Financial Data and Key Metrics Changes - Cboe reported a 14% year-over-year increase in net revenue, reaching a record $587 million, and adjusted diluted EPS also grew by 14% to $2.46 [8][21] - Adjusted operating expenses increased by 8% year-over-year to $213 million, while adjusted operating EBITDA grew by 19% to $387 million, resulting in an adjusted operating EBITDA margin expansion of 2.3 percentage points to 65.8% [21][22] Business Line Data and Key Metrics Changes - Derivatives markets net revenues increased by 17%, with options volumes rising due to heightened market volatility [9][21] - DataVantage business saw an 11% year-over-year revenue growth, driven by strong new subscription and unit sales [15][24] - Cash and spot markets net revenue grew by 11%, with European cash equities business showing robust performance and a 30% year-over-year increase [13][21] Market Data and Key Metrics Changes - The Europe and Asia Pacific segment achieved a 30% year-over-year growth, driven by a 39% increase in net transaction and clearing fees [13][21] - SPX options volumes increased by 21% year-over-year, with Mini SPX options average daily volume rising by 50% [9][11] Company Strategy and Development Direction - Cboe is focused on optimizing growth in core businesses while exploring organic and inorganic investment opportunities [32][38] - The decision to close the Japanese equities business reflects a strategy to redirect resources to higher potential return activities [14][26] - The company aims to leverage its advanced technology and differentiated product offerings to enhance its DataVantage business [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of options as an asset class, supported by increasing retail participation and international expansion [12][32] - The company is committed to maintaining a flexible balance sheet and effectively allocating capital to produce sustainable shareholder value [28][32] Other Important Information - Cboe expects to record a pretax charge of approximately $5 million related to the wind down of its Japanese equities business [26] - The company repurchased $35 million in shares during the quarter, bringing year-to-date repurchases to $65 million [28] Q&A Session Questions and Answers Question: Key priorities for the new CEO - The new CEO emphasized optimizing growth in core businesses and exploring both organic and inorganic growth opportunities, with a focus on strategic and financial rationale [38][40] Question: Evaluation of business footprint - The CEO mentioned a rigorous evaluation of all business activities to ensure capital is allocated to the best growth opportunities, citing the closure of the Japan equities business as an example [42][43] Question: DataVantage revenue guidance - Management remains confident in the full-year guidance for DataVantage, highlighting strong new subscription sales and international demand as key drivers [46][49] Question: Long-term growth for index options volume - Management believes there is significant potential for growth in index options, particularly through partnerships with retail broker dealers and expansion in the Asia Pacific region [51][52] Question: Competitive environment for single stock zero DTE - Management sees single stock zero DTEs as complementary to index options, with retail traders likely to migrate to index options as their sophistication increases [55][56] Question: Strategic relationship with S&P Global - The CEO views the relationship with S&P Global as long-term and valuable, aiming for mutual growth and innovation [60][61] Question: Globalization strategy - The company is focused on importing flow from outside the U.S. into its markets, particularly through data and analytics initiatives [64][65] Question: Evolution of the securities exchange industry - The CEO noted that the retail trend is a long-term structural change, with a focus on remaining relevant and competitive in a dynamic environment [69][70]

© 2025 Cboe Exchange, Inc. All rights reserved. SECOND QUARTER 2025 EARNINGS PRESENTATION August 1, 2025 Agenda | Business Review | Craig Donohue | | --- | --- | | | Chief Executive Officer | | Financial Review | Jill Griebenow | | | Executive Vice President, Chief Financial Officer | | Questions & Answers | Craig Donohue | | | Jill Griebenow | | | Dave Howson | | | Executive Vice President, Global President | | | Chris Isaacson | | | Executive Vice President, Chief Operating Officer | | | Cathy Clay | | | ...

Financial Performance - Cboe Global Markets reported record quarterly net revenue of $587 million, a 14% increase year-over-year from $513.8 million in Q2 2024 [2][9] - Diluted EPS for Q2 2025 was $2.23, up 68% compared to $1.33 in Q2 2024, while adjusted diluted EPS increased 14% to $2.46 [8][9] - Total operating expenses decreased to $248.2 million from $303.7 million in Q2 2024, primarily due to the prior year's impairment of intangible assets [9] Business Segment Performance - Derivatives net revenue grew 17%, driven by strong volumes in the options business, with options revenue reaching $364.8 million, up 19% from the previous year [7][15] - Data Vantage reported an 11% increase in net revenue, while Cash and Spot Markets also saw an 11% rise [2][9] - Futures net revenue decreased by 14% to $30.1 million, attributed to a decline in net transaction and clearing fees [12][15] Guidance and Outlook - The company raised its organic total net revenue growth guidance for 2025 to high single digits from mid to high single digits [2][16] - Adjusted operating expense guidance for 2025 was lowered to a range of $832 million to $847 million, down from $837 million to $852 million [2][16] - The effective tax rate for adjusted earnings is expected to be between 28.5% and 30.5% for the full year 2025 [16] Capital Management - As of June 30, 2025, Cboe had cash and cash equivalents of $1,256.3 million and total debt of $1,442.0 million [18] - The company paid cash dividends of $66.4 million during Q2 2025 and repurchased approximately 161,000 shares at an average price of $219.77 per share [19]

Business Development - Coinbase plans to offer tokenized stocks and prediction markets to U S users [1] - Coinbase aims to become an 'everything exchange' [1]

Core Insights - Euronext achieved record revenue and income of €465.8 million in Q2 2025, reflecting a 12.8% increase year-over-year, driven by organic growth and acquisitions [1][8][26] - The company reported a strong adjusted EBITDA of €297.3 million, up 15.8% compared to Q2 2024, with an adjusted EBITDA margin of 63.8% [9][29][30] - Euronext's diversified business model allowed it to capture favorable market conditions, resulting in five consecutive quarters of double-digit topline growth [8][9] Financial Performance - Total revenue and income for Q2 2025 was €465.8 million, a 12.8% increase from €412.9 million in Q2 2024 [3][26] - Underlying operational expenses excluding depreciation and amortization (D&A) were €168.4 million, reflecting a 7.9% increase year-over-year [28][26] - Adjusted net income rose to €204.4 million, a 23.8% increase compared to €165.2 million in Q2 2024, with adjusted EPS at €2.02, up 27.0% [27][33] Revenue Breakdown - Securities Services revenue grew to €86.2 million, a 6.5% increase, driven by higher assets under custody and settlement activity [5][16] - Capital Markets and Data Solutions revenue increased to €165.4 million, up 12.0%, supported by the expansion of Advanced Data Solutions and strong performance in Corporate and Investor Solutions [5][18] - FICC Markets revenue reached €87.7 million, a 20.1% increase, driven by record performance in fixed income trading and clearing [15][22] Strategic Initiatives - Euronext is expanding its presence in the Nordics through the acquisition of Admincontrol, enhancing its subscription-based revenue and SaaS offerings [14][11] - The company announced a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (ATHEX), valued at approximately €412.8 million [41][42] - Euronext aims to integrate European capital markets and expects the ATHEX acquisition to deliver €12 million in annual run-rate cash synergies by the end of 2028 [43][44] Market Position - Euronext's market share in cash equity trading averaged 63.5% in Q2 2025, with average daily cash trading volumes of €13.4 billion, up 21.2% year-over-year [24][25] - The company is well-positioned to become the clearing house of choice for European repo markets, supported by strategic partnerships and initiatives [10][11] - Euronext's total assets under custody reached €7.34 trillion, reflecting a 4.5% increase compared to the end of Q2 2024 [16]

Core Insights - IntercontinentalExchange (ICE) reported a revenue of $2.54 billion for the quarter ended June 2025, reflecting a year-over-year increase of 9.8% and surpassing the Zacks Consensus Estimate by 0.71% [1] - Earnings per share (EPS) for the same quarter was $1.81, up from $1.52 in the previous year, exceeding the consensus EPS estimate by 2.26% [1] Revenue Breakdown - Mortgage Technology Segment generated $531 million, slightly below the average estimate of $535.23 million, marking a year-over-year increase of 4.9% [4] - Exchanges Segment (less transaction-based) reported revenues of $1.1 billion, significantly lower than the estimated $1.39 billion, representing a decline of 12% year-over-year [4] - Fixed Income and Data Services Segment achieved $597 million, slightly above the average estimate of $595.14 million, with a year-over-year growth of 5.7% [4] - Fixed Income Execution within the Fixed Income and Data Services Segment reported $32 million, close to the estimate of $32.93 million, reflecting a year-over-year increase of 6.7% [4] - Mortgage Technology Segment's Servicing Software generated $220 million, below the estimate of $225.01 million, with a year-over-year growth of 3.8% [4] - Data and Analytics within the Mortgage Technology Segment reported $66 million, slightly below the estimate of $67.43 million, with a year-over-year increase of 6.5% [4] - Closing Solutions in the Mortgage Technology Segment achieved $58 million, exceeding the estimate of $52.42 million, representing an 11.5% year-over-year increase [4] - Origination Technology within the Mortgage Technology Segment reported $187 million, slightly above the estimate of $185.57 million, with a year-over-year growth of 3.9% [4] - Energy revenues in the Exchanges Segment reached $595 million, surpassing the estimate of $580.18 million, with a significant year-over-year increase of 26.9% [4] - Agricultural and Metals revenues in the Exchanges Segment were $65 million, slightly above the estimate of $64.74 million, reflecting a year-over-year decline of 8.5% [4] - Financials in the Exchanges Segment reported $158 million, exceeding the estimate of $156.72 million, with a year-over-year increase of 19.7% [4] - Cash Equities and Equity Options in the Exchanges Segment achieved $123 million, above the estimate of $119.39 million, representing a year-over-year increase of 10.8% [4] Stock Performance - ICE shares have returned +2.2% over the past month, compared to a +2.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Euronext submits a voluntary share exchange offer for the Athens Stock Exchange valuing the Greek bourse at around €425.9 million on a fully diluted basis https://t.co/9WS5zzQ4y1 ...

Core Viewpoint - Euronext has announced a voluntary share exchange offer to acquire all shares of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX), aiming to enhance the integration of European capital markets and provide significant benefits to the Greek market [1][3][6]. Company Overview - Euronext is the leading European capital market infrastructure, managing approximately 25% of European cash equity trading and operating in major financial hubs [4][24]. - ATHEX operates the Greek capital market, with diversified operations including custody, settlement, clearing, and trading, generating significant revenue from its CSD and clearing business [7][8]. Offer Details - The offer is structured as a share exchange at a fixed conversion rate of 20,000 ATHEX ordinary shares for each new Euronext share, valuing ATHEX at €7.14 per share, approximately €412.8 million on a fully diluted basis [2][15]. - The offer represents a premium of approximately 27% on ATHEX's 3-month volume-weighted average undisturbed share price as of June 30, 2025 [16]. Strategic Rationale - The combination is expected to enhance the visibility of Greek markets to global investors, increase market liquidity, and create new growth opportunities [3][10][11]. - Euronext aims to deliver €12 million in annual run-rate cash synergies by 2028, with implementation costs expected to be €25 million [6][14]. Economic Context - Greece has experienced strong economic growth, supported by rising investment and growing international confidence, making it an opportune time for investment [7][8]. - ATHEX recorded a net revenue of €52.0 million in 2024, a 76% increase compared to 2020, indicating a robust recovery and growth potential [8]. Governance and Management - Following the acquisition, Greece will be represented at the Group level in Euronext's governance, with plans for an independent figure from the Greek financial ecosystem to join the Supervisory Board [20]. - The CEO of ATHEX is expected to join the Managing Board of Euronext, ensuring continued local representation [20].

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY, OR CONSTITUTE A VIOLATION OF, THE RELEVANT LAWS OF THAT JURISDICTION OR REQUIRE EURONEXT AND/OR ATHEX TO TAKE ANY FURTHER ACTION. PLEASE SEE THE IMPORTANT DISCLAIMERS AT THE END OF THIS ANNOUNCEMENT. ANNOUNCEMENT OF A VOLUNTARY SHARE EXCHANGE OFFER MADE BY EURONEXT N.V. TO ACQUIRE THE ORDINARY REGISTERED SHARES OF HE ...

Osaka Exchange plans to expand its market making program for single stock options amid efforts to increase derivatives trading in Japan https://t.co/KGLqIoCS6S ...