Nasdaq Inc at UBS Global Technology and AI Conference Transcript

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

Question: Alex Kramm - UBS AG - Analyst : So look, let's just dive right in, and I usually like to start these very big picture. So look, Nasdaq has been a company in transition for a while. A lot of people, when they hear Nasdaq have just mentioned, they think about an equities exchange but you find yourself here the tech and AI conference. So why don't you tell the audience briefly, where the company is today and what your vision for the next decade or so will be?

Question: Alex Kramm - UBS AG - Analyst : All right. Well, that was a lot. So let's dig a little bit deeper into this. So for most investors, I think the focus over the last year, maybe a couple of years even has been on the fintech segment. Again, we're at a tech conference, so it makes sense to start there. But that's really the combination of Adena, Verafin, those two acquisitions over the last few years and then your legacy technology business that you already had. So it's been two years, I think, pretty much since closed. You've been here for almost that long, right? So you just talk about how you think you've done against what you thought at the time, what you've learned maybe and what gets you excited in 2026, most importantly?

Question: Alex Kramm - UBS AG - Analyst : Good. So let's turn this a little bit more near term. So there's a lot of focus. You mentioned it before on ARR growth and I think there's an expectation that ARR accelerates into year-end, at least that's what we're modeling. So hopefully, I heard you correct there. So sitting here in early December at a public event, anything you can point to that gives you more or less confidence in that outlook that we are looking for.

Question: Alex Kramm - UBS AG - Analyst : Fair enough. Now digging into fintech a little bit deeper. Let's start actually with AxiomSL. I remember earlier this year, I did a fireside chat like this with Adena, which is Nasdaq's CEO of everybody who's not aware, at our Miami Financials Conference in February. And at that point, we were somewhat concerned post election that there may be more deregulation of financial services coming and how could that impact your business there. It's been, again, almost a year since then. So maybe you can talk about what you've seen on that front and how the business should be positioned against that those trends.

Question: Alex Kramm - UBS AG - Analyst : Okay. Perfect. And then, again, going kind of business by business here in fintech, Verafin, which is still your highest growth business, but it's been a little bit softer this year, again, marginally, but it's all about the margin. So maybe you can talk about what's been weighing on that and how some of the solutions there and some of the new initiatives are kind of taken hold, larger banks, international and how that could drive acceleration in particular, into next year again?

Question: Alex Kramm - UBS AG - Analyst : All right. Great. And then lastly, on fintech still the capital markets business. There are a lot of potential change here. So blockchain, tokenization, regulatory changes and so forth. So look, do the various businesses in there, Calypso, for example, fits with all of that. And what gives you confidence in your medium-term outlook of, I believe it's high single digit to low double digits?

Question: Alex Kramm - UBS AG - Analyst : Makes a lot of sense. All right. Then moving on to some of the other businesses, maybe starting with listings. Clearly, IPO markets have improved a lot in 2025. A lot of people are very happy about that, obviously. And then the outlook, I think, for 2026, I think Adena mentioned even on the last call is very, very robust, too. So can you just talk about what you're seeing right now and then how that will impact your listings business actually from a revenue perspective next year because it usually takes a while for those IPOs to really move to the flywheel, let's put this way?

Question: Alex Kramm - UBS AG - Analyst : To kind of get to that for a minute, I think the workflow in Insight business can benefit over time. But right now, it's a bit of a soft spot across -- I think, if you look at the whole business, maybe that's the business that's been the softness of everybody of everything. So look, what would it eventually take to achieve, I think, high single digit to low double digits in that business, which is what you've laid out? So how do you think about those targets in general?

Question: Alex Kramm - UBS AG - Analyst : Good. And then maybe finishing on the solutions side of the businesses quickly on the index business, which clearly has been a great growth story, but a lot of it has also been beta because markets, in particular, the Nasdaq-listed companies. A lot of them are here today have been doing very well. So maybe you can talk about the alpha component a little bit as well. What are you really doing to drive new products and flows in that business? And how can that add over time?

Question: Alex Kramm - UBS AG - Analyst : Great. And then since we haven't spoken at all about the trading business, we should get -- go there at least for one question. It's still an important part of the company. It's around maybe a little bit more than 20% of revenues and very, very high margin. Equities and equity options volumes have been really, really strong this year. That certainly helped financial results. So how do you think -- and I know it's a crystal ball question, but how do you think about the sustainability of the growth? And what can you actually do if volumes start running against you -- that could happen?

Question: Alex Kramm - UBS AG - Analyst : Let's all hope for that. Great. And then with three or so minutes left, a couple of CFO questions, let's start on expenses first. So historically, changes have been viewed as very fixed cost businesses, a lot of operating leverage. Is that still a good way to think about Nasdaq? Or how do you now in your role, balance top line growth with expense growth and margin expansion ultimately? 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 02, 2025 / 5:55PM, NDAQ.OQ - Nasdaq Inc at UBS Global Technology and AI Conference

Question: Alex Kramm - UBS AG - Analyst : Great. And then maybe finally to finish up here, capital allocation. Clearly, you mentioned at the beginning, I think on the first question, you've done a great job delivering -- deleveraging, sorry, quicker than expected. So where to from here? So you've stepped up buybacks a little bit recently. You clearly though, have a history of M&A and fintech, which is now one of your segments can mean a lot of different things and a lot of different end markets. So -- and those are changing all the time. So what are you looking to do to make sure Nasdaq is really positioned to keep on being successful?

Question: Alex Kramm - UBS AG - Analyst : Fair enough. With that, we're actually out of time. Sarah, thank you very much for making the long trip to Scottsdale. Hope to have you back, and I'll see you at the Investor Day early next year.