Slides
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Third Quarter 2026 Earnings Call October 21,,2026
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Shivani Kak HEAD OF INVESTOR RELATIONS Third Quarter 2026 - Earnings Call 2
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3 Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to: the uncertain effects of U.S. and foreign government actions affecting international trade and economic policy, including changes and volatility in tariffs and trade policies and retaliatory actions, on credit markets, customers and customer retention, and demand for our products and services; the impact of general economic conditions (including significant government debt and deficit levels, and inflation or recessions and related monetary policy actions by governments in response thereto) on worldwide credit markets and on economic activity, including on the level of merger and acquisition activity, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effects of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the impact of geopolitical events and actions, such as the Russia-Ukraine military conflict, military conflicts in the Middle East, and tensions between India and Pakistan, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on Moody’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to CRAs in a manner adverse to CRAs; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions, corporate or government entities. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2025, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Third Quarter 2026 - Earnings Call
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Rob Fauber PRESIDENT AND CHIEF EXECUTIVE OFFICER 4 Third Quarter 2026 - Earnings Call
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MCO: Solid 3Q results against a complex market backdrop → Revenue surpassed $2B for the third consecutive quarter → Adjusted Diluted EPS1 increased 6% to $4.14 → Adjusted Operating Margin1 of 52.6% MIS: Second-highest 3Q revenue on record at $1.1B → Investment grade revenue grew 18% → First Time Mandates grew 40%, reflecting secular demand for debt financing → Adjusted Operating Margin of 64.4% MA: Strong recurring revenue and continued margin expansion → ARR2 of $3.7B, up 8% versus prior year → Retention3 remains strong at 95%; 99% recurring revenue → Adjusted Operating Margin up 100bps to 35.3% On track to achieve full year 2026 guidance4 → Maintaining MCO revenue growth guidance in the high-single-digit percent range → Reaffirming Adjusted Diluted EPS guidance of $16.50-$17.00 → FCF guidance remains in $2.7B-$2.9B range, reinforcing strong cash flow generation Key Takeaways 1. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP. 2. ARR: Annualized Recurring Revenue. ARR growth as of September 30, 2026. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. 3. Retention on a trailing-twelve-month basis as of September 30, 2026. 4. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 5Third Quarter 2026 - Earnings Call
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1. Source: Moody's Corporation; "Data Centers – Global: 2026 Outlook – Capacity growth remains robust as tenants prioritize speed to market", January 2026. → Integrates corporate and project finance analytical approaches → Addresses distinct business models, financing structures and credit profiles Cross-sector analytical framework for an evolving asset class 6 MIS: deep currents persist despite market volatility PRIVATE CREDIT → Activity spans direct lending, fund finance and structured transactions → Demand for independent credit insight increasing as private markets expand EMERGING DEBT CAPITAL MARKETS +40% increase in total Private Credit transactions vs 3Q25 expanding presence in Southeast Asia’s domestic bond markets AI-RELATED INFRASTRUCTURE ~4x Third Quarter 2026 - Earnings Call → Adds a sixth domestic CRA to MIS APAC affiliate network → $100B+ of Philippine infrastructure investment planned over three years growth in AI-related issuance vs 3Q25 PhilRatings DIGITAL INFRASTRUCTURE → Financing demand extends across data centers, power and supporting infrastructure → At least $3T of global investment expected over the next five years1 Deep currents are translating into new relationships +40% FIRST-TIME MANDATES vs 3Q25
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→ Upcoming 2-year refunding wall up 8% → U.S.: refunding needs are slightly weighted towards speculative grade issuers → EMEA: refunding needs remain driven by investment grade issuers Refunding wall exceeds $5T for second consecutive year 4-Year Refunding Walls1,2,3 for U.S. and EMEA Issuers ($T) $2.6 $4.0 $4.4 $4.9 $5.2 $5.1 $1.4 $1.9 $2.2 $2.6 $2.6 $2.6 $1.2 $2.1 $2.2 $2.3 $2.5 $2.4 Jan '18 Sep '22 Sep '23 Sep '24 Sep '25 Sep '26 7 1. Totals may not sum due to rounding. 2. Amounts reflect Moody’s-rated U.S. non-financial corporate bond and debt maturities as defined in Moody’s refunding needs reports (2026), excludes unrated debt, REITs and public utilities. 3. Amounts reflect bond and loan maturities of EMEA non-financial corporate, infrastructure, and public utilities with public and private ratings as defined in Moody’s refunding needs reports (2026). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. Third Quarter 2026 - Earnings Call 2027 - 2030 Refunding Needs1,2,3 $0.9 $1.3 $1.5 $1.4 $0.4 $0.7 $0.8 $0.8 $0.5 $0.6 $0.7 $0.6 2027 2028 2029 2030CAGR = ~9% U.S. EMEA / /
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1. ARR: Annualized Recurring Revenue. ARR growth as of September 30, 2026. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. MA: delivering on our strategic initiatives 8Third Quarter 2026 - Earnings Call EXPANDING PARTNERSHIPS & INDUSTRY COLLABORATIONS STRONG GROWTH ACROSS CORE USE CASES TRANSFORMING CUSTOMER WORKFLOWS WITH AI ARR1 growth in KYC Data and AI ARR1 growth in Cat Risk and Casualty solutions~12% Insurance Underwriting ~15% KYC & Compliance ARR1 growth in Lending suite Credit & Lending ~12% Intelligent Risk Platform Credit Decisioning & Monitoring Screening & Diligence
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9 Noémie Heuland CHIEF FINANCIAL OFFICER Third Quarter 2026 - Earnings Call
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MA: strong growth and durable margin expansion 3Q 2026 TTM 3Q26 ARR2 Revenue Growth OC$1 Recurring Revenue Growth Revenue Growth OC$1 Recurring Revenue Growth Growth Banking (16)% 22% (8)% 15% 8% Insurance 9% 11% 11% 10% 10% KYC 8% 9% 14% 11% 12% Decision Solutions ~Flat 13% 5% 12% 10% Research & Insights 3% 4% 5% 4% 6% Data & Information 7% 8% 8% 7% 7% Total MA 3% 9% 6% 8% 8% Note: TTM = Trailing-twelve-months. Growth rates are year-over-year for the period ended September 30, 2026. 1. Refer to the Appendix for the definition of organic constant currency (OC$) revenue, as well as reconciliations between all OC$ measures mentioned throughout this presentation and U.S. GAAP. 2. ARR: Annualized Recurring Revenue. ARR growth as of September 30, 2026. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. 10Third Quarter 2026 - Earnings Call 34.3% +170bps year-over-year Adjusted Operating Margin 3Q26 TTM 3Q26 35.3% +100bps year-over-year
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MIS: second highest 3Q revenue on record 65.2% 64.4% 3Q25 3Q26 Billions $1,775 $1,737 3Q25 3Q26 1111 TOTAL 3Q26 REVENUE 3Q26 ISSUANCE3 3Q26 ADJUSTED OPERATING MARGIN 1. Refer to the Appendix for the definition of organic constant currency (OC$) revenue, as well as reconciliations between all OC$ measures mentioned throughout this presentation and U.S. GAAP. 2. MIS Other revenue was approximately $7 million and $12 million in the quarters ended September 30, 2025, and September 30, 2026, respectively. 3. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. (80) bps 2 (1)% 2% 5% (8)% YoY Change 11% (2)% Third Quarter 2026 - Earnings Call 2% 3% (8)% OC$1 YoY Change 11% Millions $1,098 $1,087 $576 $530 $146 $153 $208 $213 $161 $179 CFG SFG FIG PPIF MIS Other 3Q25 3Q26 Broad-based strength offset by decline in leveraged finance activity
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12 Maintaining overall full year issuance guidance1 → Maintaining MSD% guidance for FY issuance → Robust YTD issuance supportive of FY outlook, led by Investment Grade, Banking and PPIF → AI, hyperscaler and data center financing remains a multi-year tailwind; represents majority of 2026 activity completed YTD → Banking and Infrastructure Finance expected to remain key contributors; Leveraged Finance expected to be comparatively softer → Continued growth in Private Credit AUM expected to support FIG and SFG → First Time Mandate expectations for FY increased to range of 900 – 950 from 750 – 850 FY 2026 RATED ISSUANCE GUIDANCE1,2; CHANGES BY SPECIFIC ASSET CLASS KEY DRIVERS & ASSUMPTIONS NOTE: LSD = Low-single-digit. MSD = Mid-single-digit. HSD = High-single-digit. LDD = Low-double-digit. 1. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 2. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Total MIS Rated Issuance Investment Grade High Yield Bonds Leveraged Loans Structured Finance Financial Institutions Public, Project, and Infrastructure Finance As of July 22, 2026 As of October 21, 2026 Increase of MSD % Decrease of ~10% Increase of LDD % Increase of HSD % Increase of ~20% Approximately flat Third Quarter 2026 - Earnings Call Increase of ~10%
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1. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Refer to Slide 12 for a breakdown by asset class. 3. ARR: Annualized Recurring Revenue. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis 4. Refer to the Appendix for the definition of organic constant currency (OC$) revenue and to Slide 38 for a reconciliation between organic constant currency revenue and U.S. GAAP. MIS & MA: reaffirming full year 2026 guidance1 13Third Quarter 2026 - Earnings Call AS OF JULY 22, 2026 AS OF OCTOBER 21, 2026 MOODY’S INVESTORS SERVICE Issuance2 Increase in the mid-single-digit percent range No change Revenue Increase in the high-single-digit percent range No change Adjusted Operating Margin Approximately 65% No change MOODY’S ANALYTICS ARR3 Increase in the high-single-digit percent range No change Revenue Increase in the mid-single-digit percent range No change Organic Constant Currency Revenue4 Increase in the high-single-digit percent range No change Adjusted Operating Margin 34% to 35% No change
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MCO: reaffirming full year 2026 guidance1 AS OF JULY 22, 2026 AS OF OCTOBER 21, 2026 MOODY’S CORPORATION Revenue Increase in the high-single-digit percent range No change Operating Expenses Increase in the mid-single-digit percent range No change Adjusted Operating Margin2 52% to 53% No change Interest Expense, Net $220 to $240 million No change Non-operating (Expense)/Income $70 to $90 million3 No change Effective Tax Rate 23% to 25% No change Diluted EPS $16.00 to $16.50 No change Adjusted Diluted EPS2 $16.50 to $17.00 No change Share Repurchases4 Up to $3.0B No change Free Cash Flow2 $2.7 to $2.9 billion No change 14Third Quarter 2026 - Earnings Call 1. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 2. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP. 3. Non-operating expense includes net interest expense. Also included is the pre-tax gain on the divestiture of the MA Regulatory Solutions business recorded in the second and third quarter of 2026. 4. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions.
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Questions and Answers 15 Rob Fauber PRESIDENT AND CHIEF EXECUTIVE OFFICER Noémie Heuland CHIEF FINANCIAL OFFICER Third Quarter 2026 - Earnings Call
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16 Supplemental Information Third Quarter 2026 - Earnings Call
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Incentive compensation for 3Q26 was ~$108M. As at October 21, 2026, Moody’s guidance 1 for full year 2026 incorporates ~$430-to-440M in incentive compensation. Incremental information 1. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 17Third Quarter 2026 - Earnings Call Private Credit activity, and its related revenue, is distributed across MIS and may be reported within any of its lines of business, namely CFG, FIG, SFG, and PPIF, depending on the nature of the underlying transaction. M&A activity is one of several variables influencing MIS revenues. Moody’s current e x p e c t a t i o n i s f o r a n n o u n c e d M & A t o i n c r e a s e b y ~ 2 0 % , d r i v i n g g r o w t h i n M & A - r e l a t e d r a t e d issuance of approximately 35%. Deviations of approx. ±10% from these M&A-related rated i s s u a n c e l e v e l s c o u l d p o t e n t i a l l y d r i v e a n e s t i m a t e d i m p a c t o f ~ 1 % p e r c e n t a g e p o i n t o n M I S revenue growth. As at October 21 , 2026, Moody's guidance 1 for full year 2026 assumes foreign exchange rates of $1.33 and $1.14 for GBP/USD and EUR/USD, respectively, for the remainder of the year. Changes in foreign exchange (FX) rates have the potential to impact Moody’s revenue and expenses and, therefore, earnings per share (EPS). For 2026, the Company projects the annualized impact of FX movements would be such that every $0.01 movement between the dollar and the euro is estimated to impact full year revenue by ~$13-to-15M, expenses by ~$3-to-5M, and EPS by approximately ~$0.04. Every $0.01 movement between the dollar and the British pound is estimated to impact full year revenue and expenses by ~$2-to-4M each, neutralizing EPS impact. As at October 21, 2026, Moody’s guidance 1 of $70-to-90M in non-operating income for full year 2026 includes a gain from the divestiture of the MA Regulatory Solutions business. As at October 21, 2026, Moody's guidance 1 for full year 2026 reflects the impact from the divestitures of MA's Learning and Regulatory Solutions businesses. See “2026 Outlook” in the press release titled " Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for MA Organic Constant Currency Revenue guidance1 which reflects the impact of these divestitures. Projected capital expenditures for 2026 include ~$75-to-100M in incremental capital expenditures associated with office relocations in New York and London. The macroeconomic assumptions underpinning our full year 2026 outlook include U.S. real GDP growth of 1.5-to-2.5%, Euro area real GDP growth of 0.5-to-1.5%, and global real GDP growth of 2.0-to-3.0% ; anticipate that central banks will maintain a tightening bias, with the U.S. Fed and the ECB each likely to raise rates once more by the end of 2026; U.S. high-yield spreads widening to approximately 300bps in the coming quarter, below the historical average of around 500bps; U.S. inflation of 2.5-to-3.5% and Euro area inflation 2.0-to-3.0%; U.S. unemployment averaging approximately 4.0-to-5.0%; and the global speculative-grade default rate finishing the year at around 3.8%. Customer retention measures the customer relationships and major product lines we successfully retained during the period, while the inverse (attrition) captures full relationship losses and major product line cancellations. LSD = Low-single-digit (0.5% - 3.4%). MSD = Mid-single-digit (3.5% - 6.4%). HSD = High-single-digit (6.5% - 9.4%).
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18 1. Moody’s rated corporate global speculative grade default historical average of 4.2% from 1983 through December 31, 2025. 2026 forecast for year ended December 31, 2026. Moody’s Investors Service; "September 2026 Default Report", October 15, 2026. 2. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 3. Source: Bloomberg Finance L.P. and Moody’s Corporation. Data as of October 5, 2026, retrieved using the MAATGLOB Bloomberg data series for announced global M&A. 4. Growth in announced M&A estimate as of October 21, 2026. See Slide 17 for additional details on announced M&A expectations. DEFAULT RATES FOR GLOBAL SPECULATIVE- GRADE CORPORATE RATED ISSUANCE1 ANNOUNCED M&A3 ($T) ~$5.3 ~$3.1 ~$4.3~$3.6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F M&A Volume 10-year Avg. 3.8% 3.7% 4.3% 4.5% 200920102011201220132014201520162017201820192020202120222023202420252026F —% 2.5% 5.0% 7.5% 10.0% 12.5% Baseline Optimistic Moderately Pessimistic Severely Pessimistic 4.2% global historical average Third Quarter 2026 - Earnings Call FIRST TIME MANDATES (FTMs) 2019 2020 2021 2022 2023 2024 2025 2026F ~750 ~700 ~1,135 ~595 ~450 ~735 ~765 900 to 950 ~20% Growth 2,4 2 2026: expect default rates to decline and M&A to pickup
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MIS: 2031 emerges as new peak maturity year $2.1 $2.6 $3.1 $3.3 $3.4 $3.5 $1.1 $1.1 $1.3 $1.3 $1.4 $1.6 $1.0 $1.5 $1.9 $2.0 $1.9 $1.9 Jan '18 Sep '22 Sep '23 Sep '24 Sep '25 Sep '26 19 1. Totals may not sum due to rounding. 2. Amounts reflect Moody’s-rated U.S. non-financial corporate bond and debt maturities as defined in Moody’s refunding needs reports (2026), excludes unrated debt, REITs and public utilities. 3. Amounts reflect bond and loan maturities of EMEA non-financial corporate, infrastructure, and public utilities with public and private ratings as defined in Moody’s refunding needs reports (2026). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. Third Quarter 2026 - Earnings Call Investment Grade Speculative Grade ~4% 5-Year Refunding Walls1,2,3 for U.S. Issuers ($T) ~8%1 ~Flat / /
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Refunding walls remain strong $356 $685 $780 $792 $274 $329 $316 $339 $104 $214 $173 $252 $250 $280Investment Grade Speculative Grade Bonds Speculative Grade Bank Loans 2027 2028 2029 2030 $504 $625 $671 $640 $410 $431 $434 $425 $92 $109 $107 $102 $127 $107 Investment Grade Speculative Grade Bonds Speculative Grade Bank Loans 2027 2028 2029 2030 → Refinancing needs down slightly from ~$5.2T to ~$5.1T over the next four years → U.S. investment grade maturities grew 11% → EMEA refunding walls approaching $2.5T 20 DEBT MATURITIES: Moody’s-rated U.S. Non-Financial Corporate Bonds and Loans ($B)1,2 DEBT MATURITIES: Total EMEA Non-Financial Corporate, Infrastructure, and Public Utilities Bonds and Loans ($B)1,3 1. Totals may not sum due to rounding. 2. Amounts reflect Moody’s-rated U.S. non-financial corporate bond and debt maturities as defined in Moody’s refunding needs reports (2026), excludes unrated debt, REITs and public utilities. 3. Amounts reflect bond and loan maturities of EMEA non-financial corporate, infrastructure, and public utilities with public and private ratings as defined in Moody’s refunding needs reports (2026). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. $45 $37 $50 $44 Third Quarter 2026 - Earnings Call
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Billions Year 1 Year 2 Year 3 Year 4 $— $250 $500 $750 $1,000 $1,250 $1,500 $1,750 21 Overview of recent refunding wall studies1,2,3 COMBINED REFUNDING WALLS BY STUDY & YEAR INVESTMENT GRADE 4-YEAR REFUNDING WALL STUDIES SPECULATIVE GRADE 4-YEAR REFUNDING WALL STUDIES 1. Totals may not sum to total due to rounding. 2. Amounts reflect Moody’s-rated U.S. non-financial corporate bond and debt maturities as defined in Moody’s refunding needs reports (2026), excludes unrated debt, REITs and public utilities. 3. Amounts reflect bond and loan maturities of EMEA non-financial corporate, infrastructure, and public utilities with public and private ratings as defined in Moody’s refunding needs reports (2026). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. Billions $2,549 $2,684 $2,829 $2,958 Sep '23 Sep '24 Sep '25 Sep '26 $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Billions $1,825 $2,180 $2,329 $2,093 Sep '23 Sep '24 Sep '25 Sep '26 $— $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 U.S. Spec GradeU.S. Investment Grade EMEA Spec GradeEMEA Investment Grade Sep '23 Sep '24 Sep '25 ~19% 20252024 20262025 20272026 20282027 2026 2027 2028 2029 Sep '26 ~5%~5% ~19% ~5% ~(10%)~7% Third Quarter 2026 - Earnings Call 2027 2028 2029 2030
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GDP Contraction Expansion CYCLICAL CONSIDERATIONS Geopolitical environment Adverse Cooperative Default rate High Low Inflation High Within Central Bank range Interest rates Volatile Stabilized 22 MIS: the Agency of Choice today and tomorrow ECONOMIC EXPANSION1 2% - 3% VALUE PROPOSITION 3% - 4% DEVELOPING CAPITAL MARKETS → GDP growth drives demand for debt capital to fund business investments → Refinancing needs support future supply → Proven rating accuracy and deeply experienced analysts → Mix of issuers and opportunistic issuance → Bank system capacity remains constrained → Deepening participation in developing markets → Meeting customers’ evolving risk assessment demands, including across Private Credit, Cyber, and Sustainable & Transition Finance 1% - 2% Note: Long-term algorithm figures presented on this slide are on average, over time. 1. Economic expansion represents rate of change in global real GDP. Long-term Revenue Growth Algorithm Third Quarter 2026 - Earnings Call
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FY 2025 Operating Expenses Operating Growth Incentive and Stock-Based Compensation² Depreciation and Amortization Reserve for International Non- income Tax Obligation and Duplicate Rent Restructuring Charges Acquired and Divested Companies FY 2026F Operating Expenses 23 Operational efficiency creates capacity to reinvest in strategic growth opportunities FY 2025 vs. FY 2026F1 Note: MSD = Mid-single-digit. 1. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 2. Incentive Compensation consists of annual bonuses and commissions. $4.4B 2.5% to 3.5% ~1% ~1% Increase in the MSD % range~1% Third Quarter 2026 - Earnings Call ~(1.5%) ~0.5%
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24 Investing for growth while returning capital to shareholders 1. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP. 2. Based on midpoint of Free Cash Flow and Adjusted Diluted EPS guidance as of October 21, 2026. Guidance as of October 21, 2026. Refer to “Outlook” in the press release titled "Moody's Corporation Reports Results For Third Quarter 2026" from October 21, 2026, for a complete list of guidance, and refer to page 7 – "Assumptions" for a list of the assumptions used by the Company with respect to its guidance. 3. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. $2.5B $2.6B $1.3B $1.6B $0.6B $0.7B 2024 Global Free Cash Flow (FCF)1 Share Repurchases Dividends FCF to Adjusted Net Income Conversion1 Shareholder Return % of FCF1 2025 2026F2,3 ~111% ~95% ~76% Up to ~133% Third Quarter 2026 - Earnings Call $2.7B to $2.9B ~$0.7B Up to $3.0B ~96% ~90%
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25 Disciplined approach to capital allocation 1. Assumes quarterly dividends of $1.03 in 2026 based on the first, second, third, and fourth quarter dividends declared on February 10, April 20, July 21, and October 20, 2026, respectively, and historical practice. 2. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of September 30, 2026. Reinvestment Accelerating organic growth 1 2 3 4 INVESTING FOR GROWTH RETURNING CAPITAL Acquisitions Advance global integrated risk assessment strategy Dividends Positioning as a “growth” stock Share Repurchases Mechanism to return excess cash to stockholders CAPITAL ALLOCATION PRIORITIES INCREASING DIVIDENDS THROUGH MARKET CYCLES BALANCED MATURITY SCHEDULE2 2001 2006 2011 2016 2021 2026F 2001 RECESSION GREAT RECESSION COVID-19 RECESSION CAGR 17% Millions $500 $100 $250 $500 $600 $100 $300 $300 $500$568 $852 $500 $300$400 $250 $300 $300 $500 USD Fixed USD Floating EUR Fixed EUR Floating 2027 2028 2029 2030 2031 2032 2034 2041 2044 2048 2050 2052 2060 2061 $— $500 $1,000 Third Quarter 2026 - Earnings Call 1
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Teleconference details → Go to ir.moodys.com → Click on “Events & Presentations” → Click on the link for “3Q26 Earnings Conference Call” 26 Webcast → U.S. & Canada: +1-833-461-5787 → Non-U.S. & Canada: +1-626-884-3620 → Passcode: 7061 79185 Dial In → A replay of the webcast will be available immediately after the call on October 21, 2026 on ir.moodys.com. Replay 26Third Quarter 2026 - Earnings Call
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Rothschild & Co Redburn CEO Conference 27 Moody’s planned attendance at upcoming conferences November 17 J.P. Morgan Ultimate Services Investor Conference (USIC) Third Quarter 2026 - Earnings Call Q4 December 8 Goldman Sachs U.S. Financial Services Conference
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28 Appendix Third Quarter 2026 - Earnings Call
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29 Glossary of terms and abbreviations Third Quarter 2026 - Earnings Call Term Definition Agentic AI AI systems that coordinate multiple specialized agents to automate complex workflows and deliver end-to-end outcomes AI-Native Applications Applications built with AI at their core, embedding intelligence directly into workflows, analytics, and decision-making processes CFG Corporate finance group; an LOB of MIS Connected Intelligence The set of systems, domain knowledge, and governed data architecture that determine which information reaches the model, in what structure, at what moment, and subject to what constraints Context Layer Moody’s intelligence architecture that organizes data, analytics, and expertise into a structured framework that AI can use to generate accurate, relevant, and defensible outputs Data and Information (D&I) LOB within MA which is powered by the world's largest database on companies and credit and serves as a critical input to financial analysis and AI model development/risk assessment Decision Grade Intelligence AI-driven intelligence that is auditable, contextualized, explainable, and reliable for consequential decisions in regulated industries Decision Solutions (DS) LOB within MA; a set of cloud-based platforms embedding Moody's data and analytics directly into regulated banking, insurance, and KYC workflows FIG Financial institutions group; an LOB of MIS FTM First Time Mandates FX Foreign exchange Gen AI Generative Artificial Intelligence
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30 Glossary of terms and abbreviations (Cont'd) Term Definition Knowledge Graph A structured way of organizing data that maps entities (companies, risks, assets, locations) and the relationships between them into a connected network, introducing a semantic layer on top of data LOB Line of business M&A Mergers & Acquisitions MA Moody’s Analytics - a reportable segment of MCO; consists of three LOBs - Decision Solutions; Research and Insights; and Data and Information MCP Model Context Protocol - an open industry standard that allows AI systems (like large language models and AI agents) to securely connect to external data sources, tools, and APIs MIS Moody’s Investors Service - a reportable segment of MCO; consists of five LOBs - CFG; SFG; FIG; PPIF; and MIS Other MIS Other Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. These businesses are components of MIS; MIS Other is an LOB of MIS Moody's Data Estate A comprehensive, curated, and proprietary data foundation of risk-related information covering more than 600 million entities globally that powers Moody’s analytics, AI solutions, and risk insights PPIF Public, project and infrastructure finance; an LOB of MIS Research and Insights (R&I) LOB within MA that provides credit research, economic analysis and scenario modeling used in investment, risk, and regulatory decisions SFG Structured finance group; an LOB of MIS YoY Year-over-year Third Quarter 2026 - Earnings Call
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31 Annualized Recurring Revenue (ARR) Amounts in millions September 30, 2026 September 30, 2025 Change Growth MA ARR Banking $ 412 $ 382 $ 30 8% Insurance 736 671 65 10% KYC 489 435 54 12% Total Decision Solutions $ 1,637 $ 1,488 $ 149 10% Research and Insights 1,043 988 55 6% Data and Information 1,008 942 66 7% Total MA ARR $ 3,688 $ 3,418 $ 270 8% The Company presents ARR on an organic constant currency basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base. The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including one-time training, services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, to provide better perspective in assessing growth, the Company excludes from ARR contracts associated with acquisitions and divestitures completed within the last 12 months. The Company’s definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with GAAP. Third Quarter 2026 - Earnings Call
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32 Financial information by segment The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Three Months Ended September 30, 2026 2025 Amounts in millions MA MIS Eliminations Consolidated MA MIS Eliminations Consolidated Total external revenue $ 936 $ 1,087 $ — $ 2,023 $ 909 $ 1,098 $ — $ 2,007 Intersegment revenue 3 51 (54) — 3 50 (53) — Total revenue 939 1,138 (54) 2,023 912 1,148 (53) 2,007 Compensation expense 352 299 — 651 353 284 — 637 Non-compensation expense 205 103 — 308 196 112 — 308 Intersegment expense 51 3 (54) — 50 3 (53) — Total 608 405 (54) 959 599 399 (53) 945 Adjusted Operating Income $ 331 $ 733 $ — $ 1,064 $ 313 $ 749 $ — $ 1,062 Adjusted Operating Margin 35.3 % 64.4 % 52.6 % 34.3 % 65.2 % 52.9 % Depreciation and amortization 102 22 — 124 101 22 — 123 Restructuring 22 5 — 27 15 6 — 21 Duplicate rent 3 4 — 7 — — — — — Charges related to asset abandonment — — — — 1 — — 1 Operating income $ 906 $ 917 Operating margin 44.8 % 45.7 % Non-operating income (expense), net 62 (50) Income before provision for income taxes $ 968 $ 867 Third Quarter 2026 - Earnings Call
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33 Financial information by segment (Cont'd) The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Nine Months Ended September 30, 2026 2025 Amounts in millions MA MIS Eliminations Consolidated MA MIS Eliminations Consolidated Total external revenue $ 2,787 $ 3,500 $ — $ 6,287 $ 2,656 $ 3,173 $ — $ 5,829 Intersegment revenue 9 154 (163) — 9 149 (158) — Total revenue 2,796 3,654 (163) 6,287 2,665 3,322 (158) 5,829 Compensation expense 1,083 912 — 1,995 1,070 844 — 1,914 Non-compensation expense 614 301 — 915 588 305 — 893 Intersegment expense 154 9 (163) — 149 9 (158) — Total 1,851 1,222 (163) 2,910 1,807 1,158 (158) 2,807 Adjusted Operating Income $ 945 $ 2,432 $ — $ 3,377 $ 858 $ 2,164 $ — $ 3,022 Adjusted Operating Margin 33.8 % 66.6 % 53.7 % 32.2 % 65.1 % 51.8 % Depreciation and amortization 304 68 — 372 292 64 — 356 Restructuring 69 17 — 86 59 22 — 81 Reserve for international non-income tax obligation 36 — — 36 — — — — Duplicate rent 4 5 — 9 — — — — Charges related to asset abandonment — — — — 4 — — 4 Operating income $ 2,874 $ 2,581 Operating margin 45.7 % 44.3 % Non-operating income (expense), net 135 (138) Income before provision for income taxes $ 3,009 $ 2,443 Third Quarter 2026 - Earnings Call
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34 Adjusted Operating Income and Adjusted Operating Margin Three Months Ended September 30, Nine Months Ended September 30, Amounts in millions 2026 2025 2026 2025 Operating income $ 906 $ 917 $ 2,874 $ 2,581 Depreciation and amortization 124 123 372 356 Restructuring 27 21 86 81 Reserve for international non-income tax obligation — — 36 — Duplicate rent 7 — 9 — Charges related to asset abandonment — 1 — 4 Adjusted Operating Income $ 1,064 $ 1,062 $ 3,377 $ 3,022 Operating margin 44.8 % 45.7 % 45.7 % 44.3 % Adjusted Operating Margin 52.6 % 52.9 % 53.7 % 51.8 % The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; ii) restructuring charges/adjustments, iii) a reserve for an international non-income tax obligation, iv) duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters, and v) charges related to asset abandonment. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. The reserve for an international non-income tax obligation is excluded because the Company believes it is not indicative of its ongoing operating cost structure. Duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters is excluded because it relates to an infrequent corporate headquarters relocation and is not indicative of the Company's ongoing operating cost structure. Management believes that the exclusion of the aforementioned items, as detailed in the reconciliation below, allows for an additional perspective on the Company’s operating results from period to period and across companies. The Company defines Adjusted Operating Margin as Adjusted Operating Income divided by revenue. Below is a reconciliation of these measures to their most directly comparable U.S. GAAP measures: Third Quarter 2026 - Earnings Call
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35 Free Cash Flow Nine Months Ended September 30, Amounts in millions 2026 2025 Net cash provided by operating activities $ 2,471 $ 2,043 Capital additions (271) (245) Free Cash Flow $ 2,200 $ 1,798 Net cash (used in) provided by investing activities $ (130) $ 44 Net cash used in financing activities $ (3,190) $ (2,454) The Company defines Free Cash Flow as net cash provided by operating activities minus cash paid for capital additions. Management believes that Free Cash Flow is a useful metric in assessing the Company’s cash flows to service debt, pay dividends and to fund acquisitions and share repurchases. Management deems capital expenditures essential to the Company’s product and service innovations and maintenance of Moody’s operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody’s cash flow. Below is a reconciliation of the Company’s net cash flows from operating activities to Free Cash Flow: Third Quarter 2026 - Earnings Call Note: The increase in both operating cash flow and Free Cash Flow was primarily driven by higher operating income in both segments.
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Note: The tax impacts in the tables above were calculated using tax rates in effect in the jurisdiction for which the item relates. 36 Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges/adjustments; iii) a reserve for an international non-income tax obligation and related interest and penalties, iv) charges related to asset abandonment; v) duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters, and vi) gain on business divestitures. The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/ adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these items may vary widely across periods and companies. The reserve for an international non-income tax obligation and related interest and penalties are excluded because the Company believes they are not indicative of its ongoing operating cost structure. Duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters is excluded because it relates to an infrequent corporate headquarters relocation and is not indicative of the Company's ongoing operating cost structure. Gain on business divestitures are excluded due to their infrequent nature and because they do not reflect the Company's ongoing operations. The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods. At right is a reconciliation of these measures to their most directly comparable U.S. GAAP measures: Three Months Ended September 30, Nine Months Ended September 30, Amounts in millions 2026 2025 2026 2025 Net Income attributable to Moody's common shareholders $ 734 $ 646 $ 2,273 $ 1,849 Pre-tax acquisition-related intangible amortization $ 51 $ 55 $ 157 $ 163 Tax on acquisition-related intangible amortization (12) (14) (38) (40) Net acquisition-related intangible amortization 39 41 119 123 Pre-tax restructuring $ 27 $ 21 $ 86 $ 81 Tax on restructuring (7) (5) (22) (20) Net restructuring 20 16 64 61 Pre-tax reserve for international non-income tax obligation and related interest and penalties $ — $ — $ 52 $ — Tax on reserve for international non-income tax obligation and related interest and penalties — — (8) — Net reserve for international non-income tax obligation and related interest and penalties — — 44 — Pre-tax charges related to asset abandonment $ — $ 1 $ — $ 4 Tax on charges related to asset abandonment — — — (1) Net charges related to asset abandonment — 1 — 3 Pre-tax duplicate rent $ 7 — $ 9 — Tax on duplicate rent (2) — (2) — Net charges related to duplicate rent 5 — 7 — Pre-tax gain on divestiture of MA Regulatory Solutions $ (115) — $ (294) — Pre-tax gain on divestiture of MA Learning Solutions $ — $ — $ (2) $ — Tax on gain on business divestitures 34 — 89 — Net gain on business divestitures (81) — (207) — Adjusted Net Income $ 717 $ 704 $ 2,300 $ 2,036 Third Quarter 2026 - Earnings Call
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Note: The tax impacts in the tables above were calculated using tax rates in effect in the jurisdiction for which the item relates. 37 Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Diluted earnings per share attributable to Moody's common shareholders $ 4.24 $ 3.60 $ 12.98 $ 10.26 Pre-tax acquisition-related intangible amortization $ 0.29 $ 0.31 $ 0.90 $ 0.90 Tax on acquisition-related intangible amortization (0.07) (0.09) (0.22) (0.22) Net acquisition-related intangible amortization 0.22 0.22 0.68 0.68 Pre-tax restructuring $ 0.16 $ 0.12 $ 0.49 $ 0.45 Tax on restructuring (0.04) (0.03) (0.12) (0.11) Net restructuring 0.12 0.09 0.37 0.34 Pre-tax reserve for international non-income tax obligation and related interest and penalties $ — $ — $ 0.30 $ — Tax on reserve for international non-income tax obligation and related interest and penalties — — (0.05) — Net reserve for international non-income tax obligation and related interest and penalties — — 0.25 — Pre-tax charges related to asset abandonment $ — $ 0.01 $ — $ 0.02 Tax on charges related to asset abandonment — — — — Net charges related to asset abandonment — 0.01 — 0.02 Pre-tax charges related to duplicate rent $ 0.04 $ — $ 0.05 $ — Tax on charges related to duplicate rent (0.01) — (0.01) — Net charges related to duplicate rent 0.03 — 0.04 — Pre-tax gain on divestiture of MA Regulatory Solutions $ (0.66) $ — $ (1.68) $ — Pre-tax gain on divestiture of MA Learning Solutions — — (0.01) — Tax on gain on business divestitures 0.19 — 0.51 — Net gain on business divestitures (0.47) — (1.18) — Adjusted Diluted EPS $ 4.14 $ 3.92 $ 13.14 $ 11.30 Third Quarter 2026 - Earnings Call The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges/adjustments; iii) a reserve for an international non-income tax obligation and related interest and penalties, iv) charges related to asset abandonment; v) duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters, and vi) gain on business divestitures. The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/ adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these items may vary widely across periods and companies. The reserve for an international non-income tax obligation and related interest and penalties are excluded because the Company believes they are not indicative of its ongoing operating cost structure. Duplicate rent expense incurred during the build-out and transition to the Company's new New York City headquarters is excluded because it relates to an infrequent corporate headquarters relocation and is not indicative of the Company's ongoing operating cost structure. Gain on business divestitures are excluded due to their infrequent nature and because they do not reflect the Company's ongoing operations. The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods. At right is a reconciliation of these measures to their most directly comparable U.S. GAAP measures:
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The Company presents organic constant currency revenue growth as its non-GAAP measure of revenue growth. Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth excluding both the inorganic revenue impacts from certain acquisition and divestiture activity completed within the last 12 months and the impacts of changes in foreign exchange rates. The Company calculates the dollar impact of foreign exchange as the difference between the translation of its current period non-USD functional currency results using comparative prior period weighted average foreign exchange translation rates and current year reported results. At right is a reconciliation of the Company's reported revenue and growth (decline) rates to its organic constant currency revenue growth (decline) measures: 38 Organic constant currency revenue growth Third Quarter 2026 - Earnings Call Three Months Ended September 30, Nine Months Ended September 30, Amounts in millions 2026 2025 Change Growth 2026 2025 Change Growth MCO revenue $ 2,023 $ 2,007 $ 16 1% $ 6,287 $ 5,829 $ 458 8% FX impact 5 — 5 (51) — (51) Inorganic revenue from acquisitions (6) — (6) (17) — (17) Divestitures — (42) 42 — (92) 92 Organic constant currency MCO revenue $ 2,022 $ 1,965 $ 57 3% $ 6,219 $ 5,737 $ 482 8% MA revenue $ 936 $ 909 $ 27 3% $ 2,787 $ 2,656 $ 131 5% FX impact 2 — 2 (28) — (28) Inorganic revenue from acquisitions — — — (2) — (2) Divestitures — (42) 42 — (92) 92 Organic constant currency MA revenue $ 938 $ 867 $ 71 8% $ 2,757 $ 2,564 $ 193 8% Decision Solutions revenue $ 426 $ 424 $ 2 —% $ 1,281 $ 1,242 $ 39 3% FX impact 1 — 1 (11) — (11) Inorganic revenue from acquisitions — — — (2) — (2) Divestitures — (42) 42 — (92) 92 Organic constant currency Decision Solutions revenue $ 427 $ 382 $ 45 12% $ 1,268 $ 1,150 $ 118 10% Banking revenue $ 118 $ 140 $ (22) (16)% $ 370 $ 419 $ (49) (12)% FX impact — — — (2) — (2) Divestitures — (41) 41 — (91) 91 Organic constant currency Banking revenue $ 118 $ 99 $ 19 19% $ 368 $ 328 $ 40 12% Insurance revenue $ 186 $ 171 $ 15 9% $ 550 $ 502 $ 48 10% FX impact 1 — 1 (1) — (1) Inorganic revenue from acquisitions — — — (2) — (2) Divestitures — (1) 1 — (1) 1 Organic constant currency Insurance revenue $ 187 $ 170 $ 17 10% $ 547 $ 501 $ 46 9% KYC revenue $ 122 $ 113 $ 9 8% $ 361 $ 321 $ 40 12% FX impact — — — (8) — (8) Constant currency KYC revenue $ 122 $ 113 $ 9 8% $ 353 $ 321 $ 32 10% Research and Insights revenue $ 260 $ 252 $ 8 3% $ 771 $ 737 $ 34 5% FX impact — — — (5) — (5) Constant currency Research and Insights revenue $ 260 $ 252 $ 8 3% $ 766 $ 737 $ 29 4% Data and Information revenue $ 250 $ 233 $ 17 7% $ 735 $ 677 $ 58 9% FX impact 1 — 1 (12) — (12) Constant currency Data and Information revenue $ 251 $ 233 $ 18 8% $ 723 $ 677 $ 46 7%
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39 Organic constant currency revenue growth Third Quarter 2026 - Earnings Call Three Months Ended September 30, Nine Months Ended September 30, Amounts in millions 2026 2025 Change Growth 2026 2025 Change Growth MA recurring revenue $ 928 $ 875 $ 53 6% $ 2,752 $ 2,549 $ 203 8% FX impact 2 — 2 (28) — (28) Inorganic recurring revenue from acquisitions — — — (2) — (2) Divestitures — (22) 22 — (40) 40 Organic constant currency MA recurring revenue $ 930 $ 853 $ 77 9% $ 2,722 $ 2,509 $ 213 8% Decision Solutions recurring revenue $ 421 $ 395 $ 26 7% $ 1,259 $ 1,150 $ 109 9% FX impact 1 — 1 (11) — (11) Inorganic recurring revenue from acquisitions — — — (2) — (2) Divestitures — (22) 22 — (40) 40 Organic constant currency Decision Solutions recurring revenue $ 422 $ 373 $ 49 13% $ 1,246 $ 1,110 $ 136 12% Banking recurring revenue $ 115 $ 115 $ — —% $ 358 $ 343 $ 15 4% FX impact — — — (2) — (2) Divestitures — (21) 21 — (39) 39 Organic constant currency Banking recurring revenue $ 115 $ 94 $ 21 22% $ 356 $ 304 $ 52 17% Insurance recurring revenue $ 184 $ 168 $ 16 10% $ 541 $ 487 $ 54 11% FX impact 1 — 1 (1) — (1) Inorganic recurring revenue from acquisitions — — — (2) — (2) Divestitures — (1) 1 — (1) 1 Organic constant currency Insurance recurring revenue $ 185 $ 167 $ 18 11% $ 538 $ 486 $ 52 11% KYC recurring revenue $ 122 $ 112 $ 10 9% $ 360 $ 320 $ 40 13% FX impact — — — (8) — (8) Constant currency KYC recurring revenue $ 122 $ 112 $ 10 9% $ 352 $ 320 $ 32 10% Research & Insights recurring revenue $ 258 $ 249 $ 9 4% $ 764 $ 728 $ 36 5% FX impact — — — (5) — (5) Constant currency Research & Insights recurring revenue $ 258 $ 249 $ 9 4% $ 759 $ 728 $ 31 4% Data & Information recurring revenue $ 249 $ 231 $ 18 8% $ 729 $ 671 $ 58 9% FX impact 1 — 1 (12) — (12) Constant currency Data & Information recurring revenue $ 250 $ 231 $ 19 8% $ 717 $ 671 $ 46 7% The Company presents organic constant currency revenue growth as its non-GAAP measure of revenue growth. Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth excluding both the inorganic revenue impacts from certain acquisition and divestiture activity completed within the last 12 months and the impacts of changes in foreign exchange rates. The Company calculates the dollar impact of foreign exchange as the difference between the translation of its current period non-USD functional currency results using comparative prior period weighted average foreign exchange translation rates and current year reported results. At right is a reconciliation of the Company's reported revenue and growth (decline) rates to its organic constant currency revenue growth (decline) measures:
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40 Organic constant currency revenue growth Third Quarter 2026 - Earnings Call Three Months Ended September 30, Nine Months Ended September 30, Amounts in millions 2026 2025 Change Growth 2026 2025 Change Growth MIS revenue $ 1,087 $ 1,098 $ (11) (1)% $ 3,500 $ 3,173 $ 327 10% FX impact 3 — 3 (23) — (23) Inorganic revenue from acquisitions (6) — (6) (15) — (15) Organic constant currency MIS revenue $ 1,084 $ 1,098 $ (14) (1)% $ 3,462 $ 3,173 $ 289 9% Corporate Finance revenue $ 530 $ 576 $ (46) (8)% $ 1,814 $ 1,652 $ 162 10% FX impact 2 — 2 (11) — (11) Inorganic revenue from acquisitions — — — (1) — (1) Organic constant currency Corporate Finance revenue $ 532 $ 576 $ (44) (8)% $ 1,802 $ 1,652 $ 150 9% Structured Finance revenue $ 153 $ 146 $ 7 5% $ 441 $ 419 $ 22 5% FX impact — — — (4) — (4) Inorganic revenue from acquisitions (3) — (3) (4) — (4) Organic constant currency Structured Finance revenue $ 150 $ 146 $ 4 3% $ 433 $ 419 $ 14 3% Financial Institutions revenue $ 213 $ 208 $ 5 2% $ 629 $ 590 $ 39 7% FX impact — — — (5) — (5) Inorganic revenue from acquisitions — — — (1) — (1) Organic constant currency Financial Institutions revenue $ 213 $ 208 $ 5 2% $ 623 $ 590 $ 33 6% PPIF revenue $ 179 $ 161 $ 18 11% $ 579 $ 486 $ 93 19% FX impact — — — (5) — (5) Constant currency PPIF revenue $ 179 $ 161 $ 18 11% $ 574 $ 486 $ 88 18% The Company presents organic constant currency revenue growth as its non-GAAP measure of revenue growth. Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth excluding both the inorganic revenue impacts from certain acquisition and divestiture activity completed within the last 12 months and the impacts of changes in foreign exchange rates. The Company calculates the dollar impact of foreign exchange as the difference between the translation of its current period non-USD functional currency results using comparative prior period weighted average foreign exchange translation rates and current year reported results. At right is a reconciliation of the Company's reported revenue and growth (decline) rates to its organic constant currency revenue growth (decline) measures:
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The following are reconciliations of the Company's adjusted forward looking measures to their comparable U.S. GAAP measure: 41 2026 outlook reconciliations Projected for the Year Ended December 31, 2026 Operating margin guidance 44% to 45% Depreciation and amortization Approximately 6% Restructuring Approximately 1.5% Reserve for international non-income tax obligation Approximately 0.5% Duplicate rent - NY HQ1 Negligible Adjusted Operating Margin guidance 52% to 53% Projected for the Year Ended December 31, 2026 Operating cash flow guidance $3.15 to $3.35 billion Less: Capital expenditures2 Approximately $450 million Free Cash Flow guidance $2.7 to $2.9 billion Projected for the Year Ended December 31, 2026 Diluted EPS guidance $16.00 to $16.50 Acquisition-related intangible amortization Approximately $0.91 Restructuring Approximately $0.45 Reserve for international non-income tax obligation Approximately $0.25 Duplicate rent - NY HQ1 Approximately $0.07 Gain on business divestitures Approximately ($1.18) Adjusted Diluted EPS guidance $16.50 to $17.00 Third Quarter 2026 - Earnings Call Projected for the Year Ended December 31, 2026 MA Revenue Increase in the mid-single-digit percent range Inorganic revenue from acquisitions and divestitures3 Approximately 4% FX impact Approximately (0.5)% MA Organic Constant Currency Revenue Increase in the high-single-digit percent range 1. Reflects duplicative rent expense related to the transition to Moody’s new global headquarters. Relocations of Moody’s global headquarters have been infrequent, and accordingly, this duplicative rent does not reflect the Company’s ongoing operating cost structure. 2. ~$75-to-100 million in incremental capital expenditures is associated with office relocations in New York and London. 3. Primarily relates to the impact from the divestitures of MA’s Learning and Regulatory Solutions businesses.
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© 2026 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MOODY’S (COLLECTIVELY, “MATERIALS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S MATERIALS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S MATERIALS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS DO NOT CONSTITUTE OR PROVIDE LEGAL, COMPLIANCE, INVESTMENT, FINANCIAL OR OTHER PROFESSIONAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND MATERIALS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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