2025 Letter to Shareholders

2025 was a landmark year for ICE. We delivered record adjusted earnings per share² of $6.95, a 14% increase year-over-year, marking the best performance in our company’s history. Net revenues¹ totaled $9.9 billion, up 7% year-over-year, reflecting balanced growth across both recurring and transaction-based revenue streams as customers increasingly relied on our mission-critical platforms.

• In our Exchanges segment, net revenues¹ reached a record $5.4 billion, driven by record activity across our global energy and interest rate complexes, along with continued growth in exchange data services and listings.
• In our Fixed Income and Data Services segment, revenues totaled $2.4 billion, led by record recurring revenues across pricing and reference data, index solutions and data & network technology. ETF assets under management benchmarked to ICE indices ended the year at a record $794 billion, up over 20% versus 2024.
• In our Mortgage Technology segment, revenues totaled $2.1 billion. We further advanced the integration of Black Knight®, accelerating expense and revenues synergies and pairing that progress with continued investment in automation and workflow modernization.

On a consolidated basis, adjusted operating income² was a record $6.0 billion, up 10% year-over-year. Adjusted free cash flow² was a record $4.2 billion, which enabled us to return $2.4 billion to stockholders – including $1.3 billion in share repurchases–raise our dividend by 6% and reduce leverage over the course of the year.

As we move into 2026, we remain focused on reinvesting in our technology and infrastructure, strengthening our balance sheet and returning capital to stockholders – an approach consistent with the long-term discipline that has guided ICE since its founding. This same focus shapes our priorities across each segment: enhancing liquidity and transparency in Exchanges, scaling data and network capabilities in Fixed Income and Data Services and accelerating workflow automation in Mortgage Technology.

ICE’s Exchanges segment demonstrates the durability of trusted, neutral infrastructure at global scale. By anchoring price discovery in deep liquid benchmarks and connecting participants across asset classes and geographies, our markets provide consistent access to liquidity and transparent signals that customers rely on in all conditions.

Geopolitics continue to reshape global supply chains, altering the way energy moves around the world and increasing the need for risk management. These cross-currents – combined with uneven growth across major economies–helped drive record volumes across ICE’s benchmark commodity, energy and interest rate markets, underscoring the trust that clients place in our deeply liquid trading venues and the critical role our markets play in navigating uncertainty.

In energy, Asia’s rapid industrialization remains a key driver of demand, while the expansion of AI and data centers – given their intensive need for power, heating and cooling – is becoming increasingly significant. Our global energy benchmarks, including Brent, Gasoil and TTF, serve as reference points that underpin thousands of related contracts, providing price transparency across geographies and delivering the precision customers require as trade flows evolve.

In oil, ICE operates one of the most liquid futures benchmarks across every major producing region in the world. Record trading volumes were supported by ongoing uncertainty around supply and demand fundamentals, including geopolitical risk and sanctions impacts from events in Ukraine, the Middle East and surrounding regions. Brent, the cornerstone of our global oil complex, achieved record revenues and volumes, while ICE Gasoil continued to serve as one of the most liquid middle distillate benchmarks. In the U.S., Houston remains the hub for Midland-quality WTI exports and our Midland WTI contract continued to scale alongside this shift in crude flows.

Across our natural gas complex, record traded volumes reflect the ongoing globalization of these markets. ICE’s TTF benchmark – now central to global gas price formation–had another record year, surpassing 100 million contracts, while JKM LNG (Platts) futures, which trade as a basis to TTF, also set new annual records. Reflecting clients’ need for continuous access to global price signals, ICE is preparing to extend trading hours in its European Gas and Power futures and options in TTF, NBP and German Power to align ICE’s Henry Hub and JKM markets, enabling more seamless round-theclock risk management.

As energy production and consumption evolve, our environmental markets continued to serve as the world’s largest and most liquid venue for pricing emissions, with notional value exceeding $1 trillion for the fifth consecutive year.

In interest rates, an active monetary policy backdrop resulted in record activity across our Euribor and SONIA contracts, the most liquid benchmarks for European and U.K. interest rate risk. Euribor open interest ended the year 40% higher, reflecting heightened hedging demand and the central role these markets play in managing rate volatility.

The New York Stock Exchange® similarly had a record year for equities and options trading. While only ~40% of global IPOs met our rigorous listing standards, the NYSE facilitated $25 billion in new IPO capital formation, including 7 of the top 10 IPOs with namesl ike Klarna Group, Figma, Circle Internet Group and Bullish.

Reliable data, transparent pricing and secure connectivity form the backbone of modern fixed income workflows. ICE provides this foundation by delivering high-quality analytics and resilient network infrastructure that support how institutions price assets, access markets and operate at scale.

Fixed income markets are undergoing significant transformation as electronification, demand for new data sources and the rise of AI broaden participation and enhance efficiency.

ICE’s proprietary data sets and analytics continue to support this shift, providing critical inputs for alpha-generation strategies and underpinning core valuation, risk and workflow processes used by institutions around the world. This combination of high-quality data and governed delivery remains a key differentiator as our customers modernize their fixed income technology stacks.

In 2025, record revenues were driven by our pricing and reference data business and our index franchise ended the year with a record $794 billion in ETF assets under management tracking ICE indices, more than 20% higher versus last year.

Our fixed income execution and clearing businesses had a record year as well. ICE Bonds achieved record volumes in corporate and municipal bond trading, while mortgage-backed securities activity doubled following enhancements to our execution protocols. In the CDS market, ICE Clear Credit® processed record notional volumes in USD-denominated Index CDS. We also advanced the evolution of U.S. fixed income infrastructure with the introduction of ICE’s new U.S. Treasury clearing service, which will expand competition to the U.S. Treasury cash and repo markets in compliance with SEC rules.

Rising trading activity and the expansion of model driven workflows continued to increase demand for low latency connectivity and compute capacity. Since 2020, we have more than doubled colocation capacity at our Mahwah, New Jersey data center, underscoring our long term commitment to supporting clients’ needs for speed and resiliency. As AI adoption accelerates, these capabilities are becoming even more essential.

To support customers integrating AI into decision making, ICE is applying its data science expertise and experience with complex, unstructured datasets to broaden the distribution of alternative data signals. Through partnerships with Polymarket, Reddit and Dow Jones, we are developing fit for purpose sentiment and signal datasets that are mapped to securities and delivered in formats easily consumed across trading, risk and research workflows. Our firm-wide artificial intelligence initiative, or ICE Aurora platform, further enhances these capabilities by offering secure, governed access to proprietary data while enabling pricing, automated validation and decision ready analytics.

Modernizing complex, highly regulated workflows has always been central to how ICE builds and operates its platforms. In the mortgage market – one of the largest and most traditionally analog areas of U.S. finance – we bring that same discipline to standardizing data, embedding compliance and linking workflows across the full life of a loan. Just as our fixed income business converts market data into workflow intelligence, our mortgage segment applies these capabilities to consumer credit, enabling lenders and servicers to replace manual processes with secure, scalable automation.

Throughout 2025, customers increasingly relied on ICE to boost productivity, reduce origination costs and scale efficiently as the housing market showed signs of improvement. A central driver of this progress is the introduction of AI-enabled workflow agents, built on our ICE Aurora platform and integrated into systems of record like Encompass® and MSP®. These agents automate multistep workflows, shift operations toward exception-based processing and maintain the compliance rigor required in a market where error tolerance is near zero. Their application is already improving loan quality, strengthening borrower communication and shortening cycle times across both origination and servicing.

Customer adoption reflected this momentum. In 2025, we signed 90 new Encompass clients, including 32 in the fourth quarter and several new MSP customers, with strong cross-sell activity into existing Encompass relationships. These wins reinforce the value of a unified data model and integrated workflow across origination and servicing, as well as the demand for modern, AI-ready infrastructure capable of scaling without proportional increases in staffing.

Our mortgage data and analytics capabilities also continued to advance transparency across the $12 trillion mortgage-backed securities market. By improving access to high-quality loan-level data and enhancing insights into prepayment behavior and performance, we help investors assess risk with greater precision. These improvements support better pricing, more efficient capital allocation and healthier liquidity across the housing finance ecosystem which are benefits that ultimately help lower borrowing costs for consumers.

As markets continue to evolve, we remain focused on executing our playbook: investing in technology where it drives efficiency, expanding our networks where they create connectivity and allocating capital with discipline.

The secular trends shaping our industries – digitization, data proliferation, automation and regulatory evolution – present durable opportunities. With a diversified platform, a strong base of recurring revenue and a proven operating model, we believe ICE is well positioned to deliver continued performance and stockholder value through cycles.

I want to thank our customers for their partnership and trust and my colleagues at ICE for their dedication. Their work powered another record year and strengthens the foundation for our next stage of growth.