology revenue growth Total revenue Operating income Operating margin annualized SaaS revenue growth
Slide 17: Market Services - Financial Performance
Market Services - Financial Performance 4Q24 Highlights (US$ millions) adjusted! % A organic? U.S. equity derivatives 6% 9, U.S. index options volume U.S. cash equities growth ‘ European cash equities U.S. tape plans Maintained #1 market share in Other revenue multi-listed U.S. options | net revenue
Slide 18: Supporting Growth with Appropriate Resources
Supporting Growth with Appropriate Resources 4Q24 non-GAAP operating expense $527 +6% $556 vs 9, +10% adjusted net revenue growth 2025 Non-GAAP Operating Expense Guidance! 4Q23 pro forma on-GAAP operating expense 10) 2025 Non-GAAP Tax +6 % gane2 Rate Guidance! vs ie) +9% adjusted net revenue 2023 pr
Slide 19: Committed to Deleveraging and at 3.6x Gross Leverage at End of 4Q24
Committed to Deleveraging and at 3.6x Gross Leverage at the End of 4Q24 Gross Leverage Ratio Bridge 3.8x —— 3.6x -0.1x ~0.1x "On 7 3Q24 leverage ratio Repurchase of Senior Change in Euro rate and EBITDA A 4Q24 leverage ratio Unsecured Notes amortization (US$ millions) Beg-of-period End-of-period Gro
Slide 20: Appendix
Appendix
Slide 21: Medium-Term Outlook
Medium-Term Outlook’ m Growth 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 digits Capital Markets Technology
Slide 22: Total Non-GAAP Adjusted 2024 Variance
Total Non-GAAP Adjusted 2024 Variance on-GAAP_ Reported Adenza Pro Formal Total variance FX & other 2024 2023 2023 2023 $ % Capital Access Platforms $1,972 $1,770 g— $1,770 $202 1% $178 $185 10% Financial Crime Management Technology 273 223 - 223 50 22% - 50 22% Regulatory Technology! 386 212 149 36
Slide 23: Total Non-GAAP Adjusted 4Q24 Variance
Total Non-GAAP Adjusted 4Q24 Variance on-GAAP_ Reported Adenza Pro Forma! Total variance FX & other 4Q24 4Q23 4Q23 4Q23 $ % 4Q24 Capital Access Platforms $511 $461 $s $461 $50 = $50 Financial Crime Management Technology 73 60 _ 60 13 22% _ 13 22% Regulatory Technology! 98 110 (16) 94 4 5% () 5 6% Ca
Slide 24: 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23
4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23
Slide 25: Total Variance Net Impacts: 2024
Total Variance Net Impacts: 2024 GAAP tal Variance Acq. & div impact FX & Other Impact Organic Impact? (US$ millio 2023 $M % $M Data and L ig Services $754 $749 $5 1% % % $5 1% Index 706 528 178 34 % _ —% _ —% 178 34% Workflow and Insights 512 493 19 4% — —% 1 —% 18 4% Capital Access Platforms reven
Slide 26: Total Variance Impacts: 4Q24
Total Variance Impacts: 4Q24 Non-GAAP (US$ million 4Q24 4Q23 Data and Listing Services $192 $189 Index 188 146 42 29% _ —% _ —% 42 29% Workflow and Insights 131 126 5 4% = —% — —% 5 4% Capital Access Platforms revenue 511 461 50 1% = —% = —% 50 1% Financial Crime Management Technology 73 60 13 22% —
Slide 27: ARR Summary
ARR Summary ARR Trends Data and Listing Services Workflow and Insights Index Capital Access Platforms Financial Crime Technology Management Regulatory Technology Capital Markets Technology Financial Technology Total $691 501 76 1,268 278 354 868 1,500 $2,768 $683 497 74 1,254 268 350 864 1,482 $2,73
Slide 28: GAAP Operating Income and Margin by Segment
GAAP Operating Income and Margin in millions) Capital Access Platforms Net revenue $511 $501 $481 $479 $461 $456 $438 $415 $1,972 $1,770 $1,682 $1,566 $1,285 Expenses 219 211 210 200 210 202 197 190 838 799 768 724 636 Operating income 292 290 271 279 251 254 241 225 1134 971 914 842 649 Operating m
Slide 29: Debt Overview
Debt Overview Well-Laddered Debt Maturities $8.9B Net Debt an (US$ millions) 12/31/2024 | 9/30/2024 | Maturity Date 100 Commercial paper g $- NA 1100 Revolver (SOFR + 119 bps)! $(3) $(3) Dec 2027 1,000 3.85% notes $499 $499 Jun 2026 900 1.75% Euro notes $618 $665 Mar 2029 = 800 0.875% Euro notes $61
Slide 30: Historical Cash Flow / Uses of Cash Flow
Historical Cash Flow / Uses of Cash Flow 2024 free cash flow excluding Section 31 fees totaled $1,576M. 2021 free cash flow includes the impact of Verafin related tax and structuring items, described below: « The Verafin purchase price of $2.75B reflected certain amounts that were paid post close du
Slide 31: Non-GAAP Solutions Organic Revenue Growth
Non-GAAP Solutions Organic Revenue Growth Current Prior year Total variance Organic impact Other impact! period period $ 4Q24 949 860 89 10 % 77 9% 12 1% 3Q24 906 694 212 31% 64 9% 148 21% 2Q24 901 673 228 34% 62 9% 166 25 % 1Q24 871 644 227 35% 74 1% 153 24% 2024 3,627 2,869 758 26 % 276 10 % 482 1
Slide 32: Market Services Additional Detail
Market Services Additional Detail (US$ in millions) U.S. Equity Derivatives Trading $106 $107 $90 $91 $91 U.S. Cash Equity Trading 88 82 86 74 74 European Cash Equity Trading 25 25 26 26 24 U.S. Tape Plans 30 35 31 28 34 Other" 19 17 17 18 24 Market Services net revenue $268 $266 $250 $237 $247 1 Ot
Slide 33: Market Services Organic Revenue Growth
Market Services Organic Revenue Growth Market Services Segment Total variance Organic impact Other impact? (US$ in millions) Prior year $ $ 4Q24 $268 $247 21 8% 21 8% = —% 3Q24 266 236 30 13% 30 13% _ —% 2Q24 250 242 8 3% 8 3% = —% 1Q24 237 260 (23) (9%) (23) (9%) _ —% 2024 1,020 987 33 3% 33 3% = —
Slide 34: For Additional Investor Relations Information
For Additional Investor Relations Information Investor Relations Website: http://irnasdag.com Investor Relations Contact: Ato Garrett Senior Vice President, Investor Relations ato.garrett@nasdaqg.com