TW Investor presentation

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0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 © 2026 Tradeweb Markets LLC. All rights reserved. TRADEWEB INVESTOR PRESENTATION FEBRUARY 2026 1 Revised as of Feb 12th, 2026

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsidiaries, referred to as “we,” “our,” “Tradeweb,” “Tradeweb Markets” or the “Company”) closed its IPO on April 8, 2019. As a result of certain reorganization transactions (the “Reorganization Transactions”) completed in connection with the IPO, on April 4, 2019, Tradeweb Markets Inc. became a holding company whose principal assets consist of its direct and indirect equity interest in Tradeweb Markets LLC (“TWM LLC”) and related deferred tax assets. As the sole manager of TWM LLC, Tradeweb Markets Inc. operates and controls all of the business and affairs of TWM LLC and, through TWM LLC and its subsidiaries, conducts its business. As a result of this control, and because Tradeweb Markets Inc. has a substantial financial interest in TWM LLC, Tradeweb Markets Inc. consolidates the financial results of TWM LLC and its subsidiaries. The historical financial information and other disclosures contained in this presentation relating to periods prior to and in cluding March 31, 2019, which we refer to as the “pre-IPO period,” pertain to TWM LLC, the predecessor of Tradeweb Markets Inc. for financial reporting purposes. The historical financial information contained in this presentation relating to periods beginning on April 1, 2019, and through a nd including December 31, 2025, which we refer to as the “post-IPO period,” pertain to Tradeweb Markets Inc. The pre-IPO period excludes, and the post-IPO period includes, our financial results from April 1, 2019 through April 3, 2019, which are not material. On October 1, 2018, Refinitiv Holdings Ltd. (“Refinitiv”), which was controlled by certain investment funds affiliated with T he Blackstone Group L.P., an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC Special Investments Pte. Ltd . and certain co-investors, indirectly acquired substantially all of the financial and risk business of Thomson Reuters Corporation and Thomson Reuters Corporation indirectly acquired a non-controlling ownership interest in Refinitiv (collectively, the “Refinitiv Transaction”). As a result of the Refinitiv Transaction, as a consolidating subsidiary of Refinitiv, we accounted for the Refinitiv Transaction using pushdown accounting. Due to the chang e in the basis of accounting resulting from the application of pushdown accounting, the financial information for the period beg inning on October 1, 2018, and through and including December 31, 2025, or the “successor” period, and the financial information for the periods prior to, and including, September 30, 2018, or the “predecessor” period, are not comparable. However, the change in basis resulting from the Refinitiv Transaction did not materially impact certain financial information. Accordingly, we present certain financial information for the year ended Dec ember 31, 2018 on a combined basis as the change in basis resulting from the Refinitiv Transaction did not materially impact suc h financial information and we believe it provides a meaningful method of comparison to other periods. The combined financial information is being presented for informational purposes only and (i) has not been prepared on a pro forma basis as if the Refinitiv Transaction occurred on the first day of the period, (ii) may not reflect the actual results we would have achieved absent the Refinitiv Transaction, (iii) may not be predictive of future results of operations and (iv) should not be viewed as a substitute for the financial results of the separate periods presented in accordance with GAAP. We believe that gross revenue is the key driver of our operating performance and therefore is the revenue measure we utilize to assess our business on a period by period basis. Subsequent to September 30, 2018, there is no difference between references to "gross revenue" and "total revenue," "net revenue" or "revenue". Numerical figures included in this presentation have been subject to rounding adjustments and as a result totals may not be the arithmetic aggregation of the amounts that precede them and figures expressed as percentages may not total 100%. Please refer to the Company's previously filed Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for capitalized terms not otherwise defined herein. Unaudited Interim and Annual Results The interim and annual financial results presented herein for the quarters and years ended December 31, 2025 and 2024 are unaudited. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements related to, among other things, our guidance, including full-year 2026 guidance and full-year 2026 revenue guidance related to the LSEG market data license agreement, any acquisitions, investments, partnerships and collaborations, future performance, the industry and markets in which we oper ate, our expectations, beliefs, plans, strategies, objectives, prospects and assumptions and future events are forward -looking statements. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in the documents of Tradeweb Markets Inc. on file with or furnished to the SEC, may cause our actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this presentation are not guarantees of future events or performance and future events, our actual results of operations, financial condition or liquidity, and the development of the industry and markets in which we operate, may differ materially from t he forward-looking statements contained in this presentation. In addition, even if future events, our results of operations, financial condition or liquidi ty, and events in the industry and markets in which we operate, are consistent with the forward-looking statements contained in this presentation, they may not be predictive of events, results or developments in future periods. Any forward-looking statement that we make in this presentation speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this presentation. Non-GAAP Financial Measures This presentation contains “non-GAAP financial measures,” including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Net Income per diluted share (“Adjusted Diluted EPS”), Adjusted Expenses, Free Cash Flow and constant currency change, which are supplemental financial measures that are not calculated and presented in accorda nce with GAAP. We make use of non-GAAP financial measures in evaluating our past results and future prospects. We present these non-GAAP financial measures because we believe they assist investors and analysts in comparing our operating performance across reporting period s on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. We present certain changes on a “constant currency” basis. Since our consolidated financial statements are presented in U.S. dollars, we must translate non-U.S. dollar revenues and expenses into U.S. dollars. Constant currency change, which is a non-GAAP financial measure, is defined as change excluding the effects of foreign currency fluctuations. Constant currency information is calculated by tran slating the current period and prior period’s results using the annual average exchange rates for the prior period. We use constant currency change as a supplemental metric to evaluate our underlying performance between periods by removing the impact of foreign currency fluctuations. We present certain constant currency change information because we believe it provides investors and analysts a useful co mparison of our results and trends between periods. This information should be considered in addition to, not as a substitute for, results reported in accordance with GAAP. See “Appendix” for reconciliations of the non-GAAP financial measures contained in this presentation to their most comparable GAAP financial measure. Non-GAAP financial measures have limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as alternatives to net income attributable to Tradeweb Markets Inc., net income, net income margin, earnings per share, operating income, operating expenses, cash flow from operating activities or any other financial measure prepared or derived in accordance with GAAP. You are encouraged to evaluate each adjustment included in the reconciliations. In addition, in evaluating Adjusted EBITDA, A djusted EBITDA margin, Adjusted EBIT, Adjusted EBIT margin, Adjusted EBT, Adjusted Net Income, Adjusted Diluted EPS, Adjusted Ex penses and Free Cash Flow, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentations of these non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures contained in this presentation may not be comparable to similarly titled measures used by other companies in our industry or across different industries. Market and Industry Data This presentation includes estimates regarding market and industry data that we prepared based on our management’s knowledge and experience in the markets in which we operate, together with information obtained from various sources, including publicly av ailable information, industry reports and publications, surveys, our clients, trade and business organizations and other contacts in the markets i n which we operate. In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While such information is believed to be reliable for the purposes used herein, no representations are made as to the accuracy or completeness thereof and we take no responsibility for such information. Tradeweb Social Media Investors and others should note that Tradeweb announces material financial and operational information using its investor relations website, press releases, SEC filings and public conference calls and webcasts. Information about Tradeweb, its business and its results of operations may also be announced by posts on the Company’s accounts on the following social media channels: Instagram, LinkedIn and X. The i nformation that we post through these social media channels may be deemed material. As a result, we encourage investors, the media, and others interested in Tradeweb to monitor these social media channels in addition to following our investor relations website, press releases, S EC filings and public conference calls and webcasts. These social media channels may be updated from time to time on our investo r relations website. Disclaimers 2

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Glossary Term Acronym Definition Blast all-to-all A2A The blast all-to-all protocol allows clients to send RFQ trade inquiries to all market participants in a given market and receive responses for executions. Central Limit Order Book CLOB A Central limit order book is a continuous electronic protocol that allows clients to trade on firm bids and offers from other market participants, as well as enter their own resting bids and offers for display to the market participants, typically anonymously. Click-to-trade CTT The click-to-trade protocol enables a liquidity-taking client to view a set of prices in real-time and click on the price and the dealer with whom they wish to execute. Compression The interest rate swap compression tool is an efficient means to reduce the number of line items outstanding at a clearinghouse by netting offsetting positions in a single transaction. Directed Streams The directed streams protocol, used by wholesale clients in the On-The-Run U.S. treasury marketplace, provides an efficient alternative to traditional voice and order book trading. List Trading Used by clients with multiple transactions to complete, the list trading protocol is a highly efficient workflow tool. By executing many trades at once, clients can request prices from multiple dealers to extract the best price and complete the hedging of the trades at one time, saving significant manual effort compared to executing on the phone. Net Spotting The Net Spotting solution allows Credit clients to efficiently hedge interest rate risk through Tradeweb’s U.S. treasury marketplace. Portfolio Trading The portfolio trading protocol allows clients to put together a basket of bonds to trade as a single package deal. Rematch The rematch protocol allows dealers to send accepted, but unmatched orders from a Sweep session to the all-to-all network as an anonymous RFQ. Request-for- market RFM The request-for-market protocol provides institutional clients with the ability to request a two-sided market from a particular dealer. Request-for- quote RFQ The multi-dealer request-for-quote protocol provides institutional clients with the ability to hold a real- time auction with multiple dealers and select the best price. Request-for- stream RFS The request-for-stream protocol allows multiple dealers to show clients continuously updating pricing, in line with market movements, during a client’s request window. Session- based/Rematch The session-based protocol, also known as Sweep, allows clients to manage inventory and balance sheets by entering orders to be matched against opposite orders at a specified time and price, concentrating market liquidity to a particular point in time. Using the Rematch protocol, clients can send accepted, but unmatched orders to the A2A network as an anonymous RFQ. Voice Voice-brokered products in our wholesale client sector include, among other products, U.S. treasuries, MBS, municipal bonds and repurchase agreements. PROTOCOLS Term Acronym Definition Dealer to Client D2C Also known as Institutional, consists of dealers trading with buyside clients. Dealer to Dealer D2D Also known as Wholesale or Interdealer, consists of dealers trading with other dealers. Term Acronym Definition Automated Intelligent Execution AiEX Automated Intelligent Execution is an innovative automated trading technology that allows clients to execute large volumes of trade tickets at a high speed using pre- programmed execution rules that are tailored to the client’s trading strategy. Automated Intelligent Price Ai-Price Machine learning engine that generates reliable reference pricing and insights using public and proprietary data. Execution Management System EMS An Execution Management System is a software that specializes in trade execution and optimization. Fees Per Million FPM Amount of variable fees captured per million dollars of volume traded on the platform. Order Management System OMS An Order Management System is software that facilitates and manages the execution of trade orders. Straight- through Processing STP Straight-through processing allows trades to be efficiently executed with no manual intervention. Two Sided Market A Market where you get a buy and a sell price. SECTORS OTHER 3

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Tradeweb at a Glance – 25+ Years of Innovation Conceived in 1996, starting with $8mm of capital, Tradeweb is a leader in building and operating electronic marketplaces for its network of clients located in 85+ countries globally + +PEOPLE NETWORK TECHNOLOGY $2.1B FY2025 REVENUE $2.6T FY2025 AVERAGE DAILY VOLUME 1,500+ EMPLOYEES 400+ TECHNOLOGISTS OFFICES IN 11 COUNTRIES 50+ PRODUCTS 3,000+ CLIENTS GLOBALLY 150,000+ DAILY TRADES = 13.8% REVENUE CAGR 2004-20251 GROWTH 16.5% ADV CAGR 2004-20251 5 1. 2004 marks the acquisition of Tradeweb by The Thomson Corporation. ADV = Average Daily Volume DONE

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 What We Do Tradeweb is a leader in building and operating electronic marketplaces for a global network of fixed income and ETF clients across the financial ecosystem FOUR CLIENT CHANNELS 4 ASSET CLASSES + MARKET DATA • Dealers trading with clients (buyside) INSTITUTIONAL • Financial advisors trading with dealers RETAIL • Dealers trading with dealers WHOLESALE • Government Bonds • Mortgages • Interest Rate Swaps RATES • Corporate Bonds • Municipals • Credit Default Swaps CREDIT • ETFs • Options EQUITIES • Repo Agreements • CDs • Money Market Funds (MMFs) MONEY MARKETS • LSEG License • Proprietary Products MARKET DATA • Corporate treasurers trading with dealers and buying MMFs from asset managers CORPORATES 6 DONE

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 $518 $563 $684 $776 $893 $1,076 $1,189 $1,338 $1,726 $2,052 $0 $500 $1,000 $1,500 $2,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rates Credit Equities Money Markets Market Data Other Strong Growth Led By Rates and International in 2025 7 1. Based on TW gross revenues. 2. Tech investments include technology compensation related to development and other investment areas, technology-related non-compensation costs in investment areas, and capital expenditures and excludes tech infrastructure operating expenses, maintenance spend, and technology acquired in business acquisitions. 36% 45% 60% 36% 47% 38% 60% 54% 58% 37% 28% 25% 43% 43% 35% 24% 24% 9% 26% 27% 15% 21% 9% 27% 16% 22% 33% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rates Credit Other STRONG REVENUE GROWTH ACROSS ASSET CLASSES1 ($ in millions) BALANCING HIGHER INVESTMENTS & ADJ EBITDA MARGINS1,2,3 ($ in millions) ANNUAL REVENUE GROWTH ATTRIBUTION1,4 INTERNATIONAL REVENUES CONTINUE TO SCALE1 ($ in millions) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total Tech Investments Adj. EBITDA Margin 3. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. See “Disclaimers” for additional information and “Appendix” for additional reconciliations. 4. Other includes Equities, Money Markets, Market Data, and Other Revenues. $153 $178 $244 $278 $323 $403 $428 $488 $665 $858 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +1,525 bps Adj. Margin Expansion 3 DONE

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 RATES 377 VOLUME ($T) +18% Y/Y 1,094 REVENUE ($M) +21% Y/Y GLOBAL GOVERNMENT BONDS U.S. Treasuries Other N.Amer. Government Bonds UK Gilts European Government Bonds Japanese Government Bonds Australasian Government Bonds SECURITIZED PRODUCTS TBA-MBS Specified Pools Other Securitized Products SSAS/COVERED BONDS U.S. Agencies Covered Bonds Other SSAs GLOBAL RATES DERIVATIVES North American Rates Derivatives European IRS APAC IRS Emerging Markets IRS CREDIT 10 VOLUME ($T) +20% Y/Y 488 REVENUE ($M) +6% Y/Y GLOBAL CREDIT U.S. High-Grade U.S. High-Yield European High-Grade European High-Yield APAC Credit Emerging Market Bonds European Structured Notes MUNICIPAL BONDS U.S. Municipal Bonds CHINA BONDS China Interbank Bond Market GLOBAL CREDIT DERIVATIVES CDX Indices iTraxx Europe Indices iTraxx Asia & EM Indices U.S. Single Name CDS European Single Name CDS Emerging Market Single Name CDS U.S Credit Total Return Swaps European Credit Total Return Swaps EQUITIES 7 VOLUME ($T) +12% Y/Y 127 REVENUE ($M) +22% Y/Y GLOBAL ETFs U.S. ETFs European ETFs Asian ETFs GLOBAL CASH EQUITIES U.S. Preferred Equities U.S. American Depository Receipts European Cash Equities GLOBAL CONVERTIBLE BONDS U.S. Convertible Bonds European Convertible Bonds Asian Convertible Bonds GLOBAL EQUITY DERIVATIVES U.S. Equity Derivatives European Equity Derivatives MONEY MARKETS 294 VOLUME ($T) +44% Y/Y 174 REVENUE ($M) +51% Y/Y REPURCHASE AGREEMENTS North American Repo European Repo APAC Repo AGENCY DISCOUNT NOTES U.S. Agency Discount Notes COMMERCIAL PAPER N. Amer. Commercial Paper European Commercial Paper Australian Bank Bills CERTIFICATES OF DEPOSIT (CDs) / DEPOSITS U.S. CDs European CDs / Deposits MONEY MARKET FUNDS Institutional funds with money market and other short-term investments Diverse Product Offering (FY2025) MARKET DATA OTHER FEES134 REVENUE ($M) 36 REVENUE ($M) +13% Y/Y +48% Y/Y Institutional Wholesale Retail 8 Corporates DONE

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 INVESTMENT HIGHLIGHTS 9

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Key Investment Highlights 1. ESTABLISHED ELECTRONIC FIXED INCOME NETWORK WITH SCALE ADVANTAGES A leading electronic fixed income network with clients in 85+ countries trading $2.6 trillion daily on average2 2. TRACK RECORD OF GROWTH AND SERIAL INNOVATION History of selectively expanding into and scaling new products across asset classes and geographies 3. AT THE INTERSECTION OF POWERFUL SECULAR GROWTH THEMES Capitalizing on growing global debt pools, increasing electronification, rising popularity of ETFs and pursuit of greater efficiencies 4. SEVERAL TANGIBLE GROWTH OPPORTUNITIES Focused on executing on U.S. Treasuries, global interest rate swaps, U.S. credit, global ETFs and investing for the future 5. GROWING POOL OF DATA & ANALYTICS Diligently using data to improve execution outcomes and create new data products 6. STRONG REVENUE & EARNINGS GROWTH Management and strategy focused on balancing revenue growth and margin expansion to create long-term shareholder value 16.5% REVENUE GROWTH 20.9% ADJUSTED EBITDA GROWTH1 23.0% ADJUSTED EBIT GROWTH1 GROWTH FROM 2016-2025 (CAGR) 1. Adjusted EBITDA and Adjusted EBIT are non-GAAP financial measures. See “Appendix” for reconciliations to their most comparable GAAP financial measures. 2. ADV based on 2025.10 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Notes: 1. Based on public industry sources and Tradeweb management estimates. Public sources by product: government bonds (TRACE, SIFMA , AFME) and TBA MBS (TRACE). See “Disclaimer” for additional information regarding market information. TRUSTED RELATIONSHIPS, MANY DEVELOPED OVER 25+ YEARS EFFICIENT & TRANSPARENT TRADING $2,625B / 150,000+ TRADES 2025 AVERAGE DAILY VOLUME ELECTRONIC MARKET LEADER FOR MULTIPLE PRODUCTS1 90% TOP 100 GLOBAL ASSET MANAGERS 110+ CENTRAL BANKS/ SOVEREIGN ENTITIES OFFICES IN NORTH AMERICA, SOUTH AMERICA, EUROPE, AUSTRALIA, ASIA, AND THE MIDDLE EAST 85+ COUNTRIES PRODUCTS TRADED GOVERNMENT BONDS TBA MBS INTEREST RATE SWAPS FOUR ASSET CLASSES 45,000+ FINANCIAL ADVISORS RATES CREDIT EQUITIES MONEY MARKETS 50+ FOUR CLIENT SECTORS INSTITUTIONAL WHOLESALE RETAIL CORPORATES 3,000+ CLIENTS 90% TOP 25 INSURANCE COMPANIES STP / INTEGRATION RISK MANAGEMENT SYSTEMS BUY-SIDE ORDER MANAGEMENT SYSTEMS ACCOUNTING SYSTEMS SWAP DATA REPOSITORIES CREDIT HUBS CLEARING FIRMS / PRIME BROKERS CENTRAL CLEARING ORGANIZATIONS REPO CLEARING BANKS 3RD PARTY MIDDLEWARE450+/30+ PROPRIETARY/VENDOR OMSs OUR CLIENT NETWORK OUR DEEP POOLS OF LIQUIDITY 1. POWERFUL NETWORK EFFECTS A Deeply Integrated & Powerful Network TECHNOLOGY—HEAVILY INTEGRATED IN CUSTOMER WORKFLOWS FULL SPECTRUM OF TRADING PROTOCOLS BUILT ON PROPRIETARY TECHNOLOGY SOLUTIONS SUPPORTING CLIENTS ACROSS THE WHOLE TRADE LIFECYCLE PRE-TRADE VOICE INVENTORY REQUEST BASED ALL-2-ALL SESSIONS TRADING ACTIONABLE STREAMS ORDER BOOK EXECUTION POST-TRADE DATA & REPORTING 400+ TECHNOLOGISTS A powerful client network that trades $2.6 trillion daily on average across our global electronic marketplaces, which are deeply integrated and supported by our proprietary technology TREASURY MANAGEMENT SYSTEMS PORTFOLIO TRADING 11

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 1998: RFQ 2001: Inventory 2008: RFS 2009: CTT 2010: RFM 2013: Session 2014: Compression 2017: A2A 2018: Direct Streams 2019: Portfolio Trading 2020: ReMatch 2021: CLOB 1998: Rates 2003: Money Markets 2005: Credit 2010: Equities 1998: USA 2000: Europe 2004: HK/ Singapore 2017: China 2022: Latam 2023: Australia 2024: Middle East/India 1998: Institutional 2008: Wholesale 2013: Retail1 2024: Corporates GLOBAL2 Replicate asset class footprint globally MULTI- SECTOR Distribute products across sectors MULTI- PROTOCOL Offer full spectrum of protocols Allocations: Account Net Orders/Trades: EMS/OMS Infrastructure: Clearinghouses/ Middleware Reporting: Repositories/ Accounting Systems: Front/Middle/ Back Office Multi-Client Net Spotting 2021 Hedging of U.S. HG Credit with USTs Asset Swaps 2019 Trading IRS and government bonds simultaneously BC 2017 / CIBM Direct 2020/ SwapConnect 2023 Connecting bond traders with China Credit AiPrice 2018 Delivering prices using content from all three sectors Credit ReMatch 2020 Connecting Wholesale with Retail and Institutional UST Closing Prices 2019 Replicating a UK concept for Gilt trading in the U.S. for USTs UST Streams 2018 Improving on a CLOB with streams Credit Portfolio Trading 2019 Execute large, complex trades across numerous bonds …STREAM OF INNOVATIONSTRADEWEB NETWORK: CONNECTING KEY DIFFERENTIATORS TO GENERATE A STEADY… DEEP INTEGRATIONS (Make workflows seamless) MULTI- ASSET Selectively add adjacent asset classes over the long-term 1. We first established a presence in the retail client sector in 2006 and scaled our presence through the BondDesk acquisition in 2013. 2. Represents the year the office opened in that location. 1. POWERFUL NETWORK EFFECTS Calculated Network Expansion to Connect the Dots 12

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 LAUNCH YEAR1 STAGE PRODUCT TIME TO $25MM+ IN REVENUE 1999 UST (U.S. TREASURIES) 4 Years 2001 TBA-MBS 4 Years 2001 EUROPEAN GOVERNMENT BONDS 4 Years 2005/20132 U.S. DERIVATIVES (IRS / CDS) After Dodd-Frank – 3 Years 2005/20182 EUROPEAN DERIVATIVES (IRS / CDS) After MiFID II – 1 Year 2012 GLOBAL ETFs 6 Years 2013 SESSION TRADING (SWEEP) 5 Years 2014 U.S. INSTITUTIONAL CASH CREDIT 4 Years 2019 PORTFOLIO TRADING 3 Years 2020 EMERGING MARKET DERIVATIVES (IRS / CDS) 3 Years Our deep relationships with our clients allows us to identify growth opportunities early and grow them into meaningful contributors of revenue over time Cornerstone Products Newer Products 1. Launch year is the first year of revenue. 2. U.S. derivatives and European derivatives were launched in 2005; however, revenue growth is being presented post Dodd-Frank (2013) and MiFID II (2018) to show the impact of regulation. 2. TRACK RECORD OF GROWTH Track Record of Growth, Product Diversification and Serial Innovation 13

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 2025 Swaps U.S. Credit U.S. Government Bonds Mortgages Other Money Markets³ European Government Bonds European Credit Municipals Repo International ETFs TOP 10 REVENUE GENERATING PRODUCTS 3. POWERFUL GROWTH THEMES Diversity Driven Revenue Growth 1. 2019 marks the year of the IPO. 2. Market electronification estimates are sourced from CLARUS, TRACE, Coalition Greenwich, and management estimates. 3. Including ICD. 4. TBA Mortgage Market Electronification. Accounts for ~90% of total trading revenue ~30% ESTIMATED MARKET E%2 ~45% ~50% ~75%4 ~65% ~75% ~15% 2019¹ Swaps Mortgages U.S. Government Bonds U.S. Credit European Government Bonds European Credit Municipals Other Government Bonds Repo International ETFs 50%+ of total trading revenue 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Accounts for ~90% of total trading revenue 14

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 $4.2T $4.8T $5.5T $6.3T $6.0T $6.3T $7.9T $8.8T $9.0T $10.0T 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TRADEWEB’S GROWTH ADVANTAGE EXPANSIVE ADDRESSABLE MARKETS (ADV)1,6 1. Total ADV by asset class is based on public industry sources and Tradeweb internal estimates and for the purposes of this sli de, total ADVs and Tradeweb ADVs omit volumes in products where the total market ADV cannot be sourced reliably: APAC excluding Japan government bonds in rates, Chinese Bonds and European Credit in credit, equity derivatives in equities, and commercial paper, agency discount not es and certificates of deposits in money markets. Total market size for all products included in each asset class is based on ADV through December 3 1, 2025 except for EUGV and EM Debt, which are an average of the previous four quarters. Public sources by asset class: rates (SIFMA, TRACE, CLA RUS, AFME, JSDA); credit (TRACE, CLARUS, SIFMA, EMTA); equities (CBOE, Flowtraders); money markets (N.Y. Fed). 2. CAGRs based on growth between December 31, 2015 and December 31, 2025. 3. Total ADV for Credit excludes European Credit and Chinese Bonds. 4. Total ADV for Equities is based on ETF volumes only. 5. Total ADV for Money Markets excludes ICD. 6. Please see Slide 33 for further asset class breakdown. TAM: $219B TW : $36B TW % of TAM: 16% TAM: $231B TW: $13B TW % of TAM: 6% Total Market CAGRs2: Rates +10% Credit +8% Equities +12% Money Markets +10% TW CAGRs2: Rates +24% Credit +24% Equities +20% Money Markets +30% Overall +10% Overall +25% TAM: $5.7T TW : $1.5T TW % of TAM: 26% TAM: $3.8T TW: $770B TW % of TAM: 20% GROWTH IN EXISTING MARKETS ELECTRONIFICATION OF MARKETS ENTER NEW MARKETS AND OTHER DRIVERS OF LONG-TERM GROWTH INCREASE MARKET SHARE GROWTH IN UNDERLYING ASSET CLASSES ENHANCE DATA AND ANALYTICS CAPABILITIES NEW ASSET CLASSES NEW REGIONS AND CLIENTS STRATEGIC ACQUISITIONS AND PARTNERSHIPS RATES CREDIT 3 EQUITIES (ETFs)4 MONEY MARKETS5 3. POWERFUL GROWTH THEMES Expansive and Growing Addressable Markets TAM: ~$10.0T TW % of TAM: 23% 15

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 EXPANDING GOVERNMENT DEBT POOL CHINA CAPITAL MARKETS REFORM RISING POPULARITY OF ETFs DATA-DRIVEN TRADING GROWING CORPORATE DEBT OUTSTANDING FOCUS ON COST REDUCTION INCREASING REGULATION WORKFLOW DIGITIZATION GROWTH IN ELECTRONIC TRADING VOLUMES & RISING VALUE OF TRADING DATA MARKET VOLUME GROWTH1 ELECTRONIFICATION 1. Sources: Government bonds, corporate bonds (TRACE), ETFs (ETFGI data, ETF/EFP Sponsors, Bloomberg, BMO Global Asset Management ETF Report), Chinese bonds (CFETS). 3. POWERFUL GROWTH THEMES Secular Tailwinds Expected to Position Tradeweb for Long-Term Growth 16

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 44 80 118 129 144 18 95 128 199 2017 2019 2021 2023 2025 Top 200 clients Other Clients AiEX Adoption – The Rise in Automated Trading AiEX TRADE ACTIVITY CLIENT GROWTH SYSTEMS WORKFLOW AiEX (Automated Intelligent Execution) uses pre-programmed execution rules to automatically execute trades on Tradeweb sent from a client’s EMS/OMS. Represents Total AiEX Clients 3. POWERFUL GROWTH THEMES 343 Legend: Pricing Dealer 1 Dealer 2 Dealer n / All-To-All Client Accepts Order Specifications Dealer Accepts Specifications Accepted/RejectedEMS/OMS Client AiEX logo Order Validation & Compliance Counterparty Selection Launch Inquiry Execution Rules Tradeweb Execution Report Dealers Negotiation4 Pre Trade Post Trade Execution 3 5 6 1 2 7 1,520 4,795 9,063 19,728 32,902 12% 23% 30% 39% 44% 0% 10% 20% 30% 40% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2017 2019 2021 2023 2025 Average Daily AiEX Trades % of Institutional Trades 56 17 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 4. TANGIBLE GROWTH OPPORTUNITIES Leading Global Electronic Rates Business VOICE STILL ACCOUNTS FOR ~45-50% OF UST TRADING4 Source: TRACE and Coalition Greenwich estimates and Tradeweb market intelligence as of December 31, 2025. STRONG TRADEWEB UST SHARE1 U.S. TREASURIES 1. Share reflects Tradeweb Treasuries volume across institutional, wholesale and retail client sectors, divided by SIFMA volume adjusted by Tradeweb management to estimate non -primary dealer activity for the periods 2018-2020. For 2021 onward, TRACE volumes are being used. GLOBAL SWAPS TRADEWEB GLOBAL IRS MARKET SHARE IS GROWING5 Global IRS Market (Clarus) GLOBAL IRS MARKET AND TW RISK MARKET SHARE2 ($ in trillions, ADV) Dealer-to-Customer Electronic ~45% Voice ~55% $500B Dealer-to-Dealer Electronic ~60% Voice ~40% $556B Overall; by Protocol Voice ~45-50% $1,056B CLOB ~15% RFQ ~30% Streams ~5% Electronic Estimated Market Electronification: ~30%3 5.2% 6.2% 8.7% 8.7% 11.7% 13.1% 11.7%2.6% 3.1% 5.8% 5.5% 6.6% 9.1% 10.3% 7.9% 9.3% 14.5% 14.2% 18.3% 22.2% 22.0% 0% 5% 10% 15% 20% 2019 2020 2021 2022 2023 2024 2025 Swaps/Swaptions ≥ 1Y Swaps/Swaptions < 1Y 12.3% 13.8% 18.3% 19.2% 19.2% 23.4% 22.5% 2019 2020 2021 2022 2023 2024 2025 1. Q 2. Global IRS market estimate based on Clarus cleared market volumes; Global IRS market refers to volumes traded by U.S. and non-U.S. entities. Based on Clarus volumes and Tradeweb management estimates. TW Risk Market Share excludes Compression activity. 3. Based on Clarus volumes and Tradeweb management estimates. 4. Electronification rates based on UST volumes traded. 5. Share reflects Tradeweb IRS volumes across institutional, wholesale and retail client sectors, divided by Clarus cleared market volumes. Global IRS market refers to volumes traded by U.S. and non -U.S. entities. Totals may not foot due to rounding. 18 $2.7 $2.3 $2.0 $2.4 $2.9 $3.5 $4.3 0% 2% 4% 6% 8% 10% 12% $0.0 $1.0 $2.0 $3.0 $4.0 2019 2020 2021 2022 2023 2024 2025 Total TW Risk Market Share

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 5.3% 7.2% 12.0% 13.3% 15.5% 18.1% 18.2%7.7% 9.5% 9.0% 10.0% 9.1% 8.1% 7.8% 13.0% 2.9 16.7% 4.3 21.0% 5.1 23.3% 6.1 24.6% 7.2 26.2% 9.8 26.0% 10.6 2019 2020 2021 2022 2023 2024 2025 U.S. Investment Grade Fully Electronic Electronically Processed 1.9% 2.4% 5.4% 6.4% 6.6% 7.5% 7.8%1.8% 2.3% 3.3% 3.6% 3.1% 2.5% 2.3%3.7% 0.3 4.7% 0.5 8.7% 0.9 10.0% 1.0 9.7% 0.9 10.0% 1.1 10.2% 1.3 2019 2020 2021 2022 2023 2024 2025 U.S. High Yield INCREASING GLOBAL PORTFOLIO TRADING ADOPTION1 ($ in millions, ADV) SOLIDIFYING OUR U.S. DIFFERENTIATORS1 ($ in millions, ADV) EXPANDING INSTITUTIONAL & WHOLESALE1,2 GROWING FOUNDATIONAL U.S. RFQ PROTOCOL ($ in millions, ADV) 1. Totals may not foot due to rounding. 2. Share reflects Tradeweb high grade and high yield volume, divided by TRACE volume, adjusted by Tradeweb management to exclude emerging market and convertible bond volumes. (Share of TRACE $ in billions, ADV) AllTrade NET SPOTTING 725 763 839 905 Inst. Client Count 4. TANGIBLE GROWTH OPPORTUNITIES Building a Next Generation U.S. Corporate Credit Market Place 672 168 483 906 1,083 1,412 2,347 2,593 4 98 308 393 331 442 514 $172 $581 $1,214 $1,476 $1,743 $2,789 $3,107 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2019 2020 2021 2022 2023 2024 2025 U.S. International $469 $831 $1,173 $1,397 $1,719 $2,316 $2,846 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 2019 2020 2021 2022 2023 2024 2025 75 88 237 233 241 246 300 $540 $779 $1,433 $1,632 $2,217 $3,052 $3,360 2019 2020 2021 2022 2023 2024 2025 U.S. Investment Grade U.S. High Yield $729 $1,298 $1,571 $1,722 $2,196 $3,384 $3,473 2019 2020 2021 2022 2023 2024 2025 1,177 19 1,001 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 $1.6 $2.1 $2.5 $2.8 $2.5 $2.8 $3.5$0.5 $0.7 $1.2 $2.5 $2.7 $2.8 $3.7 2019 2020 2021 2022 2023 2024 2025 International ETFs US ETFs 4. TANGIBLE GROWTH OPPORTUNITIES Electronifying Block ETFs & Investing in the Future MAKING BLOCK TRADING MORE EFFICIENT TW INSTITUTIONAL ETF ADV CONTINUES TO GROW ($B) GLOBAL ETFs BETTER PRICING & SIZE STREAMLINED WORKFLOW CLEAR COMPLIANCE 2012 European ETFs 2016 U.S. ETFs 2017 Asian ETFs PRODUCT LAUNCHES • China Bonds: First offshore platform to offer foreign investors electronic access to Bond Connect, CIBM Direct and SwapConnect • Bilateral Repo: Strong pipeline of clients globally with plans to expand into additional collateral types • Specified Pools: Access to trade and view inventory of the industry's leading liquidity providers • ADRs & Single Stock: Leveraging existing Tradeweb value proposition/connectivity across additional equity products EARLY STAGE OPPORTUNITIES RATES CREDIT MONEY MARKETS EQUITIES • Benchmarks: Tradeweb closing prices MARKET DATA • Emerging Markets Interest Rate Swaps: Strong pipeline of dealers and clients with plans to add more currencies • DRFQ: Dealer request for quote enables clients to easily manage long/short positions and maximize liquidity • Emerging Markets Cash and CDS: Offering trading solutions for hard and local currency and credit default swaps • Taxable Munis: Leveraging leading position in tax-exempt Munis • Basis Trading: Offering trading of government bonds and related futures 20

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 EM Interest Rate Swaps EM Cash & CDS China Bonds EM TOTAL ADDRESSABLE MARKET (REVENUES)³: $2+ Billion Global Swaps Global Credit Leveraging our leading rates and credit brand to expand into emerging markets Industry ADV¹ $224B $23B $214B Local Currencies Offered: Coming Soon:Hard Currencies: 1. Industry ADV based on CLARUS for EM IRS and EM CDS, EMTA for EM Credit and CFETS for China Bonds. Based on 2024 data. 2. EM IRS share reflect Tradeweb emerging market interest rates swaps (“EM IRS”) volumes across the institutional client sect or, divided by Clarus cleared EM IRS volumes. EM Cash & CDS share reflect Tradeweb emerging markets cash credit and CDS volumes across the institutional and whole sale client sectors, divided by the sum of EMTA volumes and Clarus cleared EM CDS volumes. China Bonds share reflect Tradeweb China Bonds volumes across the institutional client sector, divided by CFETS volumes. Based on 2024 Data. 3. EM total addressable market includes EM IRS, EM Cash & CDS, China Bonds. TW Share2 ~15% <1% ~1% 4. TANGIBLE GROWTH OPPORTUNITIES One-Stop Shop for Emerging Markets INR SAR 21

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 1 in 5 MSRB trades facilitated on Tradeweb platform 48% 3-year CAGR in Tradeweb Institutional municipal ADV Tradeweb’s platform is focused on tax-exempt bonds, the largest part of the market1 Retail investors own over 2/3 of municipal bonds;1 Tradeweb is a leader in this client sector, allowing us to provide liquidity from a majority of the market to both retail and institutional investors Total Market ADV: ~$13B2 MUNICIPAL BOND MARKET Institutional and Retail RFQ, live streams, All to All, and automated trading with AiEX Ai-Price engine determines ~1 million municipal bond prices TRADEWEB’S MUNICIPAL BOND PLATFORM TRADEWEB’S LEADING PLATFORM IS FOCUSED ON LARGEST SEGMENTS OF THE MARKET WITH OPPORTUNITIES FOR FUTURE GROWTH Market Electronification: ~12%-15%3 Expanding footprint into institutional taxable bonds, leveraging the innovations around net spotting and portfolio trading Tax Exempt 87% Taxable 7% Other5 5% Percentages based on 2024 par amount traded1 2024 Tradeweb ADV: $374M 2024 MUNICIPAL BOND MARKET ADV ($M)2 1% incremental share = $10M+ estimated annual revenues (TW <5% penetration)4 Protocols Clients Data 80% D2C (inc. Retail) 20% D2D 1. Municipal bond retail ownership and pie chart based on data from Municipal Securities Rulemaking Board (“MSRB”) 2. Municipal bond market average daily volume (“ADV”) based on industry data from SIFMA through 2024. 3. Municipal bond market electronification based on Coalition Greenwich estimates and Tradeweb market intelligence through 2024. 4. Based on management expectations. 5. “Other” includes AMT munis, muni commercial paper and uncategorizable issues. 4. TANGIBLE GROWTH OPPORTUNITIES Strongly Positioned Municipal Bond Platform $374 $13,155 Tradeweb Industry 22

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 LEVERAGE CLIENT NETWORK AND GUI— DRIVE MORE BUSINESS TO EXECUTION LEVERAGE TECHNOLOGY & INFORMATION CREATED BY TRADING ACTIVITY • Analytics • Inventory • Basis trading • Algorithms • Reporting• Asset classes • Geographies • Client sectors • Products & Protocols • Data • Benchmarks • TCA EXAMPLES PRE-TRADE INTEGRATION AND WORKFLOW POST-TRADE 4. TANGIBLE GROWTH OPPORTUNITIES M&A and Partnerships—Selectively Accelerating Growth HISTORY OF STRATEGIC ACQUISITIONS… …AND PARTNERSHIPS WILL CONTINUE TO SELECTIVELY EVALUATE OPPORTUNITIES TO EXPAND IN A DISCIPLINED FASHION STP AND WORKFLOWEXECUTION PLATFORM DATE TARGET DESCRIPTION STRATEGIC RATIONALE 2008 Hilliard Farber Wholesale MBS voice broker Entered wholesale channel, launched electronic TBA platform 2011 Rafferty Capital Markets Wholesale UST voice broker Launched hybrid electronic UST trading 2013 BondDesk Leading U.S. retail fixed income trading technology vendor Scaled position in the retail channel 2016 CodeStreet Corporate bonds trade identification and workflow management software Enhanced corporate bond platform pre-trade intelligence 2021 Nasdaq U.S. Fixed Income Fully executable CLOB for electronic trading in on-the-run (OTR) UST Complements TW’s wholesale UST streaming protocol 2023 YieldBroker Leading Australian trading platform for bonds and derivatives Expands TW’s reach in Australia & New Zealand markets 2024 r8fin Technology provider for algorithmic- based execution for UST and futures Technology platform that can be leveraged to trade USTs and related futures 2024 ICD Leading independent liquidity portal for corporate treasurers Entered corporate treasurer channel, broadening money market product suite 23

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©2026 Tradeweb Markets LLC. All rights reserved. ICD: Expands Tradeweb Footprint into Corporates Growing and Large TAM ▪ Large corporates now hold record high cash balances rivaling mid-sized asset managers ▪ Growing in sophistication and importance to the capital markets Digital/ Investment Transformation ▪ Growing adoption of electronic solutions replacing manual workflows, supported by increasing regulatory, compliance and risk management requirements ▪ Global, sophisticated corporates’ short-term investment and liquidity management needs continuously evolve CORPORATES ARE AN INCREASINGLY IMPORTANT AND UNDERSERVED MARKET $0.3T $1.1T $3.2T 2000 2010 2024 S&P 500 Cash and Cash Equivalents¹ 1. Source: Wall Street Research. 2. The ICD historical financial information presented herein is estimated. See "Disclaimers“. International revenue based on client location. SIGNIFICANT INCREASE IN CORPORATE CASH HOLDINGS OVER THE LAST 25 YEARS Cross-Sell Opportunities: Increasing Demand for Fixed Income ▪ Already buyers of Tradeweb products – albeit largely through voice and bank portals ▪ UST integration rolled out in June 2025 ▪ Additional cross-sell opportunities across FX ▪ Expected changes in rates and steepening of the curve will create demand for longer duration assets CLIENT SERVICE STRENGTH OF NETWORK INNOVATIONTECHNOLOGY INDEPENDENCE ICD COMPETITIVE ADVANTAGES PREDICATED ON… DRIVING STRONG FY 2025 CLIENT KPIs… 600+ CLIENTS ~21% of S&P 100 ~98% CLIENT RETENTION TRADEWEB PROVIDES SIGNIFICANT POTENTIAL TO GROW ICD FOOTPRINT EXISTING NETWORK OF POTENTIAL ICD CLIENTS EXPANDED SALES STRATEGY TRADEWEB PRODUCT CROSS SELL STRONG INT’L PRESENCE ~30% INTERNATIONAL REVENUE2 24

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 5. GROWING POOL OF DATA AND ANALYTICS Platforms and Solutions Powered by Data and Analytics Data and analytics play a critical role by improving the trading experience of our clients and driving more liquidity to our platforms BETTER VALUE-ADDED SOLUTIONS INCREASED LIQUIDITY TRADING VOLUMES HIGHER NUMBER OF CLIENTS DEEPERAND WIDER DATASETS KEY INPUT INTO TRADEWEB’S SOLUTIONS LONG-STANDING LICENSE AGREEMENT WITH LSEG PROPRIETARY DATA AND ANALYTICS SOLUTIONS HISTORY OF INNOVATION AND FACILITATING BETTER TRADING DECISIONS DATA SUPPORTS THE PLATFORM TWO REVENUE CHANNELS PRICING/DISTRIBUTION BENCHMARKS ANALYTICS REPORTING • Realtime Composite Pricing • Direct Dealer Content (data delivery infrastructure) • Realtime Multi-Asset Class Calculation Service (i.e. iNav) • Tradeweb FTSE Benchmark Closing Prices—UST, UK Gilts, EUGV • Benchmark Swap Rate Fuel Contributions (i.e. SONIA, etc.) • Dealerweb UST—RCM 19901 • Transaction Cost Analytics • Ai-Price—prices 27,000+ corporate bonds and ~1 million municipal bonds • AiSnap/Dealer Selection • APA—pre- and post-trade data sets GROWTH STRATEGY Create New Data Sets As Asset Classes and Products Expand Increase Solution Penetration Invest in Differentiated Analytics Pursue Strategic Investments and Partnerships25

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Variable (74%) + Fixed (26%) Percentage of FY2025 Revenue FY2025 REVENUE BY 6. STRONG REVENUE AND EARNINGS GROWTH Straightforward & Diversified Business Model TRADEWEB HAS A DIVERSIFIED REVENUE BASE WITH A MIX OF VARIABLE AND FIXED REVENUE 27 = (74%) Variable Trading Revenue1 (<1%) Other Variable Revenue + Volume x Average Fee per Million (18%) Fixed Trading Revenue1 (7%) Market Data (5% LSEG/ 2% Non- LSEG) (1%) Other Fixed Revenue++ 1. Trading revenues include revenues from our four major asset classes. Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 GROSS REVENUE GROWTH ($M) ADJUSTED EBITDA GROWTH ($M)1 1. See "Appendix" for reconciliation of Adjusted EBITDA and Adjusted Net Income to net income. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by gross revenue for the applicable period. 2. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. See “Disclaimer” for additional information and “Appendix” for additional reconciliations. 3. The 2016, 2017 and 2018 years represent gross revenue amounts as the revenue measure we utilize to assess our business. Subsequent to September 30, 2018, there is no difference between "gross revenue," "total revenue," "net revenue" or "revenue". Adj. EBITDA margin1 38.7% 38.2% 40.8% 45.5% 48.9% 50.8% 51.9% 52.4% 53.3% 54.0% Adj. Net Income1 $118 $131 $178 $231 $306 $389 $450 $536 $695 $825 CAGR: 16.5% CAGR: 20.9% FY2025 REVENUE GROWTH BY ASSET CLASS AND MARGIN EXPANSION ($M) 6. STRONG REVENUE AND EARNINGS GROWTH Strong & Broad-based Revenue and Margin Expansion 2,3 Volume ($B) $81,151 $99,615 $137,237 $182,283 $211,219 $258,938 $282,031 $361,171 $537,149 $687,836 ADV ($B) $324 $398 $549 $727 $838 $1,028 $1,129 $1,441 $2,245 $2,625 2025 y/y growth % 20.8% 6.3% 21.9% 50.9% 13.3% 47.7% 18.9% 28 2,33 3 3 3 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 29 ▪ $2.1 billion in cash and cash equivalents and an undrawn $500 million credit facility as of December 31, 2025 ▪ As of December 31, 2025, we held 1.6 billion Canton Coins, valued at $242.7 million ▪ FY25 FCF: $1.1 billion1 (+31.6% yr/yr) ▪ FY25 cash paid for capex & cap software development: $103.1 million (+16.0% yr/yr)2 ▪ $105.9 million in share buybacks in Q4 2025 (987k shares); $50.7 million in share buybacks in January 2026 (483k shares); $23.2 million of share repurchase authorization remains as of February 5, 2026 pursuant to the 2022 Share Repurchase Program ▪ $500 million in additional repurchases authorized by the Board of Directors in February 2026 to commence once remaining authorization under 2022 Share Repurchase Program is exhausted ▪ $0.5 million in shares withheld in Q4 2025 to satisfy tax obligations related to employee exercises of stock options and vesting of restricted stock ▪ Board of Directors declared an increased quarterly dividend of $0.14 per Class A and Class B share payable in March 2026 (+16.7% per share yr/yr) 1. Free Cash Flow (''FCF'') is a non-GAAP financial measure. FCF Conversion is FCF divided by Adjusted Net Income for the applicabl e period. See “Appendix” for a reconciliation to its most comparable GAAP financial measure. 2. Excludes amounts paid at closing for acquisitions. 3. Represents the combined results of the period from January 1, 2018 to September 30, 2018 and the period from October 1, 2018 to December 31, 2018 for the full year ended December 31, 2018. This combination was performed by mathematical addition and is not a presentation made in accordance with GAAP. See “Disclaimers” for additional information an d “Appendix” for additional reconciliations. 3 6. SIMPLE PHILOSOPHY Capital Management 3-5 YEAR TIME HORIZON DIVIDEND + BUYBACK Invest in Profitable Growth Return Capital to Shareholders Opportunistic Acquisitions M&A - EXPAND OR ENHANCE CAPABILITIES FUTURE CAPITAL ALLOCATION PHILOSOPHY STRONG FREE CASH FLOW GROWTH & CONVERSION ($M)1 2016 – 2025 CAGR: +26%

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 A Growth Company: FY2025 vs. FY2024 Continuing to Strike the Right Balance Between Investing to Drive Revenue Growth & Margin Expansion BENCHMARKING PERFORMANCE FY2025 VOLUMES FY2024 REVENUES GROWTH $2,625B ADV* $2,245B ADV +16.9% $2,052M $1,726M +18.9% / +17.5% (CC)1 ADJ. EBITDA MARGIN2 54.0% 53.3% +64 bps GLOBAL & MULTI- ASSET CLASS NETWORK GROWTH ADVANTAGES DEEP INTEGRATIONS STRONG CLIENT RELATIONSHIPS CULTURE OF COLLABORATIVE INNOVATION INVESTMENTS & INNOVATIONS EM Swaps (IRS) Portfolio Trading (CREDIT) Closing Prices (MARKET DATA) Streams (USTs) Options/Convertibles (EQUITIES) ADJ. DILUTED EPS2 $3.47 $2.92 +18.8% 1. Changes presented on a “constant currency” basis reflect changes for the period excluding the impact of foreign currency fluc tuations. See “Disclaimers – Non-GAAP Financial Measures” for more information. 2. See “Appendix” for a reconciliation of Adjusted EBITDA and Adjusted Diluted EPS to their most comparable GAAP financial measu res. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue for the applicable period. 30 *ADV = Average Daily Volume Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Sameer Murukutla, CFA Managing Director, Investor Relations Tel: 646-767-4864 Email: sameer.murukutla@tradeweb.com Isha Rao AVP, Investor Relations Tel: 646-560-7232 Email: isha.rao@tradeweb.com Contacts Global Offices New York Jersey City Garden City Golden London Amsterdam Sydney Miami Tokyo Hong Kong Singapore Shanghai Dubai Paris Mumbai Riyadh Tradeweb Markets Inc. 245 Park Avenue New York, NY 10167 www.tradeweb.com Ashley Serrao, CMA, CFA Head of Treasury, FP&A & Investor Relations Tel: 646-430-6027 Email: ashley.serrao@tradeweb.com Sheriq Sumar, CFA Director, Investor Relations Tel: 646-767-4929 Email: sheriq.sumar@tradeweb.com 31

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Total Addressable Market Details1 1. Total ADV by asset class is based on public industry sources and Tradeweb internal estimates and for the purposes of this sli de, total ADVs and Tradeweb ADVs omit volumes in products where the total market ADV cannot be sourced reliably: APAC excluding Japan government bonds in rates, Chinese Bonds and European Credit in credit, equi ty derivatives in equities, and commercial paper, agency discount notes and certificates of deposits in money markets. Total market size for all products included in each asset class is based on ADV th rough December 31, 2025, except for EUGV and EM Debt which are an average of the previous four quarters. Public sources by asset class: rates (SIFMA, TRACE, CLARUS, AFME, JSDA); credit (TRACE, TRAX, CLARUS, SIFMA, EMTA); equities (CBOE, Flowtraders); money markets (N.Y. Fed). 2. Total ADV for Credit excludes European Credit and Chinese Bonds. 3. Total ADV for Equities is based on ETF volumes only. 4. Total ADV for Money Markets excludes ICD. 3 33 ($ in trillion, ADV) Rates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 '16-2025 CAGR US Treasuries $0.57 $0.56 $0.61 $0.65 $0.66 $0.66 $0.69 $0.76 $0.92 $1.07 7% Mortgages $0.21 $0.21 $0.22 $0.25 $0.29 $0.28 $0.24 $0.25 $0.31 $0.35 6% Rate Derivatives $1.46 $1.89 $2.34 $2.70 $2.28 $2.01 $2.39 $2.88 $3.50 $4.14 12% European Government Bonds $0.12 $0.12 $0.11 $0.12 $0.11 $0.12 $0.12 $0.15 $0.13 $0.12 0% Other $0.02 $0.02 $0.02 $0.02 $0.03 $0.03 $0.03 $0.03 $0.03 $0.03 5% Total Rates $2.38 $2.79 $3.30 $3.74 $3.37 $3.09 $3.47 $4.08 $4.89 $5.72 10% Credit 2 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 '16-2025 CAGR US Investment Grade $0.02 $0.02 $0.02 $0.02 $0.03 $0.02 $0.03 $0.03 $0.04 $0.04 9% US High Yield $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 5% Credit Derivatives $0.05 $0.05 $0.07 $0.06 $0.08 $0.07 $0.10 $0.09 $0.08 $0.12 11% Municipal Bonds $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.02 4% Emerging Markets $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.03 2% Total Credit $0.11 $0.11 $0.13 $0.13 $0.14 $0.14 $0.17 $0.16 $0.17 $0.22 8% Equities (ETFs)3 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 '16-2025 CAGR US ETFs $0.08 $0.07 $0.10 $0.09 $0.13 $0.14 $0.18 $0.15 $0.16 $0.22 12% European ETFs $0.00 $0.00 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 $0.01 14% Total Equities (ETFs) $0.08 $0.07 $0.11 $0.10 $0.14 $0.15 $0.19 $0.16 $0.17 $0.23 12% Money Markets 4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 '16-2025 CAGR Repo (Excluding Bilateral) $1.63 $1.82 $1.93 $2.34 $2.36 $2.89 $4.06 $4.36 $3.80 $3.81 10% Total Money Markets $1.63 $1.82 $1.93 $2.34 $2.36 $2.89 $4.06 $4.36 $3.80 $3.81 10% Total $4.20 $4.79 $5.47 $6.30 $6.02 $6.26 $7.89 $8.76 $9.02 $9.99 10%

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 1. Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and ac quisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. 2. Represents non-cash stock-based compensation expense associated with the Special Option Award and post -IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the years ended December 31, 2025 and 2024, this adjustment also includes $2.3 million and $1.0 million, respectively, of non -cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the years ended December 31, 2024, 2022 and 2021, this adjustment also includes $2.7 million, $15.0 million and $1.7 million, respectively of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President, retired CEO and former CFO. 3. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from th e revaluation of cash denominated in a different currency than the entity’s functional currency. 4. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded i n the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislat ion and tax rates in various jurisdictions which impacted our tax savings. 5. Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv T ransaction). 6. Net income margin, Adjusted EBITDA margin and Adjusted EBIT margin are defined as net income, Adjusted EBITDA and Adjusted EB IT, respectively, divided by gross revenue for the applicable period. See "Strong & Broad -based Revenue and Margin Expansion" for gross revenue. Net Income to Adjusted EBITDA, Adjusted EBIT and Adjusted EBT Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor FY25 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 FY16 Net income $ 921,500 $ 569,963 $ 419,503 $ 359,613 $ 273,108 $ 218,390 $ 173,024 $ 29,307 $ 130,160 $ 83,648 $ 93,161 Contingent consideration — — — — — — — — 26,830 58,520 26,224 Merger and acquisition transaction and integration costs 1 6,891 22,823 8,042 1,069 5,073 — — — — — — Interest income (68,407) (74,037) (67,397) (13,712) (395) (1,517) (3,654) (787) (1,726) (1,140) (644) Interest expense 1,941 4,279 2,047 1,805 1,985 1,833 1,281 — — 455 1,339 Depreciation and amortization 250,189 219,999 185,350 178,879 171,308 153,789 139,330 33,020 48,808 68,615 80,859 Stock-based compensation expense 2 2,327 6,096 2,947 20,409 16,509 13,025 25,098 — — — — Provision for income taxes 253,474 184,439 128,477 77,520 96,875 56,074 52,302 3,415 11,900 6,129 (725) Foreign exchange (gains) / losses 3 13,112 (6,326) (47) 4,409 (4,702) 6,279 (1,085) 353 (1,881) (1,042) 557 Tax receivable agreement liability adjustment 4 (9,786) (7,730) 9,517 (13,653) (12,745) (11,425) (33,134) — — — — Other (income) loss, net (263,384) 1,114 13,122 1,000 — — — — — — — Adjusted EBITDA $1,107,857 $ 920,620 $ 701,561 $ 617,339 $ 547,016 $ 436,448 $ 353,162 $ 65,308 $ 214,091 $ 215,185 $ 200,771 Less: Depreciation and amortization (250,189) (219,999) (185,350) (178,879) (171,308) (153,789) (139,330) (33,020) (48,808) (68,615) (80,859) Add: D&A related to acquisitions and the Refinitiv Transaction 5 176,322 156,489 127,731 126,659 124,580 110,187 97,565 22,413 19,576 31,236 41,125 Adjusted EBIT $1,033,990 $ 857,110 $ 643,942 $ 565,119 $ 500,288 $ 392,846 $ 311,397 $ 54,701 $ 184,859 $ 177,806 $ 161,037 Add: Net interest income (expense) 66,466 69,758 65,350 11,907 (1,590) (316) 2,373 787 1,726 685 (695) Adjusted EBT $1,100,456 $ 926,868 $ 709,292 $ 577,026 $ 498,698 $ 392,530 $ 313,770 $ 55,488 $ 186,585 $ 178,491 $ 160,342 Net income margin 6 44.9 % 33.0 % 31.3 % 30.3 % 25.4 % 24.5 % 22.3 % 16.4 % 27.2 % 16.6 % 18.9 % Adjusted EBITDA margin 6 54.0 % 53.3 % 52.4 % 51.9 % 50.8 % 48.9 % 45.5 % 36.6 % 42.3 % 38.2 % 38.7 % Adjusted EBIT margin 6 50.4 % 49.7 % 48.1 % 47.5 % 46.5 % 44.0 % 40.2 % 30.6 % 36.5 % 31.6 % 31.1 % Reconciliation of Non-GAAP Items ($ in thousands) 34 Reconciliation of Cash Flow from Operating Activities to Free Cash Flow Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor FY25 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 FY16 Cash flow from operating activities $ 1,167,646 $ 897,741 $ 746,089 $ 632,822 $ 578,021 $ 443,234 $ 311,003 $ 112,556 $ 164,828 $ 224,580 $ 171,845 Less: Capitalization of software development costs (62,541) (47,909) (43,235) (36,882) (34,470) (31,046) (28,681) (7,156) (19,523) (27,157) (25,351) Less: Purchases of furniture, equipment and leasehold improvements (40,552) (40,960) (18,529) (23,214) (16,878) (11,490) (15,781) (9,090) (6,327) (13,461) (9,998) Free Cash Flow $ 1,064,553 $ 808,872 $ 684,325 $ 572,726 $ 526,673 $ 400,698 $ 266,541 $ 96,310 $ 138,978 $ 183,962 $ 136,496 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share amounts) 1. As a result of the Reorganization Transactions and the IPO completed in April 2019, certain earnings information is being pre sented separately for Tradeweb Markets LLC and Tradeweb Markets Inc. a. Presents information for Tradeweb Markets Inc. (post-IPO period). b. Presents information for Tradeweb Markets LLC (pre-IPO period). 2. For post-IPO periods, represents the reallocation of net income attributable to non-controlling interests from the assumed exchange of all outstanding LLC Interests held by non-controlling interests for shares of Class A or Class B common stock. 3. Represents incremental direct costs associated with the acquisition and integration of completed and potential mergers and ac quisitions. These costs generally include legal, consulting, advisory, due diligence, severance and certain other transaction expenses and third party costs incurred that directly relate to the acquisition transaction or its integration. 4. Represents intangible asset and acquired software amortization resulting from acquisitions and intangible asset amortization and increased tangible asset and capitalized software depreciation and amortization resulting from the application of pushdown accounting to the Refinitiv Transaction (where all assets were marked to fair value as of the closing date of the Refinitiv T ransaction). 5. Represents non-cash stock-based compensation expense associated with the Special Option Award and post -IPO options awarded in 2019 and payroll taxes associated with the exercise of such options. During the years ended December 31, 2025 and 2024, this adjustment also includes $2.3 million and $1.0 million, respectively, of non -cash stock-based compensation expense and related payroll taxes associated with RSAs and RSUs issued to help retain key ICD employees during the integration of ICD. During the years ended December 31, 2024, 2022 and 2021, this adjustment also includes $2.7 million, $15.0 million and $1.7 m illion, respectively of non-cash accelerated stock-based compensation expense and related payroll taxes associated with our former President, retired CEO and former CFO. 6. Represents unrealized gain or loss recognized on foreign currency forward contracts and foreign exchange gain or loss from the revaluation of cash denominated in a different currency than the entity’s functional currency. 7. Represents income recognized during the applicable period due to changes in the tax receivable agreement liability recorded i n the consolidated statements of financial condition as a result of, as applicable, changes in the mix of earnings, tax legislat ion and tax rates in various jurisdictions which impacted our tax savings. 8. Represents corporate income taxes at an assumed effective tax rate of 25.0%, 25.0%, 24.5%, 22.0%, 22.0%, and 22.0% applied to Adjusted Net Income before income taxes for the years ended December 31, 2025, 2024, 2023, 2022, 2021 and 2020, respectively and an effective tax rate of 26.4% applied to Adjusted Net Income before income taxes for all other periods pres ented. For pre-IPO periods, this adjustment assumes Tradeweb Markets LLC was subject to a corporate tax rate for the periods presented. 9. For a summary of the calculation of Adjusted Diluted EPS, see "Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS" on the next slide. Reconciliation of Net Income attributable to Tradeweb Markets Inc. to Adjusted Net Income and Adjusted Diluted EPS Successor Successor Successor Successor Successor Successor Successor Successor Predecessor Predecessor Predecessor FY25 FY24 FY23 FY22 FY21 FY20 FY19 4Q18 9M18 FY17 FY16 Earnings per diluted share1 $ 3.78a $ 2.33a Pre-IPO net income attributable to Tradeweb Markets LLC 1 $ — $ — $ — $ — $ — $ — $ 42,352b $ 29,307b $ 130,160b $ 83,648b $ 93,161b Net income attributable to Tradeweb Markets Inc. 1 812,792a 501,507a 364,866a 309,338a 226,828a 166,296a 83,769a — — — — Net income attributable to non-controlling interests 1,2 108,708a 68,456a 54,637a 50,275a 46,280a 52,094a 46,903a — — — — Net income 921,500a 569,963a 419,503a 359,613a 273,108a 218,390a 173,024a,b 29,307b 130,160b 83,648b 93,161b Provision for income taxes 253,474 184,439 128,477 77,520 96,875 56,074 52,302 3,415 11,900 6,129 (725) Contingent consideration — — — — — — — — 26,830 58,520 26,224 Merger and acquisition transaction and integration costs 3 6,891 22,823 8,042 1,069 5,073 — — — — — — D&A related to acquisitions and the Refinitiv Transaction 4 176,322 156,489 127,731 126,659 124,580 110,187 97,565 22,413 19,576 31,236 41,125 Stock-based compensation expense 5 2,327 6,096 2,947 20,409 16,509 13,025 25,098 — — — — Foreign exchange (gains) / losses 6 13,112 (6,326) (47) 4,409 (4,702) 6,279 (1,085) 353 (1,881) (1,042) 557 Tax receivable agreement liability adjustment 7 (9,786) (7,730) 9,517 (13,653) (12,745) (11,425) (33,134) — — — — Other (income) loss, net (263,384) 1,114 13,122 1,000 — — — — — — — Adjusted Net Income before income taxes 1,100,456 926,868 709,292 577,026 498,698 392,530 313,770 55,488 186,585 178,491 160,342 Adjusted income taxes 8 (275,114) (231,717) (173,777) (126,946) (109,713) (86,357) (82,835) (14,649) (49,258) (47,122) (42,330) Adjusted Net Income $ 825,342 $ 695,151 $ 535,515 $ 450,080 $ 388,985 $ 306,173 $ 230,935 $ 40,839 $ 137,327 $ 131,369 $ 118,012 Adjusted Diluted EPS 1,9 $ 3.47a $ 2.92a 35 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Reconciliation of Non-GAAP Items (continued) ($ in thousands, except per share amounts) The following table summarizes the basic and diluted earnings per share calculations for Tradeweb Markets Inc: EPS: Net income attributable to Tradeweb Markets Inc. FY25 FY24 Numerator: Net income attributable to Tradeweb Markets Inc. $ 812,792 $ 501,507 Less: Distributed and undistributed earnings allocated to participating securities1 (636) (389) Net income attributable to outstanding shares of Class A and Class B common stock – Basic and Diluted $ 812,156 $ 501,118 Denominator: Weighted average shares of Class A and Class B common stock outstanding – Basic 213,213,371 213,030,056 Dilutive effect of PRSUs 460,612 589,171 Dilutive effect of options 284,464 428,926 Dilutive effect of RSUs and RSAs 407,012 415,957 Dilutive effect of PSUs 532,781 460,653 Weighted average shares of Class A and Class B common stock outstanding - Diluted 214,898,240 214,924,763 Earnings per share – Basic $ 3.81 $ 2.35 Earnings per share – Diluted $ 3.78 $ 2.33 36 1. During the years ended December 31, 2025 and 2024, there was a total of 167,018 and 165,565, respectively, weighted average unve sted or unsettled vested stock awards that were considered a participating security for purposes of calculating earnings per share in accordance with the two-class method. 1. Represents the weighted average of unvested stock awards and unsettled vested stock awards issued to certain retired or termi nated employees that are entitled to non-forfeitable dividend equivalent rights and are considered participating securities prior to being issued and outstanding shares of common stock in accordance with the two -class method used for purposes of calculating earnings per share. 2. Assumes the full exchange of the weighted average of all outstanding LLC Interests held by non -controlling interests for shares of Class A or Class B common stock, resulting in the elimination of the non-controlling interests and recognition of the net income attributable to non-controlling interests. Reconciliation of Diluted Weighted Average Shares Outstanding to Adjusted Diluted Weighted Average Shares Outstanding and Adjusted Diluted EPS Successor Successor FY25 FY24 Diluted weighted average shares of Class A and Class B common stock outstanding 214,898,240 214,924,763 Weighted average of other participating securities 1 167,018 165,565 Assumed exchange of LLC Interests for shares of Class A or Class B common stock 2 23,063,110 23,076,373 Adjusted diluted weighted average shares outstanding 238,128,368 238,166,701 Adjusted Net Income (in thousands) $ 825,342 $ 695,151 Adjusted Diluted EPS $ 3.47 $ 2.92 Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Up-C Structure and TRA 37 Summary Points • In an up Up-C structure, operations continue to be conducted through a limited liability company treated as a partnership for tax purposes (“Opco”). Opco is partially owned by the publicly-traded corporation (“Pubco”), with the remaining Opco interests held by pre-IPO holders of Opco units (or their transferees) (“NCI holders”). • Benefits of the Up-C structure for NCI holders include a single level of tax on allocations of Opco income (no change from prior to the IPO), and liquidity via the right to exchange Opco units for publicly-traded Pubco shares. • Exchanges of Opco units for Pubco shares create tax benefits for Pubco, which Pubco can use to reduce its corporate income tax liability. In connection with our IPO, Pubco (Tradeweb Markets Inc.) entered into a Tax Receivable Agreement (“TRA”) with all pre-IPO holders of Opco (Tradeweb Markets LLC) units. Under the TRA, Pubco will pay to pre- IPO holders (or their transferees) an amount equal to 50% of the cash tax savings realized by Pubco from such tax benefits. Many TRAs in the market require Pubco to pay 85% of cash tax savings to pre-IPO holders. • Timing of payments under the TRA depend on many factors, including future profitability and the timing of exchanges of Opco units for Pubco shares. Please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our FY25 Form 10-K for a discussion regarding Pubco’s expected future payment obligations under the TRA. Non- controlling Interest (Class C and Class D stockholders)¹ Tradeweb Markets Inc. (“PubCo”)3 Public Owners (Class A and Class B2 stockholders) NCI Ownership 9.8%5 Tradeweb Markets Inc. Ownership – 90.2%4,5 Tradeweb Markets LLC (“Opco”) Economic Interest Voting Interest Voting & Economic Interest 1. Includes LSEG and management holders. 2. Includes LSEG. 3. Sole manager of Opco. 4. Includes LLC Interests held by Tradeweb Markets Inc. directly as well as indirectly through direct, wholly -owned subsidiaries of Tradeweb Markets Inc. (which are holding companies with no independent operations) 5. As of December 31, 2025. Done

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© 2026 Tradeweb Markets LLC. All rights reserved. 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 0 61 125 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 0 52 107 0 182 222 98 182 70 113 112 115 239 178 30 167 101 115 Multi-Class Share Structure 38 ◦ 1 share – 1 vote ◦ Economic interest in Tradeweb Markets Inc. ◦ Owned by public stockholders and management ◦ 115,502,689 shares outstanding as of 12/31/2025 Class A Common Stock ◦ 1 share – 10 votes ◦ Economic interest in Tradeweb Markets Inc. ◦ Can be exchanged for Class A Common Stock ◦ Owned by LSEG ◦ 96,933,192 shares outstanding as of 12/31/2025 Class B Common Stock ◦ 1 share – 1 vote ◦ Non-economic interest in Tradeweb Markets Inc. ◦ Can be exchanged for Class A Common Stock ◦ Owned by LSEG ◦ 18,000,000 shares outstanding as of 12/31/2025 Class C Common Stock ◦ 1 share – 10 votes ◦ Non-economic interest in Tradeweb Markets Inc. ◦ Can be exchanged for Class A, Class B or Class C Common Stock ◦ Owned by LSEG and other stockholders ◦ 5,056,868 shares outstanding as of 12/31/2025 Class D Common StockDone

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