2025 Letter to Shareholders

For over 25 years, ICE® has been built around a simple principle: markets function best when their technology is trusted, neutral and engineered to perform in all environments. In 2025, that model once again proved its resilience.

Across global markets, our customers navigated geopolitical tensions, shifting monetary policy, evolving regulatory frameworks and rapid technological change. Through each of these dynamics, they turned to ICE's mission-critical networks to manage risk, allocate capital and access trusted data.

The past year has been the most active in ICE's history, with record volumes across our global derivatives, fixed income and NYSE® equity and options markets. Performance was broad based across our multi asset, geographically diverse platforms, underscoring the depth of liquidity and participation our technology is built to support.

From the outset, we have built technology that scales with customer needs - bringing together deep liquidity, global participation and transparent price discovery within a single, connected marketplace. That entrepreneurial spirit remains evident today as we extract market signals from unstructured data, refine trading protocols in fixed income and drive efficiency across the mortgage workflow.

As secular forces reshape global markets, our focus remains the same: operate trusted, resilient infrastructure and invest in capabilities that strengthen market transparency, efficiency and connectivity. This consistent strategy has enabled us to grow across business cycles and positions ICE for durable, long term compounding performance. It is this combination of stability and continuous innovation that allows our platforms to keep pace with our customer's needs as the market structure around them evolves.

With the remainder of this letter, I'd like to highlight several themes that defined 2025 and will help guide the next phase of our evolution.

2025 Letter to Shareholders

Consolidated Financial Results

2025 was a landmark year for ICE. We delivered record adjusted earnings per share²of $6.95, a 14% increase year-over-year, marking the best performance in our company's history. Net revenues¹totaled $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 revenues¹reached 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 flow²was 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.

Exchanges: Connecting Global Markets and Managing Risk

Fixed Income: Digitizing Workflows and Scaling Data Networks

Mortgages: Modernizing the Housing Finance Lifecycle

Looking Forward

My best,

Jeffrey C. Sprecher
Founder, Chair & CEO, Intercontinental Exchange
March 31, 2026

¹Net of transaction-based expenses.

²Adjusted figures represent non-GAAP measures. Please refer to ICE's 2025 Form 10-K filed on February 5, 2026, and our earnings supplements for reconciliations to the equivalent GAAP measures.