CMECME Group

In November 2024, September 2025, the FASB issued final an accounting standards update that clarifies and modernizes the accounting for costs related to internal-use software. The guidance requiring public business removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. With the removal of all references to project stages, the new guidance requires entities to provide disclosures, in tabular format, of each relevant expense line item on the face begin capitalizing software costs when both of the income statement in continuing operations as disaggregated into following occur: (a) management, with the following: purchases relevant authority, implicitly or explicitly authorizes and commits to funding a computer software project and (b) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance specifies that the property, plant, and equipment disclosure requirements apply to capitalized software costs, regardless of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, depletion and amortization of capitalized acquisition, exploration and development how those costs recognized as part of oil- and gas-producing activities, or other amounts of depletion expense. Specified expenses, gains, or losses that are already disclosed under existing U.S. GAAP are required to be included presented in the disaggregated income statement expense line item disclosures, and any remaining amounts need to be described qualitatively. financial statements. The disclosures are guidance is effective beginning in 2027, and required 2028, on an interim and annual and interim basis. Entities may apply the guidance prospectively using a prospective, retrospective, or retrospectively. modified transition approach. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our consolidated financial statements.

A substantial part of our working capital may be at risk if a clearing firm defaults on its obligations to our clearing house and its margin and guaranty fund deposits are insufficient to meet its obligations. Additionally, BrokerTec Americas is exposed to the potential risk of loss in the event a counterparty fails to meet its obligations. Although Later in 2026, we expect to launch clearing services for U.S. Treasury cash and repo transactions. While we have policies a long history in, and procedures to help ensure that our clearing firms and other counterparties can satisfy their obligations, these policies and procedures may not succeed in detecting problems or preventing defaults. We also have in place various measures intended to enable us to cure any default and maintain liquidity. However, we cannot guarantee that these measures will be sufficient to protect market participants from a default or that we will not be adversely affected in the event of a significant default. In addition, we have established a fund (currently $98.0 million) to provide payments, up to certain maximum levels, to qualified family farmers, ranchers and other agricultural industry participants who use our products and who suffer losses to their segregated account balances if their clearing firm becomes insolvent. deep understanding of, risk

Overall energy contract volume increased in 2024 2025 when compared with 2023. 2024, due to higher overall volatility. We believe crude oil volatility was higher as a result of geopolitical tensions across the increase globe, a shift in volume is due to uncertainty in global supply levels, and the global energy markets caused by multiple geopolitical conflicts in the Middle East potential economic impacts of anticipated and Eastern Europe. In addition, implemented tariffs. Natural gas volatility remained high as a result of uncertain weather conditions throughout and a shift in supplies in the year led to an increase U.S. in overall natural gas volume. We also believe the increase in volume is due our additional client outreach efforts 2025, which impacted prices throughout the year. We believe these factors contributed to higher overall energy volume in 2025 compared with 2024.

A putative class action complaint was filed January 15, 2014 in the Circuit Court of Cook County, Chancery Division, against CME Group Inc. and the Board of Trade of the City of Chicago, Inc. The plaintiffs, certain Class B shareholders of CME Group and Class B members of CBOT, allege breach of contract and breach of the implied covenant of good faith and fair dealing for violations of their core rights granted in the defendants’ respective Certificates of Incorporation. On December 2, 2021, the court granted the plaintiffs’ motion for certification of a damages-only class. In early 2024, the defendants moved for summary judgment on all claims. The On April 16, 2025, the court heard oral argument on that granted the motion on January 31, 2025. Should in part and denied the case proceed past summary judgment in whole or motion in part, the Court has and set the matter remaining claims for a jury trial starting trial. After a three week trial, on July 7, 2025. 25, 2025, the jury returned a unanimous verdict in favor of the defendants on all counts. Plaintiffs have filed a post-trial motion seeking a new trial, and we expect the plaintiffs to appeal the verdict should the post-trial motions be denied.