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Data vis color order on dark background Data vis color order on light background Disclaimers In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, organic or adjusted revenue growth, non-GAAP operating income, non-GAAP operating expenses, EBITDA and Free Cash Flow. These measures include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided in the appendix to this presentation. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and highlight trends more clearly that may not otherwise be apparent when relying solely on U.S. GAAP financial measures. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as certain items do not reflect, or have less bearing on, our ongoing operating performance. These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this presentation. The reconciliations of U.S. GAAP to non-U.S. GAAP measures and definitions of terms used throughout can be found in a separate file entitled “Investor Day 2026 GAAP to Non- GAAP reconciliations”, which is available together with the other Investor Day materials, including this presentation, on our website at ir.nasdaq.com. Per share amounts for all periods presented have been adjusted to reflect the 3-to-1 stock split that went into effect in 3Q22. Certain totals, percentages and per share amounts herein may not sum or recalculate due to rounding. Cautionary Note Regarding Forward-Looking Statements Information set forth in this presentation 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 that actual results could differ materially from those contained in the forward-looking information. When used in this presentation, words such as “expects,” “enables,” “will,” “plans,” “pro forma,” "target," "outlook," “estimates,” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to (i) management’s vision for the future of Nasdaq, projections relating to our future financial results, growth, dividend program, products and services, ability to transition to new business models or implement new business initiatives, taxes and achievement of synergy targets related to the acquisition of Adenza, (ii) statements about the benefits of certain acquisitions and other strategic, restructuring, technology and artificial intelligence, de-leveraging, share repurchase and capital allocation commitments and initiatives, (iii) statements about the integration of our Adenza acquisition, (iv) our medium-term growth outlook, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. The forward-looking statements in this presentation do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof. Website Disclosure Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.
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Data vis color order on dark background Data vis color order on light background Strategic Overview Adena T. Friedman, Chair and CEO
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Data vis color order on dark background Data vis color order on light background There are key industry-defining trends that have underscored our strategy 4 Data is the New Fuel Connectivity of the Financial System Growing Risk and Complexity Harnessing the Power of Technology
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Data vis color order on dark background Data vis color order on light background Architecting the World’s Most Modern Markets Powering the Innovation Economy Building Trust in the Financial System Nasdaq is the trusted fabric of the world’s financial system Who we are 5
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Data vis color order on dark background Data vis color order on light background 31% Market Services 44% Capital Access Platforms $5.2B 2025 Net Revenue1 41% Capital Access Platforms 35% Financial Technology 23% Market Services 22% Financial Technology $2.9B 2020 Net Revenue1 +13% Revenue CAGR (2020-2025) +14% ARR CAGR (2020-2025) We have fundamentally transformed our business 6 1 Net revenues represents revenue less transaction-based expenses. 2020 segment revenues are restated to conform to the current pr esentation. In addition, 2020 Net revenue mix includes 3% from Other revenues, and 2025 Net revenue mix includes 1% from Other revenue
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Data vis color order on dark background Data vis color order on light background $2.2B Free Cash Flow 109% Free Cash Flow Conversion 17% Free Cash Flow CAGR $1,007 $2,194 We have achieved an exceptional financial profile 11% Non-GAAP Diluted EPS CAGR $2.06 $3.48 16% Solutions Revenue CAGR $1,922 $4,011 Full Year 2025 20252020 20252020 20252020 In the chart above, dollar amounts are in millions, except per-share amounts $5.2B Net Revenue 7 56% Non-GAAP Operating Margin
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Data vis color order on dark background Data vis color order on light background We are outperforming the “Rule of 40” 70% 57% 46% Software Peer Average3 Diversified Financials Peer Average5 Rule of 40 2 12% Organic Net Revenue Growth 58% EBITDA Margin 49% EBITDA Margin 28% EBITDA Margin Information Services Peer Average4 18% Revenue Growth 43% EBITDA Margin 8% Revenue Growth 51% 1 of 18 >60 in S&P 500 with scale1 8 8% Revenue Growth 1 1 of 18 companies in the S&P 500 refers to companies with revenue $5B+ revenue and FCF $2B+ and a combined 2025A or 2025E n on-GAAP EBITDA margin and projected consensus 2025-2027 revenue CAGR above 60%, with the projected consensus 2025 -2027 revenue CAGR above 8% 2 Defined as the sum of 2025A or 2025E revenue growth and 2025A or 2025E EBITDA margin and excludes companies with a negative Rule of 40 or where EBITDA is unavailable 3 Constituents are the IGV iShares Expanded Tech-Software Index 4 Information Services Peers are BR, EFX, FDS, INTU, MSCI, MCO, SPGI, SSNC, TRU, and VRSK 5 Diversified Financials Peers are V, ICE, MA, BLK, CBOE, CME, FDS, FIS, FISV, FLT, BEN, GPN, IVZ, JKHY, MKTX, MCO, MSCI, PYPL, SPGI, and TROW Source: FactSet & Company Filings. FactSet as of 16-Feb-26
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Data vis color order on dark background Data vis color order on light background $38B $86B SAM TAM +6% TAM Projected 5-year CAGR Our solutions are positioned in large, high-growth markets +9% SAM Projected 5-year CAGR 9 Note: Total addressable market (TAM) based on research reports, public filings, and Nasdaq analysis of total spend across existing areas of opportunity for each business. Serviceable addressable market (SAM) is based on internal estimates reflecting market opportunity of external spend on existing offerings. Both TAM and SAM for Solutions is the combination of our Capital Access Platforms and Financial Technology amounts
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Data vis color order on dark background Data vis color order on light background Create next generation of modern infrastructure Connect capital with opportunity Minimize risk and complexity EMBEDDED CLIENT COMMUNITY GOLD-STANDARD DATA ENGINEERING EXCELLENCE & ONE NASDAQ Our platform powers the future of the global financial system INTEGRATED CLIENT SOLUTIONS 10
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Data vis color order on dark background Data vis color order on light background Corporates Investors, Asset Owners and Managers Market Operators, Exchanges and Regulators Banks and Broker Dealers Our client community delivers tremendous value ~460 Clients >$1M / year ~17% CAGR 2020-2025 ~3,800 Clients >$100K-$1M / year ~12% CAGR 2020-2025 11 Trusted Partner 10,000+ Corporates 5,000+ Institutional Investors 3,800+ Financial Institutions 135+ Markets and Regulators
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Data vis color order on dark background Data vis color order on light background Data Layer Cultivate data from deep industry integrations The Nasdaq Intelligence Platform compounds client impact Client DataPrivate DataPublic Data Intelligence Platform Harness collective intelligence to transform solutions Application Layer Develop data-enriched precision solutions Orchestration Layer Standardize, organize, entitle, and govern data inputs at scale 12 Data Inputs ~500B Peak daily records in Market Services ~1.8B Peak weekly banking transaction volumes for Nasdaq Verafin $90T+ Institutional assets represented on Nasdaq eVestment ~1T Trade Surveillance messages/day Proprietary Data
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Data vis color order on dark background Data vis color order on light background Our software & data products are built for resilience, strengthened by powerful network effects that compound client value 13 Market Data eVestment Data Link BoardVantage Verafin AxiomSL Surveillance Calypso Market Technology Financial Technology Capital Access Platforms Gold-Standard Data IR Insight Depth of Integration & Connectivity Domain Expertise Engineered In Mission Critical Hyper Resilient & Secure Compelling ROIC to Client Strong Limited / Not RelevantModerate
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Data vis color order on dark background Data vis color order on light background ~450 Patents issued >50% Employees are technologists We have a culture of engineering excellence and deep expertise 150+ AI Agents at work daily Specialized experts in technical disciplines Trusted partners in highly regulated environments Operational excellence at scale Mission-driven culture, powering mission-critical solutions 13 years Average tenure of SVP+ leaders 14
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Data vis color order on dark background Data vis color order on light background Financial Technology Capital Access Platforms Market Services Clients Our three complementary divisions power One Nasdaq Examples of Our Powerful Flywheels Mission Critical Solutions Listings Listings compound liquidity, data, indexes, and derivatives Trusted transformation partner across markets and financial system 23/5 & tokenization unlock global market demand Always-On Markets 15
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Data vis color order on dark background Data vis color order on light background 88% Companies report use of AI1 7% Companies have fully deployed AI1 We are early in the enterprise adoption curve … 93% Lack confidence in securing data and outputs2 80% Complexity is barrier to adoption2 AI implementation obstacle is unclear ROI3 Source: 1 - The State of AI in 2025, McKinsey 2 - AI Risk & Readiness in the Enterprise, BigId 3 – Nasdaq Outlook Survey #1 Industry is primed for an AI transformation … As clients face shared challenges to scaling AI 16
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Data vis color order on dark background Data vis color order on light background … and the Industry We are strongly positioned to bring AI - at scale - to our clients Precision is expected when there is a high cost of failure Trusted partners for mission critical infrastructure and strong ROI Experts in secure, compliant and resilient infrastructure Reduced complexity and resource-intensive workflows Decades of experience innovating in a regulated industry Gold-standard data embedded in financial ecosystem Cloud-native platform underpinning mission-critical workflows Client-centric, returns-driven culture Setting standard for enterprise-grade security and compliance AI-first product strategy Strong ROI across implementations Enterprise Requirements Nasdaq’s Differentiators How We Will Lead And we are leveraging AI on our business to deliver impact 17
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Data vis color order on dark background Data vis color order on light background Expand Drive growth from our existing solutions to new clients and geographies Evolve Implement innovative technology, partnerships, and delivery models Transform Develop new solutions that evolve capabilities beyond our existing portfolio We will be the trusted transformation partner of the AI era • One Nasdaq to deliver $100M+ cross-sells • Geographic expansion • Enterprise upsells • Modernize core workflows – including with AI – across product roadmaps • Leverage strategic partners to drive value • Always-On markets and tokenization of equities • Transforming the client experience with AI 18 Deliver on SAM Convert TAM to SAM Grow TAM
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Data vis color order on dark background Data vis color order on light background 2018-2020 2021-2022 2023 2024-2025 Current 6-9% 7-10% 5-7% Expand Evolve Transform Medium-Term Solutions Revenue Outlook 8-11% 9-12% Our increased medium-term outlook reflects the impact of our transformation and the opportunities ahead Over 3-5 years. Growth outlook assumes stable market backdrop. 19
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Data vis color order on dark background Data vis color order on light background We are the trusted fabric of the global financial system, powered by a scaled, differentiated platform built to perform across market environments We are our clients’ transformation partner with our deeply integrated solutions that harness gold-standard data to create powerful flywheels and capitalize on structural tailwinds, including AI Our financial strength and disciplined execution enable us to deliver sustained, long-term shareholder value Our platform is built to win 20
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Data vis color order on dark background Data vis color order on light background Technology Panel Brad Peterson, EVP , CIO and CTO Angie Ruan, SVP, Divisional CTO Brenda Hoffman, EVP, Divisional CTO Don Beery, SVP, Chief AI Integration Officer Hazel Dalton, SVP , Divisional CTO
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Core Technology Vectors AI • AI Development Lifecycle • AI-First Product Strategy • Agentic AI and Agentic Workers • Culture of Invention and Innovation Data • Unique Primary Data Generation • Data Consortia • Secured and Permissioned • Cloud Data and Intelligence Layer Innovation • Real-Time, Hyper-Fast, and Resilient Protocols • AI-Ready Data (e.g. MCP/A2A) Cloud • Early Adopter • Cloud-First Product Strategy • Trust Engineered In • AI Implementation Readiness 22 Foundation of the Trusted Financial Fabric
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Half a Trillion Peak daily records in the Market Services cloud data layer 1 Represents new cloud-based clients and cross sells for AxiomSL to total new clients and cross sells since acquisition 80% New AxiomSL clients on Cloud1 79% Trade Surveillance clients on cloud 11 Eqlipse clients on cloud by YE26 Foundation of the Trusted Financial Fabric 23 Cloud • Early Adopter • Cloud-First Product Strategy • Trust Engineered In • AI Implementation Readiness
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2,760+ Clients $11T In assets Verafin ~30,000 Public-market strategies ~80,000 Private-market funds $90T+ In eVestment institutional assets represented Capital Access Platforms ~1T Trade Surveillance records/day >6B AxiomSL records/month >135 Marketplaces and Regulators powered by Nasdaq FinTech >200 Financial institutions utilize Calypso 3,800+ Clients1 1Includes Verafin financial institutions Up to 1.8B Weekly transactions ~10,000 Indexes calculated daily 15,000+ Clients Foundation of the Trusted Financial Fabric 24 Data • Unique Primary Data Generation • Data Consortia • Secured and Permissioned • Cloud Data and Intelligence Layer Innovation • Real-Time, Hyper-Fast, and Resilient Protocols • AI-Ready Data (e.g. MCP/A2A)
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350+ Clients Using Verafin Agentic Workers – Sanctions Analyst and Enhanced Due Diligence Analyst In the ProductOn the Business 150+ AI enterprise agents in use daily 1,000s AI agents in production by 2027 70% More efficient LLM token utilization for clients of our eVestment AI-ready dataset Foundation of the Trusted Financial Fabric 25 AI • AI Development Lifecycle • AI-First Product Strategy • Agentic AI and Agentic Workers • Culture of Invention and Innovation
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Data vis color order on dark background Data vis color order on light background Capital Access Platforms Nelson Griggs, President
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At-a-glance $804M Data & Listings $827M Index 2025 Total Revenue $2.1B $506M Workflow & Insights Divisional Overview 10% 2025 Adjusted Revenue Growth 2025 Key Characteristics 7% ARR CAGR (2020 – 2025) $1.3B 2025 ARR 11% Revenue CAGR (2020 – 2025) 800bps Growth in Operating Margin (2020 – 2025) 60% 2025 Operating Margin Note: 2020 financial metrics used in the growth calculations above have been adjusted to exclude the impact of divestitures 27
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Divisional Scale 28 Solutions that are powering the innovation economy Nasdaq TotalView Nasdaq Basic Nasdaq Basic Canada Nasdaq Nordics U.S. Listings European Listings Nasdaq-100 E-Mini & Micro Futures Nasdaq-100 Options Index Data Nasdaq-100 Global Equity Indices Thematic Indices Quantitative Indices eVestment Nasdaq Datalink Nasdaq Fund Network Nasdaq Fund Secondaries Governance Solutions Investor Relations Intelligence Sustainability Solutions
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22% Well-positioned to capture growing market opportunity +7% SAM Projected 5-year CAGR1 SAM Penetration2 SAM1 TAM1 1 Total addressable market (TAM) based on research reports, public filings, and Nasdaq analysis of total spend across existing areas of opportunity for each business. Serviceable addressable market (SAM) is based on internal estimates reflecting market opportunity of external spend on existing offerings. Both TAM and SAM for Capital Access Platforms include the 2025 revenue of our regulated Data & Listing Services and Nasdaq Fund Network businesses. Reduction in total TAM and SAM as compared to Nasdaq’s 2024 Investor Day is due to the divestiture of Solovis, which has been excluded from the current Investor Day TAM, SAM, and corresponding 5-year CAGR (2025–2030) 2 SAM penetration reflects 2025 Capital Access Platforms revenue as a % of SAM SAM / TAM +6% TAM Projected 5-year CAGR1 $10B $29B 29
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Product Agility Data Interoperability AI-Ready Data Retail Investors & Platforms Asset Managers & Allocators Governance & Security Corporates Competitive Advantage Client Communities Gold-Standard Data Assets Corporate Data Market Data Fund Data Index Data Holdings Data Alternative Data Private Markets Data Data Platform Unique IP CAP intelligence layer is an advantage in an AI world 30 Flexible & Modern Delivery Model
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Billions of Data End Users 10,000+ Corporates 5,000+ Institutional Investors Connecting capital to opportunity through community network effects Capital Markets Access Corporates Investors Strengthen Governance Engage Investors Increase Visibility Leverage Data to Navigate Markets Allocate Capital and Investment Mandates Drive Performance through Investment Products Capital Markets Access Private Markets | Always-On Markets | AI and Advanced Technologies 31
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Nasdaq flywheel drives the innovation economy Community / Flywheel 32 What it means for CAP Unique IP Leading index products supported by the Nasdaq brand Gold-Standard Data Proprietary data derived from being deeply embedded in the financial ecosystem Deep Corporate Relationships Seven consecutive years as the leading U.S. listing exchange by proceeds raised Attract the most innovative companies Generated through our leading trading platforms Utilizes proprietary data to create innovative products Strengthen corporate and investor engagement Enabled by Nasdaq-100 index Provides world- leading liquidity for listed companies
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U.S. Listings franchise is the foundation of the innovation economy Notable IPOs Since 2024 Investor Day Marquee Switches Since 2024 Investor Day Listings Leadership Innovators and Market Leaders Listed on Nasdaq Accelerating U.S. Market Cap Growth on Nasdaq Since 20051 1 Source: Bloomberg as of 12/31/25. Includes primary listings only. Excludes non-U.S domiciled companies. Market cap and % of total market cap is reflective of U.S. market capitalization only $3.1 $38.4 21% 56% 0% 10% 20% 30% 40% 50% 60% 70% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 2005 2010 2015 2020 2025 Market Cap of U.S. Domiciled Companies ($T) % of Total Market Cap of U.S. Domiciled Companies 33
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Leading listings franchise at the center of our European markets 2025 Leadership Listings Leadership DifferentiatorsGrowing Number of Listed Companies in Nasdaq Nordic and Baltic Markets1 34 600 1,119 2005 2025 +87% 3 #1 of Top 5 European IPOs listed on Nasdaq in IPO proceeds raised in Europe 1 Includes listed companies on both Nasdaq First North and Nasdaq Main Market Deep Liquidity Broad, Diversified Investor Reach Innovation Culture Largest European IPO in 2025
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Client case study: power of our flywheel Superior trading execution of Market Services Nasdaq data supporting OnePay (Walmart- backed fintech) Client of Nasdaq’s Corporate Solutions Nasdaq-100 Index inclusion 35 Transferred to Nasdaq in December 2025 Brand alignment with the innovation economy
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Data vis color order on dark background Data vis color order on light background Capital Access Platforms Growth Pillars
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Driving durable growth across three pillars Strategic Priorities from CEO Presentation Expand Evolve Transform Capturing opportunity in Data & Index Driving client outcomes through AI capabilities Capitalizing on new frontiers in Private Markets & Always-On Markets 37
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Expand
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Continued demand for market data driving growth in Data business Data Note: Metrics shown reflect 2-year period growth from 2023-2025 except where noted otherwise 1 J.P. Morgan Research, Reuters Retail volume as a total of daily U.S. equities trading, up from 10% prior to 20201 25% Retail Trading Increased demand for market data from retail brokers & investors Geographic Expansion Non-U.S. ARR (2-Year CAGR) +9% Growing footprint in new territories Enterprise License Agreements (2-Year Growth) +30% Enterprise Licenses Shift from usage model to enterprise agreements 39
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$209M $608M$115M $219M $324M $827M 2020 2025 Asset Based Revenue Non-Asset Based Revenue Index revenue has grown 155% since 2020 with strong alpha contribution Index Robust index growth over 5-year period… …with record performance in 2025 +21% CAGR $99B Net inflows 122 New products launched $882B End-of-Year ETP AUM 40Note: Non-asset based Index revenue reflects volume-based, including index options revenue share from Market Services, as well as index data and Nasdaq.com
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Long runway for continued Index growth across strategic pillars Index Note: Figures represent end of period 2025 results. CAGR metrics represent compounded annual growth from year end 2020 to year end 2025 Executing on Our Strategic PillarsAccelerants International Expansion Non-US AUM +34% 5-year CAGR to $163B Institutional Adoption Insurance-related AUM +20% 5-year CAGR to $66B in a ~$700B market Leveraging intelligence layer and AI for scale and product deployment agility Deepening institutional relationships beyond insurance to drive further adoption Amplifying strategic pillars through the strength of Nasdaq brand, marketing, and subject matter expertise Product Innovation 36% of 2025 inflows were into products launched over the last 5 years 41
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42 Client case study: expanding index partner engagement ▪ Long-standing partnership: Successful products internationally, where Blackrock’s iShares Nasdaq- 100 ETFs are the largest Nasdaq-100 products outside of the United States ▪ Global & institutional expansion: In 2024, we expanded to new geographies through the global launch of iShares Nasdaq Top 30 and Next 70 ▪ Innovation: Launched new options-based strategy in December 2025 ▪ Collaboration: Close alignment across evolving market themes, co-marketing, and distribution support for global product launches 42 In progress with BlackRock
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Evolve
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Well-positioned in an AI world: unique assets coupled with a culture of innovation Gold-Standard Data Enabled by leading exchanges, partnerships, and unique network effects Mission Critical Underpinning investor intelligence and decision-making Market Data, Datalink & eVestment Partnership Deep collaboration in support of Index product creation Brand & Distribution Marketing and thought leadership to drive distribution of products Index Hyper Resilient & Secure Enterprise-grade security and compliance at the core of our solutions Domain Expertise Coupled with differentiated insights and subject matter experts Corporate Solutions 44Note: Please refer to slide 134 for full assessment of software and data assets
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Data vis color order on dark background Data vis color order on light background AI is enhancing the value of our solutions for clients 50% Improved response quality using eVestment AI-ready data vs. standard dataset Market Data, Datalink & eVestment Index Agentic AI in support of strategy creation and index operations, including portfolio review 70% More efficient LLM token utilization for clients of our eVestment AI-ready dataset 238 New index products launched over the last 2 years, +54% vs 2022-23 How we are leveraging AI Early proof points Corporate Solutions AI-agent integration into workflows across all Corporate Solutions products AI-ready data optimized for agentic use, MCP data access, AI use case licensing 74% Of IR Insight users utilized AI workflow tools in 20251 47% Of board portal users have enabled AI tools 1 Represents utilization for active IR insight accounts only 45
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Transform
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Private markets present an opportunity due to their growth and needs for tailored solutions ~USD $127 Trillion 1 Per SIFMA and other publicly sourced data from 2004 and 2024 13% CAGR (2004 – 2024) 6% CAGR (2004 – 2024) Private MarketsPublic Markets Private markets growth has been significant... …and that growth is creating needs that Nasdaq is well-positioned to solve 47 Discoverability and Diligence Trusted Data Performance Benchmarking ~USD $15 Trillion
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Uniquely positioned to capture opportunity with eVestment Benefit from unique data and workflow solutions to effectively manage capital Benefit from exposure, benchmarking, and workflow solutions to attract capital 48 Private Markets StrategyeVestment’s Contributory Data Model Data Distribution Broadening distribution of private market intelligence through Nasdaq Private Market1 Tape D dataset Client AI Demand Integrate AI into workflows and data feeds for better insights across managers and allocators Data Coverage Expansion Expand the breadth and quality of eVestment’s data for multi-asset institutional decision-making through insights from 80,000+ private funds Private Index Benchmarks Launched Nasdaq Private Capital Indexes leveraging intelligence layer and domain expertise Network effects 1 Nasdaq Private Market is an independent, industry-backed consortium in which Nasdaq is an investor and commercial partner
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Client case study: winning in private markets ▪ Long-standing, multi-business relationship between Nasdaq and LSEG ▪ Announced multi-year strategic partnership to integrate Nasdaq’s private markets datasets within LSEG’s global data, analytics, and workflow infrastructure ▪ Combines Nasdaq’s fund, LP, and benchmark insights with LSEG’s private company, editorial, and transactional data ▪ Advances transparency, decision-making, and capital deployment across the global private markets ecosystem 49
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Over time, Always-On markets will have a transformational impact on Capital Access Platforms 50 Increase global demand for proprietary data Drive adoption for new and existing Index-linked products Broaden issuer access to new investors 23/5 Access Tokenization
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Outlook 51
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Data vis color order on dark background Data vis color order on light background 6-10% Medium-Term Organic Revenue Growth Outlook1 1 Over 3-5 years. Growth outlook assumes stable market backdrop 52 Raising medium-term outlook for the division Mid-to high-single digits Workflow & Insights Low-to mid-single digits Data & Listings High single to mid-teens Index
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Powering the innovation economy Capturing opportunity through business expansion, AI evolution, and transformative trends Raising medium-term outlook of the division 53
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Data vis color order on dark background Data vis color order on light background Market Services Tal Cohen, President Kevin Kennedy, EVP & Head of North American Markets Roland Chai, EVP & Head of European Market Services and Digital Assets
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Data vis color order on dark background Data vis color order on light background At-a-glance 55 2025 Key Characteristics $1.018B North American Markets 2025 Total Net Revenue $1.2B 66% Index Options Revenue CAGR (2020 - 2025) 6% Revenue CAGR (2020 - 2025) 72% Nordic Equities Market Share $183M European Market Services 64% Operating Margin 70%+ higher U.S. Equities revenue capture1 29% U.S. Multi-Listed Options Market Share Source: Nasdaq 1 Per 1,000 shares as of 4Q 2025 than the nearest public exchange competitor
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Data vis color order on dark background Data vis color order on light background Nasdaq listings drive durable, resilient U.S. equity revenues Over Half of U.S. Equities Industry Volume is Nasdaq Listed1 +15% increase in Nasdaq Listed since 2020 Over Half of the Market Cap of U.S. Domiciled Companies is Nasdaq Listed2 1Source: Consolidated Tapes, Nasdaq 2 Source: Bloomberg as of 12/31/25. Includes primary listings only. Excludes non-U.S domiciled companies. Percentage of total market cap is reflective of U.S. market cap only 63% 48% 37% 52% 2020 2025 Non-Nasdaq Listed Nasdaq Listed 53% 44% 47% 56% Dec-20 Dec-25 Non-Nasdaq Listed Nasdaq Listed IPOs and Listing Switches accounted for ~$3.4T in Market cap since Dec-20 56
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Data vis color order on dark background Data vis color order on light background Source: Nasdaq Economic Research Source: FactSet, SIP 1 2025 market share of industry volume executed on-exchange (excludes auctions and off-exchange volumes) Superior market quality fosters competitive advantage 71% 45% Nasdaq Nearest Exchange Competitor Deeper Liquidity: Time at the NBBO in Nasdaq-100 Stocks 9.9 20.2 Nasdaq Nearest Exchange Competitor Tighter Spreads (bps) in Nasdaq-100 Stocks 43% 16% Nasdaq Nearest Exchange Competitor Strong Market Share in Nasdaq-100 Stocks1 57
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Data vis color order on dark background Data vis color order on light background Consistent European equity revenues enabled by strong structural advantages in the Nordic markets Sources: Overview of CMU Indicators – 2024 Update (Commission Staff Working Document Monitoring progress towards a Capital Markets Union; OECD (2025); The Swedish Equity Market: Institutional Framework and Trends, OECD Publishing, Paris; NSA - Nordic Securities Association 2025; IEM Finance; Trading Economics 1 Direct allocation to public equities, or indirect holdings through investment funds, life insurance and pension funds Pension System as a Capital Engine Highest European Market Cap per Capita Strong Household Participation ~51% of Shares Held by Individuals1 ~2x European Average 130% Pension Assets to GDP ~4x European Average Nordics Combined Rank #1 in Europe 58
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Data vis color order on dark background Data vis color order on light background Expand New proprietary products that expand asset class and investor coverage Evolve Execution-driven innovation of the Nasdaq-100 Transform 23/5 trading and tokenized securities grows the addressable market We will Expand, Evolve and Transform to meet the opportunities in front of us 59
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Data vis color order on dark background Data vis color order on light background Positioned to benefit from strong options market growth 1 2020 reflects pre-covid ranges. Source: Industry Research, Nasdaq Analysis 2 Source: Nasdaq Economic Research, Bloomberg 3 Nasdaq. Average daily volume for listed index and equity options contracts traded across Nasdaq’s six U.S. options exchanges 2020 2025 $12B $266B Growth in AUM for Options- Overlay ETF2 2020 2025 ~25% to ~35% ~40% to ~45% Percentage of Options Industry Volume Growth in Retail Engagement1 Nasdaq Options Volume3 10.2M 16.3M 2020 2025 5 yr CAGR: 86% 5 yr CAGR: 10% 60
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Data vis color order on dark background Data vis color order on light background 2020 2023 2025 Q4'25 Annualized Market Services Capital Access Platforms Our ability to capture Index Options volumes powers revenue growth Nasdaq-100 Index Options Revenues Source: Nasdaq $4M $12M $45M $62M 2020 2025 12,000 80,000 Average Daily Volume (Contracts) 5 yr CAGR: 45% 5 yr CAGR: 66% 61
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Data vis color order on dark background Data vis color order on light background Strategy to Drive Alpha Enhanced Go-To-Market Partnership with Nasdaq Index Event Options1 Bitcoin Index Options1 Institutional Adoption + Product Innovation 1 Pending regulatory approval 62 Next Index Options growth phase: Institutional adoption and new products
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Data vis color order on dark background Data vis color order on light background 23/5 trading1 is a first step that positions Nasdaq at the center of Always-On markets Always-On Tokenized Solutions 23/5 Markets Institutional- Grade Market Infrastructure Real-Time Payment Integrity Trust Global Access Nasdaq Ecosystem 63 1 Pending regulatory approval Exchange-grade guardrails and surveillance Unlocks access for non-U.S. investors Fuels demand for data, technology, & connectivity
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Data vis color order on dark background Data vis color order on light background Tokenization1 accelerates our vision of more intelligent markets Programmability designed into assets Assets allow near-instant transaction recording with immutable audit trails Digital assets interact seamlessly with traditional financial instruments Capital moves with velocity, certainty and liquidity Maximized asset utility Automation of core processes and data flows More efficient trade and settlement workflows Intelligent Markets 64 64 64 1 Pending regulatory approval
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Data vis color order on dark background Data vis color order on light background Nasdaq will serve as the trusted fabric for tokenized assets Transitioning digital assets from a parallel market by embedding tokenization into institutional capital markets 1 Tokenized/Digital Assets potential market opportunity across all products is based on McKinsey (2024); BCG + ADDX (2022); Standard Chartered (2025); Burton Taylor (2024); SIFMA; Forrester (2023); Journal of Financial Economics (2023); Markets Media and Nasdaq analysis ~$3B - ~$6B Delivering our unique Always-On/Global liquidity platform to digital assets ecosystem 65 Driving Issuer-sponsored tokenization that scales institutional adoption Potential Market Opportunity (2030)1
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Data vis color order on dark background Data vis color order on light background Always-On Nasdaq becomes the trusted, regulated home for tokenized assets at scale Tokenized Solutions 23/5 Markets Institutional- Grade Market Infrastructure Real-Time Payment Integrity Exchange-grade guardrails and surveillance 135+ Markets and Regulators Fuels demand for data, technology, & connectivity Trust Global Access Nasdaq Ecosystem 66
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Data vis color order on dark background Data vis color order on light background We expand by leveraging structural trends We evolve by investing in scalable organic growth We transform markets through modernization 67
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Data vis color order on dark background Data vis color order on light background Financial Technology Tal Cohen, President
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Data vis color order on dark background Data vis color order on light background 12% ARR Growth (Year-over-Year) At-a-glance 69 2025 Key Characteristics $428M Regulatory Technology $1,091M Capital Markets Technology 2025 Total Revenue $1.9B $331M Financial Crime Management Technology 46% Non-GAAP Operating Margin 11% Adjusted Revenue Growth (Year-over-Year) Category Leader Chartis RiskTech1001 1 Chartis RiskTech100 2026: Verafin – Fraud and Anti-Money Laundering & Managed Services, AxiomSL – Regulatory Reporting for Markets & Securities, Surveillance - Equities 110% Net Retention 10% Professional Services as % of Total Revenue
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Data vis color order on dark background Data vis color order on light background We are excited about our key accomplishments since the establishment of Financial Technology 70 Accelerate Cloud Adoption Strategic Partnerships Geographic Expansion 25% Growth In Cloud Clients1 AWS BioCatch 13 Growth In New Countries Served2 Growing Our Addressable Market AI Capabilities Intelligence Layer Digital Asset Solutions Pre-2023 Verafin Surveillance Market Technology Trade Management Services Financial Technology Division Established: 2023 Acquisition of AxiomSL and Calypso Completed 1 Growth in cloud clients for AxiomSL, Calypso, Market Technology, and Surveillance businesses 2 Number of new countries across Financial Technology since acquisition of AxiomSL and Calypso, as measured by clients’ presence
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Data vis color order on dark background Data vis color order on light background Financial Technology is uniquely positioned in a large and fast-growing market 71 1 Total addressable market (TAM) based on research reports, public filings, and Nasdaq analysis of total spend across existing areas of opportunity for each business. Serviceable addressable market (SAM) is based on internal estimates reflecting market opportunity of external spend on existing offerings 2 SAM penetration reflects 2025 Financial Technology revenue 7% +9% SAM Projected 5-year CAGR1 SAM Penetration2 SAM1 TAM1 +7% TAM Projected 5-year CAGR1 $28B $57B
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Data vis color order on dark background Data vis color order on light background We are the trusted partner to the global financial community 3,800+ Clients Globally Across 92 Countries1 100% Global Systemically Important Banks 135+ Marketplaces and Regulators 2,760+ Partners Contributing To Verafin Consortium 24 Central Banks Leveraging Calypso 72 1 Number of countries across Financial Technology, as measured by clients’ presence
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Data vis color order on dark background Data vis color order on light background We have defined our strategies to win across Expand, Evolve, and Transform Expand Evolve Transform Apply One Nasdaq and deepen client communities Develop new capabilities and solutions Modernize markets and advance AI capabilities 73
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Data vis color order on dark background Data vis color order on light background Growth Themes • Drive growth through Land & Expand • Advance One Nasdaq to drive cross-sells Key Initiatives • Deepen client relationships and broaden geographic coverage to acquire new logos and drive upsells and product adoption • Leverage Nasdaq brand and expertise to drive cross-sells We expand through a One Nasdaq mindset and the power of our client communities 74
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Data vis color order on dark background Data vis color order on light background We have a proven track record of deriving client growth through Land & Expand Land Expand New Client / Logo Acquisition 1 2 Upsell and Cross-Sell Accounts for ~20% of Growth Accounts for ~80% of Growth 75
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Data vis color order on dark background Data vis color order on light background Our product adoption is driven by a One Nasdaq mindset $100M+ Target Run-Rate Revenue from Cross-Sells by End of 2027 >15% Cross-Sell As Percent of Financial Technology Pipeline 1 Based on analysis of Top 300 Nasdaq Financial Technology clients by total annual spend in calendar year 2025 $4M $15M $45M FY23 FY24 FY25 Exit FY27 Run-Rate Cross-Sell Revenue Generated As Of Year-End 50% Additional Cross-Sell Opportunity Across Total Set of Current Financial Technology Portfolio of Solutions1 76
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Data vis color order on dark background Data vis color order on light background Our ability to successfully execute on this strategy has been demonstrated with global enterprise banks 2022 2023 2025 2026+ Trade Surveillance AxiomSL Verafin Managed Services and AI Acquisition of AxiomSL & Calypso Calypso AxiomSL Upsell Calypso Extension 77 Global Enterprise Bank Client:
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Data vis color order on dark background Data vis color order on light background We evolve by investing in new capabilities and solutions Key Initiatives • Establish a modern and foundational data Intelligence Layer • Unlocking the power of our platform and enabling a single source of truth • Leverage strategic partners to accelerate our journey Growth Themes • Unify and connect Financial Technology products 78
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Data vis color order on dark background Data vis color order on light background The Intelligence Layer creates client value by unifying system of record solutions Collective Intelligence Cross-Product Insights Agentic AI Enablement AxiomSL VerafinSurveillance Key Client Outcomes Unified Data Management Semantic Understanding Agent Orchestration Enterprise-Grade Guardrails Intelligence Layer Security Trade and Transaction Data Regulatory Intelligence Consortium Data Private & Public Data OTC1 Trade and Transaction Data 1 OTC = Over-the-Counter Securities Calypso Market Technology 79
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Data vis color order on dark background Data vis color order on light background We transform through industry modernization and AI advancement Key Initiatives • Build next generation AI-enabled products & solutions that power embedded workflow solutions • Drive industry modernization by enabling 23/5 markets & accelerate the adoption of digital assets Growth Themes • Transform client experience with AI • Lead the Always-On financial system 80
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Data vis color order on dark background Data vis color order on light background AI is turning our vision into client outcomes Manage risk, optimize capital, strengthen resilience Harness mission-critical data Leverage deep and diverse client community Collective intelligence at scale Build context-powered AI Simplify and optimize complex workflows 81
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Data vis color order on dark background Data vis color order on light background With the Always-On financial system, Nasdaq is positioned at the center of next-generation markets Exchange- grade guardrails and surveillance Unlocks access for non-U.S. investors Fuels demand for data, technology, and connectivity Trust Global Access Nasdaq Ecosystem 82 Always-On Tokenized Solutions 23/5 Markets Institutional- Grade Market Infrastructure Real-Time Payment Integrity
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Data vis color order on dark background Data vis color order on light background Sub-Division Overview Regulatory Technology Financial Crime Management Technology Capital Markets Technology
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Data vis color order on dark background Data vis color order on light background z Stephanie Champion, EVP & Head of Nasdaq Verafin Financial Crime Management Technology
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Data vis color order on dark background Data vis color order on light background Acquisition Completed in 2021: Accelerate expansion into Tier 1 & 2 banks and global markets We are excited about 5 years of accelerating our expansion and vision 2020 2025 clients 2,000 clients $11T collective assets 20232021 2022 2024 $3T collective assets 1.8B transactions processed per week 720M transactions Nasdaq Verafin Vision: To create the world’s most effective crimefighting network clients 2,760+ 85 up to
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Data vis color order on dark background Data vis color order on light background We have been successful in driving growth across all client segments Upmarket Expansion Global Market Development 22 Enterprise Clients ($50B+) Total First Proof of Concept European Tier 1 Bank 740+ Small & Medium Clients since 2020 SMB Growth Land & Expand with Cross Selling Expand into Enterprise Banks in New Regions Evolving our Platform with New Capabilities 86
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Data vis color order on dark background Data vis color order on light background At-a-glance $329M ARR as of 2025 2025 Key Characteristics Revenue Growth 23% ARR CAGR1 2020 - 2025 $107M $331M 2020 2025 25% 5-yr CAGR1 87 1 Verafin’s 2020 revenue and ARR figures represent the full-year revenue and ending ARR in the year prior to the acquisition
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Data vis color order on dark background Data vis color order on light background Wire Fraud ACH Fraud Instant Payments Fraud Deposit/ Check Fraud Online Account Takeover Account Fraud BioCatch: Behavioral Intelligence Alert Generation/ Management Intelligent Investigation Tools Enterprise Reporting Agentic AI Workforce Fraud Detection Anti-Money Laundering (AML) Targeted AML Typologies Nasdaq Verafin Platform Products Solutions Application Consortium Data Set 2,760+ Clients representing $11 trillion in assets Data Management | Workflow & Workforce Management | Case Management Financial Crime Management High-Risk Customer Mngt. Sanctions Screening Regulatory Reporting Data Nasdaq Verafin provides a comprehensive platform of solutions to fight crime Partner Solutions 88
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Data vis color order on dark background Data vis color order on light background Our consortium data platform generates network effects Give-to get-model for every client regardless of size More data, more insights beyond our network Every client benefits from improved model performance Cohorts rely on peer references for buying decisions Consortium Insights New Clients Client Benefit Referenceable Clients 89
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Data vis color order on dark background Data vis color order on light background 20242022 +20 percentage points The performance of our solutions creates significant benefits for our clients SMB Client Case Study: Wire Fraud Detection 17x Return on investment Wire Fraud Performance with Consortium Data Increase in fraud detected by value and improved efficiency with fewer false positives + 90 1 Return on Investment (ROI) based on annual subscription value compared to value of fraud detected Wire fraud detection over 3 years
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Data vis color order on dark background Data vis color order on light background We have defined the strategies for our next phase of growth Expand Evolve Transform Accelerating enterprise & global expansion with proven solutions Evolving our consortium data platform with new capabilities & partnerships Revolutionizing crimefighting with industry-leading AI Solutions 91
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Data vis color order on dark background Data vis color order on light background Our Land & Expand strategy drives enterprise momentum 1 Return on Investment (ROI) based on annual subscription value compared to value of fraud detected 2 Based on current landscape of US $50B+ institutions and current platform capabilities ~360 Opportunities 11% Engaged in Pipeline Enterprise Opportunities2 U.S. Enterprise Pipeline 6% Signed Land Expand Payments Fraud Solutions ~40% reduction with improved detection 10x or greater ROI1 Payments Fraud Check Fraud AML Analytics Reporting Investigations Multiple Opportunities per Enterprise Logo in false positives 92
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Data vis color order on dark background Data vis color order on light background We are expanding globally with proven, innovative solutions North America 2,760+ clients Europe UK, EU, Nordics International Market Launch Established market European Tier 1 Bank Proof of Concept: 30% reduction in false positives ✓ One Nasdaq ✓ Global Bank References ✓ Partnerships Early Success Accelerating Expansion 93
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Data vis color order on dark background Data vis color order on light background We are also evolving our platform with strategic partnerships Behavioral Intelligence Real-time Data Integrations New Offering into Existing Clients New Client Opportunity + Existing Client Retention 94
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Data vis color order on dark background Data vis color order on light background Agentic AI Workforce Nasdaq Verafin is transforming the fight against crime with agentic AI + 6 New Agentic Workers Product Roadmap Autonomous workflows for resource-intensive areas Agentic Sanctions Analyst Q3 2025 Agentic Enhanced Due Diligence Analyst Q1 2026 + Focus resources on outcomes-focused activities Step change in efficiency for compliance teams 4x more productive with Agentic Sanctions Analyst 350+ clients1 1 Adoption as of February 2026 Client Case Study:Agentic Worker Adoption: 95
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Data vis color order on dark background Data vis color order on light background We are unlocking growth across Financial Crime Management Technology 1 Over 3-5 years. Growth outlook assumes stable market backdrop Mid 20s Medium-Term Organic Revenue Growth Outlook1 96 TransformEvolveExpand
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Data vis color order on dark background Data vis color order on light background z Ed Probst, SVP & Head of Regulatory Technology Regulatory Technology
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Data vis color order on dark background Data vis color order on light background At-a-glance $407M ARR 2025 Key Characteristics 2025 Total Revenue $428M 12% ARR Growth (Year-over-Year) 24% EMEA 62% Americas 14% APAC 98 Geographical revenue split is based on clients’ presence 10% Adjusted Revenue Growth (Year-over-Year)
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Data vis color order on dark background Data vis color order on light background Regulatory Technology delivers a market-leading suite of reporting and risk solutions Nasdaq AxiomSL Global Leader in Regulatory Reporting Nasdaq Surveillance Global Leader in Capital Markets Surveillance ▪ 174 regulators in 66 countries ▪ 6,200+ regulatory reports ▪ Global cross-market, cross-asset class surveillance ▪ Robust library of 225+ standard alerts Regulatory Reporting Capital and Credit Liquidity Trade Surveillance Market SurveillanceGlobal Shareholding Disclosures Trade and Transaction Reporting ESG Cloud Automation Artificial Intelligence Analytics Data Management Capabilities 99
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Data vis color order on dark background Data vis color order on light background Our regulatory platform delivers significant value for clients Nasdaq’s surveillance technology delivers cross-market monitoring, analytics, and fraud detection across traditional and digital asset classes Promote Market Integrity Resilient & Scalable Surveillance Capabilities High-Performance and AI-Enabled Rigorous Regulatory Controls and Lineage Global Systemically Important Bank selects Nasdaq AxiomSL powered by RegCloud for global capital calculation and reporting Enhancing CFTC Oversight With Nasdaq Surveillance G-SIB1 Adopts Nasdaq RegCloud for Global Risk and Reporting 1 G-SIB = Global Systemically Important Bank 100
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Data vis color order on dark background Data vis color order on light background We are expanding our regulatory platform and launching next-generation solutions Expand Evolve Transform Grow wallet share with existing clients and expand into adjacent client segments Elevate client experience with new capabilities across Data / Analytics and Managed Services Deliver AI-powered solutions and Agentic Workers to our clients 101
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Data vis color order on dark background Data vis color order on light background We have accelerated AxiomSL growth since acquisition 5K+ Regulatory Reports in Inventory 6.2K+ Regulatory Reports in Inventory 2023 2025 110 Regulators 174 Regulators New Clients Choosing RegCloud1 Expansion Countries with Beachhead Wins 8 2023-2025 Acquisition Completed In 2023 Accelerate Modernization and International Expansion Nasdaq AxiomSL A Global Market Leader in Risk and Regulatory Reporting 80% 2023-2025 102 1 Number of new AxiomSL clients choosing RegCloud since the close of AxiomSL and Calypso acquisition
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Data vis color order on dark background Data vis color order on light background The Nasdaq AxiomSL platform delivers unique advantages with foundational data assets and a robust client community Nasdaq AxiomSL Platform Capabilities Data Management Policy Consensus Global ConnectivityOptimizationReg-To-Code Regulatory Reporting Rules | Data Library Rules | Library: 5,600+ Data Attributes 6,200+ Regulatory Reports and Solutions Platform Supports 174 Regulators in 66 Countries 141 Clients Served Globally 103
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Data vis color order on dark background Data vis color order on light background Our AI-powered regulatory reporting solutions deliver transparency across the financial ecosystem Recently Launched In Progress AI-Powered Solutions Autonomous Line of Defense Governance in the AI Era Everything Regulation and Data Lineage, Controls and Analytics Agentic Workflow Reg. Investigator Reg. Co-Pilot Reg. Simplify Reg. Navigator One Foundational Global Platform Globally Unified and Rationalized Library of Regulatory and Risk Rules and Data 104
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Data vis color order on dark background Data vis color order on light background Nasdaq Surveillance Data Platform Capabilities The Nasdaq Surveillance data platform is a global benchmark for capital markets surveillance ~1 Trillion Messages Processed Daily 215+ Trading Venues & Data Sources Library of 225+ Standard Alerts 195 Market Participants Globally ~250,000 Alerts Generated Daily Data Management Global Data Model Power ToolsCalibrationRegulatory Standard 105
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Data vis color order on dark background Data vis color order on light background Our AI-powered surveillance solutions reinforce trust across the financial ecosystem In Progress Revenue-Generating AI-Powered Solutions Rules-Based + Adaptive Detection Simulate, Anticipate, and Eliminate Abuse Rationalizing the World of Markets and News Agentic Workflow Anomaly Detection Calibration Gen. AI One Foundational Global Platform Global Data Model of All Markets, Rules, and Investigations 106
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Data vis color order on dark background Data vis color order on light background We are unlocking growth across Regulatory Technology High Single to Low Double Digit Medium-Term Organic Revenue Growth Outlook1 1 Over 3-5 years. Growth outlook assumes stable market backdrop TransformEvolveExpand 107
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Data vis color order on dark background Data vis color order on light background z Magnus Haglind, SVP & Head of Capital Markets Technology Capital Markets Technology
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Data vis color order on dark background Data vis color order on light background At-a-glance 2025 Key Characteristics 2025 Total Revenue $1.1B 26% EMEA 58% Americas 16% APAC 109 Geographical revenue split is based on clients’ presence $975M ARR 11% ARR Growth (Year-over-Year) 9% Adjusted Revenue Growth (Year-over-Year)
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Data vis color order on dark background Data vis color order on light background Market Operators Sell - Side Banks, Brokers and Trading Firms Buy - Side Institutions Central Banks Market Technology Trade Management Services Nasdaq Calypso Modernizing Markets Across The Globe Accessing Nasdaq Markets Front-to-Back Trading, Risk, Treasury, and Collateral Management Pre-Trade Risk Matching Co-location Services Market Connectivity Front Office Trading and Risk Treasury and Balance Sheet Optimization Clearing and Risk Settlement and Custody Back-Office and Collateral Management Trade Reporting and Regulatory Compliance Intelligence Layer: Data & Analytics Capital Markets Technology delivers mission-critical capital markets software and solutions Who We Serve 110
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Data vis color order on dark background Data vis color order on light background We are driving technology modernization and launching next- generation solutions Expand Evolve Transform Expand our suite of solutions and deepen our role as the fabric for financial markets Enable AI-powered solutions through unified Intelligence Layer and deliver Managed Services solutions Develop next generation markets, data center and digital assets market infrastructure 111
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Data vis color order on dark background Data vis color order on light background We have accelerated Calypso growth since acquisition 24% 2023 New Calypso Deals in Cloud1 2025 New Calypso Deals in Cloud 35% New Clients Signed Product Modernization Modules Upsold 30 2023-2025 Cloud Native, Powered by AWS 304 2023-2025 Acquisition Completed In 2023 Accelerate Modernization and Global Expansion Nasdaq Calypso Front-to-Back Trading, Risk, Treasury, and Collateral Management 112 1 New Calypso Deals in Cloud as measured across the full year, not solely the 2-months since the close of the AxiomSL and Calypso acquisition in November 2023
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Data vis color order on dark background Data vis color order on light background As their strategic transformation partner, we are modernizing Grupo Bolsa Mexicana de Valores (BMV) “Our post-trade technology infrastructure is undergoing a transformative evolution, with Nasdaq playing a pivotal role as our enabling partner, as we look forward toward the next decade.” – CEO of Grupo BMV, Jorge Alegría Next-Generation Market Platform Multi-Asset Class Coverage Managed Service Delivery Model Cloud-Architected Future Modernization Blueprint 113
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Data vis color order on dark background Data vis color order on light background Our suite of capital markets solutions is being integrated into a unified Intelligence Layer 114 Collective Intelligence AI Platform Partnership Ecosystem Intelligence Layer Cloud Native | Cross-Product Integration | Enterprise-Grade Guardrails Origination Settlement 1 Trade → Up to 250 Million Data Points 1 Credit Risk Up to 10,000 Counterparties Optimize Risk Across Cleared and OTC 2 Treasury Collateral $100B Across ~50 Custody Locations1 3 1 Represents a large financial institution based on assets under management (AUM)
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Data vis color order on dark background Data vis color order on light background Our AI-powered solutions enable our clients to transform mission-critical workflows Recently Launched In Progress AI-Powered Solutions Conversational Insights Into Core Workflows and Data Recommend Action to Avoid Settlement Penalties Navigating Post Trade Operations (Market Operators and Clients) Prioritizing Back-Office Tasks to Optimize Daily Operations Agentic Workflow Data Insights Post Trade Co-Pilot Back Office Co-pilot Settle Guard Mission Critical System of Record High-Fidelity Data and Transaction Lifecycle Transformation Revenue-Generating Portfolio Risk and Predictive AnalyticsXVA1 Accelerator 115 1 XVA = X-Value Adjustment
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Data vis color order on dark background Data vis color order on light background We are building the future of digital assets market infrastructure Tokenization Digital Asset Issuance, Registry, Settlement, and Asset Servicing Trading & Clearing Collateral Management Market Infrastructure Solutions Supporting Digital Assets and Cryptocurrencies Automated 24/7 Margin and Collateral Management Across All Assets Deposito Central De Valores (Chile) Tokenize and Transform Institutionalize Mobilize and Optimize 116
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Data vis color order on dark background Data vis color order on light background We are unlocking growth across Capital Markets Technology High Single to Low Double Digit Medium-Term Organic Revenue Growth Outlook1 1 Over 3-5 years. Growth outlook assumes stable market backdrop 117 TransformEvolveExpand
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Data vis color order on dark background Data vis color order on light background z Financial Technology Tal Cohen, President
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Data vis color order on dark background Data vis color order on light background We expand through One Nasdaq and the power of our client communities We evolve by investing in new capabilities and solutions We transform through market modernization & AI advancement 119
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Data vis color order on dark background Data vis color order on light background We are powering the growth of Financial Technology 10-14% Medium-Term Organic Revenue Growth Outlook1 With Continued Operating Leverage 1 Over 3-5 years. Growth outlook assumes stable market backdrop 120 TransformEvolveExpand
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Data vis color order on dark background Data vis color order on light background Financial Overview Sarah Youngwood, Chief Financial Officer
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Data vis color order on dark background Data vis color order on light background Driving Resilient Growth Disciplined Financial Execution Fundamental Business Transformation Capitalizing on our scale and right to win as a platform company serving as a trusted partner to our clients Delivering profitable and durable growth across macro cycles with new growth vectors driving significant opportunity ahead Strong financial performance driving a capital allocation plan that balances growth investments returning capital to shareholders 122
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Data vis color order on dark background Data vis color order on light background z Fundamental Business Transformation
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Data vis color order on dark background Data vis color order on light background We are delivering profitable growth at scale $5.2B 2025 Net Revenue1 71% 20% 8% 1% North America EMEA Asia 23% Market Services 41% Capital Access Platforms 35% Financial Technology 1% Other 106 Non-GAAP Diluted EPS CAGR (2020 - 2025) 11% Free Cash Flow CAGR (2020 - 2025) 17% 1 Geographical revenue split is based on clients’ presence LatAm 124
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Data vis color order on dark background Data vis color order on light background Nasdaq’s transformation accelerated Solutions revenue growth +13% CAGRNet Revenue $2.9B Solutions Revenue $1.9B ARR $1.6B $5.2B $4.0B $3.1B +16% CAGR +14% CAGR 2020 2025 125 10 ppt increase in Solutions as a % of Net Revenue66% Solutions 2020 Net Revenue 76% Solutions 2025 Net Revenue
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Data vis color order on dark background Data vis color order on light background Verafin accelerates our fundamental business transformation Verafin revenue has more than tripled since acquisition with strong revenue retention, SMB and Enterprise client growth, and cross-sell momentum $107M $147M $176M $223M $273M $331M 2020 2021 2022 2023 2024 2025 Nasdaq Verafin Revenue 110%+ Average Annual Net Revenue Retention1 +760 New Clients +22 Enterprise Clients Signed De-levered to 2.9x gross leverage 5 quarters post-deal Accretive to EPS <1 year post-deal Since Acquisition Note: All provided financial metrics are since the date of acquisition, Feb 11th, 2021, unless otherwise noted 1 2021 and 2022 net revenue retention calculated on a signed-basis to approximate net revenue retention over those periods 2 Verafin’s 2020 revenue figure represents the full-year revenue in the year prior to the acquisition 3 Verafin’s 2021 pro forma revenue includes pre- and post-acquisition revenues ($15 million pre and $104 million post) and a $28 million impact related to the purchase price adjustment on deferred revenue +38% Client Count 2 126 3
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Data vis color order on dark background Data vis color order on light background We are executing on our strategic vision for the AxiomSL and Calypso acquisition 45 New Clients & Cross Sells for AxiomSL and Calypso 549 AxiomSL and Calypso Upsells Accelerating Cloud Adoption 53% of Calypso and AxiomSL New Clients in Cloud1 Driving Geographic Expansion 1 Represents new cloud-based clients and cross sells for AxiomSL and Calypso relative to total new clients and cross sells since acquisition 2 Represents number of new countries for AxiomSL and Calypso as measured by clients’ presence, since acquisition Landing Strategic Partnerships Calypso Cloud Market Modernization Partnership with AWS Launching New Capabilities Digital Assets Capabilities on Calypso +64 AxiomSL Regulators Covered +1,200 AxiomSL Regulatory Reports +15 AxiomSL and Calypso Expansion Countries2 127 Sales ExecutionStrategic Advancements
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Data vis color order on dark background Data vis color order on light background Status Target at Close Achievement Cross Sell Revenue On Track $100M+ run-rate by exit-2027 $45M1 at YE 2025 Run-Rate Efficiencies $80M in 24 months $160M in 24 months 2x Target EPS Accretion Within 24 months Within 18 months 6 Months Ahead Gross Leverage 3.3x within 36 months 2.9x by YE 2025 16 Months Ahead, with: 128 Nasdaq is on track or exceeding its AxiomSL and Calypso acquisition goals 128 $850M+ Share Repurchases2 $1.2B+ Dividends2 1 Cross sell revenue represents exit FY27 run-rate cross sell achievement as of year end of 2025 2 Share repurchases and dividends paid from the time of the AxiomSL and Calypso acquisition close on Nov 1st, 2023 to year end 2025
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Data vis color order on dark background Data vis color order on light background Since 2020, we delivered strong growth and margin expansion 2020 $2.9B Net Revenue 51% Non-GAAP Operating Margin $2.9B+ Non-GAAP Operating Income 56% Non-GAAP Operating Margin 2025 +500bps +11% CAGR $3.48 Non-GAAP Diluted EPS $2.06 Non-GAAP Diluted EPS 129
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Data vis color order on dark background Data vis color order on light background Our strategic execution is far outperforming the “Rule of 40” 70% 57% 46% Software Peer Average3 Diversified Financials Peer Average5 12% Organic Net Revenue Growth 58% EBITDA Margin 49% EBITDA Margin 28% EBITDA Margin 1 1 of 18 companies in the S&P 500 refers to companies with revenue $5B+ revenue and FCF $2B+ and a combined 2025A or 2025E non -GAAP EBITDA margin and projected consensus 2025-2027 revenue CAGR above 60%, with the projected consensus 2025-2027 revenue CAGR above 8% 2 Defined as the sum of 2025A or 2025E revenue growth and 2025A or 2025E EBITDA margin and excludes companies with a negative R ule of 40 or where EBITDA is unavailable. 3 Constituents are the IGV iShares Expanded Tech-Software Index 4 Information Services Peers are BR, EFX, FDS, INTU, MSCI, MCO, SPGI, SSNC, TRU, and VRSK 5 Diversified Financials Peers are V, ICE, MA, BLK, CBOE, CME, FDS, FIS, FISV, FLT, BEN, GPN, IVZ, JKHY, MKTX, MCO, MSCI, PYPL, SPGI, and TROW Source: FactSet & Company Filings. FactSet as of 16-Feb-26 Information Services Peer Average4 18% Revenue Growth 43% EBITDA Margin 8% Revenue Growth 51% 1 of 18 >60 in S&P 500 with scale1 130 8% Revenue Growth Rule of 40 2
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Data vis color order on dark background Data vis color order on light background z Driving Resilient Growth
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Data vis color order on dark background Data vis color order on light background Business Index Workflows & Insights Capital Markets Technology Regulatory Technology Financial Crime Management Technology Our Solutions subdivisions address large markets SAM1: $38B 2026 Investor Day SAM1 $14B $8B $6B $5B $4B 2026 Investor Day TAM1 $30B $19B $8B $20B $8B 8% / 6% SAM/TAM Growth 5-year Proj. CAGR 11% / 9% 10% / 7% 11% / 9% 132 1 Total addressable market (TAM) based on research reports, public filings and Nasdaq analysis of total spend across existing areas of opportunity for each business. Serviceable addressable market (SAM) is based on internal estimates reflecting the market opportunity of external spend on existing offerings 2 Total Capital Access Platforms SAM and TAM includes the 2025 revenue of our regulated Data & Listing Services business. 5% / 4%SAM Projected 5-year CAGR1 9% TAM1: $86B TAM Projected 5-year CAGR1 6% Financial Technology $28B $57B 9% / 7% Capital Access Platforms2 $10B $29B 7% / 6%
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Data vis color order on dark background Data vis color order on light background 2023 Pro Forma Net Revenue Macro/Beta Existing Client Price Increases & Upsells Churn New Clients, Cross-Sell, & Other Innovation Market Share, Capture, & Volatility Performance FX & Other 2025 Net Revenue 7% Alpha growth Strong alpha contribution is driving revenue growth 1 2024 Pro Forma Revenue $4.3B $5.2B 1 Includes current year revenue increases from upsells and pricing, the full year impact of the prior year new sales and price increases, as well as increases in non-subscription Solutions revenue 0% 0%+4%+3% +5% -2% 133
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Data vis color order on dark background Data vis color order on light background Our software & data products are built for resilience, strengthened by powerful network effects that compound client value 134 Market Data eVestment Data Link BoardVantage Verafin AxiomSL Surveillance Calypso Market Technology Financial Technology Capital Access Platforms Gold-Standard Data IR Insight Depth of Integration & Connectivity Domain Expertise Engineered In Mission Critical Hyper Resilient & Secure Compelling ROIC to Client Strong Limited / Not RelevantModerate
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Data vis color order on dark background Data vis color order on light background 96% of software and data product revenue has enterprise pricing based on client scale and value with more than 2x ROIC1 to client 135 Seat-basedUsageEnterprise-Level, Value-Based Pricing Pricing Model Market Data eVestment DataLink BoardVantage Verafin AxiomSL Surveillance Calypso Market Technology Financial Technology Capital Access Platforms Average Contract Length 1 Year 1 – 3 Years 1 – 3 Years 2 Years 3 Years 3 – 5 Years 3 Years 3 – 5 Years 5 Years 2X+ ROIC to Client & 2X+ In-Year Benefit to Cost Value to Client IR Insight 1 Illustrative 3-year ROIC estimate to client is calculated as net benefits to client (revenue benefits, cost benefits, and regulatory cost mitigation benefits minus ongoing licensing/subscription costs) relative to the implementation and migration costs 2 Years
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Data vis color order on dark background Data vis color order on light background 2018-2020 2021-2022 2023 2024-2025 Current 6-9% 7-10% 5-7% Our medium-term outlook reflects accelerating revenue growth Medium-Term Solutions Revenue Outlook1 8-11% 9-12% 136 Transform Expand Evolve Capture SAM Convert TAM to SAM Grow the TAM 1 Over 3-5 years. Growth outlook assumes stable market backdrop
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Data vis color order on dark background Data vis color order on light background Capital Access Platforms increases our Solutions growth outlook Medium-Term Growth Outlook1,2 Data and Listing Services Low-to-mid single digits Workflow and Insights Mid-to-high single digits Index High single/mid teens Capital Access Platforms 6-10% Financial Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double digits Capital Markets Technology High single/low double digits Financial Technology 10-14% Total Solutions Revenue 9-12% 1 Over 3-5 years. Growth outlook assumes stable market backdrop 2 Low single digits >0% to 3%, mid single digits >3% to 7%, high single digits >7% to <10%; Low teens or low double digits 10% to 13%, mid teens >13% to 17%, high teens >17% to <20%; Low twenties 20% to 23%, mid twenties >23% to 27%, high twenties >27% to <30% 137
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Data vis color order on dark background Data vis color order on light background z Disciplined Financial Execution
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Data vis color order on dark background Data vis color order on light background 2023 Proforma Non-GAAP Operating Expense Inflation & Other Structural Acquisition Related Expense Efficiency Program Revenue- Related Growth Investment FX & Other 2025 Non- GAAP Operating Expense +3.5% -3.0% +3.0% $2.3B +0.6% Our reaffirmed operating expense outlook reflects disciplined execution $2.0B +2.5% +0.2% 1 Includes acquisition-related stock-based compensation and depreciation and amortization expense 2 Includes net expense efficiencies actioned under the $160M efficiency program initiated in the Q423 and completed Q425 3 Reflects the increase in 2025 non-GAAP operating margin as compared to 2023 proforma non-GAAP operating margin 139 +400bps Operating Leverage3 Since 2024 Investor Day 5-8% Non-GAAP Operating Expense Growth Medium-Term Outlook1 2
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Data vis color order on dark background Data vis color order on light background Continued implementation of AI will drive productivity on the business, with an expense efficiency target • Enhancing the product development lifecycle, velocity, and engineering productivity • Streamlining client success, implementation, and support • Driving operational scale and automation $100M Run-rate expense efficiency target to be actioned by year-end 2027 Productivity benefits on the business Reinvestments support growth and operating leverage Key Areas of Focus 140
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Data vis color order on dark background Data vis color order on light background 94% 96% 103% 104% 109% Diversified Financials Peer Average Software Peer Average Information Services Peer Average Western Exchanges Peer Average Our free cash flow conversion outpaces peers 1 FCF equals cash flow from operations (excluding restricted cash) less capex or FCF as defined in company filings. Excludes outliers and constituents with both negative Non-GAAP Net Income and negative FCF 2 Diversified Financials Peers are V, ICE, MA, BLK, CBOE, CME, FDS, FIS, FISV, FLT, BEN, GPN, IVZ, JKHY, MKTX, MCO, MSCI, PYPL, SPGI, and TROW 3 Constituents are the iShares Expanded Tech-Software Index 4 Information Services Peers are BR, EFX, FDS, INTU, MSCI, MCO, SPGI, SSNC, TRU, and VRSK 5 Western Exchange Peers are CBOE, CME, ICE, DB1-DE, LSEG-GB, ENX-FR, and X-CA Source: FactSet & Company Filings. Data as of 16-Feb-26 2025 Free Cash Flow Conversion1 2020-2025 Free Cash Flow CAGR 17% Nasdaq’s strong free cash flow generation and conversion rate supports our capital allocation framework 2025 Free Cash Flow $2.2B 3 42 5 141
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Data vis color order on dark background Data vis color order on light background Our efficient capital allocation framework supports growth investments, leverage management, and capital returns 1 See “Nasdaq Uses a ROIC Based Analytical Framework to Allocate Investment Capital” in the Appendix 2 In February 2026, the Board of Directors approved increasing our share repurchase program authorization to $3.0 billion 3 The 2026 quarterly dividend Increase was approved by the Board of Directors in February 2026 and is expected to be formally declared in 2Q26 Leverage Share Repurchases Organic investments within our Horizon framework1 10%+ enterprise ROIC target Venture investments Potential bolt-on M&A Gross leverage target of mid-to-high 2x Maintain investment grade credit ratings $3.0B share repurchase authorization2 Offset annual dilution from employee vesting Opportunistic share repurchases Progressively expand dividend as earnings and FCF grow 2026 quarterly dividend increasing by +$0.04 to $0.31/share3 DividendGrowth Investments + + + Continuously evaluate share repurchases vs. debt pay-down 142
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Data vis color order on dark background Data vis color order on light background We are the trusted fabric of the global financial system, powered by a scaled, differentiated platform built to perform across market environments We are our clients’ transformation partner with our deeply integrated solutions that harness gold-standard data to create powerful flywheels and capitalize on structural tailwinds, including AI Our financial strength and disciplined execution enable us to deliver sustained, long-term shareholder value Why our platform is built to win 143
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Data vis color order on dark background Data vis color order on light background z Appendix
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Data vis color order on dark background Data vis color order on light background Our medium-term outlook Medium-Term Growth Outlook1,2 Data and Listing Services Low-to-mid single digits Workflow and Insights Mid-to-high single digits Index High single/mid teens Capital Access Platforms 6-10% Financial Crime Mgmt Technology Mid 20s Regulatory Technology High single/low double digits Capital Markets Technology High single/low double digits Financial Technology 10-14% Total Solutions Revenue 9-12% Non-GAAP Operating Expenses 5-8% 1 Over 3-5 years. Growth outlook assumes stable market backdrop 2 Low single digits >0% to 3%, mid single digits >3% to 7%, high single digits >7% to <10%; Low teens or low double digits 10% to 13%, mid teens >13% to 17%, high teens >17% to <20%; Low twenties 20% to 23%, mid twenties >23% to 27%, high twenties >27% to <30% 145
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Data vis color order on dark background Data vis color order on light background Our software and data products position us to be a leader in an AI-world 146 Gold-Standard Data Compelling ROIC to ClientDomain Expertise Engineered In Mission Critical Hyper-Resilient & Secure • Proprietary data – differentiated source data not available from other sources • Consortium or contributory data – creating network effects for unique client value • Domain-specific unprocessed client data converted to create differentiated client value by data lineage, processing, enriching, and transforming into collective intelligence for mission-critical applications • Delivering high value to clients relative to cost resulting in 2X+ ROIC to clients over three years • Delivering 2X+ in-year cost to benefit to clients • Achieving high net revenue retention and the ability to price to value • Creating long-term customer relationships with average contract length of 3+ years • Deep understanding of client and industry- specific challenges and opportunities • Fit for purpose solutions with trust engineered in • Powerful innovation engine, including 450 patents • Expertise as an exchange in driving machine to machine protocols at scale and ultra-low latency • Precision is expected • Addresses non-discretionary areas of client spend • Remains in focus through economic cycles and in volatile operating environments • High cost of error makes switching costs very high • Security, resilience, and hyper low latency • Ability to manage enterprise needs where cost of failure is very high • Ability to encrypt and handle the most confidential data • Ability to support regulators and regulated clients for their most critical needs Depth of Integration & Connectivity • Reaching across large areas of client technology infrastructure with deep integration • Platform facilitating processes and functions that span multiple workstreams • Provides connectivity between our clients and other market participants or regulators
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Data vis color order on dark background Data vis color order on light background Nasdaq uses a ROIC1-based analytical framework to allocate investment capital Required investments with no specific return expectation (i.e. Regulatory, InfoSec, Client Retention) Investment in a product or new business with a defined return expectation and minimal volatility: H1: 2x over 3-year period2 H2: 2x over 5-year period3 Investment in a product or new business with a return expectation over a longer time horizon and/or with a high degree of volatility Horizon 0 Horizon 1 & 2 Horizon 3 1 ROIC calculated as net benefits of the investment relative to any implementation or migration costs 2 Implies approximately 25% CAGR over the 3-year period 3 Implies approximately 15% CAGR over the 5-year period 147
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Data vis color order on dark background Data vis color order on light background 431 3.85% - 793 5.35% 702 1.75% 702 0.875% 646 1.65% 874 4.50% 719 0.90% 1,122 5.55% 645 2.50% 488 3.25% 407 3.95% 739 5.95% 738 6.10% 2026 2027 2028 2029 2030 2031 2032 2033 2034 … 2040 … 2050 … 2052 2053 … 2063 Our fortress balance sheet reflects accelerated de-leveraging 1 Weighted average cost of debt as of 4Q25. Prior to the cumulative impact of accretion of debt issuance costs and debt discoun t & other fees ($2M in 4Q25) 2 Euro-denominated and USD-denominated bonds are fixed rate debt. In addition to fixed rate debt, Nasdaq has a $1.25B floating rate commercial paper program with no outstanding balance as o f 12/31/25 USD bonds EURO bondsAll $M as of 12/31/2025 ~$430M near-term maturities 3.7% pre-tax weighted1 average cost of debt 100% fixed rate debt2 Gross leverage target of mid-to-high 2x 148
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Data vis color order on dark background Data vis color order on light background $0.65 $0.70 $0.78 $0.86 $0.94 $1.05 31% 28% 30% 35% 34% 31% 2020 2021 2022 2023 2024 2025 Strong earnings growth supports a progressive dividend Dividend Per Share and Payout Ratio1 2026 quarterly dividend increasing by +$0.04 to $0.31/share2 1 Annualized dividend payout ratio calculated as last paid quarterly dividend times 4, then divided by non-GAAP net income 2 The 2026 quarterly dividend Increase was approved by the Board of Directors in February 2026, and is expected to be formally declared in 2Q26 Dividends paid $320M $350M $383M $441M $541M $601M 149