Slides
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1 July 30, 2026Earnings Supplement2Q26
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2 2 CautionarystatementregardingforwardlookingstatementsThis presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding ICE’s business that are not historical facts are forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future results, performance, levels of activity or achievements, and actual results may differ materially from what is expressed or implied in any forward-looking statement. The factors that might affect our performance include, but are not limited to: conditions in global financial markets and domestic and international economic and social conditions, including inflation, changes to international trade policies and tariffs, risk of recession, political uncertainty and discord, geopolitical events and conflicts (including the conflicts in Ukraine and the Middle East) and sanctions laws; global political conditions; volatility in commodity prices and equity prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, foreign exchange rates, and mortgage industry trends; the business environment in which we operate and trends in our industries, including trading volumes, prevalence of clearing, demand for data services, mortgage lending and servicing activity, mortgage delinquencies, fees, changing regulations, competition (including from entrants or non-traditional competitors) and consolidation; our ability to minimize the risks associated with operating clearing houses in multiple jurisdictions; the global impact of the introduction of, or any changes to, laws, regulations, rules, government policies or tax or accounting requirements with respect to, among other things, financial markets and climate-related risks, as well as increased regulatory scrutiny or enforcement actions; our exchanges’ and clearing houses' compliance with their respective regulatory and oversight responsibilities; the resilience of our electronic platforms and soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks, cyberterrorism or other disruptions; our ability to effectively pursue, implement and realize the anticipated cost savings, growth opportunities and synergies and other benefits from our past or future acquisitions and strategic investments within the expected time frame; the impacts of computer and communications systems failures and delays, inclusive of the performance and reliability of our trading, clearing, data services and mortgage technologies and those of third-party service providers; our ability to keep pace with technological developments and client preferences, including with regard to our emerging technology initiatives and the use of artificial intelligence in certain of our existing products; our ability to ensure that the technology we utilize is not vulnerable to cyberattacks, hacking and other cybersecurity risks or other disruptive events or to minimize the impact of any such events; the impact of climate-related risks and the impact of, and uncertainty related to, the transition to renewable energy, including regulatory and legislative changes; our ability to keep information and data relating to the customers of the users of the software and services provided by our ICE Mortgage Technology business confidential; the impacts of a public health emergency or pandemic on our business, results of operations and financial condition, as well as the broader business environment; our ability to identify trends and adjust our business to benefit from such trends, including trends in the U.S. mortgage industry such as inflation rates, interest rates, new home purchases, refinancing activity, servicing activity, delinquencies and home builder and buyer sentiment, among others; our ability to evolve our benchmarks and indices in a manner that maintains or enhances their reliability and relevance; the accuracy of our cost and other financial estimates and our belief that cash flows from operations will be sufficient to service our debt and to fund our operational and capital expenditure needs; our ability to incur additional debt and pay off our existing debt in a timely manner; our ability to declare and pay dividends and repurchase shares of our common stock; our ability to maintain existing market participants and data and mortgage technology customers, and to attract new ones; our ability to offer additional products and services, leverage our risk management capabilities and enhance our technology in a timely and cost-effective fashion; our ability to attract, develop and retain key talent; our ability to protect our intellectual property rights and to operate our business without violating the intellectual property rights of others; and potential adverse results of threatened or pending litigation and regulatory actions and proceedings. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to ICE’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026 and ICE's most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as filed with the SEC on July 30, 2026. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of an unanticipated event. New factors emerge from time to time, and it is not possible for management to predict all factors that may affect our business and prospects. Further, management cannot assess the impact of each factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.GAAP andnon-GAAP resultsThis presentation includes non-GAAP measures that exclude certain items we do not consider reflective of our cash operations and core business performance. We believe that the presentation of these non-GAAP measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. These adjusted non-GAAP measures should be considered in context with our GAAP results. A reconciliation of Adjusted Net Income Attributable to ICE, Adjusted Diluted Earnings Per Share Attributable to ICE common stockholders, Adjusted Operating Income, Adjusted Operating Margin, Adjusted Operating Expenses, and Adjusted Free Cash Flow to the equivalent GAAP measure and an explanation of why we deem these non-GAAP measures meaningful appears in our Form 10-Q and in the appendix to this presentation. The reconciliation of Adjusted Non-Operating Income/Expense Reconciliation, Adjusted Effective Tax Rate, and Debt-to-Adjusted EBITDA to the equivalent GAAP results appear in the appendix to this presentation. Our Form 10-Q, earnings press release and this presentation are available in the Investors and Media section of our website at www.ice.com. Explanatory notesThroughout this supplement:•All net revenue figures represent revenues less transaction-based expenses for periods shown.•All earnings per share figures represent diluted weighted average common shares outstanding. •Constant currency (CC) amounts are calculated holding both the pound sterling and euro at the average exchange rate from 2Q25, 1.3353 and 1.1338, respectively.•References to Return on Invested Capital, or ROIC, are equal to TTM (Operating Income x (1-Adjusted Tax Rate)) / (Avg Debt + Avg Shareholders Equity + Avg Non-Controlling Interests - Avg Cash, Cash Equiv, & ST Investments). •References to Adjusted Cash Return on Invested Capital, or Adj. Cash ROIC, are equal to TTM Adjusted Free Cash Flow Before Interest Expense, net of Interest Income, and Adjusted for Certain Non-GAAP Cash items / (Avg Debt + Avg Shareholders Equity + Avg Non-Controlling Interests - Avg Cash, Cash Equiv, & ST Investments). The Non-GAAP Cash items include Integration Costs net of taxes, and the reversal of previously recorded regulatory matter accrual. Please refer to the slide in the appendix for more information.• References to Weighted Average Cost of Capital, or WACC, are equal to (Cost of Equity * % of Equity) + {(Cost of Debt * (1- Adjusted Tax Rate)) * % of Debt}. Percent of Debt assumes a capital structure of 3x Debt to Adjusted EBITDA.• Gross leverage figures represent gross debt to pro forma adjusted EBITDA. Pro forma amounts include the combined results of MarketAxess and ICE.• Enterprise value includes investments at fair value of $171mm as of June 30, 2026 in net cash.
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3 3 Participants in the SolicitationMarketAxess, ICE and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from MarketAxess stockholders in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of MarketAxess and ICE and other persons who may be deemed to be participants in the solicitation of proxies from MarketAxess stockholders in connection with the Transaction, and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant materials to be filed with the SEC.Additional information about MarketAxess, the directors and executive officers of MarketAxess and their ownership of MarketAxess Common Stock is set forth in the definitive proxy statement for MarketAxess's 2026 Annual Meeting of Stockholders, including under the headings entitled "Proposal 1: Election of Directors", "Executive Officers", "Proposal 3: Advisory Vote on Executive Compensation", "Compensation Discussion & Analysis", "Security Ownership of Certain Beneficial Owners and Management", and "Certain Relationships and Related Party Transactions", which was filed with the SEC on April 29, 2026 and which is available at: https://www.sec.gov/Archives/edgar/data/1278021/000119312526191601/mktx-20260429.htm, and MarketAxess's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, including under the headings entitled "Item 10. Directors, Executive Officers and Corporate Governance", "Item 11. Executive Compensation", "Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters", and "Item 13. Certain Relationships and Related Transactions, and Director Independence", which was filed with the SEC on February 24, 2026 and which is available at: https://www.sec.gov/Archives/edgar/data/1278021/000119312526067009/mktx-20251231.htm. To the extent holdings of MarketAxess's securities by its directors or executive officers have changed since the amounts set forth in MarketAxess's definitive proxy statement for its 2026 Annual Meeting of Stockholders, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership of Securities on Form 4 filed with the SEC, which are available at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001278021&type=4. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described above.No Offer or SolicitationThis presentation does not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication is not a substitute for the Proxy Statement or any other document that MarketAxess may file with the SEC or send to its stockholders in connection with the Transaction.
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4 Chris EdmondsPresident, Fixed Income & Data Services Steve EagertonVice President, Investor Relations & Revenue Operations Daria MashchenkoSenior Analyst, Investor RelationsJeff SprecherChair & CEOBen JacksonPresident, Chair, ICE Mortgage Technology Warren GardinerChief Financial OfficerLynn MartinPresident, NYSE,Chair, Fixed Income & Data Services ICE Second Quarter 2026 Earnings Call Participants
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5 ICE to Acquire MarketAxessTransaction Overview Strategic Rationale Consideration& Financials Approvals& Closing •Unites one of the leading institutional credit networks with ICE's retail and wealth distribution, benchmark data, indices and clearing into one connected global fixed income network•A single connected network creates a larger scaled platform with greater operating capabilities, enhancing execution and liquidity for clients while improving efficiency and supporting margin expansion and long-term growth•Enhances the direct channel to cross-sell ICE data and analytics into more than 2,100 institutional credit clients, compounding through the ICE flywheel •All-cash: $167 per share, equity value of approximately $6.0 billion, enterprise value of approximately $5.7 billion•Accretive to adjusted EPS(1) in the first full year, accelerating thereafter as synergies are realized, debt is paid down and the platform scales•$100 million run-rate cost synergies; gross leverage of approximately 3.4x at close, targeting 3.0x or below within 18 – 24 months •Subject to receipt of regulatory approvals and customary closing conditions; expected to close in the first half of 2027. (1) Adjusted earnings per share (EPS) excludes amortization of acquisition-related intangibles, acquisition and integration expenses and the impact of equity earnings from unconsolidated investees, net of tax.
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6 Fully Integrated Front-to-Back EcosystemICE was built on the conviction that opacity and inefficiency in markets are not permanent conditions, they are challenges that technology can solve. Acquiring MarketAxess will carry that strategy forward into one of the largest markets in the world. Together, a fully integrated front-to-back ecosystem from the individual investor to the largest asset manager. Across millions of instruments, connecting these pools raises the probability that a buyer finds a seller. What ICE brings What MarketAxess adds•Data: reference data, evaluated pricing on over 3 million securities globally, with ICE indices providing market leading benchmarks•Execution: ICE Bonds, built through BondPoint and TMC, is a leader in the retail and wealth channel•Clearing: ICE Clear Credit, a leading CDS clearing house expanding into treasuries•Connectivity: the ICE Global Network links the financial community to our data, analytics and execution •A leading global institutional fixed income network •A multi protocol model that is a recognized industry standard for institutional liquidity•More than 2,100 institutional firms; leadership in investment grade, high yield, Eurobonds, and roughly 30 EM local markets•Growing portfolio and block trading, plus a growing rates platform
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7 Economies of Scale, for Clients and for ICEAs clients consolidate a fragmented stack of venues, data and analytics onto one integrated ICE workflow, they gain access to better execution, liquidity and efficiency, while the relationship expands, expanding wallet share and supporting operating efficiency for ICE. 010203Operational efficiencyCreation of integrated workflow comprising of execution venues, data vendors and analytics providers. Fewer connections, fewer reconciliations, fewer points of failure, and greater efficiency as the platform scales. Lower technology spend One platform, one connection. Clients access pricing, liquidity, execution and analytics in one place. Alpha at a lower costA larger, scaled pool enhances execution and liquidity for clients; better fills, tighter spreads and lower market impact. Pricing and analytics in the workflow means better decisions in real time.
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8 A Direct Distribution Channel Into 2,100+ Institutional ClientsBuild it once, sell it many times. MarketAxess is a direct channel to cross-sell ICE data and analytics into more than 2,100 institutional clients who today consume ICE data indirectly, through third parties, or not at all. The Flywheel Turns•More liquidity generates more transaction data•With ICE evaluated pricing, our analytics get more powerful•More powerful analytics attract more users•More users deepen the pool, generating still more dataThe cross-sell: evaluated pricing, reference data, index data and new analytics (liquidity scoring, transaction cost analysis, predictive pricing) into 2,100+ clients. The same rails put ICE's proprietary data into clients' AI workflows and, through our initiative with Apollo, extend into private credit, so public and private credit increasingly run on one system. ICEFlywheel Liquidity Data Analytics Users
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9 Transaction Details and AssumptionsPurchase Price Cost Synergies Financing & Balance Sheet Adj. EPS & Return Impact Approvals & Closing •Transaction valued at an equity value of $6.0 billion or $167/share; enterprise value of $5.7 billion; consideration is all-cash•Enterprise Value / Fully synergized EBITDA multiple of ~10.6x MarketAxess LTM Adj. EBITDA (1) •Full run-rate expense synergies of ~$100 million•A third of expense synergies expected by year 1; two-thirds by year 2; full rate by year 3 •All-cash consideration of $6.0 billion•100% financed via newly issued debt (mix of bonds, term loan and CP)•Assumes a beginning gross leverage of ~3.4x at transaction close•Targeting 3.0x or below gross leverage in 18 to 24 months post close•Baseline share repurchases expected to be $400 million per quarter•ICE expects to continue to pay and grow the current quarterly dividend of $0.52/share •Accretive to ICE adjusted EPS(2) in the first full year, accelerating thereafter •MarketAxess stockholder approval required; no approval required from ICE stockholders•Subject to receipt of regulatory approvals and customary closing conditions; expected to close in the first half of 2027.(1) Last twelve months (LTM) ending June 30, 2026. Represents Adj. EBITDA excluding notable items. (2) Adjusted earnings per share (EPS) excludes amortization of acquisition-related intangibles, acquisition and integration expenses and the impact of equity earnings from unconsolidated investees, net of tax.
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10 Incomestatementhighlights2Q262Q25% Chg, CCRevenues, net $2,666$2,5435%Recurring Revenues1,3531,2568%Transaction Revenues, net1,3131,2872%Adj. Op Expenses$1,038$9836%Adj. Op Income$1,628$1,5604%Adj. Op Margin(1) 61%61%—Adj. Diluted EPS(1) $1.90$1.815%Adj. Effective Tax Rate(1) 24%24%—Cash metricsYTD ‘26YTD ‘25% ChgAdj. Free Cash Flow (FCF)$2,600$2,02328%Capital Return$1,793$1,05171% in millions except per share amounts (1) Percentage changes are not adjusted for currency impact.Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 2Q26ICE Performance Board approved increase in share repurchase authorization up to $4.0 billion, effective July 1, 2026 +28% Record adj. free cash flow, YTD +8% Record recurring revenues, CC $1.8 billion returned to stockholders in the first half, including $1.2 billion in share repurchases
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11 Revenues, net2Q262Q25% ChgConst CurrEnergy $518$595(13)%(14)%Ags 876535%35%Financials19215821%21%Cash Equities & Equity Options, net14012315%15%OTC & Other1119615%15%Data & Connectivity Services28725512%12%Listings 1291235%5%Total Revenues, net$1,464$1,4153%3%Recurring Revenues41637810%10%Transaction Revenues, net1,0481,0371%1%Adj. Operating Expenses$370$33710%Adj. Operating Income$1,094$1,0781%Adj. Operating Margin75%76%(1) pt in millions +10%Record recurring revenues, CC Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. 50,00075,000100,000125,000 Jul' 24Jul' 25Jul' 26 Total F&O OI lots in thousands +18% y/y15% CAGR 2Q26 Exchanges Performance+12% Record exchange data and connectivity services revenues, CC (1) As of July 28, 2026. 1
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12 2Q26 Fixed Income & Data Services PerformanceRevenues2Q262Q25% ChgConst CurrFixed Income Execution$31$32(4)%(4)%CDS Clearing83822%1%Fixed Income Data & Analytics3333069%9%Data & Network Technology19817711%11%Total Revenues$645$5978%8%Recurring Revenues53148310%10%Transaction Revenues114114——Adj. Operating Expenses$350$3364%Adj. Operating Income$295$26113%Adj. Operating Margin46%44%+2 pts in millions +11% Record data & network technology revenues, CC +10% Record recurring revenue, CC +8%Annual subscription value (ASV), CCAdjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures.
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13 2Q26 Mortgage Technology Performance+14%Closing solution revenues +11% Transaction revenues Revenues2Q262Q25% ChgOrigination Tech$197$1875%Closing Solutions655814%Servicing Software2262202%Data & Analytics69666%Total Revenues$557$5315%Recurring Revenues4063953%Transaction Revenues15113611%Adj. Operating Expenses$318$3103%Adj. Operating Income$239$2218%Adj. Operating Margin43%42%+1 pt Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. in millions +5%Total mortgage tech revenues
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14 Structural Growth Beneath the Energy Cycle Figures indexed to 100. Total Energy revenues, open interest, participation, and market data subscribers based to 1H21. Growthvs 1H215-yrCAGR +128%18%Revenues +52%9%Open interest +26%5%Participation +68%11%Data subscribers Energy 80 100 120 140 160 180 200 220 240 1H212H211H222H221H232H231H242H241H252H251H26 Index (1H21 = 100)
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15 $1,400 $1,500 $1,600 $1,700 $1,800 $1,900 $2,000 $2,100 2Q212Q222Q232Q242Q252Q26 Fixed Income & Data Services Annual Subscription Value (ASV)+8% y/y, CC The Compounding Power of Our Data Platform Compounding growth in subscription-based revenues $100 $125 $150 $175 $200 2Q212Q26 $ in millions Data & Network Technology Revenues +7% CAGR $100 $250 $400 $550 $700 $850 $1,000 2Q212Q26 $ in billions ETF AUM Benchmarked to ICE Indices +24% CAGR $ in millions
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16 A Deepening Network of RecordICE Mortgage Technology Network of record Efficiency that scales Proprietary, permissioned data AI built in, not bolted on •Each loan crosses the network many times, creating data only we hold•Role-based access forms the auditable data layer the agencies require •ICE Aurora embeds agentic AI in Encompass and MSP, with human approvals•Automates regulated workflows a competitor cannot code around •~90% of US mortgages touch our network•Encompass and MSP span origination through servicing, end to end •Lowers cost to originate and service; clients grow without adding headcount•Deeper integration pulls more volume back onto the networkEvery new client and dataset increases the network’s value for all
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17 $0.48 $0.68 $0.83 $0.85 $1.07 $1.38 $1.50 $1.68 $1.93 $2.42 $2.76 $2.93 $3.51 $3.77 $4.41 $5.06 $5.30 $5.62 $6.07 $6.95 $4.25 20062007200820092010201120122013201420152016201720182019202020212022202320242025YTD2026 ’06 – ’25 Adj. EPS(1) CAGR 15% (1) 2013-2026 are adjusted figures that represent non-GAAP measures. Please refer to slides in the appendix and our 4Q25 earnings supplement available at www.ir.theice.com for reconciliations to the equivalent GAAP measures. Consistent Track Record of Growth1H26 HighlightsRecord net revenues+11% y/y, CCRecord recurring revenues +7% y/y, CCRecord adj. free cash flow+28% y/y Record Adj. EPS +20% y/y
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18 Appendix
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19 2026 GuidanceRevenues PriorCurrentFY26 Exchanges recurring growth Mid-single digitsHigh-single digitsFY26 Fixed Income & Data Services recurring growthMid-single digits7 – 8%FY26 Total Mortgage Technology growthLow-to-mid single digitsLow-to-mid single digitsExpensesFY26 adj. expenses (1) $4.145 - $4.195 billion$4.190 - $4.230 billion3Q26 adj. expenses (2) n/a$1.063 - $1.073 billionOther Financial GuidanceFY26 effective tax rate (3) 24 - 26%24 - 26%FY26 capex/software$740 - $790 million~$850 million3Q26 adj. non-op expense (4) n/a$175 - $180 million3Q26 share countn/a560 - 566 million(1)2026 adjusted operating expenses excludes amortization of acquisition-related intangibles, integration expenses, and regulatory matters.(2)3Q26 non-GAAP operating expenses excludes amortization of acquisition-related intangibles.(3)This represents 2026 full year guidance for both the GAAP and non-GAAP effective tax rates but note that the GAAP effective tax rate is more susceptible to diverging from this guidance based on items outside the normal course of business.(4)Adjusted non-operating expense excludes equity earnings from unconsolidated investees.
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20 Adjusted Operating Expensesin millions Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025GAAPAdjustedGAAPAdjustedGAAPAdjustedGAAPAdjustedCompensation and benefits$509$509$499$499$ 1,014 $ 1,014 $ 980 $ 980 Professional services3737414172 72 81 81 Acquisition-related transaction and integration costs12 2 10 — 53 3 42 1 Technology and communication242242215215480 480 428 428 Rent and occupancy2323202047 47 41 41 Selling, general and administrative 63 73 66 66 148158 142 138 Depreciation and amortization389152395142773 299 784 278 Total operating expenses $1,275$ 1,038 $1,246$ 983 $ 2,587 $ 2,073 $ 2,498 $ 1,947
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21 Adjusted Non-Operating Income/Expense Reconciliationin millions 2Q261Q264Q253Q252Q25Other income/(expense), net$74$411$6$71$5Less: Fair value adjustments of equity investments(63)(389)(20)(33)(2)Less: Net income from unconsolidated investees(17)(26)(4)(40)(6)Add: Other ——15——Total adjusted other (expense)/income, net$(6)$(4)$(3)$(2)$(3) Interest income $27$24$27$28$31 Interest expense$(205)$(203)$(204)$(192)$(201) Total adjusted non-operating other income/(expense), net$(184)$(183)$(180)$(166)$(173)
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22 Adjusted Effective Tax Rate Reconciliationin millions Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025Income before income taxes$1,287$1,132$3,184$2,199Income tax expense312267777522Effective tax rate 24%24%24%24% Income before income taxes$1,287$1,132$3,184$2,199Add: Amortization of acquisition-related intangibles237253474506Add: Transaction and integration costs10105041(Less)/Add: Regulatory matter(10)—(10)4Less: Net income from unconsolidated investees(17)(6)(43)(35)Less: Fair value adjustments of equity investments(63)(2)(452)(2)Adjusted income before income taxes$1,444$1,387$3,203$2,713 Income tax expense$312$267$777$522Add: Income tax effect for the above items44665 130Less: Deferred tax adjustments on acquisition-related intangibles(3)(3)(27)(6)Adjusted income tax expense$353$330$755$646 Adjusted effective tax rate24%24%24%24%
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23 Adjusted Free Cash Flow Reconciliation in millions SixMonths Ended June 30, 2026Six Months Ended June 30, 2025Net cash provided by operating activities$3,324$2,472Less: Capital expenditures(208) (145)Less: Capitalized software development costs(230) (211)Free cash flow 2,886 2,116Less: Section 31 fees, net(286)(93) Adjusted free cash flow$2,600$2,023
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24 Adjusted EBITDA Reconciliation (1) Adjusted figures represent non-GAAP measures. Please refer to slides in the appendix for reconciliations to the equivalent GAAP measures. in millions Twelve Months Ended June 30, 2026Adjusted net income attributable to ICE(1) $4,367Add: Interest expense 804Add: Adjusted income tax expense (1) 1,351Add: Adjusted depreciation and amortization (1) 588Adjusted EBITDA $7,110Debt, as reported $19,846Debt-to-adjusted EBITDA leverage ratio 2.8x
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25 ICE Summary Balance Sheet $1.1Bunrestricted cash Total debt of $19.8B; Debt-to-AdjustedEBITDA(1)of 2.8x $438M YTD 2026capex / softwareAdj. Cash ROIC of 12%Adj. ROIC of 9%WACC 7% (1) Debt-to-adjusted EBITDA reflects the ratio of adjusted debt to adjusted EBITDA for the trailing twelve months. This reflects a non-GAAP measure. Please refer to slides in the appendix for reconciliation to the equivalent GAAP measure. in millionsAs of June 30, 2026As of December 31, 2025ChangeAssetsUnrestricted Cash $1,067$837$230Other Current Assets120,99784,94136,056Current Assets122,06485,77836,286PPE (net) 2,8842,691193Other Non-Current Assets49,29948,418881Total Assets$174,247$136,887$37,360Liabilities & EquityShort-Term Debt$1,218$1,035$183Other Current Liabilities119,35883,08136,277Long-Term Debt18,62818,60919Other Long-Term Liabilities5,3915,171220Total Liabilities$144,595$107,896$36,699Redeemable Noncontrolling Interest 32 2210Total Equity29,62028,969651Total Liabilities & Equity$174,247$136,887$37,360
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26 Annual Subscription Value (ASV) Fixed Income & Data Supplemental Data in millions2Q261Q264Q253Q252Q25 ASV(1) $2,080$2,036$1,990$1,955$1,927Adjusted for:FX —(1)(5)(5)(9) ASV, CC(2)$2,080$2,035$1,985$1,950$1,918 (1) ASV is defined as the annual value of subscriptions under contract for the succeeding twelve months. ASV does not includenew sales, contract terminations or price changes that may occur during that twelve-monthperiod or certain data services that are not subscription-based.(2) ASV CC amounts for all quarters presented are calculated holding the applicable FX rate at the current quarter end spot rate.
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27 lots in thousandsAverage Daily Volume & Rate Per Contract (RPC) Trends 1.001.201.401.601.802.00 2,5003,0003,5004,0004,5005,000 202120222023202420252Q26 ADVEnergy ADV & RPC ADVRPC 2.00 2.25 2.50 250350450550650 202120222023202420252Q26 ADVAgs ADV & RPC 0.20 0.40 0.60 1,0002,0003,0004,0005,000 202120222023202420252Q26 RPCADVInterest Rates ADV & RPC ADVRPC ADVRPC ADVRPC RPC RPC 0.40 0.60 0.80 1,0002,0003,0004,0005,000 202120222023202420252Q26 RPCADVTotal Financials ADV & RPC
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28 lots in thousandsAverage Daily Volume & Open Interest (OI) Trends 30,00040,00050,00060,00070,000 2,5003,0003,5004,0004,5005,000 202120222023202420252Q26 OIADVEnergy ADV & OI 01,0002,0003,0004,0005,000 250350450550650 202120222023202420252Q26 OIADVAgs ADV & OI 5,00015,00025,00035,00045,000 1,0002,0003,0004,0005,000 202120222023202420252Q26 OIADVInterest Rates ADV & OI 010,00020,00030,00040,00050,000 1,0002,0003,0004,0005,000 202120222023202420252Q26 OIADVTotal Financials ADV & OI ADVOI ADVOI ADVOI ADVOI
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29 GAAP Results Income Statement Highlightsin millions except per share amountsThreeMonths Ended June 30, 2026Three Months Ended June 30, 2025% ChangeSixMonths Ended June 30, 2026SixMonths Ended June 30, 2025% ChangeNet revenues$2,666$2,5435%$5,643$5,01612%Operating expenses$1,275$1,2462%$2,587$2,4984% Operating income$1,391$1,2977%$3,056$2,51821% Operating margin 52%51%1pt54%50%4 pts Net income attributable to ICE$958$85113%$2,371$1,64844% Diluted EPS $1.69$1.4814%$4.18$2.8646%
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30 Adjusted Operating Income, Operating Margin & Operating Expense Reconciliationin millions Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentConsolidatedSixMonths Ended June 30,Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,20262025202620252026202520262025Total revenues, less transaction-based expenses$3,245$2,782$1,302$1,193$1,096$1,041$5,643$5,016Operating expenses7647077597341,0641,0572,5872,498Less: Amortization of acquisition-related intangibles32327375369399474506Less: Transaction and integration costs————50415041Less/(Add): Regulatory matters—4(10)———(10)4Adjusted operating expenses$732$671$696$659$645$617$2,073$1,947Operating income/(loss)$2,481$2,075$543$459$32$(16)$3,056$2,518Adjusted operating income$2,513$2,111$606$534$451$424$3,570$3,069Operating margin76%75%42%38%3%(2)%54%50%Adjusted operating margin77%76%47%45%41%41%63%61%
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31 Adjusted Operating Income, Operating Margin & Operating Expense Reconciliationin millions Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentConsolidatedThree Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,20262025202620252026202520262025Total revenues, less transaction-based expenses$1,464$1,415$645$597$557$531$2,666$2,543Operating expenses3863533773735125201,2751,246Less: Amortization of acquisition-related intangibles16163737184200237253Less: Transaction and integration costs————10101010Add: Regulatory matter——(10)———(10)—Adjusted operating expenses$370$337$350$336$318$310$1,038$983Operating income$1,078$1,062$268$224$45$11$1,391$1,297Adjusted operating income$1,094$1,078$295$261$239$221$1,628$1,560Operating margin74%75%42%37%8%2%52%51%Adjusted operating margin75%76%46%44%43%42%61%61%
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32 Adjusted Net Income & EPSin millions except per share amountsThree Months Ended June 30, 2026Three Months Ended June 30, 2025SixMonths Ended June 30, 2026SixMonths Ended June 30, 2025Net income attributable to ICE$ 958$ 851$2,371$1,648Add: Amortization of acquisition-related intangibles237253 474506Add: Transaction and integration costs10 10 50 41(Less)/Add: Regulatory matter (10)— (10)4Less: Net income from unconsolidated investees(17) (6) (43) (35) Less: Fair value adjustments of equity investments(63) (2)(452) (2)Less: Net income tax effect for the above items(44)(66) (5)(130)Add: Deferred tax adjustments on acquisition-related intangibles3 3 27 6Adjusted net income attributable to ICE$1,074$1,043$2,412$2,038 Diluted earnings per share$ 1.69$ 1.48$ 4.18$ 2.86 Adjusted diluted earnings per share$ 1.90$ 1.81$ 4.25$ 3.54 Diluted weighted average common shares outstanding566575 568 576