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© 2025 MSCI Inc. All rights reserved. MSCI Inc. INVESTOR PRESENTATION May 28, 2025
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→ This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2025 guidance and MSCI's long-term targets. These forward- looking statements relate to future events or to future financial performance and involve underlying assumptions, as well as known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. → In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward- looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements. 2 → Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 7, 2025, and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks, uncertainties or other matters materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this presentation reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law. Forward-Looking Statements Introduction →
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→ Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have been adjusted for the impact of foreign currency fluctuations, the underlying assets under management (“AUM”), which is the primary component of asset-based fees, is not adjusted for foreign currency fluctuations. Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and any such impact is excluded from the disclosed foreign currency-adjusted variances. → Percentage changes and totals in this presentation may not sum due to rounding. 3 → Percentage changes refer to the comparable period in 2024, unless otherwise noted. → All financial figures for the three months ended March 31, 2025 are unaudited unless otherwise noted. → Client type and/or client segment designations in this presentation may be subject to change from time to time depending on an individual client's facts and circumstances, among other factors. → Beginning in the first quarter 2025, the business segment previously titled "ESG and Climate" has been renamed to "Sustainability and Climate" to more accurately reflect the full scope of our solutions. While our product offerings and product names remain unchanged at this time, the updated name acknowledges our broader sustainability capabilities across client objectives, value proposition and use cases. Other Information Introduction →
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Section 01 Company Overview
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6,184 Employees1 30+ office locations3 Employee distribution1 30% employees in DMC vs. 70% in EMC locations Trusted by ~7,000 clients1,2 worldwide Across 95+ client countries1 ~$3.0B Total Run Rate1 +9% YoY Growth in Total Run Rate What We Do Provide mission-critical investment data, models, research and technology across asset classes Company Overview → 1 As of March 31, 2025 2 Client count is rounded to the nearest hundred. 3 As of December 31, 2024 A Global Franchise Serving the World’s Largest Investors $11T $5.9T Active Indexed~$16.9T in AUM benchmarked to MSCI Indexes as of December 31, 2024 5
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6 Support the Investment Process Needs of our Clients with Highly Differentiated Solutions Supported by Best-in-Class Capabilities Company Overview → Our Strategy Models Data Technology Portfolio Construction Performance Attribution Risk Management Asset Allocation Owners of Assets Financial Intermediaries Corporates Managers of Assets
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Company Overview → 7 Numbers based on company estimates and third-party reports; figures represent most recent information available as of March 2025. Helping Investors Navigate Increasingly Complex Global Landscape 118,000+ Public Equities Millions Fixed Income Instruments 20,690+ Private Capital Funds 189,000+ PE-owned Companies $13T+ Global Investment Properties $730T Notional Derivatives Contracts $160T+ Bank Assets $118T+ Managed Assets Investors → Proliferation of investors Markets → New geographies and markets are accessible More: Choices → Securities → Instruments →Asset classes Styles → Factors → Sustainability integration →Thematic and mega trends Vehicles → Funds → Co-investing →Direct investments Scale → Investable assets growing with global economic growth → Increased allocations to private markets
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Investors look to MSCI for → Data- and research-driven insights into drivers of risk and performance → Broad asset class coverage → Innovative tools to help bring investment strategies to market → Exceptional quality → Reliability, technology and business continuity infrastructure Company Overview → 8 Addressing Client Needs to Power Better Investment Decisions Supporting Investors’ Needs in the Investment Process Portfolio Construction Tools Indexes Asset Allocation Risk and Performance Models Benchmarks Performance Attribution Applications Risk Analytics and Reporting Designing Strategies Managing Strategies Evaluating Strategies
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Company Overview → 9 Enabling Participants in the Investment Process Enabling asset owners and managers to make better investment decisions and build better portfolios Enabling corporate issuers, their advisors and others to understand sustainability and climate risk, benchmark against peers and inform engagement with shareholders Enabling banks, broker dealers, exchanges, custodians and others to improve the investment processwith more transparency Users of Capital Financial Intermediaries Providers of Capital
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1. As of March 2025. 2. Number of securities covered includes derivatives, options and warrants, of which volumes fluctuate as these derivatives mature and are issued. 3. Represents average number of Analytics client positions processed in rolling 7-day period. Company Overview → 10 MSCI Data and Technology Capabilities Proven Ability to Handle Complex, Integrated and High-volume Workflows with Flexible and Scalable Solutions for Clients Collect 500+ Data Vendors1 1,000+ Data Products1 16M+ Securities Maintained Daily1,2 Compute 5.7B+ Weekly Average Positions Processed in Analytics1,3 1,400B+ Daily Instrument Pricings1 Deliver 1,300+ APIs across All Product Lines1 15+ Proprietary Applications at MSCI1 70+ Third-Party Distribution Partners1 Clean and Enhance Process and Enrich Extensive Data and Technology Capabilities to Satisfy Client Demands
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Company Overview → 11 Clients • Asset Managers • Asset Owners • Broker-Dealers • Wealth Managers • Corporates • Insurance Companies • Private Asset Managers • Regions (Americas, EMEA, APAC) Solutions for • Sustainability and Climate Investing • Customized Indexes • Derivatives • Factor Investing • Private Asset Investing • Fixed Income and Liquidity • Investment Themes Capabilities • Data • Models • Technology • Talent Run Rate amounts and breakdown as of March 31, 2025. Widespread Demand for MSCI’s Offerings Asset Management Banking & Trading Hedge Funds Asset Owners & Consultants Wealth Other Index Subscription ABF Analytics Sustainability & Climate All Other - Private Assets Client Segment Run Rate ($3.0B) Product Run Rate ($3.0B)
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1. Includes ABF and Subscription Recurring Revenue. 2. Financial numbers for the three months ending March 31, 2025. 3. Remaining non-US dollar revenue exposure primarily in EUR, GBP or JPY. Company Overview → 12 Well Positioned in Different Market Scenarios from All Weather Franchise Upturn / Downturn Expense Levers Approx. Annual Impact of ~10% or higher Flex Self-Adjusting Metric-based Annual Incentives Plans +/- $20M Pacing of Investments Reprioritization, Pace of Hiring Headcount Optimization +/- $20M Non-compensation Actions T&E Training Professional Fees Marketing +/- $20M 98% recurring revenue1,2 ~74% recurring subscription2 Retention rates ~90% across segments2 AUM-Based Revenue Futures & Options Volumes Performance-oriented Products Risk-oriented Products ~84% of Revenue in USD2,3 ~Balances Non-USD Expense1,2 Upturn Growth Investment Expense Management Refi Callable Debt Share Repurchases Diversified Geographic & Product Footprint Times of Strength Times of Stress Revenue Expenses EPS
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13 Company Overview → Recurring, visible revenue model ~97% or higher recurring revenues1 as percent of total revenues from 2016 through 1Q25 Operating efficiency strength Disciplined operating expense management Triple-Crown investment opportunities to grow business Investing in multiple strategic product areas, client segments and capabilities, including technology and partnerships, to drive growth Attractive cash generation profile High free cash flow conversion and growth driven by favorable working capital dynamics, capital-light business model and track record of operating leverage Creating value for shareholders Double digit annual adjusted EPS growth every year from 2014 through 2024 Strong balance sheet and liquidity Total cash and cash equivalents of $361M as of March 31, 2025 1. Recurring Revenues include recurring subscription and asset-based fees revenues for all years referenced. 2. Free Cash Flow and Adjusted EPS are Non-GAAP measures, for details and reconciliations to the most comparable GAAP measures, see Appendix. Robust and Compelling Financial Model
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Section 02 Financial Review
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1. Adjusted EBITDA, Free Cash Flow and Adjusted EPS are Non-GAAP measures, for details and reconciliations to the most comparable GAAP measures, see Appendix. Financial Review → Exceptional Track Record of Financial Execution 15 $1,695 $2,044 $2,249 $2,529 $2,856 $2,922 $760 $883 $1,022 $1,145 $1,387 $1,379 $7.83 $9.95 $11.45 $13.52 $15.20 $15.68 $972 $1,197 $1,330 $1,523 $1,716 $1,759 57.3% 58.6% 59.1% 60.2% 60.1% 60.2% 45.0% 50.0% 55.0% 60.0% Revenue ($m) Adjusted EBITDA1 ($m) 14% CAGR 15% CAGR Free Cash Flow1 ($m) Adjusted EPS1 15% CAGR 18% CAGR TTM 03/31/2025 20242023202220212020 TTM 03/31/2025 20242023202220212020 TTM 03/31/2025 20242023202220212020 TTM 03/31/2025 20242023202220212020
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16 Significant Recurring Revenue Model with Global Client Base Operating Revenues Mix Quarter Ended 03/31/2025 by Typeby Product Line 57% Index 11% Sustainability & Climate 9% All Other-Private Assets 23% Analytics 74% Recurring Subscription 2% F&O transaction based 2% Non-recurring 22% Assets Based Fees 98% Recurring Revenue MSCI Subscription Run Rate as of 03/31/2025 by Geography MSCI Subscription Run Rate as of 03/31/2025 by Client Base Americas 45% EMEA 38% APAC 17% Asset Managers 50% Banks & Trading 14% Asset Owners & Consultants 13% Hedge Funds 10% Others 8% Wealth Management 5% Financial Review →
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Note: Run Rate totals may include overlap between different client segments. 1. Includes Climate run rate reported in Index, Sustainability & Climate, Analytics and All Other - Private Assets. 2. Excludes Analytics Enterprise Risk & Performance. 3. Listed only. 4. Represents total subscription run rate from wealth management client base. 5. Includes Real Assets and Private Capital Solutions 6. Includes Sustainability (ex. Climate) Research Run Rate, reported in the Sustainability & Climate, Analytics and All Other - Private Assets, and Sustainability (ex. Climate) related Index subscription and asset-based fees Run Rate reported in the Index segment. 17 Emerging Growth Opportunities $96 $119 $93 $56 $104 $254 $413 $106 $143 $107 $58 $120 $274 $439 03/31/2024 03/31/2025Run Rate US$ in millions Insurance Climate1 Fixed Income2 Futures & Options3 Wealth Management4 Private Assets5 Sustainability (ex. Climate)6 Expanding in attractive additional addressable markets Financial Review →
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Financial Review → 18 Innovation and Investment in Key Growth Areas New Growth Drive new business capabilities through new products and services Examples: • Climate • Thematic Indexes • Fixed income Indexes • Private Assets • Custom Indexes Scale Expand existing products and capabilities to accelerate growth Examples: • Innovative Factors & Sustainability Indexes • ESG securities coverage expansion • Expanding Futures and Options • Expanding and enhancing client interfaces and delivery channels Efficiencies Avoid and/or repurpose costs; achieve productivity gains Examples: • Cloud migration • Streamline technology development • Data process improvements • Application of Artificial Intelligence Rigorous metric-driven approach to allocate capital across different business areas Triple-Crown Investment Criteria High Returns Projects must have a high return (ROI) Quick Payback <3 Years Earlier payback preferred Strong Valuation Prefer investments with greater impact to MSCI’s valuation
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1. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes. 2. Reflects gross debt, net of deferred financing fees and premium. 3. Aggregate revolver commitments of $1,250.0 million until January 26, 2029 as per the agreement signed on January 26, 2024. 4. Credit ratings reflect the views of the different agencies and are not a recommendation to buy, sell or hold any security including our common stock or debt securities. These ratings are subject to periodic review and may be raised upward, downward or revoked at the sole discretion of the agencies. 19 Strong Balance Sheet Provides Optionality Unsecured Debt Maturity Profile as of 03/31/2025 US$ in millions, unless otherwise noted Cash1 and Debt as of 03/31/2025 Credit Ratings4 as of 05/20/2025: → In 1Q25, returned $295.1M to shareholders through share repurchases of $155.4M and quarterly dividends of $139.7M → Strong balance sheet provides optionality – Next maturity is not until 2029 → Disciplined and consistent approach to capital deployment – Triple-Crown framework to evaluate internal opportunities and MP&A (mergers, partnerships and acquisitions) Total Cash $361M Total Debt2 $4,547M Net Debt (Total Debt less Total Cash) $4,186M Total Debt / LTM Adjusted EBITDA 2.6x Net Debt / LTM Adjusted EBITDA 2.4x $1,000 $900 $1,600 $700 $372 $878 2025 2026 2027 2028 2029 2030 2031 2032 2033 Drawn revolver facility3 Undrawn revolver facility3 Senior Unsecured Notes Moody's S&P Fitch Outlook Stable Stable Stable Long-term issuer rating Baa3 BBB- BBB- Senior unsecured Baa3 BBB- BBB- Financial Review →
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1. Share repurchase through April 21, 2025. 2. From October 31, 2014 through February 28, 2025. Financial Review → 20 Disciplined Approach to Capital Deployment for Shareholders Dividends ($M) $121 $172 $221 $247 $304 $374 $442 $509 $140 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 $102 $727 $140 $1,285 $459 $810 $275 86 85 83 81 80 79 78 2019 2020 2021 2022 2023 YTD 20251 Weighted Average Diluted Shares Outstanding (in millions) Aggregate Dollar Value of Shares Repurchased ($ in millions) Share Repurchases Opportunistic Share Repurchases Capitalize on Attractive Values and Volatility $6.9B of Share Repurchases since 20121 → Meaningful dividend with strong historical growth → Historical payout ratio target of 40% – 50% of Adjusted EPS → For Q2 2025, cash dividend of $1.80 per share declared by MSCI Board of Directors → 25% CAGR in dividend per share since 20142 2024
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21 Robust earnings growth reflecting all weather franchise 1Q25 Financial Results Snapshot 1Q25 Operating Revenues (reported) +10% 1Q25 Operating Revenues (organic) +10% As of March 31, 2025 Subscription Run Rate Growth (reported) +8% As of March 31, 2025 Subscription Run Rate Growth (organic) +8% 1Q25 Adjusted EBITDA Margin 57.1% 1Q25 Operating Margin (+70 bps) 50.6% 1Q25 Adjusted EBITDA Growth +11% 1Q25 Operating Income Growth +11% 1Q25 Free Cash Flow $269M 1Q25 Net cash provided by operating activities $302M 1Q25 Value of Shares Repurchased $155M Shares Repurchased in 1Q25 at average price of $590.60 263,051 1Q25 Adjusted EPS +14% 1Q25 Diluted EPS +15% Financial Review →
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Segment Highlights Section 03
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→Rules-based, consistent, and transparent methodology1 →Spanning across developed markets, emerging markets, and frontier markets →Can be used as tools supporting portfolio construction in indexed and active portfolios Segment Highlights → 1 Index methodologies may evolve over time and are subject to periodic reviews MSCI Indexes Are Built Using a Modular Approach Size Sustainability Style Sectors Factors Thematic MSCI Emerging Markets IMI MSCI World IMI MSCI ACWI IMI 23
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Segment Highlights → MSCI Has a Wide Range of Indexes Market Cap Weighted Fixed IncomeThematic Indexes Aligned with Megatrends Our diverse offering spans multiple asset classes and includes broad-market, standard indexes, client-designed indexes, climate-aligned indexes, and more. Transformative Tech Future Mobility, Robotics, Digital Economy, Fintech innovation Society & Lifestyle Smart Cities, Ageing societies, future education, food revolution Health & Healthcare Genomic innovation, Digital health Environment & Resources Efficient energy, circular economy Sustainability SCREEN Equity MSCI Screened MSCI ex Controversial Weapons MSCI ex Tobacco Involvement MSCI USA Catholic Values MSCI Islamic INTEGRATE Equity MSCI SRI MSCI KLD 400 MSCI Selection MSCI Focus MSCI Universal MSCI USA Sustainability Select TARGET Equity MSCI Sustainable Development MSCI Women's Leadership MSCI Japan Human and Physical Investment Climate REDUCE Equity MSCI Global Low Carbon Target MSCI Global Low Carbon Target Core MSCI Global Low Carbon Leaders MSCI Global Low Carbon Leaders Core MSCI Global Fossil Fuel Exclusion CONTRIBUTE Equity MSCI Climate Action MSCI Global Environment ALIGN Equity MSCI Climate Paris Aligned MSCI Climate Change Issuance weighted Investment Grade/High Yield Corporate Bond Indexes Government Bond Indexes Liquid Indexes Investment Grade/High Yield MSCI MKTX Tradable Corporate Bond Index Sustainability & Climate Change Investment Grade/High Yield Climate Change Corporate Bond Index Climate Transition Corporate Bond Index Climate Paris Aligned Corporate Bond Index Universal Corporate Bond Index Selection Corporate Bond Index ACWI IMI Developed Markets Emerging Markets DM Small Cap EM Small Cap Sectors Factors 24 Private Assets Venture Capital MSCI All Country Venture- Backed Private Company Indexes Private Equity Private Credit
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Segment Highlights → 25 Index Usage Throughout the Investment Process Portfolio Construction Portfolio Management ReportingRisk M anagement Investment Process Define Investable Universe Market Cap, Factor, Climate, Sustainability, Thematic Asset Allocation Benchmarking Performance Reporting to Investors Regulatory Support Indexes Customized for Risk Profile Climate Risks and Opportunities Derivatives for Hedging and Exposure Management Exposure and Liquidity Management Performance Attribution Model Portfolios GROWING USES OF INDEXES
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26 Index:ClientDemandforCustomizedIndexes to MeetSpecifiedNeeds Segment Highlights → Customized indexes for specific client use cases Clients can design MSCI Custom Indexes to: → Avoid benchmark misfit → Benchmark unique investment strategies → Conduct bespoke reporting, performance, and risk analysis → Manage currency risk via custom hedged indexes → Outsource the calculation of specialized, in-house indexes → Comply with regulatory guidelines → Construct and issue index-linked products → Express unique active investment strategy through a strategy index Broad Coverage Clients can customize and adapt any MSCI index such as Market Cap, Factor, Thematic, Sustainability, and Climate to reflect their specific requirements Global Support Data Reliability Clients can make use of MSCI’s well-established, reliable index administration and calculation process Rigorous Methodology Investable, transparent and replicable indexes designed by clients, using the same rigorous calculation and maintenance methodology applied to MSCI’s standard indexes Global Support Cross-functional team of experts in Research, Index Production, Technology, and Product Management supports the administration of client-designed custom indexes Benefits 1 Clients define benchmark needs beyond MSCI standard indexes 2 MSCI calculates bespoke benchmarks leveraging each client’s custom inputs and methodology 3 Clients choose deployment options (e.g. Real Time/End of the Day, Distribution Channel, etc...)
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Segment Highlights → 27 Multiple Layers of Use Cases for Custom Indexes Asset Owners & Asset Managers Asset Managers Wealth Managers & Asset Managers Banks & Insurance → Since 2020, around one-third of MSCI indexes used by asset owners for policy or mandate allocations have been custom indexes → Hundreds of ETFs are linked to MSCI custom indexes and growing → Efficiently scale to meet the growing demands for personalized, model portfolios while enabling customization → Billions of Structured Products assets issued on Custom Indexes Investment Use Cases Client Segments Examples Asset Owner Mandates Express a view via their capital allocations Helping Asset Managers Differentiate Strategy and Performance Offer differentiated investment exposures, tailor views for specific markets & investor types Wealth Models Optimize investing universe, integrate ‘house view’ with individual preferences Structured Products Customize portfolios for specific outcomes to meet end investor preferences Foxberry Acquisition Further Extends Our Custom Index Capabilities with Front Office Technology
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Segment Highlights → 28 Index Subscription at a Glance Index Subscription Run Rate Index Subscription Run Rate as of 03/31/2025 by Geography Index Subscription Run Rate as of 03/31/2025 by Client base EMEA 41% Americas 38% APAC 21% Asset Managers 63% Banks & Trading 14% Hedge Funds 8% Wealth Management 6% Asset Owners & Consultants 5% Others 4% $681.8 $738.4 $88.8 $102.3 $99.3 $107.6 $869.9 $948.4 1 2 +9% Market Cap Weighted Custom Indexes Non-Market Cap Weighted1Q24 1Q25 +9% Organic +8% +15% +8% 1. Beginning in Q1'25, MSCI is changing the Index subscription sub-product categories to Market-Cap Weighted, Custom Indexes and Non-Market Cap Weighted in order to more closely align with our latest product offerings. Previously these categories were presented as Market-Cap Weighted, Custom Indexes & Special Packages, and Factors and ESG & Climate. The Non -market Cap Weighted category reflects contributions from Sustainability & Climate and Factors index modules. Contributions from Special Packages are now presented under the Market Cap Weighted sub-product category.
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$219 $253 $279 $305 $335 $369 $407 $451 $503 $559 $618 $695 $778 $861 $934 $948 $118 $120 $127 $158 $175 $201 $217 $317 $312 $396 $464 $589 $514 $591 $679 $697 $337 $373 $406 $463 $510 $570 $624 $768 $815 $955 $1,082 $1,284 $1,292 $1,452 $1,613 $1,646 Segment Highlights → 29 Index: Growth Through the Index Revolution Index Subscription Run Rate and Asset-Based Fees (ABF) Run Rate (US$ in millions) 20242023 13% CAGR 11% CAGR 2022202120202019201820172016201520142013201220112010 $317 Index Subscription Run Rate ABF Run Rate 2010 – 1Q25 Total Index Run Rate CAGR : 12% 1Q25
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9.5 10.3 10.7 11.0 11.0 4.2 4.6 4.9 5.5 5.913.7 14.9 15.6 16.5 16.9 Dec'22 Jun'23 Dec'23 Jun'24 Dec'24 Segment Highlights → 30 Growing AUM Linked to MSCI Indexes Across Active and Passive Strategies (US$ in Trillions) *CAGR from Dec 31, 2022 through Dec 31, 2024 AUM benchmarked to MSCI Indexes Active vs. Passive breakdown AUM benchmarked to MSCI Indexes as of December 31, 20241 1 Refer to end notes on Page 66 ACWI World EAFE Emerging Markets USA Europe Asia Other (incl. Futures & Options) 11% 19% 8% CAGR* % Active Passive
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13% 14% 20% 20% 23% 20% 21% 25% 27% 30% 28% 28% 28% 26% 43% 53% 50% 58% 51% 51% 47% 46% 43% 44% 45% 46% 47% 49% 44% 33% 30% 22% 26% 29% 32% 29% 30% 26% 27% 26% 25% 25% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 US DM Ex US EM 31 Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified Over Time Mix of MSCI linked equity ETF AUM balance by geographic exposure % US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM) countries, primarily or exclusively in the US; DM ex US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI DM countries; EM = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities that are not in MSCI DM countries. Segment Highlights →
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$(100) $67 $40 $(54) $44 $34 $(9) $(28) $11 $124 $(110) $147 $94 $143 $(284) $198 $140 $16$27 $48 $59 $23 $56 $(103) $49 $88 $37 $139 $62 $91 $76 $205 $55 $48 $116 $42 $119 $234 $333 $302 $402 $333 $373 $433 $481 $744 $696 $934 $1,104 $1,452 $1,223 $1,469 $1,725 $1,783 32 Market Movement and Momentum in Cash Flows Continues US$ in billions AUM YoY% ABF RR YoY% Total Cash Inflow / (Outflow) Market Appreciation / (Depreciation) AUM of ETFs linked to MSCI Equity Indexes Financial crisis of 2008 9M22: MSCI-linked equity ETF AUM balance declined 26% vs Dec-21 amid high inflation, interest rate hikes, Russia's invasion of Ukraine and supply chain concerns, while ABF run-rate only declined 19% vs Dec-21 4Q18: MSCI-linked equity ETF AUM balance declined 9% QoQ amid concerns on global growth, US-China trade, Brexit and yield curve flattening, while ABF run- rate only declined 4% 3Q11: MSCI-linked equity ETF AUM balance declined 20% QoQ amid EU sovereign debt concerns, while ABF run-rate declined 16% QoQ 20081 20091 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 (38)% 97% 42% (10)% 33% (17)% 12% 16% 11% 55% (7)% 34% 18% 32% (16)% 20% 17% 13% (30)% 68% 22% 2% 6% 25% 10% 15% 8% 46% (2)% 27% 17% 27% (13)% 15% 15% 13% Positive annual cash inflows for all years in ETFs linked to MSCI indexes except 2013 1 . As of November fiscal year-end. Segment Highlights →
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$55.7 $57.6 $59.0 $57.0 $58.2 1Q24 2Q24 3Q24 4Q24 1Q25 33 Listed Futures & Options Linked to MSCI Indexes 24.2 24.7 25.2 25.2 24.9 1Q24 2Q24 3Q24 4Q24 1Q25 Futures & Options Volume Linked to MSCI Indexes in millions of contracts traded1 1. Contract volumes traded may not tie to volume figures used for calculating Futures & Options Run Rate. Futures & Options run rate not solely based on volumes traded, includes impact from varied commercial arrangement with exchange partners. Run Rate From Listed Futures & Options Linked to MSCI Indexes US$ in millions Segment Highlights →
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Segment Highlights → 34 Analytics: Significant Opportunities in Equity Portfolio Management: $1B+ Serviceable TAM Growth Drivers Accelerators Increasingly using Factors for portfolio construction and asset allocation Integration of Sustainability and Climate in portfolio construction Portfolio customization through end-user applications • Client-facing applications • Sustainability/climate/thematic integration • Capabilities to customize indexes Large consumers of model data to embed into their investment processes. Eager to consume new content we produce Content distribution through APIs, partners and digital marketplaces Asset Managers Hedge Funds and Broker Dealers Asset Owners Broad Adoption of Factors and Portfolio Customization Driving Growth
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Segment Highlights → 35 Analytics: Multi-Asset Class Solutions Well Positioned to Grow in a $2B+ Serviceable TAM Growth Drivers Accelerators Large demand for multi-asset solutions from institutional and individual investors • Tools for multi-asset solution managers • Asset allocation solutions for asset owners • Mass portfolio personalization for wealth managers Demand for solutions to new problems from asset managers and asset owners Need to innovate, decrease complexity and achieve scale • Solutions for liquidity, climate change, long horizon risk, private asset investing and new regulations • Models and analytics through cloud- hosted APIs and integration with clients’ infrastructure Multi-Asset Class Risk Management Multi-Asset Class Portfolio Management Solving Two Critical Needs: Building MAC Portfolios and Managing Portfolios across Asset Classes
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Segment Highlights → 36 Sustainability & Climate Data → Integrated Climate and Sustainability data to build solutions aligned with climate and Sustainability objectives → Hundreds of data points covering carbon emissions, climate value at risk (CVaR), and Sustainability risks → Multi-asset class coverage Differentiated Content → Across global geographies & asset classes → Differentiated content, stress testing and optimization → Long-term risk and return → Models customized to the investment process → Attribution of risk and performance on same factors Enterprise Data Workflows → High-performance, high-availability workflows to integrate with internal systems → Leverage MSCI’s automated data quality checks, results monitoring, and established processes → Distribute high-quality, standardized result sets to multiple applications Build Better Solutions with MSCI Multi-Asset Class Solutions
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Key Drivers → Systematic investing in fixed income is growing as data becomes widely available and price transparency improves → Fixed income investors need to integrate Sustainability/Climate considerations Key Opportunities → Estimated $200M opportunity to help asset owners and asset managers build fixed income portfolios →Expansion into insurance companies 1Q25 Results → 28% YoY run rate growth as of March 31, 2025 for Fixed Income Analytics1 → Resulted from cross-selling fixed income teams of our large multi-asset class client base, as well as winning new clients Segment Highlights → 37 1 Excludes Analytics Enterprise Risk & Performance. Analytics: Growth Opportunities in Fixed Income Portfolio Management Investors are Demanding Innovative Solutions and Better Service Developed Closely with Clients to Solve Unmet Needs Distributed through Order Management System, which Simplifies Workflows and Creates Consistency Integrated with MSCI Fixed Income Indexes and Sustainability/Climate Data, which are Competitive Differentiators MSCI is Offering Differentiated Solutions
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Segment Highlights → 38 Wealth Manager Demands → Automated Personalized Portfolio Construction and Management to spend more time winning new clients and servicing existing clients → Advisors have to integrate their House View with the preferences of their individual clients MSCI Capabilities → Institutional Quality Content (including sustainability data, risk analytics, client- designed indexes and tax optimization) to ensure personalization is done within client’s House View and creates consistency to control for risk across clients → MSCI Wealth Manager provides a delivery platform for our Institutional quality content that is fit for the Wealth Ecosystem: • Risk monitoring of client portfolios • Model portfolio construction • Rules-based client portfolio management to scale personalization • Advisor sales enablement proposals MSCI Opportunity → To automate personalization, Wealth Managers will require advanced content and solutions that MSCI can provide directly and/or through Asset Manager partners → Index funds and ETFs linked to MSCI indexes can help to implement personalized strategies Wealth Ecosystem Value Proposition – Mainstreaming Professional Investment Management Functions Institutional Quality Components Are Critical in Next Transformative Phase
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Segment Highlights → 39 Analytics Segment at a Glance Analytics Run Rate (US$ in millions) Analytics Run Rate as of 03/31/2025 by Geography Analytics Run Rate as of 03/31/2025 by Client base Americas 55% EMEA 30% APAC 15% Asset Managers 41% Banks & Trading 20% Hedge Funds 18% Asset Owners & Consultants 14% Wealth Management 4% Others 3% +7% Multi-Asset Class Analytics Equity Analytics +7% Organic +12% +5%$453.2 $474.6 $208.9 $233.2 $662.1 $707.8 1Q24 1Q25
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40 Multiple Years of Facilitating a Broad Ecosystem Segment Highlights → 1 Through MSCI legacy companies KLD, Innovest, IRRC, and GMI Ratings; 2 Includes Sustainability & Climate equity, fixed income, custom and Islamic indexes.; 3 Data based on Refinitiv Universe as of December 2024, only primary listings, and not cross-listings; 4MSCI Sustainability solutions are used by 47 of the top 50 world’s largest Asset Managers as determined by the report “The world’s largest 500 asset managers” – a Thinking Ahead Institute and Pensions & Investments joint study. AUM and rankings calculated as of December 2023. Report published October 2024. MSCI clients as of March 2025; 5 As of March 2025, client count is based on the shipping address of the ultimate customer utilizing the product, and affiliates, user locations or business units within a single organization are considered as separate clients; 6 As of March 2025, Analysis includes Sustainability & Climate reportable segment; 7 MSCI Sustainability Research’s climate solutions are used by 43 of the top 50 world’s largest Asset Managers as determined by the report “The world’s largest 500 asset managers” – a Thinking Ahead Institute and Pensions & Investments joint study. AUM and rankings calculated as of December 2023. Report published October 2024. MSCI clients as of September 2024; 8 Source: MSCI Sustainability Research as of Feb 2024; 9 Data as of December 2024, based on eVestment for Institutional funds, Morningstar for Retail funds and Refinitiv Universe for ETFs; 10 As of March 31, 2025 including direct and allocated employees. Sustainability & Climate: A Pioneer and Market Leader Leadership and Depth of Coverage: Climate Indexes Climate Data & Analytics ESG Ratings & Data Sustainability Indexes → #1 Sustainability Index Provider by Equity ETF Assets Linked to its Sustainability Indexes3; → $1,083B in institutional, retail and ETF assets benchmarked to MSCI Sustainability & Climate Indexes as of 12/31/249 → 47 of the top 50 Asset Managers4 leverage MSCI Sustainability Research Products; → 3,000+ Sustainability Clients5 Globally with Coverage of 16,000+ Issuers and 992,000+ Securities → Approximately 23% penetration of UN-PRI signatories6 → #1 Climate Index Provider by Equity ETF Assets Linked to its Climate Indexes3 → Climate Data Provider to 43 of the World’s Top 50 Asset Managers7; → 2,250+ Climate Change Metrics, Covering 19,650+ Issuers8 Setting Standards and Providing a Common Language 1,600+ 5,700+ 45+ years experience in objectively measuring and modeling Sustainability characteristics1 MSCI Sustainability & Climate equity and fixed income indexes (including custom)2 employees10 working on Sustainability & Climate matters, including experts and technologists providing the most efficient investment signals Deep integration across MSCI products catering to the investment value chain Extensive set of solutions for Sustainability and Climate integration
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1 Origins of MSCI Sustainability Ratings from 1999; Financial materiality - ratings focus key Sustainability issues that could become financially material over the medium to long term. 2 Source: MSCI Sustainability Research as of as of December 2024, coverage subject to change. 3 Source: MSCI Sustainability Research as of March 2025. Includes full time employees, employees of foreign affiliates providing investment advisory services to MSCI Sustainability Research LLC, and global allocated staff performing non-investment advisory tasks. 4 Serafeim, G & Yoon, A, (2021). Stock Price Reactions to Sustainability News: The Role of Sustainability Ratings and Disagreement Harvard Business School Accounting & Management Unit Segment Highlights → 41 Sustainability & Climate: Extensive Solutions Backed by Unique Capabilities Financial Materiality1 → One of the first Sustainability providers to assess companies based on industry financial materiality, dating back to 19991 → Focus on the issues that are most relevant to a company’s core business model Deep Knowledge → Regularly evaluating new datasets, monitoring emerging Sustainability issues and exploring new technologies to improve our research process and the value for clients. → Deep climate expertise with dedicated MSCI Climate Risk Center Broad Sustainability and Climate coverage → Broad ESG Ratings coverage with 97% of equity and fixed income market value2 → Provide consistent solutions across investment instruments Alternative data beyond corporate disclosure → Our cutting-edge modelling capabilities transform varied sources of unstructured data into meaningful insights → Leverage technology and AI to increase timeliness and precision of data collection and analysis Leading Technology → Approximately 350+ Technologists dedicated to Sustainability and Climate3 → 150+ data scientists develop robust models turning unstructured data into meaningful output3 Long Track Record4 → Extensive track record, analyzed by multiple academic studies → Tried and tested solution
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Segment Highlights → 42 Climate Change is Influencing the Flow Of Capital Across the Financial Ecosystem Bringing Clarity to Climate Investing Solutions to Support Financial Institutions and Corporates in: → Climate change impacts to economic, social, political landscape and investor portfolios → Transition to a Net-Zero economy catalyzing large shifts in capital → Financial ecosystem will be impacted downstream, with banks playing a critical role in financing the transition Supporting financial climate risk integration Net-zero alignment Aligning with evolving regulation Client-centric Climate Solutions Illustrative Use Cases Measurement Strategy, Objectives and Target Setting Portfolio Construction & Product Development Stewardship & Engagement Reporting Risk Management & Scenario Analysis Enterprise-wide provider of climate data, models and tools Regulatory reporting (SFDR, TCFD) • Net zero implementation • Climate risk integration Climate commitments and research on carbon credits • Climate exposure • Emissions measurement • Stress-test scenarios • Asset pricing, allocation, and portfolio construction
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43 A Clear View of the Climate Transition and Physical Risks at Every Step of the Process: Identify, Measure and Monitor Risks and Opportunities Segment Highlights → Integration and Analysis of Climate Exposure → Measure and monitor the carbon emissions of issuers and portfolio companies → Broad asset class offering through Total Portfolio Footprinting covering 4m+ securities and coverage via on demand services. → Tools to help investors monitor climate transition and physical risks, including leaders and laggards in the portfolio, and advance their net zero strategy Forward-Looking Climate Insights → Implied Temperature Rise (ITR) provides a forward- looking portfolio level metric in degrees Celsius demonstrating how aligned the companies in the portfolio are to global temperature targets Implied Temperature Rise → Drill-down insights into physical risk & nature from your portfolio or loan book to individual asset locations Climate Models and Metrics → Providing investors with the data and tools to track and assess companies’ progress towards net-zero commitments and align their portfolios with climate targets Carbon Emissions & Footprinting Physical Risk Assessment Low Carbon Transition Risk Climate Scenario Analysis Portfolio Sustainability Insights Nature Impact, Dependency and Risk Assessment
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Segment Highlights → 44 →Robust metrics & scores, building blocks and data sets to provide more transparency into the underlying inputs into our models and offer clients tools to address their key data needs. 1 Based on Company estimates as of March 2025 using the MSCI ACWI IMI index as reference for total equity market value and Bloomberg fixed income indexes as reference for total fixed income market value MSCI Sustainability Research: Extensive Universe of Data Source Data and Documents (L0) → Unstructured source-level data – includes document extracts, “as-reported” data (no additional QC). → Sustainability Report excerpt, information on company website, news article Standardized Data (L1) → Structured qualitative and quantitative data. Converted to comparable units, subject to QC. Includes estimates and simple calculations. → Carbon Emissions (t), Fossil Fuel Revenue (USD), Women on Board (%), Derived Data and Scores (L2) → Rules-based derived data calculated using L1 input data and proprietary MSCI ESG Research models and methodologies. → Key Issue Scores MSCI Ratings and Assessments (L3) → MSCI assessments combining aggregation of scores, MSCI ESG Research analyst view, and committee approval (including overrides, truncations). → MSCI ESG Rating, MSCI ESG Controversies Flag Rates 10,000+ issuers from 95 countries Rates 16,000+ issuers through subsidiary mapping ESG data mapped to 1,050,000+ securities 250+ Government Fixed Income issuers covered Covers 97% of the equity and fixed income market value Global Issuers and Securities Normalizing, cleansing and standardizing sustainability data in order to drive clarity. Voluntary ESG Disclosures Alternative Data Sources Mandatory ESG Disclosures
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Segment Highlights → 45 MSCI Sustainability & Climate Standardized Data Company Segment Data Fossil Fuel Reserves Production and Capacity Data Business and geographic revenue and asset segments mapped to key Sustainability risk exposures Standardized production and capacity data including fossil fuels, reserves, fuel mix, etc. Industrial & Energy Production Data Power Generation Capacity Geographic Segments Loan Segments Business Segments Governance Data Carbon Targets & Commitments Company Targets and Commitments Data Company level board, pay, ownership and accounting characteristics Forward-looking company-reported targets and commitments and companies’ progress toward achieving those targets. Social Targets & Commitments Environmental Targets & Commitments Governance Events Corporate and Director Data AGM Data Environmental and Social Quantitative Data Environmental and Social Qualitative Data Environmental management system, executive oversight of environmental management, carbon mitigation, uses low carbon energy, etc. Labour policies, certified health and safety management system, diversity initiatives, product safety measures, etc. Environmental Risk Mgmt. Practices Social Risk Mgmt. Practices Carbon Emissions & Energy Data Natural Capital & Pollution Data Corporate Behavior & Social Data Workforce & Diversity Data Toxic emissions, water consumption, fatalities, layoffs, complaints, product recalls, regulatory warnings, workforce diversity, etc. Sustainable Activity Revenue Data Revenue from products / services with positive impact on the society and the environment. Alternative Energy Revenue Data Green Building Revenue Data Energy Efficiency Revenue Data Pollution Prevention Revenue Data Sustainable Water Revenue Data Sustainable Agriculture Revenue Data Social Basic Needs Revenue Data Social Empowerment Revenue Data Controversies and Global Norms Data Controversies involving the impact of company operations, governance practices, and/or products and services. Customer Controversies Environmental Controversies Human Rights & Community Controversies Global Norms Compliance Labor Rights & Supply Chain Controversies Governance Controversies Controversial Activity Involvement Data Involvement in Tobacco, Alcohol, Nuclear Weapons, Cannabis, Abortion etc. Business Activity Type of Tie Business Activity Revenue Global Sanctions Data Datapoints relating to existing global sanctions – typically measuring involvement
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Segment Highlights → 46 MSCI Sustainability Research: Data to Help Clients with Critical Investing Decisions Data to Build House Views Helping clients build models based on weighing issues and themes they consider aligned to their Sustainability integration strategies.Data to build thematic strategies Helping clients optimize their portfolios by specific Sustainability themes and exposures. Data to report on the Sustainability characteristics of portfolios MSCI Sustainability data sets and specific metrics to report on portfolio exposures to different Sustainability issues. Data for shareholder engagement Helping clients identify outliers that lag on specific Sustainability related risks to inform their engagement strategy. Data to measure and communicate the impact of portfolios Assess and communicate the net impact of portfolios on each of the 17 UN SDGs. Drill down into MSCI model Helping clients understand the components that drive an MSCI Sustainability Research top level assessment by diving into the data.
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47 MSCI Sustainability & Climate Data – Quality Assurance Segment Highlights → MSCI Sustainability & Climate products are based on 7 million data points per month with inputs from more than 4,700 news sources, 150 alternative data sources, 12,000 corporate websites and interactions with more than 7,000 corporate issuers. Data based on company estimates as of December 2024 Data Governance Global Industry expertise (11 Sectors), deep and broad content knowledge (10 differentiated domain expertise) coupled with strong local market presence. We look at a broad range of dimensions when defining quality: completeness, exhaustivity, timeliness, accuracy as well as traceability back to source (evidences). We leverage technology in all steps of our content creation, to provide scale, speed, and unique and differentiated content. We are using various Data Science techniques ranging from Natural Language Processing (NLP) for document identification, classification and data extraction, to Machine Learning (ML) models to identify contextual anomalies. Domain Expertise Data Quality Technology Driven Data Science Powered Overarching Governance principles through data methodology, cataloging, data structure, QA methodologies, data receipts help maintain data consistency and quality.
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$287.8 $308.7 $(4.4) $10.4 $6.9 $4.1 $2.6 $1.3 1Q24 Ending AUM US Developed Markets ex. US Emerging Markets Market Change 1Q25 Ending AUM Sustainability & Climate Run Rates Across all Segments1 +9% $530 $581 +26% +19% +2% +8% 48 YoY Growth Across Sustainability & Climate Franchise AUM in ETFs Linked to MSCI Sustainability & Climate Equity Indexes US$ in billions 1. Includes Sustainability & Climate Research Run Rate, reported in the Sustainability & Climate, Analytics and All Other - Private Assets, and Sustainability & Climate related Index subscription and asset-based fees Run Rate reported in the Index segment. $7.9 US DM ex US EM Cash inflows / (outflows) $12.9 $297 $320 $116 $118 $80 $96 $37 $47 1Q24 1Q25 Climate ABF Climate Subscription Sustainability ABF Sustainability Subscription Segment Highlights →
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1 Includes Sustainability & Climate Research Run Rate, reported in the Sustainability & Climate segment, and Sustainability & Climate related Index subscription and asset-based fees Run Rate reported in the Index segment. 2 Includes Sustainability & Climate Run Rate in Analytics and Real Assets Segments. Segment Highlights → 49 Sustainability & Climate: Continued Growth Across Firmwide Franchise US$ in billions Firmwide Sustainability & Climate Run Rate $17 $17 $19 $23 $34 $40 $49 $65 $79 $101 $138 $203 $277 $333 $357 $366 $1 $5 $6 $4 $5 $8 $12 $19 $27 $45 $86 $154 $156 $190 $212 $215 $18 $21 $25 $27 $40 $48 $61 $84 $107 $146 $224 $357 $433 $523 $569 $581 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212 20222 20232 20242 2010-1Q25 CAGR +28% 45% CAGR 24% CAGR Sustainability & Climate Research1 Sustainability & Climate Indexes1 1Q252
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50 Sustainability & Climate Segment at a Glance Sustainability & Climate Segment Run Rate (US$ in millions) Sustainability & Climate Run Rate as of 03/31/2025 by Geography Sustainability & Climate Run Rate as of 03/31/2025 by Client base EMEA 52% Americas 34% APAC 14% Asset Managers 52% Others 12% Asset Owners & Consultants 11% Wealth Management 11% Banks & Trading 10% Hedge Funds 4% Segment Highlights → +10% +10% Organic $320.6 $352.3 1Q24 1Q25
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Numbers based on company estimates available as of December 2024. 51 MSCI Private Assets Supports the Evolving Needs of Private Asset Investors Today MSCI stands as a global partner offering data, portfolio services, and insights for investments in commercial real estate and infrastructure assets. Over 950 data contributors and 82 headline real assets indexes. Today The Barra Private Real Estate Model represents a significant advancement in understanding the drivers behind global private real estate investments. The model encompasses real estate in 30+ countries across 5 continents. Today This service enhances our capabilities by helping investors profile the risks of complex private infrastructure holdings and providing data-driven insights to inform investment decisions. Built using private infrastructure data provided from MSCI’s Real Estateand Private Capital solutions. Today A solution designed to help real estate stakeholders measure and manage portfolio exposure to climate risk, analyse the impact of hypothetical climate events on specific assets, and set strategic net-zero goals. Climate analysis is available for over 1.3 million property transactions. Today This acquisition brought one of the industry's leading real estate databases for global commercial properties, transactions, key players, pricing, performance, and more into MSCI’s fold. $50 trillionof direct commercial property transaction data linked to approx. 128,000 investors and lenders globally. Today Expanding private assets leadership and strengthening multi-asset class, total portfolio solutions. $15 trillion in investment data, 536,000+ underlying investments, 23,200+ funds and fund of funds, with data 100% sourced from LPs. 2012 Acquisition ofIPD 2013 Launched firstGlobal Private RealEstateRisk Model 2020 Launched InfrastructureRisk Model 2020 Launched Real Estate ClimateValueat Risk 2021 Acquisition of Real Capital Analytics 2023 Acquisition of Burgiss Bringing greater transparencyto financial markets with extensivePrivate Assetsdata Benchmarking Risk Climate Total Portfolio
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52 Comprehensive Asset & Fund Level Data Solutions In-depth Private Asset Benchmark Data → Benchmark and understand performance drivers through accessing one of the largest pools of aggregated private capital and real asset data. Uncover Real Estate Investment Opportunities → Conduct market research and due diligence with verified transactions, investors, trends and registered properties data modules in addition to construction, debt, price/valuation and climate data at property level. Understand CRE Trends & Valuations → Compare, graph and download times series data for volumes, pricing, yields, spreads and capital flows. End-to-End Portfolio Management Solutions Understand Performance Across Multi-Asset Portfolio → Portfolio management across public and private; customize data, track performance, aggregate data and monitor investments. Private Capital Portfolio Management and Fund Transparency → Purpose-built platform to allow investment, risk and operations teams to manage, measure and report on their portfolio of private asset commitments. Transparency on Real Asset Performance → Comprehensive performance, climate and tenant risk for commercial and residential real estate portfolios to support stronger, sustainable portfolios, strategies and decisions. Managed Data Services & Insights Portfolio Performance Measurement and Reporting → Real-time Investment Book of Record (IBOR) reporting with data owner-ship, data maintenance, and customizable book closing schedules. Build Portfolios that Highlight Sustainability Considerations → Measure, compare and monitor greenhouse gas emissions across client’s private asset portfolio to understand how changes with client’s capital allocation can affect their climate goals. Access Private Asset Market Insights → Insights on market performance, trends, new investment approaches, capital and income analysis delivered through applied research and market commentary. MSCI Private Asset Solutions Help Investors Navigate the Private Assets Investment Lifecycle
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53 How MSCI Spans Asset Classes and Strategies Equities Fixed Income Hedge Funds Public Assets and Hedge Funds Private Real Estate Infrastructure Private Equity Private Assets Private CreditAsset Classes Asset Classes Private Capital and Real Asset Portfolio Management Tools and Fund Holdings Data Granular Property and Investor data Future Solutions to be Prioritized and Developed Climate Solutions MSCI Indexes Total Plan Portfolio Management Solutions and Risk Models
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54 Span the spectrum of private assets including private equity, private credit and private real assets globally and by region. Our private capital indexes are designed to help Limited Partners and General Partners: → Measure performance effectively → Mitigate risk through informed decision making Strong Reputation: MSCI has over 50 years of benchmarking experience and a global reputation as an index leader. Trusted Sources: Sourced directly from LP cash flows and capture the full investment experience. Timeliness: Our direct-from-LP sourced data reduces reporting lag, allowing us to update indexes in < 90 days (on average) post quarter-end. 1. As of December 2024. MSCI Private Capital Closed-end Fund Indexes Global Coverage: Large and Comprehensive Universe of Data spanning $11.7T in Capitalization (Invested Capital and Dry Powder)1 Our Differentiators: → Accurately compare investments and prospects against their peers and the market → Invest with confidence 100% LP sourced 130+ Indexes1 $12T In AUM1 14,000+ Funds1
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55 All Other – Private Assets Segment at a Glance All Other – Private Assets Run Rate (US$ in millions) 1 Asset Owners & Consultants includes client run rate previously shown as ‘Sovereign Wealth’ and ‘Family offices’ for Private Capital Solutions. 2 Broker, Agent, Consultant & Developers includes client run rate previously shown separately as ‘Broker, Agents and Consultants’ and ‘Developers’ for Real Assets. 3 Pension, Endowments & Foundations includes client run rate previously shown as ‘as ‘Pensions and Investment Consultants’ and ‘Endowments and Foundations’. 4 ‘Others’ includes clients such as REITs, Listed Property Companies, Corporates, Legal and Consultants etc. All Other- Private Assets Run Rate as of 03/31/2025 by Geography All Other- Private Assets Run Rate as of 03/31/2025 by Client base Americas 59% EMEA 34% APAC 7% Asset Managers 27% Pension, Endowments & Foundations 21% Asset Owners & Consultants 16% Others 11% Broker, Agent, Consultant & Developers 11% Banks & Trading 8% Hedge Funds 2% Insurance 3% Wealth Management 1% Real Assets Private Capital Solutions (Burgiss) $153.4 $157.3 $101.0 $116.2 $254.4 $273.5 1Q24 1Q25 7% +7% Organic +15% +3%
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Capabilities Section 04
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57 Platform Overview →Instant access to portfolio, benchmark, and instrument data in a single, trusted platform → Insights into Performance, Liquidity & Market Risk, Sustainability, Climate Risk at portfolio, and aggregate portfolio levels → Ability to benchmark against standard and client designed benchmarks → Ability to stress test, back test and optimize portfolios → Understand risks in different markets, sectors, segments, factors, and assets → Build and rebalance portfolios in a quick, easy and flexible way, while tracking risk and performance, and generating relevant reports for stakeholders MSCI ONE Opportunity– Unified Platform for Real- time Portfolio and Market Data Access Capabilities →
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Appendix Section 05
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Quarterly Retention Rate Trends 10% 10% 10% 10% 11% 12% 17% 18% 18% 18% 12% 12% 12% 12% 12% 16% 14% 14% 15% 7% 8% 10% 10% 9% 9% 10% 11% 12% 13% 14% 14% 14% 13% 12% 11% 11% 10% 9% 9% 8% 8% 8% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 59 Continued Resilient Key Operating Metrics 95.0% 93.5% 94.5% 92.6% 96.3% 94.4% 94.5% 94.4% 95.9% 95.5% 96.4% 93.0% 95.2% 95.5% 95.4% 93.6% 92.8% 94.8% 94.2% 93.1% 95.3% Retention Rate YoY Recurring Subscription Run Rate Growth (as Reported and Organic) 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Appendix →
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Analytics 4% 5% 13% 17% 45% 49% 37% 27% 15% -4% -13% -13% -7% 7% 14% 15% 16% 16% 25% 15% 13%11% 10% 10% 11% 11% 11% 11% 12% 12% 12% 13% 12% 12% 12% 11% 11% 9% 9% 9% 8% 9% Asset Based Fees Run Rate Growth as Reported Subscription Run Rate Growth as Reported 60 1Q20 to 1Q25 YoY Run Rate Growth 7% 6% 7% 5% 5% 6% 5% 5% 6% 5% 5% 5% 6% 7% 7% 7% 7% 7% 8% 6% 7% 6% 6% 6% 4% 5% 5% 5% 7% 7% 7% 8% 7% 6% 6% 6% 7% 7% 7% 7% 7% 7% Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth Index 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Appendix →
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All Other - Private Assets 24% 28% 31% 36% 42% 44% 46% 44% 47% 41% 33% 34% 29% 26% 25% 20% 15% 14% 16% 8% 10%23% 27% 26% 33% 39% 42% 46% 47% 50% 47% 42% 37% 30% 24% 22% 16% 13% 13% 11% 10% 10% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 61 1Q20 to 1Q25 YoY Run Rate Growth 6% 5% 10% 11% 15% 15% 149% 139% 142% 137% 12% 8% 10% 9% 10% 74% 71% 73% 78% 7% 7%9% 8% 7% 7% 7% 8% 8% 8% 8% 9% 12% 12% 8% 9% 8% 5% 4% 3% 2% 6% 7% Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth Sustainability & Climate 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Appendix →
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$1,724.7 $4.8 $28.7 $8.5 $(21.7) $27.9 $10.3 4Q24 Ending AUM US Developed Markets ex. US Emerging Markets Market Change 1Q25 Ending AUM Cash inflows / (outflows) $48 .2 62 1Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure US$ in billions $1,724.7 $1,783.1 $40.9 $(1.3) $2.3 $(5.3) $4.8 $17.0 4Q24 Ending AUM Market Cap Weighted Factors Sustainability & Climate Market Change 1Q25 Ending AUM By Product US$ in billions US DM ex US EM $16.4 Sustainability & Climate $16.4 Factors Market Cap Weighted Cash inflows / (outflows) $42.0$42.0 $1,783.1 Appendix →
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$744 $869 $404 $449 $435 $465 1. Primarily from products linked to MSCI equity indexes. Also includes contributions from products linked to MSCI Fixed Income indexes. 2. Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM. Please refer to Table 7: AUM in ETFs Linked to MSCI equity Indexes (unaudited) of the press release reporting MSCI’s financial results for first quarter 2025. 3. US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM ) countries, primarily or exclusively in the US; DM ex US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI DM countries other than the US; EM = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities that are not in MSCI DM countries. Note: The AUM in equity ETFs also includes AUM in Exchange Traded Notes, the value of whic h is less than 1% of the AUM amounts presented. 63 Index Segment: Asset-Based Fees Details $1,509 $1,591 $1,677 $1,755 $1,794 2.48 2.47 2.44 2.44 2.43 +13% $1583 $1783 US$ in millions $97.5 $113.0 $39.3 $49.9$13.5 $14.5 +18% $150.3 $177.4 ETF1 Non-ETF1 Futures and Options Period-End Basis Point Fee Average AUM DM ex US EM US -1% YoY +16% +27% +8% YoY +17% +11% +7% 1Q24 1Q25 Asset-based Fees (ABF) Revenue 1Q24 2Q24 3Q24 4Q24 1Q25 Quarterly Average AUM and Period-End Basis Point Fee2 of ETFs linked to MSCI Equity Indexes 1Q24 1Q25 Quarter-End AUM by Market Exposure3 of ETFs linked to MSCI Equity Indexes Appendix →
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Appendix → 64 Use of Operating Metrics → MSCI has presented supplemental key operating metrics as part of this presentation, including Retention Rate, Run Rate, subscription sales, subscription cancellations and non-recurring sales. → Retention Rate is an important metric because subscription cancellations decrease our Run Rate and ultimately our future operating revenues over time. The annual Retention Rate represents the retained subscription Run Rate (subscription Run Rate at the beginning of the fiscal year less actual cancels during the year) as a percentage of the subscription Run Rate at the beginning of the fiscal year. → The Retention Rate for a non-annual period is calculated by annualizing the cancellations for which we have received a notice of termination or for which we believe there is an intention not to renew or discontinue the subscription during the non-annual period, and we believe that such notice or intention evidences the client’s final decision to terminate or not renew the applicable agreement, even though such termination or non-renewal may not be effective until a later date. This annualized cancellation figure is then divided by the subscription Run Rate at the beginning of the fiscal year to calculate a cancellation rate. This cancellation rate is then subtracted from 100% to derive the annualized Retention Rate for the period. → Retention Rate is computed by segment on a product/service-by-product/service basis. In general, if a client reduces the number of products or services to which it subscribes within a segment, or switches between products or services within a segment, we treat it as a cancellation for purposes of calculating our Retention Rate except in the case of a product or service switch that management considers to be a replacement product or service. In those replacement cases, only the net change to the client subscription, if a decrease, is reported as a cancel. → In the Analytics and the Sustainability and Climate operating segments, substantially all product or service switches are treated as replacement products or services and netted in this manner, while in our Index, Real Assets, and Private Capital Solutions operating segments, product or service switches that are treated as replacement products or services and receive netting treatment occur only in certain limited instances. In addition, we treat any reduction in fees resulting from a down-sell of the same product or service as a cancellation to the extent of the reduction. We do not calculate Retention Rate for that portion of our Run Rate attributable to assets in index-linked investment products or futures and options contracts, in each case, linked to our indexes. → Run Rate estimates at a particular point in time the annualized value of the recurring revenues under our client license agreements (“Client Contracts”) for the next 12 months, assuming all Client Contracts that come up for renewal, or reach the end of the committed subscription period, are renewed and assuming then- current currency exchange rates, subject to the adjustments and exclusions described below. → For any Client Contract where fees are linked to an investment product’s assets or trading volume/fees, the Run Rate calculation reflects, for ETFs, the market value on the last trading day of the period, for futures and options, the most recent quarterly volumes and/or reported exchange fees, and for other non-ETF products, the most recent client-reported assets. Run Rate does not include fees associated with “one-time” and other non-recurring transactions. In addition, we add to Run Rate the annualized fee value of recurring new sales, whether to existing or new clients, when we execute Client Contracts, even though the license start date, and associated revenue recognition, may not be effective until a later date. We remove from Run Rate the annualized fee value associated with products or services under any Client Contract when we (i) have received a notice of termination, non-renewal or an indication the client does not intend to continue their subscription during the period and (ii) have determined that such notice evidences the client’s final decision to terminate or not renew the applicable products or services, even though such termination or non-renewal may not be effective until a later date. → “Organic recurring subscription Run Rate growth” is defined as the period over period Run Rate growth, excluding the impact of changes in foreign currency and the first year impact of any acquisitions. It is also adjusted for divestitures. Changes in foreign currency are calculated by applying the currency exchange rate from the comparable prior period to current period foreign currency denominated Run Rate. → Sales represents the annualized value of products and services clients commit to purchase from MSCI and will result in additional operating revenues. Non- recurring sales represent the actual value of the customer agreements entered into during the period and are not a component of Run Rate. New recurring subscription sales represent additional selling activities, such as new customer agreements, additions to existing agreements or increases in price that occurred during the period and are additions to Run Rate. Subscription cancellations reflect client activities during the period, such as discontinuing products and services and/or reductions in price, resulting in reductions to Run Rate. Net new recurring subscription sales represent the amount of new recurring subscription sales net of subscription cancellations during the period, which reflects the net impact to Run Rate during the period. → Total gross sales represent the sum of new recurring subscription sales and non- recurring sales. Total net sales represent the total gross sales net of the impact from subscription cancellations.
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Appendix → 65 Use of Non-GAAP Financial Measures → MSCI has presented supplemental non-GAAP financial measures as part of this presentation. Reconciliations are provided in subsequent slides that reconcile each non-GAAP financial measure with the most comparable GAAP measure. The non- GAAP financial measures presented in this presentation should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this presentation are used by management to monitor the financial performance of the business, inform business decision-making and forecast future results. → “Adjusted EBITDA” is defined as net income before (1) provision for income taxes, (2) other expense (income), net, (3) depreciation and amortization of property, equipment and leasehold improvements, (4) amortization of intangible assets and, at times, (5) certain other transactions or adjustments, including, when applicable, certain acquisition related integration and transaction costs. → “Adjusted EBITDA expenses” is defined as operating expenses less depreciation and amortization of property, equipment and leasehold improvements and amortization of intangible assets and, at times, certain other transactions or adjustments, including, when applicable, certain acquisition related integration and transaction costs. → “Adjusted EBITDA margin” is defined as adjusted EBITDA divided by operating revenues. → “Adjusted net income” and “adjusted EPS” are defined as net income and diluted EPS, respectively, before the after-tax impact of: the amortization of acquired intangible assets, including the amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition- related integration and transaction costs and the impact related to write-off of deferred fees on debt extinguishment. → “Capex” is defined as capital expenditures plus capitalized software development costs. → “Free cash flow” is defined as net cash provided by operating activities, less Capex. → “Organic operating revenue growth” is defined as operating revenue growth compared to the prior year period excluding the impact of acquired businesses, divested businesses and foreign currency exchange rate fluctuations. → Asset-based fees ex-FX does not adjust for the impact from foreign currency exchange rate fluctuations on the underlying assets under management (“AUM”). → We believe adjusted EBITDA, adjusted EBITDA margin and adjusted EBITDA expenses are meaningful measures of the operating performance of MSCI because they adjust for significant one-time, unusual or non-recurring items as well as eliminate the accounting effects of certain capital spending and acquisitions that do not directly affect what management considers to be our ongoing operating performance in the period. → We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-tax impact of significant one-time, unusual or non-recurring items as well as eliminate the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. We also exclude the after-tax impact of the amortization of acquired intangible assets and amortization of the basis difference between the cost of the equity method investment and MSCI’s share of the net assets of the investee at historical carrying value, as these non-cash amounts are significantly impacted by the timing and size of each acquisition and therefore not meaningful to the ongoing operating performance in the period. → We believe that free cash flow is useful to investors because it relates the operating cash flow of MSCI to the capital that is spent to continue and improve business operations, such as investment in MSCI’s existing products. Further, free cash flow indicates our ability to strengthen MSCI’s balance sheet, repay our debt obligations, pay cash dividends and repurchase shares of our common stock. → We believe organic operating revenue growth is a meaningful measure of the operating performance of MSCI because it adjusts for the impact of foreign currency exchange rate fluctuations and excludes the impact of operating revenues attributable to acquired and divested businesses for the comparable prior year period, providing insight into our ongoing operating performance for the period(s) presented. → We believe that the non-GAAP financial measures presented in this presentation facilitate meaningful period-to-period comparisons and provide a baseline for the evaluation of future results. → Adjusted EBITDA expenses, adjusted EBITDA margin, adjusted EBITDA, adjusted net income, adjusted EPS, Capex, free cash flow and organic operating revenue growth are not defined in the same manner by all companies and may not be comparable to similarly-titled non-GAAP financial measures of other companies. These measures can differ significantly from company to company depending on, among other things, long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Accordingly, the Company’s computation of these measures may not be comparable to similarly-titled measures computed by other companies.
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Appendix → 66 End Notes Regarding AUM benchmarked to MSCI Indexes → Assets under management (AUM) as of December 31, 2024, reported on or before March 31, 2025, using data from eVestment for active institutional funds and Morningstar for active retail funds. Equity ETF values were based on data from Refinitiv and MSCI → In addition, AUM includes indexed assets using available internal data. AUM includes notional open interest in futures and options using internal data from MSCI → Active retail funds include open-ended funds, closed-ended funds and insurance product funds. Active institutional AUM includes separate/segregated AUM, pooled/commingled AUM and mutual fund institutional AUM → AUM includes equity and multi-asset class funds and excludes feeder funds and funds of funds. Where an MSCI index is only a portion of a multi- asset class (MAC) or other hybrid or blended benchmark, AUM reflects the Morningstar data which allocates all AUM to the primary benchmark used in the MAC/hybrid/blended benchmark (which may undercount or overcount AUM linked to the MSCI portion depending on its weight in the benchmark) → For funds where AUM was not reported as of December 31, 2024, the previous period AUM was utilized as an estimate → MSCI does not guarantee the accuracy of third- party data → Each index category listed above includes assets tracking the index category and all associated size, style and factor versions → USA: Assets tracking all versions of the MSCI USA/USEI index families → Europe: Assets tracking all versions of regional indexes in Europe eg: MSCI Europe, MSCI EMU, MSCI pan-Europe etc. It excludes all single country indexes → Asia: Assets tracking all versions of regional indexes in Asia such as MSCI Asia Pacific, Pacific, Asia Pacific ex-Japan, etc. It excludes all single country indexes → Other: Includes mainly single country indexes, Frontier Market index family → 'Indexed' refers to assets that aim to track the performance of an underlying MSCI index, sometimes also referred to as 'passive funds' or ‘index funds’ or 'passively tracking’, and includes exchange traded funds (ETFs)
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For the Three Months Ended March 31 Unaudited 2025 2024 YoY% Change Operating revenues $ 745,826 $ 679,965 9.7% Operating income $ 377,023 $ 339,382 11.1% Operating margin % 50.6% 49.9% Net income $ 288,600 $ 255,954 12.8% Diluted EPS $ 3.71 $ 3.22 15.2% Adjusted EPS $ 4.00 $ 3.52 13.6% Adjusted EBITDA $ 425,641 $ 383,573 11.0% Adjusted EBITDA margin % 57.1% 56.4% 67 1Q25 Summary Financial Results US$ in thousands, except per share data Appendix →
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1 Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. Appendix → 68 Reconciliation of Net Income to Adjusted EBITDA (unaudited) Year Ended In thousands Dec 31 2024 Dec 31 2023 Dec 31 2022 Dec 31 2021 Dec 31 2020 Net income $ 1,109,128 $ 1,148,592 $ 870,573 $ 725,983 $ 601,822 Provision for income taxes 247,040 220,469 173,268 132,153 84,403 Other expense (income), net 172,350 15,548 163,799 214,589 198,539 Operating income 1,528,518 1,384,609 1,207,640 1,072,725 884,764 Amortization of intangible assets 164,037 114,429 91,079 80,592 56,941 Depreciation and amortization of property, equipment and leasehold improvements 16,978 21,009 26,893 28,901 29,805 Impairment related to sublease of leased property — 477 — 7,702 — Acquisition-related integration and transaction costs(1) 6,951 2,427 4,059 6,780 — Consolidated adjusted EBITDA $ 1,716,484 $ 1,522,951 $ 1,329,671 $ 1,196,790 $ 971,510 Operating Revenue $ 2,856,128 $ 2,528,920 $ 2,248,598 $ 2,043,544 $ 1,695,390 Operating Margin 53.5% 54.8% 53.7% 52.5% 52.2% Adjusted EBITDA Margin 60.1% 60.2% 59.1% 58.6% 57.3%
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1 Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. Appendix → 69 Reconciliation of Net Income to Adjusted EBITDA (cont’d) (unaudited) TTM Mar-31 Mar-31 Mar-31 2025 2024 2025 Net income $ 288,600 $ 255,954 $ 1,141,774 Provision for income taxes 42,470 39,939 249,571 Other expense (income), net 45,953 43,489 174,814 Operating income 377,023 339,382 1,566,159 Amortization of intangible assets 43,872 38,604 169,305 Depreciation and amortization of property, equipment and leasehold improvements Acquisition-related integration and transaction costs (1) — 1,506 5,445 Consolidated adjusted EBITDA $ 425,641 $ 383,573 $ 1,758,552 Operating Revenue $ 745,826 $ 679,965 $ 2,921,989 Operating Margin 50.6% 49.9% 53.6% Adjusted EBITDA Margin 57.1% 56.4% 60.2% Three Months Ended In thousands 17,6434,746 4,081
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1. We have not provided a full line-item reconciliation for total operating expenses to adjusted EBITDA expenses for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to inve stors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward -looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the correspond ing GAAP financial measures. See “Forward-Looking Statements” above. 2. Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. Appendix → 70 Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (unaudited) Full-Year Mar-31 Mar-31 2025 2024 Total operating expenses $ 368,803 $ 340,583 $1,405,000 - $1,445,000 Amortization of intangible assets 43,872 38,604 Depreciation and amortization of property, equipment and leasehold improvements Acquisition-related integration and transaction costs (2) — 1,506 Consolidated adjusted EBITDA expenses $ 320,185 $ 296,392 $1,220,000 - $1,250,000 Index adjusted EBITDA expenses $ 110,172 $ 96,112 Analytics adjusted EBITDA expenses 96,155 91,754 Sustainability and Climate adjusted EBITDA expenses 60,798 56,793 All Other - Private Assets adjusted EBITDA expenses 53,060 51,733 Consolidated adjusted EBITDA expenses $ 320,185 $ 296,392 $1,220,000 - $1,250,000 Three Months Ended In thousands $185,000 - $195,000 Outlook(1) 4,746 4,081
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1 Acquisition-related integration and transaction costs of $4.1 million are presented within "General and administrative" expenses and $0.2 million are presented within "Depreciation and amortization of property, equipment and leasehold improvements" expenses for the year ended Dec. 31, 2022. 2 Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. 3 Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. 4 The pre-tax gain from changes in ownership interest of Burgiss of $143.0 is non-taxable; however, $8.6 million of income tax expense recognized during the three and twelve months ended December 31, 2023 was related to the remeasurement of the deferred tax liability on the Company's previous equity method investment in Burgiss. Appendix → 71 Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (unaudited) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands, except per share data 2024 2023 2022 2021 2020 Net income 1,109,128$ 1,148,592$ 870,573$ 725,983$ 601,822$ Plus: Amortization of acquired intangible assets and equity method investment basis difference 103,041 75,229 67,373 47,001 37,413 Plus: Multi-Year PSU payroll tax expense — — — — — Less: Discrete excess tax benefit related to Multi-Year PSU vesting — — — — — Plus: Debt extinguishment costs associated with the 2024, 2025, 2026 and 2027 senior notes redemptions — — — 59,104 44,930 Plus: Write-off of deferred fees on debt extinguishment 1,510 — — — — Plus: Write-off of internally developed capitalized software — — — 16,013 — Plus: Impairment related to sublease of leased property — 492 — 8,702 — Plus: Acquisition-related integration and transaction costs(1)(2) 6,994 2,427 4,220 7,041 — Less: Gain from changes in ownership interest of equity method investee — (143,476) — (6,972) — Less: Tax Reform adjustments — — — — (6,256) Plus / Less: Income tax effect(3)(4) (20,415) (3,809) (11,883) (26,462) (16,490) Adjusted net income 1,200,258$ 1,079,455$ 930,283$ 830,410$ 661,419$ Diluted EPS 14.05$ 14.39$ 10.72$ 8.70$ 7.12$ Plus: Amortization of acquired intangible assets and equity method investment basis difference 1.30 0.94 0.83 0.56 0.44 Plus: Multi-Year PSU payroll tax expense — — — — — Less: Discrete excess tax benefit related to Multi-Year PSU vesting — — — — — Plus: Debt extinguishment costs associated with the 2024, 2025, 2026 and 2027 senior notes redemptions — — — 0.71 0.53 Plus: Write-off of deferred fees on debt extinguishment 0.02 — — — — Plus: Write-off of internally developed capitalized software — — — 0.19 — Plus: Impairment related to sublease of leased property — 0.01 — 0.10 — Plus: Acquisition-related integration and transaction costs(1)(2) 0.09 0.03 0.05 0.08 — Less: Gain from changes in ownership interest of equity method investee — (1.80) — (0.08) — Plus: Tax Reform adjustments — — — — (0.07) Plus / Less: Income tax effect(3)(4) (0.26) (0.05) (0.15) (0.31) (0.19) Adjusted EPS 15.20$ 13.52$ 11.45$ 9.95$ 7.83$ Diluted weighted average common shares outstanding 78,960 79,843 81,215 83,479 84,517 Year Ended
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1 Represents transaction expenses and other costs directly related to the acquisition and integration of acquired businesses, including professional fees, severance expenses, regulatory filing fees and other costs, in each case that are incurred no later than 12 months after the close of the relevant acquisition. 2 Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. Appendix → 72 Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS (cont’d) (unaudited) TTM Mar-31 Mar-31 Mar-31 2025 2024 2025 Net income $ 288,600 $ 255,954 $ 1,141,774 Plus: Amortization of acquired intangible assets and equity method investment basis difference Plus: Acquisition-related integration and transaction costs (1) — 1,506 5,488 Plus: Write-off of deferred fees on debt extinguishment — 1,510 0 Plus/(Less): Income tax effect (2) (3,312) (4,008) (19,719) Adjusted net income $ 311,105 $ 280,229 $ 1,231,134 Diluted EPS $ 3.71 $ 3.22 $ 14.55 Plus: Amortization of acquired intangible assets and equity method investment basis difference Plus: Acquisition-related integration and transaction costs (1) — 0.02 0.07 Plus: Write-off of deferred fees on debt extinguishment — 0.02 0.00 Plus/(Less): Income tax effect (2) (0.04) (0.06) (0.25) Adjusted EPS $ 4.00 $ 3.52 $ 15.68 Diluted weighted average common shares outstanding 77,807 79,508 78,537 0.33 0.32 25,817 25,267 Three Months Ended In thousands, except per share data 103,591 1.31
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“Free cash flow” is defined as net cash provided by operating activities, less Capex. Appendix → 73 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited) TTM Year Ended In thousands Mar. 31 2025 Dec 31 2024 Dec 31 2023 Dec 31 2022 Dec 31 2021 Dec 31 2020 Net cash provided by operating activities $ 1,503,227 $ 1,501,627 $ 1,236,029 $ 1,095,369 $ 936,069 $ 811,109 Capital expenditures (40,991) (33,762) (22,757) (13,617) (13,509) (21,826) Capitalized software development costs (82,751) (81,356) (68,094) (59,278) (39,285) (29,149) Capex (123,742) (115,118) (90,851) (72,895) (52,794) (50,975) Free cash flow $ 1,379,485 $ 1,386,509 $ 1,145,178 $ 1,022,474 $ 883,275 $ 760,134 Net Income $ 1,141,774 $ 1,109,128 $ 1,148,592 $ 870,573 $ 725,983 $ 601,822 Operating Cash Flow Conversion 132% 135% 108% 126% 129% 135% Free Cash Flow Conversion 121% 125% 100% 117% 122% 126%
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1. We have not provided a line-item reconciliation for free cash flow to net cash provided by operating activities for this future period because we believe such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and we are unable to reasonably predict certain items contained in the GAAP measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward -looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the correspond ing GAAP financial measures. See “Forward-Looking Statements” above. Appendix → 74 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Cont’d) (unaudited) Full-Year Mar-31 Mar-31 2025 2024 Net cash provided by operating activities $ 301,737 $ 300,137 $1,525,000 - $1,575,000 Capital expenditures (11,500) (4,271) Capitalized software development costs (21,361) (19,966) Capex (32,861) (24,237) ($115,000 - $125,000) Free cash flow $ 268,876 $ 275,900 $1,400,000 - $1,460,000 Outlook(1) Three Months Ended In thousands
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Appendix → 75 Q1 2025 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth (unaudited) Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 12.8% 9.6% 18.1% 3.2% Impact of acquisitions and divestitures (0.1)% (0.2)% — — Impact of foreign currency exchange rate fluctuations 0.1% 0.1% — — Organic operating revenue growth 12.8% 9.5% 18.1% 3.2% Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Analytics Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 5.0% 5.7% — (28.8)% Impact of acquisitions and divestitures — — — — Impact of foreign currency exchange rate fluctuations 0.2% 0.2% — 0.4% Organic operating revenue growth 5.2% 5.9% — (28.4)% Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Sustainability and Climate Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 8.6% 8.3% — 28.4% Impact of acquisitions and divestitures — — — — Impact of foreign currency exchange rate fluctuations 0.6% 0.5% — 1.5% Organic operating revenue growth 9.2% 8.8% — 29.9% Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues All Other - Private Assets Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 4.7% 5.8% — (58.5)% Impact of acquisitions and divestitures — — — — Impact of foreign currency exchange rate fluctuations 0.5% 0.5% — (0.2)% Organic operating revenue growth 5.2% 6.3% — (58.7)% Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Consolidated Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 9.7% 7.7% 18.1% (5.3)% Impact of acquisitions and divestitures — — — — Impact of foreign currency exchange rate fluctuations 0.2% 0.2% — 0.2% Organic operating revenue growth 9.9% 7.9% 18.1% (5.1)% Comparison of the Three Months Ended March 31, 2025 and 2024