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Presentation Title in Title Case Presentation subtitle in sentence case Presenter Name Event name xx Month 201x © 201X Virtu Financial. All rights reserved. Not to be reproduced or retransmitted without permission. Compliance #XXXX-XXXX First Quarter 2025 Earnings Supplement © 2025 Virtu Financial. All rights reserved.
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2 • LTM 1Q’25 EPS1 of $4.09 and LTM 1Q’25 Adj. NTI/day1 of $6.9M • Strong performance in customer and non-customer market making businesses • Best quarter for VES since 1Q 2022 • Operating costs and capital remain in line • Repurchased 1.3M shares for $48M in 1Q 20253 o Cumulative repurchases of 52M shares for $1.35B, representing 18.9% of shares outstanding, net of issuances3,4 Normalized Adj. EPS1 $1.30 Commentary & Highlights 1Q 2025 Key Financials Summary Recent Results Adj. NTI1 $497M Adj. NTI/day1 $8.3M Adj. EBITDA1 $320M Adj. EBITDA Margin1,2 64% Debt to LTM Adj. EBITDA1 1.7x Performance Highlights See endnotes at end of this supplement $6.0M $6.1M $6.1M $7.3M $8.3M 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 $0.76 $0.83 $0.82 $1.14 $1.30 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Adj. Net Trading Income / Day 1 Normalized Adj. EPS 1
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3 Key Financial Metrics See endnotes at end of this supplement FY FY FY FY FY 2020 2021 2022 2023 2024 1Q 2Q 3Q 4Q 1Q 4Q'24 1Q'24 Total Adjusted Net Trading Income 1 $2,271 $1,910 $1,468 $1,211 $1,598 $367 $385 $388 $458 $497 Daily Average Adj. NTI1 $9.0 $7.6 $5.8 $4.8 $6.4 $6.0 $6.1 $6.1 $7.3 $8.3 Market Making Adj. NTI1 $1,782 $1,428 $1,058 $847 $1,195 $274 $286 $288 $348 $382 Mark et Mak ing Daily Average Adj. NTI1 $7.0 $5.7 $4.2 $3.4 $4.8 $4.5 $4.5 $4.5 $5.5 $6.4 Mark et Mak ing % of Total 78% 75% 72% 70% 75% 75% 74% 74% 76% 77% Execution Services Adj. NTI1 $489 $482 $409 $364 $403 $93 $100 $100 $110 $115 Execution Services Daily Average Adj. NTI 1 $1.9 $1.9 $1.6 $1.5 $1.6 $1.5 $1.6 $1.6 $1.7 $1.9 Execution Services % of Total 22% 25% 28% 30% 25% 25% 26% 26% 24% 23% Adjusted Cash Operating Expenses1 $623 $609 $609 $643 $679 $164 $168 $173 $174 $177 + 2% + 8% Total Adjusted Operating Expenses1 $690 $677 $675 $706 $745 $180 $184 $190 $191 $193 + 1% + 7% Adjusted EBITDA1 $1,648 $1,301 $859 $568 $919 $203 $218 $215 $284 $320 + 13% + 58% Adjusted EBITDA Margin 1,2 73% 68% 59% 47% 58% 55% 56% 55% 62% 64% + 2 pts + 9 pts Long-Term Debt (at end of period) $1,670 $1,630 $1,824 $1,752 $1,767 $1,750 $1,767 $1,769 $1,767 $1,768 + 0% + 1% Debt / LTM Adjusted EBITDA 1 1.0x 1.3x 2.1x 3.1x 1.9x 3.1x 2.7x 2.4x 1.9x 1.7x Normalized Adjusted EPS 1 $5.76 $4.57 $3.00 $1.84 $3.55 $0.76 $0.83 $0.82 $1.14 $1.30 + 14% + 70% + 15% + 10% + 42% + 26% 1Q 2025 v + 38%+ 14% Annual Quarterly FY 2025 ($M) Comparison FY 2024 17% 17% 29% 30% 21% 32% 30% 23% 24% 29% 28% 33% 26% 31% 30% 36% 25% 26% 26% 24% 23% 83% 83% 71% 70% 79% 68% 70% 77% 76% 71% 72% 67% 74% 69% 70% 64% 75% 74% 74% 76% 77% $12.7M $10.6M $5.7M $7.1M $11.9M $5.4M $5.5M $7.6M $8.1M $5.8M $5.2M $4.4M $6.0M $4.5M $4.7M $4.1M $6.0M $6.1M $6.1M $7.3M $8.3M - $2M $4M $6M $8M $10M $12M $14M 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Daily Average Adj. NTI1 Trend Execution Services Market Making
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Market Metrics 4See endnotes at end of this supplement FY FY FY FY 2021 2022 2023 2024 1Q 2Q 3Q 4Q 1Q 4Q'24 1Q'24 Market Metrics (Average Daily) Volume Metrics US Equity Consolidated Volume (M shares) 10,926 11,404 11,875 11,054 12,197 11,760 11,935 11,503 13,581 15,696 + 16% + 33% US Equity Consolidated Notional Volume ($B) $479 $565 $573 $516 $608 $625 $589 $586 $632 $733 + 16% + 17% Virtu Rule 605 Executed Shares (M)1 727 805 606 552 554 540 513 551 612 743 + 21% + 38% Virtu Rule 605 Dollar Value of Quoted Spreads ($M)1 $10.1 $12.8 $7.2 $5.4 $6.6 $7.0 $6.1 $6.3 $7.1 $8.6 + 22% + 24% IBKR Retail Equity Share Volume (M) 1,324 3,041 1,299 998 1,205 1,002 1,175 1,114 1,522 1,546 + 2% + 54% OCC ADV (M contracts) 30 39 41 44 48 46 46 50 52 58 + 13% + 27% CME FX ADV (K contracts) 861 798 989 962 1,030 980 1,080 1,089 968 1,152 + 19% + 17% Hotspot ADV FX ($B) $35 $34 $40 $44 $46 $45 $47 $47 $44 $49 + 13% + 10% Volatility Metrics S&P 500 Average Implied Volatility (VIX) 29.3 19.7 25.6 16.8 15.5 13.7 14.0 17.1 17.4 18.4 + 6% + 34% S&P 500 Average Realized Volatility 30.5 13.0 24.0 12.9 12.5 11.1 10.5 15.9 12.5 16.0 + 28% + 44% S&P 500 Intraday Volatility 1.7% 1.0% 1.8% 1.0% 0.9% 0.7% 0.9% 1.1% 0.8% 1.2% + 43% + 63% SX5E Realized Volatility 30.2 14.8 22.7 13.6 13.1 10.3 12.8 16.4 12.8 15.3 + 20% + 48% NKY Realized Volatility 24.1 18.5 20.2 16.0 23.6 17.2 16.3 43.7 16.8 16.3 - 3% - 5% CVIX Realized Volatility 66.9 29.3 54.4 29.7 34.5 32.3 39.0 36.9 30.0 34.8 + 16% + 8% 1Q 2025 v ComparisonAnnual Quarterly FY 2025FY 2024FY 2020
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5 Non-customer market making business has significant opportunities for diversified growth See endnotes at end of this supplement Options volumes continue to rise OCC ADV - 10M 20M 30M 40M 50M 60M 70M 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Recent volatility is akin to levels seen in late 2021 SPX Implied & Realized Volatility ETP volumes have grown globally Global ETP Value Traded ADV Crypto remains a critical aspect of the marketplace Bitcoin Volume & Market Cap - $0.5T $1.0T $1.5T $2.0T $2.5T $3.0T $3.5T - $10B $20B $30B $40B $50B $60B $70B $80B Bitcoin Notional ADV (L) Bitcoin Market Cap (R) - 50T 100T 150T 200T 250T 300T 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
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6 Virtu Rule 605 Executed Shares (Daily Average per Month) See endnotes at end of this supplement - 200M 400M 600M 800M 1,000M 1,200M 1,400M 2018_01 2018_03 2018_05 2018_07 2018_09 2018_11 2019_01 2019_03 2019_05 2019_07 2019_09 2019_11 2020_01 2020_03 2020_05 2020_07 2020_09 2020_11 2021_01 2021_03 2021_05 2021_07 2021_09 2021_11 2022_01 2022_03 2022_05 2022_07 2022_09 2022_11 2023_01 2023_03 2023_05 2023_07 2023_09 2023_11 2024_01 2024_03 2024_05 2024_07 2024_09 2024_11 2025_01 ADV by Year 256M2018 258M2019 727M2020 805M2021 606M2022 552M2023 554M2024 743M2025 Post-2019 growth is secular CAGR1: ~17% Even in 2023, 605 volumes were double pre-covid levels in 2018-2019
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7 Virtu Rule 605 Dollar Value of Quoted Spreads (Daily Average per Month) See endnotes at end of this supplement - $5M $10M $15M $20M $25M 2018_01 2018_03 2018_05 2018_07 2018_09 2018_11 2019_01 2019_03 2019_05 2019_07 2019_09 2019_11 2020_01 2020_03 2020_05 2020_07 2020_09 2020_11 2021_01 2021_03 2021_05 2021_07 2021_09 2021_11 2022_01 2022_03 2022_05 2022_07 2022_09 2022_11 2023_01 2023_03 2023_05 2023_07 2023_09 2023_11 2024_01 2024_03 2024_05 2024_07 2024_09 2024_11 2025_01 Zero commission trading announced… …creating a new baseline level of retail engagement post-pandemic
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8 Virtu Historical Growth Perspective Track Record of Consistent Growth See endnotes at end of this supplement Market ADVs: 6.9 7.4 6.6 7.3 7.0 10.9 11.4 11.9 11.1 12.2 15.7 10.9 208 255 253 256 258 727 805 606 552 554 743 552 $2.6 $2.8 $2.9 $3.6 $3.0 $10.1 $12.8 $7.2 $5.4 $6.6 $8.6 $5.4 16.7 15.8 11.1 16.6 15.4 29.3 19.7 25.6 16.8 15.5 18.4 16.7 15.0 12.5 6.7 15.8 12.4 30.5 13.0 24.0 12.9 12.5 16.0 13.0 Median Adj. EBITDA 1 S&P 500 Realized Volatility ANTI / day 1 US Equity Shares (B) Virtu Rule 605 Executed Shares (M)4 Virtu 605 Dollar Value of Quoted Spreads (M) 4 S&P 500 Implied Volatility (VIX) $1.99M $1.64M $2.22M $4.06M $3.87M $8.98M $7.58M $5.85M $4.84M $6.38M $8.29M 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025 CAGR3: ~17% $352M $269M $251M $620M $432M $1,648M $1,301M $859M $568M $919M CAGR2: ~12% $1,036M LTM 1Q25 Adj. EBITDA
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9 Virtu has Significant Earnings Power See endnotes at end of this supplement Organic Growth Capital Management Growth Virtu Through- the-Cycle Earnings + 23% since buyback program commenced in Nov’20 6 AN T I per Day1 Full Year AN T I1 Full Year Adj. EPS1,2 $5.0M $ 1,250M $1.88 $6.0M $ 1,500M $3.02 $7.0M $ 1,750M $4.16 $8.0M $ 2,000M $5.29 $9.0M $ 2,250M $6.43 $10.0M $ 2,500M $7.57 Illustrative Range of Outcomes Based on 2024 Expense Base & 1Q25 Share Count AN T I per Day1 Target A vailable for Buybacks Annually4 Adj. EPS after 3-Year Buyback Period1,5 Adj. EPS Impact after 3 Years1 % Impact $5.0M $50M - $100M $1.88 + $0.00 + 0% $6.0M $100M - $140M $3.09 + $0.07 + 2% $7.0M $140M - $230M $4.40 + $0.24 + 6% $8.0M $230M - $300M $5.86 + $0.56 + 11% $9.0M $300M - $400M $7.47 + $1.04 + 16% $10.0M $400M - $500M $9.33 + $1.76 + 23% Illustrative Impact of Reduction in Share Count over 3 Years Daily Average Adj. NTI 3 from Organic Growth Initiatives $162K per day $257K per day $643K per day $540K per day $612K per day $496K per day $787K per day $916K per day FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 1Q 2025
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10 Avg: 1.4M ($34M) 3.7M ($101M) 4.0M ($115M) 3.9M ($76M) 2.3M ($42M) 2.7M ($49M) 2.4M ($44M) 2.0M ($36M) 1.4M ($31M) 1.7M ($48M) 1.7M ($57M) 1.3M ($48M) 198M 198M 192M 178M 171M 169M 167M 164M 163M 162M 162M 160M 160M 197M 196M 186M 172M 170M 168M 165M 163M 163M 161M 161M 159M 160M - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 3Q20 4Q20 FY21 FY22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Weighted Avg. Share Count Period-End Share Count Shares Repurchased Capital Management We continue to return capital to shareholders through dividends and share repurchases Steady Payout in All Environments Share Buybacks2,3 Dividends declared per share and Adjusted EPS1, quarterly Shares outstanding and share repurchases, quarterly Return on Invested Capital1,4 See endnotes at end of this supplement 1,4 68% 139% 107% 77% 69% 64% 64% 66% 65% 71% 78% 91% 94% 0% 20% 40% 60% 80% 100% 120% 140% 160% 0 500 1,000 1,500 2,000 2,500 FY'19 FY'20 FY'21 FY'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 Return on Invested Capital (%) Period Average Invested Capital ($M) Average of LTM Invested Capital LTM ANTI LTM Return on Invested Capital 1,5 1,6 ` Quarterly Dividend of $0.24 Adj. EPS $0.24 $1.44 $1.14 $0.74 $0.74 $0.37 $0.45 $0.27 $0.76 $0.83 $0.82 $1.14 $1.30 FY19 (Avg) FY20 (Avg) FY21 (Avg) FY22 (Avg) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25
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11 Update on Share Buybacks See endnotes at end of this supplement 7M 12M 16M 25M 27M 30M 32M 36M 39M 41M 44M 46M 47M 49M 50M 52M 0% 5% 10% 15% 20% 25% - 10M 20M 30M 40M 50M 60M 70M 80M Cumulative Shares Repurchased to Date1,2 Cumulative Shares Repurchased % of Shares Outstanding (Net) $34M $63M $101M$139M$102M $287M $47M $81M $45M $76M $42M $49M $44M $36M $31M $48M $57M $48M $0 $5 $10 $15 $20 $25 $30 $35 $40 - $100M $200M $300M $400M $500M Total Buybacks per Quarter1 Total Repurchased (L) Average Price (R)
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12 Operating Expenses and Long-Term Debt Disciplined focus on expense management Operating Expense Results Debt Structure at March 31, 2025 See endnotes at end of this supplement Debt Description ($M) Maturity Effective Rate Balance Annual Interest First Lien Term Loan - Floating2 Jun 2031 S + 2.50% $170 $12 First Lien Term Loan - Fixed with Swap2,3 Jun 2031 6.92% $1,075 $74 First Lien Notes Jun 2031 7.50% $500 $38 Japannext4 Jan 2026 5.00% $23 $1 Total5 7.06% $1,768 $125 LTM Adjusted EBITDA1 $1,036 Debt / LTM Adjusted EBITDA1 1.7x A djusted Operating Expenses FY FY 2024 2024 2024 2024 2025 LTM ($M) 2023 2024 1Q 2Q 3Q 4Q 1Q 1Q'25 Adj. Cash Compensation1 $321 $314 $315 $320 $351 $84 $86 $89 $92 $95 $362 Adj. Communications & Data Processing1 214 212 220 231 236 58 59 60 59 60 238 Adj. Operations & Administrative1 88 83 74 92 91 22 22 25 23 22 92 Adjusted Cash Operating Expenses1 $623 $609 $609 $643 $679 $164 $168 $173 $174 $177 $692 Depreciation & Amortization 67 68 66 63 66 16 16 16 17 16 66 Total Adjusted Operating Expenses1 $690 $677 $675 $706 $745 $180 $184 $190 $191 $193 $758 Cash Compensation Ratio 14% 16% 21% 26% 22% 23% 22% 23% 20% 19% 21% Total Compensation Ratio 17% 19% 26% 32% 27% 27% 27% 28% 25% 24% 26% Quarterly FY 2020 FY 2021 FY 2022 Annual
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GAAP Reconciliations and Other Information
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Organic Business Growth 14See endnotes at end of this supplement • Options Market Making: Investment in our technology infrastructure and model enhancements leaves us optimistic about various opportunities in this space. • ETF Block: Continued client expansion and broadening of liquidity distribution has led to robust business activity. • Crypto: Improved operational efficiency combined with expanded market coverage has resulted in strong performance amid normalized market conditions. Daily Average Adj. NTI1 from Organic Growth Initiatives Adj. NTI from Organic Growth Initiatives1 $40M $64M $162M $136M $153M $124M $197M $61M $42M $40M $53M $55M % of Firmwide Adj. NTI1 3% 6% 7% 7% 10% 10% 12% 17% 11% 10% 12% 11% Annual Trailing 5 Quarters $161K per day $255K per day $641K per day $540K per day $611K per day $494K per day $787K per day $1,005K per day $670K per day $630K per day $847K per day $916K per day FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25
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15 Share Count Roll Forward See endnotes at end of this supplement (M shares) 4Q 2020 2021 Total 2022 Total 2023 Total 2024 Total 1Q 2025 Grand Total Beginning of Period Shares 197.1 195.6 186.1 171.7 162.7 159.2 197.1 Shares Repurchased - 1.44 - 14.71 - 16.34 - 12.48 - 6.70 - 1.34 - 51.66 Net Shares Issued - 0.05 + 5.16 + 1.97 + 3.53 + 3.16 + 2.36 + 13.78 End of Period Shares 195.6 186.1 171.7 162.7 159.2 160.2 159.2 Cumulative Repurchases as % of Shares Outstanding 0.8% 5.6% 12.9% 17.4% 19.2% 18.7% 19.2% Weighted Avg. Adj. Shares 197.5 192.0 177.7 167.8 161.8 160.3 Weighted Avg. Basic Shares 122.8 117.3 104.0 94.1 87.5 85.7 Weighted Avg. Diluted Shares 123.5 118.4 104.4 94.1 87.8 86.0
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16 GAAP Balance Sheet See endnotes at end of this supplement Asse ts ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Cash and cash equivalents $732 $890 $1,071 $982 $820 $400 $685 $701 $873 $724 Cash & securities segregated under regulations & other 41 117 49 57 35 30 32 37 41 47 Securities borrowed 1,929 1,425 1,349 1,188 1,722 1,783 1,919 2,302 2,295 2,780 Securities purchased under agreements to resell 143 23 119 337 1,512 502 793 709 984 1,153 Receivables from broker-dealers & clearing organizations 1,319 1,684 1,027 1,115 738 1,270 900 1,194 1,054 1,858 Receiv ables from customers 104 214 146 81 106 119 125 170 150 189 Trading assets, at fair value 2,766 3,116 4,257 4,631 7,359 6,447 7,329 7,186 7,803 8,721 Property, equipment and capitalized software, net 116 114 90 85 100 97 95 94 91 93 Operating lease right-of-use assets 315 269 225 187 229 213 201 190 175 163 Goodwill 1,149 1,149 1,149 1,149 1,149 1,149 1,149 1,149 1,149 1,149 Intangibles (net of accumulated amortization) 530 454 386 321 258 243 227 215 203 190 Deferred taxes 215 193 159 147 134 128 125 122 135 126 Assets of business held for sale - - - - - - 3 5 5 5 Other assets 253 318 291 304 304 409 342 327 387 350 Total Assets $9,609 $9,966 $10,320 $10,583 $14,466 $12,790 $13,926 $14,401 $15,344 $17,548 Liabilities and Equity ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Short-term borrowings, net $73 $65 $62 $4 - $138 $74 $129 $39 $112 Securities loaned 1,600 948 1,142 1,060 1,329 1,641 1,558 2,109 2,432 2,827 Securities sold under agreements to repurchase 341 461 514 628 1,796 836 1,072 1,046 1,272 1,461 Payables to broker-dealers & clearing organizations 827 876 572 274 1,168 473 841 620 901 775 Payables to customers 90 119 55 47 23 33 59 98 46 67 Trading liabilities, at fair value 2,498 2,924 3,511 4,197 6,071 5,695 6,287 6,335 6,441 8,117 Accounts payable & accrued expenses & other liabilities 399 492 458 448 451 366 424 470 558 493 Operating lease liabilities 365 315 279 239 278 260 248 236 230 216 Tax receivable agreement obligations 269 271 259 239 216 196 196 196 197 176 Long-term borrowings, net 1,918 1,639 1,605 1,796 1,727 1,727 1,738 1,742 1,740 1,741 Liabilities of business held for sale 1 2 1 Total Liabilities $8,380 $8,111 $8,456 $8,932 $13,061 $11,366 $12,497 $12,981 $13,857 $15,987 Equity 1,229 1,855 1,864 1,651 1,405 1,424 1,429 1,419 1,487 1,562 Total Liabilities and Equity $9,609 $9,966 $10,320 $10,583 $14,466 $12,790 $13,926 $14,401 $15,344 $17,548 Invested Capital ($M) As of: 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 Trading Capital 1 $1,604 $2,076 $2,165 $2,180 $1,905 $1,815 $1,923 $1,977 $2,180 $2,147 (-) Cash reserved for operations, taxes payable, and other accrued and unpaid liabilities2 (77) (338) (319) (191) (233) (66) (100) (175) (339) (204) Invested Capital $1,527 $1,738 $1,846 $1,989 $1,672 $1,749 $1,823 $1,802 $1,840 $1,943
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17 GAAP Income Statement See endnotes at end of this supplement FY FY FY FY FY 2 0 2 02 0 2 12 0 2 22 0 2 32 0 2 4 1 Q 2 Q 3 Q 4 Q 1 Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $408 $426 $444 $544 $590 Commissions, net and technology services 601 614 530 456 517 119 126 132 140 151 Interest and dividends income 62 75 159 463 462 106 107 125 124 109 Other, net 83 16 47 74 76 10 33 6 26 (12) Total Revenues $3,239 $2,811 $2,365 $2,293 $2,877 $643 $693 $707 $834 $838 Brokerage, exchange, clearance fees and payments for order flow, net 759 745 619 508 674 140 151 177 207 222 Communications and data processing 214 212 220 231 236 58 59 60 59 60 Employee compensation and payroll taxes 394 376 391 394 435 101 106 108 121 119 Interest and dividends expense 126 140 231 500 529 126 124 136 143 131 Operations and administrative 95 88 86 99 97 22 22 25 28 22 Depreciation and amortization 67 68 66 63 66 16 16 16 17 16 Amortization of purchased intangibles and acquired capitalized software 74 70 65 64 50 15 12 12 12 12 Termination of office leases 10 28 7 0 16 0 0 0 16 0 Debt issue cost related to debt refinancing and prepayment 29 7 30 8 29 2 24 2 2 2 Transaction fees and expenses 3 1 1 0 0 0 0 0 0 0 Financing interest expense 88 80 92 99 98 23 23 24 27 30 Total Operating Expenses $1,856 $1,815 $1,808 $1,968 $2,232 $503 $538 $560 $632 $614 Income (Loss) Before income taxes $1,383 $997 $557 $325 $645 $140 $155 $147 $203 $224 Provision for income taxes (benefit) 262 170 88 61 110 29 27 28 27 34 Net Income (Loss) $1,121 $827 $468 $264 $535 $111 $128 $119 $176 $190 Income Statement ($M) FY 2025 Annual Quarterly FY 2024
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18 Adjusted Net Trading Income $975 $784 $669 $362 $456 $2,271 $724 Adjusted EBITDA & Normalized Adjusted EPS See endnotes at end of this supplement FY FY FY FY FY 2 0 2 02 0 2 12 0 2 22 0 2 32 0 2 4 1 Q 2 Q 3 Q 4 Q 1 Q Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $367 $385 $388 $458 $497 FY FY FY FY FY 2 0 2 02 0 2 12 0 2 22 0 2 32 0 2 4 1 Q 2 Q 3 Q 4 Q 1 Q Income (Loss) Before income taxes $1,383 $997 $557 $325 $645 $140 $155 $147 $203 $224 (+) Financing interest expense 88 80 92 99 98 23 23 24 27 30 (+) Debt issue cost related to debt refinancing and prepayment 29 7 30 8 29 2 24 2 2 2 (+) Depreciation and amortization 67 68 66 63 66 16 16 16 17 16 (+) Amortization of purchased intangibles and acquired capitalized software 74 70 65 64 50 15 12 12 12 12 EBITDA $1,640 $1,221 $810 $560 $889 $196 $231 $202 $260 $283 EBITDA Margin1 72% 64% 55% 46% 56% 53% 60% 52% 57% 57% (+) Severance 10 6 8 9 8 1 1 1 4 2 (+) Transaction fees and expenses 3 1 1 0 0 0 0 0 0 0 (+) Termination of office leases 10 28 7 0 16 0 0 0 16 0 (+) Share-based compensation 60 56 67 64 75 15 18 18 25 22 (+) Other (75) (11) (34) (66) (70) (9) (33) (6) (21) 13 Adjusted EBITDA $1,648 $1,301 $859 $568 $919 $203 $218 $215 $284 $320 Adjusted EBITDA Margin 2 73% 68% 59% 47% 58% 55% 56% 55% 62% 64% (-) Financing interest expense 88 80 92 99 98 23 23 24 27 30 (-) Depreciation and amortization 67 68 66 63 66 16 16 16 17 16 Normalized Adjus ted Pre-Tax Income $1,494 $1,153 $701 $405 $755 $164 $178 $174 $240 $274 (-) Normalized provision for income taxes 358 277 168 97 181 39 43 42 58 66 Normalized Adjusted Net Income $1,135 $876 $533 $308 $574 $124 $135 $132 $182 $208 Weighted average fully diluted shares outstanding 197 192 178 168 162 163 162 162 160 160 Normalized Adjus ted EPS $5.76 $4.57 $3.00 $1.84 $3.55 $0.76 $0.83 $0.82 $1.14 $1.30 Adj. EBITDA / Adj. EPS ($M) Income Statement ($M) FY 2025 FY 2025 FY 2024 FY 2024 Annual Quarterly
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19 Adjusted Net Trading Income Reconciliation Operating Segments See endnotes at end of this supplement 2024 2024 2024 2024 2025 1Q 2Q 3Q 4Q 1Q Trading income, net $2,493 $2,105 $1,629 $1,301 $1,822 $408 $426 $444 $544 $590 Commissions, net and technology services 601 614 530 456 517 119 126 132 140 151 Brokerage, exchange, clearance fees and payment for order flow, net (759) (745) (619) (508) (674) (140) (151) (177) (207) (222) Interest and dividends, net (64) (64) (72) (38) (67) (20) (17) (11) (20) (22) Adjusted Net Trading Income $2,271 $1,910 $1,468 $1,211 $1,598 $367 $385 $388 $458 $497 Annual Quarterly FY 2020 FY 2021 FY 2022 FY 2023 Adjusted Net Trading Income Reconciliation ($M) FY 2024 2024 2024 2024 2024 2025 1Q 2Q 3Q 4Q 1Q Trading income, net $2,455 $2,080 $1,608 $1,284 $1,799 $404 $420 $440 $535 $583 Commissions, net and technology services 52 41 42 30 42 7 9 13 13 17 Brokerage, exchange, clearance fees and payment for order flow, net (663) (635) (525) (421) (573) (116) (126) (152) (179) (194) Interest and dividends, net (62) (58) (67) (46) (73) (21) (18) (13) (21) (24) Adjusted Net Trading Income $1,782 $1,428 $1,058 $847 $1,195 $274 $286 $288 $348 $382 2024 2024 2024 2024 2025 1Q 2Q 3Q 4Q 1Q Trading income, net $38 $26 $21 $18 $23 $4 $6 $4 $9 $7 Commissions, net and technology services 548 574 488 426 474 111 117 119 127 134 Brokerage, exchange, clearance fees and payment for order flow, net (96) (111) (94) (88) (101) (24) (25) (24) (28) (28) Interest and dividends, net (1) (6) (5) 8 6 1 1 2 1 1 Adjusted Net Trading Income $489 $482 $409 $364 $403 $93 $100 $100 $110 $115 FY 2022 Execution Services Adjusted Net Trading Income Reconciliation ($M) Market Making Adjusted Net Trading Income Reconciliation ($M) Annual FY 2023 FY 2020 FY 2021 FY 2022 FY 2023 Quarterly Annual Quarterly FY 2020 FY 2021 FY 2024 FY 2024
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20 Adjusted Net Trading Income Reconciliation Organic Growth Initiatives See endnotes at end of this supplement 2024 2024 2024 2024 2025 1Q 2Q 3Q 4Q 1Q Trading income, net $241 $144 $180 $184 $291 $88 $62 $64 $76 $82 Commissions, net and technology services 24 38 29 19 29 5 8 8 8 8 Brokerage, exchange, clearance fees and payment for order flow, net (88) (32) (30) (43) (82) (20) (19) (21) (22) (25) Interest and dividends, net (15) (15) (26) (36) (41) (13) (9) (10) (9) (10) Adjusted Net Trading Income $162 $136 $153 $124 $197 $61 $42 $40 $53 $55 Organic Growth Initiatives Adjusted Net Trading Income Reconciliation ($M) FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Annual Quarterly
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21 Adjusted Operating Expense Reconciliation See endnotes at end of this supplement Adjusted Operating Expenses Reconciliation FY FY FY FY FY ($M) 2020 2021 2022 2023 2024 1Q 2Q 3Q 4Q 1Q Employee compensation and payroll taxes $394 $376 $391 $394 $435 $101 $106 $108 $121 $119 (-) Cash Compensation Adjustments1 (72) (62) (76) (74) (84) (17) (19) (19) (29) (24) Adj. Cash Compensation $321 $314 $315 $320 $351 $84 $86 $89 $92 $95 Communications and data processing $214 $212 $220 $231 $236 $58 $59 $60 $59 $60 (-) Communications & Data Processing Adjustments 2 - - - - - - - - - - Adj. Communications & Data Processing $214 $212 $220 $231 $236 $58 $59 $60 $59 $60 Operations and administrative $95 $88 $86 $99 $97 $22 $22 $25 $28 $22 (-) Operations & Administrative Adjustments3 (6) (6) (12) (7) (6) (1) (0) (0) (5) (0) Adj. Operations & Administrative $88 $83 $74 $92 $91 $22 $22 $25 $23 $22 Adjusted Cash Operating Expenses $623 $609 $609 $643 $679 $164 $168 $173 $174 $177 Depreciation and amortization $67 $68 $66 $63 $66 $16 $16 $16 $17 $16 Total Adjusted Operating Expenses $690 $677 $675 $706 $745 $180 $184 $190 $191 $193 Annual Quarterly FY 2025FY 2024
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22 Disclaimer Cautionary Statement Regarding Forward Looking Statements This presentation may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumpti ons or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients and various clea ring houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short term funding requ irements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of SEC proposals under the prior administration focused on equity ma rkets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory ob ligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and other potential changes associated with our industry, particularl y in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally an d payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. GAAP and Non-GAAP Results This presentation includes or may include certain non-GAAP financial measures, including Adjusted EPS, Normalized Adjusted EPS, Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Pre-Tax Income, EBITDA, Adjusted EBITDA, EBITDA Margin, Adjusted EBITDA Margin, Trading Capital, Invested Capital, Adjusted Operating Expense and Adjusted Compensation Expense. Non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Other companies may use similarly titled non -GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measure. Non-GAAP financial measures have limitations as analytical tools, and should not be considered in isolation, or as a substitute for our results as reported under GAAP. A reconciliation of non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP is included at the end of this presentation.
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23 Slide 2 Performance Highlights 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. 3. Shares repurchased calculated on a settlement date basis. 4. Percentage of shares repurchased, net of issuances, is ca lculated compared to shares outstanding on 9/30/2020 (Share Repurcha se Program was incepted in November 2020). Note: # of trading days used in Virtu's daily performance calculations: 61, 63, 64, 63, and 60 for 1Q 2024, 2Q 2024, 3Q 2024, 4Q 2024, and 1Q 2025, respectively. Slide 3 Key Financial Metrics 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Note: # of trading days used in Virtu's daily performance calculations: 253, 252, 251, 250, 250.5, 61, 63, 64, 63, and 60 for FY 2020, FY 2021, FY 2022, FY 2023, FY 2024, 1Q 2024, 2Q 2024, 3Q 2024, 4Q 2024, and 1Q 2025, respectively. Slide 4 Major Market Metrics 1. Rule 605 volumes reflect information contained within reports publicly available on Virtu’s website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting. Note that 1Q 2025 Rule 605 metrics exclude March 2025, which was not publicly available at the time of posting. Slide 6 Virtu Rule 605 Executed Shares 1. CAGR measures the annually-compounded growth rate of Virtu Rule 605 Daily Average Executed Shares over the 7.1-year period from January 2018 to February 2025. Note: Rule 605 volumes reflect information contained within reports publicly available on Virtu’s website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting. Slide 7 Virtu Rule 605 Dollar Value of Quoted Spreads Note: Rule 605 volumes reflect information contained within reports publicly available on Virtu’s website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting. End Notes These notes refer to metrics and/or defined terms presented on: *Beginning with 4Q 2024, days on which US equities exchanges close early or are otherwise operating for less than a full tradin g day are treated as half-days. Trading days during and average daily results pertaining to prior periods have not been restated as the impact of the change is immaterial.
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24 Slide 8 Virtu Growth Perspective 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Adj. EBITDA CAGR measures the annually-compounded growth rate of annual Adjusted EBITDA over the 9.25-year period from FY 2015 to LTM 1Q 2025. 3. ANTI CAGR measures the annually-compounded growth rate of daily average ANTI over the 9.25-year period from FY 2015 to 1Q 2025. 4. Rule 605 volumes reflect information contained within reports publicly available on Virtu’s website: https://www.virtu.com/about/transparency/rule-605-and-606-reporting. Note that 1Q 2025 Rule 605 metrics exclude March 2025, which was not publicly available at the time of posting. Slide 9 Virtu Long Term Catalysts to Drive Value 1. This reflects a non-GAAP measure. Ranges shown for illustrative purposes only and are not meant to reflect actual performance and therefore no quantitative reconciliation of illustrative daily or full year ANTI is provided in accordance with applicable exception under Regulation S-K. Assumes 250 trading days in a year. 2. Adjusted EPS calculated as illustrative Full Year ANTI specified in corresponding row less “normalized” Adjusted Cash Compensation (see below) less FY 2024 Adjusted Communications & Data Processing expense ($236M) less FY 2024 Adjusted Operations & Administrative expense ($91M) less FY 2024 Depreciation & Amortization ($66M) less 1Q 2025 Annualized Financing Interest expense ($120M) less Normalized Provision for Income Taxes (see below) divided by 1Q 2025 Weighted Average Fully Diluted Shares Outstanding (160M). • “Normalized” Adjusted Cash Compensation is scaled based on illustrative ANTI, beginning at $340M at $5M per day of ANTI, and increasing by $10M for each incremental $1M per day of ANTI, ending at $400M at $11M per day of ANTI. • Normalized Provision for Income Taxes equal to illustrative Full Year ANTI specified in corresponding row less “normalized” Adjusted Cash Compensation less FY 2024 Adjusted Communications & Data Processing expense less FY 2024 Adjusted Operations & Administrative expense less FY 2024 Depreciation & Amortization less 1Q 2025 Annualized Financing Interest expense multiplied by normalized income tax rate of 24%. • Adjusted Cash Compensation, Adjusted Communications & Data Processing expense, and Adjusted Operations & Administrative expense reflect non-GAAP measures. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financialsand filings/quarterly results/default.aspx. 3. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials and filings/quarterly results/default.aspx. 4. Ranges shown for illustrative purposes only and reflect Virtu management estimates and therefore no quantitative reconciliati on of illustrative target available for buybacks is provided in accordance with applicable exception under Regulation S-K. 5. “Adj. EPS after 3 Year Buyback Period” is calculated using the same methodology as Adjusted EPS (see note 2 above) but uses 1 Q 2025 Weighted Average Fully Diluted Shares Outstanding less net buybacks after 3-year period for each corresponding row. • Net buybacks after 3-year period for each corresponding row is calculated as the midpoint of “Target Available for Buybacks Annually” in corresponding row divided by average 1Q 2025 VIRT closing share price ($37.20) less 2 million shares of assumed annual issuances multiplied by three years. 6. Calculated as the percentage difference between shares outstanding on 9/30/2020 and shares outstanding on 3/31/2025. End Notes These notes refer to metrics and/or defined terms presented on:
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25 Slide 10 Analysis at Various Levels of ANTI 1. This reflects a non-GAAP measure. Ranges shown for illustrative purposes only and are not meant to reflect actual performance and therefore no quantitative reconciliation of illustrative daily or full year measures is provided in accordance with applicable exception under Regulation S-K. Assumes 250 trading days in a year. 2. Adjusted EBITDA calculated as illustrative Full Year ANTI specified in corresponding row less “normalized” Cash Operating Expenses (see below). Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by illustrative Full Year ANTI specified in corresponding row. • “Normalized” Cash Operating Expenses is equal to FY 2024 Adj. Communications & Data Processing and Adj. Operations & Administrative expenses ($328M) plus “normalized” Adjusted Cash Compensation, which is scaled based on illustrative ANTI, beginning at $340M at $5M per day of ANTI, and increasing by $10M for each incremental $1M per day of ANTI, ending at $400M at $11M per day of ANTI. 3. Adjusted EPS calculated as Adjusted EBITDA less FY 2024 Depreciation & Amortization ($66M) less 1Q 2025 Annualized Financing Interest expense ($120M) less Normalized Provision for Income Taxes (24%) divided by 1Q 2025 Weighted Average Fully Diluted Shares Outstanding (160M). 4. Ranges shown for illustrative purposes only and reflect Virtu management estimates and therefore no quantitative reconciliati on of illustrative target available for buybacks is provided in accordance with applicable exception under Regulation S-K. Slide 11 Capital Management 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Weighted average fully diluted shares assumes that (1) holders of all vested and unvested non-voting common interest units in Virtu Financial (“Virtu Financial Units”) (together with corresponding shares of the Company's Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) haveexercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all non-voting Virtu Financial Units (together with corresponding shares of the Company's Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan and the Amended and Restated ITG 2007 Equity Plan as well as warrants issued in connection with the Founder Member Loan Facility (as defined in Virtu’s Annual Report on Form 10-K). 3. Shares repurchased calculated on a settlement date basis. 4. For periods post-ITG acquisition, LTM Invested Capital is calculated as the average of beginning-of-period and end-of-period Invested Capital. For periods pre-ITG acquisition, LTM Invested Capital is calculated as end-of-period Invested Capital. Invested Capital is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 5. For periods pre-ITG acquisition, LTM ANTI includes ITG results adjusted for consistency with Virtu reporting. ANTI is a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 6. Return on Invested Capital (ROIC) is calculated as LTM ANTI divided by LTM Invested Capital. NOTE: ROIC has been calculated as LTM Adjusted EBITDA divided by LTM Invested Capital on previous earnings supplements and other presentations. Please refer to the end notes on those respective presentations for details on previous calculations. End Notes These notes refer to metrics and/or defined terms presented on:
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26 End Notes Slide 12 Update on Share Buybacks 1. Shares repurchased calculated on a settlement date basis. 2. Percentage of Shares Outstanding is calculated net of share issuances, and is calculated compared to shares outstanding on 9/ 30/2020 (Share Repurchase Program was incepted in November 2020). Slide 13 Operating Expenses and Long-Term Debt 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Interest Expense includes a floor on SOFR of 0%. 3. Virtu entered into a fixed-for-floating interest rate swap ending November 2025. 4. 3.5 billion JPY. 5. Blended rate. Slide 15 Organic Business Growth 1. This reflects a non-GAAP measure. Please refer to slides at the end of this presentation for reconciliation to the equivalent GAAP measure. Prior period reconciliations available: https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. Note: # of trading days used in Virtu's daily performance calculations: 251, 252, 253, 252, 251, 250, 250.5, 61, 63, 64, 63, an d 60 for FY 2018, FY 2019, FY 2020, FY 2021, FY 2022, FY 2023, FY 2024, 1Q 2024, 2Q 2024, 3Q 2024, 4Q 2024, and 1Q 2025, respectively. Note: The computation of adjusted net trading income derived from organic growth initiatives requires the application of judgment. These computations are reviewed periodically for methodological consistency and accuracy, which may result from time to time in adjustments to previously published figures. Slide 16 Share Count Roll Forward Note: Assumes that (1) holders of all vested and unvested non-voting Virtu Financial Units (together with corresponding shares of the Company's Class C Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) hol ders of all non-voting Virtu Financial Units (together with corresponding shares of the Company's Class D Common Stock) have exercised their right to exchange such Virtu Financial Units for shares of the Company's Class B Common Stock on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Does not include diluted shares (e.g. options, warrants), and reflects shares outstanding at a prior poin t in time or projected to be outstanding as of a future point in time, as opposed to a weighted average over a period. These notes refer to metrics and/or defined terms presented on:
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27 End Notes Slide 17 GAAP Balance Sheet 1. This reflects a non-GAAP measure, and it reflects the assets bracketed above less the liabilities bracketed above. Trading Capital at 3/31/24, 6/30/24, 9/30/24, 12/31/24, and 3/31/25 also include digital assets with a fair value of $80M, $30M, $15M, $111M, and $33M, respectively – which are reported in Other Assets. Prior period reconciliations available at https://ir.virtu.com/financials-and-filings/quarterly-results/default.aspx. 2. Comprises cash anticipated to be used in the operations of the business, including cash anticipated to be paid to satisfy tax and compensation liabilities, payments of debt pursuant to debt covenants, as well as dividends and other distributions to equity owners. Slide 19 Adjusted EBITDA & Normalized Adjusted EPS 1. EBITDA Margin is calculated as EBITDA divided by Adjusted Net Trading Income. 2. Adj. EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Trading Income. Slide 22 Adjusted Operating Expense Reconciliation 1. Includes severance, share-based compensation, one-time com pensation-related COVID-19 expenses, and one-time compensation expenses related to RFQ Hub transaction. 2. Includes connectivity early termination expenses. 3. Includes write-down of assets, reserve for legal matters, and one-time operations & administrative-related COVID-19 expenses (e.g. donations). These notes refer to metrics and/or defined terms presented on: