Nasdaq (NDAQ) investor relations material

Opening remarks and agenda

• The meeting was convened virtually, ensuring shareholders had equal participation rights as in-person meetings.

• Procedures for technical issues and meeting adjournment were outlined, with instructions for assistance provided.

• The agenda included three matters for shareholder consideration, with time allocated for Q&A.

Board and executive committee updates

• Board members, including the Lead Independent Director, and key executives such as the CFO and Chief Legal Officer, were present.

• Representatives from the independent auditor and Inspector of Election attended and were available for questions.

Financial performance review

• Achieved record performance in 2025, surpassing $5 billion in annual revenue and $4 billion in solutions revenue.

• Delivered a 56% non-GAAP operating margin, $2.2 billion in free cash flow, and 109% free cash flow conversion.

• Returned $616 million in share repurchases and $601 million in dividends to shareholders in 2025.

• Capital Access Platforms division saw 10% revenue growth, with record IPO proceeds and listing transfers.

• Financial Technology division posted 11% revenue growth and 12% ARR growth, serving over 3,800 clients.

• Market Services division achieved record net revenues for U.S. equities and options, with 17% growth.