ions Conference Transcript

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

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : Thank you. I'll start off on the topic that everybody's focused on at the tech conference, which is gen AI. So maybe talk about both the top line and bottom line. So on the top-line perspective, maybe if you can talk about the proprietary-ness and how embedded within your client workflows you are, but also monetization opportunity. How do you think about monetization from gen AI? And then we also would like to cover on the bottom-line side, how do we think about investment but also efficiency? So maybe if you want to start with the top line and monetization opportunity.

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's great color. And we'll talk about the cost synergies on the fintech side. But before we do that, I just wanted to drill down on some of the products, so particularly Verafin, the example that you gave. I want to talk about the business there. You've had a pretty big uptick in enterprise signing, both Tier 1 and Tier 2 clients. Can you talk about what's really driving those? And can you also talk about your pipeline going forward for more Tier 1 and Tier 2 customers?

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's true. I think the network effect is so evident, particularly in the case of Verafin. Just shifting gears on the fintech side, talking about the capital market technology, we saw a pretty good improvement there, 13% growth in the third quarter. What's driving that resumption, and can you help REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2025 / 3:40PM, NDAQ.OQ - Nasdaq Inc at RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference us understand how are you thinking about the growth across the different businesses within that, which is market tech, Calypso, and the trade management services?

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's a great color. Just shifting gears and talking about the last segment within fintech would be particularly regulatory tech. So as you think about the regulatory environment, how do you think about, like, are the clients still waiting for some clarity on the regulatory side? How does that influence the regulatory tech? And then if you could also talk about some of the dynamic around professional services and some of the headwinds but also tailwinds going forward as we think about the top-line growth there.

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's right. And maybe just to follow up there, obviously you gave multiple examples of cross-selling and successes that you've had across all the segments within fintech. You've already guided to like $100 million of cross-sell synergies by 2027. So maybe just any more color on the progress that you're making towards the cross-sell. How should we see that momentum pick up, particularly on the cross-sell side?

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's a great color. Just moving on to the Capital Access business, talking about the listing. Obviously, from your exchange perspective, you have really good visibility on the listing business. How do you think about the listing pipeline? And then how should we think about that contributing to your revenue stream going forward?

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : Yes. No, absolutely. And that was going to be my follow-up question. Obviously, you talked about Nasdaq index being such a strong franchise. How do you think about expanding that into new products or international markets? How do we think about the shift towards ETP? Any color on that front? But essentially, expanding that product suite, obviously, very strong franchise.

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's great color. You mentioned a couple of times about the data business, that data business has been growing really fast. And I think some of the flywheels that you get from listing and everything else, maybe just any other incremental color that you want to add on the data business. And then as we think about that proprietary-ness as well, like any color there as well. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2025 / 3:40PM, NDAQ.OQ - Nasdaq Inc at RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's a very helpful color. Maybe just going on to your market services or the exchange business, you've recently filed a proposal for tokenized securities. Can you talk about how do you expect to benefit from a trading volume or capital liquidity margining perspective? Or how do you expect this whole exchange business to evolve? There's a lot of talk about tokenization. How will it be disruptive or additive to your existing franchise?

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : Yes. No, that's great color. Just moving on to the cost synergies, you mentioned that upfront as well, how gen AI is driving a lot of efficiencies for you. You've already surpassed your $140 million of synergy guidance and hitting more closer to $150 million year to date. How do we think about the synergy in the context of that 5% to 8% expense growth as well? So if you can help us understand, how do we think about further synergies and also the expense growth? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 19, 2025 / 3:40PM, NDAQ.OQ - Nasdaq Inc at RBC Capital Markets Global Technology, Internet, Media & Telecommunications Conference

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : That's great. And maybe I wanted to end with a question on capital allocation. You talked about a lot about driving growth while investing organically, but with leverage now at 3.1 turns, expected to be 3 turns by end of the year, ahead of your schedule, how are you thinking about capital allocation going forward? And particularly in light of the stock has pulled back a bit, how do you think about buyback versus M&A or other uses of capital, deleveraging including?