Intercontinental Exchange (ICE) Investor presentation summary

Business model and growth

• Global digital networks span futures, equities, fixed income, data and U.S. residential mortgages, combining technology, data services and operating expertise to improve transparency and customer efficiency.

• TTM metrics: $10.9B total revenue, 49% recurring revenue, 62% adjusted operating margin and ~$4.7B adjusted FCF.

• Adjusted EPS grew for 20 consecutive years through 2025; 2006–2025 CAGR was 15%.

• 2020–2025 CAGRs: net revenue 10%, adjusted EPS 10% and adjusted FCF 12%; 2025 adjusted operating margin was 60%.

MarketAxess acquisition

• Agreement to acquire MarketAxess for $167/share in cash; ~$6.0B equity value and ~$5.7B enterprise value.

• Transaction combines an institutional credit network with retail and wealth distribution, benchmark data, indices and clearing to create a connected fixed income network.

• Expected to be adjusted EPS-accretive in the first full year; targets $100M run-rate cost synergies and ~3.4x gross leverage at close, falling to 3.0x or below within 18–24 months.

• Closing is expected in Q1 2027, subject to regulatory approvals and customary conditions.

Segment portfolio

• Exchanges represent 56% of TTM revenue; revenue mix includes energy futures 41%, NYSE cash equities and options 8%, listings 8% and data/connectivity services 18%.

• Energy revenue reached $2.483B for 3Q26 TTM, up at a 16% CAGR from 3Q21 TTM; average daily volume grew at a 12% CAGR over the same period.

• Fixed Income & Data Services is 24% of TTM revenue; 80% of segment revenue is recurring, and annual subscription value grew 8% YoY in constant currency at 3Q26.

• Mortgage Technology is 20% of TTM revenue; mix includes servicing software 41%, origination technology 35%, data and analytics 13% and closing solutions 11%.