Nasdaq Inc at Goldman Sachs U.S. Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. And I don't want to steal any thunder from the Investor Day coming up. But I do want to talk about AI for a couple of minutes here. So the way you described it, it's a bit of a 2-track strategy, both in products as well as on the business. So maybe we can unpack both of them separately. On the product side, maybe talk about how you think about greater AI utilization could impact that 8% to 11% revenue growth within Solutions. Where do you see the biggest opportunities to accelerate revenue growth on the back of AI and just the wider adoption there?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : And to be clear, a lot of this has been rolled out in a free, no-cost trial phase and you're saying that's going to become a revenue opportunity over time that?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. Got it. Interesting. Okay. And what about on the business side of things. So obviously, I'd imagine some of this is going to be used internally as well to make you guys also more efficient and produce savings that could be either redeployed or let that drop down to the bottom line. So any way to frame and quantify what that looks like and how much in savings you guys are seeing in the business today from some of the AI initiatives?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Great. Let's pivot to another import topic. I do want to spend a couple of minutes on tokenization and stablecoins. It's come up in almost every discussion, whether it's relevant or not for whatever it's worth. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:00PM, NDAQ.OQ - Nasdaq Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : For you guys, actually it is quite relevant, so let's talk about it. So you guys -- I guess two-part questions. First, I would love to get your perspective on just the evolution of the digital asset ecosystem and the role in Nasdaq would play in that, including how do you see the commercial model for some of the traditional venues evolving? And then more specifically, maybe you can hit also on the filing you guys did with the SEC to enable trading of tokenized equities and ETFs and how is that progressing?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Away from the trading side, Calypso is another area where you guys are spending time on that. So maybe it's worthwhile just touching on that as well. I guess, Calypso is being enhanced to integrate on chain capabilities for some of the more dynamic collateral mobility across different asset classes. How could tokenization reshape collateral management revenue pool for Nasdaq over time there? And at the same time, you could envision a scenario where there will be just less need for collateral in the ecosystem if things become more efficient. Why is that not then a negative potentially for that business? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:00PM, NDAQ.OQ - Nasdaq Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Understood. Okay. Another area of innovation has been around 24-hour trading. Nasdaq aims to launch 24-hour trading on Nasdaq markets in, I think, second half of 2026, if I'm not mistaken.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : So really looking to broaden the global investor access, I think Asia in particular, is a focus there for you guys. How are these plans progressing? Is that still thetime line? And maybe you can help us frame potential revenue uplift, both on the trading side, but also knock-on effect on data and connectivity that might have on your franchise? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:00PM, NDAQ.OQ - Nasdaq Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. That's great. Now we'll stay tuned for that. Okay. Let's turn to page 2, a couple of other businesses. I'd love to talk to you about REgTech and Capital Markets stack. We could probably combine them. But if you would like to break it up, we could do that as well. Despite some of the headwinds from slower sales cycles, really in the beginning of the year, there was a Liberation Day disruption. Implementation revenues early in the year created some tough comp dynamics as well for really both of these businesses. But the reality, it's still growing 9% to 10% year to date. So really nice results. Maybe unpack the sources of growth between new sales and pricing increases, do you think price was part of that growth? And more importantly, what are some of the leading indicators on how we should think about '26 revenue outlook for both of them?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : I got you. Yeah. No, I guess, a change in regulation, either direction probably prompts more --

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah, I hear you. All right. And in financial crime, Verafin, that was one of the points you made in the beginning of our conversation as far as like businesses that are showing lots of momentum into 2026. You've clearly made very good progress there, going upmarket to Tier 1,

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. It sounds like it's, yeah, progressing really nicely. So I'm going a little bit of a sorter here. So I want to talk about index, which is actually, I think, was one of the first things you started with when you talked about 2026. So also lots of nice momentum. And the thing that stood out to us is 93 new launches year-to-date and really grown the proportion of inflows from non-NDX products. That's been important. So how much of the index revenue base is non-NDX today? I don't know if you can help us frame that a bit? And where do you see, I guess, the evolution of that non-core part of the business evolving over the next few years?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. Sounds great. Okay. Pivoting a little bit to the some of the cyclical things. One of the things we talked a bunch about over the course of what's today is obviously a much healthy IPO environment. You guys probably have a couple of things to say about that. But talk to us a little bit about what that looks like what your pipelines look like. Obviously, not all of that translated into revenues immediately. But hopefully, we turned the corner on the pace of growth in your listings business in general. So what does that outlook look like for you for '26?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Great. All right. A couple of minutes on the clock. I would love to get your perspective on capital management. So a little more CFO-related questions as well here. Deleveraging has been a really important part of the story. You guys have done a great job with that. I think you're basically at your target of around 3 times, so nice progress there. What are your expectations for share repurchases now that you probably are close to, if not where you want to be from a leverage perspective, buybacks over the next 12 to 18 months, how are you thinking about the capital allocation generally?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Got it. Okay. Well, I think we're at time. So I think we'll leave it there. Sarah, thank you so much. Really appreciate you making the time to be with us today. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 6:00PM, NDAQ.OQ - Nasdaq Inc at Goldman Sachs U.S. Financial Services Conference