Slides
Page 1
© 2026 MSCI Inc. All rights reserved. Fourth Quarter 2025 Earnings Presentation January 28, 2026
Page 2
Introduction → Forward-Looking Statements 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 07, 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 earnings 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. → This earnings presentation contains forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI’s Full-Year 2026 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.
Page 3
Introduction → Other Information 3 → 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 earnings presentation may not sum due to rounding. → Percentage changes refer to the comparable period in 2024, unless otherwise noted. → All financial figures for the full year and three months ended December 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.
Page 4
4 MSCI Fourth Quarter 2025 Earnings Call Participants Introduction → Jeremy Ulan Head of IR & Treasurer Henry Fernandez Chairman & CEO Baer Pettit President Andy Wiechmann Chief Financial Officer
Page 5
Financial & Strategic Highlights Section 01
Page 6
6 Completed eleven consecutive years of double-digit adjusted EPS growth 4Q25 Financial Results Snapshot 4Q25 Operating Revenues (organic) +10.2% As of December 31, 2025 Subscription Run Rate Growth (reported) +9.2% As of December 31, 2025 Subscription Run Rate Growth (organic) +7.7% 4Q25 Adjusted EBITDA Margin 62.2% 4Q25 Operating Margin (+190 bps) 56.4% 4Q25 Adjusted EBITDA Growth +13.2% 4Q25 Operating Income Growth +14.4% 4Q25 Free Cash Flow $465M 4Q25 Net Cash provided by Operating Activities $501M 4Q25 Value of Shares Repurchased $906M Shares Repurchased in 4Q25 at Average Price of $559.70 1,619,164 4Q25 Adjusted EPS Growth +11.5% 4Q25 Diluted EPS Growth -2.3% Financial & Strategic Highlights → 4Q25 Operating Revenues (reported) +10.6%
Page 7
Active Indexed 30+ office locations1 6,268 Employees1 Employee distribution : 29% employees in DMC vs. 71% in EMC locations1 Trusted by ~6,800 clients1,2 worldwide Across 100+ client countries1 ~$3.3B Total Run Rate1 +13% YoY Growth in Total Run Rate What We Do Provide mission-critical investment data, models, research and technology across asset classes 1 As of December 31, 2025 2 Represents the aggregate of all related clients under their respective parent entity. At acquisition, we align an acquired company’s client count to our methodology. A Global Franchise Serving the World’s Largest Investors ~$18.3T in AUM benchmarked to MSCI Indexes as of June 30, 2025 7 $6.3T $12.0T Financial & Strategic Highlights →
Page 8
8 Financial & Strategic Highlights → “Organic recurring subscription Run Rate growth” is defined as the period-over-period growth in Run Rate, excluding: • The impact of changes in foreign currency exchange rates; • The impact of acquisitions during the first 12 months following the transaction date; and • The impact of divestitures, where Run Rate from divested businesses are excluded from prior period Run Rates. 4Q25 Regional Performance 4Q25 Recurring Subscription Run Rate by Region 4Q25 Recurring Net New Subscription Sales by Region AMERICAS YoY EMEA YoY APAC YoY $27M +12% $27M +13% $11M +52% YoY +7% ORGANIC $1,094M YoY +7% ORGANIC $913M AMERICAS $1,095M YoY +7% EMEA $946M YoY +11% APAC $408M YoY +11% YoY +10% ORGANIC $408M
Page 9
$2,922 $1,613 $698 $344 $267 $3,302 $1,874 $757 $378 $292 +9% +8% +12% Organic +16% Organic +7% Organic +7% Organic +5% Organic 4Q25 Operating Highlights Financial & Strategic Highlights → $3.3B of Total Run Rate across MSCI 93.4% Quarterly Retention Rate Total Run Rate US$ in millions $679 $852 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 MSCI Index Analytics Sustainability and Climate (Reportable Segment) All Other – Private Assets Asset-Based Fees Run Rate Asset-Based Fees Run Rate growth of 26%, driven by record AUM in ETF and non-ETF indexed funds +16% +13% 9 +10%
Page 10
Operating Revenues Mix Quarter Ended December 31, 2025 10 MSCI Subscription Run Rate as of December 31, 2025 by Geography MSCI Subscription Run Rate as of December 31, 2025 by Client Segment Financial & Strategic Highlights → Significant Recurring Revenue Model with Global Client Segment by Type 58% Index 11% Sustainability & Climate 9% All Other-Private Assets 22% Analytics 71% Recurring Subscription 2% F&O transaction based 3% Non-recurring 24% Asset-Based Fees 97% Recurring Revenue Americas 45% EMEA 38% APAC 17% • • • Asset Managers 45% Banks and Brokerages 16% Asset Owners 13% Hedge Fund Managers 10% Wealth Managers 7% Insurance Companies 4% Others 5% • • • • • • • by Product Line For more details on the client segment, refer to slide 35 'Use of Operating Metrics' .
Page 11
$87 $104 $136 $146 $267 $434 $98 $115 $169 $162 $292 $473 Note: Run Rate totals may include overlap between different client segments. 1. Represents total subscription run rate from insurance client base. 2. Represents total subscription run rate from wealth managers client base. 3. Excludes Analytics Enterprise Risk & Performance. 4. Includes Climate run rate reported in Index, Sustainability & Climate, Analytics and All Other - Private Assets. 5. Includes Real Assets and Private Capital Solutions 6. Includes Sustainability (ex. Climate) Research Run Rate, reported in the Sustainability & Climate, Analytics and All Other - Private Assets, and Sustainability (ex. Climate) related Index subscription and asset-based fees Run Rate reported in the Index segment. Emerging Growth Opportunities Run Rate US$ in millions Insurance1 Fixed Income2 Climate3 Wealth Managers4 Private Assets5 Sustainability (ex. Climate)6 Expanding in attractive additional addressable markets 12/31/202512/31/2024 11 Financial & Strategic Highlights →
Page 12
US$ in thousands, except per share data For the Three Months Ended December 31 Unaudited 2025 2024 YoY% Change Operating revenues $ 822,528 $ 743,509 10.6 % Operating income $ 463,620 $ 405,194 14.4 % Operating margin % 56.4 % 54.5 % Net income $ 284,669 $ 305,515 (6.8) % Diluted EPS $ 3.81 $ 3.90 (2.3) % Adjusted EPS $ 4.66 $ 4.18 11.5 % Adjusted EBITDA $ 512,002 $ 452,254 13.2 % Adjusted EBITDA margin % 62.2 % 60.8 % 12 4Q25 Summary Financial Results Financial & Strategic Highlights →
Page 13
13 US$ in millions +14% +14% Organic +6% +6% Organic +6% +3% Organic +8% +7% Organic Recurring Subscription Revenues Asset-Based Fees Revenues Non-Recurring Revenues 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets 4Q25 Operating Revenues $420.2 $479.1 $228.4 $246.4 $175.3 $211.7 $172.8 $182.3 $167.8 $179.7 $5.0 $16.4 $21.1 $85.2 $90.3 $82.9 $88.0 $2.3 $2.3 $65.3 $70.9 $64.2 $70.3 $0.6 $2.7 $1.1 Financial & Strategic Highlights →
Page 14
$266.7 $292.0 $154.3 $163.1 $112.5 $128.9 US$ in millions +9% Organic Sustainability & Climate Private Capital Solutions Real Assets +8% +7% Organic +10% +5% Organic +9% +7% Organic YoY YoY +7% +12% YoY +6% +15% $934.2 $1,021.6 $728.7 $788.4 $100.2 $116.7$105.3 $116.5 $698.4 $757.4 $470.1 $502.8 $228.3 $254.6 $343.7 $378.1 $343.7 $378.1 Non-Market Cap Weighted Custom Indexes Market Cap Weighted Multi-Asset Class Analytics Equity Analytics +16% +8% +11% 14 +9% Financial & Strategic Highlights → 4Q25 Subscription Run Rate 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets
Page 15
1. Primarily from products linked to MSCI equity indexes. Also includes contributions from products linked to MSCI Fixed Income indexes. 2. Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM. Please refer to Table 7: AUM in ETFs Linked to MSCI equity Indexes (unaudited) of the press release reporting MSCI’s financial results for fourth quarter 2025. 3. US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM) countries, primarily or exclusively in the US; DM ex US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI DM countries other than the US; EM = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities that are not in MSCI DM countries. Note: The AUM in equity ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1% of the AUM amounts presented. US$ in millions ETF1 Non-ETF1 Futures and Options Period-End Basis Point Fee Average AUM 4Q24 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 4Q25 Asset-based Fees (ABF) Revenue Quarterly Average AUM and Period-End Basis Point Fee2 of ETFs linked to MSCI Equity Indexes Quarter-End AUM by Market Exposure3 of ETFs linked to MSCI Equity Indexes DM ex US EM US YoY +29% +8% -1% YoY +41% +46% +18% $211.7 $111.3 $143.5 $49.8 $54.0$14.3 $14.2 +21% $1,755 $1,794 $1,869 $2,108 $2,274 2.44 2.43 2.43 2.41 2.41 $812 $1,144 $431 $629$482 $567 +36% $1,725 $2,341 15 $175.3 US$ in billionsUS$ in billions Financial & Strategic Highlights → Index Segment: Asset-Based Fees Details
Page 16
$2,211.0 $2,340.7$46.8 3Q25 Ending AUM Market Cap Weighted Factors Sustainability & Climate Markets Change 4Q25 Ending AUM $2,211.0 $2,340.7$36.3 3Q25 Ending AUM US Developed Markets ex. U.S. Emerging Markets Markets Change 4Q25 Ending AUM 1Contract volumes traded may not tie to volume figures used for calculating Futures & Options Run Rate. Futures & Options run rate not solely based on volumes traded, includes impact from varied commercial arrangement with exchange partners. By Geographic Exposure US$ in billions By Product US$ in billions EM DM ex US US $62.8 $66.9 $6.7 $62.8 Sustainability & Climate Factors Market Cap Weighted $66.9 $31.3 $28.9 16 $60.8 $10.6 $10.2 $5.8 $(4.5) Cash inflows / (outflows) Cash inflows / (outflows) $7.8 $18.7 $46.8 Financial & Strategic Highlights → 4Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs
Page 17
$1,724.7 $2,340.7 $115.8 $72.2 $126.6 $216.1 $69.6 4Q24 Ending AUM US Developed Markets ex. USEmerging Markets Markets Change 4Q25 Ending AUM Cash inflows / (outflows) DM ex US EM US $203.7 $412.3 17 $15.7 Financial & Strategic Highlights → 4Q25 YoY AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure US$ in billions
Page 18
$(100) $67 $40 $(54) $44 $34 $(9) $(28) $11 $124 $(110) $147 $94 $143 $(284) $198 $140 $412 $27 $48 $59 $23 $56 $(103) $49 $88 $37 $139 $62 $91 $76 $205 $55 $48 $116 $204$119 $234 $333 $302 $402 $333 $373 $433 $481 $744 $696 $934 $1,104 $1,452 $1,223 $1,469 $1,725 $2,341 Market Movement and Momentum in Cash Flows Continues US$ 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 AUM CAGR from year 2008 to 2025:19% Positive annual cash inflows for all years in ETFs linked to MSCI indexes except 2013 1. As of November fiscal year-end. 18 2008 1 2009 1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (38)% 97% 42% (10)% 33% (17)% 12% 16% 11% 55% (7)% 34% 18% 32% (16)% 20% 17% 36% (30)% 68% 22% 2% 6% 25% 10% 15% 8% 46% (2)% 27% 17% 27% (13)% 15% 15% 26% Financial & Strategic Highlights →
Page 19
$57.0 $58.2 $59.5 $56.6 $56.6 4Q24 1Q25 2Q25 3Q25 4Q25 1. Contract volumes traded may not tie to volume figures used for calculating Futures & Options Run Rate. Futures & Options run rate not solely based on volumes traded, includes impact from varied commercial arrangement with exchange partners. Listed Futures & Options Linked to MSCI Indexes Run Rate From Listed Futures & Options Linked to MSCI Indexes US$ in millions Futures & Options Volume Linked to MSCI Indexes in millions of contracts traded1 25.2 24.9 25.1 22.8 23.2 4Q24 1Q25 2Q25 3Q25 4Q25 19 Financial & Strategic Highlights →
Page 20
1. Net FX impact includes impact due to foreign currency fluctuation on revenue and expenses. Adjusted Earnings Per Share Growth Drivers US$ in per share amounts Strong Business Performance, Higher Share Repurchase Driving Adjusted EPS Growth Business Growth Capital Activities +11.5% YoY Tax and FX1 $0.57 $(0.01) $(0.08) 20 $4.18 $0.81 $(0.24) $0.22 $(0.23) $(0.07) $(0.01) $4.66 4Q24 Adjusted EPS Revenue Expenses Sharecount Net Interest & Other Expenses Tax Rate Net FX Impact 4Q25 Adjusted EPS Financial & Strategic Highlights →
Page 21
$1,000$900 $1,600 $700 $1,250 $500 $300 $1,300 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Credit Ratings4 as of 12/31/2025: Unsecured Debt Maturity Profile as of 12/31/2025 21 Strong Balance Sheet Provides Optionality US$ in millions, unless otherwise noted Cash1 and Debt as of 12/31/2025 → In 4Q25, returned $1,041M to shareholders through share repurchases of $906M and quarterly dividends of $135M → In November 2025, issued $500 million in unsecured senior notes with a coupon rate of 5.150% → 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 $515M Total Debt2 $6,202M Net Debt (Total Debt less Total Cash) $5,687M Total Debt / LTM Adjusted EBITDA 3.3x Net Debt / LTM Adjusted EBITDA 3.0x Drawn 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 & Strategic Highlights → 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, discounts and premiums. 3. Aggregate revolver commitments of $1,600.0 million until August 20, 2030 as per the amendment agreement signed on August 20, 2025. 4. Credit ratings reflect the views of the different agencies and are not a recommendation to buy, sell or hold any security including our common stock or debt securities. These ratings are subject to periodic review and may be raised upward, downward or revoked at the sole discretion of the agencies. Undrawn revolver facility3
Page 22
1. Share repurchase through December 31, 2025. 2. From October 31, 2014 through December 31, 2025. 22 Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases Opportunistic Share Repurchases Capitalize on Attractive Values and Volatility $9.0B of Share Repurchases since 20121 →Meaningful dividend with strong historical growth →Historical payout ratio target of 40% – 50% of Adjusted EPS →For Q4 2025, cash dividend of $1.80 per share declared by MSCI Board of Directors → 23% CAGR in dividend per share since 20142 $121 $172 $221 $247 $304 $374 $442 $509 $555 2017 2018 2019 2020 2021 2022 2023 2024 2025 $102 $727 $140 $1,285 $459 $810 $2,419 86 85 83 81 80 79 77 Aggregate Dollar Value of Shares Repurchased ($ in millions)Weighted Average Diluted Shares Outstanding (in millions) 2019 2020 2021 2022 2023 2024 2025 Financial & Strategic Highlights →
Page 23
23 Full Year 2026 Guidance Guidance Item Guidance for Full-Year 2026 Operating Expense $1,490 to $1,530 million Adjusted EBITDA Expense $1,305 to $1,335 million Interest Expense (including amortization of financing fees)(1) $274 to $280 million Depreciation & Amortization Expense $185 to $195 million Effective Tax Rate(2) 18.0% to 20.0% Capital Expenditures $160 to $170 million Net Cash Provided by Operating Activities $1,640 to $1,690 million Free Cash Flow $1,470 to $1,530 million Financial & Strategic Highlights → MSCI's guidance for the year ending December 31, 2026 (“Full-Year 2026”) is based on assumptions about a number of factors, in particular related to macroeconomic factors and the capital markets. These assumptions are subject to uncertainty, and actual results for the year could differ materially from our current guidance, including as a result of the uncertainties, risks and assumptions discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10- K, as updated in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. See “Forward-Looking Statements” in slide 2. (1) A portion of our annual interest expense is from our variable rate indebtedness under our Revolving Credit Facility, while the majority is from fixed rate senior unsecured notes. Changes to the secured overnight funding rate (“SOFR”) and indebtedness levels can cause our annual interest expense to vary. (2) Excludes the impact of a multi-phase internal legal entity restructuring that commenced in 2025 and was completed on January 4, 2026. We expect to recognize a tax benefit of approximately $88 million in 2026, subject to adjustment pending finalization of tax calculations, which will be excluded from applicable non-GAAP measures when presented.
Page 24
Q&A Section 02
Page 25
Additional Information Section 03
Page 26
Quarterly Retention Rate Trends Additional Information → 26 Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) 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% 94.4% 94.7% 93.4% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 10% 11% 12% 17% 18% 18% 18% 12% 12% 12% 12% 12% 16% 14% 14% 15% 7% 8% 9% 8% 9% 9% 10% 11% 12% 13% 14% 14% 14% 13% 12% 11% 11% 10% 9% 9% 8% 8% 8% 7% 7% 8% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth Retention Rate
Page 27
Analytics 27 4Q20 to 4Q25 YoY Run Rate Growth Index 11% 11% 11% 11% 12% 12% 12% 13% 12% 12% 12% 11% 11% 9% 9% 9% 8% 9% 9% 9% 9% 17% 45% 49% 37% 27% 15% -4% -13% -13% -7% 7% 14% 15% 16% 16% 25% 15% 13% 17% 17% 26% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 5% 5% 6% 5% 5% 6% 5% 5% 5% 6% 7% 7% 7% 7% 7% 8% 6% 7% 8% 7% 8% 4% 5% 5% 5% 7% 7% 7% 8% 7% 6% 6% 6% 7% 7% 7% 7% 7% 7% 7% 7% 7% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Subscription Run Rate Growth as Reported Subscription Run Rate Growth as Reported Asset-Based Fees Run Rate Growth as reported Organic Subscription Run Rate Growth Additional Information →
Page 28
11% 15% 15% 149% 139% 142% 137% 12% 8% 8% 9% 10% 74% 71% 73% 78% 7% 7% 8% 6% 9% 7% 7% 8% 8% 8% 8% 9% 12% 12% 10% 9% 8% 5% 4% 3% 2% 6% 7% 6% 6% 7% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 All Other - Private Assets 28 4Q20 to 4Q25 YoY Run Rate Growth Sustainability & Climate 36% 42% 44% 46% 44% 47% 41% 33% 34% 29% 26% 25% 20% 15% 14% 16% 8% 10% 11% 8% 10% 33% 39% 42% 46% 47% 50% 47% 42% 37% 30% 24% 22% 16% 13% 13% 11% 10% 10% 7% 6% 5% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Subscription Run Rate Growth as Reported Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth Organic Subscription Run Rate Growth Additional Information →
Page 29
Subscription Run Rate by Geography 38% 38% 41% 41% 21% 21% 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets 55% 54% 30% 30% 15% 16% 35% 32% 51% 55% 14% 13% 59% 59% 34% 34% 7% 7% Americas EMEA APAC Additional Information →
Page 30
Subscription Run Rate by Client Segment 55% 54% 18% 19% 5% 5% 8% 9% 7% 7% 3% 3%4% 3% Asset Managers Banks & Brokerages Asset Owners Hedge Fund Managers Wealth Manager Insurance Companies Others 39% 37% 19% 19% 15% 16% 19% 19% 5% 5%2% 3% 1% 1% 34% 33% 8% 7% 38% 38% 2% 2% 2% 3% 5% 6% 11% 11% 48% 47% 10% 11% 10% 10% 4% 4% 12% 12% 8% 9% 8% 7% Additional Information → 1. For more details on the client segment, refer to slide 35 'Use of Operating Metrics' . 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets
Page 31
31 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. Mix of MSCI linked equity ETF AUM balance by geographic exposure % 13% 14% 20% 20% 23% 20% 21% 25% 27% 30% 28% 28% 28% 24% 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% 27% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified Over Time US DM Ex US EM Additional Information →
Page 32
$311.7 $310.6 $392.9 $7.5 $11.6 $16.8 $30.0 $16.4 4Q24 Ending AUM US Developed Markets ex. US Emerging Markets Market Change 4Q25 Ending AUM $314 $341 $120 $132 $90 $106$46 $63 4Q24 4Q25 Sustainability & Climate Run Rates Across all Segments1 +13% +39% +17% +10% +9% Additional Information → 32 1. Includes Sustainability & Climate Research Run Rate, reported in the Sustainability & Climate, Analytics and All Other - Private Assets, and Sustainability & Climate related Index subscription and asset-based fees run rate reported in the Index segment. YoY Growth Across Sustainability and Climate Franchise AUM in ETFs Linked to MSCI Sustainability and Climate Equity Indexes US$ in billions US DM ex US EM Climate ABF Climate Subscription Sustainability ABF Sustainability Subscription $18.0 Cash inflows / (outflows) $(1.1) $63.2 US$ in millions $569 $642 $7.5
Page 33
Long-term Targets Additional Information → 1. Excludes Asset-Based Fees. 2. See Appendix for information on our use of non-GAAP metrics. 33 MSCI Revenue Growth Rate1 Low Double Digit Adjusted EBITDA Expense2 Growth Rate High Single Digit to Low Double Digit Adjusted EBITDA2 Growth Rate Low to Mid Teens MSCI Firmwide Long-term Targets Unchanged Positive Operating Leverage
Page 34
Appendix Section 04
Page 35
MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Run Rate, Retention Rate, subscription sales, subscription cancellations and non-recurring sales. A substantial portion of MSCI’s operating revenues is derived from recurring subscriptions or licenses for products and services that are ongoing in nature and provided over contractually agreed periods, which are subject to renewal or cancellation upon the expiration of the then-current term. In addition, we generate non-recurring revenues from one-time sales and other transactions or services that are discrete in nature or that have a defined life. The operating metrics defined below help management assess the stability and growth of this recurring-revenue base and track non-recurring revenues. There have been no changes to the methodologies used to compute these metrics compared with prior periods. Run Rate estimates, at a specific point in time, the annualized value of the recurring portion of executed client contracts (“Client Contracts”) expected to generate revenues over the next 12 months, assuming that all such Client Contracts are renewed and using fixed foreign exchange rates. Run Rate includes new Client Contracts upon execution, even if the license start date and related revenue recognition occur later. For Client Contracts where fees are linked to an investment product’s assets or trading volume or fees (referred to as “Asset-based Fees”), the Run Rate calculation is based on: • For exchange-traded funds (“ETFs”): assets under management as of the last trading day of the period; • For non-ETF products: the most recent client-reported assets under management; and • For listed futures and options contracts: the most recent quarterly volumes and/or reported exchange fees. Run Rate excludes fees associated with one-time or other non-recurring transactions. We remove from Run Rate the annualized fee value associated with products or services under any Client Contracts when (i) we have received a notice of termination, reduction in fees, non-renewal or other clear indication that the client does not intend to continue its subscription at then current fees; and (ii) management has determined that such notice or indication reflects the client’s final decision to terminate, not renew or renew at a lower fee the applicable products or services, even if such termination or non-renewal is not yet effective (each such event, a “Subscription Cancellation”). In general, when a client reduces the fees paid to MSCI associated with a reduction in the number of products or services to which it subscribes within a segment, or a switch between products or services within a segment, unless the client switches to a product or service that management considers a replacement, such reduction or switch is treated as a Subscription Cancellation, including for purposes of calculating MSCI’s Retention Rate (as detailed below). In the cases where the client switches products or services to a replacement service, only the net decrease, if any, is reported as a cancellation. • In the Analytics and Sustainability and Climate operating segments, substantially all such product or service switches are treated as replacements and are netted accordingly. • In contrast, in the Index, Real Assets, and Private Capital Solutions operating segments, such netting treatment is applied only in limited circumstances. Organic recurring subscription Run Rate growth is defined as the period-over-period growth in Run Rate, excluding: • The impact of changes in foreign currency exchange rates; • The impact of acquisitions during the first 12 months following the transaction date; and • The impact of divestitures, where Run Rate from divested businesses are excluded from prior period Run Rates. 35 Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring revenue base. Subscription cancellations reduce Run Rate and, over time, lower future operating revenues. For full-year periods, Retention Rate is calculated as the retained subscription Run Rate, which is defined as the subscription Run Rate at the beginning of the fiscal year minus actual subscription cancellations during the fiscal year, expressed as a percentage of the subscription Run Rate at the beginning of the fiscal year. For interim (non-annual) periods, Retention Rate is presented on an annualized basis. The annualized Retention Rate is calculated by: 1. Dividing annualized subscription cancellations in the period by the subscription Run Rate at the beginning of the fiscal year, to determine a cancellation rate; and 2. Subtracting that rate from 100%, to derive the annualized Retention Rate. Retention Rate is calculated by operating segment and is based on an individual product or service level within each segment. We do not calculate Retention Rate for the portion of Run Rate attributable to Asset-based Fees. Sales represents the annualized value of products and services that clients have committed to purchase from MSCI and that are expected to result in additional operating revenues. Non-recurring sales represent the aggregate value of client agreements entered into during the period that generate non-recurring fees and are not included in Run Rate (as defined elsewhere herein), even if such agreements span multiple periods or years. New recurring subscription sales represent the annualized value of additional client commitments entered into during the period - such as new Client Contracts, expansions of existing Client Contracts or price increases - that contribute to Run Rate. Net new recurring subscription sales represent new recurring subscription sales minus the impact of Subscription Cancellations, capturing the net impact to Run Rate for the period. Total gross sales is the sum of new recurring subscription sales and non-recurring sales. Total net sales is total gross sales minus the impact of Subscription Cancellations. Our client types includes: 1. Asset managers, including managers of institutional funds and accounts, mutual funds, ETFs, and other public-market strategies, as well as private-markets general partners 2. Banks and brokerages, including banks, broker-dealers, custodians, proprietary market makers and fund administrators 3. Asset owners, including pension funds, endowments, foundations, investment consultants, central banks, sovereign wealth funds and single family offices 4. Hedge fund managers, including of equity hedge funds, fixed income hedge funds, multi-strategy hedge funds and multi-manager hedge funds 5. Wealth managers, including wealth management divisions of broker-dealers, RIAs, private banks, multi- family offices, digital wealth and brokerage platforms 6. Insurance companies, including reinsurers 7. Others, including exchanges; vendors; real estate professionals, such as brokers, agents and developers; academic institutions; and corporates, including public and private companies, and their advisors Use of Operating Metrics Appendix →
Page 36
36 Use of Non-GAAP Financial Measures Appendix → MSCI has presented supplemental non-GAAP financial measures as part of this earnings 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 earnings presentation should not be considered as alternative measures for the most directly comparable GAAP financial measures. The non-GAAP financial measures presented in this earnings 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 and, at times, certain other transactions or adjustments, including, when applicable, the impact related to certain acquisition-related integration and transaction costs, the impact related to the write-off of deferred fees on debt extinguishment, the impact related to certain gains or losses on investees, and the impact of certain discrete tax items. “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 earnings 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. We have not presented the most directly comparable GAAP measures or provided quantitative reconciliations for the forward-looking non-GAAP metrics shown in our Long-term Targets slide— including adjusted EBITDA, expense growth rate, adjusted EBITDA growth rate and adjusted EBITDA margin— 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 related 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 corresponding GAAP financial measures. See "Forward-Looking Statements" on Slide 2.
Page 37
(unaudited) Three Months Ended Year Ended December 31, December 31, December 31, December 31, In thousands 2025 2024 2025 2024 Net income $ 284,669 $ 305,515 $ 1,202,305 $ 1,109,128 Provision for income taxes 104,169 57,830 291,951 247,040 Other expense (income), net 74,782 41,849 219,311 172,350 Operating income 463,620 405,194 1,713,567 1,528,518 Amortization of intangible assets 40,911 42,721 169,480 164,037 Depreciation and amortization of property, equipment and leasehold improvements 7,471 4,339 23,405 16,978 Acquisition-related integration and transaction costs(1) — — — 6,951 Consolidated adjusted EBITDA $ 512,002 $ 452,254 $ 1,906,452 $ 1,716,484 Index adjusted EBITDA $ 374,016 $ 323,156 $ 1,366,008 $ 1,222,054 Analytics adjusted EBITDA 83,856 84,124 342,530 328,295 Sustainability and Climate adjusted EBITDA 38,173 29,698 128,477 104,708 All Other - Private Assets adjusted EBITDA 15,957 15,276 69,437 61,427 Consolidated adjusted EBITDA $ 512,002 $ 452,254 $ 1,906,452 $ 1,716,484 (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. Reconciliation of Net Income to Adjusted EBITDA Appendix → 37
Page 38
(Unaudited) Appendix → (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. Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS Three Months Ended Year Ended December 31, December 31, December 31, December 31, In thousands, except per share data 2025 2024 2025 2024 Net income $ 284,669 $ 305,515 $ 1,202,305 $ 1,109,128 Plus: Amortization of acquired intangible assets 19,808 25,815 90,606 103,041 Plus: Acquisition-related integration and transaction costs(1) — — — 6,994 Plus: Write-off of deferred fees on debt extinguishment — — — 1,510 Plus: Tax impact of internal legal entity restructuring(2) 38,124 — 38,124 — Plus: Loss on investment in investee 11,768 — 11,768 — Plus/(Less): Income tax effect(3) (6,200) (3,983) (18,227) (20,415) Adjusted net income $ 348,169 $ 327,347 $ 1,324,576 $ 1,200,258 Diluted EPS $ 3.81 $ 3.90 $ 15.69 $ 14.05 Plus: Amortization of acquired intangible assets 0.27 0.33 1.18 1.30 Plus: Acquisition-related integration and transaction costs(1) — — — 0.09 Plus: Write-off of deferred fees on debt extinguishment — — — 0.02 Plus: Tax impact of internal legal entity restructuring(2) 0.51 — 0.50 0 Plus: Loss on investment in investee 0.16 — 0.15 0 Plus/(Less): Income tax effect(3) (0.09) (0.05) (0.24) (0.26) Adjusted EPS $ 4.66 $ 4.18 $ 17.28 $ 15.20 Diluted weighted average common shares outstanding 74,697 78,365 76,636 78,960 38 (2) This adjustment reflects discrete income tax expense recognized in connection with a multi-phase internal legal entity restructuring that commenced in Q4 2025 and was completed on January 4, 2026. In Q4 2025, the Company recognized discrete tax expense of $38 million related to the first phase, and expects to recognize a discrete tax benefit of approximately $88 million in 2026 related to the subsequent phases of this internal legal entity restructuring. Management excludes these discrete tax effects from non-GAAP results because they are not indicative of ongoing operating performance or the Company’s underlying tax profile. Amounts relating to 2026 tax impacts are preliminary and subject to adjustment pending finalization of tax calculations related to the restructuring. (3) Adjustments relate to the tax effect of non-GAAP adjustments, other than the tax impact of internal legal entity restructuring which is reflected above, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates.
Page 39
(Unaudited) (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 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 corresponding GAAP financial measures. See “Forward-Looking Statements” above. Reconciliation of Operating Expenses to Adjusted EBITDA Expenses Three Months Ended Year Ended Full-Year In thousands December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 2026 Outlook(1) Total operating expenses $358,908 $338,315 $1,420,892 $1,327,610 $1,490,000 - $1,530,000 Amortization of intangible assets 40,911 42,721 169,480 164,037 Depreciation and amortization of property, equipment and leasehold improvements 7,471 4,339 23,405 16,978 $185,000 - $195,000 Acquisition-related integration and transaction costs(2) — — — 6,951 Consolidated adjusted EBITDA expenses $310,526 $291,255 $1,228,007 $1,139,644 $1,305,000 - $1,335,000 Index adjusted EBITDA expenses $105,056 97,043 $420,800 374,091 Analytics adjusted EBITDA expenses 98,483 88,628 371,867 346,794 Sustainability and Climate adjusted EBITDA expenses 52,087 55,521 225,438 221,893 All Other - Private Assets adjusted EBITDA expenses 54,900 50,063 209,902 196,866 Consolidated adjusted EBITDA expenses $310,526 $291,255 $1,228,007 $1,139,644 $1,305,000 - $1,335,000 39 (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 →
Page 40
(Unaudited) (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 corresponding GAAP financial measures. See “Forward-Looking Statements” above. Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Three Months Ended Year Ended Full-Year December 31, December 31, December 31, December 31, 2026 Outlook(1) In thousands 2025 2024 2025 2024 Net cash provided by operating activities $501,130 $430,633 $1,588,446 $1,501,627 $1,640,000 - $1,690,000 Capital expenditures (12,439) (14,247) (39,319) (33,762) Capitalized software development costs (23,851) (21,708) (90,542) (81,356) Capex (36,290) (35,955) (129,861) (115,118) ($160,000 - $170,000) Free cash flow $464,840 $394,678 $1,458,585 $1,386,509 $1,470,000 - $1,530,000 Appendix → 40
Page 41
(Unaudited) Fourth Quarter 2025 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth Comparison of the Three Months Ended December 31, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 14.0 % 7.8 % 20.7 % 28.2 % Impact of foreign currency exchange rate fluctuations — % 0.1 % — % — % Organic operating revenue growth 14.0 % 7.9 % 20.7 % 28.2 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Analytics Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 5.5 % 7.1 % — % (46.1) % Impact of foreign currency exchange rate fluctuations — % — % — % (0.6) % Organic operating revenue growth 5.5 % 7.1 % — % (46.7) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Sustainability and Climate Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 5.9 % 6.1 % — % (1.7) % Impact of foreign currency exchange rate fluctuations (2.8) % (2.7) % — % (4.8) % Organic operating revenue growth 3.1 % 3.4 % — % (6.5) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues All Other - Private Assets Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 8.4 % 9.4 % — % (47.8) % Impact of foreign currency exchange rate fluctuations (1.8) % (1.8) % — % (0.3) % Organic operating revenue growth 6.6 % 7.6 % — % (48.1) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Consolidated Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 10.6 % 7.5 % 20.7 % 7.1 % Impact of foreign currency exchange rate fluctuations (0.4) % (0.6) % — % (0.6) % Organic operating revenue growth 10.2 % 6.9 % 20.7 % 6.5 % Appendix → 41
Page 42
(Unaudited) Full Year 2025 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth Comparison of the Years Ended December 31, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 11.9 % 8.6 % 17.2 % 3.5 % Impact of foreign currency exchange rate fluctuations — % (0.1) % — % — % Organic operating revenue growth 11.9 % 8.5 % 17.2 % 3.5 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Analytics Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 5.8 % 5.9 % — % 2.6 % Impact of foreign currency exchange rate fluctuations (0.1) % (0.1) % — % (1.3) % Organic operating revenue growth 5.7 % 5.8 % — % 1.3 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Sustainability and Climate Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 8.4 % 8.6 % — % (3.2) % Impact of foreign currency exchange rate fluctuations (2.4) % (2.3) % — % (2.6) % Organic operating revenue growth 6.0 % 6.3 % — % (5.8) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues All Other - Private Assets Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 8.1 % 8.8 % — % (33.9) % Impact of foreign currency exchange rate fluctuations (1.0) % (1.1) % — % (0.4) % Organic operating revenue growth 7.1 % 7.7 % — % (34.3) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Consolidated Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 9.7 % 7.8 % 17.2 % 1.1 % Impact of foreign currency exchange rate fluctuations (0.4) % (0.6) % — % (0.5) % Organic operating revenue growth 9.3 % 7.2 % 17.2 % 0.6 % Appendix → 42